Antler, an early-stage investor, has completed its US$13.5 million East Africa investment fund, which will continue to support early-stage tech businesses in the region.
The round included participation from leading investors like Baillie Gifford, institutional investors like IFC, and family offices like Canica.
There are hundreds of tech startups supported by Antler and thousands of entrepreneurs on six continents, making it one of the most active early-stage investor in the world.
To date, the firm has invested in over 400 businesses across 30 industries.
Antler East Africa started its first venture building cohort in August 2019, and the company has already completed five full cohorts, totaling 153 founders, and made 14 investments.
Antler is launching a new community-driven platform strategy this month, in which it will welcome entrepreneurs and teams on a rotating basis.
The model will be two-fold, welcoming both creators wishing to launch their firms with Antler from the ground up and early-stage startups looking for funding. Antler intends to have one of the quickest institutional fundraising cycles for a global fund in Africa, with a focus on providing coaching and real value to all of our founders from the beginning.
“We’re looking forward to Antler’s arrival in East Africa, and later in other parts of Africa.” With rapidly growing economies and a burgeoning startup ecosystem, we feel now is the ideal time to begin and grow tech firms on the continent,” said Magnus Grimeland, founder and CEO of Antler.
Over the next three years, the business wants to make 35 new investments, and in order to do so, it concluded its East Africa operation at US$13.5 million, much exceeding its US$10 million target.
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