Founders Factory Africa has raised an additional $114 million to expand its approach and better serve entrepreneurs in Africa’s technology sector.
Following earlier investments made into Founders Factory Africa by Standard Bank, Small Foundation, and Netcare, the Johnson & Johnson Foundation and Johnson & Johnson Impact Ventures have now added their support.
Over 55 technology start-ups on the continent have seen their trajectory accelerated since Founders Factory Africa’s founding in 2018.
“We are excited to have new and dynamic funding, which follows on from previous investments into Founders Factory Africa by Standard Bank Group, Small Foundation, and Netcare Group,” says Alina Truhina, co-founder of Founders Factory Africa.
Founders Factory Africa’s hybrid investment approach, which combines financial and operational support, is supported by additional financing, and it will assist the early-stage investor in further refining this model by:
- Becoming sector-agnostic in its investment with founders who prioritize business fundamentals, and will also double down on addressing the gender imbalance in the ecosystem.
- Broadening its capital investment offering to include non-dilutive capital, supporting the continent’s need for different capital deployment types across the venture maturity curve.
- Strengthening Founders Factory Africa’s internal capacity to continue to provide its portfolio of start-ups with the best venture-building support on the continent.
CEO of Founders Factory Africa Bongani Sithole states, “Come build with us.”
“Moving Africa forward requires more of us to support tech-driven, solution-oriented ventures that have the potential to scale and make an impact at speed. Our role as Founders Factory Africa is to provide founders with the funding, knowledge, and hands-on venture-building support they need to achieve commercial success and create outsized, systemic impact.”
The funding will allow Founders Factory Africa to expand its business model and provide better support for entrepreneurs and start-ups focused on technology across the African continent.
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