Iyinoluwa Aboyeji, co-founder of Andela and Flutterwave has announced the launch of his Future Africa Initiative. The early-stage investment funding will provide up to $50000 capital for 20 startup founders each year.
Iyinoluwa launched the Future Africa Initiative alongside Olabinjo Adeniran and Adenike Sheriff. It was aimed at building an online community that focuses on Africa’s Future before venturing into startup funding.
The initiative now provides capital, coaching and a community for founders invested in building Africa. It will invest up to $50000 to 20 startups annually and has so far, invested in 15 startups. These include Fibre, 54gene, Max.ng and MdaaS Global.
See Also: Flutterwave Secures $10m Investment as Iyinoluwa Aboyeji Steps Down as Company’s CEO
Iyinoluwa’s Initiative will help inspire early-stage startups that find it difficult to acquire funds. This will support founders to build socially impactful businesses for the continent. It will also provide an online community for startup founders to network and learn.
“There is no enough capital for mission-driven founders building socially impactful businesses in Africa, with the main gap being early-stage angels backing unproven innovators solving real problems. The Future Africa Fund looks to fill that gap,” said Iyinolowa Aboyeji.
We will also host public and private virtual office hours where we will help founders navigate the many complex scenarios that arise while building a high growth startup in Africa in real-time,” he added.
The Future Africa Venture School (FAVS) is in partnership with various institutions and experienced founders, investors and innovators from across Africa. It will provide practical knowledge on various issues through articles, webinars, videos and podcasts.
More on TechGist Africa
- Vivo, OPPO & Xiaomi Partners for Global Wireless File Transfer Technology
- Andela Officially Launches Remote Centre in Egypt
- Trove, Micro-Investment Firm Bags Undisclosed Funding from ARM
- Etisalat Launches First Open Virtual Radio Access Network in MENA
- TechPreneur Of The Week: Iyinoluwa Aboyeji, From EduTech To FinTech; A True African TechStar