Xecced Ventures, a venture capital firm based in London, has rolled out a $100 million 4thIRiA 1 Fund. The fund will be used to empower African startups who are building innovative solutions for the fourth industrial revolution.
The $100 million funds are targeted at high growth African startups in a need of pre-seed, Series-A and Series-B stage investment round. The firm plans to invest between $500,000 and $5 million in these startups. In a bid to ensure inclusion and equality, the fund is also open to female African startups.
The 4thIRiA 1 fund is focused on startups invested in the 4th industrial revolution. It is focused on startups that use Artificial Intelligence (AI), Machine Learning, Cloud and Cognitive Computing, Internet of Things (IoT)/Industrial Internet of Things (IIoT).
See Also: OPay Raises $120 Million Series B Funding to Scale Business Verticals in Africa
According to Xecced Ventures’ Principal, Ibrahim Sanusi, “the ultimate goal is to mitigate against the impact of Industry 4.0 on Africa. For example, according to a study – 85% of jobs in Ethiopia risk being lost to Industry 4.0.”
The 4thIRiA 1 will leverage scouts, public and private partnerships across Africa to identify high growth startups worthy of investment. The startups will be selected using AI and predictive model technologies.
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