Ingressive Capital invests in pre-seed and seed-stage tech-enabled businesses in the B2B space that provides solutions to Africa’s traditional billion-dollar industries.
Ingressive Capital typically averages US$200,000 to US$400,000 ticket sizes and targets 10 per cent ownership into companies it funds.
Earlier this year, Ingressive Capital invested a undisclosed amount in Nigerian digital escrow service Vesicash to help it grow its customer base and secure key partnerships.
According to Disrupt Africa, new investors into the Ingressive Capital fund, which now totals US$10 million, include Nigeria Sovereign Investment Authority, Plexo Capital, Platform Capital and other institutional capital.
Ingressive Capital founder Maya Horgan-Famodu said many billion-dollar companies had been founded or found their footing during economic downturns and market contractions, meaning the firm had no concerns about investing during the COVID-19 crisis.
“We know that creativity blossoms when resources become scarce. We launched and grew Ingressive through Nigeria’s last recession. As far as global businesses, IBM found its market and scaled through the Great Depression,” Maya Horgan-Famodu explained.
The founder of Ingressive Capital further said that Zendesk launched in 2007 and raised in 2008, and Airbnb was founded out of the 2008 downturn and further noted that WhatsApp, Uber and Venmo were launched during the 2009 recession.