VC fund FrontEnd Ventures closes US$1m to provide funding for early-stage founders

KENYA – FrontEnd Ventures, a Kenya-focused venture capital fund has closed its initial US$1 million VC fund to provide funding for early-stage founders in the East African country. Founded by Njeri Muhia and Steven Wamathai in 2021, FrontEnd Ventures, is backed by a US$5 million fund—likely to extend to US$10 million. The VC firm is issuing a US$100,000 cheque size…

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VC firm Persistent Energy raises US$10m Series C round to expand its business

AFRICA – Persistent Energy, a venture capital firm (VC), has raised US$10 million in Series C funding round to grow its climate venture building business in Africa. The round was led by Kyuden International Corporation, a subsidiary of the Japanese Kyushu Electric Power Group, and Financial Sector Deepening (FSD) Africa Investments. The equity round also had the participation of six…

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Venture Capital firm Binance Labs closes US$500m fund to drive adoption of blockchain technologies

AFRICA – Binance Labs, the venture capital and incubation arm of Binance, has announced the closing of a new US$500 million investment fund. The new fund will invest in projects that can extend the use cases of cryptocurrencies and drive the adoption of Web3 and blockchain technologies. The organization announced that the fund is supported by leading global institutional investors…

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Constant Ventures launches US$100M venture capital fund for tech startups across West Africa

WEST AFRICA – Constant Ventures, a subsidiary of Constant Group is raising a US$100 million venture capital fund to invest across a range of technology startups with a focus on financial inclusion, education, and healthcare across West Africa. The Investee companies of this fundraising will be based in Nigeria and Ghana at first, as Constant Ventures aims to expand funding…

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Early vc firm Rali Cap launches US$30m to invest B2B and API-first fintechs across Africa

AFRICA – Rali Cap, an early-stage venture capital (vc) firm focused on emerging markets, has launched a US$30 million fund. Investors who took part in the funding include FT Partners, Breyer Capital, Propel VC, Better Tomorrow Ventures, Bain Capital, Lateral Capital, a few family offices, and HNIs. The firm invests in B2B and API-first fintechs across Africa, Latin America and…

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AfDB approves US$10.66M equity investment to support venture capital investments in African start-ups

AFRICA – The Board of Directors of the African Development Bank (AfDB) has endorsed a US$10.66 million equity investment to stimulate venture capital investments in African entrepreneurs at all stages of development. The African Development Bank (AfDB) will provide US$7.62 million from its own funds to the equity fund, while the European Union (EU) will invest US$3.05 million in partnership…

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Morocco’s Al Mada Holding launches US$113M Venture Capital Fund to back startups

MOROCCO – Morocco’s Al Mada holding group has announced the launching of US$113 million pan-African venture capital to invest in fast-growing start-ups on the continent. Al Mada-backed venture capital aims to attract innovative investors and take part in the exponentially-growing African startup landscape, according to converging news reports. The new venture capital aims to bank on the significant growth prospects…

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PAC Holdings launches venture capital fund identify and invest in compelling businesses

AFRICA – PanAfrican Capital Holdings (PAC Holdings) has launched a venture capital fund as part of its vision to deliver exceptional services in chosen markets and create value for stakeholders. The Catalyst will identify and invest in growth to product-expansion stage African companies with compelling business models and market opportunities “The Catalyst Project has been set up to facilitate and…

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VC fund Grindstone raises US$6.61m to support tech start-ups

SOUTH AFRICA –  Venture capital fund Grindstone Ventures has launched a US$6.61 million fund dedicated to seed funding predominantly South African innovative technology start-ups that have completed or are part of its Grindstone Accelerator program. The initiative is a growth engineer for participating start-ups and acts as an early due-diligence mechanism for the new fund. The female-led African venture capital…

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ICT provider Benya Group and VC firm Openner launch US$50m venture capital fund

EGYPT – Benya Group, an Egypt-based digital solutions and Information and Communications Technology (ICT) provider, has signed a memorandum of understanding (MoU) with international VC firm, Openner, to launch a US$50 million venture capital fund. The group clarified that the fund is set to provide capital investments and support entrepreneurs and startups in Egypt, as well as the Arab and…

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