Venture Capital firm Uncovered Fund has launched a $15 million to back early-stage startups in Africa. The fund, expected to close by June this year, targets to invest between $50,000 and $500,000 in African startups seed and Series A stages, working with local entrepreneurs to create sustainable businesses.
According to the Uncovered Fund’s website, the VC’s investment stage includes seed stage with investments of up to $200,000, follow on investments of up to $300,000 in pro-Series A and follow on investments of up to $500,000 in Series A stages.
Speaking on the VC’s investment strategy, Uncovered Fund CEO Takuma Terakubo says they provide long-term growth support, including follow on investment as well as multiply Japanese assets to offer technical and financial support.
We do not make scattered, one-shot, small investments, but rather we provide long-term growth support, including follow-on investment. In addition, we not only invest, but we also multiply the huge assets of Japanese companies to grow the business and provide technical support and finance as well.
CEO Takuma Terakubo
Some of the startups in the VC’s portfolio include e-commerce website Sky Garden, transport technology platform Gozem, credit fintech LipaLater, health startup RxALL and digital freight startup Send.
