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.
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.