NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Founders Factory Africa, the South Africa-based venture capital firm that invests in early-stage startups, has closed a $114 million round, the firm said in a statement on Monday. Founders Factory said it will use the new funding to “scale its model to better serve founders across the African tech ecosystem.”

A huge chunk of the funding came from the Mastercard Foundation and the Johnson & Johnson Impact Ventures, an impact fund within the Johnson & Johnson Foundation, the Scottish foundation that focuses on improving healthcare solutions in developing countries.

Photo courtesy of Exchanges Photos.