April 23

Tofino Capital Closes First Round of $10 Million Fund to Back Startups in Africa

By Joan Aimuengheuwa

Tofino Capital has launched its $10 million fund and has announced the first close of this fund at $5 million, with a goal to reach the final close in nine months.

Founded by Eliot Pence and Aubrey Hruby, Tofino Capital invests in early-stage companies in venture scalable markets, faced with a lack or inadequate venture capital. It has in its portfolio companies like SeamlessHR, Sabi, Mecho, Gloopro, Social Stack and others.

The founders have experience in public relations, having founded InsiderPR, one of the well-known PR firms in African tech and have worked for over 100 startups, including SWVL, Flutterwave and Foodology. They have also worked for 15 years with various U.S. companies and family offices involved in investing in frontier markets; they include the Whitaker Group and the Atlantic Council.

Photo courtesy of Angelo Moleele.

Source: TechEconomyNG (link opens in a new window)

startups, venture capital