VC Firm Launch Africa Closes First Fund at $36.3 Million
Pan-African venture capital fund Launch Africa Ventures today is announcing the close of its $36.3 million fund, which it has primarily used to invest in B2B and B2B2C startups across Africa.
In an interview with TechCrunch, managing partner Zachariah George said Launch Africa has backed 108 startups across 21 African countries. They include the likes of Nigerian neobank Kuda, Kenyan B2B e-commerce retail platform MarketForce and Tunisian edtech startup GOMYCODE.
Although these startups have progressed to growth stages, the Mauritius-based firm invested in them earlier in their journey. It typically backs seed and pre-Series A startups and cuts an average check size between $250,000 to $300,000. Some startups in these stages include Sudanese fintech Bloom, Bostwana-based insurtech Alpha Direct and South African big data platform Carscan.