from ADANE BIKILA in Addis Ababa, Ethiopia
Ethiopia Bureau
ADDIS ABABA, (CAJ News) – FOUNDERS Factory Africa has secured an additional US$113 million (R2.1 billion) in funding to scale its model and better serve founders across the African tech ecosystem.
The additional support from the Mastercard Foundation and Johnson & Johnson Impact Ventures, an impact fund within the Johnson & Johnson Foundation, follows on previous investments into Founders Factory Africa by Standard Bank, Small Foundation and Netcare.
“We are excited to have new and dynamic funding, which follows on from previous investments into Founders Factory Africa by Standard Bank Group, Small Foundation and Netcare Group,” said Alina Truhina, co-founder of Founders Factory Africa.
Since its inception in 2018, Founders Factory Africa has catalysed the trajectory of over 50 tech start-ups across the continent.
The additional funding affirms Founders Factory Africa’s hybrid investment model of combining capital and operational support.
“Come build with us,” said Founders Factory Africa Chief Executive Officer, Bongani Sithole.
“Moving Africa forward requires more of us to support tech-driven, solution-oriented ventures that have the potential to scale and make an impact at speed.”
Founders Factory Africa has a portfolio of around 55 ventures across the continent.
“Our role as Founders Factory Africa is to provide founders with the funding, knowledge, and hands-on venture building support they need to achieve commercial success and create outsized, systematic impact,” Sithole said.
– CAJ News