$20.4 M fund focused on African tech startups launched by Monex Ventures, Uncovered Fund
To support tech startups throughout Africa, Monex Ventures, the corporate venture capital division of the Japanese financial services company Monex Group, has partnered with the Japanese venture capital firm Uncovered Fund to establish a ¥3 billion (approximately US$20.4 million) fund.
The Undiscovered Fund: The fund, known as the Monex Africa Investment Partnership, will invest up to US$2 million per company in four key areas: distribution, mobility, finance, and sustainability.
“The world population is predicted to reach 10 billion by 2050, with Africa accounting for 25 per cent of that, making it a huge market. Meanwhile, while many social issues remain, the rapid spread of mobile internet is giving rise to a succession of startups aiming to build next-generation social infrastructure,” said Monex Group CEO Yuko Kiyoaki.
