Antler, an early-stage investor, has completed its US $13.5 million East Africa investment fund, which will continue to assist early-stage digital businesses in the area.
Antler is the world’s most active early-stage investor, having backed hundreds of technology firms and tens of thousands of entrepreneurs on six continents. To date, the firm has invested in over 400 businesses across 30 sectors.
Antler East Africa started its first venture building cohort in August 2019, and the business has already completed five full cohorts, totalling 153 founders, and made 14 investments. Antler is launching a new community-driven platform strategy this month, in which it will welcome entrepreneurs and teams on a rotating basis.
Over the next three years, the business aims to make 35 additional investments, and in order to do so, it finalised its East Africa deal for $13.5 million, much above its US $10 million objectives. The round was attended by prominent investors such as Baillie Gifford, institutional investors such as IFC, and family offices such as Canica.
The concept will be two-fold, welcoming both creators wishing to launch their firms with Antler from the ground up and early-stage startups asking for funding. Antler intends to have one of the quickest institutional fundraising cycles for a global fund in Africa, with an emphasis on providing mentoring and real value to all of our founders from the beginning.
“We are excited about Antler’s presence in East Africa and overtime in other parts of Africa. With fast-growing economies and a rapidly developing startup ecosystem, we believe this is the perfect time to launch and build tech startups on the continent,” said Magnus Grimeland, Antler founder and CEO.
“With Melalite Ayenew and Marie Nielsen leading Antler East Africa, we have two great female partners who have shown exceptional skill as investors and entrepreneurs, and Antler looks forward to enabling and investing in entrepreneurs that are innovating across a range of industries in the coming years.”