To support early-stage startups, new $2.5 M angel fund Innovate Africa launched
With an initial US $2.5 million rollout, Innovate Africa is an angel investment fund that helps early-stage founders finance life-changing ideas, startups from conception to product, and innovative ventures.
The sector-neutral Innovate Africa fund, co-founded by Kristin Wilson and Christian Idiodi, intends to assist up to 20 startups in its first year of operation to use purpose-driven technology to address recognized, complex issues like poverty, unemployment, and insecurity.
With access to a vast ecosystem of resources, the fund will facilitate the infrastructure needed for founders to unlock growth through bold problem-solving. It will also provide insight-driven capital to help founders expedite the transition from MVP to product-market fit.
The venture fund provides a full range of support services with an average investment of US$50,000, with the goal of helping promising startups achieve success. In order to provide a strong basis for growth, the comprehensive suite of essential advisory resources includes professional advice in the areas of finance, governance, public relations, and strategy.
The fund helps startups refine their offerings and achieve product-market fit by providing vital product development support through its Product Leadership Accelerator. Additionally, it enables talent sourcing through a broad partner network, which links startups with competent experts in a range of fields. The portfolio strategy of the fund includes first cheque funding, a well-developed product operating model, a valuable network and partnerships, support for iterations of the revenue model, and extensive operations and governance advisory.
“Having witnessed the struggles that early-stage African founders face up close, we know that brilliant ideas often lack the resources they need to truly thrive. It’s not just about funding, it’s about deep expertise and strong connections – and our investment strategy breaks the cycle of innovators being at the mercy of those with too much leverage and too little knowledge. As a founder-first catalyst fund, we provide insight-driven capital to help founders accelerate their journey from MVP to PMF. By providing this support and funding, innovators can focus their efforts on building sustainable, transformative businesses that solve wicked problems and return value to investors,” said Kristin Wilson, managing partner of Innovate Africa Fund.
