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Founders Factory Africa raises $114m

By , ITWeb
Africa , 15 Aug 2023
Founders Factory Africa CEO Bongani Sithole.
Founders Factory Africa CEO Bongani Sithole.

Founders Factory Africa has secured an additional $114 million in funding to expand its operations to serve entrepreneurs across the continent’s tech ecosystem.

The Mastercard Foundation and Johnson & Johnson Impact Ventures, an impact fund within the Johnson & Johnson Foundation, have contributed to Founders Factory Africa in addition to prior investments from Standard Bank, Small Foundation, and Netcare.

Founders Factory Africa says, with the funding it will be able to scale its projects and better serve technology-driven start-ups and founders across the African continent.

Alina Truhina, co-founder of Founders Factory Africa, says: “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.”

Since inception in 2018, Founders Factory Africa has accelerated the growth of more than 55 tech startups on the African continent.

In a statement released yesterday, it says the additional funding supports its investment model, which combines capital and operational support, and will assist the early-stage investor in iterating this model further by:

  • Becoming sector-agnostic   in its investment with founders who prioritise business fundamentals. 
  • ‘Doubling down’ on addressing the gender imbalance in the ecosystem.
  • Broadening its capital investment offering to include non-dilutive capital, and supporting the continent's need for different capital deployment types across the venture maturity curve.
  • Strengthening its own internal capacity to provide start-ups with venture-building support.

Bongani Sithole, CEO, Founders Factory Africa says: "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. 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.”

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