Future Africa Announces $1m Investments in 9 African Startups for Q3 2020

Future Africa has announced that it invested $1 million in 9 African startups in Q3 2020 from its ​Future Africa Collective​ – a syndicate for angel investors, Future Africa Rolling Fund – an investment subscription product and the Future Africa Fund – its own fund.

These investments include fresh and follow-on funding for startups across fintech, health, service, and remittances subsectors. Future Africa says its portfolio now holds a total of 35 startups.

Here are the startups it funded for the quarter closing September 2020:

• Bamboo​ helps Nigerians create wealth by investing in Nigeria and United State stocks.
• Eden​ is a tech-enabled concierge service for Nigerians to live better and simpler lives.
• Releaf​ is improving the value-chain of agricultural products in Nigeria starting with the oil palm fruit.
• Tambua Health​ has invented precise, non-invasive, and radiation-free lung imaging devices for use by primary health care providers.
• Indicina​ is building Africa’s credit infrastructure to digitise the credit value chain and improve decision making by creditors.
• Evolve Credit​ is a marketplace for financial services in Nigeria. It helps Nigerians make better financial decisions.
• Shara is building a distribution platform to help FMCGs provide financial and logistical support to retailers.
• Myawayhome​ is the trusted service for diasporans to own and manage property back home.
• Stears​ is building a media and data network for Africa to help individuals, development organisations, investors, governments, and companies access data they need to make better decisions.

Future Africa’s founder Iyinoluwa Aboyeji, on the types of startups it backs said: “We believe there is a truly unique opportunity for innovators to turn our continent’s biggest challenges into massive business opportunities. We will continue to provide capital, coaching and community to founders building the future in Africa”.

He also says the firm is particularly excited about opportunities in the remittances, financial infrastructure, media and the environment. The firm notes that it has reopened admissions into the Future Africa Collective to join its existing syndicate of 125 angel investors.

The collective is its community of co-investors who fund African startups. The Future Africa Collective gives members the opportunity to invest alongside Future Africa on a deal-by-deal basis through investment syndicates. Interested investors can apply to join the syndicate​ here.