DEMO Africa recently announced that it was floating a $100m venture fund tagged ‘Demo Ventures’ to invest in early-stage tech startups across various verticals and these include consumer web and mobile, renewable energy, and financial services.
Now, DEMO Ventures, which will be launched in October, has disclosed the five countries that will benefit from the fund. The countries are Nigeria, Ghana, Kenya, South Africa and Egypt.
DEMO Ventures forms part of DEMO Africa, an initiative which runs pitching competitions and aims to serve as a launchpad for innovative African tech.
Speaking about the new Venture fund, Tania Ngima, the CEO of DEMO Ventures said: “We are looking for companies that can scale quickly and especially those with the potential to operate across multiple geographies. The fund would provide both debt and equity funding.”
Continuing, she stated, “We have a proprietary pan-African deal pipeline via Demo Africa which is going to constitute 70% to 75% of the portfolio companies that we invest in.”
She concluded saying that DEMO Ventures expects to have a “first tranche raise of the fund as the intention is to start deploying the investment immediately.”
