Announcing $1.1 million Investments in 17 Startups from January to April 2022

Announcing $1.1 million Investments in 17 Startups from January to April 2022
May 30, 2022 Chukwuyemisi Isichei
Future Africa - Investment Announcement

Future Africa Update: January to April 2022

Ecosystem Overview

In Q1 2022, total VC Funding in Africa stood at $1.8B, a 150% increase when compared to Q1 2021, which stood at $730M. However, 4 Mega deals on the continent drove the incredible performance for Q1 2022: Flutterwave $250M, Moove $105 Million,  Wasoko $125M, and InstaDeep $100M.

Meanwhile, April was relatively quiet on fundraising when compared to the previous months in 2022. The continent raised $436 million, with Kenya’s Sun King’s (formerly Greenlight Planet) Series D round representing close to 60% of April funding. As of the 30th of April, the total startup funding raised in 2022 stood at $2.2 billion (Sourced from the Big Deal)

Despite the ongoing concerns about the imminent economic recession and the global slowdown of VC funding, we are proud of Future Africa’s performance in the first quarter of 2022.


Future Africa in Numbers – January to April 2022

We came across 474 companies via our website application, referrals and partnerships for deal flow.  Sectors seen cut across fintech, edtech, entertainment, healthcare and tourism. 

Please note that we closed the open call for funding on our website in March and this reduced our numbers in the later half of March and in April. However, this has helped us focus our resources on our sourced pipeline and reduced our ‘time to response’ for founders.

We invested $1.1 million into 17 companies and welcomed 15 new companies into our portfolio by the end of April 2022. 9 of these investments were at Pre-seed, 6 at Seed and 2 at Series A. This brings our total portfolio company count to 79. Some of our new investments include:

  • TopUp Mama: TopUp Mama is a mobile and web platform operating across Lagos, Nigeria and Nairobi, Kenya. The platform enables restaurants to order all the goods they need and have them delivered when needed. TopUp Mama aims to be a one-stop-shop for small and medium-sized restaurants in Africa. TopUpMama gives restaurant owners a streamlined supply chain by leveraging its scale; access to credit which enables restaurants to purchase inventory, and unites them under a single franchise brand to increase growth and profitability.
  • Big Cabal Media: Big Cabal Media (BCM) is a media platform shaping the narrative of the culture, innovation, entrepreneurship and entertainment received in Nigeria. They are a Nigerian digital media company that creates engaging content that African audiences love. Over the past years, they have built two internationally-recognised and respected publications—TechCabal and Zikoko, as well as connecting brands with Africa’s young, growing digital audience with Cabal Creative content studio. They tell creative and compelling stories, pulling audiences in and getting high levels of engagement.
  • GitStart: GitStart helps companies build faster by sharing pieces of their task with a host of developers. GitStart Bot pulls juniors together and automatically assigns reviewers until everyone agrees the code is perfect. Juniors ship code on production codebases with users years before they could do it on their own, and seniors save review time.

5 of our portfolio companies got into Global Accelerators: Symplifyd, Frain (Convoy), and Boya got into YC W ’22, while Voyance and Bongalow got accepted into Techstars.

We welcomed startups from Nigeria, Kenya, and South Africa and made our first investment in Uganda in April. Other investments outside the continent are in products serving the African market.


Demographics of new investments

Demographics of new investments

Future Africa now has a presence in 10 countries after making our first investment in Uganda in April.

Raise Announcements!

Community Events and Activities

On the community side, as part of our commitment to building the African future, we had the Future Africa Collective Meetups in various African countries like South Africa, United Arab Emirates, Senegal, Ghana, and Kenya. During these meetups, we met with amazing people and we left feeling refreshed and ready to do more hard things for the continent! While on the founder org side, we embarked on an ecosystem tour to learn about the exciting things founders are building. On this tour, we visited Senegal, Ghana, Kenya, Uganda and Tanzania and we look forward to visiting more soon!

Future Africa Collective Meetup in South Africa - Johannesburg

Join Future Africa Collective

In addition to this, we had conversations with Michael Eisenberg, Saul Klein, Sabrine Chahrour, Ife Ojobanikan and Sebastian Mallaby on different episodes of Invest In The Future – our live fireside chat series where we learn from prolific founders & investors who have invested in and built some of the world’s most impactful technology companies.

Finally, we hosted two webinars and released two reports, in collaboration with TechCabal Insights. In the first report, we analyse African regulations and examine the regulatory environments in six major African startup hubs by looking at the role regulation plays in Africa’s tech environment and how regulators can better support innovation.  You can get the report here.  

The second report, in partnership with TechCabal Insights and The Baobab Network, explores the value and size of early-stage deals in the past five years and further probes the data across sectors and countries. You can get the report here

Looking Ahead 

We would like to thank our outstanding Future Africa Collective members who have joined us to support these startups. We can’t thank you enough for coming on this missionary journey with us. Applications to the Future Africa Collective are open all year round. With your $1,000 annual or $300 quarterly subscription fee, you get access to invest alongside us in African Startups.

We also thank all our LPs in the Future Africa Fund. For a commitment of $25,000 per quarter, you can become an LP in the Future Africa Fund – a uniquely designed venture capital fund where we invest all year round in African innovators.

Learn More Here

We are looking forward to an even better Q2 and the rest of the year building the future of Africa, funding early-stage mission-driven founders who are turning Africa’s most significant challenges into global business opportunities.