Uncovered Fund has teamed up with Monex Ventures to launch the Uncovered Monex Africa Investment Partnership, a ¥3 billion (~$20M) vehicle backing early-stage startups across Africa and MENA—with a focus on infrastructure plays (both digital and physical).
Why it matters
Amid a funding downturn, the move signals renewed Japanese corporate appetite for Africa’s growth story—pairing capital with market-entry partnerships for Japan Inc.
By the numbers:
- $2.2B — total VC in Africa in 2024, down 25% from 2023.
- $507M | 108 deals — Q3 2024 activity; $1.2B | 313 deals YTD.
- 2.5B — projected African population by 2050.
- 500M → 1.1B — mobile internet users by 2030.
- 260+ Japanese companies operate in South Africa, supporting 150k+ jobs.
- $1.5B — planned Japanese government impact-investing raise over the next three years.
How it works
The fund’s edge is structured partnerships that plug portfolio startups into Japanese corporates seeking growth beyond a mature domestic market—think distribution, co-development, and technology transfer alongside equity.
Zoom in — 4 pillars
- Fintech infrastructure: Consumer payments, microlending, and B2B rails (payments, credit, accounting) serving SMEs—with linkage to Japanese financial institutions exploring EM exposure.
- Distribution & logistics: Retail tech, e-commerce enablers, last-mile and warehouse optimization—potential channels for Japanese consumer/industrial goods.
- Mobility & transportation: Digital used-car platforms and early EV ecosystems—partnerships with Japanese auto, battery, and data players.
- Sustainability & agri-innovation: High-value crop linkages, smart irrigation, data-driven agronomy, and carbon projects—creating demand for Japanese ag-machinery and IoT.
State of play
The fund enters a field with Partech Africa, TLcom Capital and others. At $20M, expect concentrated, hands-on bets at seed to pre-Series A.
Between the lines
Recent Japan–Africa tie-ups (e.g., AFC–JOI collaboration in late 2024) and government-level initiatives point to broader institutional momentum. Regional leaders and DFIs continue to pitch Africa as high-growth with improving risk frameworks.
What to watch
- Quality of corporate match-making (pilots → commercial contracts).
- Execution across regulatory mazes and multi-market scaling.
- Progress ahead of and after TICAD-linked diplomatic engagement (Yokohama, Aug 2025).
Source: Tech in Africa
