Uncovered Fund, a VC firm targeting early-stage startups in Africa, announced today that it has launched its $15 million fund, which is expected to close at the end of June this year. The Tokyo-based outfit founded by Takuma Terakubo in 2019 will invest $50,000 to $500,000 in African startups in seed and Series A stages.
“We do not make scattered, one-shot, small investments, but rather we provide long-term growth support, including follow-on investment. In addition, we not only invest, but we also multiply the huge assets of Japanese companies to grow the business and provide technical support and finance as well,” he said.
Uncovered Fund focuses on startups based in Kenya, Nigeria and South Africa playing in retail, fintech, health tech, logistics, MaaS, agritech and smart city sectors. The general partner says the firm invests in these sectors because “they are basic behaviors in people’s lives, and we believe it is important to improve convenience as quickly as possible.”
So far, it has backed five startups across these sectors and markets. They include Kenyan e-commerce platform, Sky Garden; U.S.-based and Africa-focused health tech startup RxAll; Francophone Africa mobility startup, Gozem; Kenyan fintech company LipaLater; and YC-backed Nigerian digital freight startup, SEND Technologies.
Some of these companies are doing business in other countries, and Terakubo says that the firm is willing to fund startups in other African countries as well.
“We are looking for African startups to expand their business across multiple countries. So, we welcome startups from any country as long as the business can scale.”
Source: TechCrunch
