Venture capital firms Monex Ventures and Uncovered Fund announce the creation of a $20 million fund dedicated to supporting emerging tech startups across Africa.

In a significant move to bolster Africa's tech scene, Japanese investment company Monex Ventures has partnered with Uncovered Fund to establish the "Uncovered Fund Monex Africa Investment Partnership." This new fund, based in Japan, will focus on investing in promising startups across the continent, with a total size of ¥3bn ($20.4m).

The partnership aims to invest between $100,000 and $500,000 initially per company, with the potential for follow-on investments up to $2 million per company. Monex Group CEO Yuko Kiyoaki sees Africa's projected population growth as a significant opportunity, believing that startups are building "next-generation social infrastructure" on the continent.

Monex Ventures, the corporate venture capital arm of Monex Group, has previously invested in African startups. This includes a Kenyan car finance platform and a Japanese agritech company with significant operations in African markets. The fund is not limited to Japanese startups nor exclusively for African investors.

The fund will focus on investing in startups in four key sectors: finance, mobility, distribution, and sustainability. Areas such as mobile payments, microlending, digital retail, logistics, and agri-tech are among the areas of interest. The fund is dedicated to backing startups that are shaping the future of these sectors in Africa.

By targeting Africa's burgeoning tech scene, the Uncovered Fund Monex Africa Investment Partnership is set to play a crucial role in fostering innovation and economic growth on the continent. The partnership marks a significant step forward in Monex Ventures' global investment strategy, further demonstrating their commitment to identifying and supporting promising startups worldwide.

Venture capital firms Monex Ventures and Uncovered Fund announce the creation of a $20 million fund dedicated to supporting emerging tech startups across Africa.