The Tokyo-headquartered UNCOVERED FUND has launched with a targeted size of US$15 million and confirmed its first five investments in African tech startups.
Launched in June of last year, UNCOVERED FUND is a venture capital fund targeting early and seed stage startups in Africa. The fund is scheduled to close at the end of June 2021, with a total size of US$15 million.
The fund is designed to support the development of new businesses in the "uncovered" world, where entrepreneurial support is not yet sufficient, and will invest between US$50,000 and US$500,000 in early and seed stage African startups.
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UNCOVERED FUND has already invested in five startups. In December of last year, it invested in Kenyan e-commerce company Sky.Garden and Nigerian e-health startup RxAll, while so far this year it has backed Togolese super app Gozem, Kenyan fintech startup LipaLater, and Nigerian logistics platform SEND Technologies.
In general, the fund is looking to make investments in the retail, fintech, e-health, logistics, MaaS, agri-tech, and smart city spaces.