Innovate Africa, an angel investment fund that supports early-stage startups has launched with an initial $2.5 million rollout.
Co-founded by Kristin Wilson and Christian Idiodi, the sector-agnostic fund aims to support up to 20 startups in its first year.
The fund is targeting startups in insecurity, unemployment, and poverty with purpose-driven technology.
With a mission to empower startups to thrive in Africa’s ever-evolving tech landscape, Innovate Africa Fund will provide insight-driven capital that helps founders accelerate the journey from Minimum Viable Product (MVP) to Product-Market Fit (PMF). The goal is to facilitate the infrastructure that enables founders to unlock growth through audacious problem-solving, supported by access to a comprehensive ecosystem of resources.
With an average investment of $50,000, the venture fund offers a comprehensive support package including expert guidance in finance, governance, public relations, and strategy.
“Having witnessed the struggles that early-stage African founders face up close, we know that brilliant ideas often lack the resources they need to truly thrive. It’s not just about funding, it’s about deep expertise and strong connections–and our investment strategy breaks the cycle of innovators being at the mercy of those with too much leverage and too little knowledge. ” Kristin Wilson, Managing Partner of Innovate Africa Fund says.
”As a founder-first catalyst fund, we provide insight-driven capital to help founders accelerate their journey from MVP to PMF. By providing this support and funding, innovators can focus their efforts on building sustainable, transformative businesses that solve wicked problems and return value to investors”
Through its Product Leadership Accelerator, the fund says it delivers crucial product development support, helping startups refine their offerings and achieve product-market fit. It also facilitates talent resourcing via an extensive partner network, connecting startups with skilled professionals across various domains.
The fund’s portfolio strategy encompasses first cheque funding, a refined product operating model, valuable network and partnerships, assistance with revenue model iterations, and comprehensive operations and governance advisory. This holistic approach aims to accelerate startups’ path to success, providing them with the tools, resources, and connections needed to navigate early-stage challenges and achieve sustainable growth.
“Through the Innovate ecosystem, we connect our portfolio companies with seasoned operators and advisors, both in Africa and globally, to ensure they get the expertise they need,” says Christian Idiodi, Founder of Innovate Africa Foundation.
“The African diaspora has sent over $150 billion back to the continent in the past three years, but financial support alone isn’t enough. Many are eager to contribute their talent and expertise to impactful ventures, and that’s where we come in. It takes an ecosystem to build a startup. By reaching founders at a very early stage, we can connect them to key partners and help foster their success. Ultimately, our decisions today will shape who builds, owns, and benefits from the next wave of disruptive technology in emerging markets.”
Innovate Africa Fund is part of an ecosystem of companies, working together to empower Africa with meaningful technology. Through the fund, Innovate Founders will have access to the Product Leadership Accelerator, Pan-African Product Tours, InspireAfrica Gatherings, and Silicon Valley Product Group Coaching Programs.
Interested founders can apply here.
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