Africa-Press – Angola. Uncovered Fund, a Japanese venture capital firm dedicated to supporting African startups, has unveiled a new $20-million investment fund in collaboration with Monex Ventures, another Tokyo-based venture capital firm. The new fund, named Uncovered Monex Africa Investment Partnership (UMAIP), is set to invest in startups across Africa and the Middle East.
Targeted Investments and Sectors
The UMAIP fund plans to provide initial investments ranging from $100,000 to $500,000 for early-stage startups, with follow-on funding of $1 million to $2 million per company. In total, the fund aims to back 30 companies while reserving half of its capital for follow-on rounds.
The initiative will focus on four major sectors: finance, sustainability, mobility, and distribution. Specific subsectors include agritech, logistics, climate tech, solar, mobile payments, microlending, and digital retail. These areas are considered critical for driving innovation and growth in the regions UMAIP is targeting.
A Track Record of Supporting Innovation
Since launching its first fund in 2020, Uncovered Fund has already made substantial inroads into Africa and the Middle East. “Since starting our first fund in 2020, we have invested in 29 outstanding entrepreneurs”, said Takuma Terakubo, CEO of Uncovered Fund. The firm’s portfolio spans 17 countries and includes notable startups such as Nigerian communications solutions provider Termii, logistics platform Gozem (focused on Francophone Africa), automotive technology innovator Autochek, and e-commerce and fintech app Chari.
This new fund builds on that foundation, with Uncovered Fund aiming to further its support for promising startups in these emerging markets.
A Strategic Partnership with Monex Ventures
Uncovered Fund’s partnership with Monex Ventures marks a significant milestone for the VC firm. Terakubo expressed enthusiasm for the collaboration, stating, “With this new fund, we are proud to welcome Monex, one of Japan’s leading financial institutions, as a partner.” This partnership is expected to provide additional resources and connections, as the fund seeks to integrate African startups into Japan’s corporate ecosystem through partnerships, acquisitions, and funding opportunities.
Expanding Japanese Interest in Africa
Uncovered Fund is part of a growing trend of Japanese venture capital firms focusing on African markets, alongside others such as Samurai Incubate Africa and Kepple Africa Ventures. The intention behind these efforts is to tap into the immense potential for innovation and development within key industries across the continent.
With the launch of the UMAIP fund, Uncovered Fund and Monex Ventures are demonstrating a strong commitment to fostering the growth of startups that are shaping the future of finance, sustainability, and technology in Africa and the Middle East. This initiative signals a continued interest from Japan in building bridges between its corporate sector and the burgeoning startup ecosystems in these dynamic regions.
For More News And Analysis About Angola Follow Africa-Press
