If you are an Africa startup in the early stages of development, you may be interesting in pitching to Japanese VC firm Uncovered Fund, which has announced that it is looking to fund startups on the continent.
The funding available is set to total an estimated $15 million, with startups in the region potentially earning themselves between $50 000 to $500 000 from the Tokyo-based firm headed up by Takuma Terakubo.
Noting some of his earlier exploits in Africa, TechCrunch explains that the Uncovered Fund joined up with Japanese incubator Samurai Incubate to create a fund that targeted 10 different startups from the likes of Kenya, Uganda, Rwanda, South Africa, Ghana and Nigeria, with similar figures of between $50 000 to $500 000.
Unpacking this latest venture, Terakubo also notes that this time around Uncovered Fund is not simply concerned with giving startups money, but also looking to create long-term relationships to support and potentially link early-stage startups with other Japanese companies.
“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 points out.
“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,” adds Terakubo.
The funding process is expected to end in June of this year, with the $15 million that has been set aside, aimed at bringing up to 15 startups aboard Uncovered Fund.
“We are looking into joint development from Africa to Asian markets, and that is the big vision we have for the future,” he concludes.
If you’re an early-stage startup looking for seed or series A funding, find out more about Uncovered Fund here.