Launch Africa Fund 2 Invests $4.3M in 16 Startups
BY TOM JACKSON ON JUNE 25, 2024
Early-stage VC firm Launch Africa Ventures has invested a total of US$4.3 million in 16 startups from across the continent so far as part of its second fund, having made 133 investments via its first fund.
Launched in July 2020 by Zachariah George and Janade du Plessis, with chairperson Margaret O’Connor also on the board, Launch Africa Ventures closed its its inaugural fund, Launch Africa Ventures Fund 1, in March 2022 at US$36.3 million, with investments from 238 retail and institutional investors in 40 countries.
With Fund II, Launch Africa Ventures said it continues to “invest, grow and scale the continent’s top technology-driven ventures to become market leaders in their respective industries”.
“As one of the most active pan-African investors in Africa since 2020, we are maintaining our commitment to the growing African VC and startup ecosystem by continuing to be a top-performing, value-adding and founder-friendly investor,” the company said.
So far, the second fund has invested in 16 startups that align with its investment thesis on founder diversity, sector strength, market opportunities, and geographic reach, deploying US$4.3 million across 11 African countries to support these market-leading opportunities.
Three of those are from South Africa, namely car service marketplace Servisor, working capital service Credit Circuit, and logistics platform Shiprazor, and another three from Senegal – FMCG insights platform Lengo, logistics service Paps, and energy company Solarbox.
Two are from Kenya – inventory tracking platform Logistify, and direct air capture company Octavia Carbon – and another two from Nigeria, in the shape of data management startup Periculum and lending marketplace Kredete.
The rest of the investments are Zambian prop-tech startup Bosso, DRC-based beauty startup Zuri, Ivory Coast-based e-health company Meditect, Rwandan e-health startup Viebeg, Ghanaian e-bike venture Wahu!, formerly MANA Mobility, and an Egyptian e-health startup.
