The Future Africa initiative launched an early-stage investment fund that will provide up to $50,000 to 20 African startups per year. The fund is supposed to serve as an improvement on the initial vision of Future Africa – to be a training ground for African founders and their startups.
Future Africa was launched in 2019 by Iyinoluwa Aboyeji, Adenike Sheriff and Olabinjo Adeniran. Its original purpose was to create an online community for African founders where conversations would take place in order to improve the future of Africa.
“Future Africa is a platform that provides capital, coaching, and community for mission-driven innovators building an African Future where purpose and prosperity is within everyone’s reach.” Future Africa
The Future Africa Fund
The Future Investment Fund has already made about 15 investments in different startups across the continent. They include Chaka, Max.ng, Big Cabal Media, Lori, and Stemcafe.
A new addition has since been made to the team with Chuba Ezekwesili joining as co-Founder of the venture.
Alongside the fund, the venture platform will provide coaching and community for startup founders.
The coaching will be done majorly through the Future Africa Venture School (FAVS) which will work with an extensive network of experienced investors and Founders and operators from across Africa. According to Aboyeji, this will work towards building the economy in the future of Africa.
“When we started, our goal was to build a community in deep conversation about Africa’s future. While our goal has changed, we haven’t lost sight of the fact that it will still take a village to build an African future.
When we started, we thought the only way to build this community was online through our newsletters, websites, social media and Slack. However, our biggest revelation is that the old magic of bringing people together in the flesh never fails,” Iyinoluwa Aboyeji
Future Africa’s angel fund, coaching, and community is targeted at providing resources to startups in Africa. The availability of all three in the African startup community will be a positive force for the progress and growth of African startups.