TLDR:
- Innovate Africa, an angel investment fund, has launched with an initial US$2.5 million rollout
- The fund aims to support up to 20 startups in its first year to solve complex problems with purpose-driven technology
Innovate Africa, a new angel fund, has been launched with an initial investment of $2.5 million. Co-founded by Kristin Wilson and Christian Idiodi, the fund aims to support early-stage startups in funding life-changing ideas. The fund is sector-agnostic and plans to support up to 20 startups in solving complex problems like insecurity, unemployment, and poverty with purpose-driven technology. With an average investment of $50,000, the fund offers a comprehensive support package, including expert guidance in finance, governance, public relations, and strategy. The Product Leadership Accelerator provides crucial product development support, and the fund also facilitates talent resourcing through an extensive partner network. The fund’s portfolio strategy includes first cheque funding, a refined product operating model, network and partnerships, revenue model iterations, and operations and governance advisory. Kristin Wilson, the managing partner of Innovate Africa Fund, emphasized the importance of providing insight-driven capital to help founders accelerate their journey from MVP to PMF, allowing innovators to focus on building sustainable businesses that solve complex problems and create value for investors.
