Innovate Africaan angel investment fund that supports early-stage founders in funding life-changing ideas, moving startups from concept to product, and financing innovative ventures, has launched with an initial round of $2.5 million.
Co-Founder of Christine Wilson and Christian Idiodithe sector-agnostic fund aims to support up to 20 startups in its first year of operation to solve complex, identified problems such as insecurity, unemployment and poverty with purpose-driven technology.
By The Numbers
Since 2019, the African funding landscape has seen positive growth, with disclosed exits exceeding $2.3 billion β representing a significant 13.4% of the total $17.2 billion raised by African startups. Despite this growth, early-stage founders face challenges on the journey from ideation to market implementation.
Because this matters
A persistent lack of early-stage funding further exacerbates these difficulties, preventing many start-ups from realizing their full potential and contributing to the continent’s economic growth. With a mission to empower startups to thrive in Africa’s ever-evolving technology landscape, the Innovate Africa Fund will provide insight-driven capital to help founders accelerate the journey from Minimum Viable Product (MVP) to Product-Market Fit (PMF).
The goal is to facilitate the infrastructure that enables founders to unlock growth through bold problem solving, supported by access to a comprehensive ecosystem of resources.
Digging deeper
With an average investment of $50,000, the venture fund offers a comprehensive package of support designed to propel promising startups to success. Our robust suite of critical consulting resources includes guidance from experts in finance, governance, public relations and strategy, ensuring a solid foundation for growth.
Through the Product Leadership Accelerator, the fund provides critical product development support, helping startups improve their offerings and achieve product-to-market fit. It also facilitates the sourcing of talent through an extensive network of partners, connecting startups with skilled professionals in various fields.
The fund’s portfolio strategy includes first-screen funding, a sophisticated product operating model, valuable network and partnerships, assistance with revenue model iterations, and comprehensive operational and governance advice. This holistic approach aims to accelerate startups’ path to success by providing them with the tools, resources and connections needed to navigate early-stage challenges and achieve sustainable growth.
Zoom in
The Innovate Africa Fund is anchored by a network of experienced operators and product experts across Africa, providing a strong base of knowledge and experience to guide early stage founders to success. Managing Partner, Kristin is also the Chief Strategy Officer at Spurt!Venture Partner at Oui Capitalchief investment officer for Rising Tide Africa Angel Network and general partner at Bold Angel Fund.
It has a portfolio of 34 African startups including 26 technology startups such as Hoaq, Clafiya, Carriers and OmniRetail-recognized as Africa’s fastest growing company of 2024 by the Financial Times. Kristin’s portfolio companies have generated over $100 million in revenue and collectively serve over 100,000 users.
Complimenting Kristin’s expertise is Christian, its Founder Brush and Job Nigeria. A world-renowned product expert, Christian is a Silicon Valley Product Group (SVPG) partner and helps companies transform the way they work to create products that customers love and bring tremendous business value. He is the co-author of INSPIRED, EMPOWERED, LOVED and TRANSFORMEDβNew York Times Best-Selling books that have shaped product management worldwide. He has shaped companies such as Amazon and Merrill Corporation and tackled complex product challenges for industry giants such as Microsoft, Interswitch and Squarespace. His extensive background in business and consumer products has helped grow businesses from the ground up. His track record includes the successful establishment of over two dozen companies worldwide.
What they say
Speaking about the launch of the Fund, Kristin Wilson, Managing Partner of the Innovate Africa Fund he said: “Having witnessed first-hand the struggles African early-stage founders face, we know that bright ideas often lack the resources they need to truly thrive. It’s not just funding, but deep expertise and strong connections β and our investment strategy breaks the cycle of innovators at the mercy of those with too much leverage and too little knowledge. As an early founder catalyst fund, we provide knowledge-driven capital to help founders accelerate their journey from MVP to PMF. By providing this support and funding, innovators can focus their efforts on building sustainable, transformative businesses that solve wicked problems and deliver value to investors.β
“Through the Innovate ecosystem, we connect our portfolio companies with experienced operators and advisors, both in Africa and globally, to ensure they have the expertise they need“, says Christian Idiodi, Founder of Innovate Africa Foundation.
“The African diaspora has sent more than $150 billion back to the continent over the past three years, but financial support alone is not enough. Many are willing to contribute their talent and expertise to impactful ventures, and that’s where we come in. It takes an ecosystem to build a startup. By reaching founders at a very early stage, we can connect them with key partners and help drive their success. Ultimately, our decisions today will shape who builds, owns and benefits from the next wave of disruptive technology in emerging markets.β
Applications are open to founders across Africa who meet the six criteria for screening: Character, credibility, ability, courage, competence and context. Interested founders can apply via https://innovateafricafund.com/
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