Ingressive Capital has announced the completion of its $10 million African tech fund.
The venture capital fund targets pre-seed and seed stage tech businesses in both the B2B and B2C spaces. In 2019, Ingressive Capital announced that it will be investing $50,000 to $100,000 and called for online applications.
According to the fund’s website, it has 12 African startups in its portfolio. They include Paystack, OgaVenue, Tizeti, Awa Bike, Fuel Metrics, 54gene, Jetstream, OZE, Send, Funneljoy, Vesicash, and Bamboo.
On a call with Techpoint Africa, Famodu explained that when Ingressive Capital launched, it secured a $5 million fund to operate. Today, it is announcing an additional $5 million, making Ingressive Capital a $10M fund.
Famodu also points out that the ticket sizes will change going forward.
“We previously invested $50,000 to $100,000. But now we’re investing $200,000 to $400,000 for 10% ownership,” she said.
In essence, the next set of African companies to be backed by Ingressive Capital will be valued at $2 million or more.
On another note, Ingressive Capital has a mix of local and international backers. According to a statement released by the fund, 20 per cent of its limited partners invest in traditional businesses in Africa. The other 80 per cent are later stage investment funds.
Through these limited partners, portfolio startups can access additional and follow-up funding from foreign investors.
Nigeria Sovereign Investment Authority, Plexo Capital, Platform Capital, among other institutional capital firms, are some of Ingressive Capital new investors. Other backers include Michael Seibel, Y Combinator CEO; Techstars; and WTI.
The statement also points out fund advisors for the fund include Seth Levine, managing director of Foundry Group; Kai Bond, Courtside Ventures partner; Maurice Werdegar, president and CEO of WTI.
Featured image: The Ingressive Capital team. Source: Ingressive Capital Instagram
NEW REPORT ALERT: “Millionaire West African startups” raised over $1.806 billion between 2010 and 2019, 97.9% of which went to Nigerian startups. Find out more in the full report.
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