Japan's Uncovered Fund launches $15M fund to back early-stage startups in Africa
Summary
During his time there, the firm raised more than $2.5 million targeted at startups in Kenya, Uganda, Rwanda, South Africa, Ghana and Nigeria. In addition, we not only invest, but we also multiply the huge assets of Japanese companies to grow the business and provide technical support and finance as well," he said. Uncovered Fund focuses on startups based in Kenya, Nigeria and South Africa playing in retail, fintech, health tech, logistics, MaaS, agritech and smart city sectors. The general partner says the firm invests in these sectors because "they are basic behaviors in peoples lives, and we believe it is important to improve convenience as quickly as possible." Terakubo says his VC firm hopes to increase this number by backing 15 startups this year and furthering the synergy between African founders and Asian investors.