Former Andela And Flutterwave Executives Launch Angel Fund For African Startups
African startups can now access funding from a new angel fund created by former Andela and Flutterwave executives who plan to support 20 startups per year with $50,000 checks.
The Future Africa Fund is co-founded by Iyinoluwa Aboyeji, Nadayar Enegesi, Olabinjo Adeniran, and Adenike Sheriff, according to a LinkedIn post.
Aboyeji is the Nigerian co-founder of coding recruitment startup Andela and a former managing director of mobile payments firm Flutterwave.
Enegesi is an Andela co-founder. Adeniran and Sheriff both worked at Ghanaian new media startup OMG Digital, known as the “BuzzFeed of Africa”, before founding Future Africa Fund.
Future Africa Fund initially started as an online community discussing the future of tech in Africa and has become a venture that is aiming to invest $1 million a year in African tech startups, TechAfrica reports.
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In addition to cash investment, Future Africa Fund plans to provide founders with access to a network of talent and mentoring through its Future Africa Venture School, a virtual school that entrepreneurs can access remotely.
The school expects to work with an experienced faculty of founders and investors from across Africa and the world who will interact with African entrepreneurs through articles, webinars, videos, and podcasts.