Financial boost for African tech start-up ecosystem

Staff Writer
By Staff Writer, ITWeb
Johannesburg, 14 Aug 2023
Founders Factory Africa CEO Bongani Sithole.
Founders Factory Africa CEO Bongani Sithole.

Founders Factory Africa has secured an additional $114 million (R2.2 billion) in funding. In a statement, the corporate-backed tech incubator and accelerator says the funds will help scale its model to serve technology-led start-ups and founders across the African continent.

The funding injection comes from the Mastercard Foundation and Johnson & Johnson Impact Ventures,an impact fund within the Johnson & Johnson Foundation.

“We are excited to have new and dynamic funding, which follows on from previous investments by Standard Bank Group, Small Foundation and Netcare Group,” says Alina Truhina, co-founder of Founders Factory Africa.

Founded in 2018, Founders Factory Africa has helped accelerate 55 tech start-ups across the continent.

“Come build with us,” says Founders Factory CEO Bongani Sithole. “Moving Africa forward requires more of us to support tech-driven, solution-oriented ventures that have the potential to scale and make an impact at speed.

“Our role as Founders Factory Africa is to provide founders with the funding, knowledge and hands-on venture building support they need to achieve commercial success and create outsized, systematic impact.”