Financial boost for African tech start-up ecosystem
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.
“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.”