Early-stage VC firm, Ajim Capital has announced the launch of a $10 million fund to invest in startups in Africa. The funding will help founders focus and grow their businesses rather than worry about funding.
Ajim Capital is looking to invest in exceptional African founders, with potential for rapid growth and fast adoption in emerging markets. They are interested in companies that can provide excellent returns to investors and that fill significant economic and infrastructure gaps for consumers and enterprises across Sub-Saharan Africa.
Ajim Capital will sign cheques ranging from $25,000 to $150,000 for pre-seed and seed series funding for startups across Africa. In a statement, the firm said, they will consider founders with entrepreneurial experience or experience in the industry relevant to their technology.
“We invest primarily in founders with former entrepreneurial or directly relevant industry experience, initial indications of product-market fit (e.g., revenue or users), highly scalable software solution, and a potential 10x CoC return for investors,” Eunice Ajim, Founding Partner of Ajim Capital said.
Ajim Capital is a US-based venture capital firm that supports founders with early-stage startups with strategic advice and access to a global network of investors with experience in funding and managing startups. She’s also an angel investor and advisor to African tech founders.
Eunice Ajim has previously co-founded OpenTeams, an online marketplace for open source users to connect and transact with service providers. She also founded DataGig, an online marketplace for data experts and vendors for on-demand analytic projects. She’s also a Founder Institute and SputnikATX alumni, programs that teach a variety of start-up development and growth strategies from conception, to fund-raising, to validation and expansion. She has previously backed startups like Mono, Payhippo, Lemonade Finance, Bamboo, and TalentQL.
Venture Capital fundings for Africa is currently at a record high, with Nigeria and Kenya as major hot spots for VC firms with $307 million and $305 million raised in 2020. Although VCs faced setbacks due to the pandemic, investments are expected to exceed $10 billion by 2025.
So far, foreign investors from the US and UK have dominated the African tech funding space. But it’s gratifying to see that local investors are increasingly upping their game, and raising new funds to back startup founders in Africa. Some investors that have raised funds include Ventures Platform, Voltron Capital, FirstCheck Africa, LoftyInc Capital, and Flat6Labs.