Africa focused early-stage funding platform Uncap, has officially commenced operations in Sub-Saharan Africa.
The program was initiated with the aim of making early-stage funding available for startups in Sub-Saharan Africa. The firm has now invited startups to apply as the application period will last two months and will include a series of questions and tests.
Applications will be assessed based on startups’ entrepreneurial potential and business knowledge, and selected startups will be given financing ranging from $10k to $50k.
Uncap claims to have invested in 27 firms since its inception in 2019. This funding round will put Uncap’s ability to scale its investments to more than 100 startups in a single batch to the test.
Franziska Reh, Uncap’s CEO speaking said “We strongly believe in the founders we invest in and want them to be in the driver seat of their business. That means we give them room to grow at their own speed and trust them to make the right decisions. We only hold a minority stake, don’t take any board seats, and generally do not get involved if not needed”.
Uncap invests using a revenue-sharing model based on equity. This concept is intended to meet the demands of early-stage firms by purchasing a stake in the entrepreneur’s company.
Application is open and interested startups can apply here.