The Future Africa fund, launched earlier this year by Andela and Flutterwave co-founder Iyinoluwa Aboyeji, has announced it made nine investments totalling US$1 million in the third quarter of the year, taking its portfolio to 28 companies.
According to reports made in January Aboyeji had launched Future Africa alongside Olabinjo Adeniran and Adenike Sheriff, and in April the fund opened to co-investors.
Members began being admitted in June, and in less than six months Future Africa has built a community of over 125 angel investors from all over the world. The first deal presented to the Future Africa Collective was oversubscribed by 28 per cent within 72 hours, and the second deal was oversubscribed by 68 per cent within seven hours.
“Both deals had an allocation of US$100,000. In fact, we raised over US$250,000 for a particular company within 4 days,” said Sheriff.
In total, Future Africa has backed 28 startups so far, with nine of those investments made in Q3, totalling US$1 million, with all of them being Nigerian startups.
Those startups are investtech platform Bamboo, tech-enabled concierge Eden, agri-tech startup Releaf, lung imaging device maker Tambua Health, credit provider Indicina, lending startup Evolve Credit, distribution platform Shara, prop-tech startup Myawayhome, and data company Stears.
“We’ve also pioneered a new model of investing in Africa that gives investors the flexibility to subscribe to a quarterly fund and get exposure to all the deals we participate in within that specific quarter. We call this the Future Africa Rolling Fund. So far we’ve raised over US$500,000 in this fund,” Sheriff said.