Local funding for early-stage startups is taking off in Africa
This past week, Ingressive Capital, a $10 million venture capital fund started by Maya Horgan Famodu with its headquarters in Nigeria, celebrated five years since it was started. Horgan Famodu launched Ingressive at age 25; today, the fund is focused on leveling the playing field for female entrepreneurs: About 40% of its portfolio companies are founded or co-founded by women.
The fund that invests in tech-enabled businesses in Africa has a lot to celebrate. On average, the company provides between $200,000 and $400,000 in equity funding, and often targets 10% ownership in its startups. Its highlight reel includes Paystack, the payments processor that was acquired by Stripe for more than $200 million in 2020, and 54gene, a company that collects African genetic code for drug development and health research.
In 2020, Ingressive doubled its fund to $10 million, with backers that include Nigeria’s sovereign wealth fund (pdf), Michael Seibel of Y Combinator, Techstars, and others.
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