Founders Factory Africa Secures $113M for Tech Startup Expansion Across Continent

Mastercard Foundation and Johnson & Johnson join funding to empower African tech startups’ growth.

Founders Factory Africa secures $113 million from Mastercard Foundation and Johnson & Johnson Impact Ventures to expand operations. The funding will aid tech startups and founders across the continent, enhancing support for technology-driven projects. The additional investment complements prior contributions from Standard Bank, Small Foundation, and Netcare.

Alina Truhina, co-founder of Founders Factory Africa, highlights the significance of dynamic funding and its potential to amplify the organization’s impact.

Since its inception in 2018, Founders Factory Africa has nurtured over 55 tech startups in Africa. The funding will further develop the investment model, focusing on sector-agnostic investments, addressing gender imbalances, offering non-dilutive capital, and enhancing internal capacity for venture-building support.

Bongani Sithole, CEO of Founders Factory Africa, emphasizes the importance of supporting solution-oriented ventures for Africa’s progress. The initiative aims to provide founders with the necessary resources for commercial success and to drive positive change across the continent’s tech ecosystem.

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