Samurai Incubate has officially closed its second Africa fund after having raised 2.026 billion yen (about $18.7 million). Since January 2020, the firm has kept fundraising despite the Covid crisis. A total of 54 corporate and individual investors participated. The raised amount surpassed the targeted amount of 2 billion yen.

The firm will accelerate investment in start-ups in Africa with the support of its LPs. Notably, Toyota Tsusho Corporation, which has a diverse network across the...