Japanese VC firm closes second Africa fund
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 continent and founded Mobility 54, a corporate venture capital fund for Africa, joined as one of the LPs.
Recently, in addition to the countries of Kenya, South Africa and Nigeria, Samurai Incubate added Egypt as one of its focus countries and decided to increase the maximum amount of investment to 80 million yen (about $740,000) per deal in order to meet the needs of a wider range of companies.
Targeted industries include fintech/insurtech, logistics, healthcare, consumer/e-commerce, energy, agtech, mobility and entertainment, with a focus on pre-seed, seed and series A rounds.
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