Japanese VC Firm Launches Its $15m African Startup Fund

A Japanese VC firm, Uncovered Fund, has today announced the launch of its $15 million funds expected to close at the end of June this year.

Launched in June of last year, Uncovered Fund is a venture capital fund targeting early and seed-stage startups in Africa.

The fund is designed to support the development of new businesses in the “uncovered” world, where entrepreneurial support is not yet sufficient and will invest between US$50,000 and US$500,000 in early and seed-stage African startups.

Uncovered Fund focuses on startups based in Kenya, Nigeria, and South Africa playing in retail, fintech, health tech, logistics, MaaS, agritech, and smart city sectors.

So far, it has backed five startups across these sectors and markets. They include Kenyan e-commerce platform, Sky Garden; US-based and Africa-focused health tech startup RxAll; Francophone Africa mobility startup, Gozem; Kenyan fintech company LipaLater; and YC-backed Nigerian digital freight startup, SEND Technologies.

Some of these companies are doing business in other countries, and Takuma Terakubo, the founder, says that the firm is willing to fund startups in other African countries as well.

“We are looking for African startups to expand their business across multiple countries. So, we welcome startups from any country as long as the business can scale.”

“We are looking into joint development from Africa to Asian markets, and that is the big vision we have for the future,” he said. “As a VC and also an entrepreneur, I’m looking forward to the challenge of working with African entrepreneurs to create that future.”