Founders Factory secures R2.1-billion to fund start-ups

Founders Factory Africa has secured an additional US$113-million (R2.1-billion) in funding to assist technology start-up founders across Africa.

Support from the Mastercard Foundation and Johnson & Johnson Impact Ventures, announced on Monday, follows previous investments by Standard Bank, Small Foundation and Netcare.

The support means the investor will be able to scale its model and serve tech-led start-ups and founders across the African continent.

Since its founding in 2018, Founders Factory Africa has helped develop about 55 tech start-ups.

“Moving Africa forward requires more of us to support tech-driven, solutions-orientated ventures that have the potential to scale and make an impact at speed,” CEO Bongani Sithole said.

“Our role is to provide founders with the funding, knowledge and hands-on venture-building support they need to achieve commercial success and create outsized, systematic impact.”  — © 2023 NewsCentral Media

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