August 21, 2023

Founders Factory Africa Secures $114M For Tech Expansion

Founders Factory Africa

Founders Factory Africa (FFA) has raised $114 million in funding to scale its model to better serve founders across the African tech ecosystem.

Founders Factory Africa

Founders Factory Africa, founded in 2018 by Roo Rogers, Alina Truhina and Sam Sturm, is an African early-stage investor supporting founders across the continent.

With a portfolio of over 55 ventures across 11 countries in East, West, North and Southern Africa, they combine capital investment with support for entrepreneurs. 

They invest up to $250,000 in ventures at idea, pre-Seed and Seed stage for ventures that aim to solve real problems and have the potential for large scale.

Additionally, they invest $150,000 in non-dilutive funds into all their portfolio companies.

Raising Fundings

FFA has now secured an additional $114 million in funding from the Mastercard Foundation and Johnson & Johnson Impact Ventures. This funding follows on from previous investments in FFA by Standard Bank, Small Foundation and Netcare.

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

The support will enable FFA to scale its model and better serve technology led-startups and founders across the African continent.

“The integration of corporates and startups is very critical to the African continent. So from that perspective, that gives us two things,” Sithole told AfroTech. “One is access to capital to further our mission, and second, our startups can continue to integrate and leverage the assets held by corporates in the African continent.”

Although the new funding is set to go toward investing in African founders and their startups, it will also aid FFA in hiring new talent, strenghting its support structure and building out IP.

Sara Keenan

Tech Reporter at POCIT. Following her master's degree in journalism, Sara cultivated a deep passion for writing and driving positive change for Black and Brown individuals across all areas of life. This passion expanded to include the experiences of Black and Brown people in tech thanks to her internship experience as an editorial assistant at a tech startup.