Innovate Africa Fund, an angel investment fund that supports early-stage founders taking startups from conception to product, has launched with an initial $2.5 million rollout.

Co-founded by Kristin Wilson and Christian Idiodi, the sector-agnostic fund aims to support up to 20 startups in its first year to solve complex, recognised problems such as insecurity, unemployment, and poverty with purpose-driven technology.

Innovate Africa Fund will provide insight-driven capital that helps founders accelerate the journey from Minimum Viable Product (MVP) to Product-Market Fit (PMF). The goal is to facilitate the infrastructure that enables founders to unlock growth through audacious problem-solving, supported by access to a comprehensive ecosystem of resources.

The fund will make an average investment of $50,000 in addition to expert guidance in finance, governance, public relations, and strategy. The offering includes a Product Leadership Accelerator to assist startups refine their offerings and achieve product-market fit.

It also facilitates talent resourcing via an extensive partner network, connecting startups with skilled professionals across various domains.

Managing Partner, Kristin, is also the Chief Strategy Officer at Spurt!, a Venture Partner at Oui Capital, an Investment Lead for the Rising Tide Africa Angel Network and a General Partner at the Bold Angel Fund. She has a portfolio of 34 African startups including 26 tech startups such as Hoaq, Clafiya, Shuttlers and OmniRetail–recognised as 2024’s Africa’s Fastest Growing Company by the Financial Times.

 

“As a founder-first catalyst fund, we provide insight-driven capital to help founders accelerate their journey from MVP to PMF. By providing this support and funding, innovators can focus their efforts on building sustainable, transformative businesses that solve wicked problems and return value to investors,” said Kristin. 

 

Nigerian VC, Oui Capital, Raises $30 Million to Invest in North Africa and Francophone Africa Startupshttps://t.co/rlVrAnu0pN

— UIDC (@UIDC_UG) September 30, 2023

Christian Idiodi is the Founder of Firtsi and Work Nigeria, while also a partner at the Silicon Valley Product Group (SVPG).

 

“Through the Innovate ecosystem, we connect our portfolio companies with seasoned operators and advisors, both in Africa and globally, to ensure they get the expertise they need,” said Christian.

 

Applications are open for founders across Africa who meet the six criteria for screening:

  • Character

  • Credibility

  • Capacity

  • Courage

  • Competence, and

  • Context

 

Interested founders can apply here.

 

 

 

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