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Samurai Incubate closes $18 million fund to invest in Africa's 'big four' startup countries

Alexander O. Onukwue
15th April 2021
Rena Yoneyama (managing partner, Samurai Incubate Africa), Nao Koike (manager, Samurai Incubate Africa), Kentaro Sakakibara (Founder & CEO, Samurai Incubate). Source: Samurai Incubate
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As success stories from Africaâs startup scene spread across the world, more diverse sources of funding are opening up to the continent. While investors from Western economies lead the flock of international interest parties, money bags in Asia are building momentum to invest in high-impact businesses in Africa.
Japanese firms have been notably active in recent years. One of those firms is Samurai Incubate Inc, a venture capital firm based in Tokyo. The company has announced the close of its dedicated Africa fund after raising 2.06 billion yen (~ $18 million). ....

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Japanese VC Samurai Incubate closes $18.6M fund for African startups – TechCrunch

Japanese VC Samurai Incubate closes $18.6M fund for African startups
Samurai Incubate, a Tokyo-based venture capital firm, announced today it has closed its “Samurai Africa 2nd General Partnership” fund, totalling 2.026 billion yen (~$18.6 million).
According to the firm, the fund was oversubscribed as it targeted 2 billion (~$18.4 million) and a total of 54 investors joined as LPs. One notable LP is the Toyota Tsusho Corporation, which has a diverse network across the continent. The firm founded Mobility 54, a corporate venture capital (CVC) looking to invest $45 million into African mobility, logistics, and fintech startups.
Kentaro Sakakibara founded Samurai Incubate, and in 2018, the firm began investing in Africa by establishing a subsidiary called Leapfrog Ventures. From August 2018, Samurai Incubate invested $2.5 million in 20 African startups via the newly established firm. Then in June 2019, renamed itself Samurai Incubate Africa. ....

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Iyin Aboyeji's Future Africa returned $3.7m to investors; Now he wants to fund women in tech

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Last April, Future Africa put out a call for aspiring investors to pool funds into a co-investment community funding African innovation. By December, the firm had 160 members, reviewed over 600 funding proposals, and invested more than $1million in 16 startups.
Itâs an encouraging output for the Nigeria-based firm that invests between $25k and $250k in startups at pre-seed and seed stages. One particular milestone from their first full year of operations catches attention.
In a letter reviewing their 2020 performance, Future Africa founder and CEO Iyin Aboyeji said they returned $3.7 million to some of the firmâs first limited partners. ....

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Early-stage African VC firm, Microtraction reports portfolio boom despite the weight of COVID-19 – TechCrunch

Early-stage African VC firm Microtraction reports portfolio boom despite the weight of COVID-19
In a year marred by the coronavirus pandemic, it seems that early-stage startups on the African continent are continuing to see some notable growth, both in terms of their business and from investors looking to back them.
Microtraction, an early-stage venture capital firm based in Lagos, Nigeria, saw funding nearly quadruple for its portfolio.
In a review of the year published last week, the firm noted that 21 companies in its portfolio have raised more than $33 million in funding. This represents nearly four-fold growth over a year ago, when its portfolio raised $6 million (and just $3 million in 2018). The companies’ combined valuation stands at more than $147 million, according to the firm. ....

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How fintech and serial founders drove African pre-seed investing to new heights in 2020 – TechCrunch

How fintech and serial founders drove African pre-seed investing to new heights in 2020
When Stripe-subsidiary Paystack raised its seed round of $1.3 million in 2016, it was one of the largest disclosed rounds at that stage in Nigeria.
At the time, seven-figure seed investments in African startups were a rarity. But over the years, those same seed-stage rounds have become more common, with some very early-stage startups even raising eight-figure sums. Nigerian fintech startup, Kuda, which bagged $10 million last year, comes to mind, for example.
Also notable amidst the growth in seven and eight-figure African seed deals have been gains in pre-seed fundraising. Typically, pre-seed rounds are raised when the startup is still in the product development phase, yet to make revenue or discover product-market fit. These investments are usually made by third-party investors (friends and family), and range between $25,000-$150,000. ....

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