Antler East Africa closes $13.5 Million fund to invest in early stage startups

Antler East Africa has closed $13.5 million to invest in Africa’s startups at the early stages.

Antler East Africa was hoping to raise $10 Million at its initial stage. However, it received an oversubscribed round of $3.5 million.

The round was led by Baillie Gifford (an independent investment manager who is well-known as a Tesla backer); Canica (a privately held investment company based in Norway and Switzerland); and institutional investors like the IFC.

This company was founded in 2017 by a serial entrepreneur Magnus Grimeland a team of investors, entrepreneurs and business builders from around the world. Antler has raised more than $75 million to help entrepreneurs spread across nine of the world’s major entrepreneurial hubs. These include Sydney, Amsterdam, Berlin and London.

Antler’s only office in Africa is in Nairobi, and it is run and led by women. Antler East Africa launched in August 2019. Antler East Africa was launched in August 2019. The accelerator programs have been completed by five cohorts that include 153 founders. 14 investments have been made.

Antler East Africa invested in many technology companies in B2B, C2C, and direct-to consumers. This includes emerging sectors like robotics or AI as well as sectors such health tech and fintech. Antler East Africa invested in six startups over its two previous cohorts.

Antler East Africa’s fund will support founders who are looking to start their own startups and invest in teams already established that have the capital they need to scale. Antler has supported more than 400 companies with its $300 million fund.

Antler East Africa is a female-led VC company and will focus more on startups in Africa that were founded or led by women. It also announced that it will receive applications on a rolling basis.

Get latest news from African Startup ecosystem

Latest stories

You might also like...