This US-Based Fund Wants To Invest $5m In African Startups .
In the first half of this year, investments in African startups have risen back to pre-covid levels. While there’s more excitement about big investment firms like Sequoia and Tiger Global who are making bold statements about their interest in Africa with their investments, some newer players are looking to take part in the action.
One of such players is Expert DOJO, a US-based early-stage fund that has decided to commit up to $5m to invest in African startups this year. It’ll be making 20 to 50 new investments.
Since the firm’s first fund launched in 2018, Expert DOJO has invested in over 100 companies at pre-seed and seed stages across 30 countries. Some of these companies include Shipsi, Squadra and Woodpecker.
Expert DOJO decided to focus more on Africa when it noticed that some of the strongest performers in its portfolio were from across Africa.
Setting itself apart from other global accelerators, Expert DOJO has assembled an entire Africa-dedicated team plus cross-functional experts and Entrepreneurs in Residence (EIRs).
In addition to its new fund, the firm will dedicate an Africa-only cohort this September 2021 (currently accepting applications) to startups targeting the African market. Similar to the international cohort program, for this cohort, Expert DOJO, is looking to provide $100,000 in funding and a three-month virtual accelerator program.
Which startups qualify for this? Tech-enabled startups with a proven and scalable product. These startups also must have their main operations based in Africa and generate at least $5,000 monthly recurring revenue.
StarNews Mobile, a mobile video network for Africa, is one of the first African startups Expert DOJO invested in. It currently has over 10m mobile subscribers across Africa and has secured content partnerships with Universal and Sony Music distribution as well as marketing partnerships with Pan-African mobile operators MTN, Orange, and Moov.
How was Expert DOJO helpful to StarNews Mobile? “They helped with introducing us to service providers like Accountant, legal counsel and digital marketing. They also provided strategic advice,” Guy Kamgaing, the company’s CEO, said.
He wasn’t necessarily looking for investment in 2019 when Expert DOJO invested. But the turning point for him was when he realized that apart from money, Expert DOJO had a support network and were focused on understanding Africa better.
Source : https://techcabal.com/2021/07/26/us-expertdojo-wants-to-invest-5m-in-african-startups/
