LONDON - Global investors are replenishing their war chests to tap opportunities in underserved areas as they chase down new unicorns in Africa’s vibrant startup market. In just under two months, three funds have launched fundraising drives, targeting growth and venture capital, with some recording a positive reception and one fund has already surpassed its initial target.
Endeavor Catalyst, a co-investment fund created by the international accelerator Endeavor, recently announced the close of its fourth fund, a $292-million venture capital fund. This is its largest fund in close to 25 years and more than its initial target of between $200-million and $250-million.
The early-stage investor said the investments will be used to support a self-sustaining business model and fuel Endeavor’s mission of supporting more entrepreneurs in emerging and underserved markets.
Among the notable African technology funding rounds the global VC firm has participated in is Flutterwave’s $35-million series B in 2020, before it became Africa’s fourth unicorn.
