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Kenya-based venture firm, Delta40 has secured $20 million to scale financing for early-stage startups across Africa, with support from the Soros Economic Development Fund and the Rockefeller Foundation.
The fund combines equity, debt, and grant capital and drew participation from 54 investors spanning 13 countries, Tech Africa reports.
Backers include development finance institutions, foundations, family offices, and 25 startup founders, with 14 investors located on the African continent.
According to founder and Chief Executive Lyndsay Holley Handler, more than half of the fund is commercial, return-oriented capital.
Delta40 typically invests initial cheques ranging from $100,000 to $500,000 at the idea-to-seed stage and retains capacity for follow-on investments.
Its focus areas include energy and mobility, agriculture and food systems, and financial services.
The firm also intends to deploy artificial intelligence tools across its portfolio companies.
Established in 2021, Delta40 has invested in 16 companies to date, including logistics platform Lori and solar fintech SunFi.
The firm operates venture studios in Kenya and Nigeria, where it supports the development of minimum viable products, team formation, and the creation of independent companies.
The newly raised capital will be used to grow the existing portfolio and to incubate and launch additional companies internally.
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