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Two Japanese venture capital firms—Uncovered Fund and Monex Ventures—have launched a new ¥3 billion (approximately $20 million) fund to back early-stage startups in Africa and the Middle East.
Named Uncovered Monex Africa Investment Partnership is set to invest up to US$2 million in startups operating in key sectors, including fintech, distribution and logistics, mobility, and sustainability.
But this was not just about money, reports Techpoint.
According to both firms, the fund would serve as a strategic bridge between Africa’s emerging tech scene and Japan’s corporate giants.
The goal is to open up new opportunities for African startups by providing access to Japanese markets, expertise, and potential business partnerships.
For Japanese companies, it’s a chance to tap into Africa’s high-growth innovation spaces.
This approach reflects a broader shift in how Japan engages with African innovation.
Over the past few years, Japanese VCs have become more active in the continent’s startup ecosystem.
Samurai Incubate Africa, for instance, launched in 2018 and raised an $18.2 million second fund by 2020, backing more than 20 African startups in sectors like agritech, e-commerce, and financial services.
Growth-stage investment activity is also rising.
Verod-Kepple Africa Ventures closed a $60 million fund in 2024 with backing from several major Japanese institutions, including SBI Holdings, Toyota Tsusho, Sumitomo Mitsui Trust Bank, JICA, and the Japan ICT Fund.
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