Ingressive Capital grows African fund to $10m

Posted on: 25 June, 2020 at 10:55 AM

Ingressive Capital has doubled its investment vehicle to back high-growth, tech-enabled startups across Africa. It now operates a $10 million fund.

The investment fund aims to support the next generation of African innovators. The fund targets pre-seed and seed-stage tech-enabled businesses in the B2B space that provide tech solutions to Africa’s traditional billion-dollar industries, as well as B2C fintech and internet companies.

Ingressive Capital average $200,000 to $400,000 cheques and target 10% ownership into companies it funds.

Some of the fund’s new investors include the Nigeria Sovereign Investment Authority, Plexo Capital, Platform Capital and other institutional capital.

Fund advisors include Seth Levine, managing director of Foundry Group; Kai Bond, partner of Courtside Ventures; and Maurice Werdegar, president and CEO of WTI.

When asked about investing during shaky economic times given oil and Covid-19, Ingressive Capital founder Maya Horgan-Famodu responded, “Many billion-dollar companies have been founded or found their footing during economic downturns and market contractions. We know that creativity blossoms when resources become scarce. We launched and grew Ingressive through Nigeria’s last recession. As far as global businesses, IBM found its market and scaled through the Great Depression. Zendesk launched in 2007 and raised in 2008, and Airbnb was founded out of the 2008 downturn. WhatsApp, Uber and Venmo launched in the 2009 recession. And on the continent, Safaricom was founded in 1993 from Kenya’s worst economic performance since its independence with inflation reaching 100% that year, and M-Pesa started in 2007, and grew through the following years’ global recession.”

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