Samurai Incubate’s second Africa fund tops goal at final close

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Tokyo-based Samurai Incubate Africa has wrapped up the fundraising for its second fund, narrowly beating its original final goal target of ¥ 2 billion (or approximately $18.3 million) by almost $570,000. The fund now has almost $19 million of capital for investments, which was raised from 54 investors made up of a mix of institutions and private individuals. Among the new fund’s LPs is Toyota Tsusho, a unit of the global Toyota engineering group, whose corporate venture capital fund Mobility54 has been involved in several venture investments in Africa in recent months.

The new fund will target investments in companies looking for capital at the pre-seed, seed and Series A stages of their development. Samurai Africa’s investment team will source opportunities across the continent, with an emphasis on looking for startups to back in Kenya, Nigeria and South Africa, as well as, for the first time for Samurai, those located in Egypt.

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