Singapore-headquartered Antler Capital has wrapped up fundraising for the global early-stage venture capital firm’s first dedicated East Africa Fund, narrowly missing its original final close goal. Antler East Africa Fund I now has $13.5 million raised from a mix of development finance and institutional investment institutions including Norfund, IFC, Canica, and Baillie Gifford to invest in startups across the region. The venture firm had originally targeted $15 million for the fund.
According to reports, Antler aims to make 35 pre-seed through Series A investments via the new fund over the next 3 years. As well as focusing on opportunities in the East African region, the fund is able to invest further afield on the continent, for the right opportunity. While the fund is officially sector-agnostic, opportunities in climate tech, agritech, and fintech startups are expected to be of particular interest. In the case of all the new fund’s portfolio companies, any post-Series A equity requirements could be provided by Antler’s original global $300 million venture capital fund.
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