Future Africa is a Pan-African pre-seed/seed fund and community founded by Iyinoluwa Aboyeji (co-founder of Andela and Flutterwave) that backs 'innovators who are turning Africa's biggest challenges into global business opportunities with capital, coaching and community.' Its founding belief is that builders are the best people to back other builders, and that the continent's real opportunity lies in building for the underserved majority rather than the affluent few. It invests pretty early, sector-agnostically across its T.I.M.E. themes (Technology, Infrastructure, Markets/Media, Environment), and evaluates every company on Talent, Design, Data and Distribution.
A big, real African problem framed as a global business opportunity — popular, growing, urgent, expensive or frequent. They back founders turning Africa's biggest challenges into businesses, ideally building for the underserved majority rather than the affluent few.
“are solving a big (popular / growing / urgent / expensive/ frequent) problem” — Announcing FAVE-YC 2.0
“Our mission remains to support innovators who are turning Africa's biggest challenges into global business opportunities with capital, coaching and community.” — Announcing $1.2 million investments in 15 startups for Q2 2021
“African MSMEs receive roughly $70 billion in working capital finance each year; the credit gap exceeds $400 billion.” — Boost is giving African SMEs the power to grow through digital tools
A built product — not just an idea — that demonstrates a unique insight into how to solve the problem, with thoughtful design covering how the product looks, feels, works and how users interact with it. They want to see an MVP before they fund.
“We don't invest in just ideas. We want to see that you've built a Minimum Viable Product(MVP) of your proposed solution if you're fundraising.” — How Future Africa Invests: Our Investment Process Explained
“The design includes how your product looks and feels as well as how it works and how users interact with it.” — How Future Africa Invests: Our Investment Process Explained
“have unique insights into a solution that addresses the problem” — Iyinoluwa Aboyeji
A demonstrably large and reachable market, sized with hard data. They want to see that a real market exists for the product, expressed in concrete figures (e.g. the 100m+ African MSMEs employing 70% of workers) rather than headline assertions.
“Is there a market for this product? If yes, what are your plans to get this product in the hands of customers or clients?” — How Future Africa Invests: Our Investment Process Explained
“About 90% of African businesses—over 100 million—are categorised as Micro and Small Medium Enterprises (MSMEs).” — Boost is giving African SMEs the power to grow through digital tools
“In God we trust, everyone else must provide data” — Iyinoluwa Aboyeji
Evidence that people want what you're building. They don't expect large revenue at pre-seed/seed, but want a live MVP with real usage and/or paying customers as a signal of demand, and they expect that progress shown with data.
“While we do not expect you to have a lot of revenue, people using your product and/or paying for it is a great signal that people want what you're building.” — How Future Africa Invests: Our Investment Process Explained
“It has disbursed 3,000 loans worth over $4.1m since it was launched and is growing 25% month-on-month.” — Announcing $1.2 million investments in 15 startups for Q2 2021
“In God we trust, everyone else must provide data” — Iyinoluwa Aboyeji
Exceptional, mission-driven founders with founder-market fit and an unfair advantage in executing the solution. Because they invest so early, the founder is the bet — they look for tenacity and a unique insight, and weight founder quality above credentials.
“We invest pretty early and this means that at the point we invest, we're actually investing in the founder(s).” — How Future Africa Invests: Our Investment Process Explained
“have an unfair advantage in executing the proposed solution” — Iyinoluwa Aboyeji
“We fund early-stage mission-driven founders who are turning Africa's most significant challenges into global business opportunities.” — Announcing $1.2 million investments in 15 startups for Q2 2021
A credible plan to get the product into customers' hands and a business that can scale globally from an African context. Distribution and a path to a real market are explicitly part of the screen; they want businesses that can lead the digital economy, not capped niche plays.
“Is there a market for this product? If yes, what are your plans to get this product in the hands of customers or clients?” — How Future Africa Invests: Our Investment Process Explained
“We will increase Africa's contribution to global GDP by investing in global businesses that will lead the digital economy and unlock a future where prosperity is within everyone's reach.” — About Us | Future Africa
An unfair advantage that makes the founder/company hard to beat in executing the solution. Defensibility is framed as the founder's unique insight and edge rather than a feature comparison.
“have an unfair advantage in executing the proposed solution” — Announcing FAVE-YC 2.0
“have unique insights into a solution that addresses the problem” — Iyinoluwa Aboyeji
A timing thesis grounded in Africa's demographic and connectivity shift — the world's youngest, fastest-growing workforce becoming able to participate in the global digital economy via the internet. Urgency in the problem (growing/urgent/frequent) reinforces the moment.
“Africa has the world's youngest and fastest growing workforce but today only contributes to 3% of global GDP.” — About Us | Future Africa
“are solving a big (popular / growing / urgent / expensive/ frequent) problem” — Iyinoluwa Aboyeji
A pre-seed/seed raise sized to their $25k-$500k check range, from a founder who can articulate a built product, real usage data and a distribution plan. They take small minority stakes (typically <5%) and pair capital with coaching and community.
“We write cheques from $25,000 - $500,000.” — How Future Africa Invests: Our Investment Process Explained
“less than a 5% stake in most of our portfolio companies” — Fund II in Review - February 2023
“We invest pretty early and this means that at the point we invest, we're actually investing in the founder(s).”