Ingressive Capital, a Venture Capital company has disclosed that its investment fund has hit $10 million. This new funding will enable the Venture Capital firm to invest in more innovative and scalable African startups.
Ingressive Capital invests an average of between $200,000 to $400,000 in pre-seed and seed-stage startups in exchange for 10% equity.
Some of its portfolio companies include Paystack, Tizeti, Jetstream, 54gene, OZÉ, Bamboo, and many other startups.
New investors into the fund, which now totals US$10 million, include Nigeria Sovereign Investment Authority, Plexo Capital, Platform Capital, and other institutional capital.
Other fund backers include Michael Seibel, the chief executive officer of Y Combinator, including individuals at Techstars, WTI, and more than 10 other top funds and accelerators.
Ingressive Capital founder Maya Horgan-Famodu said: “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. Safaricom was founded in 1993 from Kenya’s worst economic performance since its independence with inflation reaching 100% that year, and mPesa started in 2007 and grew through the following years’ global recession,” she said.
Click here to apply.
