Portfolio
- Future Africa is an early-stage venture fund focused on connecting investors with the African startups
- The company was founded in 2019 by Iyinoluwa “E” Aboyeji (founder of Andela and Flutterwave)
- Future Africa currently has 2 vintage funds with 101 portfolio companies
- Provided superior returns to investors with 21x and 2.5x gross MOIC from vintage funds I and II, respectively (1)
- Future Africa is currently in the market with its 3rd fund with target size of $50mm
Latest Developments
❖First capital call for fund III was oversubscribed and resulted in substantial raise relative to fund size
❖5 successful exits; 4 full exits (including Flutterwave which exited at ~200x MOIC) and one partial exit (Andela at 92x MOIC)
❖Moove, Future Africa company, takes in $76M equity, and debt from Mubadala and BlackRock at a $550M valuation – August 2023
❖Partnership with Prosper Africa (a U.S Government Initiative to support African startups) – May 2023
Conversations with IHG
❖IHG currently has $120k invested in Future Africa with several other discussions
❖IHG has a verbal mandate to set up an SPV to invest in Future Africa’s master fund III
- Amplify Africa is an African cultural brand founded by two former entertainment lawyers with operations in Los Angeles
- The company boasts of 400k+ social media following and has hosted 100+ events since 2022 despite post-COVID challenges
- Amplify Africa’s flagship event, AFRICON has been a tremendous success with partnership and sponsorship from Microsoft, Meta, Amazon, AfreximBank etc.
- Both co-founders, Dami Kujembola and Timi Adeyeba, were recognized by the Mayor of Los Angeles for their contribution to Africa and the Diaspora connectivity
- With no funding, the team was able to achieve the following results since 2022 :
Latest Developments
❖Amplify Africa is in the process of rolling out phase 3 of its platform – Pathway – which is expected to be the cultural, entertainment and investment hub for Africans and the Diaspora
❖Currently finalizing partnership with Ancentry.com, Live Nation, Afro Nation, Habesha Networks etc. as a way of marketing platform to people in the diaspora looking to find their connection to the continent
❖Partnership with Wells Fargo, Flutterwave, Mavin Records etc. is also expected to boost direct investments in African startups on the platform
❖Expects to increase visitors and subscribers by 100k with partnerships
Conversations with IHG
❖IHG has a good working relationship with founder and currently has a verbal mandate to participate in Amplify Africa’s $2mm fundraising target
❖Expects to sign NDA and perform full diligence on operations and financials with first close of commitments
- Formerly known as Talent City, ITANA on track to become Africa’s first digital free trade zone
- Located at the heart of Alaro City within Lekki Free Trade Zone
- Expected to be completed in 5 Phases over a 10-year period (30-months construction per phase)
- Organized in three main pillars;
Policy
❖Digital ecosystem of startups modeled against proven societies like e-Estonia with tax and regulatory benefits
Infrastructure
❖72k sqm land acquired to host 1.6k+ apartment units and 40k+ GFA of retail centers and office spaces
❖Phase 1 expected to begin early 2024
Community
❖Vibrant community with smart city experience
Latest Developments
❖ITANA raised $2 million in a pre-seed round from LocalGlobe, Amplo, Pronomos Capital, and Future Africa – September 2023
❖Nigeria commissioned the Dangote oil refinery located with the Lekki Free Trade Zone – May 2023
❖ITANA (Formerly Talent City) acquires 72k sqm land in Alaro City – January 2022
❖Construction begian for Alaro City, a mixed-use community with international trade gateway, new seaport and airport – February 2019
Conversations with IHG
❖Currently under NDA to discuss construction and operational plans and the role of IHG
❖Advanced conversation with management regarding real estate developments by IHG within ITANA
- Founded in 2022 in California, ChipLab is semiconductor manufacturing and design company focused on training and nurturing talent across Africa to create state of the art intelligent systems
- In partnership with the computer science department of Obafemi Awolowo university in Nigeria, ChipLab has developed a curriculum for a one-year intensive training in semiconductor design
- First graduation ceremony held on October 2023
- The company’s founder, Ola Fadiran, has a wealth of experience in semiconductor design and manufacturing, working as semiconductor architect for Intel and Boeing
- The company’s business model involves training and supplying talent to foreign entities looking to compete on lower talent acquisition cost basis, as well as fees from their training programs
Latest Developments
❖Team is currently working on microchip design and fabrication in South Africa and Kenya
❖In the process of negotiating multi-million deal (details not disclosed for NDA reasons)
❖Founder is consulting for Boeing as an in-house designer of microchips
❖ChipLab Academy and ChipLap Foundation modules launched in Obafemi Awolowo university in Nigeria
❖Inaugural cohort graduation held on October 8, 2023, with 100% jo placement
Conversations with IHG
❖Expects to start fundraising in Q1 2023 with $5mm+ target
❖Will be pursing a $1mm pre-seed/ family and friends funding round early 2024; IHG will be a part of this funding round