Samurai Incubate closes its Samurai Africa 2nd General Partnership fund

Tokyo-based venture capital firm, Samurai Incubate Inc. has officially closed its “Samurai Africa 2nd General Partnership” fund after successfully raising $18.6M (2.026 billion yen).

The oversubscribed fund saw a range of corporates and individual investors involved, and a total of 54 investors joined as LPs. One notable LP is the Toyota Tsusho Corporation, which has a diverse network across the continent. The firm founded Mobility 54, a corporate venture capital (CVC) looking to invest $45 million into African Mobility, Logistics, and Fintech startups. The raised amount surpassed the targeted amount of $18.4M (2 billion yen).

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Recently, in addition to Kenya, South Africa, and Nigeria, Samurai Incubate have added Egypt as one of their fund's focused countries, as well as increasing the maximum amount of investment to 80 million yen per deal, in order to meet the needs of a wider range of companies.

The Japanese VC firm started investing in African startups in July 2018, and its portfolio currently stands at 26 companies, with some companies to receive investment from their second fund including, Eden Life, Evolve Credit, Shyft Power Solutions, FMG, Oneport and Pricepally.

Samurai Incubate Inc's fund will be used to accelerate investment in African startups with the support of the LPs, and looks to target 30 to 40 new companies at the Pre-seed and Seed stages, in addition to follow-up pre-Series A and Series A investments in 7 to 10 existing portfolio companies.

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