Founders Factory Africa, a well-known venture capital firm, has announced that it has rebranded to 54 Collective. The company explained that its new name reflects the firm’s aim to support technology startups across all 54 African countries.
54 Collective also announced that it will soon be providing early-stage startups with up to $500,000 in funding. Female founders can receive an additional $150,000. This funding is both equity and non-dilutive capital, meaning it doesn’t require giving up ownership stakes.
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The firm offers extensive support through its Venture Success Platform, which includes advice on product development, business strategies, and preparing for investor meetings.
Broader Investment Focus
Previously, Founders Factory Africa focused on specific sectors like agriculture, finance, and health. Under the new name, 54 Collective says that it will invest in a wider range of industries. This broader focus aims to help more startups navigate challenges and achieve commercial success.
The firm confirmed that it has supported over 50 startups in 10 countries. “These startups have collectively raised nearly $140 million in follow-up funding,” the firm’s Executive Chairman, Roo Rogers confirmed.
54 Collective plans to invest in 105 new startups over the next five years. The firm aims to ensure that at least half of these startups are founded by women.
It is also aiming to tackle significant challenges in Africa. For example, they are focusing on financial inclusion, improved healthcare access, and job creation. One notable success story is Asaak, a vehicle financing company that has helped over 11,000 bodaboda drivers improve their income and quality of life.
Future Vision
Rogers, says the rebranding is part of their effort to create a more inclusive future for African entrepreneurs. By providing substantial funding and comprehensive support, 54 Collective aims to drive economic growth and innovation across the continent.
