The Lagos-based VC firm Pacer Ventures has partnered with Founder Institute to launch a US$3 million fund for early-stage African startups that are solving some of the most critical problems on the continent.
Pacer Ventures, which has already begun to support early-stage founders by participating in seed rounds, has a strategic relationship with the Founder Institute to identify startups, and said the new fund’s focus will be on verticals expedient to development in Africa, including healthcare, financial inclusion, education and agriculture.
The fund has an average cheque size of US$100,000, though non-financial support will also be on offer. Pacer said support founders on every step of their journey, with technical and financial skills, team building, access to markets, resources, and networks.
“We see a huge opportunity to support early-stage founders making meaningful contributions to their local economies and communities,” said Gbemi Akande, managing general partner at Pacer Ventures.
“We are providing much-needed funds to founders leveraging mobile penetration to solve problems at the ‘bottom of the pyramid’ across the continent.”