Samurai Incubate, a Japanese based VC firm, has announced that it has officially closed its second Africa Fund after successfully having raised 2.026 billion yen with participation from a total of 54 corporate and individual investors thereby surpassing the targeted amount of 2 billion yen.
Founded in 2018 by Kentaro Sakakibara, the firm began investing in Africa by through a subsidiary called Leapfrog Ventures, invested $ 2.5 million in 20 African startups via the newly established firm then later renamed itself Samurai Incubate Africa.
“Throughout our journey, we have focused on refining and optimizing our operating approach to maximize our value proposition to founders. However, we might not always have been perfect. We believe that the value we bring should go beyond capital and access to Japanese investors and corporations,” the firm said in a statement.
Recently, in addition to three countries of Kenya, South Africa and Nigeria, Samurai Incubate added Egypt as one of its focus countries. The firm has grown its portfolio in Africa to 26 companies including Eden Life, Evolve Credit, Shyft Power Solutions, FMG, Oneport and Pricepally.
“Most investors are professional investors with expertise in overseas investment or have experience in founding startups, expanding organisations, and growing businesses in a variety of sectors, and made the company go public or successfully made it acquired,” Samurai said.
“We would like to offer opportunities of matching our portfolio companies with certain LPs if there are needs by leveraging our LPs’ network, knowledge and know-how in order to support companies.”