A fund by a US venture capital firm backed by the philanthropist George Soros raised $20 million for African startups.
Delta40, which operates out of Kenya and Nigeria, has already invested in 16 early-stage African companies since it launched in 2024. The company plans to invest up to half a million dollars in each startup it backs, focusing on those working in fintech, energy, mobility, and agriculture.
As well as the Soros Economic Development Fund, Delta40’s fund is supported by investors including the Rockefeller Foundation, the Dutch development bank FMO, Germany’s development agency GIZ, and the Skoll Foundation.
African startups secured $3.2 billion in funding last year, according to Africa: The Big Deal, a consultancy that tracks startup investment.