Venture capital firm Delta40, backed by billionaire George Soros, has raised $20 million to expand funding for startups across the African continent, according to a statement released on Wednesday (11).
The funding round, backed by the Soros Economic Development Fund—an impact investment fund—and the Rockefeller Foundation—an international philanthropic institution—involved 54 investors from 13 countries. Delta40’s investment strategy focuses on agriculture and mobility, as well as energy and fintech.
“We see these sectors as the most important for driving economic growth,” said founder and CEO Lyndsay Holley Handler.
Delta40, created in 2021, is a venture capital fund and studio based in the United States (US) that supports early-stage startups across the continent. Africa is home to some of the fastest-growing economies and youngest populations in the world.
“We have more than 20 US investors participating in this round, and we believe this will help channel more capital into Africa,” Handler added.
Funding for African companies rose 25% to more than $3.6 billion last year, with more than 635 deals announced, according to research and data intelligence firm Briter in its annual Africa Investment Report.
Source: Bloomberg
