Pacer Ventures, a Lagos-based VC firm in collaboration with Founder Institute plans to launch a trustfund for new African startups worth US$3 million that are dedicated to solving major problems in Africa. The funding for African start ups hopes to focus on expedient sectors for development in Africa which includes healthcare, financial inclusion, education and agriculture.
Pacer Ventures, which has already begun to support and promote 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 raised 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.”
This article is sourced from:https://disrupt-africa.com