Investment firm Aptive Capital launched last year with the mission of supporting “emerging global talents and entrepreneurs.” Now, it’s following through on that with three new investments in African startups.
After putting out a call last June for early-stage companies in Nigeria, Ghana, Kenya, South Africa, Egypt and Ethiopia to apply for funding, the Frisco-based VC and PE firm announced making three $10,000 equity capital investments in two African startups and one local one from its $1 million portfolio fund.
“We’ve settled for these three, not because they are the best, but because we believe their visions as impact-led companies directly align with our goals to promote measurable and innovative social causes in Africa,” said Ben Peter, managing partner at Aptive, in a statement. “Our team has kickstarted support for these energetic companies who believe the solutions they are proffering will solve the continent’s most daunting problems.”
Aptive’s investments include Skyfire Digital, a Frisco-based digital marketing agency; Uganda-based Mimi Money, an AI- and blockchain-focused payments solutions company; and Emmnoch Farms Nigerian startup focused on the fish farm industry.
Aptive said it chose the selected startups out of a pool of more than 500 candidates, whittling it down through one-on-one Zoom calls based on things like evidence of impact, the company’s founders and leadership team, uniqueness and traction, among other things.
“Our selection process was quite intense, and we’re glad that these not only saw it through but also emerged victorious in the end because of their belief in their solution as well as a very lucid business model,” Peter said in a statement.
The three startups' funding is part of a larger plan for Aptive to invest and provide mentor and accelerator support to at least 100 African startups over the next five years. According to techbuild.africa, the firm is planning on opening another call for investments by the end of the year.
With offices in Texas and Africa, Aptive focuses on Seed rounds, but says it will invest in Series As, with investments ranging from $5,000 to $1 million -- although it averages about $10,000 on investments. The main industries it focuses on include e-commerce, agriculture, health tech and fintech, among other things.
In addition to the new investments, Aptive’s portfolio includes Irving-based communication app company Slabdeck Technology; Nigeria-based Onekiosk, an e-commerce marketplace; New Delhi-based modular kitchen maker Regalo Kitchens; and Statesman.ng, a Nigeria-focused media platform.
Peter previously told the news site Techpoint that Africa's focus is due to the opportunity there created by an emerging market. In 2019, African companies raised more than $1.25 billion in VC funding, with Nigeria making up $650 million.
“We believe that the best ideas for solving some of the world’s most critical problems can come from anyone, anywhere,” Aptive’s website states. “Through our grants and risk capital, we help breakthrough solutions to global development challenges from for-profit firms, non-profit organizations, researchers, and government agencies to maximize their impact and affect meaningful change.”
