Antler’s latest $50 million funding to further drive its expansion in Africa
Antler, an early-stage venture capital firm backed by top investors, including Facebook co-founder Eduardo Saverin amongst other independent investors, entrepreneurs and finance industry leaders, has raised an additional $50 million to continue its expansion globally.
With global operations in Amsterdam, London, New York, Stockholm, Oslo, Sydney and Singapore, the company which describes itself as a ‘global startup generator’ launched its first Africa-based office in Nairobi, Kenya last June and has so far invested $100,000 into five startups out of the 15 startups that came out of its first cohort, according to Selam Kebede, one of its Kenyan Directors.
“The 5 startups span Adtech, FinTech, HealthTech, Logistics and Social Commerce; and are led by experts in their fields. The startups were assessed on their team, team-product fit, customer and market validation, the size of the problem their business is solving, and global scalability,” according to a statement made available to Techloy.
“At our first cohort, we had 1300 applications where we selected only 37 founders to join our program and built 15+ tech startups in the first phase. We are currently on the second phase of the program where 5 startups have received an investment of $100,000,” Kebede told Techloy.
Update: We reached out to Antler to know how much of its latest funding would go into investments in Kenyan or African startups, but the company declined to disclose how much of the global fund would go into its Nairobi operations. However, its East Africa fund is a $10 million fund, Kebede told Techloy via email.
The company says it is currently recruiting for the second cohort of founders to join its program in Nairobi starting March 2, 2020, with plans to select up to 60 founders.
Antler identifies and enables exceptional people to build groundbreaking tech companies — regardless of gender, socioeconomic background or ethnicity — from the ground up through its program. The company then provides pre-seed and later-stage capital to the successful companies from the available local funds in each geography.
According to the company, founders in the program have ten years work experience on average, with most of them coming from high-growth startups and world-leading companies, often with deep technical expertise. The portfolio has a high diversity, with companies in 17 industries, founders from 36 nationalities and 52% of companies having at least one female co-founder.
Founded in 2017 in Singapore by Magnus Grimeland, Antler, which has invested in over 120 companies (usually between $100,000 — $200,000 )— many of which have already announced further funding from leading VCs such as Sequoia and Golden Gate Ventures — currently runs programmes in eight global locations, and would soon launch in Jakarta, Indonesia, and three other undisclosed locations, as well as Ghana and Nigeria by the end of this year.