African startups and founders in that regard have benefited from investment rounds by a number of foreign venture capital firms for the longest. However, while the record continues to rise at a remarkable rate, there are also a host of other African-based venture capital firms that have played significant roles in the growth and scaling-up of many startups across Africa.

According to a 2022 report by AVCA, Africa-based investors comprised 25% of the total investment directed towards African startups in 2021.

In this article, we explore some of the top active African-based Venture Capital Firms with regard to their funding size over the years.

Ingressive Capital

Ingressive Capital was founded by Maya Horgan Famodu in 2017. The VC firm typically targets 10% ownership for Pre-Seed to Seed rounds for tech-enabled companies based in sub-Saharan Africa or Egypt with cheque sizes of up to $400,000.

The firm has invested in a host of Africa-focused startups with its latest round being in a follow-on investment for South African-based fintech, Sava.

Microtraction

Microtraction invests in early-stage startups. The VC firm is based in Nigeria's commercial hub, Lagos. Microtraction's standard deal typically sets off at $100,000 for 7% equity on a post-money SAFE.

Recent investment from Microtraction was also in a follow-on investment for community-based platform for African startups, Afropolitan.

Ventures Platform

Ventures Platform primarily focuses on Pre-Seed to Series A investment rounds while also focusing on a host of categories like financial services and insurance, life science and health tech, edtech and digital talent accelerators, enterprise SaaS, digital infrastructure plays, agritech and food security.

The current funding size for Ventures Platform currently sits at $50,000. However, a recent report revealed that the VC firm will participate in Series A round where it can invest up to $1 million in a single startup. This is after Ventures Platform raised $40 million pan-African funds.

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The most recent investment from Ventures Platform was an undisclosed pre-seed round for Notto, a credit scoring platform.

4DX Ventures

4DX Ventures was launched in 2014 as an Africa-focused venture firm focused across all stages for startups.

The firm typically funds "a few $100,000 to a few million” with a major focus on startups in Africa's Big Four markets—Nigeria, South Africa, Egypt and Kenya.

The company recently invested in an SA-based fintech platform, Franc, in a seed extension round.

Lateral Frontiers VC

Targeted at mission-driven startups, Lateral Frontiers VC typically hands out cheques between $250,000 during Seed to Series A rounds across Sub-Saharan Africa. 

The firm has invested in a host of Africa-focused startups with its latest round being in a follow-on investment for Kenyan tech-led consumer credit platform, LipaLater.

Ajim Capital

This is an early-stage fund and angel community that invests in startups across Africa with financing from Pre-seed to Seed.

Ajim Capital's fund size is usually $100,000 to $250,000. The VC firm has invested in several African startups including Mono, Bamboo, Talent QL, and Lemonade Finance.

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In January 2022, Ajim Capital launched a $10 million fund to invest in African tech startups.

FirstCheck Africa

This is a female-focused African venture capital firm that is bridging the gap of funding for female-led startups in Africa.

FirstCheck Africa was founded by Eloho Omame and Odunayo Eweniyi with a funding size between $15,000 to $25,000

The VC firm recently invested in Kenyan-based construction technology startup, Jumba in a follow-on investment round.

Voltron Capital

Focusing on startups in Nigeria, Kenya, South Africa and North Africa, Voltron Capital's funding size sits between $20,000 to $100,000.

The firm portfolio consists of names like Spleet, Trove, Brass, Piggyvest, Mono and other notable African startups.

More recently, Voltron Capital participated in a follow-on investment of $440,000 for Nigerian-based startup, Bridgecard.

DFS Labs

DFS Labs invests in digital commerce companies for African markets. With a focus on pre-seed rounds, DFS hands out cheques starting at $25,000 into a post-money YC SAFE with a standard valuation cap.

After the pre-seed round, DFS Labs works with its portfolio companies for four to six months on a growth plan that leads to the company's next round of financing.

Recent investment includes a follow-on investment round for Kenyan-based social platform, Tushop, led by 4DX Ventures.

There are also a host of other active African-based VC firms as this list only covers 9 of them with a focus on funding sizes between $20,000 - $500,000.