Uncovered Fund and Monex Ventures have partnered to create a $20 million fund targeting early-stage startups in Africa and the MENA region across key growth sectors.
Two Japanese venture capital firms have announced a new partnership aimed at channeling significant investment into the burgeoning tech ecosystems of Africa and the Middle East and North Africa (MENA). Tokyo-based Uncovered Fund, which specializes in emerging markets, has joined forces with Monex Ventures, the corporate venture capital arm of a prominent Japanese financial group.
Together, they have established the Uncovered Monex Africa Investment Partnership, a $20 million fund dedicated to supporting technology-driven startups in their initial growth phases. The initiative represents a strategic move by Japanese investors to engage with high-potential companies in regions experiencing rapid digital transformation. The fund will focus on startups that are either headquartered in or conduct their primary business operations within Africa and MENA.
Investment Strategy and Scope
The fund is structured to provide flexible capital for early-stage companies, with investment amounts, or ticket sizes, expected to range from $100,000 to $2 million. This range allows the partnership to make initial seed investments as well as participate in subsequent follow-on funding rounds as the portfolio companies scale their operations.
The core mission of the Uncovered Monex Africa Investment Partnership is to identify and nurture innovative companies that are developing solutions for pressing local challenges. By providing both financial backing and strategic support, the firms aim to help these startups achieve sustainable growth and expand their market presence.
Targeting High-Growth Verticals
The partnership has identified four key sectors for investment, reflecting major areas of economic growth and technological opportunity across the target regions.
- Fintech: The fund will seek opportunities in both business-to-consumer (B2C) and business-to-business (B2B) financial technology. This includes platforms for mobile payments, micro-lending services, solutions for small and medium-sized enterprise (SME) financing, and accessible insurance products.
- Mobility and Urban Transport: Investments will target companies innovating in transportation. Areas of interest include online marketplaces for used vehicles, digital platforms for vehicle repair and insurance services, and the growing electric vehicle market, including battery infrastructure and Battery-as-a-Service (BaaS) models.
- Retail and Logistics: The fund will focus on startups improving the efficiency of commerce and supply chains. This encompasses e-commerce logistics, solutions for supply chain visibility, software for warehouse optimization, and innovations in last-mile delivery services.
- Sustainability and Climate Tech: A significant focus is placed on environmentally conscious technology. The fund is interested in smart irrigation systems for agriculture, agritech solutions that utilize weather data, and platforms for carbon credits that leverage satellite and Internet of Things (IoT) technology.
Updated: 1 September 2025
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