Japan’s Uncovered Fund, Monex Launch $20M Fund for Africa, Middle East
TLDR
- Uncovered Fund and Monex Ventures have launched a $20 million fund to back early-stage startups in Africa and the Middle East
- The vehicle, called the Uncovered Monex Africa Investment Partnership (UMAIP), will write initial checks ranging from $100,000 to $500,000
- Target sectors include finance, sustainability, mobility, and distribution, with a focus on agritech, logistics, climate tech, solar, mobile payments, microlending, and digital retail
Japanese venture capital firm Uncovered Fund and Monex Ventures, the corporate VC arm of Monex Group, have launched a $20 million fund to back early-stage startups in Africa and the Middle East.
The vehicle, called the Uncovered Monex Africa Investment Partnership (UMAIP), will write initial checks ranging from $100,000 to $500,000, with follow-on investments of up to $2 million. Target sectors include finance, sustainability, mobility, and distribution, with a focus on agritech, logistics, climate tech, solar, mobile payments, microlending, and digital retail.
Uncovered Fund, founded in 2020 by CEO Takuma Terakubo, has invested in 29 startups across 17 countries, including Nigerian communications platform Termii, West African super-app Gozem, automotive marketplace Autochek, and Moroccan e-commerce platform Chari.
Monex Group CEO Yuko Kiyoaki said Africa’s demographic growth and rapid adoption of mobile internet make the region a key driver of future global markets.
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Key Takeaways
The Uncovered–Monex partnership adds momentum to a growing wave of Japanese VC investment in Africa’s startup ecosystem. Firms like Samurai Incubate and Kepple Africa Ventures have already established themselves on the continent, betting on fintech, mobility, and digital infrastructure. Japan’s interest reflects both demographic and market dynamics. Africa’s population is projected to reach 2.5 billion by 2050, accounting for a quarter of the global total. At the same time, mobile penetration is fueling the rise of startups building payment, lending, and logistics solutions for underserved consumers and businesses. For African founders, the $20 million fund provides an additional source of early capital at a time when global VC activity has slowed. With checks as small as $100,000, UMAIP is positioned to enter at seed stage, then scale commitments as companies grow, bridging a funding gap that has limited the growth of many promising ventures.
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