Wasoko Co-Founder Daniel Yu Launches $100M Africa Jobs Fund

BREAKING NEWSMay 29, 2026 at 12:37 AM UTC

TLDR

Africa Jobs Fund, launched by Wasoko co-founder Daniel Yu, aims to mobilize $100 million over 5 years to support companies creating jobs in Africa, focusing on export manufacturing and international labor mobility.
AJF targets helping African workers transition to higher-productivity jobs at home or abroad to address poverty, weak job creation, and high unemployment in Africa.
Investments by AJF are expected to increase African workers' earnings by over $50 billion and assist at least 250,000 low-income individuals in doubling their lifetime income through initiatives in export manufacturing and labor mobility pathways.

Daniel Yu, co-founder of Wasoko, launched the Africa Jobs Fund, a philanthropic investment fund seeking to mobilise $100 million over the next 5 years to back companies creating jobs across Africa.

The fund will focus on export manufacturing and international labour mobility. It says those 2 sectors can help African workers move from informal or low-paid work into higher-productivity jobs at home or abroad.

The launch comes as Africa faces pressure from poverty, unemployment and weak formal job creation. About 439 million people on the continent were living below the extreme poverty line of $2.15 a day in 2025, while Africa’s average unemployment rate stood at 8.91%. The continent creates only about 3 million formal jobs each year.

AJF estimates that its investments could raise African workers’ earnings by more than $50 billion over time and help at least 250,000 low-income people double their lifetime income. In export manufacturing, the fund will back companies working on training, supply chains, buyer access and systems needed to serve global markets.

In labour mobility, AJF will support companies building formal pathways for African workers to access jobs abroad. The fund is led by Yu and Ben Hyman, founder of Talent Safari. Advisors include Flutterwave co-founder Iyinoluwa Aboyeji and Samantha Power, former head of USAID and former US ambassador to the United Nations. AJF will operate under Renaissance Philanthropy.

Key Takeaways

The Africa Jobs Fund shifts the African startup conversation from apps and venture returns to jobs and income growth. Africa has seen more capital flow into technology companies over the past decade, but that has not solved the employment gap. Many young people still work in informal trade, subsistence agriculture or low-wage services. AJF is betting that export manufacturing and labour mobility can create larger income jumps than many traditional development programs. Manufacturing can absorb workers at scale if companies can meet global standards and secure buyers. Labour mobility can also raise incomes because workers may earn more abroad and send money home. But both areas are hard. Manufacturers need power, logistics, training, quality control and working capital. Labour mobility firms must avoid exploitation, high fees and weak worker protection. The fund’s philanthropic structure may help it take risks that commercial investors avoid. Its success will depend on whether it can back companies that create real jobs, protect workers and attract follow-on capital.

Venture Capital