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Firm Launches $3m Fund for Start-Ups

Pacer Ventures has announced a $3m fund for early-stage African start-ups that are solving some of the most critical problems on the continent.

The focus of the fund, according to a statement from the venture capital, will be on verticals expedient to the African continent including healthcare, financial inclusion, education and agriculture.

The statement was titled ‘Pacer Ventures partners Founder Institute, launched $3m fund for early-stage African start-ups’.

Pacer VC said it would leverage its strategic partnership with Founder Institute chapters all over Africa to identify and recommend winning teams with solutions that meet market needs.

The Managing General Partner at Pacer Ventures, Gbemi Akande, said the organisation was providing much-needed funds to founders leveraging mobile penetration to solve problems at the bottom of the pyramid across the continent.

“We see a huge opportunity to support early-stage founders making meaningful contributions to their local economies and communities,” he said.

He said Pacer Ventures had already begun to support early-stage founders by participating in seed rounds, including VPD.Money and others.

With an average cheque size of $100,000, Pacer VC said it was positioned to add substantial value to its portfolio companies.

Pacer General Partner in charge of Southern Africa, Antoinia Norman, said, “We won’t just write a cheque, we will enable founders to work in and on their businesses by supporting them every step of their journey with technical and financial skills, team building, access to markets, resources, and our networks.”

It said the General Partners of Pacer VC had over 40 years of combined experience in consulting, marketing, entrepreneurship, deal flow sourcing and ecosystem development.

“Our partnership with Founder Institute gives us an undeniable edge particularly with quality deal-flow at an early stage, which we will leverage to strategically expand Pacer VC’s footprint across multiple African Markets,” Regional Director of Founder Institute in Africa, Co-founder, Chukwuemeka Agbata, said.

Speaking on the Pacer VC Investment thesis, a General Partner at Pacer VC and Co-Founder at VoguePay and Domineum, Geoffrey Weli-Wosu, said the organisation was leveraging in-depth experience in start-ups, deal flow sourcing and ecosystem development to take advantage of the early-stage funding gap in Africa.

He said the company was targeting seed-stage founders and companies who were usually under the radar of a lot of investors.

According to him, the team knows the markets, have access to the founders and is well qualified to execute the thesis

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