Uncovered Fund & Monex Ventures Launch USD 20 M Fund For African Startups

Japanese VC firm Uncovered Fund has teamed up with Monex Ventures to launch a new USD 20 M fund backing startups in Africa and the Middle East. The vehicle, named the Uncovered Monex Africa Investment Partnership (UMAIP), will target early-stage ventures with initial checks of USD 100 K to USD 500 K and follow-on investments of up to USD 2 M.

The fund will focus on sectors driving the region’s future economy: finance, sustainability, mobility, and distribution—with bets on agritech, logistics, climate tech, solar, mobile payments, microlending, and digital retail.

Since its first fund in 2020, Uncovered Fund has invested in 29 startups across 17 countries, including Termii, Gozem, Autochek, and Chari. CEO Takuma Terakubo said the partnership with Monex marks a milestone. “With this new fund, we are proud to welcome Monex, one of Japan’s leading financial institutions, as a partner.”

The move underscores growing Japanese VC interest in Africa’s startup ecosystems, alongside peers like Samurai Incubate and Kepple Africa Ventures.