The funds came from the Mastercard Foundation and Johnson & Johnson Impact Ventures, an impact fund within the Johnson & Johnson Foundation.

Its previous investments came from Standard Bank, the Small Foundation, and Netcare.

“We are excited to have new and dynamic funding, which follows on from previous investments into Founders Factory Africa by Standard Bank Group, Small Foundation and Netcare Group,” Founders Factory Africa co-founder Alina Truhina said.

Since its inception in 2018, the South African firm has supported over 55 tech start-ups across the continent.

“Come build with us,” its CEO, Bongani Sithole, said.

“Moving Africa forward requires more of us to support tech-driven, solution-oriented ventures that have the potential to scale and make an impact at speed,” he added.

“Our role as Founders Factory Africa is to provide founders with the funding, knowledge, and hands-on venture building support they need to achieve commercial success and create outsized, systematic impact.”