Japanese venture capital firms Uncovered Fund and Monex Ventures—the corporate VC arm of Monex Group—have unveiled a $20 million fund to back early-stage startups across Africa and the Middle East.
The fund, dubbed the Uncovered Monex Africa Investment Partnership (UMAIP), will provide initial investments of between $100,000 and $500,000, with follow-on commitments of up to $2 million.
Its focus spans finance, sustainability, mobility, and distribution, with particular interest in agritech, logistics, climate tech, solar energy, mobile payments, microlending, and digital retail.
Uncovered Fund, founded in 2020 by Takuma Terakubo, has already invested in 29 startups across 17 countries, including Nigeria’s Termii, West Africa’s super-app Gozem, automotive platform Autochek, and Moroccan e-commerce marketplace Chari.
Monex Group CEO Yuko Kiyoaki highlighted Africa’s fast-growing population and mobile internet adoption as key factors positioning the region as a future global growth driver.
The partnership adds momentum to a rising tide of Japanese investment in Africa’s tech ecosystem. Firms like Samurai Incubate and Kepple Africa Ventures have already established a presence, betting heavily on fintech, mobility, and digital infrastructure.
With Africa’s population expected to hit 2.5 billion by 2050—nearly a quarter of the world’s total—the region is increasingly seen as fertile ground for startups addressing gaps in payments, lending, and logistics.
For founders, UMAIP represents not just fresh capital but also a bridge across the critical early-stage funding gap. The $20 million fund offers a much-needed lifeline at a time when global venture funding has slowed, while reaffirming Japan’s confidence in Africa’s role as a rising tech frontier.
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