Samurai Incubate, a Tokyo-based venture capital firm, announced today it has closed its “Samurai Africa 2nd General Partnership” fund, totalling 2.026 billion yen (~$18.6 million).
According to the firm, the fund was oversubscribed as it targeted 2 billion (~$18.4 million) and a total of 54 investors joined as LPs. One notable LP is the Toyota Tsusho Corporation, which has a diverse network across the continent. The firm founded Mobility 54, a corporate venture capital (CVC) looking to invest $45 million into African mobility, logistics, and fintech startups. Kentaro Sakakibara founded Samurai Incubate, and in 2018, the firm began investing in Africa by establishing a subsidiary called Leapfrog Ventures. From August 2018, Samurai Incubate invested $2.5 million in 20 African startups via the newly established firm. Then in June 2019, renamed itself Samurai Incubate Africa. “Throughout our journey, we have focused on refining and optimizing our operating approach to maximize our value proposition to founders. However, we might not always have been perfect. We believe that the value we bring should go beyond capital and access to Japanese investors and corporations,” the firm said in a statement. A sector-agnostic fund, Samurai Incubate Africa has already invested in 26 companies. The six from this second fund include Eden Life, a tech-enabled home service startup; online loan marketplace Evolve Credit; energy startup Shyft Power Solutions; microfinance services for car lenders FMG; freight forwarding company Oneport; and online grocery platform Pricepally. Most of Samurai’s companies are from three African countries — Kenya, Nigeria, and South Africa. However, that will change going forward. According to Rena Yoneyama, the managing partner at the firm, Samurai Incubate Africa is joining Egypt to the list of countries it will target.![africa vc market](https://i0.wp.com/techcrunch.com/wp-content/uploads/2021/02/africa-vc-market-2020.jpg?resize=680%2C383&ssl=1)
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