South Africa's 22 On Sloane launches $63M fund for AI startups
South Africa’s 22 On Sloane has introduced an AI-focused platform and a $63 million fund to back entrepreneurs in the region. The initiative targets startups working in artificial intelligence and aims to expand support for innovation in the ecosystem.
Sources: techinafrica.com
“This signals growing investor interest in Africa’s tech scene, particularly in AI, a shift from earlier focus areas like fintech and e-commerce.”
What it means
While Africa’s startup funding has historically lagged behind other regions, recent trends show increased capital flowing into niche sectors like AI and climate-tech. The success of this fund may hinge on whether it can attract high-quality founders beyond traditional hubs like Nigeria and Kenya. If it delivers, it could set a precedent for similar programs elsewhere on the continent.
Read the original reporting
The outlets below did the original reporting.
- African Startups Gain Momentum as AI and Climate-Tech Investments Rise — techinafrica.com
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