(Ecofin Agency) - US-based venture fund Lateral Capital, which operates in sub-Saharan Africa, has achieved a $20 million first close for its fund dedicated to promising startups in the focus region. Called Lateral Investment Partners I Fund, the new facility will support early-stage and growth-stage startups with investment of between $250,000 and $5 million.
The company also announces six new investments in 2020 and a new fundraising later this year. Nigeria, South Africa, Kenya, Uganda, Ghana, Senegal, Rwanda and Côte d'Ivoire are Lateral Capital's main investment markets.
This first closing of Lateral Investment Partners I Fund was led by the investment firm Investmon Corp and involved institutional investors and family offices across the United States, Europe, Africa and the Middle East.