StartBank Africa Fund, an Accra-based venture capital firm, has secured a $15 million commitment from the family office of His Highness Sheikh Ahmed Bin Faisal Al Qassimi. The fund aims to reach the final close of its $35 million inaugural fund by April 2025.
StartBank Africa Fund’s focus
The sector-agnostic fund will invest $300,000 to $500,000 in early-stage ventures across Africa, with the potential for follow-on funding through its network of General Partners, which includes some of the world’s leading investors.
According to its website, the fund will target a diverse range of sectors, including fintech, healthcare & biotech, energy & renewables, agriculture & agri-tech, and real estate & infrastructure.
It aims to support post-launch founders with outstanding products that address significant challenges, providing them with the necessary resources to scale through business development, strategic partnerships, and financial backing.
In a LinkedIn announcing the milestone, Farouk Khailann, the General Partner and CEO, emphasized that the fund will prioritize investing in founders with strong character and leadership rather than just compelling ideas. He highlighted that Africa’s investment challenges are less about capital or innovation and more about ensuring the right people are leading ventures.
Who is the Jockey behind the fund?
Farouk Khailann is the CEO of Premium Africa Holdings, an investment firm with assets and projects in Ghana, Liberia, Gambia, and Sierra Leone, operating across sectors like construction, ICT, mining, agribusiness, fintech, real estate, energy, and investment consultancy. For the past five years, he has been consulting for The Private Office of H.H. Sheikh Ahmed Bin Faisal Al-Qassimi for Strategic Alliances and Policies.
Farouk Khailann is also actively involved in the financial technology industry. He is a shareholder and Senior Vice President at Ezipay Africa, one of Africa’s fastest-growing fintech companies, and a partner at Paygenie, a micro-credit fintech in Ghana.
