Founders Factory Africa (FFA), a Johannesburg, South Africa-based venture builder, has announced funding totaling $114 million in support of its hybrid tech startup investment model.

The funding from Mastercard Foundation and Johnson & Johnson Impact Ventures, an impact fund inside the Johnson & Johnson Foundation, will enable FFA to scale its model, which combines financial and operational support, and better serve technology-led startups and founders across Africa. The investment will further support the model by helping FFA become sector-agnostic in its funding, double down on addressing the gender imbalance in the ecosystem, broaden its capital investment offering to include non-dilutive capital, and strengthen internal capacity.

Since 2018, FFA has catalyzed the trajectory of more than 55 tech startups across the continent.

“Moving Africa forward requires more of us to support tech-driven, solution-oriented ventures that have the potential to scale and make an impact at speed,” said Founders Factory Africa CEO Bongani Sithole. “Our role as Founders Factory Africa is to provide founders with the funding, knowledge, and hands-on venture building support they need to achieve commercial success and create outsized, systemic impact.”

(Photo credit: Getty Images/Pekic)