NIGERIA – Uncovered Fund, an Africa-focused Japanese venture firm, has invested an undisclosed amount in Nigerian home financing startup Bongalow, a mobile-powered home financing marketplace.
This investment from Uncovered Fund is part of a wider seed round that also includes Future Africa, Kepple Africa Ventures, ARM, Magic Fund, a bank CEO in Nigeria, and a host of other angel investors.
The full size of the round is yet to be confirmed, but all capital is being used to further solidify Bongalow’s presence in the market.
“We are happy to receive significant interest from Asian investors in our round and welcome UNCOVERED FUND onboard our journey to create what we believe will be the go-to-platform for aspiring homeowners in Africa,” Kelechi Nwokocha, Bongalow’s CEO said.
“We are thrilled by the quality and dexterity of the management team and the measurable success achieved so far.”Takuma Terakubo – CEO, Uncovered Fund
Bongalow enables Africans at home and abroad shop for the best home loan to purchase their desired property.
Bongalow’s mobile-powered home financing platform enables aspiring homeowners to save towards a down payment, shop for a home loan, and access Bongalow’s rent-to-own financing facilities.
Reacting to the development, the CEO of Uncovered Fund Takuma Terakubo said he was excited to partner with Bongalow at a pivotal point in its journey.
“We are thrilled by the quality and dexterity of the management team and the measurable success achieved so far,” he said.
“We have witnessed the transformative impact of home ownership on Asian families and believe Bongalow is well positioned to replicate the same on the African continent. The investment in Bongalow further solidifies our presence on the continent and diversifies our exposure to proptech, which is an emerging frontier on the continent.”
The Tokyo based Uncovered Fund was founded by Takuma Terakubo in 2019 and was launched in June 2020 with a targeted size of US$15 million and confirmed its first five investments in African tech startups.
The fund is scheduled to close at the end of June 2021, with a total size of US$15 million. It will invest US$50,000 to US$500,000 in African startups in seed and Series A stages.
In general, the fund is looking to make investments in the retail, fintech, e-health, logistics, MaaS, agri-tech, and smart city spaces.