The company is rebranding and upgrading its services to expand its reach in the African tech market.

Pan-African venture capital firm Founders Factory Africa announced on Wednesday, August 7, that it has rebranded as 54 Collective. The company has evolved its business model to better support technology enterprises across the continent.

Founders can now rely on the firm’s expertise and network to help grow their startups. The firm plans to invest up to $500,000 in equity and non-dilutive capital across various startups. Additionally, female founders will receive an extra $150,000 to help address access inequalities.

“Our name change to 54 Collective communicates our continued commitment to African founders. We are more supportive than ever of unlocking opportunities for entrepreneurs and ensuring a level playing field for youth and women founders,” explained Bongani Sithole, CEO of 54 Collective.

In recent years, African startups have attracted less capital. To combat this trend, venture capital firms have been established across various sub-regions of the continent to support promising projects. In March, South Africa's Conducive Capital launched with a goal of raising $50 million to back the continent’s startups. In June, the Paris-based venture capital firm Breega established a new $75 million fund, Africa Seed I. The rebranding of 54 Collective aligns with these efforts.

Despite funding challenges in Africa's tech sector, startups have secured over $1 billion this year, according to the database Africa: The Big Deal.

Adoni Conrad Quenum