Ingressive Capital is a $10 million venture fund with a focus on African startups

Ingressive Capital, the $10 million fund raised by Maya Horgan Famodu, may be the largest (and youngest) first-time tech fund raised by a solo black woman GP in all of venture.

Ingressive Capital is a $10 million venture fund with a focus on African startups

Ingressive Capital is a venture fund that invests up to $400,000 in Africa-based entrepreneurs with tech-enabled businesses in billion dollar markets. Ingressive Capital is backed by founder Maya Horgan-Famodu, who might have set a number of records in her impressive $10 million raise. She is believed to be the youngest black woman to launch a tech fund, the first solo woman to raise a tech fund in Nigeria, and the largest first-time tech fund raised by a solo black woman GP in all of venture. Horgan-Famodu said in a blog post she pitched 375 investors and closed about 10%. "We closed $10M USD to back African founders. Just want to remind that I started this as a 26 y/o black female from humble beginnings and no VC experience before starting my own bc no one would hire me," she tweeted. Ingressive has served more than 50 global firms and investors who have gone on to make over 30 investments in the region. Portfolio companies include Paystack, Tizeti, Ogavenue, Jetstream, 54gene, and OZÉ, among many others, with clients including Y Combinator, 500 Startups, GitHub, and Techstars. Ingressive targets 10% ownership in pre-seed to seed-stage tech companies based in Sub-Saharan Africa with typical check sizes of up to $400,000. Ingressive Advisory is an advisory arm that features a network of over 10,000 developers and designers from around the world that they leverage to support their portfolio companies. Ingressive for Good is their non-profit arm with a mission to create and increase the earning power of tech talents in Africa by training 1 million youths and connecting them to 5,000 jobs. Recent investments in the region from Mark Zuckerberg, Jack Dorsey, and YC partners validates Nigeria’s position as one of the key players in the African startup ecosystem. Ingressive has a heavy Africa focus, but is building heavily in East and South Africa, too. Half-Nigerian and half-white, Maya grew up in Minnesota, completed undergrad at Pomona College, studied law at Cornell University, and worked in finance at JPMorgan in New York. “I have an obligation to use my access to empower the next generation of African innovators,” she said to Forbes in an interview. She was named to Forbes 30 Under 30 in 2021.