“Mastercard Foundation’s agreement was not terminated due to a breach,” Bongani Sithole, 54 Collective’s CEO
- 54 Collective, an early-stage venture studio, shut down in February 2025, laying off over 40 employees.
- Mastercard Foundation withdrew funding due to concerns over 54 Collective's rebranding and potential conflicts of interest.
- The venture studio planned to fund 105 startups over five years and had already invested in 41 startups before its closure.
The shutdown of 54 Collective is a significant blow to Africa's tech ecosystem, highlighting the fragility of donor-backed models and the urgent need for improved governance and accountability in funding practices. This incident serves as a wake-up call for stakeholders to reassess their strategies and ensure that support for startups is sustainable and well-managed.
