A for-profit entity allegedly benefiting from funds intended for charitable purposes.
African venture firm, 54 Collective, forced into liquidation over misused grant
The South African High Court provisionally liquidated 54 Collective following allegations of serious financial misconduct. The Mastercard Foundation disbursed over $42 million to the firm, which was initially registered as Africa Founders Ventures NPC.
Founders Factory Africa Rebrands as 54 Collective
Founders Factory Africa (FFA) has rebranded as 54 Collective, focusing on promoting disruptive technology companies in Africa. 54 Collective aims to invest in 105 businesses over the next five years and provide specialized support through its Venture Success Platform.
VC Firm Founders Factory Africa Rebrands to 54 Collective
Founders Factory Africa rebrands and changes its name to 54 Collective. 54 Collective will primarily focus on commercial investments and integrate impact into all of its activities.
Founders Factory Africa rebrands to 54 Collective, a sector-agnostic VC firm
Founders Factory Africa is rebranding as 54 Collective, a VC firm with a $40 million fund to invest in early-stage African ventures. Venture Capital inflows to African startups declined 31% in 2023 to $4.5 billion.
Logistics startup Logidoo secures $50,000 to build AI-powered solution
Logidoo, a Pan-African logistics startup, has received a $50,000 grant to develop AI solutions for Africa's logistics market. The funding will be used to simplify transactions, streamline transport operations, and make logistics processes across Africa more efficient and accessible.
