Uncovered Fund: 10 Key Things You Must Know

Overview

Uncovered Fund is a Tokyo-based venture capital firm that focuses on empowering startups in emerging markets, especially in Africa. Founded in 2019, this firm is distinctive for its mission to “uncover” untapped innovators in developing countries by backing technology-driven companies that build essential social and industrial infrastructure from the ground up. Uncovered Fund stands out not only for its financial investments but also for its strategic approach of linking startups with Japanese corporates to maximize operational impact and sustainability. As the fund expands its footprint with a new joint vehicle valued at around $20 million, the story of Uncovered Fund unfolds with intriguing insights into cross-continental collaboration, innovative investment strategies, and ecosystem building in critical sectors.

1. Origin and Mission of Uncovered Fund

Founded in 2019 and headquartered in Minato, Tokyo, Uncovered Fund was created with the concrete purpose of discovering and supporting technology innovators primarily in Africa and the Middle East. The firm emphasizes nurturing startups that lay the foundation for sustainable future economies by addressing infrastructural gaps across transportation, fintech, e-commerce, and climate tech sectors. By focusing on early-stage investments, Uncovered Fund aims to empower founders with not just capital but also access to knowledge and networks, thereby enabling growth beyond funding.

2. Geographical and Sector Focus

Uncovered Fund is heavily oriented toward the African continent, with special interest in countries including Kenya, Nigeria, South Africa, Egypt, and several others in Sub-Saharan Africa. The fund invests in sectors crucial for building next-generation infrastructure such as financial services (including fintech and insuretech), mobility (automotive and transportation), distribution (logistics and retail technology), and sustainability initiatives like climate technology and carbon credit trading. This sectoral spread reflects an integrated approach to supporting startups that can drive large-scale economic and social transformation.

3. Key Investment Stages and Size

Targeting ideation to post-Series B rounds, Uncovered Fund typically invests in pre-seed to later growth-stage startups. Investment check sizes range from approximately $100,000 to $2 million, with an emphasis on seed and Series A to B rounds. The fund illustrates a hands-on, operationally supportive style, focusing on transformative startups with scalable platforms.

4. Strategic Partnership with Monex Ventures – UMAIP Fund

In 2025, Uncovered Fund launched a new $20 million investment vehicle known as the Uncovered Monex Africa Investment Partnership (UMAIP) alongside Monex Ventures, a Tokyo-based corporate venture capital firm. This partnership seeks to leverage Japanese financial strength and corporate networks to support African startups in fintech, mobility, distribution, and sustainability, offering opportunities for market access, technology transfer, and future acquisition deals. The fund further intends to introduce African innovations to Japanese corporates and vice versa, creating a dynamic cross-border venture ecosystem.

5. Portfolio Highlights and Impact

To date, Uncovered Fund has invested in over 30 startups across 17 countries, with diverse portfolios including notable companies like Gozem (logistics), Autochek (automotive finance), Termii (business productivity software), Piggyvest (financial services), and Yoco (payments). These startups collectively raised over $450 million in follow-on funding, showcasing Uncovered Fund’s ability to identify promising entrepreneurs who go on to secure significant capital and market traction. The firm reports having helped create thousands of jobs and aims to contribute meaningfully to Africa's economic growth trajectory.

6. Ventures Platform Fund – A Related African VC Firm

Ventures Platform is an independent early-stage venture capital fund headquartered in Abuja, Nigeria, established in 2016. While distinct from Uncovered Fund, Ventures Platform shares a complementary mission of backing technology startups that solve critical infrastructural challenges across Africa. With a portfolio exceeding 90 companies, they focus on sectors like fintech, healthtech, edtech, and agritech. Notably, the fund recently secured a $6 million investment commitment from the International Finance Corporation (IFC), underlining its growing prominence. The synergy between such funds contributes to a robust African startup ecosystem.

7. VP Fund and VP Fund Solutions in Context

VP Fund Solutions is the international fund competence centre of VP Bank Group, operating mainly out of Liechtenstein and Luxembourg. Though unrelated to the Uncovered Fund, the VP Fund and its platforms represent globally recognized multi-asset investment management services that offer tailored fund administration and management solutions. These services cater to institutional and private investors looking for fund diversification, risk management, and regulatory compliant structures. Understanding VP Fund Solutions illuminates the broader context of venture and fund management services globally.

8. Japanese Corporate and VC Engagement in Africa

Uncovered Fund typifies a growing trend among Japanese investors focusing on African and emerging markets. Alongside firms like Samurai Incubate Africa and Kepple Africa Ventures, this reflects Japan’s strategic shift from aid to private-sector driven investment. Japanese corporates and VCs are increasingly aiming to harness Africa’s demographic growth and innovation potential, bridging capital and technology gaps while fostering partnerships that tie African startups to Japan’s expansive industrial ecosystem.

9. The Showcase Africa Initiative

Uncovered Fund organizes the annual Showcase Africa conference in Japan, which showcases African startups to Japanese corporates, investors, and policymakers. This event plays a vital role in bridging the two continents’ innovation ecosystems. Bringing together founders across sectors including automotive, logistics, financial services, agriculture, and climate technology, the conference promotes deal flows, joint ventures, and cross-border collaboration, strengthening the pipeline for sustainable growth and investment.

10. Challenges and Future Prospects

While Uncovered Fund boasts an impactful current portfolio and strategic corporate relationships, challenges remain. The African startup ecosystem faces hurdles such as currency volatility, regulatory uncertainty, and infrastructure deficits that complicate scale-up efforts. Uncovered Fund aims to mitigate such risks via active portfolio management, leveraging Japanese expertise in technology and corporate governance. The future holds promise as the fund plans to double down on its focus sectors while also exploring expansion into the Middle East and broader emerging markets, aiming to facilitate smooth internationalization of portfolio companies.

Conclusion

Uncovered Fund exemplifies a forward-thinking, cross-continental venture capital approach that couples investment with strategic alliance building between Japan and Africa. By supporting foundational infrastructure startups in fintech, mobility, distribution, and sustainability, the firm is carving a path for innovative, scalable solutions that address pressing developmental challenges. The synergy between financial capital and corporate ecosystems positions Uncovered Fund as a pivotal player in unlocking Africa’s entrepreneurial potential. As the global venture capital landscape evolves, Uncovered Fund's model offers a compelling blueprint for harnessing emerging markets’ dynamism while fostering sustainable business growth and impact.