Uncovered Fund

Uncovered Fund is a Tokyo-based venture capital firm founded by Takuma Terakubo, focused exclusively on early-stage African tech startups. The firm has invested in 29 companies across 17 countries through its first fund ($15 million, Fund I) and now manages the Uncovered Monex Africa Investment Partnership (UMAIP), a $20 million second fund co-managed with Monex, a major Japanese financial services firm.

The UMAIP fund targets 30 companies with initial tickets of $100K--$500K and reserves 50% of the fund for follow-on cheques of $1--$2 million. The LPs include Japanese financial institutions, trading houses, automotive companies, and logistics firms, which creates a distinctive value proposition: portfolio companies get access to Japanese corporate partnerships, debt financing from Japan, and connections to an industrial base that most African VCs can't offer. The portfolio includes notable names like Piggyvest (Nigeria), Lemfi (cross-border payments), Gozem (Francophone Africa mobility), Autochek (automotive), and Yoco (South African fintech).