A fund that will invest in new African manufacturing companies launched with the aim to mobilize $100 million over the next five years.

The Africa Jobs Fund founded by Daniel Yu, former CEO of Kenyan e-commerce logistics startup Wasoko, plans to raise capital from philanthropic sources. Yu told Semafor this approach will allow the fund to make long-term, higher-risk investments without the pressure to return capital that is typical of traditional private equity and venture capital firms. Renaissance Philanthropy, a US non-profit that raises money from philanthropists to invest in returns-generating ventures with a social impact, is backing Yu’s fund, with former USAID Administrator Samantha Power and Nigerian tech entrepreneur Iyinoluwa Aboyeji as advisers.

Africa’s labor force is concentrated in the agricultural sector where employment is often informal and low-paying. But investing in agri-processing value chains presents an opportunity to create jobs with higher economic returns and productivity for African countries, according to a 2025 survey by the International Labour Organization and the Food and Agriculture Organization.