$100M Fund to Create 250,000 Jobs Across Africa

When Daniel Yu helped build one of Africa's largest e-commerce companies, he saw firsthand how hard it was to create good jobs that lift people out of poverty. Now he's launching a $100 million fund to solve that problem at scale.

The Africa Jobs Fund officially launched this month with an ambitious goal: mobilize $100 million over the next five years to back companies creating stable, well-paying jobs across the continent. Yu, who co-founded Kenya's Wasoko and raised over $145 million for the company, is bringing his startup experience to tackle what he calls Africa's most urgent development challenge.

The numbers tell a stark story. Africa creates only three million formal jobs annually, far short of what's needed for its growing population. Today, 439 million Africans live on less than $2.15 a day, many trapped in subsistence farming or informal work that pays just a few dollars daily.

"Persistent poverty is, at its core, a jobs problem," Yu said in a statement. "Those same people, in the right job at home or abroad, could earn significant multiples of their income."

The fund will focus on two areas proven to boost income. First, it will support export manufacturers struggling with high startup costs like worker training, supply chains, and connecting with international buyers. Second, it will back companies helping African workers access overseas jobs by removing barriers like exploitative recruitment systems and expensive placement fees.

The Ripple Effect

The fund estimates its investments could increase African workers' earnings by more than $50 billion over time. That's not just individual transformation. When workers earn more, they send kids to school, start businesses, and lift entire communities.

Ben Hyman, founder of Talent Safari, joins as Operating Partner. The advisory team includes Flutterwave co-founder Iyinoluwa Aboyeji and Samantha Power, former head of USAID and US Ambassador to the UN.

"African founders have shown they can build category-defining companies," Aboyeji said. "The next decade is about building the ones that put millions of people to work."

The fund operates under Renaissance Philanthropy, a nonprofit supporting thesis-driven philanthropic investing. Its leaders believe backing the right companies now could unlock commercial capital later and integrate African businesses into global markets.

For 250,000 workers who could double their lifetime income, that future can't come soon enough.