Double Feather Partners

What Double Feather Partners does

Double Feather Partners (DFP) is a Tokyo-based international venture capital and advisory firm founded in 2018 by Kohei Muto, a former Morgan Stanley investment banker. The firm operates as a dedicated bridge between Japanese capital and African startup ecosystems, offering three integrated service lines: venture capital investment through the Africa Innovation Fund (AIF), corporate advisory (CVC investment advice, deal sourcing, open innovation programs, market entry strategy), and startup advisory (fundraising guidance, investor readiness, financial strategy). Its primary proprietary asset is the Exponential Africa (ExpA) Database, an on-the-ground intelligence repository tracking African startup funding, M&A, and market developments, which powers the DFP Africa Startup Brief and annual Africa Startup Reports.

DFP's business model blends three revenue streams: VC fund management (carried interest, management fees, LP advisory), project-based and retainer corporate advisory, and commissioned acceleration program management for development institutions. Notable programs include Project NINJA (implementing partner for JICA, with cohorts in Kenya and South Africa), the Africa Corporate Innovation Program (ACIP, with Shell Foundation and NEC), and the Tokyo x Luxembourg Impact Catalyst Program. The firm holds a portfolio of African startups spanning mobility, fintech, agritech, biotech, and satellite communications, including Anda, Asaak, Nawah Scientific, WARPSPACE, SafeBoda, and Hello Tractor.

DFP serves a dual client base: Japanese corporations seeking Africa market entry and investment, and African startups seeking Japanese and international capital. It also serves as a program operator for international development organizations (JICA, JAXA, UNDP, AfDB, METI). The firm is incorporated in Japan, maintains offices in Tokyo, Luxembourg, and Kigali, and has supported more than 130 African startups and 30+ Japanese companies to date. It is privately held with no disclosed external funding rounds, and revenue is not publicly disclosed.

Name

Double Feather Partners

Legal name

株式会社Double Feather Partners

Website

https://doublefeather.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

Double Feather Partners is a Tokyo-based venture capital and advisory firm that connects Japanese corporations and investors with African startup ecosystems through direct investment (Africa Innovation Fund), corporate advisory, and government-commissioned acceleration programs including Project NINJA for JICA.

Ownership category

akta.pro rank

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Venture Capital Investment: DFP manages the Africa Innovation Fund (AIF) and provides VC investment advisory services, sourcing and co-investment opportunities for LPs, portfolio monitoring, performance reports, and ESG assessments. Revenue is generated through carried interest, management fees, and advisory fees from investment services.
2. Corporate Advisory: Advisory services to Japanese and global corporations on market entry, investment decisions, open innovation programs, and CVC investment in African markets. Billed as project-based or retainer engagements.
3. Startup Advisory: Advisory services helping African startups become investor-ready, including fund-raising guidance, financial strategy, and investor relations support.
4. Acceleration & Project Management: DFP operates acceleration programs (Project NINJA, ACIP, GlobalXpander Tokyo) often commissioned by development organizations like JICA, generating program management and consulting fees.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels6 records

Core offering

Double Feather Partners is a Japan-based international venture capital and corporate advisory firm that connects Japanese corporations and investors with African startup ecosystems. It provides venture capital investment via the Africa Innovation Fund (AIF), corporate advisory on market entry and CVC investment, startup advisory for investor readiness, and operates acceleration programs such as Project NINJA (with JICA), the Africa Corporate Innovation Program (with Shell Foundation and NEC), and the Tokyo x Luxembourg Impact Catalyst Program.

Product overview

Double Feather Partners is an international venture capital and consulting firm based in Japan focused on Africa. The company operates the Africa Innovation Fund (AIF), a venture capital fund for early-to mid-stage African startups, alongside multiple advisory service lines including Corporate Advisory, Startup Advisory, Venture Capital Investment, International Expansion Advisory, Research, and Project Management. DFP also manages several acceleration programs including Project NINJA (with JICA), the Tokyo x Luxembourg Impact Catalyst Program, and the newly launched Africa Corporate Innovation Program (ACIP) with Shell Foundation and NEC. The firm maintains a portfolio of African startups across mobility, fintech, agritech, biotech, and satellite communication sectors including Anda, Asaak, Nawah Scientific, WARPSPACE, SafeBoda, and Hello Tractor. DFP publishes regular market intelligence through the DFP Africa Startup Brief and annual Africa Startup Reports.

Differentiator

Problem solved

Functional benefit

Brands

• Africa Innovation Fund (AIF): Venture capital fund designed to address funding gaps for promising early-to mid-stage African startups with successful track records, providing funding plus hands-on support for financial strategy, business strategy, and exit strategy.
• Tokyo x Luxembourg Impact Catalyst Program
• Project NINJA
• Black Samurai Coffee

Products and services

• Africa Innovation Fund (AIF) Africa-focused venture capital fund for early-to-mid-stage startups with successful track records in Africa. Provides funding alongside hands-on support for financial strategy, business strategy, and exit strategy; generates carried interest and management fees.
• Corporate Advisory Advisory services helping corporations make informed decisions about engaging, investing, or expanding in African markets. Includes CVC investment advice, investment sourcing, and open innovation programs.
• Startup Advisory Advisory services helping startups become more attractive to investors through fund-raising guidance, becoming 'Investor Ready', and financial strategy development.
• Venture Capital Investment Advisory VC investment services providing investment advice, venture assessment, and LP investor care to help clients reap strategic and financial returns.
• International Expansion Advisory (Japan, Africa) Consulting advice, market entry and expansion strategy, and international investor relations including relationship management, partnership forging, and negotiation support. Includes Japan roadshow programs (1-week stays in Tokyo and Kansai, 1-on-1 meetings, exclusive networking events).
• Research On-demand micro and macro insights and industry-specific insights to help clients identify and understand opportunities in line with their business objectives, leveraging the proprietary ExpA Database.
• Project Management Services helping turn ideas into tangible projects that engage stakeholders and reach clearly defined goals. Includes project structuring, implementation, and project management support.
• Project NINJA (Next Innovation with Japan) JICA-funded startup ecosystem building program implemented by DFP with Deloitte and others. Supports African startups through acceleration, mentoring, and connections with Japanese corporations across Kenya, South Africa, and other African countries.
• Tokyo x Luxembourg Impact Catalyst Program Impact startup support program connecting Japanese startups with European and Japanese impact investors. Provides workshops on impact definition, KPI/PAI measurement, SFDR, and EU Taxonomy compliance, partnered with GLIN Impact Capital and Luxembourg Trade and Investment Office.
• Global Accelerator Program (Luxembourg) Global acceleration program in partnership with JETRO, Tsukuba City, and Luxinnovation. Targets startups in aerospace, finance, and mobility sectors. Includes business matching and European market entry support in Luxembourg.
• Africa Corporate Innovation Program (ACIP) Program launched in partnership with Shell Foundation and NEC to promote open innovation between Japanese corporations and African startups. Focus areas include agritech, logistics, and mobility. Provides PoC execution support, funding, impact measurement, and scale-up strategy.
• DFP Africa Startup Brief Monthly curated updates on African startup fundraising, M&A activity, and key developments, accompanied by expert commentary and analysis. Based on firsthand information gathered by DFP staff based in Africa via the proprietary ExpA Database.
• Africa Startup Report Annual comprehensive reports on Africa's startup ecosystem covering funding trends, funding rounds by country and sector, average deal sizes, and standout deals. Reports cover key markets across the continent.

Quantifiable outcome

• Supported 130+ African startups through investment, advisory, and acceleration programs
• +4 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

24 partnerships are on record, tiered core, major and minor.

• Shell FoundationcoreStrategic or Co-development Partner · 27 April 2026DFP partnered with Shell Foundation and NEC to launch the Africa Corporate Innovation Program (ACIP), promoting open innovation between Japanese corporations and African startups in agri-tech, logistics, and mobility sectors. Shell Foundation provides catalytic funding to reduce risk for corporate partnerships.
• NEC CorporationcoreStrategic or Co-development Partner · 27 April 2026DFP and NEC partner through the Africa Corporate Innovation Program (ACIP), combining DFP's Africa startup ecosystem access with NEC's technology and market presence. DFP also previously facilitated NEC XON partnerships with South African startups Agrilogiq and Locstat through Project NINJA.
• CrossU (一般社团法人クロスユー)coreStrategic or Co-development Partner · 17 March 2026DFP formed a 4-organization consortium with CrossU, Axelspace, and ENKOPA Lab that was selected by JAXA for the Space Strategy Fund project. CrossU serves as the space business co-creation platform, with DFP responsible for Africa market implementation and social impact.
• Axelspace CorporationcoreStrategic or Co-development Partner · 17 March 2026Part of the 4-organization consortium selected by JAXA for satellite data utilization in Africa. Axelspace provides satellite data and analysis capabilities; DFP provides Africa market access and startup ecosystem connections.
• ENKOPA LabcoreStrategic or Co-development Partner · 17 March 2026Part of the 4-organization consortium selected by JAXA for the Space Strategy Fund. ENKOPA Lab provides strategic consulting and market research for Africa market entry and ecosystem development.
• Climate GroupcoreStrategic or Co-development Partner · 30 January 2026DFP signed an MoU with Climate Group for strategic partnership to promote EV adoption in Africa through the EV100 Leapfrogging Partnership. The partnership covers 6 emerging markets (Brazil, Mexico, Chile, Kenya, South Africa, Indonesia), leveraging Climate Group's global network and DFP's Africa-Japan expertise.
• Africa E-Mobility Alliance (AfEMA)coreStrategic or Co-development Partner · 18 October 2025DFP signed an MOU with AfEMA to promote sustainable mobility across Africa, combining AfEMA's regional expertise and network with DFP's startup investment and corporate co-creation capabilities in the e-mobility sector.
• UNDP (United Nations Development Programme)coreStrategic or Co-development Partner · 22 August 2025DFP co-organized TICAD9 side events with UNDP including the 'Credit Rating in Africa' session. DFP also participated in UNDP's 'Meet the Tôshikas' acceleration program for African startups and collaborates on the Africa Credit Ratings Initiative.
• Absa BankcoreStrategic or Co-development Partner · 20 August 2025DFP signed a strategic MOU with Absa Bank (South Africa) for co-creation between Africa and Japan, facilitating investment flows and strategic partnerships between Absa's African network and Japanese investors and corporations.
• Oromia Coffee Farmers Cooperative UnionmajorStrategic or Co-development Partner · 20 August 2025DFP signed a strategic MOU with the Oromia Coffee Farmers Cooperative Union (one of Africa's largest coffee cooperatives, Ethiopia) for value creation and financial support in Ethiopian specialty coffee, marking DFP's expansion beyond tech into agriculture.
• African Development Bank (AfDB)coreStrategic or Co-development Partner · 20 August 2025DFP participates in the Africa Investment Forum (hosted by AfDB) and collaborates with AfDB on the Enhanced Private Sector Assistance for Africa (EPSA) initiative, discussing blended finance and PPP approaches for private investment expansion in Africa.
• Japan-Africa Co-Creation Initiative (JACCI)coreStrategic or Co-development Partner · 1 May 2025DFP serves as Secretariat for JACCI (Japan-Africa Co-Creation for Industry), a joint public-private initiative promoted by METI to accelerate stakeholder collaboration and market entry between Japan and Africa. DFP contributes expertise in startup-corporate bridging, PoC support, and local market entry.
• LHoFT (Luxembourg House of Financial Technology)majorStrategic or Co-development Partner · 26 December 2024DFP has a strategic MoU with LHoFT (Luxembourg Ministry of Finance's fintech institute) for collaborative acceleration program implementation, providing access to Luxembourg's financial ecosystem for startups.
• Startupbootcamp AfriTechcoreImplementation/ SI/ Consulting Partner · 17 September 2024DFP partners with Startupbootcamp AfriTech as the Africa-wide accelerator partner for JICA NINJA South Africa, combining SBC AfriTech's pan-African network and program expertise with DFP's Japan-Africa bridging capabilities.
• LuxinnovationmajorStrategic or Co-development Partner · 26 May 2024DFP partnered with Luxinnovation (Luxembourg's national innovation agency) to run a global acceleration program for startups in aerospace, fintech, and mobility, with a Luxembourg business immersion program.
• GLIN Impact CapitalmajorStrategic or Co-development Partner · 26 May 2024DFP partnered with GLIN Impact Capital for the Tokyo x Luxembourg Impact Catalyst Program, with GLIN providing impact investment expertise, KPI/PAI frameworks, and EU Taxonomy knowledge to Japanese impact startups seeking European capital.
• GreenTech Capital Africa Foundation (GCAF)minorStrategic or Co-development Partner · 6 March 2023DFP co-organized a startup pitch event in Nairobi, Kenya with GCAF and GIZ (German development agency), providing a platform for African startups to pitch to international investors.
• 500 Global (formerly 500 Startups)majorImplementation/ SI/ Consulting Partner · 1 September 2022500 Global served as a special co-operating partner with DFP on JICA Project NINJA, contributing global accelerator methodology and startup network access for the Africa programs.
• JICA (Japan International Cooperation Agency)coreStrategic or Co-development Partner · 4 May 2021DFP is the primary implementation partner for JICA's Project NINJA (Next Innovation with Japan), managing NINJA Accelerator programs for African startups in Kenya (cohorts 1-3) and South Africa (Open Innovation Edition), facilitating partnerships between Japanese companies and African startups.
• Deloitte Tohmatsu Venture Support / Financial AdvisorycoreImplementation/ SI/ Consulting Partner · 4 May 2021DFP partners with Deloitte Tohmatsu Venture Support and Financial Advisory as co-implementers of JICA's Project NINJA, with DTVS providing startup support and DTFA providing financial advisory for the accelerator programs.
• GrowthAfricacoreImplementation/ SI/ Consulting Partner · 4 May 2021DFP partners with GrowthAfrica as an implementation partner for JICA NINJA Accelerator in Kenya, providing local ecosystem expertise and mentorship programming for selected startups.
• Djibouti TelecommajorStrategic or Co-development Partner · 6 September 2019DFP and WARPSPACE signed an MOU with Djibouti Telecom at TICAD 7 to explore satellite communication infrastructure partnerships in Africa, combining WARPSPACE's satellite communication technology with Djibouti Telecom's regional telecom network.
• Broadband Systems Corporation (Rwanda)majorStrategic or Co-development Partner · 6 September 2019DFP and WARPSPACE signed an MOU with Broadband Systems Corporation (Rwanda) at TICAD 7 to explore satellite communication infrastructure partnerships, combining WARPSPACE's technology with BSC's African telecom infrastructure.
• Timbuktoo Africa Innovation FoundationmajorStrategic or Co-development Partner · 24 August 2019DFP partnered with Timbuktoo Africa Innovation Foundation as a speaker and collaborator at TICAD9 events, contributing to the Africa-Japan startup ecosystem dialogue and strategic co-creation discussions.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• CrossBoundary: Africa-focused investment and advisory firm combining capital deployment with transaction advisory and market intelligence across frontier markets. Closely comparable to DFP's dual advisory-plus-investment model and on-the-ground Africa presence, though focused more on energy and broader emerging markets.
• Novastar Ventures: Pan-African venture capital firm investing in early- and growth-stage startups across East and West Africa. Comparable to DFP's Africa Innovation Fund in target stage, geography, and the dual focus on capital plus hands-on operational support.
• Partech Africa: Pan-African VC fund backed by Partech Partners, investing in early- to growth-stage African tech-enabled companies. Directly comparable to DFP's VC mandate, though materially larger in fund size and geographic reach.
• TLcom Capital: Nigerian and Kenya-based Africa-focused VC firm investing across fintech, mobility, and enterprise software. Comparable in stage and African geography focus, though DFP adds the unique Japan capital bridge on the LP and corporate side.
• 4DX Ventures: Early-stage venture capital firm focused on African and frontier-market technology startups. Directly comparable to DFP in early-stage African investment thesis, with overlapping portfolio sectors such as mobility and fintech.
• Sango Capital: Africa-focused growth equity investor with Japanese institutional LP backing. Closely comparable to DFP in the Japan-Africa investment corridor, particularly on the LP and corporate-deal-sourcing side.
• VestedWorld: Emerging-markets VC firm investing in early-stage companies across Africa and Southeast Asia. Comparable to DFP in the emerging-markets venture thesis and the cross-border capital bridge model, though without the Japan-specific concentration.

Broad incumbents

• AfricInvest: Pan-African PE and VC platform managing multiple funds across growth equity, venture, and private credit. Larger and more diversified than DFP's Africa Innovation Fund, but operates in the same African investment thesis with institutional LP base.
• African Development Bank (AfDB): Continental multilateral development finance institution. DFP is a partner/participant in AfDB-led forums (Africa Investment Forum, EPSA initiative) rather than a competitor, but AfDB sets the institutional context for blended finance in Africa and influences the same development-capital flows DFP accesses.

Emerging players

• Samurai Incubate: Japan-based incubation and venture firm with global (including African) startup programs. Comparable to DFP as a Japanese-headquartered player extending services to African startups, but with a broader global rather than Africa-focused mandate.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/SusHiTech_SUJP
• Facebookfacebook.com/dfp.Africa
• LinkedInlinkedin.com/company/dfp-tokyo

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments8 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Double Feather Partners