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Mastercard Foundation, startup funder 54 Collective caught in Sh595m fight
The row touching 54 Collective started with a rebrand. In August 2024, Founders Factory Africa (FFA) changed its name to 54 Collective, a move Mastercard Foundation, which provided the grant, did not approve of.
Venture capital 54 Collective, which is currently winding down its operations in Africa, including in Kenya, is caught in a legal row with its main funder, Mastercard Foundation, over how $ 4.6 million (Sh594.74 million) was withdrawn and spent through more than 2,000 back-dated accounting entries.
Documents filed in a South African High Court and seen by Business Daily, also revealed a deeply entrenched conflict of interest in the management of affairs of Founders Factory Africa, now 54 Collective and Utopia, an affiliated for-profit institution.
