Delta40, an Africa-focused venture builder, has closed a $20 million fund that includes equity, debt, and grants to invest in and help build early-stage startups across the continent, pairing seed capital with in-house operational support in a model more common in Western markets. The new capital will be used to expand the portfolio and build more companies internally, as Delta40 deepens its role as both investor and co-founder in African startups. “More than half of the $20 million we have raised is in commercial capital,” Lyndsay Holley Handler, Delta40’s founder and chief executive, told TechCabal, referring to return-seeking private investment rather than concessional funding. Delta40’s raise shows investor appetite for models that blend seed capital with hands-on company-building, ...