Seedstars Africa Ventures gets $30m backing from EIB Global
TLDR
- Seedstars Africa Ventures secures $30 million capital commitment from EIB Global, a branch of the European Investment Bank.
- The investment aims to reach $80 million to $100 million to support seed and Series A startups.
- The venture capital firm was established through a collaboration between its partners and Seedstars Group—an emerging markets accelerator.
Seedstars Africa Ventures has secured a significant capital commitment of $30 million from EIB Global, a branch of the European Investment Bank. This marks the first major institutional investment for Seedstars Africa Ventures' inaugural Pan-African venture capital fund.
Building on an $8 million investment from the fund's anchor investor, French private equity firm LBO France, the fund aims to reach $80 million to $100 million. The objective is to support seed and Series A startups, providing follow-on funding up to Series B. This initiative addresses a substantial capital gap and supports startups beyond accelerator programs.
The venture capital firm was established through a collaboration between its partners Maxime Bouan, Tamim El Zein, and Bruce Nsereko Lule, along with the Seedstars Group—an emerging markets accelerator.
Key Takeaways
An increasing number of small- to medium-sized funds with generally less than $100 million of capital to deploy are targeting opportunities in Africa and other frontier markets. Leveraging the infrastructure and market access in Africa provided by Seedstars Group, the fund seeks to offer capital tailored to the needs of entrepreneurs on the continent. Additionally, it aims to bridge funding gaps in regions beyond the prominent four markets (Egypt, Kenya, Nigeria, and South Africa) and provide operational and business support to founders. Outside the pan-African fund, the Seedstars Group has invested in 26 companies in Africa through its Seedstars International Ventures Funds I and II.
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