$30 Million Subsidized to Seedstars Africa Capital Fund bent on to Enhance Innovative Entrepreneurs across Africa EIB Global disclosed
By Abdul Rahman Bangura-
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- The fund will invest in companies developing and implementing digital technologies, in particular those addressing basic needs such as education, healthcare and utilities, or enhancing goods, services and value-chain efficiency.
“Encouraging and promoting innovation and digitalization is crucial to developing strong and sustainable economies,” EIB Vice-President Ambroise Fayolie noted.
Africa entrepreneurs hold the key to the continent’s future, creating jobs, reducing inequality and improving quality of life. The EIB, as part of Team Europe, is committees to supporting African businesses, and we are proud of the success of Boost Africa and the ACP Trust Fund.”
Seedstars Africa Ventures was established by Maxime red, Tamim El Zein and Bruce Nsereko Lule, in concert with Seedstars – a multinational organization that ventures and assists entrepreneurs from emerging markets, and LBO France, a multi-country multi-specialist investment platform that seeded the initiative and provided a material anchoring commitment, +30 years’ investment experience in small and venture companies and environmental, social and governance (ESG) expertise.
Venture capital investments reached $4.8 billion in Africa in 2022, a +270% increase from the $1.3 billion ventured in 2019. Despite this enormous development, a critical equity chasm lingers to exist at the introductory phases of funding on the landmass, beckoning for additional investors in the space. Seedstars Africa Ventures commits in Seed+ and Series A rounds, with an ability to follow-on significantly, effectively bridging the pools of capital available.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent