A massive €40 million cash injection from the EU’s development bank is supercharging a European VC’s first Africa-dedicated fund to back the next wave of tech startups across the continent.
Who’s getting the cash
EIB Global is dropping €40 million into Speedinvest’s new Africa vehicle.
Startups in Egypt, Nigeria, Kenya, South Africa, and Morocco are targets.
High-potential markets like Ghana, Tunisia, and Uganda also qualify.
The fund will back tech-enabled services in payments and healthcare.
What the strategy looks like
Speedinvest will focus on mobile-based platforms for essential services.
At least 30% of capital goes to companies boosting gender equality.
The fund qualifies under the global 2X Challenge for women-focused...