EIB Global commits €40m to Speedinvest Africa fund

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 investing.
• Job creation for young people is a major social priority.

The bigger game plan

• Speedinvest aims to connect African founders with European capital and expertise.
• Existing portfolio bets include Moove, FairMoney, and Khazna.
• A planned local office will provide hands-on founder support.
• Deepali Nangia and Rana Abdel Latif are managing the fund.