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EIB Global has made a US$30 million equity investment in Seedstars Africa Ventures I, a venture capital fund aimed at providing risk capital to innovative companies and start-ups across Africa.
Seedstars Africa Ventures I was founded by Maxime Bouin, Tamim El Zein and Bruce Nsereko Roule, and is a partnership between Seedstars, a global organization that invests in and supports entrepreneurs in emerging markets, and the multi-country seeded companies. It was established in partnership with LBO France, a specialized investment platform. initiative.
The company has now secured a US$30 million investment from EIB Global, a specialized arm of the European Investment Bank (EIB), the European Union’s long-term lending institution. EIB Global is dedicated to increasing the impact of international partnerships and development finance.
The USD 30 million investment is supported by the EU through USD 20 million from the ACP Trust Fund and USD 10 million from the Boost Africa Programme. With this investment, the EIB is now fully committed to rolling out Boost Africa, a program launched in 2016 with the aim of promoting sustainable jobs and prosperity through venture capital for African entrepreneurs. became.
EIB Vice-President Ambroise Fayol said: “Encouraging and promoting innovation and digitalisation is crucial to developing a strong and sustainable economy.” “African entrepreneurs hold the key to the future of the continent, creating jobs, reducing inequality and improving quality of life. As part of Team Europe, the EIB is committed to supporting African businesses. We are proud of the success of Boost Africa and the ACP Trust Fund.”
Seedstars Africa Ventures I, which is based in Nairobi and Paris, said: “The anchoring ticket provided by the European Investment Bank is a testament to our investment thesis and commitment across Africa.”
“This demonstrates the relevance of our positioning and the effectiveness of our support to our portfolio companies. This assessment is an important step towards achieving our target size of USD 80 million to USD 100 million. “It will further help attract investors to the fund.”
The fund is expected to reach its first close early this year, but has already completed four transactions with Poa!’s Beacon Power Services. Internet, Shamba Pride, Visao.
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