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    Seedstars Africa Ventures secures $42 Million for Early-Stage Startups

    Seedstars Africa Ventures I, an Africa-focused venture capital fund, announced a first close of $42 million, with contributions from the African Development Bank, EIB Global, and other international investors.

    Why it matters

    The fund addresses early-stage financing gaps across the continent, targeting seed and Series A startups with investments up to $2M and follow-on funding up to $5M.

    Zoom in

    • Offices in Nairobi, Dakar, and Paris anchor its operations, aiming to catalyze co-investments and provide operational support to startups.

    • $50M in commitments have been secured toward its $80M fundraising target.

    • The announcement was made at the 2024 Africa Investment Forum Market Days in Rabat, a platform co-founded by the African Development Bank and European Investment Bank to drive transformative African projects to financial close.

    Impact

    Deployed $10M to five startups across sectors like climate, food systems, and financial inclusion, reaching over 60 million people.

    • Beacon Power Services (Nigeria): Expanding electricity access.
    • Poa! Internet (Kenya): Affordable broadband for 60,000+ households.
    • Xeno (Uganda): Financial products for sustainable savings.
    • Bizao (Côte d’Ivoire, Senegal, France): Payment platforms for Francophone Africa.
    • Shamba Pride (Kenya): Supporting farmers through franchised shops.

    The backstory

    Founded by Maxime Bouan, Tamim El Zein, and Bruce Nsereko Lule, the fund is a member of LBO France Group, which helped launch it as part of a broader African strategy.

    What they’re saying

    • Ahmed Attout, African Development Bank: “This strategic fund improves access to finance for youth and women, especially in Francophone Africa.”
    • Ambroise Fayolle, EIB Vice-President: “Supporting African startups accelerates digitalization and prosperity on the continent.”
    • LBO France: “We are proud to support a portfolio that drives impact and value across Africa.”

    Source:
    techlabari.com
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