Startupbootcamp, the global tech accelerator, is teaming up with Ashish Thakkar’s Mara Group and Blend Financial Services to launch a $250 million fund aimed at boosting tech startups across Africa.
The venture is also bringing in additional funding from development institutions and aims to begin investing within the next three to six months.
Why It Matters
Africa’s tech landscape is expanding rapidly, driven by its young, fast-growing population. Key startup hubs in South Africa, Nigeria, Kenya, Ivory Coast, and Egypt will be the focus of the fund, with the goal of supporting startups at critical growth stages.
The big picture
Thakkar, a prominent African business leader, signed the deal at Saudi Arabia’s Future Investment Initiative last week.
The fund, which has not been previously reported, aims to address infrastructure and other challenges by supporting African innovators.
- Key tech hubs: Cities like Cape Town, Johannesburg, Nairobi, and Ebene are expected to lead Africa’s tech transformation, according to a study by New World Wealth and Platform45.
- Funding rounds: The initial focus will be on early-stage and pre-IPO rounds, with plans to eventually create funds targeting different growth stages.
What they’re saying
“I’ve been searching for a platform that can support our angel investing efforts at scale,” said Thakkar, who co-founded the banking venture Atlas Mara with former Barclays CEO Bob Diamond. “This fund is a promising start, with potential for later-stage investments over time.”
Source: Bloomberg
Source:
techlabari.com
Source link
