The European Investment Bank (EIB) has invested US$30 million in Seedstars Africa Ventures.
This funding will strengthen the support provided to innovative businesses and startups throughout the African continent.
The venture capital fund is led by Maxime Bouan, Tamim El Zein, and Bruce Nsereko Lule.
Its aim is increasing access to risk capital for companies specializing in digital technologies, especially in the fields of education, healthcare, and utilities.
While giving his remarks, EIB Vice-President, Ambroise Fayolle highlighted the importance of encouraging innovation and digitalization in Africa.
“Encouraging and promoting innovation and digitalisation is crucial to developing strong and sustainable economies,” he said.
Seedstars Africa Ventures is a key player in Team Europe’s commitment to promoting African businesses and reducing inequality.
This EIB investment aligns with LBO France’s strategy of identifying high-growth sectors and offering diversified alternative assets to investors participating in Africa’s growth narrative.
Moreover, the digital sector is recognized as a primary driver of growth and innovation.
It holds substantial potential for job creation and economic development in the Kenyan and African digital economies.
The European Union’s Global Gateway initiative further supports these goals by investing in Africa’s digital transformation.
This is aimed at creating an environment conducive to the thriving of digital economies.
The anchoring support from the European Investment Bank reinforces Seedstars Africa Ventures’ position in Africa, and emphasizes its dedication to supporting disruptive entrepreneurs.
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European Investment and Strategic Commitments in Africa’s Ventures
In a statement from Seedstars Africa Ventures’ teams in Nairobi and Paris, they emphasized that the European Investment Bank’s commitment
“The anchoring ticket provided by the European Investment Bank is a testament to our investment thesis and the work we do across Africa.
“It signals the relevance of our positioning as well as the effectiveness of our support to portfolio companies.”
The statement also clarified that this acknowledgment will assist the team in attracting both African and foreign investors, aiming for a $80-$100 million target size.
In their remarks, Robert Daussun, Chairman of LBO France and Stéphanie Casciola, CEO of LBO France stated,
“Identifying areas with high growth potential is at the heart of LBO France’s strategy.
“We have been reinforcing our position in Africa by targeting highly dynamic sectors and supporting disruptive entrepreneurs.
“Our commitment to Seedstars Africa Ventures is part of our strategy to offer a range of diversified alternative assets to our investors and allow them to participate in Africa’s growth with a strong ES ambition.”
According to the press statement, in 2023, LBO France acquired a majority stake in CGF Bourse, based in Dakar.
LBO France is also the majority shareholder in Joliba Capital, an Abidjan-based private equity fund focused on francophone Africa.