EIB Global announces new investment in Seedstars Africa Ventures I
EIB Global announces a new $30 million investment in the Seedstars Africa Ventures I venture capital fund. This will boost support for innovative businesses and start-ups throughout Africa. This increased access to capital will fuel growth, create jobs, and enhance products and services in education, healthcare, and utilities. The fund invests in companies that develop digital technologies to address fundamental needs and improve efficiency.
In 2022, venture capital investments in Africa soared to $4.8 billion. This marked a staggering 270% increase from the $1.3 billion invested in 2019. Despite this impressive growth, there’s still a notable lack of early-stage funding on the continent. This emphasizes the urgent need for more investors to support budding ventures in Africa.
Seedstars Africa Ventures focuses on investing in Seed+ and Series A rounds, addressing this gap and providing substantial follow-on support. The fund takes a leading role in investment rounds, fostering collaboration and offering crucial operational support, leveraging resources from Seedstars’ acceleration platform.
Maxime Bouan, Tamim El Zein, and Bruce Nsereko Lule established Seedstars Africa Ventures I in collaboration with Seedstars, a global organization that backs entrepreneurs in emerging markets. LBO France, with over 30 years of investment experience in small and venture companies and expertise in environmental and social governance (ESG), played a key role by initiating and committing substantial support to the project.
The fund aims to close its initial phase soon, having already completed deals with four companies: Beacon Power Services, Poa! Internet, Shamba Pride, and Bizao. Each of these firms focuses on solving crucial issues in Africa.
