EIB Global Invests €40 Million to Boost African Startups
African technology startups are set to receive a significant funding boost as EIB Global, the development branch of the European Investment Bank (EIB), collaborates with leading European venture capital firm Speedinvest. The firms have announced a commitment of €40 million to establish the first investment vehicle focused on the African market. This investment is intended to enhance EU-Africa relations, advance digital transformation, and promote inclusive economic growth across the continent.
The newly launched investment vehicle will prioritize technology companies across major innovation hubs, including Egypt, Morocco, Nigeria, Kenya, and South Africa. It will also expand its focus to promising markets such as Ghana, Ivory Coast, Cameroon, the Democratic Republic of Congo, Tunisia, Tanzania, and Uganda. The goal is to improve digital and financial inclusion, strengthen commercial and capital connections between African and European ecosystems, and facilitate cross-border expansion for startups.
Central to this initiative is a strategic focus on technology-enabled, mobile-based services in sectors like payments, healthcare, mobility, and education. This aligns with the European Union’s Global Gateway priorities for Africa and aims to generate broad social benefits. Notably, it seeks to create jobs—especially for youth—and enhance access to digital banking and essential services for underserved communities.
A commitment to gender equality is integral to this investment strategy, with a target of allocating at least 30% of the vehicle’s capital to support companies that prioritize women as founders, employees, and consumers. This initiative is part of the 2X Challenge, which sets a global benchmark for gender-sensitive investing.
EIB Vice-President Karl Nehammer emphasized the transformative power of technology, stating that it can convert innovative ideas into impactful solutions. By backing this investment vehicle, EIB aims to empower African innovators, allowing them to scale their businesses, tap into new markets, and cultivate sustainable economic opportunities for both Africa and Europe.
Speedinvest has a proven track record in supporting growth-stage companies across Africa, having previously invested in startups such as Moove and FairMoney in Nigeria, Khazna in Egypt, and others across the continent. This new fund builds upon Speedinvest’s robust strategy of connecting European capital with burgeoning innovation ecosystems in Africa.
The fund will be managed by Deepali Nangia and Rana Abdel Latif from Speedinvest Partners. The establishment of planned offices in Africa is anticipated to further enhance the local presence and provide practical support to founders navigating the startup landscape.
