Seedstars Africa Ventures secures a $30 million equity investment from the European Investment Bank (EIB) Global, amplifying support for innovative businesses and startups across Africa. The venture capital fund, led by Maxime Bouan, Tamim El Zein, and Bruce Nsereko Lule, aims to increase access to risk capital for companies in digital technologies, especially in education, healthcare, and utilities.
Ambroise Fayolle, EIB Vice-President, underscores the importance of fostering innovation and digitalization to build robust and sustainable economies in Africa, stating, ‘Encouraging and promoting innovation and digitalization is crucial to developing strong and sustainable economies.’
Seedstars Africa Ventures, backed by Team Europe, exemplifies the commitment to bolstering African businesses, fostering job creation, and reducing inequality. Anchored by the European Investment Bank and LBO France, the fund solidifies its presence in Africa to support groundbreaking entrepreneurs.
This investment aligns with LBO France’s strategy to identify high-growth sectors, providing diversified alternative assets to investors engaged in Africa’s growth narrative.
Recognizing the digital sector as a key driver of growth and innovation, the investment holds significant potential for creating jobs and driving growth in the Kenyan and broader African digital economies. The European Union’s Global Gateway initiative is in harmony with these objectives, investing in Africa’s digital transformation to create favorable conditions for thriving digital economies.
In a press release, the Seedstars Africa Ventures team in Nairobi and Paris stated, “The anchoring ticket provided by the European Investment Bank is a testament to our investment thesis and the work we do across Africa. It signifies the relevance of our positioning and the effectiveness of our support to portfolio companies.
The statement further elaborated that this recognition will assist the team in attracting both African and foreign investors to the Fund, aiming to achieve its target size of $80 to $100 million.
Robert Daussun, Chairman of LBO France, and Stéphanie Casciola, CEO of LBO France, remarked, “Identifying areas with high growth potential is at the heart of LBO France’s strategy, and 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 story, with a strong environmental, social, and governance (ESG) ambition.”
