Seedstars Africa Ventures I, an Africa-focused venture capital fund, announced a first close of $42 million, with contributions from the African Development Bank, EIB Global, and other international investors.
Why it matters
The fund addresses early-stage financing gaps across the continent, targeting seed and Series A startups with investments up to $2M and follow-on funding up to $5M.
Zoom in
• Offices in Nairobi, Dakar, and Paris anchor its operations, aiming to catalyze co-investments and provide operational support to startups.
• $50M in commitments have been secured toward its $80M fundraising target.
• The announcement was made at the 2024 Africa Investment Forum Market Days in Rabat, a platform co-founded by the African Development Bank and European Investment Bank to drive transformative African projects to financial close.
Impact
Deployed $10M to five startups across sectors like climate, food systems, and financial inclusion, reaching over 60 million people.
- Beacon Power Services (Nigeria): Expanding electricity access.
- Poa! Internet (Kenya): Affordable broadband for 60,000+ households.
- Xeno (Uganda): Financial products for sustainable savings.
- Bizao (Côte d’Ivoire, Senegal, France): Payment platforms for Francophone Africa.
- Shamba Pride (Kenya): Supporting farmers through franchised shops.
The backstory
Founded by Maxime Bouan, Tamim El Zein, and Bruce Nsereko Lule, the fund is a member of LBO France Group, which helped launch it as part of a broader African strategy.
What they’re saying
- Ahmed Attout, African Development Bank: “This strategic fund improves access to finance for youth and women, especially in Francophone Africa.”
- Ambroise Fayolle, EIB Vice-President: “Supporting African startups accelerates digitalization and prosperity on the continent.”
- LBO France: “We are proud to support a portfolio that drives impact and value across Africa.”
