The fund, with offices in Nairobi, Dakar and Paris, has further secured $50 million in commitments towards an $80 million fundraising target. The milestone was announced at the 2024 Africa Investment Forum Market Days currently underway in Rabat. Both the African Development Bank and the European Investment Bank are founding partners of the Africa Investment Forum, a platform that advances transformative African projects toward financial close.

Seedstars Africa Ventures I is addressing gaps in early-stage financing across Africa through investments of up to $2 million in seed and series A rounds, with significant follow-on capacity up to $5 million, thereby bridging available pools of capital. By leading successive investment rounds, the fund will catalyse co- investment while offering operational support to start-ups.

The Fund was founded by Maxime Bouan, Tamim El Zein and Bruce Nsereko Lule who have over 45 years of experience investing and working across the continent. Seedstars Africa Ventures is a member of LBO France Group, which played a pivotal role in seeding this initiative as part of their multi asset class African strategy, alongside other initiatives.

Robert Daussun, and Stéphanie Casciola, Chairman and CEO respectively of LBO France said “We are delighted by Seedstars Africa Ventures’ latest milestone, and proud to have been the initial supporter of the team. The portfolio the team has built with our support is innovative and transformative, already providing significant impact and value to the continent. LBO France appreciates the opportunity SAV provides for us and our partners to be part of Africa’s growth story.”

“The African Development Bank views Seedstars Africa Ventures as a strategic opportunity to provide innovative support to Africa’s venture capital industry. It serves as a conduit to improve access to finance for youth and women while also enhancing the availability of risk capital in Francophone Africa. This is an area that has traditionally faced limited access to risk capital,” said Ahmed  Attout, African Development Bank Group Director for Financial Sector Development.

“We welcome the investment of the African Development Bank, our Boost Africa partners, in the Seedstars Africa Ventures fund,” said EIB Vice-President Ambroise Fayolle. “Accelerating digitalisation is a priority for the EIB, and we are committed to supporting African businesses as they drive innovation and prosperity on the continent.”

The fund has already deployed over $10 million to five pioneering African startups in the climate, food systems, energy access, internet connectivity, financial inclusion, and payments infrastructure sectors. These businesses serve over 60 million people, including by connecting 60,000 households to the internet, supporting 50,000 farmers, and empowering 30,000 individuals with financial inclusion services across eight African countries. The portfolio is also fully 2X compliant, empowering women in startups and ecosystems.

The five companies are:

• Beacon Power Services (Nigeria): one of Africas fastest-growing cleantech companies, which provides electricity access to millions of Africans
• Poa! Internet (Kenya): which offers broadband internet for just $10 per month to over 60,000 households
• Xeno (Uganda) : provides disruptive financial products offering sustainable and attractive savings alternatives for Africans
• Bizao (Cote d’Ivoire, Senegal,: France): which addresses demand for high-performing payment aggregation platforms from major corporates and fintechs in Francophone Africa
• Shamba Pride (Kenya): an operator of nearly 300 franchised shops that deliver products, insights, and training to farmers to address significant bottlenecks in the agricultural value chain.

BACKGROUND INFORMATION

About the African Development Bank

The African Development Bank (AfDB), established in 1964, is dedicated to promoting sustainable economic growth and reducing poverty across Africa. With 81 member countries, including 54 African nations, the AfDB mobilizes resources for investment in regional member countries, providing financial and technical assistance for development projects that foster social and economic advancement. The Banks operations focus on areas such as infrastructure development, regional integration, private sector development, governance, and accountability, aiming to improve the quality of life for the people of Africa.

The AfDB's Ten-Year Strategy (2024–2033) emphasizes the importance of youth and private sector development as pivotal elements for achieving inclusive growth and sustainable development across the continent. By investing in Africa's vibrant young population and fostering a dynamic private sector, the Bank aims to drive economic transformation and create resilient economies.

About the European Investment Bank

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB Global is the EIB Group's specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner in Global Gateway. We aim to support €100 billion of investment by the end of 2027, around one third of the overall target of this EU initiative. With Team Europe, EIB Global fosters strong, focused partnerships, alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to people, companies and institutions through our offices around the world.

Boost Africa is a joint initiative of the European Investment Bank and the African Development Bank to enable and enhance entrepreneurship and innovation across Africa, supported by the European Commission and the Organisation of African, Caribbean and Pacific States. The EIB pillar of the Boost Africa programme comprises senior and junior tranche investments into venture capital funds in Sub- Saharan Africa and provides guidance and expert advice to both funds and investee companies. The Boost Africa programme has supported five other funds with close to €70 million senior and junior equity investments in TLcom Tide Africa, Partech Africa Venture Capital Fund, AfricInvest Venture Capital Growth Fund, the Janngo Capital Start-up Fund, and Atlantica Venture Fund.

Global Gateway is the European strategy to boost smart, clean and secure links in digital, energy and transport sectors, and to strengthen health, education and research systems across the world. Through a Team Europe approach, Global Gateway brings together the EU, its Member States and their financial and development institutions to mobilise the private sector to leverage investments for a transformational impact. It aims to mobilise up to €300 billion in investments. Global Gateway is fully aligned with the UN’s Agenda 2030 and its Sustainable Development Goals, as well as the Paris Agreement.

About Seedstars Africa Ventures

Seedstars Africa Ventures I is a generalist venture capital fund investing initial amounts up to US$ 2 million in Seed / Series A companies and able to reinvest up to US$ 5 million. With presence and active networks in 25+ countries, the fund is able to invest in and actively support companies throughout Africa. The fund was created in partnership with Seedstars, the leading emerging markets accelerator.

About LBO France

A pioneer in private equity in France, LBO France is today a leading multi-specialist and multi-country investment platform. Active in private equity, real estate, venture and listed investment, the company has been expanding for several years its activities in Europe, especially in Italy via its subsidiary Polis Fondi SGR, as well as on the African continent via its subsidiaries CGF Bourse (Asset Management, Dakar) and Joliba Capital (Buy Out, Abdijan). Wholly owned by its managers, LBO France is one of the founding members of the International Climate Initiative and one of the first signatories of the France Invest charter for parity.