NAIROBI, Kenya, Jan 11 – Kenyan and African startups are set to access Sh4.77 billion ($30 million) through the European Investment Bank (EIB).
The funds target investment opportunities under Seedstars Africa Ventures, a venture capital fund for African innovative entrepreneurs.
It has been backed by the EU through $20 million from the ACP Trust Fund and $10 million from the Boost Africa program.
Innovative businesses and start-ups developing and implementing digital technologies across the continent in areas such as education, healthcare, and utilities are targeted.
“African entrepreneurs hold the key to the continent’s future, creating jobs, reducing inequality and improving quality of life,” EIB Vice President Ambroise Fayolle said.
“The EIB, as part of Team Europe, is committed to supporting African businesses, and we are proud of the success of Boost Africa and the ACP Trust Fund,” he added.
With the investment, the EIB has now fully deployed Boost Africa, an initiative unveiled in 2016 to boost sustainable jobs and prosperity through venture capital for African entrepreneurs.
Under Boost Africa, the companies invested in by Seedstars Africa Ventures 1 will also benefit from technical assistance to develop business skills and expertise, funded by the EU.
