Deal Street

African Startup Funding Tracker

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Seedstars Africa Ventures Secures USD 30 M Backing From EIB Global
Seedstars Africa Ventures Secures USD 30 M Backing From EIB Global

Seedstars Africa Ventures has received a USD 30 M capital commitment from EIB Global, an arm of the European Investment Bank, which becomes the first major institutional investment for its first pan-African venture capital fund. The new commitment follows an USD 8 M investment from the fund’s anchor investor, French private equity firm LBO France. The fund targets to close at between USD 80 M and USD 100 M to back seed and Series A startups, and offer follow-on funding up to Series B, bridging an extensive capital gap, and supporting startups beyond accelerator programs.

The fund will provide “capital well suited to the needs of entrepreneurs” in the continent, bridge funding gaps in regions beyond the big four (Egypt, Kenya, Nigeria and South Africa) and provide operational and business support to founders. The VC firm will make initial investment of USD 250 K to SD 2 M, and follow-on funding of up to USD 5 M, in up to 30 startups. This is in addition to granting the entrepreneurs access to Seedstars’ tools, networks and visibility.