Seedstars Africa Ventures I Announces USD 42 M First Close

Seedstars Africa Ventures I, a venture capital fund dedicated to early-stage investments in scalable African startups, has announced a USD 42 M first close. The fund had previously secured a USD 30 M capital commitment from EIB Global, the development arm of the European Investment Bank, marking its first major institutional investment. An additional USD 12 M was raised from the African Development Bank Group to conclude the first close.

Founded by Maxime Bouan, Tamim El Zein, and Bruce Nsereko Lule, the fund focuses on sectors critical to Africa’s sustainable development, including climate resilience, food systems, energy access, internet connectivity, financial inclusion, and payments infrastructure.

The fund plans to invest up to USD 2 M in seed and Series A rounds, with a follow-on funding capacity of up to USD 5 M. It aims to bridge capital gaps across the continent, providing operational support to startups and catalyzing co-investment opportunities.