Swedfund, Sweden’s state-owned development finance institution, is deepening its commitment to Africa’s economic future with a USD 16.3 M investment in AfricInvest’s Small Cap Fund, a private equity fund managed by a leading pan-African investment platform, AfricInvest.

This strategic move is designed to bridge the financing gap that hinders small and medium-sized enterprises (SMEs) from reaching their full potential, unlocking growth opportunities in sectors that drive innovation, employment, and long-term development.

Across Africa, SMEs serve as economic engines, yet many face significant barriers to accessing capital. By channelling funds through AfricInvest, Swedfund is ensuring that high-potential businesses get the financial backing they need to scale sustainably.

With an ambitious fundraising goal of up to EUR 180 M (USD 187 M), the fund will focus on supporting SMEs across a broad range of industries, from agribusiness and healthcare to education, consumer goods, manufacturing, and services—sectors that are crucial for social and economic transformation.

“This investment strengthens our ability to support underserved businesses across Africa,” says Sofia Gedeon, Investment Director for Sustainable Enterprises at Swedfund. “AfricInvest’s approach aligns with our mission to drive economic growth, create jobs, and set new standards for responsible investing. We are not just financing businesses; we are investing in sustainable development and inclusive progress.”

AfricInvest already has an extensive track record, having raised over USD 2.3 B and backed nearly 230 companies in 38 African countries. Its Small Cap Fund had previously secured funding from Proparco, the private sector financing arm of the French Development Agency, along with a proposal from the International Finance Corporation (IFC), a member of the World Bank Group. Their combined support underscores the fund’s potential to create a meaningful impact by fostering business expansion and job creation across the continent.

The fund integrates rigorous environmental, social, and governance (ESG) principles into its investment strategy, with a strong emphasis on gender equality and sustainability. At least 30% of its portfolio is allocated to women-led businesses or companies with substantial female ownership, reinforcing the link between inclusive business practices and long-term prosperity. In addition, climate-conscious investment strategies are embedded in its operations, ensuring that growth does not come at the expense of environmental responsibility.

This latest commitment follows Swedfund’s USD 20 M investment in AgDevCo earlier this month, which is dedicated to strengthening agribusinesses across sub-Saharan Africa. That funding aims to improve food security, increase rural productivity, and support SMEs that produce nutritious food for both local markets and high-value exports.

With each investment, Swedfund continues to champion sustainable business development, economic inclusion, and a more resilient African business landscape, ensuring that SMEs have the resources and guidance they need to grow responsibly and effectively.

In a major push toward sustainable development, Standard Bank South Africa has secured a USD 250 M loan from the International Finance Corporation (IFC) to expand green financing in the real estate sector. The seven-year unsecured loan is expected to make eco-friendly housing more accessible while helping property developers overcome the steep upfront costs of sustainable construction.

At its core, the initiative aims to break down financial barriers that often prevent developers from investing in energy-efficient materials, water-saving systems, and green certification. Many developers and homebuyers recognize the long-term benefits of green buildings—lower electricity and water costs, increased property value, and a reduced carbon footprint—but struggle with the initial expenses. With this funding, Standard Bank plans to offer tailored financial solutions that encourage sustainable construction without adding financial strain.

The funds will support greenfield projects across industrial, retail, and residential sectors, with a strong emphasis on affordable housing. As South Africa’s cities expand and urbanization accelerates, the need for resource-efficient homes is greater than ever. Green housing is no longer just about environmental responsibility—it’s a practical solution to rising utility costs and ongoing energy supply challenges.

“South Africa’s property sector presents immense growth potential, and with rising urbanization, the demand for sustainable, resource-efficient developments has never been greater,” says Kenny Fihla, Deputy CEO of Standard Bank Group and CEO of Standard Bank South Africa. “This collaboration allows Standard Bank and its clients to meaningfully grow a more sustainable real estate landscape.”

But this is more than just a loan. The IFC funding is also accompanied by a performance-based incentive, backed by the UK’s Department for Energy Security and Net Zero. The incentive will help developers and homeowners offset the cost of green certification, making it easier to meet international sustainability standards.

This partnership is part of a broader strategy by both Standard Bank and IFC to scale up green financing in emerging markets. Standard Bank will leverage the IFC’s Market Accelerator for Green Construction (MAGC) program, which is designed to fast-track the development of certified green buildings, particularly in high-impact areas like affordable housing.

For the IFC, this initiative aligns with its mission to support sustainable and inclusive growth. “IFC is pleased to expand its collaboration with Standard Bank, our longstanding partner in South Africa, to help widen access to finance for certified green buildings,” says Cláudia Conceição, IFC’s regional director for Southern Africa. “As we continue to champion innovative blended finance solutions for high-impact segments—such as affordable housing and women homeowners—IFC is helping to drive a more sustainable future while supporting economic resilience.”

Standard Bank is no stranger to the green financing space. Already a dominant player in residential home loans, the bank has seen rapid growth in its green home loan portfolio over the past two years. These certified homes adhere to strict environmental standards, significantly cutting energy and water consumption while offering long-term savings to homeowners.

With the new IFC funding, Standard Bank aims to cement its position as South Africa’s leading financier for sustainable housing. The bank’s sustainability strategy aligns with the growing market demand for green real estate solutions, especially as energy and water security remain critical challenges.

For homebuyers, this means more opportunities to own a home that is both environmentally friendly and cost-effective. For developers, it’s an opportunity to build for the future without being held back by high certification costs. For Standard Bank, it’s another step toward its vision of driving sustainable development while creating long-term financial value.

As South Africa grapples with energy shortages, rising utility costs, and urban expansion, this kind of investment is becoming increasingly critical. Standard Bank’s latest partnership with IFC signals a shift toward a greener, more financially inclusive real estate sector—one where sustainability is no longer an option but a standard.

In a move that signals strong confidence in Africa’s early-stage tech ecosystem, the International Finance Corporation (IFC) has announced a proposed USD 6 M equity investment in the Ventures Platform Pan-African Fund II (VP II).

The fund, managed by Nigeria-based Ventures Platform, is designed to support seed-stage, technology-driven startups across the continent, with a particular focus on Nigeria.

This investment is set to come at a crucial time for African startups. While the global venture capital landscape has cooled, the need for early-stage funding remains high. For many African founders, access to capital is a major hurdle, and funds like VP II are stepping in to bridge that gap. IFC’s backing is set to add credibility and much-needed liquidity, helping to sustain momentum in the region’s growing tech sector.

Ventures Platform, led by seasoned investors Kola Aina and Dotun Olowoporoku, has built a reputation for identifying and nurturing high-potential startups. Founded in 2016, the firm has played a key role in shaping Africa’s digital economy. It initially launched with a USD 40 M fund in 2021, later increasing it to USD 46 M in 2022 after securing additional commitments from global institutional investors, including Standard Bank, British International Investment (BII), Proparco, and AfricaGrow.

Over the years, Ventures Platform has backed over 90 startups, many of which have gone on to become industry leaders. Companies like Piggyvest, PayHippo, Mono, SeamlessHR, and Tizeti have benefitted from its early-stage support, demonstrating the fund’s ability to identify winners in Africa’s fast-evolving digital landscape.

With VP II, the firm is looking to double down on its strategy, focusing on sectors that are critical to Africa’s economic transformation, such as fintech, insurtech, health tech, edtech, agritech, enterprise SaaS, and digital infrastructure.

What makes this investment particularly noteworthy is its timing. The African startup ecosystem, like much of the global market, has been experiencing a slowdown in venture funding. Rising interest rates and economic uncertainty have made capital harder to secure. However, Kola Aina sees this as an opportunity rather than a setback.

IFC’s investment in VP II is part of a broader strategy to strengthen Africa’s venture capital infrastructure. The institution has been steadily increasing its commitments to the region, recognizing the potential of homegrown innovation to drive economic growth. In addition to the proposed USD 6 M investment in Ventures Platform’s new fund, IFC has also injected capital into other early-stage funds. It recently committed USD 6 M to Flat6Labs’ USD 85 M Africa Seed Fund and another USD 6 M to Lofty Alpha, a venture capital firm focusing on startups across the continent.

The global finance body has also been expanding its reach beyond traditional tech sectors. In a bid to support sustainable innovation, IFC has pledged USD 5 M to the Equator Africa Fund I, marking its entry into climate tech venture capital. It has also acted as a limited partner in P1 Ventures’ first institutional fund, which closed at USD 50 M, and Janngo Capital’s second fund, which secured EUR 73 M (USD 78 M). These investments highlight IFC’s commitment to not only supporting tech startups but also empowering diverse founders and underserved markets.

For Africa’s tech ecosystem, these capital injections couldn’t come at a better time. With global investors becoming more cautious, funds like VP II provide a much-needed safety net for early-stage founders. By supporting local venture capital firms, IFC is helping to create a sustainable investment pipeline—one that ensures that promising startups don’t just survive the funding winter but emerge stronger.

As Africa continues to cement its place in the global digital economy, investments like these will play a crucial role in shaping the continent’s future. The next generation of African unicorns may well be emerging from funds like Ventures Platform Pan-African Fund II, and with backing from players like IFC, the foundation for long-term success is being laid.

Women-led businesses in Côte d’Ivoire are set to gain greater access to financing through a groundbreaking gender bond issued by Ecobank Côte d’Ivoire, the first of its kind in the West Africa Economic and Monetary Union (WAEMU).

To support its endeavour, the International Finance Corporation (IFC) and the Africa Local Currency Bond Fund (ALCB Fund) have announced a landmark investment into the gender bond.

The bond aims to address the country’s significant credit gap for female entrepreneurs by channelling much-needed capital to nearly 1,200 women-owned small and medium-sized enterprises (WMSMEs), fostering business growth, job creation, and greater financial inclusion in Côte d’Ivoire.

The investment is part of a growing movement to use capital markets as a tool for financial inclusion. Gender bonds, a relatively new financial instrument, direct funds toward initiatives that promote gender equality and economic empowerment. This is only the second such bond issued in Africa, following an IFC-supported transaction in Tanzania.

IFC and the ALCB Fund have committed XOF 4.9 B (USD 7.8 M) to the bond’s total issuance of XOF 10 B (USD 16 M). As part of the deal, IFC is also providing a credit guarantee of XOF 1.25 B (USD 2 M). The financing will support Ecobank’s Ellevate program, which offers tailored banking products, advisory services, and capacity-building initiatives designed specifically for women entrepreneurs. In addition to its investment, IFC will work closely with Ecobank to strengthen its ability to serve women-led businesses.

For IFC, this bond represents a significant step in leveraging capital markets to drive inclusive economic growth. Sérgio Pimenta, IFC’s Vice President for Africa, emphasized the importance of expanding financial access for women entrepreneurs, calling it a key pillar of IFC’s strategy for job creation and economic development in Côte d’Ivoire. Paul-Harry Aithnard, Regional Executive Director for Ecobank in the WAEMU region, highlighted the broader impact of supporting women-owned businesses, noting that financial empowerment for women translates into stronger communities and more resilient economies.

The timing of the investment underscores its significance. The ALCB Fund, which works to deepen local capital markets across Africa, described its support for the transaction as particularly meaningful during the same week as International Women’s Day. Brock Hoback, Fund Lead for the ALCB Fund, pointed to Ecobank’s leadership in driving financial inclusion and the alignment of this bond with global sustainability goals.

This initiative also fits into IFC’s broader efforts to improve financial access for women entrepreneurs through its Banking on Women program, which has mobilized more than USD 10 B across 83 countries. In Côte d’Ivoire, IFC’s work is part of its largest portfolio in the WAEMU region, which as of January 2025 stood at USD 761 M, spanning sectors such as affordable housing, agriculture, infrastructure, and SME finance. The World Bank’s Joint Capital Program (J-CAP) also played a role in supporting the transaction by providing technical assistance to strengthen the local capital market.

By backing this bond, IFC, Ecobank Côte d’Ivoire, and the ALCB Fund are not only increasing financial opportunities for women but also setting a precedent for gender-focused investments in the region. As gender bonds gain traction, this could open the door for similar initiatives, unlocking new funding streams and accelerating economic empowerment for women entrepreneurs across West Africa.

The International Finance Corporation (IFC) is weighing a USD 75 M investment in Helios Investors V (“Helios V” or the “Fund”), with an additional USD 50 M set aside for potential co-investments.

This proposed investment is set to build on a recent USD 75 M commitment from the European Investment Bank (EIB Global), announced at the Finance in Common Summit in Cape Town signalling a growing confidence in Africa’s tech-driven economic growth.

Helios Fund V, a pan-African private equity fund managed by Helios Investment Partners, is positioning itself to capitalize on Africa’s rapidly evolving digital economy.

The fund is targeting a total raise of USD 750 M to invest in market-leading companies that are leading Africa’s digital and financial landscape. The fund will focus on businesses at the intersection of technology, urbanization, and Africa’s favourable demographics—key drivers of the continent’s economic growth.

With plans to invest in 10 to 12 companies with ticket sizes ranging from USD 70 M to USD 80 M per company, Helios V aims to provide significant capital to established and high-growth businesses that have the potential to lead their industries.

At the core of its investment approach are four high-impact sectors that are crucial to Africa’s technological and economic advancement. Digital infrastructure remains a top priority, with investments planned in data centres, fibre optic networks, and telecom towers—key building blocks of a more connected and digital-first economy.

Financial services and fintech are another major focus, with Helios V looking to support businesses that are expanding access to banking, digital payments, and financial management tools.

Beyond finance and infrastructure, the fund is also eyeing tech-enabled business services, including cloud computing, healthcare tech, regulatory technology, and logistics solutions—industries that are increasingly dependent on digital innovation to improve efficiency and scalability. Additionally, Helios V plans to invest in essential consumer sectors such as healthcare, education, and food, where technology is helping to lower costs and increase accessibility for a growing population.

For the IFC, this aligns with its mission to drive private sector growth in emerging markets and encourage technological progress. Similarly, the EIB’s separate investment is part of its broader push to mobilize private capital for African businesses, working alongside other European development finance institutions (DFIs).

Beyond financial performance, Helios V has committed to incorporating environmental, social, and governance (ESG) principles into its investment strategy. The fund has pledged that at least 30% of its portfolio will go toward companies that meet the EIB’s gender equality standards, and it has joined the 2X Global network to promote gender-focused investing.

These commitments reflect a broader shift in global investment strategies, where financial institutions are increasingly prioritizing not just returns but also measurable social and economic impact.

With the combined backing from two major development finance institutions, the fund is positioned to play a critical role in fueling Africa’s next wave of digital innovation. As investors continue to recognize the potential of Africa’s tech ecosystem, Helios V’s success could pave the way for even greater financial commitments to the region in the years to come.

In a significant boost to the continent’s industrialization drive, the African Export-Import Bank (Afreximbank), the continent’s premier trade finance institution, has extended a USD 450 M global credit facility to ARISE Integrated Industrial Platforms (ARISE IIP), a pan-African developer and operator of industrial parks.

The overarching agenda of the investment is to drive industrialization across the continent by supporting ARISE IIP in its aims to expand existing industrial parks and Special Economic Zones (SEZs) across multiple African nations, while also providing crucial trade finance support to businesses operating within the ARISE IIP ecosystem.

This funding is part of a larger USD 800 M commitment proposed by Afreximbank to support the ARISE IIP effort in accelerating Africa’s industrialization.

Kanayo Awani, Executive Vice President of Intra-African Trade and Export Development at Afreximbank, emphasized this vision at the signing ceremony. “Afreximbank strongly believes that IPs and SEZs are veritable tools that Africa can deploy to fast-track industrial infrastructure development and to promote intra-African trade and export development.“

Africa’s industrial infrastructure gap, estimated at USD 100 B annually, has long been a barrier to economic progress. Strategic partnerships like this one are essential in closing that gap and accelerating industrialization Arvind Arora, Chief Treasury Officer at ARISE IIP, emphasized in a statement.

In his words, “The USD 450 M facility represents a major step forward in supporting Africa’s industrialisation efforts. This financing covers critical working capital and capital expenditure needs across various countries, addressing the diverse requirements for industrial development. Africa’s infrastructure investment gap, currently exceeding USD 100 B annually, significantly impacts the continent’s living conditions and its global competitiveness. At ARISE IIP, we are committed to working with strategic partners around the world to bridge this gap and accelerate industrialisation across the continent.” 

Of the total amount of USD 450 M, ARISE IIP will deploy USD 300 M to support the operations of existing industrial parks in Benin, Togo, Chad, Côte d’Ivoire, and Rwanda, while also financing the development of new parks in the DRC, Kenya, Chad, Nigeria, and Côte d’Ivoire.

Another USD 150 M will be deployed in Malawi, where it will help establish an industrial park in Lilongwe and provide trade finance support for the activities of its export trading company under Afreximbank’s Export Agriculture for Food Security initiative, a program designed to strengthen Africa’s agricultural exports and enhance food security.

But this deal is about more than just infrastructure—it’s about unlocking Africa’s economic potential. Industrial parks and SEZs are proven models for driving manufacturing, trade, and job creation, and this funding ensures that more African nations can harness their power.

The impact of this financing is expected to be transformational. Over the next five years, ARISE IIP anticipates attracting 230 new industrial tenants, generating USD 1.7 B in investment, and driving USD 5 B in exports from the new and expanded industrial parks. The benefits will also extend to local businesses, with USD 3.4 B worth of domestically sourced goods and services feeding into these supply chains.

The job creation potential is equally significant. The industrial parks and SEZs are expected to generate 32,000 direct jobs and 138,000 indirect jobs, providing new opportunities for thousands of African workers. More importantly, these jobs will be in high-value industries, helping to diversify African economies and reduce dependence on raw material exports.

The partnership between Afreximbank and ARISE IIP builds on previous successful collaborations. Their partnership has already led to ambitious projects like the USD 5 B Africa Textile Renaissance Plan, aimed at transforming Africa’s cotton industry by creating 500,000 metric tons of processing capacity and generating half a million jobs. Recently, Afreximbank’s Fund for Export Development in Africa (FEDA) also invested USD 300 M in ARISE IIP, reinforcing its long-term confidence in the company’s industrialization strategy.

With this latest funding, ARISE IIP is well-positioned to reshape Africa’s industrial landscape. As more countries embrace the Special Economic Zone model and prioritize value-added manufacturing, the continent is shifting from being a raw materials exporter to a global production hub, a transformation that could redefine Africa’s place in the global economy.

Proparco has provided Badili with a USD 400 K Debt Facility through the Bridge by Digital Africa facility to support its initiative of offering refurbished smartphones. This initiative aims to reduce electronic waste and provide consumers with affordable devices. This financing will enhance smartphone access, improve connectivity, and promote sustainability in Kenya.  

This is a Bridge financing deployed by Proparco. The Bridge facility enables young innovative African companies to benefit from bridging finance of up to 24 months to accelerate their development between two rounds of financing.  

Badili provides an innovative service by repurposing electronic devices for distribution across Africa, thus reducing the environmental impact by limiting the exploitation of natural resources and promoting the reuse of valuable materials. By improving access to affordable technology, Badili opens up opportunities for communities. This project contributes to Proparco’s mission by promoting responsible environmental practices and expanding socio-economic opportunities in Kenya and Africa. It addresses key challenges such as reducing electronic waste, conserving natural resources, and improving digital inclusion for marginalised communities. Increasing smartphone ownership helps foster local economic resilience, offering more people access to essential online services such as mobile payments, education platforms, and telemedicine. By making tools affordable for low-income users, Badili improves digital inclusion and connectivity.  

Rishabh Lawania, Founder and CEO at Badili, mentioned that “Getting validation and trust from PROPARCO is a great boost to the morale of the team that is building a sustainable company that enables Africans to own smartphones for a fraction of the cost of a new one. As we enter into the phase of profitability and expansion into other regions across Africa; it’s a great pleasure to welcome one of the most progressive and supportive DFI in the world as a part of Badili’s billion dollar journey”.  

Fabrice Perez, head of the Venture Capital Division at Proparco, emphasised the transformative nature of this project: “Badili’s initiative to refurbishing smartphones locally in Kenya is a game-changer. This project not only promotes economic resilience but also underscores the importance of sustainability in today’s digital economy. Proparco is  proud to support a venture that directly aligns with our objectives of fostering  environmental responsibility, economic opportunity, and social inclusion in Africa.”  

For Proparco, this collaboration with Badili represents a significant step towards addressing the global challenges of reducing electronic waste and the exploitation of mineral resources while also empowering individuals and communities through increased digital access. The financing highlights Proparco’s commitment to fostering sustainable solutions that align with its broader vision of supporting economic development and environmental stewardship across Africa. Proparco remains dedicated to identifying and supporting innovative projects promoting social impact and ecological responsibility.  

Mia von Koschitzky-Kimani isn’t your typical venture capitalist. She didn’t come up through Silicon Valley or Wall Street, and she doesn’t fit the mold of the perpetually pontificating, tweet-happy investor.

Instead, she built her career across continents, from Europe to Africa, combining strategic consulting with entrepreneurship before settling into the venture capital world.

Today, as Managing Partner at Future Africa; one of the continent’s prominent tech funders, she plays a crucial role in shaping the firm’s investment strategy, bringing a mix of analytical thinking, operational nous, and a pragmatic view on what it really takes to build great companies in Africa.

A Less-Travelled Road to VC

Born in Germany and educated in Switzerland and Harvard, Mia didn’t always know she wanted this path but figures being part of a tremendous growth story has always appealed to her.

“I wanted to be in a region where I could witness and contribute to real change,” she recalls. “Asia was already well on its way. Africa, on the other hand, still had so much potential that wasn’t being fully realised.”

That thinking led her to Nairobi in 2009, where she took an unconventional route: Working for a local entrepreneur instead of following her peers into corporate or banking.

Mia later re-joined Boston Consulting Group (BCG) after a prior stint pre-MBA, helping establish their presence in South Africa and Kenya. But while she loved strategy consulting, she quickly realised that the kinds of large corporations BCG typically worked with didn’t really exist in East Africa yet. “We needed to first build those companies before we could consult for them,” she tells WT.

So Mia decided to build one herself. Her first startup, DukaConnect, was an early AI-powered point-of-sale system designed for informal retailers. “It was before AI was cool,” she says with a laugh.

“Most small shops in Africa don’t have barcodes or structured inventory systems, so we created an image recognition system that could track sales without disrupting their workflow.”

The startup caught the attention of Mastercard, which acquired it in 2018 amid some co-founder differences, giving Mia firsthand experience in scaling and exiting a company.

Running a startup also gave her a front-row seat to the brutal realities of early-stage entrepreneurship. “Raising money is hard. But even harder is making sure your founding team is aligned,” she reflects. “You can have the best investors, the best product, but if the founders can’t work together, nothing else matters.” It was a lesson that would shape her.

Yet, her journey wasn’t solely about entrepreneurship. As familial ties and personal passions took hold—she met her Kenyan husband, raised four children, and even qualified in competitive master swimming—Mia’s perspective on venture capital began to shift.

“I realised that the same care I put into nurturing my family could be applied to startups,” she reflects with a wry smile. “Running a venture fund is a lot like parenting. You must be tough, yet caring. You push for performance while making sure your ‘kids’ have skin in the game.”

Pragmatic Playbook

Mia’s transition to venture capital wasn’t immediate. After selling her startup and following a stint at Mastercard post-DukaConnect acquisition, she joined Persistent Energy Capital, a firm focused on investing in early-stage renewable energy startups.

 “I was drawn to venture capital because it allowed me to combine my love for data and strategic thinking with the thrill of building companies at scale,” Mia tells WT. 

For her, Persistent Energy Capital was a good fit in some ways, but it also revealed a gap in the market. “Climate investing was picking up, but I wasn’t convinced it was the only place capital should go,” she says.

Around the same time, she joined Future Africa’s investment collective, where she met Iyinoluwa Aboyeji of Andela and Flutterwave fame, the firm’s founder. Their partnership was an unlikely but complementary one.

“E is very visionary, very instinct-driven,” Mia explains. “I, on the other hand, love data. I need to see the numbers, how the business works, the financial model.” Their contrasting styles have helped shape Future Africa’s unique investment thesis, balancing bold bets with financial discipline.

Mia also suggested that unlike many venture capital (VC) firms in Africa that rely heavily on Development Finance Institution (DFI) capital, Future Africa takes a different approach. “A lot of impact investors focus on ‘social good’ without thinking about scale,” Mia points out.

“But if a company only reaches 1,000 rural people and can’t grow sustainably, it’s not actually impactful in the long run.” Future Africa’s focus, she emphasises, is on backing high-impact, commercially viable startups that can scale across Africa and beyond.

Hard Realities and Emerging Trends

Mia is quick to acknowledge that the African VC market is maturing, but not without challenges. One of the most striking trends in 2024 is the sharp decline in early-stage funding.

Just three years ago, early-stage capital made up 31% of total funding. Today, it’s down to just 9%, as captured in the recently released 2024 African VC Report, the product of a collaboration between WT and Mia’s firm, Future Africa.

“A lot of early-stage funds have simply died,” she says bluntly. “They were too small for DFIs, didn’t have the track record for commercial investors, and couldn’t raise follow-on capital.”

As a result, accelerator checks are often one of the very few early-stage funding options and many founders have resorted to jumping from accelerator to accelerator, collecting small grants but never really building sustainable businesses, Mia observes, noting that this disconnect led her and Aboyeji to establish Accelerate Africa; an accelerator that prioritises revenue and scale over funding and equity.

“We see it all the time. Startups taking USD 50 K here,  USD 100 K there, but never securing enough capital to build out their model and actually scale,” she says. It’s a cycle that threatens to leave a dangerous funding gap, making it harder for the next generation of great startups to emerge.

Another major shift is the rise of debt financing, particularly in East Africa. “It’s interesting because DFIs, who are supposed to be the biggest risk-takers, are now focusing more on debt rather than equity,” Mia observes. While debt can be a useful tool, she warns that for many startups, it’s still extremely difficult to access at reasonable rates.

Meanwhile, fintech remains the dominant sector, but climate tech is rapidly gaining ground. “DFIs are channelling huge amounts of capital into climate startups, often at the expense of sectors like education and healthcare,” she notes. While she sees the value in climate investments, she cautions against overcorrecting. “We can’t afford to ignore foundational sectors just because climate is trendy right now.”

The Founder-Investor Relationship

Mia’s approach to working with founders is direct, almost parental; a style that has earned her the nickname “Mama Mia” in the Future Africa portfolio. “I push them hard,” she admits. “But I also care deeply about them as people, not just as companies.”

Her approach is a blend of meticulous analysis and intuitive judgment. “I’m not the type to just rely on gut feel,” Mia asserts. “I love digging into the numbers, understanding financial models, and forecasting market trends. But I also know that sometimes the best decisions come from trusting that instinct honed over years of experience.” This duality—analytical rigour paired with an instinct for people and markets—is at the heart of her approach.

Mia believes one of the biggest misconceptions about VC in Africa is that investors are just sitting on piles of money, ready to hand it out. “The truth is, raising a fund is just as hard as raising startup capital,” she explains. “It’s not my money, I have to return it to investors. So when we invest, we need to see real potential for growth.”

One of her biggest red flags? Founders who have put in none of their own money and at the same time demand high salaries before proving their model works and the companies are profitable. “If you’re not willing to put skin in the game, why should we?” she asks.

For all the challenges, Mia remains optimistic about the future of African VC. She believes the next wave of great companies will come from founders who understand financial discipline and build for scale from day one. She’s also excited about underhyped sectors, like creative tech, which has the potential to reshape Africa’s digital economy.

Asked what she hopes to achieve in the next decade, she keeps it simple: “I want to help build an ecosystem that produces globally competitive companies, companies that don’t just survive but thrive.”

With her data-driven approach, shrewd pragmatism, and commitment to founders, Mia does look on track.

A major initiative to fortify Africa’s infrastructure against climate change took centre stage at the Finance in Common Summit in Cape Town, South Africa, where the European Investment Bank (EIB) announced its commitment to the USD 750 M Infrastructure Climate Resilient Fund (ICRF).

Led by the Africa Finance Corporation (AFC) and managed by its asset management arm, AFC Capital Partners (ACP), the fund is designed to embed climate resilience into Africa’s critical infrastructure while mobilizing large-scale investment to address the scarcity of equity capital for greenfield infrastructure projects in Africa.

The Fund leverages a powerful partnership between three major institutions— the European Investment Bank (EIB), Africa Finance Corporation (AFC), and the Green Climate Fund (GCF)—uniting their expertise, capital, and commitment to climate resilience. While the AFC provides infrastructure expertise, the EIB brings financial strength, and the GCF offers first-loss protection, ensuring lower investment risks and broader private sector participation.

As part of this commitment, the EIB pledged USD 52.48 M to the fund. This investment complements a record-breaking USD 253 M from the Green Climate Fund (GCF)—the largest equity investment GCF has ever made in Africa. With additional backing from the Nigeria Sovereign Investment Authority (NSIA) and two major African pension funds, the initiative signals growing confidence in Africa’s ability to lead climate adaptation efforts.

Speaking at the signing ceremony, EIB Vice-President Ambroise Fayolle emphasized the significance of the investment. “The EIB is committed to supporting private sector investment in climate-resilient infrastructure, especially in regions most vulnerable to climate change.”

Bridging the Infrastructure Gap in a Climate-Vulnerable Continent

Africa, the world’s most climate-vulnerable continent, faces an urgent need for infrastructure that can withstand extreme weather events, rising temperatures, and shifting environmental conditions. The ICRF aims to embed resilience at every stage of infrastructure development—from design and construction to operation—ensuring that critical projects can withstand the intensifying impacts of climate change.

To achieve this, the fund will de-risk private investment using blended finance mechanisms, making climate-resilient projects more attractive to investors. It also introduces innovative tools such as climate risk parametric insurance, offering immediate financial relief in the wake of climate-related disasters.

Beyond financing, the fund will offer technical assistance, helping African nations assess climate risks and develop robust adaptation strategies.

ACP’s fund aims to demonstrate that Africa can pursue a climate-resilient and sustainable development path by addressing market failures, mitigating environmental risks, strengthening logistics, trade, and industrialization, and accelerating the continent’s digital and energy transition.

“This fund is crucial for bridging the financing gap for climate adaptation in Africa,” said AFC President & CEO Samaila Zubairu. “By focusing on climate-resilient infrastructure, we are not only securing Africa’s economic future but also creating opportunities for sustainable growth and job creation across the continent. We are proud to partner with the EIB and other investors who share our vision for increasing the impact of climate finance.”

The Path to Unlocking USD 3.7 B for Africa’s Future

The launch of the USD 750 M ICRF is only the beginning. Through strategic partnerships and co-financing mechanisms, the fund is expected to mobilize up to USD 3.7 B for infrastructure projects across Africa, targeting critical sectors such as transport, clean energy, digital connectivity, and industrial development.

Each investment will undergo rigorous climate risk assessments, ensuring that infrastructure projects are climate-proofed and aligned with long-term sustainability goals.

Overall, the ICRF is expected to support 10 to 12 large-scale projects across Africa once operational, each selected for its ability to drive sustainable growth while bridging the continent’s infrastructure gap.

This is expected to create thousands of jobs during construction and long-term employment once projects are operational. It also aligns with global sustainability goals, including the EU’s Global Gateway strategy, the African Union’s Agenda 2063, and the UN Sustainable Development Goals. The EIB’s investment directly supports its climate objectives, which include dedicating 50% of its financing to climate action and 15% specifically to adaptation by 2025.

As climate risks intensify, the Infrastructure Climate Resilient Fund stands as a model for how strategic investment can drive both economic growth and climate resilience.

With strong backing from African and international partners and billions in funding, the initiative is set to boost Africa’s infrastructure landscape, ensuring that the continent’s economic growth is not only sustainable but also resilient to the challenges of climate change.

The European Investment Bank (EIB Global) is putting down USD 75 M to back Africa’s growing digital economy, financial services, and tech-driven businesses.

The investment is going into Helios Fund V, a private equity fund managed by Helios Investment Partners, the world’s largest Africa-focused investment firm.

Announced at the Finance in Common Summit in Cape Town by EIB Vice-President Ambroise Fayolle, signals Europe’s continued interest in fueling Africa’s digital and financial transformation.

The fund is set to back businesses within the financial services, technology and digital infrastructure sectors—from data centres and fibre networks to telecom towers—as well as companies driving innovation in cloud computing, fintech, logistics, health tech, and education tech.

These areas are in line with the priorities outlined in the EU-Africa Global Gateway Investment Package, which aims to enhance sustainable development across the continent through strategic investments in key industries.

Africa’s digital transformation is well underway, but many businesses still struggle to access the capital they need to scale. That’s where Helios comes in. The fund will provide long-term investment to high-impact companies, helping them expand and compete in a rapidly evolving market.

Beyond technology and infrastructure, gender inclusion is also a key focus of the fund. Helios has committed to ensuring that at least 30% of its portfolio meets the EIB’s gender equality criteria, with investments targeting women-led businesses, leadership training, and capacity-building programs. The fund is also a member of the 2X Global network, reinforcing its commitment to advancing women’s economic empowerment across the continent.

The investment is part of EIB Global’s broader push to mobilize private capital for African businesses, working alongside other European development finance institutions (DFIs).

Last year alone, EIB Global invested EUR 232 M in funds across Africa, accounting for 49% of its total fund investments—a clear indication of its increasing focus on supporting private capital flows into African markets.

EIB Vice-President Ambroise Fayolle called Helios a trusted investment partner with deep African expertise, emphasizing that the fund aligns with the EU-Africa Global Gateway Investment Package, which aims to strengthen Africa’s economic resilience.

South Africa’s Deputy Minister of Finance, David Masondo, welcomed the investment, saying that private capital plays a critical role in driving Africa’s economic growth. He highlighted that the funding will help strengthen capital markets, expand financial infrastructure, and mobilize resources for high-impact sectors, all of which are key to job creation and industrial growth.

Private equity has long been a catalyst for economic transformation in Africa, with private equity firms like Helios playing a key role in providing not just funding, but also strategic expertise and technical knowledge to help African businesses scale. With Helios Fund V, the EIB is making a strong bet on Africa’s digital and financial future, ensuring that businesses across the continent have the capital they need to thrive, expand, and compete on a global stage.