BPIfrance And Mubadala Partners to Launch $416m Fund for African Startups

Joel Nwankwo

Jul 1, 2021 • 1 min read

Mubadala Investment Company and BPIfrance have partnered to form a new co-investment venture focused on African private equity to support high-growth African startups and SMEs. The two firms have agreed to raise $416m through fund and direct investments in private equity and venture capital, focusing on African startups.

“We are thrilled to announce we will start working with our long-time partner Mubadala in neighboring Africa, where Bpifrance has been active over the past 20 years through a pioneering fund of funds program,” Nicolas Dufourcq, CEO of Bpifrance, said.

BPIfrance and Mubadala have built a strong relationship since the launch of the French Emirati Fund in 2014 and the Innovation Partnership in 2017. The agreement to jointly invest in top-tier African private equity and venture capital funds comes after the Summit on the Financing of African Economies on May 18, where France and the UAE, along with 45 other nations and institutions, pledged to work together to achieve a post-Covid economic recovery in Africa, including through specialized support for entrepreneurs and SMEs.

Waleed Al Mokarrab Al Muhairi, deputy group CEO of Mubadala speaking on the partnership said that expressed joy over the partnership and said he hopes more international bodies assist in the movement.

“We are more convinced than ever of the tremendous potential of Africa’s private sector and of the pivotal role that African private equity will play in uncovering and empowering industrial and tech champions throughout the continent. We hope more of our international partners will join us on this exciting African journey.

“Over the years, we have developed a strong relationship with Bpifrance and have successfully invested or committed approximately EUR1.5 billion in more than 15 investments in France. We are excited to extend this partnership into Africa, a market which we believe has significant untapped potential, and to invest alongside them in high-growth companies” Waleed said.

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