Cathay Innovation Partners AfricInvest as it Complete Final Close of $112M Pan-African Venture Fund
Cathay Innovation, a global venture capital firm, and AfricInvest, a top multi-asset investment platform in Africa, have achieved the final closure of their combined Pan-African Venture Fund, Cathay AfricInvest Innovation Fund [CAIF], at $112M.
The fund is supported by Limited Partners including EIB, AfricaGrow, FMO, Bpifrance, Triodos Investment Management, Proparco, SIFEM, BIO, and others, as well as a diverse group of well-known investors from around the world, including high-net-worth individuals from Europe, Africa, and the Middle East and development finance institutions.
Ten well-known businesses operating across the continent have received funding from CAIF since its founding in October 2019. These companies include 54gene, OZÉ, Migo, PalmPay, Heetch, KaiOS, Boomplay, Aerobotics, and WhereIsMyTransport. Most recently, the firm co-led the $8M Series A round of financing for the EdTech business GoMyCode in Tunisia.
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According to Yassine Oussaifi, a partner at AfricInvest and the co-head of CAIF, the partnership brings to Africa global expertise in the innovation space.
“AfricInvest’s partnership with Cathay Innovation brings to Africa global expertise in the innovation space combined with a robust network in Europe, the US and Asia, all helping to build bridges between Africa and the rest of the world, allowing the fund’s investees to grow into regional and global champions.” said Oussaifi.
In order to provide local hands-on support, build portfolio synergies, and aid in different regions, CAIF relies on AfricInvest’s extensive pool of resources from its network, rich investment expertise, and physical presence. This cuts across 11 regions through offices in Abidjan, Algier, Cairo, Casablanca, Lagos, Nairobi, and Tunis.
“We’re proud to partner with the AfricInvest team — connecting the entire African continent with tech hubs around the world — in a shared mission of accelerating the transition to a more digital, sustainable and inclusive economy for Africa and beyond,” said Mingpo Cai, Founder of Cathay.
About Cathay Innovation
In conjunction with Cathay Capital, Cathay Innovation is a multinational venture capital firm that finances startup businesses in North America, Latin America, Europe, Asia, and Africa. It believes that startups are at the forefront of the digital revolution. Through access to new markets, priceless industry knowledge, and early introductions to potential partners, its worldwide network unites technology investment across continents, investors, entrepreneurs, and top businesses.
Cathay Innovation invests with visionary entrepreneurs and firms that are having a good influence on the world through technology. The company manages a multistage fund with over $2B in assets under management and offices in San Francisco, New York, Paris, Shanghai, Beijing, and Singapore.
“We believe the time is now to accelerate digital transformation over the next ten years as innovation represents the biggest opportunity to take on some of the world’s largest challenges,” said Denis Barrier, Co-founder of Cathay Innovation.
Having started with eight locations on five continents, Cathay Innovation now manages about $2 billion in assets across three renowned funds and specialized vehicles like C.Entrepreneur, Cartech, Smart Energy, Cathay AfricInvest Innovation, Seaya Cathay Latam, and the recently launched Ledger Cathay Capital fund for web3.
Over 136 million Africans have been reached with inclusive and digital solutions provided by the Fund’s portfolio companies, ensuring that every $1 invested on the continent benefits multiple users. With its current holdings, the Fund has established and maintained more than 1,400 direct jobs, with an average of 35% of the workforce being female.
The fund will continue to assist African entrepreneurs in scaling their cutting-edge technologies across the continent and beyond, as well as assist international entrepreneurs in their expansion into Africa.