EIB Global Commits €40M to Speedinvest Fund, Fueling Africa’s Next Wave of Tech Startups

European Investment Bank (EIB) Global has pledged a total of €40 million to Speedinvest’s first Africa-focused fund in order to expand high-growth tech startups across the continent. The investment is targeted at building EU-Africa innovation ties, help digital transformation, and also promote growth amidst women-led enterprises. 

The fund is targeted at Speedinvest Africa Fund focusing on startups in markets that are emerging like Ghana, Côte d'Ivoire, Cameroon, the Democratic Republic of the Congo, Tunisia, Tanzania, and Uganda. Its investment focus will branch across several sectors such as fintech, health-tech, mobility, education, and digital services that are driven by mobile uptake and digital transformation.

According to Speedinvest CEO and Managing Partner Oliver Holle, 

“With EIB Global support, we are deepening our long-term commitment to backing exceptional founders across Africa while strengthening enduring bridges between Africa and Europe.” “ By combining local presence with our European network of operators, sector expertise, and follow-on capital, we aim to help founders scale regionally and internationally.”

Startups in hubs like Egypt, Morocco, Nigeria, Kenya, and South Africa will also be included in this funding. For Africa’s economy individuals will enjoy job creation, digital inclusion, and competitiveness in global markets. Also businesses will enjoy Speedinvest’s global network. 

The financing contract is an indication of the growing understanding that despite Africa's startup ecosystem has advanced considerably, more institutional capital is still needed to scale ideas both locally and internationally. Closing this funding gap will support African innovation, generate employment, and support equitable economic growth throughout the continent.