EIB Global invests in Seedstars Africa Ventures I fund
EIB Global, an arm of the European Investment Bank, has made a $30m investment in the Seedstars Africa Ventures I fund.
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EIB Global, an arm of the European Investment Bank (EIB), has announced a $30 million equity investment in the Seedstars Africa Ventures I venture capital fund.
Seedstars Africa Ventures I was created by Maxime Bouan, Tamim El Zein and Bruce Nsereko Lule, in partnership with Seedstars, a global organisation that invests and supports entrepreneurs from emerging markets, and LBO France, a multi-country multi-specialist investment platform that seeded the initiative and provided a material anchoring commitment.
The fund expects to reach a first close early this year but has already completed four transactions, namely in Beacon Power Services, Poa! Internet, Shamba Pride and Bizao.
The $30 million EIB Global investment is backed by the EU, through $20 million from the ACP Trust Fund and $10 million from the Boost Africa programme. With this investment, the EIB has now fully deployed Boost Africa, a programme launched in 2016 with the aim of boosting sustainable jobs and prosperity through venture capital for African entrepreneurs. Under Boost Africa, the companies invested in by Seedstars Africa Ventures 1 will also benefit from technical assistance to develop business skills and expertise, funded by the EU.
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