French PE firm backs African venture fund
Seedstars Africa Ventures has partnered with French private equity firm LBO France as part of the latter’s new African strategy. Seedstars is a global emerging market accelerator active in 25 African countries. The fund focuses on financing innovative companies operating in sub-Saharan Africa in seed and series A rounds.
The $100 million fund is closing its third investment, growing its footprint from education and connectivity to agriculture. It leverages its footprint across the region to invest in early-stage companies across sectors, beyond the region’s main tech hubs. By investing up to $2 million and with a capacity to reinvest, the fund acts as the missing link between accelerators and later-stage funds.
Robert Daussun, CEO of LBO France, said: “Africa has become LBO France’s new frontier with venture as one of the strategies we are implementing on the continent. Innovation is buoyant there, the mood is incredibly positive and demography and economy are powerful drivers. Partnering with Seesdstars, is a terrific opportunity to address this new market.”
Maxime Bouan, managing partner of Seedstars Africa Ventures, commented: “Bringing on board LBO France is a major milestone for African entrepreneurship as it shows the attractiveness of the venture capital segment and the increasing comfort international investors have in investing in early-stage African innovation.”
Funded by private institutional capital, the fund is being joined by public institutions and corporates.
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