The importance of venture capital firms in business cannot be overemphasized. Especially in Africa, where there is limited startup capital when compared to the western world.
Tunisian-based private equity fund AfricInvest has had their hands full with raising funds in a bid to launch a €120-million fund to invest in innovative new ventures across the continent. This is AfricInvest’s first capital raise and it is planned to be concluded at the end of this year.
According to reports, the fund would most likely be made up of contributions from between six and eight investors. Some of these investors would be corporate funders, some family offices, venture capital funds and development finance institutions (also the African Development Fund).
In her own words, the AfricInvest VC director Selma Ribica said, “It is aimed to be first truly African fund with offices in North, East, and West Africa and we aim to raise €120-million,” said Ribica. The idea, she said is to help startup to grow into regional giants.
The fund would be accessible to successful startups from any sector, from any country in the continent. This would be made possible via AfricInvest’s different offices in Tunis, Lagos, Abidjan, Nairobi, Casablanca, Algiers and Cairo.
With this most recent development, we expect a major boost in the African startup landscape as regards funding. AfricInvest having had almost 25 years’ experience as a private equity investor on the continent is sure to do proper justice when the raise is finished.
