Pan-African Venture Capitalist, Ambo Ventures, has launched a $50,000,000 fund to support seed stage, Series A and Series B startups focused on the green economy of Africa.
In itself, the firm focuses on the green economy and has big aspirations to ensure the sector thrives. The goal is to invest in impact-driven and socially responsible startups across different countries in Africa.
The firm invests in companies reducing core infrastructure costs and accelerating income growth. Ambo Ventures seeks to protect biodiversity, reduce carbon, empower women and increase incomes.
Backed by partners across the continent, the company was founded this year by Jude Bouhmouch and Loic Amado, who have garnered regional experiences over the years.
Expatiating on their experiences, Jude Bouhmouch asserts to have managed $1,200,000 in public equity funds, participated as an angel investor and mentored entrepreneurs on fundraising and corporate finance, and has helped develop Google’s Sustainable Development Goals Accelerator.
Loic Amado, on the other hand, introduced Uber in Egypt, this was a profitable move for the co-founder. Mark Kuria, one of their Venture Partners, supports the firm with his experience in dealing with early-stage investments in Kenya.
Initially, Ambo Ventures was focused on Egypt, supporting Egyptian startups and helping increase their networks beyond the immediate environment. The VC now seeks to increase its reach beyond the country, adding Kenya, Morocco, Nigeria and South Africa to its list. These countries are significant markets in terms of startup activity, with the population of Nigeria and Kenya being way higher than that of Egypt.
Changelabs, one of the firm’s Venture Partners, helps high-potential regional VCs enter into Egypt, further supporting them to raise funds. This is done with GIZ Egypt and ENdure Capital as partners.
Further collaboration includes Ambo and Changelabs’ partnership on the Scale-Up to Green accelerator in Egypt. 15 innovative green energy, resource efficiency, and agritech startups are currently involved.
These initiatives and partnerships are the fund’s effort to deepen its reach across the African continent, realising its goals to impact as many emerging businesses as possible.