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Home Business StartUPs

EIB Global’s $30 Million Investment Ignites Innovation Across Africa with Seedstars Africa Ventures

by Joan Aimuengheuwa
January 10, 2024
in StartUPs
1
EIB Global's $30 Million Investment Ignites Innovation Across Africa with Seedstars Africa Ventures I
L-r: Seedstars Africa Ventures General Partners Tamim El Zein, Bruce Nsereko-Lule and Maxime Bouan

L-r: Seedstars Africa Ventures General Partners Tamim El Zein, Bruce Nsereko-Lule and Maxime Bouan

UBA
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Seedstars Africa Ventures has secured an equity investment of $30 million from the European Investment Bank (EIB) Global, facilitating the growth of innovative businesses and startups across Africa. 

Seedstars Africa Ventures, launched by Maxime Bouan, Tamim El Zein, and Bruce Nsereko Lule in partnership with global organisation Seedstars and multi-specialist investment platform LBO France, focuses on companies leveraging digital technologies for essential services.

EIB Global’s investment, backed by the European Union through the ACP Trust Fund and Boost Africa program, aims to address the equity gap in early-stage funding on the continent. The fund concentrates on Seed+ and Series A rounds, offering follow-on capabilities, and leads investment rounds to facilitate syndication while providing essential operational support.

Seedstars Africa Ventures has already completed four transactions, supporting companies like Beacon Power Services, Poa! Internet, Shamba Pride, and Bizao. For instance, Beacon Power Services, based in Lagos, is working to improve the reliability and quality of Africa’s energy supply through smart grids, reducing grid energy losses by an average of 25% and providing three additional hours of energy daily per household.

The EIB Global’s $30 million investment, backed by the EU, further supports the digitalisation and economic development of African countries, aligning with the European Union’s Global Gateway strategy. This investment, deployed through the ACP Trust Fund and Boost Africa program, provides financial support and also offers technical assistance to enhance business skills and expertise for the companies invested in by Seedstars Africa Ventures.

The collaboration between Seedstars Africa Ventures and EIB Global is essential in promoting innovation, modernisation, and financial development in the African continent. This partnership is expected to have a far-reaching impact on the economy of Africa, creating new opportunities for job creation and enhancing the overall prosperity of the region. 

With the combined expertise and resources of Seedstars Africa Ventures and EIB Global, this initiative is set to drive digitalisation, foster entrepreneurship, and support the growth of small and medium-sized enterprises (SMEs) in Africa. In facilitating access to finance, knowledge, and networks, the goal is to empower local businesses, promote social and economic inclusion, and contribute to sustainable development in Africa.

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  • Joan Aimuengheuwa
    Joan Aimuengheuwa

    Joan thrives at helping individuals and businesses scale via storytelling...

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Tags: Bruce Nsereko-LuleEIB GlobalMaxime BouanSeedstars Africa VenturesTamim El Zein
Joan Aimuengheuwa

Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

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  1. Pingback: Seedstars Africa Gets Additional $10.5mln Boost from AfDB

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