AfDB approves €10m investment funding for African tech start-ups

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The Board of Directors of the African Development Bank (AfDB) has approved an equity investment of €9.8 million to support venture capital

investments in African start-ups, from seed to growth stages.

The Innovation Fund focuses on financial inclusion , retail and logistics platforms targeting online/mobile consumers, healthcare technologies, pay-as-you-go ecosystem and off-grid energy technologies.More recently, the Innovation Fund has expanded its focus to include start-ups that are harnessing new digital opportunities created as a result of the Covid-19 pandemic, or with high potential to help fight the coronavirus.

Other investors include German KfW/Allianz GI’s AfricaGrow, public investment bank BPI and development finance institution Proparco, both of France, and Swiss impact investor Obviam.

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