Empowering African Startups: Seedstars Africa Ventures Secures $30M Funding

Seedstars Africa Ventures, a Paris- and Nairobi-based venture capital firm, has closed a $30 million capital commitment from EIB Global, the arm of the European Investment Bank, for its first pan-African fund. The firm plans to use the investment to back early-stage African startups, with initial investments ranging from $250,000 to $2 million, and follow-on funding of up to $5 million. The fund aims to provide support for entrepreneurs in Africa, particularly in regions outside of Egypt, Kenya, Nigeria, and South Africa. It also plans to invest up to 50% of the fund in Francophone Africa. Seedstars Africa Ventures has already invested in four African businesses, including Poa Internet, Beacon, Shamba Pride, and Bizao. The firm is now set to accelerate its investments following the new funding.