Wednesday
June 20
2018

Breaking down France’s new $76M Africa startup fund

By Jake Bright

Weeks after French President Emmanuel Macron unveiled a $76 million African startup fund at VivaTech 2018, TechCrunch paid a visit to the French Development Agency (AFD) — who will administer the new fund — to get more details on how le noveau fonds will work.

The $76 million (or €65 million) will divvy up into three parts, according to AFD Digital Task Team Leader Christine Ha.

“There are €10 million [$11.7 million] for technical assistance to support the African ecosystem… €5 million will be available as interest-free loans to high-potential, pre-seed startups…and…€50 million [$58 million] will be for equity-based investments in series A to C startups,” explained Ha during a meeting in Paris.

Photo courtesy of Teddy Kwok.

Source: TechCrunch (link opens in a new window)

Categories
Entrepreneurship, Investing, Technology
Tags
development finance, entrepreneurship, foreign aid, global development, impact investing, startups