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.