January 11

Seedstars Africa Ventures Gets $30 Million Backing from EIB Global to Invest in Early-Stage Startups

By Annie Njanja

Seedstars Africa Ventures has received a $30 million capital commitment from EIB Global, an arm of the European Investment Bank, which becomes the first major institutional investment for its first pan-African venture capital fund.

The new commitment follows an $8 million investment from the fund’s anchor investor, French private equity firm LBO France. The fund targets to close at between $80 million and $100 million to back seed and Series A startups, and offer follow-on funding up to Series B, bridging an extensive capital gap, and supporting startups beyond accelerator programs.

Photo courtesy of Ninno JackJr.

Source: Tech Crunch (link opens in a new window)

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