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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