AfDB Invests $ 7.5 Million in Africa Tech Ventures to Fund Innovative Startups in Africa
The African Development Bank (AfDB) has approved a $ 7.5 million investment for Africa Tech Ventures (ATV), a fund that funds innovative and scalable companies in sub-Saharan Africa.
These financial resources were provided under the Boost Africa initiative jointly launched by the AfDB and the European Investment Bank (EIB) with the aim of strengthening entrepreneurship and innovation in Africa.
The money invested by the AfDB will be used to finance start-up companies that develop technological and innovative solutions in the fields of education, logistics, energy, agriculture, health, consumer goods or still financial services. In addition to funding, ATV will provide technical assistance and connect selected startups with its network of entrepreneurs.
The Africa Tech Ventures Fund intends to proceed with a first closing by the end of the second quarter of 2019 and a final closing towards the end of 2019. The commitments mobilized from its financial partners will enable ATV to strengthen its support and technical support to the continent’s companies.