15 °c
London
Friday, April 23, 2021
No Result
View All Result
FurtherAsia FurtherArabia FurtherBrazil FurtherRussia
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

AfDB approves €7M equity in Africa Tech Fund ?

FurtherAfrica by FurtherAfrica
November 19, 2018
in Africa, Banking, Development, Economy, Finance, Financial Inclusion, Tech
Reading Time: 2 mins read
0
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Partech is a Venture Capital Fund dedicated to investing in tech-enabled, innovative, high growth potential and talented entrepreneurs operating early stage companies and applying relevant technologies to address fundamental market constraints with the potential to scale across the continent.

The African Development Bank’s efforts to channel critical investment funding to Africa’s entrepreneurs received a big boost on Wednesday, 18 October 2018 in Abidjan, where the Bank’s executive directors approved €7 million equity investment in Partech Africa Fund.

Partech is a Venture Capital Fund dedicated to investing in tech-enabled, innovative, high growth potential and talented entrepreneurs operating early stage companies and applying relevant technologies to address fundamental market constraints with the potential to scale across the continent.

With hubs/offices in Dakar, planned for Nairobi and Lagos, the Fund is targeting companies across the continent with the goal of enabling the emergence of regional champions.

It focuses on

i) financial inclusion (fintech, insurtech, pay as you go, off-grid energy)

ii) online and mobile consumers; and

iii) more broadly on tech adoption in enterprises, especially in industry, education, logistics and transport, health, and agriculture value chain applications.

Under the framework of the Board approved Boost Africa Program, the Bank will provide a €7 million equity investment in the 2nd close. The contributions from both the African Development Bank and the European Investment Bank form part of the Boost Africa Programme, which assists Partech in its fundraising. The fund’s focus aligns well with the Boost Africa objectives to invest in high growth innovative start-ups with a strong social / Base of the Pyramid outreach and impact.

The investment strategy is also in line with the Bank’s Private Sector Operations strategy linking entrepreneurship, investment and economic growth with poverty alleviation and sustainable growth development outcomes and impact.

It also aligns with all High 5s, as the deal flow will also include investees operating in agriculture/value chains, small industrializing start-ups, and off-grid energy start-ups. It will support regional integration by connecting scalable businesses within and across regions and improve the life of the people of Africa through new business models that are inclusive and support less endowed people. It is also in line with the Bank’s Financial Sector Development Policy and Strategy to increase access to financial services for the underserved.

Some of the key development outcomes include:

(i) Promoting profitability and growth of high value-generating companies;

(ii)stimulating strong job growth, and

(iii) increasing access and inclusion to financial and ‘real sector’ services and goods through appropriate technology and innovations; (iv) creating more efficient markets with deeper access for poorer segments of society.

Underscoring the strategic importance of the investment, Stefan Nalletamby, Director, Private Sector, Infrastructure & Industrialization Department said:

“By participating in the Fund, the Bank will support the successful launch of the first large Venture Capital fund covering four key regions in Africa, supporting entrepreneurs to leverage additionality and technology to develop affordable, user-centred products and services and market-driven complementarity.”

Source: Devdiscourse

Related

Tags: afdbafricaAfrica Tech FundBank's Financial Sector Development Policy and StrategyBank's Private Sector OperationsBase of the PyramidBoost Africa ProgramcontinentDirectorEquityEuropean Investment BankFeatureFinancial Inclusionfundamental market constraintshigh growth potentialhigh value-generating companiesInfrastructure & Industrialization Departmentinnovativejob growthonline and mobile consumersPartechPartech Africa FundPrivate SectorStefan Nalletambytalented entrepreneurstech adoptiontech-enabledThe African Development Bank'sVenture Capital Fundафрикаأفريقياアフリカ非洲
ScanSendShare320Tweet200Share56Pin72Send
Previous Post

Mozambique revitalises production of sisal

Next Post

Angola: Making industry more competitive, low cost – official

FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Angola

Angola to cut 20% of diamond production

by Staff
April 23, 2021
e-Commerce

Following Twitter choosing Ghana, Amazon opts for South Africa for its first African office

by Staff
April 23, 2021
Africa

Mozambique: ExxonMobil FID likely to come in 2023 – Fitch Solutions

by Rafael Carvalho
April 23, 2021
Rwanda invites African tech startups to apply for the Smart Cities Innovation Programme 2021
Startup

Rwanda invites African tech startups to apply for the Smart Cities Innovation Programme 2021

by TechGist Africa
April 23, 2021
Angola

How Angola is planning to revive its oil industry, jumpstart economy

by The Exchange
April 23, 2021
Next Post

Angola: Making industry more competitive, low cost - official

US supports increased trade with Mozambique through the AGOA act

US trade with Southern Africa grows

Kariba Dam rehabilitation commences

Mozambique: Government wants construction sector to set list prices

Leave a Reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

2021 AFSIC
2022 Indaba Mining

FurtherAfrica Partners

The Exchange Club of Mozambique Taarifa Rwanda
CrudeMix Africa TechGist Africa Farmers Review Africa
Botswana unplugged Financial Insights Zambia Africa Oil & Power
Harambee Africa Novafrica  

Subscribe to FurtherAfrica

Enter your email address to receive notifications of new articles on your email.

Join 73,051 other subscribers.

FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About

© 2021 FurtherMarkets

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?