Cathay Innovation, a venture capital firm, and AfricInvest, an African multi-asset investment platform, have closed their combined Pan-African Venture Fund, Cathay AfricInvest Innovation Fund (CAIF), at a total of €110 million.
The fund is supported by LPs like the EIB, AfricaGrow, FMO, Bpifrance, Triodos Investment Management, Proparco, SIFEM, BIO, and others, as well as a diverse group of well-known investors from around the world, including high-net-worth individuals from Europe, Africa, and the Middle East and development finance institutions.
Also read: The 5 most expensive hotels in East Africa
The multi-strategy platform of AfricInvest has actively strengthened the private equity and venture capital ecosystem in Africa since it was established in 1994.
Cathay Innovation, a top venture capital firm that was established in 2015, offers entrepreneurs help from a worldwide ecosystem spanning North America, Europe, Asia, Latin America, and Africa.
Ten well-known businesses operating across the continent have received funding from CAIF since it was founded, including 54gene, OZÉ, Migo, PalmPay, Heetch, KaiOS, Boomplay, Aerobotics, and WhereIsMyTransport.
After the fund’s closing, the CAIF team will concentrate on funding the most promising early- to growth-stage firms that are transforming African lives through innovative, tech-enabled goods and services. The fund invests in entrepreneurs across a variety of industries, including Fintech, Mobility, HealthTech, EdTech, AI, Digital Content, and AgTech, with initial check amounts ranging from €1-10M for growth-stage and up to €1M for chosen seed-stage tickets.
“AfricInvest’s partnership with Cathay Innovation brings to Africa global expertise in the innovation space along with a strong network in Europe, the US, and Asia, all helping to build bridges between Africa and the rest of the world and allowing the fund’s investees to grow into regional and global champions,” says Cathay Innovation. Yassine Oussaifi, a partner at AfricInvest and the co-head of CAIF, said.
With offices on three continents and more than €2 billion in assets under management, Cathay Innovation has a proven track record of investing in startups that are accelerating the sustainable and digital transformation of business and society through more than 120 global investments, including 19 unicorns.