Speedinvest Africa Fund Gets EUR 40M EIB Global Backing

Vienna-based venture capital firm Speedinvest has secured a significant EUR 40 million commitment from EIB Global, the development finance arm of the European Investment Bank, to fuel its inaugural dedicated fund for African technology startups. This strategic backing marks a pivotal moment for Speedinvest's expansion into the continent, signaling a focused approach to deploying capital across North and Sub-Saharan Africa.

The newly established Speedinvest Africa Fund is targeting a substantial EUR 200 million in total capital. This fund will concentrate on early-stage investments, specifically at the seed and Series A rounds, supporting innovative tech-enabled companies. The initiative represents a deliberate shift for Speedinvest, moving from opportunistic investments within its broader global funds to a dedicated pool of capital with a clear regional mandate, underscoring the growing importance of the African tech ecosystem.

The fund's investment thesis spans several high-growth sectors crucial to Africa's development. Key areas of focus include fintech and related services such as payments, lending, and insurance, alongside technology applications in healthcare, education, mobility, and e-commerce marketplaces. Geographically, the fund will prioritize major innovation hubs including Egypt, Morocco, Nigeria, Kenya, and South Africa, while also exploring opportunities in secondary markets like Ghana, Côte d'Ivoire, Cameroon, the Democratic Republic of Congo, Tunisia, Tanzania, and Uganda.

A notable aspect of the fund's strategy is its commitment to gender-lens investing. At least 30 percent of the capital will be directed towards businesses that actively promote gender equality, whether through women founders, leadership teams, or by serving female consumers. This aligns with the 2X Challenge initiative, a global standard for gender-focused investment in emerging economies, highlighting Speedinvest's dedication to impact alongside financial returns.

Managed by seasoned Speedinvest Partners Deepali Nangia and Rana Abdel Latif, the fund benefits from the firm's extensive experience. Speedinvest currently oversees EUR 1.2 billion in assets under management across its EMEA operations, employing a sector-specialized investment strategy from pre-seed to growth stages. The firm has already demonstrated its commitment to the African market with a portfolio of existing investments, including notable companies like Moove and FairMoney in Nigeria, and Khazna in Egypt.

The EUR 40 million commitment from EIB Global is structured to act as a catalyst, encouraging further investment from institutional limited partners and development finance institutions. This is particularly significant during a period where fundraising for emerging markets can present challenges. Oliver Holle, CEO of Speedinvest, emphasized the firm's approach: 'By combining local presence with our European network of operators, sector expertise, and follow-on capital, we aim to help founders scale regionally and internationally.' This strategic partnership with the European Investment Bank is expected to unlock substantial growth opportunities for African tech ventures.