African technology startups are set to receive a major funding boost following a $46 million commitment from EIB Global, the development arm of the European Investment Bank (EIB).
The investment will be channelled through the newly launched Speedinvest Africa Fund, the first Africa-focused vehicle from European venture capital firm Speedinvest, which is targeting a total fund size of $200 million.
Targeting Africa’s Key Innovation Hubs
The fund will focus on high-growth tech ecosystems across Egypt, Morocco, Nigeria, Kenya, and South Africa, while also supporting emerging markets such as Ghana, Côte d’Ivoire, Cameroon, Democratic Republic of Congo, Tunisia, Tanzania, and Uganda.
The initiative is aimed at strengthening digital innovation across the continent while fostering deeper economic ties between Africa and Europe.
Driving Digital and Financial Inclusion
According to the EIB, the funding will support startups building technology-enabled and mobile-first solutions in key sectors such as payments, healthcare, mobility, and education.
The strategy is expected to enhance digital and financial inclusion, enabling startups to scale across borders and access new markets.
Karl Nehammer, Vice-President of the EIB, said the initiative will empower African innovators to transform ideas into impactful, scalable businesses.
Focus on Jobs and Gender Inclusion
The fund aligns with the European Union’s Global Gateway strategy and is expected to deliver social impact, including job creation for young people and improved access to digital financial services in underserved communities.
Notably, at least 30% of the fund will be allocated to businesses advancing gender equality, including companies led by women or serving female-focused markets.
Strengthening Africa-Europe Investment Links
Oliver Holle, CEO and Managing Partner of Speedinvest, said the partnership underscores the firm’s long-term commitment to Africa’s startup ecosystem.
He noted that the fund will leverage Speedinvest’s European network, sector expertise, and follow-on capital to help African founders expand regionally and globally.
Speedinvest has previously backed African startups such as Moove and FairMoney, both of which have scaled significantly in fintech and digital banking.
Local Presence to Drive Growth
The fund will be managed by Deepali Nangia and Rana Abdel Latif, with plans to establish a dedicated African office to support on-the-ground operations.
With fresh capital and a growing network of international partners, the Speedinvest Africa Fund is poised to play a key role in accelerating innovation, entrepreneurship, and economic growth across the continent.
