African technology start-ups will receive a $46 million (€40 million) commitment from EIB Global, the development arm of the European Investment Bank (EIB).
The funds will be deployed through the first Africa-focused investment vehicle from European venture capital (VC) firm Speedinvest.
The Speedinvest Africa Fund, which has a total target size of €200 million, targets companies across innovation hubs in Egypt, Morocco, Nigeria, Kenya, and South Africa.
It also invests in high-potential markets, including Ghana, Côte d’Ivoire, Cameroon, the Democratic Republic of Congo, Tunisia, Tanzania, and Uganda.
The investment strengthens EU–Africa ties, supports digital transformation, and promotes inclusive economic growth, says the EIB.
The strategy is designed to improve digital and financial inclusion while enabling start-ups to scale across borders by strengthening linkages between African and European ecosystems. Technology has the power to turn good ideas into real impact, says Karl Nehammer, vice-president of the EIB.
By backing this vehicle, it is enabling African innovators to scale, access new markets, and build sustainable businesses, says Nehammer.
The fund focuses on technology-enabled and mobile-based services across payments, healthcare, mobility, and education.
This aligns with the EU’s Global Gateway priorities and is expected to deliver social benefits, including job creation for youth and expanded access to digital banking for underserved communities.
At least 30% of the vehicle’s capital will support companies advancing gender equality, including those with women as founders, employees, or consumers.
With EIB Global support, the firm is deepening its long-term commitment to backing founders across Africa while strengthening enduring bridges between Africa and Europe, says Oliver Holle, CEO and managing partner of Speedinvest.
Speedinvest has previously backed African growth-stage companies, including mobility fintech Moove and digital bank FairMoney.
By combining a local presence with a European network of operators, sector expertise, and follow-on capital, the firm aims to help founders scale regionally and internationally, says Holle.
The fund will be managed by partners Deepali Nangia and Rana Abdel Latif, with a new African office planned to support its local operations.
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