$100m innovation fund to fuel African tech investments
The Global Innovation Initiative Group (GIIG), an investment vehicle for early-stage tech start-ups, has established a new fund to invest in early-stage tech innovation start-ups across Africa.
The GIIG Africa Fund is a Curaçao-based private investment initiative that will invest annually in the winners’ pool of start-up participants from the African region of the Global Start-up Awards (GSA), an independent start-up ecosystem competition.
Through its multi-platform venture-builders, GIIG says it seeks to develop the largest relationship infrastructure of mission-aligned African innovation stakeholders to accelerate the co-creation of disruptive African solutions.
According to a statement, the aim of the fund is to stimulate entirely new industries, accelerate cross-border collaboration and unlock access to new markets across Africa.
As the exclusive rights-holder for the GSA, GIIG is on the lookout for vetted participants across venture capital stages engaged in categories linked to the United Nations Sustainability Goals and mega-trends of the 2020s, which will invest in the fund.
GIIG founding partner Mahyar Makhzani explains: “We are not just launching a new fund; rather, this is the dawn of a new way of finding and funding start-ups in Africa, since our candidates will have had to go through a vigorous competition and vetting process to be eligible for funding.
“This means they will be the cream of the crop, thereby increasing our investors’ chances of success.”
Open only to qualified investors, the fund is seeking to raise $100 million in capital commitments to invest in tech and innovation in Africa over the next three years, and is targeted to return over 25%.
“The GIIG Africa fund is geared at breaking open the funding landscape to provide access for innovators across Africa to a world-class support team and significant global networks. For those with the drive and potential, this will be a game-changer for the top African tech disruptors,” says Caitlin Nash, GIIG founding partner.
For more information on how to apply, visit the GIIG website.