The African Development Bank (AfDB) Group has approved a €7.5 million investment in the Breega Africa Seed I Fund, marking a major push to finance Africa’s most promising technology start-ups at the early stage.
The investment will comprise €5 million in equity capital and a €2.5 million junior tranche funded by the European Commission, under the Bank’s Boost Africa Initiative aimed at catalyzing innovative young enterprises across the continent.
“The fund will inject resources into early-stage companies across various technology sectors: fintech, insurtech, agritech, healthtech, logistics, diversity and inclusion, as well as edtech and climate tech to expand access to essential services such as healthcare, finance and education to communities that remain significantly underserved,” AfDB noted in a statement. “By targeting ClimateTech and AgriTech, the Fund advances “Building Resilience and Value Addition,” supporting climate‑resilient infrastructure and fostering sustainable value chains and green innovation.”
The fund will concentrate its support in five key African markets: Nigeria, South Africa, Kenya, Egypt and Francophone Africa, recognized as critical innovation hubs. It will help companies addressing pressing challenges, such as widening access to healthcare, finance, education and sustainable infrastructure for underserved communities.
Read more: https://thenextafrica.com/afdb-has-approved-e7-5-million-to-boost-continents-tech-start-ups/
