€40M EIB Investment to Boost African Tech Startups and Strengthen EU–Africa Digital Ties

The initiative marks a significant step in strengthening EU–Africa economic and digital partnerships, while supporting innovation, job creation and inclusive growth across the continent.

African technology startups are set to receive a major financing boost after EIB Global, the development arm of the European Investment Bank (EIB), committed €40 million to a new Africa-focused investment fund led by European venture capital firm Speedinvest.

The initiative marks a significant step in strengthening EU–Africa economic and digital partnerships, while supporting innovation, job creation and inclusive growth across the continent.

Expanding Investment Across Africa’s Innovation Hubs

The new investment vehicle will target high-growth startups across Africa’s leading tech ecosystems, including:

• Nigeria, Kenya, South Africa

• Egypt and Morocco

It will also expand into emerging markets such as:

• Ghana, Côte d’Ivoire, Cameroon

• Democratic Republic of Congo, Tunisia

• Tanzania and Uganda

The fund is designed to help startups scale across borders, improve access to capital and connect African innovation ecosystems with European markets and expertise.

Driving Digital Transformation and Inclusion

The investment strategy focuses on technology-enabled and mobile-based services, particularly in sectors critical to everyday life and economic participation:

• Digital payments and financial services

• Healthcare technology

• Mobility and logistics

• Education platforms

By supporting these sectors, the initiative aims to expand digital and financial inclusion, especially for underserved populations with limited access to traditional banking and essential services.

Officials say the project aligns with the European Union’s Global Gateway strategy for Africa, which prioritises sustainable infrastructure, digital transformation and economic development.

Job Creation and Youth Opportunities

The fund is expected to generate significant employment opportunities, particularly for Africa’s rapidly growing youth population.

By backing scalable startups, the initiative aims to:

• Create new jobs in technology and related sectors

• Support entrepreneurship and innovation

• Strengthen local economies and supply chains

“Technology has the power to turn good ideas into real impact,” said EIB Vice-President Karl Nehammer.

“By backing this vehicle, we are enabling African innovators to scale, access new markets and build sustainable businesses—creating shared opportunities for both Africa and Europe.”

Strong Focus on Gender Equality

At least 30 percent of the fund’s capital will be directed toward companies that promote gender equality, including:

• Women-led startups

• Businesses employing women

• Services targeting women as primary users

The initiative qualifies under the global 2X Challenge, a benchmark for gender-smart investing aimed at increasing women’s economic participation.

Building Bridges Between Africa and Europe

Speedinvest, which has already backed several successful African startups, will manage the fund through partners Deepali Nangia and Rana Abdel Latif.

The firm has previously invested in companies such as:

• Moove and FairMoney (Nigeria)

• Khazna (Egypt)

• Leta (Kenya)

• Julaya (Côte d’Ivoire)

• Oze (Ghana)

The new fund will deepen these efforts by combining European capital, expertise and networks with Africa’s rapidly growing innovation ecosystems.

“With EIB Global support, we are deepening our long-term commitment to backing exceptional founders across Africa,” said Speedinvest CEO Oliver Holle.

“By combining local presence with our European network, sector expertise and follow-on capital, we aim to help founders scale regionally and internationally.”

Strengthening Local Presence

As part of the expansion, Speedinvest plans to establish a dedicated office in Africa, enabling closer engagement with founders and providing hands-on support.

Officials say this local presence will be key to identifying promising startups and ensuring sustained growth across the continent’s diverse markets.

A Strategic Step for Inclusive Growth

The €40 million investment underscores growing international confidence in Africa’s tech sector, which has emerged as a major driver of innovation, entrepreneurship and economic transformation.

By linking African startups with European capital and expertise, the initiative aims to create sustainable businesses, expand digital access and foster inclusive economic growth across the continent.