African Venture Capital Gets a Boost as Oxford Programme Builds Investor Connections

HealthCap Africa General Partner and programme alumna Dr. Ola Brown described relationships formed at Oxford as continuing sources of advice, collaboration and opportunities.

African entrepreneurs are developing businesses that could create jobs, reshape markets and solve everyday problems, with access to growth capital remaining a major obstacle. The fifth Africa Venture Finance Programme (AVFP), held at the University of Oxford's Saïd Business School from 21 to 25 September 2026, brought together more than 40 African and Africa-focused venture capital fund managers from 14 countries. Their funds back early- and growth-stage technology and technology-enabled businesses across the continent, giving these investors a direct role in helping promising companies grow.

Giving investors the tools to support growing businesses

Africa's expanding markets, entrepreneurial talent and growing adoption of technology offer substantial investment opportunities, though the continent receives only a small share of global venture capital. Running for its fifth consecutive year, AVFP addresses this gap by strengthening fund managers' capabilities, professional networks and investor relationships. EIB Global Director General Andrew Mc Dowell described the programme as support for the people who can turn entrepreneurial potential into investment, helping businesses secure capital, expand and generate lasting economic value.

Designed and delivered by Oxford academics and experienced industry practitioners, the programme combines research, practical experience and confidential exchanges among peers. This year's curriculum covered venture debt, investment exits and the use of artificial intelligence in venture capital business models. Representatives of development finance institutions, institutional investors and established venture capital firms joined discussions on mobilizing more local and private capital for African funds and their portfolio companies.

HealthCap Africa General Partner and programme alumna Dr. Ola Brown described relationships formed at Oxford as continuing sources of advice, collaboration and opportunities. Peter Ellersiek, Impact Investments Director at AfricaGrow / Allianz Global Investors, emphasized that funding needs to be matched by sound judgment, operational capabilities and strong networks so investors can support businesses through different stages of growth.

A €129 million guarantee backs the next investment initiative

The EIB and European Commission used the gathering to confirm the launch of a successor initiative, Boost Ventures in Africa, supported by a €129 million European Commission guarantee covering all fund investments under the initiative. An initial €4.5 million from the European Fund for Sustainable Development Plus, known as EFSD+, will fund technical assistance for established and emerging fund managers and portfolio start-ups, pairing investment support with expertise for the businesses and investors involved.

AVFP is delivered through two technical assistance facilities: Boost Ventures in Africa Technical Assistance, delivered by EIB Advisory with European Commission funding, and the AfricaGrow Technical Assistance Facility, provided through KfW and funded by Germany's Federal Ministry for Economic Cooperation and Development. The programme contributes to the European Union's Global Gateway investment strategy and Team Europe's support for young African businesses by strengthening the fund managers financing innovative companies.

European Commissioner for International Partnerships Jozef Síkela connected that work with the need to turn Africa's talent and ambition into tangible benefits for citizens. He highlighted the importance of strengthening locally rooted fund managers and connecting them with international capital, giving African businesses access to the finance and expertise needed to grow.

Recognition for women shaping Africa's investment industry

Investors and an industry expert panel recognized two women for their contributions to African investment during this year's programme. Andreata Muforo was honoured for helping develop the continent's venture capital ecosystem, and Abi Mustapha-Maduakor received recognition for advancing Africa's private capital industry through her work with the African Private Capital Association, known as AVCA.

Following the 2026 edition, the AVFP alumni network includes more than 200 fund managers from 20 countries and 80 venture capital firms. Its continuing value rests in relationships that extend beyond the Oxford programme, giving investors channels to exchange knowledge, share opportunities and collaborate on the challenges of financing African businesses.