EWB Canada mobilizes $24mln for African startups
Friday, 13 March 2020 17:05
Engineers Without Borders Canada (EWB Canada) has raised $24 million from its partners to invest in social and for-profit enterprises in Africa. From its Hummingbird Impact venture capital fund, the organization will provide pre-seed, seed and A-series funding to technology companies run by mixed teams.
The resources mobilized by EWB Canada will be complemented by a $4 million facility that will be provided in the form of technical assistance to the Canadian organization's portfolio companies. CEO Boris Martin (pictured) says EWB will continue to respond to the needs of African startups capable of making a large-scale and sustainable impact.
In its last annual report for 2017, EWB Canada reported that it has allocated almost $300 million to support social enterprises in Africa. This funding has enabled the organization to reach approximately 8 million people.
Chamberline Moko
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