Finance

Proparco to invest $57.1 million in African tech startups by 2019

Tuesday, 20 November 2018 14:46
Proparco to invest $57.1 million in African tech startups by 2019

(Ecofin Agency) - Following the French president (photo) Emmanuel Macron's announcement of the launch of a €65 million fund to finance African startups, Proparco indicated that a first tranche would be provided by 2019.  

This tranche of €50 million ($57.1 million) will be invested in the tech ecosystem on the continent.

Siby Diabira, director of Proparco’s regional bureau in Southern Africa and the Indian Ocean, revealed that this fund would be indirectly invested in two or three funds targeting Africa and directly in tech companies in the continent.

Proparco will provide up to €1 million to tech startups seeking financing and between €5 million to €10 million in investment funds. For the time being, there are no indications of the countries or sectors which will benefit from the opportunity but, Siby Diabira indicated that Proparco was looking for  "startups which will change the lives of many people”.  

It is worth mentioning that recently, Proparco invested $5 million in TLcom TIDE Africa Fund, an African tech and innovation fund for developing economies. It also invested $3 million in the South African fintech Jumo.

Chamberline Moko



 
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