The African Development Bank (AfDB) announced an investment of US$7.5 million in Africa Tech Ventures, a venture capital firm based in Kenya.
The equity investment, according to AfDB, is part of its Boost Africa Investment Programme.
The Programme is a collaboration among AfDB, the European Commission (EC) and the European Investment Bank (EIB).
Founded in 2015, Africa Tech Ventures offers seed investment to early-stage companies that improve and facilitate access of essential goods and services to the underserved on the continent, while promoting inclusive growth.
The VC fund targets sectors such as consumer goods, corporate services, education, logistics, energy, fintech, agriculture, and healthtech.
Africa Tech Ventures was started by Mairead Cahill and Eline Blaauboer
It aims to provide between 15 to 20 startups with capital, with the hope that this will help these firms to take on at least 1 million users each.
Africa Tech Ventures’ portfolio currently includes Twiga Foods, Cellutant, Pezesha, Farm Drive, Eneza Education, mSurvey, Sendy, Software Technologies, Barefoot Power, Lynk and iProcure.