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Seedstars Africa Ventures gets $30M backing from EIB Global to invest in early-stage startups
The fund targets to close at between $80M and $100M to back seed and series A startups, and offer follow-on funding up to Series B.
The team wanted to be pan-African from the onset and be able to provide hands-on support to portfolio companies through a targeted early-stage investment strategy,” said Bouan. Seedstars Africa Ventures said that while the fund is sector-agnostic, it is keen on startups that address basic needs such as education, healthcare and utilities, or enhancing goods, services and efficiency. Through initial funding from LBO France, the Seedstars Africa Ventures fund has already invested in four businesses including Kenya’s internet service provider Poa Internet; Nigeria’s grid management SaaS for electricity distribution utilities, Beacon; Power Services agritech Shamba Pride, and payments company Bizao.
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