This fresh capital injection will fuel the venture capital fund’s mission to empower high-growth, innovative businesses across Africa.

The AfDB investment comes in two parts: $7 million from its own resources and $3.5 million from the European Union Boost Africa program.

This initiative, launched in 2019 by the AfDB and the European Investment Bank, aims to empower young African entrepreneurs to build impactful businesses, creating jobs and boosting economic growth.

“This new investment will have a significant economic impact, generating an estimated 9,000 full-time jobs, half of which will be reserved for women,” the AfDB stated in a press release.

“This aligns with the Bank’s Jobs for Youth in Africa Strategy, demonstrating its commitment to supporting youth entrepreneurship and development.”

Seedstars Africa Ventures, launched in 2020, identifies and invests in promising early-stage businesses across sub-Saharan Africa.

With a focus on companies tackling critical market challenges and demonstrating revenue potential, the fund has already invested over $7 million in 25 startups.

“This additional capital from the AfDB will be instrumental in expanding our reach and impact,” says Seedstars Africa Ventures’ Maxime Bouan.

“It will allow us to support more innovative startups, create new jobs, and contribute to the development of Africa’s vibrant entrepreneurial ecosystem.”

The fund, with backing from prominent corporations and institutional investors, prioritizes early-stage investments in underserved markets, often overlooked by traditional investors.

While focusing on French-speaking countries like Senegal and Côte d’Ivoire, it also invests in Ghana, Uganda, and Tanzania, showcasing its commitment to pan-African entrepreneurship.

This latest investment solidifies Seedstars Africa Ventures’ position as a leading supporter of early-stage innovation in Africa.

This new injection of fuel will propel Zeal’s ambitious expansion plans across Europe, the Middle East, and Africa, following its recent entry into the UK market.

Founded in 2019, Zeal empowers retailers and businesses with innovative payment solutions that go beyond mere transactions.

Their game-changer? The SmartPOS Plugin, a technology that transforms existing credit card machines into powerful customer engagement tools.

“This investment fuels our mission to bridge the gap between billions of customers and millions of retailers,” says Ebeid. “We’re using AI to revolutionize retail customer engagement on a global scale.”

The SmartPOS Plugin leverages standard POS terminals to understand customer behavior, enabling retailers to identify, segment, and retarget customers with personalized experiences.

“Zeal’s comprehensive solution holds immense potential for the global payment landscape,” says Wael Nafee of Raed Ventures. “We’re thrilled to support their vision and watch them transform in-store customer engagement.”