According to Ashish Thakkar, founder of Mara Group and a leading British-East African entrepreneur, the fund, which is expected to make its first investments within three to six months, will target key tech ecosystems across the continent.

The deal, sealed during the Future Investment Initiative in Saudi Arabia, targets vibrant startup ecosystems in South Africa, Nigeria, Kenya, Ivory Coast, and Egypt.

With the youngest and fastest-growing population globally, Africa is turning to technology to address challenges like infrastructure gaps.

Key cities like Cape Town, Johannesburg, Nairobi, and Ebene are emerging as tech hubs, as noted in a report by New World Wealth and Platform45.

Startupbootcamp, a global accelerator network with a portfolio worth $6 billion, is a critical partner in the venture.

Thakkar highlighted the importance of scale in investing, stating:

“We’ve engaged in extensive angel investments as a group, but achieving economies of scale is crucial.”

The fund will focus on early-stage and pre-IPO rounds, with plans to evolve into multi-stage investments.

“This is a strong start,” Thakkar said. “Our long-term vision includes creating both early and later-stage funds.”

Thakkar, who co-founded Atlas Mara Ltd., views the initiative as a pivotal opportunity to strengthen Africa’s tech ecosystems.