The capital will support early-stage technology companies across several of Africa’s leading innovation ecosystems.

Target markets include established startup hubs such as Egypt, Morocco, Nigeria, Kenya, and South Africa, as well as emerging tech ecosystems in Ghana, Côte d’Ivoire, Cameroon, the Democratic Republic of Congo, Tunisia, Tanzania, and Uganda.

The investment is part of a broader effort by European development finance institutions to increase funding for high-growth companies across the continent and to strengthen economic links between Africa and Europe.

EIB Global said the initiative is designed to help promising startups secure long-term capital and expand into regional and international markets.

The fund will prioritize companies developing technology-driven services, particularly mobile-based solutions, across sectors such as digital payments, healthcare, mobility, and education.

These industries are increasingly critical to expanding access to essential services and accelerating digital transformation across African economies.

EIB Vice-President Karl Nehammer said the partnership reflects the growing role of technology in driving economic progress across the continent.

“Technology has the power to turn good ideas into real impact,” Nehammer said.

“By backing this vehicle, we are enabling African innovators to scale, access new markets, and build sustainable businesses – creating shared opportunities for both Africa and Europe. In a world of fragmentation, we are building bridges.”

Speedinvest, a Vienna-based venture capital firm known for backing early-stage technology companies, will manage the fund through partners Deepali Nangia and Rana Abdel Latif.

The firm plans to deepen its engagement with African founders and support companies that can expand beyond their domestic markets.

Oliver Holle, CEO and managing partner of Speedinvest, said the investment will strengthen the firm’s long-term presence in Africa’s startup ecosystem.

“With EIB Global support, we are deepening our long-term commitment to backing exceptional founders across Africa while strengthening enduring bridges between Africa and Europe,” Holle said.

To support its expansion on the continent, Speedinvest also plans to establish a local office in Africa.

The firm said the move will allow it to work more closely with founders and provide hands-on guidance as startups grow.