Startupbootcamp, Mara Group, and Blend Financial Services have announced plans to launch a $250 million fund aimed at accelerating the growth of African technology startups.
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.
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
Wecyclers Corporation, a leading Nigerian recycling startup, has secured $2 million in funding to recycle 30,000 tonnes of plastics over the next five years
African women leading innovative healthcare startups are invited to apply for support from Villgro Africa, a healthcare-focused incubator and investor.
Kenyan startup Peach Cars KE has secured a $5 million seed investment to fuel its ambitious plans of transforming the automotive industry in Kenya.
© 2021 Empower Africa. All rights reserved.