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The African Development Bank approved €6.5 million to support tech start-ups in French-speaking West and Central Africa.
The African Development Bank Group has approved €6.5 million for the Saviu II venture fund to support tech start-ups in French-speaking West and Central Africa.
The investment includes €4.5 million in equity and €2 million in first-loss protection from the European Commission’s Boost Africa Programme.
Saviu II, managed by Saviu Partners, will make minority equity investments in 20 early-stage B2B tech firms, with at least 60% of funds going to Côte d’Ivoire, Cameroon, Senegal, Benin, Togo, Burkina Faso, and Mali.
The fund will also back pre-seed companies through partnerships with incubators and ecosystem players.
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El Banco Africano de Desarrollo aprobó 6,5 millones de euros para apoyar a las nuevas empresas tecnológicas en los países de habla francesa de África occidental y central.