African technology start-ups will receive a $46 million (40 million) commitment from EIB Global, the development arm of the European Investment Bank (EIB).
The funds will be deployed through European venture capital (VC) firm SpeedInvest, the first Africa-focused investment vehicle.
The SpeedInvest Africa fund, which has a total target size of $200 million, targets companies in innovation hubs in Egypt, Morocco, Nigeria, Kenya and South Africa.
It also invests in high-potential markets including Ghana, Côte d'Ivoire, Cameroon, Democratic Republic of Congo, Tunisia, Tanzania and Uganda.
The EIB says this investment strengthens EUAfrica relations, supports digital transformation and promotes inclusive economic growth.
The strategy is designed to improve digital and financial inclusion by strengthening connections between African and European ecosystems while enabling start-ups to grow across borders. Technology has the power to turn good ideas into real impact, says Karl Nehmer, Vice President of the EIB.
Nehmer says that by supporting this vehicle, it is enabling African innovators to scale, access new markets and build sustainable businesses.
The fund focuses on technology-enabled and mobile-based services in payments, healthcare, mobility and education.
This is in line with the EU's Global Gateway priorities and is expected to deliver social benefits, including job creation for youth and expanded access to digital banking for disadvantaged communities.
At least 30 percent of vehicle capital will support companies advancing gender equality, including women as founders, employees or consumers.
Oliver Holley, CEO and Managing Partner of SpeedInvest, says that with EIB Global support, the company is deepening its long-term commitment to supporting founders across Africa while strengthening sustainable bridges between Africa and Europe.
SpeedInvest has previously backed African growth-stage companies, including mobility fintech Move and digital bank, FairMoney.
Holle says that by combining local presence with a European network of operators, sector expertise and follow-on capital, the firm aims to help founders scale regionally and internationally.
The fund will be managed by partners Deepali Nangia and Rana Abdel Latif, with a new African office planned to support its local operations.
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