African technology startups will get a funding boost through a €40 million commitment from EIB Global, the development arm of the European Investment Bank (EIB), leading European venture capital firm SpeedInvest’s first Africa-focused investment vehicle. This investment strengthens EU-Africa relations, supports digital transformation and promotes inclusive economic growth across the continent.
The vehicle will support technology companies in innovation hubs including Egypt, Morocco, Nigeria, Kenya and South Africa, while also investing in high-potential markets such as Ghana, Côte d'Ivoire, Cameroon, Democratic Republic of the Congo, Tunisia, Tanzania and Uganda. It is designed to improve digital and financial inclusion and strengthen commercial and capital ties between the African and European ecosystems, enabling startups to scale across borders.
The strategy focuses on technology-enabled and mobile-based services in payments, healthcare, mobility and education. It is in line with the EU's Global Gateway priorities for Africa and is expected to deliver broad social benefits, including job creation – particularly for young people – and expanded access to digital banking and essential services for disadvantaged communities.
At least 30% of the vehicle's capital will support companies advancing gender equality, including women as founders, employees or consumers. The operation qualified under the 2X Challenge initiative, a global benchmark for gender-smart investing.
“Technology has the power to turn good ideas into real impact,” EIB Vice President Carl Nehmer said. “By supporting 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 has been investing in African growth-stage companies for several years, supporting startups such as Move (Nigeria), FairMoney (Nigeria), Khazna (Egypt), Mofonse (Kenya), Anda (Angola), Zulaya (Cote d'Ivoire), Oze (Ghana), Precium (South Africa), and Leta (Kenya). The new fund deepens this long-term commitment, building on SpeedInvest's broader strategy of connecting European capital and expertise with the high-growth innovation ecosystem.
“With EIB global support, we are deepening our long-term commitment to supporting exceptional founders across Africa while strengthening lasting bridges between Africa and Europe.” said Oliver Hooley, CEO and Managing Partner of SpeedInvest.“By combining local presence with our European network of operators, sector expertise and follow-on capital, we aim to help founders scale regionally and internationally.”
The fund is managed by SpeedInvest Partners, Deepali Nangia and Rana Abdel Latif. A planned office in Africa is expected to further strengthen the local presence and practical support for founders.