In a move that signals strengthening digital and economic ties between Europe and Africa, EIB Global has announced a commitment of €40 million to SpeedInvest, the first dedicated Africa-focused investment vehicle.
The investment aims to empower the next generation of African tech champions, focusing on high-growth startups within the continent's innovation hubs. By supporting this vehicle, the development arm of the European Investment Bank (EIB) is betting on the transformative power of mobile-based services to drive financial inclusion and regional stability.
The fund is designed to target established tech landscapes in Egypt, Morocco, Nigeria, Kenya and South Africa, as well as seek high-potential opportunities in emerging markets such as Ghana, Côte d'Ivoire, Tanzania and Uganda.
The investment strategy focuses on sectors that provide the infrastructure needed for modern economies:
- Fintech and payments: expanding access to digital banking.
- HealthTech and EdTech: Providing vital services to underserved communities.
- Mobility: Improving logistics and transportation across borders.
A standout feature of the commitment is its alignment with the 2X Challenge, a global benchmark for gender-smart investing. At least 30% of the capital is earmarked for companies that support women as founders, employees or primary consumers.
“Technology has the power to turn good ideas into real impact,” said Carl Nehmer, EIB Vice President. “In a world of fragmentation, we are building bridges. By supporting this vehicle, we are enabling African innovators to scale, access new markets and build sustainable businesses.”
Although this is Speedinvest’s first dedicated African vehicle, the firm is no stranger to the continent. European VC leaders have already backed several leading African startups, including Nigeria's Move and FairMoney and Kenya's Leta.
Oliver Hooley, CEO and Managing Partner of SpeedInvest, emphasized that the partnership with EIB Global is about more than just capital, it is about connectivity. “By combining our local presence with our European network of operators and sector expertise, we aim to help founders scale regionally and internationally,” Holle said.
To support this mission, SpeedInvest plans to open a dedicated office on the continent, led by Partners Deepali Nangia and Rana Abdel Latif, to provide practical guidance to local founders.
The initiative falls under the EU's Global Gateway strategy, which seeks to mobilize sustainable investment around the world. Apart from financial returns, the Fund is expected to become a major engine of employment creation, especially for Africa's growing youth population.