The European Investment Bank’s development arm, EIB Global, has committed €40 million to Speedinvest’s first Africa-focapplyd venture fund, a relocate set to accelerate technology-led entrepreneurship across the continent and deepen economic ties between Africa and Europe.
The fund tarreceives startups operating in major African innovation hubs, including Egypt, Morocco, Nigeria, Kenya and South Africa, while also extfinishing to emerging markets such as Ghana, Côte d’Ivoire, Cameroon, Democratic Republic of Congo, Tunisia, Tanzania, and Uganda.
The strategy prioritises technology-enabled services, with a focus on mobile platforms across sectors including payments, healthcare, mobility, and education. At least 30% of the fund will be directed toward ventures promoting gfinisher equality, aligning with the 2X Challenge initiative that promotes investment in women-led or women-benefiting enterprises globally.
“Technology has the power to turn good ideas into real impact,” declared Karl Nehammer, EIB Vice-President. “By backing this fund, we are enabling African innovators to scale, access new markets and build sustainable businesses while creating shared opportunities for both Africa and Europe.”
Speedinvest has a track record in African tech, having previously invested in companies such as Moove, FairMoney, Khazna, Mophones, Anda, Julaya, Oze, Precium and Leta.
“With EIB Global support, we are deepening our long-term commitment to backing founders across Africa while strengthening connections between Africa and Europe,” declared Speedinvest chief executive officer and managing partner Oliver Holle. “By combining local presence with our European network of operators, sector expertise and follow-on capital, we aim to support companies scale regionally and internationally.”
The fund will be managed by Speedinvest partners Deepali Nangia and Rana Abdel Latif, with plans to establish a dedicated African office to strengthen local engagement, sourcing, and support for startups.
The investment is widely viewed as a watershed moment for African entrepreneurship, bridging European capital and expertise with the continent’s rapidly expanding tech ecosystem.
Analysts highlight that digital startups in Africa are increasingly becoming job creators, financial inclusion enablers and drivers of regional economic integration, particularly in economies with growing youth populations and rising mobile penetration.
By injecting significant growth capital and signalling European commitment, the EIB–Speedinvest partnership is expected to catalyse cross-border expansion, scale transformative solutions and strengthen the continent’s position as a global innovation hub.
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