Seedstars Africa Ventures I Bags $42M at First Close

Seedstars Africa Ventures I, a venture capital fund dedicated to supporting innovative African startups, reported making a $42M first close, with a further $8M in commitments following as it moves toward hitting its $80M fundraising target.

The African Development Bank and EIB Global (under the support of the EU under the ACP Trust Fund - EU Compartment and Boost Africa) served as funding investors for the fund, which targets early-stage startups across the continent that cater to critical products and service needs. It aims to make seed and Series A round financings of up to $2M and follow-on investments of up to $5M.

To date, the fund has deployed $10M to five startups across agribusiness, communications, climate, energy, financial inclusions, and payment infrastructure sectors, including Beacon Power Services from Nigeria and Poa! Internet from Kenya. Seedstars announced the first close at the 2024 Africa Investment Forum Market Days event in Morocco, where other initiatives that center on investments in Africa were highlighted.

Source: https://www.afdb.org/en/news-and-events/press-releases/africa-investment-forum-2024-market-days-seedstars-africa-ventures-i-announces-42m-first-close-79322