The African Development Bank Group (AfDB) is set to invest 6.5 million euros in the Saviu II fund for onward transmission into tech startups in their seed and first institutional fundraising phases.
- •The Saviu II venture capital fund, the second investment vehicle of Saviu Partners, aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d 'Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
- •The fund has also said it will consider co-investing in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries.
- •The Bank will invest 4.5 million euros as equity and 2 million euros as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme
Saviu II plans to invest between 500,000 and three million euros in about 20 technology or technology-oriented B2B start-ups in the seed phase or carrying out first institutional fundraising.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
