EIB Global Commits €40 Million to Boost African Tech Startups Through Speedinvest Fund

African technology startups will receive a financing boost through a €40 million commitment from EIB Global, the development arm of the European Investment Bank (EIB) , to the first Africa-focused investment vehicle from leading European venture capital firm Speedinvest.  The investment strengthens EU–Africa ties, supports digital transformation, and promotes inclusive economic growth across the continent.

The vehicle will back technology companies across innovation hubs, including Egypt, Morocco, Nigeria, Kenya, and South Africa, while also investing in high-potential markets such as Ghana, Côte d’Ivoire, Cameroon, the Democratic Republic of Congo, Tunisia, Tanzania, and Uganda. It is designed to improve digital and financial inclusion and strengthen commercial and capital linkages between African and European ecosystems, enabling startups to scale across borders.

The strategy focuses on technology-enabled and mobile-based services across payments, healthcare, mobility, and education. It aligns with the European Union’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 underserved communities.

At least 30% of the vehicle’s capital will support companies advancing gender equality, including women as founders, employees, or consumers. The operation qualifies under the 2X Challenge initiative, a global benchmark for gender-smart investing.

“Technology has the power to turn good ideas into real impact. By backing 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.”

– Karl Nehammer, Vice-President, EIB

Speedinvest has been investing in African growth-stage companies for several years, backing startups such as Moove (Nigeria), FairMoney (Nigeria), Khazna (Egypt), Mophones (Kenya), Anda (Angola), Julaya (Côte d’Ivoire), Oze (Ghana), Precium (South Africa), and Leta (Kenya). The new fund deepens this long-term commitment while building on Speedinvest’s broader strategy of connecting European capital and expertise with high-growth innovation ecosystems.

“With EIB Global support, we are deepening our long-term commitment to backing exceptional founders across Africa while strengthening enduring bridges between Africa and Europe. 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.”

– Oliver Holle, CEO and Managing Partner, Speedinvest 

The fund is managed by Speedinvest Partners Deepali Nangia and Rana Abdel Latif. A planned office in Africa is expected to further strengthen local presence and hands-on support for founders.