AfDB Approves €7.5 Million Investment to Boost Early-Stage Tech Startups Across Africa

The Board of Directors of the African Development Bank Group  has approved a €7.5 million investment in the Breega  Africa Seed I Fund, to support Africa’s most promising technology start-ups in their early stages.

The Bank Group will invest €5 million in equity capital and €2.5 million in the form of a junior tranche on behalf of the European Commission, as part of the Boost Africa Initiative to support young entrepreneurs with innovative businesses across the African continent.

The fund will inject resources into early-stage companies across various technology sectors: fintech, insurtech, agritech, healthtech, logistics, diversity and inclusion, as well as edtech and climate tech to expand access to essential services such as healthcare, finance and education to communities that remain significantly underserved. It will focus on five key markets, namely Nigeria, South Africa, Kenya, Egypt and Francophone Africa, which are major hubs on the continent.

The Fund aligns with the Bank’s Four Cardinal Points. Under “Mobilizing Africa Financial Resources,” the Fund expands access to development financing for early-stage enterprises and contributes to closing private-sector financing gaps, particularly for start-ups. In line with “Leveraging Africa’s Demographic Dividend,” the Fund places job creation at the center of its investment model, including jobs for women and youth. Furthermore, by targeting ClimateTech and AgriTech, the Fund advances “Building Resilience and Value Addition”, supporting climate‑resilient infrastructure and fostering sustainable value chains and green innovation.