"This new fund aims to stimulate the creation of 100% African startups, all of which have a positive impact on society. Through this support, the French Development Agency wishes to accelerate not only economic innovation, but also social and societal innovation… "
This is the ambition of the French Development Agency, as expressed by its Deputy Director General Betrand Walckenaer at the launch of a new €15 million fund dedicated to African startups.
Announced on December 3, this seed fund will enable AFD's local partners to invest in start-ups already launched on the continent that are having a positive impact and creating value for both the economy and society.
Recent years have shown that Africa can count on a rapidly growing network of startups. Although funding does not yet rival that of other regions of the world, the continent's potential is real. This new initiative will enable AFD to support promising companies that are still too young to attract investors.
This new seed fund is an integral part of Choose Africa, an initiative launched last April by AFD to support African startups, and is part of the €65 million commitment announced by French President Emmanuel Macron at Vivatech in May 2018.
Read also: AFD launches "Choose Africa" to support African startups