Seedstars Africa Ventures I, a venture capital fund focused on scalable African startups, has announced the first close of $42 million.
Co-founded by Maxime Bouan, Tamim El Zein, and Bruce Nsereko Lule, the fund operates in partnership with Seedstars, a global entrepreneur-support organization, and LBO France, a leading multi-specialist investment platform that helped seed the initiative.
Earlier this year, the fund secured a $30 million equity commitment from EIB Global and has now raised an additional $12 million, with backing from the African Development Bank, marking a significant milestone in its first close.
Seedstars Africa Ventures I addresses a critical funding gap for early-stage startups across the continent. It invests up to $2 million in seed and Series A rounds, with follow-on funding capacity of up to $5 million. By leading successive investment rounds, the fund not only bridges capital pools but also attracts co-investments while offering operational support to its portfolio companies.
The fund has already deployed over $10 million to five groundbreaking African startups:
- Beacon Power Services (Nigeria): Energy and power solutions.
- Poa! Internet (Kenya): Affordable internet connectivity.
- Xeno (Uganda): Financial inclusion through investment solutions.
- Bizao (Ivory Coast): Payments infrastructure.
- Shamba Pride (Kenya): Innovations in food systems.
Focused on sectors like climate tech, food systems, energy access, internet connectivity, and financial inclusion, Seedstars Africa Ventures I aims to catalyze transformative growth across the African entrepreneurial ecosystem.
