EIB Global invests $46 million in African tech fund to boost startups

Africa’s startup scene is attracting renewed investor interest as demand grows for digital services across the continent.

From payments to healthcare, young companies are stepping in to fill gaps in fast-changing economies. 

That shift is drawing support from global institutions. EIB Global has committed $46 million to an Africa-focused venture capital fund managed by Speedinvest, adding fresh backing for early- and growth-stage startups.

The investment reflects closer ties between Europe and Africa in technology and finance.

It also comes as governments and investors look for ways to expand access to digital tools and support job creation, especially among young people. 

For many founders, access to funding remains one of the biggest hurdles.

New capital from development finance institutions is expected to help businesses grow, hire and reach more customers. 

The fund will invest across major markets including Egypt, Morocco, Nigeria, Kenya and South Africa, while also targeting countries such as Ghana, Côte d’Ivoire, Cameroon, the Democratic Republic of Congo, Tunisia, Tanzania and Uganda.

Focus on fintech, health and education 

The fund will back companies building mobile-first services in sectors such as fintech, healthcare, mobility and education. These areas are seen as key to improving financial access and everyday services. 

EIB Global said the funding is designed to help startups expand into new markets and improve access to digital services, particularly in underserved areas.

Backing inclusive growth 

A portion of the fund will prioritize businesses that support gender equality, in line with the 2X Challenge.

This includes companies led by women and those working to improve outcomes for women as employees and customers.

Expanding Africa–Europe links 

Speedinvest has previously supported startups such as Moove, FairMoney, Khazna and Julaya.

With the new fund, the firm plans to deepen ties between African founders and European investors, offering operational support and follow-on funding. 

The fund is managed by Deepali Nangia and Rana Abdel Latif, and plans are underway to open a local office to work more closely with founders and support growth across the region.