AfDB okays 6.5m euros to support start-ups
African Development Bank (AfDB) Group has approved 6.5 million euros investment in Saviu II fund to support technology start-ups in Francophone West and Central Africa The Bank Group will invest
African Development Bank (AfDB) Group has approved 6.5 million euros investment in Saviu II fund to support technology start-ups in Francophone West and Central Africa
The Bank Group will invest 4.5 million euros as equity and 2 million euros as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme. This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between 500,000 and three million euros in about 20 technology or technology-oriented B2B start-ups in the seed phase or carrying out first institutional fundraising.
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The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali. It can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Saviu Partners has acquired solid experience supporting early-stage technology start-ups in French-speaking West and Central Africa. Saviu I, the first investment vehicle of the independent fund manager, was launched in 2018 with a capitalization of ten million euros, and illustrates the company’s investment strategy focused on seed and development. Saviu invests in high-potential startups and provides them with hands-on support in areas such as business development, recruitment, international expansion, and fundraising. The Saviu I fund has invested in 12 start-ups mainly based in the French-speaking countries of West Africa.
