In a move that signals a strengthening of digital and economic ties between Europe and Africa, EIB Global has announced a €40 million commitment to Speedinvest’s first dedicated Africa-focused investment vehicle.
The investment aims to empower the next generation of African tech champions, focusing on high-growth startups within the continent’s innovation hubs. By backing this vehicle, the development arm of the European Investment Bank (EIB) is betting on the transformative power of mobile-based services to drive financial inclusion and regional stability.
The fund is designed to target established tech scenes in Egypt, Morocco, Nigeria, Kenya, and South Africa, while simultaneously scouting for high-potential opportunities in emerging markets like Ghana, Côte d’Ivoire, Tanzania, and Uganda.
The investment strategy is laser-focused on sectors that provide essential infrastructure for modern economies:
- Fintech & Payments: Expanding access to digital banking.
- Healthtech & Edtech: Delivering vital services to underserved communities.
- Mobility: Improving logistics and transport across borders.
A standout feature of the commitment is its alignment with the 2X Challenge, a global benchmark for gender-smart investing. At least 30% of the capital is earmarked for companies that support women as founders, employees, or primary consumers.
“Technology has the power to turn good ideas into real impact,” said EIB Vice-President Karl Nehammer. “In a world of fragmentation, we are building bridges. By backing this vehicle, we are enabling African innovators to scale, access new markets, and build sustainable businesses.”
While this marks Speedinvest’s first dedicated African vehicle, the firm is no stranger to the continent. The European VC leader has already backed several prominent African startups, including Nigeria’s Moove and FairMoney, and Kenya’s Leta.
Oliver Holle, CEO and Managing Partner of Speedinvest, emphasized that the partnership with EIB Global is about more than just capital, it’s about connectivity. “By combining local presence with our European network of operators and sector expertise, we aim to help founders scale regionally and internationally,” Holle stated.
To support this mission, Speedinvest plans to open a dedicated office on the continent, led by Partners Deepali Nangia and Rana Abdel Latif, to provide hands-on mentorship to local founders.
This initiative falls under the European Union’s Global Gateway strategy, which seeks to mobilize sustainable investments around the world. Beyond the financial returns, the fund is expected to be a major engine for job creation, particularly for Africa’s surging youth population.