African Development Bank invests €6.5 million in tech start-ups in Francophone Africa

The African Development Bank (AfDB) has approved an investment of €6.5 million (approximately 4.26 billion CFA francs) to support early-stage tech start-ups in several Francophone African countries, including Côte d’Ivoire, Senegal, Burkina Faso, and Mali, as well as other regional markets.

The funding will primarily be allocated through the Saviu II venture capital fund, with a portion in equity and a first-loss protection mechanism provided by the European Commission under the Boost Africa program. The aim is to enable start-ups to strengthen their operations, access initial institutional funding, and scale their development across various technology sectors.

According to available information, the fund plans to invest between €500,000 and €3 million per company and support approximately 20 start-ups at the seed stage or completing their first institutional funding round. A pre-seed component will also support very early-stage projects.

This initiative is part of AfDB’s strategy to strengthen Africa’s entrepreneurial ecosystem, promote digital transformation, and address the financing gap for innovative businesses. The focus on Francophone West and Central African countries reflects a commitment to fostering innovation and growth in high-potential markets while encouraging regional integration and sustainable economic development.

The AfDB notes that this funding complements other programs designed to support tech start-ups and innovation projects across the continent, as part of its mission to promote inclusive and sustainable development in Africa.