- First Circle Capital, SpeedInvest and Knife Capital achievements awarded for their work in African venture capital.
- The Africa Venture Finance Programme at Oxford’s Saïd Business School hosted 41 prominent African and Africa-focused venture capital fund managers, with more than half of them being women.
- The programme is funded by the EU, through Boost Africa, and by the AfricaGrow Technical Assistance Facility financed by the Federal Ministry for Economic Cooperation and Development through KfW
African venture capital (VC) fund managers First Circle Capital, SpeedInvest and Knife Capital have all received awards recognising their success in supporting promising entrepreneurs and start-ups across African countries. The awards were presented during the Africa Venture Finance Programme, a week-long, in-person course, organised for the third time at Oxford university’s Saïd Business School from 9 to 13 September 2024. The programme aims to support VC fund managers investing in early and growth-stage technology companies in Africa, with Boost Africa and AfricaGrow hosting 41 leading fund managers from 31 African VC funds.
The ‘Most Promising Fund Manager’ award was given to the all-female team from First Circle Capital, who invest in and support early-stage fintech founders.
The ‘Best Deal’ award went to SpeedInvest for their investment in Moove, a rapidly growing company providing vehicle financing and supply solutions.
Lastly, the ‘Lifetime Achievement Award’ was presented to Keet van Zyl, founding partner of South Africa-based Knife Capital, in recognition of his contributions to the venture ecosystem and leadership.
“We are proud of Boost Africa’s role in supporting a vibrant and resilient VC ecosystem in Africa and helping African entrepreneurs transform their ideas into successful businesses,” said EIB Vice-President Ambroise Fayolle. “The EIB is committed to financing new technology and ideas that will address the global challenges we all face.”
The shortlisted candidates were peer-selected by fellow fund managers, and a panel of judges composed of limited partners determined the winners from the shortlisted candidates. Investors from funds including Partech, AfricInvest, TLcom, Norssken, Speedinvest came together to discuss innovative solutions for Africa’s unique challenges. The five-day event allowed participants to share expertise and facilitate discussions to drive rapid growth in Africa’s technology venture capital sector. Attendees from all over the continent took part, with more than half of them being women, reflecting increased gender inclusiveness within venture capital leadership.
Several Oxford academics joined the group discussions covering a wide range of topics such as the growing need for innovative funding instruments and the influence of artificial intelligence (AI) on the continent’s future. Additionally, several prominent African investors attended the forum to share best practices and discuss the way forward. Participants engaged with representatives from different development finance institutions and international organisations. This included Andrea Clerici, Director for Corporate Finance & Global Activities at the European Investment Bank, and delegates from the European Commission and the Organisation of African, Caribbean and Pacific States.
"The opportunity to exchange confidential insights, discuss inherent challenges, and ultimately build deeper human bonds is essential for strengthening our collective ability to build our VC ecosystem together. No other conference or event has provided anywhere near as much value as this one." - Nivesh Pather, Principal at Norrsken22.
“It is important for me to always be learning. The trends in our part of the world are equal parts cyclical and rapidly evolving. We heard so many fresh perspectives and voices coupled with experience. I left Oxford with a renewed commitment to focus on the how.” – Ory Okolloh, Partner at Verod-Kepple Africa Ventures.
“This year's Africa Venture Finance Programme proved once again the enormous potential of venture capital in Africa. A whole new generation of investors are taking the long view on building an entire new ecosystem. At Oxford Saïd Business School we are proud to be part of supporting this journey which will transform African economies, one startup at a time!” – Thomas Hellmann, Professor of Entrepreneurship and Innovation, Saïd School of Business, Oxford University
The Africa Venture Finance Programme is supported by the EU via the Boost Africa programme and by the AfricaGrow Technical Assistance Facility.
Background information
About Boost Africa
Boost Africa is a joint initiative between the European Investment Bank and the African Development Bank (AfDB) to enable and enhance entrepreneurship and innovation across Africa in a commercially viable way. It addresses a current gap in the African market by providing early-stage venture capital paired with skills development.
Boost Africa focuses on financial intermediaries investing in innovative business models and start-ups developing digital solutions across various sectors including, inter alia, information and communication technologies (ICT), healthcare, climate mitigation and adaptation, education, financial services, and manufacturing sectors. There is a particular emphasis on financial intermediaries focusing on youth and women and on sectors where innovation can improve the quality of people’s lives, in particular for lower-income households.
Boost Africa Technical Assistance Facility, part of the broader Boost Africa programme, provides bespoke support to strengthen the core professional and operational skills of partner fund managers and their investees to realise growth potential among innovative tech start-ups and high growth SMEs in Africa. The Facility is funded by the European Commission and the Organisation of African, Caribbean and Pacific States, through the 11th European Development Fund. The funding is managed by the European Investment Bank (EIB) and implemented by Adam Smith Europe, part of the Adam Smith International Group.
About AfricaGrow
The AfricaGrow Fund of Funds is a blended finance vehicle managed by Allianz Global Investors and serves as a catalyst for private capital into Africa by providing a de-risked capital structure for institutional investors, fostering indirect investments into African Small and Medium Enterprises (SMEs) and start-ups via local Private Equity and Venture Capital fund investments. Its LPs are DEG, KfW – on behalf of the Federal Ministry for Economic Cooperation and Development (BMZ) and Allianz insurance companies.
As a legally independent entity, AfricaGrow is a central instrument of the Compact with Africa (CwA) initiative, which was launched in 2017 under the 50 German G20 presidency. The Technical Assistance Facility is funded by the German Ministry for Economic Cooperation and Development (BMZ) through KfW, while the fund is managed by Allianz Global Investors and advised by DEG Impact GmbH.
About the EIB
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.