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    Signature(s)

    Amount
    € 18,143,880.98
    Sector(s)
    Services : € 18,143,880.98
    Signature date(s)
    22/12/2023 : € 18,143,880.98
    Link to source

    Summary sheet

    Release date
    1 March 2023
    Status
    Reference
    Signed | 22/12/2023
    20220721
    Project name
    Promoter - financial intermediary
    SEEDSTARS AFRICA VENTURES 1
    SPECIAL PURPOSE ENTITY(IES)/FUND
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    USD 20 million (EUR 18 million)
    USD 80 million (EUR 73 million)
    Location
    Sector(s)
    Description
    Objectives

    The operation consists of an equity participation of up to USD 20m into Seedstars Africa Ventures, a closed-ended venture capital fund focusing on Sub-Saharan Africa (primarily West and East Africa) and to a lesser extent on North Africa. The fund focuses on investments into high-growth small and medium sized enterprises (SMEs) leveraging digital technologies to deliver services across sectors.

    The aim is to support the creation of jobs, digitalisation and the private sector development, by increasing access to risk capital to local high-growth SMEs. The fund will invest into a diversified portfolio of companies, supporting the value creation of the underlying investees through a hands-on management approach, as well as enhancing the ESG standards.

    Additionality and Impact

    Through this operation, the EIB will be able to support a first-time team launching its first fund targeting investments in SMEs in Africa, with a primary focus on Sub-Saharan Africa. By enhancing access to much needed risk capital to support start-ups and growth SMEs the project is expected to promote economic growth and private sector development, stimulate job creation, encourage local young entrepreneurs supporting solutions with high level of scalability and reduce poverty across targeted African economies. Access to finance - in particular equity finance - and managerial advice are among the most prevalent barriers for the growth of small and mid-sized companies. The provision of growth capital and managerial support through private equity funds has proven an effective strategy to overcome this market failure.


    The project will not have relevant negative environmental and social impacts. On contrary, some investments may result in positive environmental and social impacts.


    With the EIB commitment, the Fund's terms are expected to be negotiated in line with market practice standards. Additionally, the EIB's involvement is anticipated to support the fundraising and catalyse other investors in a challenging fund raising environment that has been exacerbated by the impact of the Covid-19 pandemic and the conflict in Ukraine.


    Environmental aspects
    Procurement

    The Fund will operate in line with the EIB's environmental and social standards.

    N/A

    Milestone
    Under appraisal
    Approved
    Signed
    12 July 2023
    22 December 2023
    Link to source

    Disclaimer

    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Documents

    Environmental and Social Data Sheet (ESDS) - SEEDSTARS AFRICA VENTURES 1
    Publication Date
    19 Jul 2023
    Document language
    Main Topic
    Lending
    Document Number
    162886941
    Document Focus
    Environmental Information
    Project Number
    20220721
    Sector(s)
    Countries
    Publicly available
    Download now

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