Smart Africa Calls for More Innovative Funding for Africa’s Start-Ups

KIGALI, Rwanda, 2021-Apr-01 — /EPR Network/ — Smart Africa engaged African member states of the Smart Africa Alliance and international partners to invest in the BLOC Smart Africa Fund aimed at investing in African start-ups. The organisation called for more innovative funding for Africa’s Start-Ups.

BLOC Smart Africa (or “the Fund”), a Flagship program of the Smart Africa Alliance, a pan-African initiative to accelerate sustainable socioeconomic development. The fund has so far received investments from the Governments of Luxembourg and Cote d’Ivoire. The Governments of Luxembourg and Côte d’Ivoire have subscribed €10 million into the first loss tranche of BLOC Smart Africa, aiming towards a target of $100 million.

The engagement hosted senior representatives 12 countries namely Angola, Benin, Cote d’Ivoire, Djibouti, Senegal, Tunisia, Niger, Kenya, Morocco, Burkina Faso, Rwanda and the Grand Duchy of Luxembourg. Other delegates including international partners such as the European Union, Microsoft, the African Development Bank, Organisation internationale de la Francophonie and Softbank among others.

Smart Africa Director General Lacina Koné stressed that if supported, startups have the potential to create jobs and help to rebuild economies battered by the Covid-19 pandemic. Mr. Koné commended the governments of Cote d’Ivoire and the Grand Duchy of Luxembourg for their commitments to the fund and called upon all member states to support the fund.

J. Philippe de Schrevel, the founder of Bamboo Capital partners stated that government support to startups requires not only to invest but also catalyzing the private sector to do the same.

Mebeti Dosso, Principal Advisor in Charge of Digital Economy, and IT Reforms of Prime Minister of Côte d’Ivoire shared his country’s experience with Bloc Smart Africa and called upon other African countries to be part of this initiative.

Paul Weber who represented the Grand Duchy of Luxembourg said his country is proud to support this important initiative and is ready to keep contributing to take it to the next level.

BLOC Smart Africa is a blended finance technology impact fund with a fundraising target of $100 million created and managed by Bamboo Capital Partners, a specialist impact investor in emerging and frontier markets.

Smart Africa will support fundraising efforts and collaborate closely by providing access to its technology ecosystems, including incubators and accelerators, and helping source deal flow. BLOC Smart Africa invests in businesses using scalable technology-led solutions that create growth opportunities for underserved communities in Africa.

 

Media Contacts

Instinctif Partners

+44 78 3767 4600

bamboo@instinctif.com

 

Smart Africa Secretariat

Garikai Nhongo

E-mail: comms@smartafrica.org

Website: www.smartafrica.org

Twitter: @RealSmartAfrica

Facebook: RealSmartAfrica

 

About Bamboo Capital Partners:

Bamboo Capital Partners (“Bamboo”) is an impact investing platform which provides innovative financing solutions to catalyse lasting impact. Bamboo bridges the gap between seed and growth stage funding through a full suite of finance options – from debt to equity – which it activates unilaterally or through strategic partnerships. Founded in 2007 by Jean-Philippe de Schrevel, Bamboo aims to improve the lives of the world’s most marginalized communities while delivering strong financial returns. Since its inception, Bamboo has raised over $400m and invested in over 30 developing countries. Its investees have positively impacted over 184 million lives and supported 45,000 jobs, including 15,900 jobs for women. The firm has a team of 30 professionals active across Europe, Latin America, Africa and Asia. For more information, please visit www.bamboocp.com or follow @bamboocp.

About Smart Africa:

Smart Africa is an alliance of 31 African countries, international organisations and global private sector players tasked with Africa’s digital agenda. The alliance is empowered by a bold and innovative commitment by African Heads of State to accelerate sustainable socioeconomic development on the continent and usher Africa into the knowledge economy through affordable access to broadband and use of ICTs. With a vision to create a single digital market in Africa by 2030, the Smart Africa Alliance brings together Heads of State who seek to accelerate the digitalization of the continent and create a common market. Launched in 2013 by seven (7) African Heads of State, the Alliance now has 31 member countries, representing over 750 million people and over 40 Private Sector members committed to the vision and the advancement of Africa.