AfricInvest, Tunisia’s investment and financial services company, closes its joint $112.8m fund with American venture capital firm Cathay Innovation.
The fund witnessed participation from a range of investors whether individuals or institutions, and has been backed up by several limited partners including EIB, AfricaGrow and Bpifrance.
Following its closure, the CAIF fund will now start investing in startups in their early to growth-stage, targeting those that offer tech-enabled products and services in specific.
“As technology scales and brings massive upgrades to global populations, startups are critical in building the new digital infrastructure needed for emerging regions like Africa to redefine industries and society in the 21st century,” said Mingpo Cai, founder and chairman of Cathay Capital and Cathay Innovation.
The fund will offer the selected startups investments ranging from $1 to 10 million for growth-stage and up to $1 million for Seed-stage tickets.
“We see this funding opportunity as a means to deliver strategic support to the outstanding startups looking to innovate and improve lives in Africa. Already, CAIF has reached over a hundred million people through job creation and inclusion. However, there are still millions across the continent with limited economic resources on our radar,” said Khaled Ben Jilani, Senior Partner at AfricInvest and co-head of CAIF.
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