Key Giveaways:
- Major Investment in African Tech: Startupbootcamp partners with Mara Group and Blend Financial Services to launch a $250 million fund supporting African tech startups.
- Focus on Key Hubs: The fund will concentrate on startups in major African tech hubs, including South Africa, Nigeria, Kenya, Ivory Coast, and Egypt.
- Supporting Growth Stages: The fund will primarily target early-stage and pre-IPO funding rounds, with plans to expand to support different growth stages in the future.
Riyadh, Saudi Arabia – Startupbootcamp, a global tech accelerator, has announced a new $250 million fund dedicated to supporting the growth of tech startups across Africa. This initiative is a collaboration with Ashish Thakkar’s Mara Group and Blend Financial Services, with additional funding from development institutions.
The fund aims to address the unique challenges and opportunities within the African tech ecosystem, which is experiencing rapid growth fueled by a young and expanding population. It will focus on key startup hubs in South Africa, Nigeria, Kenya, Ivory Coast, and Egypt, providing crucial capital and support at critical stages of development.
“I’ve been searching for a platform that can support our angel investing efforts at scale,” said Ashish Thakkar, co-founder of Mara Group. “This fund is a promising start, with potential for later-stage investments over time.”
The initiative was announced at Saudi Arabia’s Future Investment Initiative, highlighting the growing interest in fostering innovation and entrepreneurship across Africa. The fund will address infrastructure challenges and support African innovators in developing solutions for local and global markets.
The initial focus will be on early-stage and pre-IPO funding rounds, providing startups with the necessary capital to scale their operations and achieve their growth objectives. There are also plans to create additional funds targeting different growth stages, ensuring comprehensive support for African tech companies throughout their journey.
This significant investment in African tech underscores the growing recognition of the continent’s potential as a hub for innovation and entrepreneurship. By providing crucial funding and support, Startupbootcamp and its partners are contributing to the development of a thriving tech ecosystem in Africa, empowering local innovators to create solutions that address local and global challenges.
