Investment

African tech startups to receive backing via EIB financing for Speedinvest

African tech startups to receive backing via EIB financing for Speedinvest

African technology startups – including mobile-focused initiatives – will receive a financing boost through a €40 million (about US$46million) commitment from EIB Global, the development arm of the European Investment Bank (EIB).

The financing will go to the first Africa-focused investment vehicle from leading European venture capital firm Speedinvest. This vehicle will back technology companies across innovation hubs in countries that include Egypt, Morocco, Nigeria, Kenya, and South Africa, while also investing in high-potential markets such as Ghana, Côte d’Ivoire, Cameroon, the Democratic Republic of Congo, Tunisia, Tanzania, and Uganda.

It is designed to improve digital and financial inclusion and strengthen commercial and capital linkages between African and European ecosystems, enabling startups to scale across borders.

The strategy focuses on technology-enabled and mobile-based services across payments, healthcare, mobility, and education and is expected to deliver broad social benefits, including job creation and expanded access to digital banking and essential services for underserved communities.

At least 30% of the vehicle’s capital will support companies advancing gender equality, including women as founders, employees, or consumers.

Speedinvest has been investing in African growth-stage companies for several years, backing a number of startups, including mobility fintech Moove and digital bank FairMoney in Nigeria, financial app Khazna in Egypt, renewed phones supplier Mophones in Kenya, and money transfer service Julaya in Côte d’Ivoire.

Speedinvest CEO and Managing Partner Oliver Holle explains: “With EIB Global support, we are deepening our long-term commitment to backing exceptional founders across Africa while strengthening enduring bridges between Africa and Europe. By combining local presence with our European network of operators, sector expertise, and follow-on capital, we aim to help founders scale regionally and internationally.”

A planned Speedinvest office in Africa is expected to further strengthen local presence and hands-on support for founders.



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