EIB Global will invest €40 million in Speedinvest’s first Africa-focused fund to support financing for technology startups across the continent.

The investment by the development arm of the European Investment Bank (EIB) is intended to support digital transformation and economic growth while strengthening economic ties between Europe and Africa.

The fund will invest in technology companies across innovation hubs including Egypt, Morocco, Nigeria, Kenya and South Africa, while also targeting markets such as Ghana, Côte d’Ivoire, Cameroon, the Democratic Republic of Congo, Tunisia, Tanzania and Uganda. The fund aims to support startups as they expand across borders and strengthen links between African and European technology ecosystems.

The strategy focuses on technology-enabled and mobile-based services across sectors including payments, healthcare, mobility and education. It aligns with the European Union’s Global Gateway priorities for Africa and is expected to support job creation, particularly among young people, while expanding access to digital banking and essential services.

At least 30% of the fund’s capital will be allocated to companies that promote gender equality, including those with women as founders, employees or key beneficiaries. The investment qualifies under the 2X Challenge initiative, which promotes gender-focused investment globally.

“Technology has the power to turn good ideas into real impact,” said EIB Vice-President Karl Nehammer.

“By backing this fund, we are enabling African innovators to scale, access new markets and build sustainable businesses while creating shared opportunities for both Africa and Europe.”

Speedinvest has previously invested in African companies including Moove, FairMoney, Khazna, Mophones, Anda, Julaya, Oze, Precium and Leta. The new fund expands the firm’s investment activities in Africa and builds on efforts to connect European capital and expertise with growing technology ecosystems on the continent.

“With EIB Global support, we are deepening our long-term commitment to backing founders across Africa while strengthening connections between Africa and Europe,” said Speedinvest chief executive officer and managing partner Oliver Holle. “By combining local presence with our European network of operators, sector expertise and follow-on capital, we aim to help companies scale regionally and internationally.”

The fund is managed by Speedinvest partners Deepali Nangia and Rana Abdel Latif. The firm also plans to establish an office in Africa to strengthen local engagement and support for startups.