The amount of VC money raised by entrepreneurs this year is expected to increase as Africa’s venture capital sector grows.
Atlantica Ventures is the newest African investment partner to benefit from the Boost Africa program, which will aid in the expansion of the business.
Boost Africa will invest over $11.3 million (c. EUR 10 million) in junior capital and the European Investment Bank will invest $12.5 million (c. EUR 11 million) in senior capital in creative and technology-driven businesses across Africa.
Aniko Szigetvari and Ik Kanu founded Atlantica Ventures, a pan-African impact-oriented venture capital business, on the concept that African entrepreneurs channeling their passion and ability through technology can and will address Africa’s and the world’s concerns.
Atlantica Ventures is pleased to report that it has received over USD 50 million in pledges, led by the EIB and Boost Africa, according to Ik Kanu, the co-founder.
It will keep seeking new investors until the deal is completed. The Venture thinks that venture capital funds devoted to Africa enhance the startup ecosystem by contributing their know-how and expertise to stimulate the development of start-ups.
Boost Africa, a project co-developed by the EIB and the African Development Bank (AfDB) with financial support from the European Commission and the Secretariat of the Organisation of African, Caribbean, and Pacific States (OACPS), aims to unlock the entrepreneurial potential of African youth through venture capital investment.
Investors believe not only in the fund managers but also in the market’s possible advantages from such funds.
Atlantica Ventures has been supported by the EIB and Boost Africa, and Atlantic looks forward to the cooperation and combined endeavor to revolutionize and improve the African digital sector.
To date, Atlantica Ventures has funded Sabi, OnePipe, Sendy, and Curacel, to mention just some, all of which have generated sustainable and responsible business models to boost financial inclusion while bringing the informal employees into the formal economy to increase their financial well-being.
Aniko and Ik have a combined total 35 years of investing and operational experience in Africa’s technology sector, assisting firms from startup to IPO.
Because of Aniko and Ik’s global perspective, hands-on approach, and data-driven technique, Atlantica Ventures can look around the corner and construct a thesis before it becomes popular.
According to Thomas stros, Vice President of the European Investment Bank, the European Investment Bank is committed to improving access to funding for creative firms in Africa and around the world.
The EIB’s new partnership with Atlantica Ventures will increase specialist funding for technology and technology-enabled businesses across Africa, ensuring that technology can contribute to long-term, inclusive growth.