Atlantica Ventures Receives $50M To Invest In African Startups

Over the years Africa’s venture capital sector expands, the amount of VC money raised by entrepreneurs this year is expected to increase.

Atlantica Ventures is the newest African investment partner to gain from the Boost Africa program, which will help to accelerate this expansion.

Over $11.3 million (c. EUR 10 million) in junior capital from Boost Africa and $12.5 million (c. EUR 11 million) in senior capital from the European Investment Bank will boost venture funding in creative and technology-driven enterprises across Africa.

With the premise that African entrepreneurs channeling their passion and abilities via technology can and will address Africa’s and the globe’s issues, Aniko Szigetvari and Ik Kanu launched Atlantica Ventures, an early-stage pan-African impact-oriented venture capital firm.

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.

Atlantica Ventures is able to look around the corner and build a thesis before popular adoption because of Aniko and Ik’s global view, hands-on approach, and data-driven methodology.

The European Investment Bank is dedicated to enhancing access to capital for creative enterprises in Africa and globally, according to Thomas stros, Vice President of the European Investment Bank.

The EIB’s new cooperation with Atlantica Ventures will expand specialist finance for technology and technology-enabled businesses across Africa, ensuring that technology can help create sustainable and inclusive development.

Techbuild’s Take

Venture capital is a critical source of finance for early-stage enterprises, promoting entrepreneurs, and fostering innovations that promote economic growth, reducing poverty, and creating jobs.

Africa’s venture capital (VC) and startup landscapes are rapidly expanding. The mixture of a rising consumer base, external capital flows of investment, and entrepreneurial business ideas tackling African consumer demands and structural issues has expedited VC investments in Africa to record highs, resulting from the continent’s strong macroeconomic progress that helped establish an advantageous economic environment.

Despite the obstacles caused by the global health crisis, Africa’s venture capital (VC) ecosystem was and continues to be vibrant.

Atlantica Ventures intends to contribute to the development of the wider ecosystem by promoting the emergence of the next generation of female technology investors as a mainly female-owned and managed fund.

To create financial rewards and significant impact, Atlantica Ventures works at the crossroads of innovative business models and technology.

Atlantica Ventures backs entrepreneurs who use technology to solve problems and create an economic potential for their consumers and other stakeholders.

Increase entrepreneurship and innovation, generate new and suitable jobs, create an appropriate entrepreneurial ecosystem in Africa, resolve financing needs at the first and toughest stages of business formation, and develop young entrepreneurs’ abilities and talent are among the five main objectives of the initiative.

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