Paris-based private equity firm, Cathay Innovation and a Tunisian based private equity firm AfricInvest are planning to raise $168M fund for technology investments in Africa. This new fund is the largest venture capital fund in Africa with nine offices interconnecting the entire African continent.
Co-founder of the fund, Denis Barrier revealed that the Cathay Africinvest Innovation Fund will focus primarily on series A to C-stage investments in African technology companies. The fund will be focusing on areas such as fintech, logistics, AI, agtech, and edutech.
Want to get a deeper insight on #African #VC market? And why value creation for entrepreneurs remains always in the very heart of @CathayCapital and @Cathayinnov's missions and value proposition? You will get your answser here: https://t.co/aAlgEFnICW https://t.co/LhyPUCoxD4
— CathayCapital (@CathayCapital) April 10, 2019
Africinvest is the leading Private Equity firm in Africa, with more than US$ 1.5 Billion under management, offices in 9 African countries and more than 20 years of knowledge, expertise and track record of successfully investing across 25 countries in the continent.
See also: AfDB Approves €12.5 million Investment, Targeting SMEs in Francophone West Africa
Cathay Innovation, a Venture Capital firm affiliated to Cathay Capital is dedicated to finance and support the growth of digital startups. Co-founded by Denis Barrier and Mingpo Cai, Cathay Capital has $2.5 billion in assets under management and offices in the US, Europe, Asia and the Middle East.
“This partnership builds on a shared vision and values, as well as ambitious goals in terms of impact and return on investment. This fund will also provide Cathay Innovation’s holding companies with an opening in a fast-growing African market ,” explains Mingpo Cai.
We are excited about combining our experience, expertise, and networks with @CathayInnov to build the first pan African #VC fund that will help a new generation of African entrepreneurs in cutting-edge fields #Africa https://t.co/IXs5s0wYs8 pic.twitter.com/gAFw3568v6
— AfricInvest (@AfricInvest_Grp) April 10, 2019
The “Cathay Africinvest Innovation” fund with a projected size of 150 million euros, will contribute to the development and scaling up of innovative companies that demonstrates strong growth in Africa and is open to international markets.
The aim of the fund is to contribute to changing the financing and development of startups in Africa by providing the right funding for the creation of new digital infrastructures and services. The partnership will enable tech startups in Africa access the ecosystems of France, Europe, China and the US and also create deep relationships with more than 10 of the largest companies in the world.