GreenTech Capital—a German investment firm, has partnered with the Senegalese government, in a bid to fund entrepreneurs with €10,000 to €500,000.
The MoU was signed between GrenTec Capital partners and Senegal’s General Delegation for the Acceleration of Entrepreneurship for Women and Young People (DER), a unit in the presidency. The Senegalese Minister for Entrepreneurship Papa Amadou Sarr, and GreenTec Capital Partners CEO and co-founder Erick Yong did the signing.
This agreement will lay the foundation of Africa’s first regional venture building center through which the investments will be made. The partnership will also help entrepreneurs by; providing financing for the digital sector, strengthening the operational capacities of startups, and setting up a common infrastructure to enable startups to develop sustainably.
See also: South Africa’s Enko Education secures $1.4 Million Pre-Series B Funding
The joint initiative will also enable high potential entrepreneurs to gain better access to support. GreenTec Capital Partners will leverage the partnership to launch a regional office in Dakar. The regional establishment will further boost Greentec Capital’s operation via a local team.
The DER unit started operations in March 2018. The unit has been given access to a budget of $5-million per year until 2023. This is in a bid to support and finance Senegalese entrepreneurs in the priority sectors outlined in the country’s National Development Plan. These include agriculture, the digital economy, tourism, crafts, and services.
The unit invested in 44 Senegalese startups in 2018 through its innovation fund. The funds ranged from €10 000 to €100 000. They plan to invest $10 million in 150 digital startups and small businesses this 2019. However, this new partnership will see the unit support an additional 20 startups.
More on TechGist Africa:
- WiSolar to Launch decentralized Solar Electricity Solution in Africa
- Oui Capital partners IBM to provide 10 Startups With $120k Cloud Credits
- B2B Agri-Tech Startup Taimba secures $100,00 Funding from Gray Matters Capital
- China’s Didi Chuxing, UAEs Symphony Investment partners to Launch a JV in MENA
- Singapore’s Fintech Platform CredoLab set to Launch in three African Countries