August 20, 2022

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AfricInvest and Cathay Innovation full last shut of €110M Pan-African Enterprise Fund

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AfricInvest, a number one multi-asset funding platform in Africa and world enterprise capital agency Cathay...

AfricInvest, a number one multi-asset funding platform in Africa and world enterprise capital agency Cathay Innovation, have accomplished the ultimate shut of their joint Pan-African Enterprise fund, Cathay AfricInvest Innovation Fund [CAIF], at €110M. The fund is backed by LPs corresponding to EIB, AfricaGrow, FMO, Bpifrance, Triodos Funding Administration, Proparco, SIFEM, BIO and, amongst others, in addition to a various pool of worldwide famend traders, together with Improvement finance establishments, main multinational firms, and high-net-worth people throughout Europe, Africa and the Center East.

With the shut of the fund, the CAIF group will considerably deepen their deal with investing in probably the most promising early to growth-stage startups enhancing African lives with disruptive tech-enabled services and products. With preliminary test sizes starting from €1-10M for growth-stage and as much as €1M for choose seed-stage tickets, the fund invests in startups throughout a number of sectors, together with Fintech, Mobility, HealthTech, EdTech, AI, Digital Content material and AgTech. Since its inception in October 2019, CAIF has backed ten outstanding firms working throughout the continent, together with 54gene, OZÉ, Migo, PalmPay, Heetch, KaiOS, Boomplay, Aerobotics, and WhereIsMyTransport. Most lately, the fund co-led Tunisia-based EdTech startup GoMyCode’s $8M Sequence A spherical.

“AfricInvest’s partnership with Cathay Innovation brings to Africa world experience within the innovation house mixed with a strong community in Europe, the US and Asia, all serving to to construct bridges between Africa and the remainder of the world, permitting the fund’s investees to develop into regional and world champions.” mentioned Yassine Oussaifi, Associate at AfricInvest and co-head of CAIF.

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“As expertise scales and brings large upgrades to world populations, startups are crucial in constructing the brand new digital infrastructure wanted for rising areas like Africa to redefine industries and society within the 21st century. We’re proud to companion with the AfricInvest group — connecting all the African continent with tech hubs around the globe — in a shared mission of accelerating the transition to a extra digital, sustainable and inclusive economic system for Africa and past,” added Mingpo Cai, Founder and Chairman of Cathay Capital and Cathay Innovation.

Since its launch in 1994, AfricInvest’s multi-strategy platform has actively contributed to strengthening the personal fairness and enterprise capital ecosystem in Africa. CAIF depends on AfricInvest’s wealthy funding experience, its intensive pool of assets from its community and its bodily presence throughout 11 areas via places of work together with Abidjan, Algier, Cairo, Casablanca, Lagos, Nairobi, and Tunis to supply native hands-on assist, create synergies with portfolios and help with geographic enlargement. With over 200 portfolio firms throughout 25 African nations in a wide range of high-growth sectors, of which 106 have exited, AfricInvest has, to this point, raised over $2bn AUM throughout 21 funds and advantages from robust, long-term assist from each African and worldwide traders. 

Based in 2015, Cathay Innovation is a number one enterprise capital agency offering entrepreneurs with the assist of a worldwide ecosystem throughout North America, Europe, Asia, Latin America and Africa. The worldwide platform unifies expertise funding throughout continents, traders, entrepreneurs and main firms to speed up startup progress with entry to new markets, invaluable business information and introductions to potential companions from the beginning. With over €2bn belongings underneath administration and places of work throughout 3 continents, Cathay Innovation has a robust monitor document of over 120 world investments, together with 19 unicorns, in startups accelerating the sustainable and digital transformation of business and society. 

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CAIF allows promising ventures to construct and scale progressive applied sciences that drive inclusive socio-economic progress in Africa. Up to now, the fund has proved super traction and scalability with portfolio firms increasing their world footprint to over 21 markets throughout the continent. The Fund’s portfolio firms have additionally aggregated important affect at scale in recent times with over 136m Africans reached with inclusive and digital options–that means $1 spent reaches a couple of consumer on the continent. With its present portfolio, the Fund has created and sustained over 1,400 direct jobs, with ladies representing a mean of 35% of the workforce. Deployed by a group of funding professionals situated within the facilities of VC innovation throughout Africa, the fund will proceed to assist African entrepreneurs to scale their progressive applied sciences throughout the continent and past, in addition to assist world entrepreneurs of their enlargement into Africa.

“The Cathay AfricInvest Innovation Fund was born out of the concept that progressive and tech-enabled startups in Africa are fixing necessary issues and socio-economic gaps. We see this funding alternative as a method to ship strategic assist to the excellent startups trying to innovate and enhance lives in Africa. Already, CAIF has reached over 100 million individuals via job creation and inclusion, however there are nonetheless tens of millions throughout the continent with restricted financial assets on our radar,” mentioned Khaled Ben Jilani, Senior Associate at AfricInvest and co-head of CAIF.

The enterprise capital market in Africa has seen exponential progress during the last decade with the acceleration in digital transformation throughout all sectors. Because of this, the business is turning into the fastest-growing innovation ecosystem globally. In 2021, the ecosystem reached a brand new milestone of c.$5 billion in enterprise capital, greater than the previous two years mixed and shut to 3 instances greater than in 2020. As one of many largest early- to growth-stage Pan-African innovation funds, the ultimate spherical locations CAIF in a stable place to double down its efforts to deal with progressive and scalable post-revenue ventures primarily based in, or with a deal with, Africa. Because of this, CAIF will proceed to firmly stand on the forefront of the continent’s quickly evolving VC scene.

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