AfDB Commits €7.5m To Drive Agritech, Innovation Investments In Nigeria, Others

The Board of Directors of the African Development Bank Group has approved a €7.5 million investment in the Breega Africa Seed I Fund to support early-stage technology start-ups across the continent.

According to information published on the AfDB website, the financing package includes €5 million in equity capital from the Bank Group and €2.5 million structured as a junior tranche on behalf of the European Commission under the Boost Africa Initiative.

The fund aims to strengthen entrepreneurship and innovation ecosystems across Africa.

It is expected to channel resources into high-growth sectors, including fintech, insurtech, agritech, healthtech, logistics, education technology and climate technology.

The investment will prioritise companies expanding access to essential services such as healthcare, finance and education in underserved communities with a focus on key innovation hubs including Nigeria, South Africa, Kenya, Egypt and Francophone Africa.

According to the AfDB, the initiative aligns with its strategic priorities by mobilising financial resources for early-stage enterprises and addressing persistent funding gaps in Africa’s private sector.

The Bank noted that the fund will place strong emphasis on job creation, particularly for women and youth, while also supporting climate-resilient infrastructure and sustainable value chains through targeted investments in agritech and climate-focused ventures.

Breega, the fund manager, focuses on backing technology-driven companies from pre-seed to growth stages across Europe and Africa. With offices in Paris, London, and Lagos, the firm manages assets exceeding €700 million and supports portfolio companies with operational expertise spanning hiring, marketing, sales, and business strategy.

“The Board of Directors of the African Development Bank Group has approved a €7.5 million investment in the Breega Africa Seed I Fund to support Africa’s most promising technology start-ups in their early stages.

The Bank Group will invest €5 million in equity capital and €2.5 million in the form of a junior tranche on behalf of the European Commission as part of the Boost Africa Initiative to support young entrepreneurs with innovative businesses across the African continent.

The fund will invest in early-stage companies across various technology sectors, including fintech, insurtech, agritech, healthtech, logistics, diversity and inclusion, edtech, and climate tech, to expand access to essential services.

It will focus on five key markets, namely Nigeria, South Africa, Kenya, Egypt, and Francophone Africa, which are major hubs on the continent,” the bank said.