AfricInvest, a multi-asset investment platform in Africa and global venture capital firm Cathay Innovation, have completed the final close of their joint Pan-African Venture fund, Cathay AfricInvest Innovation Fund (CAIF), at €110 million.
The fund is backed by investors, such as; EIB, AfricaGrow, FMO, Bpifrance, Triodos Investment Management, Proparco, SIFEM, BIO and, among others, as well as a diverse pool of globally renowned investors, including Development finance institutions, leading multinational corporations, and high-net-worth individuals across Europe, Africa and the Middle East.
With the close of the fund, the CAIF team will significantly deepen their focus on investing in the most promising early to growth-stage startups improving African lives with disruptive tech-enabled products and services.
With initial check sizes ranging from €1 million to 10 million for growth-stage and up to €1 million for select seed-stage tickets, the fund invests in startups across multiple sectors, including Fintech, Mobility, HealthTech, EdTech, AI, Digital Content and AgTech.
Since its inception in October 2019, CAIF has backed ten prominent companies operating across the continent, including 54gene, OZÉ, Migo, PalmPay, Heetch, KaiOS, Boomplay, Aerobotics, and WhereIsMyTransport. Most recently, the fund co-led Tunisia-based EdTech startup GoMyCode’s $8M Series A round.
Partner at AfricInvest and co-head of CAIF, Yassine Oussaifi, said, AfricInvest’s partnership with Cathay Innovation brings to Africa global expertise in the innovation space combined with a robust network in Europe, the US and Asia, all helping to build bridges between Africa and the rest of the world, allowing the fund’s investees to grow into regional and global champions.
“As technology scales and brings massive upgrades to global populations, startups are critical in building the new digital infrastructure needed for emerging regions like Africa to redefine industries and society in the 21st century,” says founder and chairman of Cathay Capital and Cathay Innovation, Mingpo Cai.
Cai added, “we are proud to partner with the AfricInvest team, connecting the entire African continent with tech hubs around the world, in a shared mission of accelerating the transition to a more digital, sustainable and inclusive economy for Africa and beyond.”
“The Cathay AfricInvest Innovation Fund was born out of the idea that innovative and tech-enabled startups in Africa are solving important problems and socio-economic gaps. We see this funding opportunity as a means to deliver strategic support to the outstanding startups looking to innovate and improve lives in Africa. Already, CAIF has reached over a hundred million people through job creation and inclusion, but there are still millions across the continent with limited economic resources on our radar,” senior partner at AfricInvest and co-head of CAIF, Khaled Ben Jilani added.
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