Denis Opudo
Proparco, a French development finance institution has joined hands with other financial institutions in supporting African entrepreneurs. By June 2017, TLcom Capital announced its intention to raise money to motivate technological innovations for Sub-Saharan Africa. Besides, by June 2017, the funds had reached $40 million. The funds will help startups both at infancy level and those which require capital for proper growth.
Proparco will now join hands with African Development Bank (AfDB) and European Investment Bank (EIB). The project intends to support entrepreneurs and innovators with startups that employ technology in Africa. Approximately 15 startups which have operated for less than five years will benefit. The funds will hence help in the growth and expansion of these startups that have gone beyond market authorization and prototype stages.
TIDE Africa funds will also provide capital for startups between early to growth stages. These startups will receive between $0.5 million to $10 million.
