Grace Ashiru
European venture capital firm Speedinvest has formalised its long-running commitment to the Middle East and Africa with the launch of its first flagship fund dedicated to the region, drawing in three of the world’s most significant institutional investors.
The fund is backed by Mubadala Investment Company, the Qatar Investment Authority, and EIB Global, the development arm of the European Investment Bank. While Speedinvest did not disclose the total fund size, the vehicle will deploy capital across fintech, embedded finance, health, climate, artificial intelligence, and consumer platforms, alongside core digital infrastructure. The fund targets early and growth-stage startups across the Middle East, North Africa, Pakistan, Turkey, and Sub-Saharan Africa
EIB Global’s commitment — structured as a limited partner position — totals €40 million and is designed to catalyse additional fundraising from institutional investors. The fund will back technology companies across established innovation hubs including Egypt, Morocco, Nigeria, Kenya, and South Africa, while also targeting high-potential markets such as Ghana, CĂ´te d’Ivoire, Cameroon, the Democratic Republic of Congo, Tunisia, Tanzania, and Uganda. At least 30 per cent of capital will be allocated to companies that support women as founders, employees, or consumers.
The fund builds on more than 15 years of investing by Speedinvest across Europe and beyond. In the MEA region, the firm has already backed Moove, the Nigerian mobility fintech that provides revenue-based vehicle financing for ride-hailing and delivery drivers globally; FairMoney, a Nigerian digital banking and lending platform; Khazna, an Egypt-based financial super app targeting the underbanked; Mophones in Kenya, which enables smartphone financing to expand digital access; and Flow48, an SME financing platform active in the UAE and South Africa.
The fund is managed by Speedinvest Partners Deepali Nangia and Rana Abdel Latif, with a planned Africa office expected to further strengthen local presence and hands-on founder support.
Speedinvest CEO and Managing Partner Oliver Holle described the fund as a deepening of the firm’s long-term commitment to backing exceptional founders across Africa and the Middle East while strengthening commercial and capital bridges between the region and Europe. He added that by combining local presence with Speedinvest’s European network of operators and sector expertise, the firm aims to help founders scale both regionally and internationally.
Ali Eid AlMheiri, Executive Director at Mubadala, said the partnership was designed to support ambitious founders building companies that contribute to sustainable economic development. EIB Global’s Karl Nehammer said the partnership would enable African innovators to scale, access new markets, and build sustainable businesses — underscoring the institution’s framing of the investment as a strategic EU-Africa partnership rather than a purely philanthropic one
