TechInAfrica – The Seedstars Africa Ventures has received a commitment from LBO, a French private equity firm with a $100m funding for early-stage African tech startups.
Robert Daussun, CEO of LBO France, said: “Africa has become LBO France’s new frontier with Venture as one of the strategies we are implementing on the continent.”
“Innovation is buoyant there, the mood is incredibly positive and demography and economy are powerful drivers. Partnering with Seesdstars is a terrific opportunity to address this new market.”
Tamim El Zein, Managing Partner, Seedstars Africa Ventures, added: “LBO France’s commitment is a strong signal to the market, incentivizing corporates and other institutional investors to partner and benefit fully from the African growth opportunity.”
The funding was a partnership that started in 2019 between Seedstars and First Growth Ventures from Paris. LBO France added EUR 6.3b ($7.5m) to the fun.