AfricInvest, Cathay Innovation close €110m Pan-African Venture Fund

AfricInvest, a leading 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 LPs 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.

A statement issued by AfricInvest said “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 €1-10M for growth-stage and up to €1M 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 10 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.

“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,” YassineOussaifi, Partner at AfricInvest and co-head of CAIF said.

“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.

We’re 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,” MingpoCai, Founder and Chairman of Cathay Capital and Cathay Innovation said.

Since its launch in 1994, AfricInvest’s multi-strategy platform has actively contributed to strengthening the private equity and venture capital ecosystem in Africa.

CAIF relies on AfricInvest’s rich investment expertise, its extensive pool of resources from its network and its physical presence across 11 regions through offices including Abidjan, Algier, Cairo, Casablanca, Lagos, Nairobi, and Tunis to provide local hands-on support, create synergies with portfolios and assist with geographic expansion.

With over 200 portfolio companies across 25 African countries in a variety of high-growth sectors, of which 106 have exited, AfricInvest has, to date, raised over $2bn AUM across 21 funds and benefits from strong, long-term support from both African and international investors.

BY TIMES REPORTER

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