AfricInvest Innovation Fund raises €110 million to back African tech startups

Oluwajuwonlo Afolabi -

A partnership venture focusing on African startups, Cathay AfricInvest Innovation Fund, has raised €110 million in its new funding round to support tech startups in Africa.

  • The fund is deployed as up to €1 million in seed-stage and between €1 to €10 million for growth-stage startups.
  • AfricInvest is a multiplatform asset investment firm in Africa collaborating with Cathay Innovation, a global-focused firm for the Pan-African Fund.
  • AfricInvest has raised over $2 billion across 21 funds since its launch while Cathay Innovation recently launched a $110 million crypto fund and a $500 million health fund.
  • The Fund targets backing African startups to products and services that will benefit over 100 million users in Africa.