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French President Macron to Invest in Africa with US$76M Africa Startup Fund

French President Emmanuel Macron

Global News

French President Macron to Invest in Africa with US$76M Africa Startup Fund

French President Emmanuel Macron has announced the launch of a US$76.14 million fund dedicated to providing funding for African startups.

Speaking at the VivaTech conference held in Paris last week, President Macron said there is need to take an inclusive approach aimed at collectively supporting the growth of digital ecosystems across Africa. And through the country’s development agency Agence Française de Développement (AFD) on it Digital Africa Initiative which aims to allow innovative African entrepreneurs to find resources and contacts necessary for the growth of their development, the French President declared that France is going to invest some public money in the most promising African startups.

“And the French Development Agency is going to announce in the coming weeks a new specific programme of US$76.14 million fund in order to invest small amounts per startup,” he said.

Read: Dubai FinTech Hive Calls on African Startups for 2018 Accelerator Programme

In his speech, he reiterated that France is going to take a headfirst approach in the financing of African startups, with a view to further developing the entrepreneurial ecosystem on the continent.  

Macron singled out Rwandan President Paul Kagame, for investing in digital innovation as the best way to provide the solution made by, and for African people. He urged African startups to make use of the Digital Africa initiative that the French president launched last year in Ouagadougou, Burkina Faso.

“I invite all the African entrepreneurs to reach this platform, to get access to the Digital Africa initiative, to join the platform, to make it more efficient, and more powerful,” said Macron.

The fund to be launched in the next coming weeks will the gap with funding in small batches ranging between US$35,000 and US$58,600 that are needed by African startups.

Further information and application can be done through the Digital Africa Initiative platform.  


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