Top African Venture Capital Leaders Recognized for Transforming Start-up Ecosystem at Oxford Programme

Top African Venture Capital Leaders Recognized for Transforming Start-up Ecosystem at Oxford Programme

(IN BRIEF) At the Africa Venture Finance Programme hosted by Oxford University’s Saïd Business School, top African venture capital fund managers were recognized for their contributions to supporting start-ups across the continent. Awards were given to First Circle Capital, SpeedInvest, and Knife Capital for their achievements in investing in early-stage companies. The programme, which brought together 41 venture capital fund managers, focused on fostering growth in Africa’s tech sector and was supported by the EU’s Boost Africa and AfricaGrow initiatives. The event also highlighted the role of innovative funding and AI in driving future growth in Africa.

(PRESS RELEASE) LUXEMBOURG, 23-Sep-2024 — /EuropaWire/ — On 23 September 2024, venture capital fund managers from across Africa were recognized for their contributions to the continent’s start-up ecosystem during the Africa Venture Finance Programme, hosted by Oxford University’s Saïd Business School. The awards celebrated the achievements of First Circle Capital, SpeedInvest, and Knife Capital, among others, for their support of promising entrepreneurs and emerging technology companies in Africa.

The Africa Venture Finance Programme, now in its third year, gathered 41 fund managers from 31 African venture capital funds, with over half of the participants being women. The initiative is funded by the EU’s Boost Africa programme and the AfricaGrow Technical Assistance Facility, financed by Germany’s Federal Ministry for Economic Cooperation and Development.

Notable awards included the ‘Most Promising Fund Manager’ for First Circle Capital, an all-female team that focuses on early-stage fintech investments, and the ‘Best Deal’ award to SpeedInvest for its involvement with Moove, a fast-growing vehicle financing company. Keet van Zyl, a founding partner of Knife Capital, received the ‘Lifetime Achievement Award’ for his leadership in the venture capital space.

EIB Vice-President Ambroise Fayolle emphasized the importance of Boost Africa’s role in fostering a strong VC ecosystem that helps entrepreneurs turn innovative ideas into successful businesses. The week-long event allowed participants to exchange insights, collaborate on solutions for Africa’s challenges, and promote rapid growth in the region’s tech sector.

The gathering also featured discussions on innovative funding tools and the potential of artificial intelligence (AI) to shape Africa’s future. Representatives from the European Investment Bank, the European Commission, and other international organizations contributed to the dialogue, reinforcing the global commitment to supporting African entrepreneurs.

Background information

About Boost Africa

Boost Africa is a joint initiative between the European Investment Bank and the African Development Bank (AfDB) to enable and enhance entrepreneurship and innovation across Africa in a commercially viable way. It addresses a current gap in the African market by providing early-stage venture capital paired with skills development.

Boost Africa focuses on financial intermediaries investing in innovative business models and start-ups developing digital solutions across various sectors including, inter alia, information and communication technologies (ICT), healthcare, climate mitigation and adaptation, education, financial services, and manufacturing sectors. There is a particular emphasis on financial intermediaries focusing on youth and women and on sectors where innovation can improve the quality of people’s lives, in particular for lower-income households.

Boost Africa Technical Assistance Facility, part of the broader Boost Africa programme, provides bespoke support to strengthen the core professional and operational skills of partner fund managers and their investees to realise growth potential among innovative tech start-ups and high growth SMEs in Africa. The Facility is funded by the European Commission and the Organisation of African, Caribbean and Pacific States, through the 11th European Development Fund. The funding is managed by the European Investment Bank (EIB) and implemented by Adam Smith Europe, part of the Adam Smith International Group.

About AfricaGrow

The AfricaGrow Fund of Funds is a blended finance vehicle managed by Allianz Global Investors and serves as a catalyst for private capital into Africa by providing a de-risked capital structure for institutional investors, fostering indirect investments into African Small and Medium Enterprises (SMEs) and start-ups via local Private Equity and Venture Capital fund investments. Its LPs are DEG, KfW – on behalf of the Federal Ministry for Economic Cooperation and Development (BMZ) and Allianz insurance companies.

As a legally independent entity, AfricaGrow is a central instrument of the Compact with Africa (CwA) initiative, which was launched in 2017 under the 50 German G20 presidency. The Technical Assistance Facility is funded by the German Ministry for Economic Cooperation and Development (BMZ) through KfW, while the fund is managed by Allianz Global Investors and advised by DEG Impact GmbH.

About the EIB

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

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SOURCE: European Investment Bank