Emerging markets startup competition Seedstars yesterday announced it would launch a $100-million fund to invest in African startups in collaboration with Paris based First Growth Ventures.
The announcement was made yesterday by Seedstars World chief investment officer Charlie Graham-Brown at the Seedstars Summit which is being held today at the SwissTech Convention Centre in Lausanne, Switzerland.
“The strategy that we’re developing now and have started working on, is to have a fund per region of around $100-million to be able to do deals in Series-A and Series-B,” Seedstars World chief financial officer Charlie Graham-Brown announced yesterday.
The fund in Africa will be Seedstars first such regional fund. Graham-Brown told Ventureburn on the sidelines of the summit today that the aim is for the fund to invest in 30 to 40 companies and to begin investing by the end of this year.
He said Seedstars would shortly reveal more details on the fund such as the countries the fund would focus on.