EIB commits €40 million to Speedinvest to empower Africa’s next tech champions and deepen Europe-African innovation ties

This article is published in association with European Investment Bank.

• €40 million commitment from EIB Global to the first dedicated Africa-focused investment vehicle from Speedinvest
• Vehicle to back high-growth startups across key innovation hubs and enable African innovators to scale regionally and globally
• At least 30% of capital allocated to companies supporting women as founders, employees, or consumers

African technology startups will receive a financing boost through a €40 million commitment from EIB Global, the development arm of the European Investment Bank (EIB), to the first Africa-focused investment vehicle from leading European venture capital firm Speedinvest. The investment strengthens EU–Africa ties, supports digital transformation, and promotes inclusive economic growth across the continent.

The vehicle will back technology companies across innovation hubs, including Egypt, Morocco, Nigeria, Kenya, and South Africa, while also investing in high-potential markets such as Ghana, Côte d’Ivoire, Cameroon, the Democratic Republic of Congo, Tunisia, Tanzania, and Uganda. It is designed to improve digital and financial inclusion and strengthen commercial and capital linkages between African and European ecosystems, enabling startups to scale across borders.

The strategy focuses on technology-enabled and mobile-based services across payments, healthcare, mobility, and education. It aligns with the European Union’s Global Gateway priorities for Africa and is expected to deliver broad social benefits, including job creation — particularly for young people — and expanded access to digital banking and essential services for underserved communities.

At least 30% of the vehicle’s capital will support companies advancing gender equality, including women as founders, employees, or consumers. The operation qualifies under the 2X Challenge initiative, a global benchmark for gender-smart investing.

“Technology has the power to turn good ideas into real impact,” said EIB Vice-President Karl Nehammer. “By backing this vehicle, we are enabling African innovators to scale, access new markets, and build sustainable businesses — creating shared opportunities for both Africa and Europe. In a world of fragmentation, we are building bridges.”

Speedinvest has been investing in African growth-stage companies for several years, backing startups such as Moove (Nigeria), FairMoney (Nigeria), Khazna (Egypt), Mophones (Kenya), Anda (Angola), Julaya (Côte d’Ivoire), Oze (Ghana), Precium (South Africa), and Leta (Kenya). The new fund deepens this long-term commitment while building on Speedinvest’s broader strategy of connecting European capital and expertise with high-growth innovation ecosystems.

“With EIB Global support, we are deepening our long-term commitment to backing exceptional founders across Africa while strengthening enduring bridges between Africa and Europe,” said Speedinvest CEO and Managing Partner Oliver Holle.“ By combining local presence with our European network of operators, sector expertise, and follow-on capital, we aim to help founders scale regionally and internationally.”

The fund is managed by Speedinvest Partners Deepali Nangia and Rana Abdel Latif. A planned office in Africa is expected to further strengthen local presence and hands-on support for founders.

Background information  

The EIB Group   

The European Investment Bank (ElB) Group is the financing arm of the European Union, owned by the 27 Member States, and one of the largest multilateral development banks in the world. In 2025, the EIB Group signed €100 billion of new financing and advisory services for over 870 high-impact projects in eight core priorities that support EU policy objectives: climate action and the environment, digitalisation and technological innovation, security and defence, territorial cohesion, agriculture and the bioeconomy, social infrastructure, strong global partnerships and the savings and investment union. Beyond long-term loans for large infrastructures, the EIB Group crowds-in private investment for high-risk innovative projects and businesses, with a growing role in Europe’s markets for venture debt, venture capital, guarantees and securitisations. The European Investment Fund (EIF) is the subsidiary of the EIB Group specialised in providing guarantees and equity to improve access to finance for small and medium size businesses and startups across Europe. Acting as an anchor investor, through its extensive network of partnering banks and investment funds, the EIF mobilizes private investment and nurtures the ecosystem of venture capital funds to support innovative European entrepreneurs. 

In 2023, the EIF together with six member states (France, Germany, Italy, Spain, Belgium and the Netherlands) launched the European Tech Champions Initiative, a fund of funds to scale-up innovative startups. As of February 2026, this initiative has already enabled the creation of 13 European venture capital mega-funds and scaled up 38 companies, including 11 unicorns (with more than €1 billion in capital). Photos of the EIB Group’s spokespeople and headquarters, logo files and video B-roll for media use are available here.  

EIB Global 

EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international win-win partnerships and development finance, and a key partner of Team Europe and the Global Gateway strategy. EIB Global brings the EIB Group closer to people, companies and institutions through its offices across the world.  

Speedinvest

Speedinvest is a globally active European venture capital firm built on a simple belief: many move more.

With more than €1.2 billion in AuM and from six offices across EMEA, our sector-focused investment teams back relentless founders from pre–Seed to Growth with long-term conviction, providing day-one access to our global network of corporate customers, experts, industry leaders, and top-tier follow-on investors to scale smarter and faster. Building lasting companies like Bitpanda (Austria), Wayflyer (Ireland), Moove (Nigeria), Gigs (U.S.), Tide (UK), ARX Robotics (Germany), GoStudent (Austria), Seqera Labs (Spain), and Cylib (Germany) — together.

Big ideas may start with one. But scaling and winning take The Power of More. www.speedinvest.com