The Board of Directors of the African Development Bank Group (www.AfDB.org) today approved an investment of 6.5 million euros in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank Group will invest 4.5 million euros as equity and 2 million euros as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme (https://apo-opa.co/40898qT). This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between 500,000 and three million euros in about 20 technology or technology-oriented B2B start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali. It can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Media contact:
Alexis Adélé
Department of Communication and External Relations
media@afdb.org
About the African Development Bank Group:
African Development Bank Group is the leading development finance institution in Africa. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Special Fund (NSF). Represented in 41 African countries, with a field office in Japan, the Bank contributes to the economic development and social progress of its 54 regional member states. For more information: www.AfDB.org
About Saviu Partners:
Founded in 2018, Saviu Partners has acquired solid experience supporting early-stage technology start-ups in French-speaking West and Central Africa. Saviu I, the first investment vehicle of the independent fund manager, was launched in 2018 with a capitalization of ten million euros, and illustrates the company’s investment strategy focused on seed and development. Saviu invests in high-potential startups and provides them with hands-on support in areas such as business development, recruitment, international expansion, and fundraising. The Saviu I fund has invested in 12 start-ups mainly based in the French-speaking countries of West Africa.
