‘Africa is not an afterthought’ – Why Speedinvest is doubling down on Africa with new fund
Speedinvest is raising up to €100 million to invest in African startups, signaling a deeper commitment to the region with plans for on-the-ground teams and long-term support for founders.
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European venture capital firm Speedinvest has launched a new Middle East and Africa fund to back early-growth-stage companies. The firm, which has already invested in 13 African startups, including Moove, Anda, and FairMoney, plans to deepen its presence in the region with this fund.<br />
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“We’re committed for the long haul, deploying patient, sector-focused capital to back visionary entrepreneurs across the Middle East and Africa,” CEO and Managing Partner Oliver Holle says. He adds that the firm will also provide founders with access to its global network and European portfolio to help build enduring, globally competitive companies.<br />
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The fund is backed by major institutional investors, including Qatar Investment Authority, Mubadala Investment Company, and the European Investment Bank. According to Deepali Nangia, Partner at Speedinvest, the firm is targeting more than €100 million and expects to invest between €2 million and €5 million per company.<br />
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Despite investing on the continent for more than five years, Speedinvest has yet to establish a local team. That is set to change, as the firm plans to build a stronger on-the-ground presence following the fund’s launch.<br />
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In this interview, Nangia discusses what draws Speedinvest to the region, how the firm supports its portfolio companies, and its perspective on key issues, including exits.<br />
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Many global firms frame their expansion as “MEA,” but Africa often ends up as an afterthought. How is Speedinvest approaching Africa differently?<br />
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Africa is not an afterthought for us. We’re raising a €100 million Africa fund. As you know, we have invested in Moove and FairMoney in the past, and we’ve made 13 investments in Africa in total. <br />
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The latest one was last year, Leta in Kenya. Another one is Anda in Angola. I think Africa has a huge demographic dividend that’s going to pay out.<br />
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How significantly is your strategy changing, if it’s changing at all, from how you invested in the past to how you’re now going t...
