French VC firm, Ring Capital, recently announced the establishment of Ring Africa, an impact investment fund targeting French-speaking West African startups. The fund, which will invest in pre-seed to Series A stages, aims to support firms with a pronounced social and environmental agenda.
Ring Africa hopes to raise €50 million to back startups that address Africa’s climate change issues, help formalize the region’s economy, and enhance agricultural productivity. The fund will collaborate with Mstudio to navigate this region’s complex investment landscape while efforts to assemble a local investment team in Abidjan are already in progress.
Established in 2023, Abidjan-based startup studio, Mstudio, aims to boost activity within the region. The studio’s mission, according to co-founder Leslie Ossett, is to adapt business models proven successful in English-speaking Africa instead of reinventing the wheel or creating something new like Facebook or Instagram.
Leslie and fellow co-founder, Cedric Mangaud, who previously co-founded Saviu Ventures and BuuPass respectively, plan to replicate these successful models in Francophone Africa. A major focus for Mstudio is to improve productivity in the region’s informal sector, which accounts for 95% of Africa’s workforce. To date, the studio has invested in more than eight startups operating in fintech, edtech, and social commerce.
Mstudio’s founder, Cedric Mangaud, expressed pleasure in partnering with Ring Capital for their African fund, asserting that the collaboration represents a favourable shift for Francophone Africa’s tech ecosystem. Mangaud praised their mutual dedication to inclusive and sustainable economic development, emphasizing the transformative power of startups and technology in the sub-region.
Ring Capital has also appointed Elisabeth Moreno, the former Delegate Minister for Gender Equality, Diversity, and Equal Opportunities, as President of their board. Moreno will foster Ring Africa’s growth and support Ring Capital’s goal for increasing female representation and inclusivity.
Moreno affirmed that Europe’s future is inextricably linked to Africa’s. “With Ring Africa,” she said, “our aim is to help transform ideas into sustainable solutions that will shape a more sustainable and inclusive future for Africa and contribute to the rise of a new generation of leaders.”
