Startupbootcamp, Mara Group, and Blend Financial Services have unveiled plans to launch a substantial $250 million fund dedicated to accelerating the growth of African technology startups.
Ashish Thakkar, the founder of Mara Group and a prominent British-East African entrepreneur, announced that the fund is expected to begin making its first investments within the next three to six months. The primary focus will be on key tech ecosystems across the African continent.
The agreement, finalized during the Future Investment Initiative in Saudi Arabia, aims to invigorate vibrant startup ecosystems in South Africa, Nigeria, Kenya, Ivory Coast, and Egypt.
Africa, with its youngest and fastest-growing population globally, is increasingly turning to technology to address various challenges, including infrastructure gaps. Cities such as Cape Town, Johannesburg, Nairobi, and Ebene are emerging as significant tech hubs, as highlighted in a report by New World Wealth and Platform45.
Startupbootcamp, a global accelerator network with a portfolio valued at $6 billion, plays a crucial role in this venture. Thakkar emphasized the importance of scale in investment strategies, stating, “We’ve engaged in extensive angel investments as a group, but achieving economies of scale is crucial.”
The fund will concentrate on early-stage and pre-IPO rounds, with plans to expand into multi-stage investments over time. Thakkar remarked, “This is a strong start. Our long-term vision includes creating both early and later-stage funds.” Thakkar, who also co-founded Atlas Mara Ltd., views this initiative as a pivotal opportunity to bolster Africa’s tech ecosystems and drive significant growth in the region.
