French Government Announces $75M Investment For African Tech Startups

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Written by Staff
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(Photo: Business Day)

French President Emmanuel Macron has pledged to support innovative start-ups in Africa with a €65 million ($75,651,745) investment program.

Macron made the announcement at the third edition of the French Tech Conference themed “Viva Tech” which held in Paris, May 2018. The conference brought together tech company founders and professionals, innovators. Speakers included Satya Nadella, CEO of Microsoft, Dara Khosrowshahi, CEO of Uber, as well as Mark Zuckerberg, CEO of Facebook.

From Business Day. Story by Frank Eleanya.

According to the French President, the over $75 million funding will come through the French Development Agency (AFD). Macron acknowledged the energy for innovation in African startups which are not being efficiently harnessed by “big providers of development aid and financiers.”

The French agency will set up €65 million fund to “to fill the gaps in the support with small sums ranging from €30,000 to €50,000 per startup, which is what the startups need,” Macron said.

Rioux Remy, director general of AFD explained that as part of the new programme called Digital Africa, the agency will provide €10 million to support the ecosystem of African entrepreneurs, €5 million to help young startups gain access to finance, and €50 million for the growth of promising African startups.

“The goal of digital Africa is to become a digital bridge between France, Europe and Africa,” Remy said.

African startups featured prominently at the third edition of Viva Tech 2018. Aside from attracting funding from the French government, the segments of the conference saw debates and presentations from African startup founders, Angel investors and tech professionals.

Read more at Business Day.