French private equity firm LBO France is investing in Seedstars Africa Ventures, a $100 million fund targeting early-stage tech startups on the continent. The amount being committed by the $6.3 billion investment firm is not being disclosed but is one of its first Africa-specific investments. According to reports, venture capital is just one of the asset classes LBO France is planning on investing in on the continent.
Seedstars Africa Ventures was launched in April 2019 via a partnership between Seedstars and First Growth Ventures. The fund is currently in the process of finalizing its third investment, this time in an agri-tech startup, following earlier deals in an education business and a connectivity firm. The fund’s strategy is to initially invest up to $2 million in its portfolio companies, with the ability to participate in follow-on rounds if required. The venture firm, which positions itself as the missing link between accelerators and later-stage funds”, focuses on opportunities in seed and Series A stage businesses.
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