Release date: 21 October 2020
Promoter – Financial Intermediary
SPECIAL PURPOSE ENTITY(IES)/FUNDLocation
Description
The proposed operation consists of an equity participation of up to USD 12.5m in Atlantica Venture Capital Fund, a USD 50m target venture capital fund focusing on small and medium-sized enterprises (SMEs) with a high growth potential (start-ups) and active in the digital and technology sectors in sub-Saharan Africa.
Objectives
The proposed operation consists of a participation in Atlantica Venture Capital Fund, a new closed-end venture capital fund targeting start-ups in the digital and technology sectors in six sub-Saharan African countries including, among others, Nigeria, Kenya, Tanzania and Côte d'Ivoire. The fund's strategy is to generate returns through an active hands-on approach in the FinTech, logistics, agribusiness, Internet of Things (IoT), e-commerce and cybersecurity sectors. The team will seek to create value through an active management approach leveraging their data scientist team to drive the growth and profitability of portfolio companies while building capacity in terms of management, corporate governance as well as environmental and social standards.
Sector(s)
- Services - Financial and insurance activities
Proposed EIB finance (Approximate amount)
USD 12 million (EUR 10 million)
Total cost (Approximate amount)
USD 50 million (EUR 41 million)
Environmental aspects
The fund's operational guidelines provide for environmental and social due diligence of investee companies according to guidelines acceptable to the Bank.
Procurement
N/A
Status
Signed - 20/12/2021
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).