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    Reference: 20210241
    Release date: 24 March 2021

    Promoter – Financial Intermediary

    SPECIAL PURPOSE ENTITY(IES)/FUND

    Location

    Description

    The proposed operation consists of an equity participation of up to EUR 10 million in junior tranche in Atlantica Venture Capital Fund, a USD 50 million 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 junior tranche investment 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)

    EUR 10 million

    Total cost (Approximate amount)

    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

    Not applicable.

    Status

    Approved - 1/06/2021

    Disclaimer

    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The data provided on this page is therefore indicative and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Regional - Africa Services