The two firms have now announced a partnership for the fundraising and management of the “Cathay Africinvest Innovation Fund”, a pan-African venture fund to connect the whole continent and the world’s leading innovation ecosystems.
The partnership capitalises on the pan-African presence and knowledge of AfricInvest, with eight offices across the continent, and the experience and depth of Cathay’s global platform, which connects the main technological ecosystems in Europe, China and the United States (US).
With a projected size of EUR150 million (US$169 million), the fund aims to contribute to the development and scaling up of innovative companies that demonstrate strong growth in Africa, while being open to international markets. The fund team will provide selected companies with high value-added support by mobilising its multidisciplinary expertise and networks in order to facilitate partnerships and accelerate expansion.
“We are excited about the combination of experience, expertise and networks that will be delivered through this partnership between AfricInvest and Cathay, a world-class investor. Our combined objective is to provide support to a new generation of African companies in cutting-edge fields, with the ambition to grow them regionally and globally,” said Aziz Mebarek, co-founder and managing partner of AfricInvest.
Cathay co-founder and chairman Mingpo Cai said the partnership was based on shared vision and values, as well as ambitious objectives in terms of impact and return on investment.
“This fund will also provide Cathay Innovation’s portfolio companies with access to fast-growing African markets. We are convinced that this partnership will contribute to changing the financing and development of innovation in Africa,” he said.
Source: Disrupt Africa