Tech in Africa
European Bank for Reconstruction and Development has committed to the development of a US$10 million equity fund targeting technological companies in the Southern and Eastern Mediterranean regions. The funds will be channeled to Badia Impact Squared a VC fund run by Silicon Badia. Cumulatively, the VC firm has made the first close of USD 36 million.
Badia Impact Squared is currently offering equity funding to most early-stage tech companies. They offer alternative equity funding to early-stage tech companies operating in the SEMED region. The fund will invest throughout the MENA region with a key focus on Jordan and Egypt.
This capital injection is the second investment round from EBRD after an initial US$ 8 million to Badia Impact Fund in 2014. Silicon Badia has also invested in products and services in the sectors of financial services, healthcare, and transportation.
Silicon Badia is fully financed through a €100 million Early-Stage Innovation Facility, that addresses capital demand and early stage innovation facilities that addresses the demand for capital while supporting early-stage MSMEs in the region.
EBRD has steadily invested in both venture capital funds and private equity firms since 1992, forking out over US$5.2 million to date. Over 1700 companies have received funding in the areas where this bank operates.
