Ten Ivorian startups are currently participating in an intensive two-week programme at Station F in Paris, marking a notable push by Côte d’Ivoire’s state-backed investment vehicle to connect West African entrepreneurs with European capital and expertise.
The programme, organised by CDC-CI Capital in partnership with HEC Paris and supported by World Bank funding, represents the culmination of a competitive selection process that began with 324 applications earlier this year. The chosen startups are developing solutions across digital health, agritech, electric mobility, natural cosmetics, infant nutrition, edtech, and digital technology.
From Abidjan to Paris
The cohort was selected through CDC-CI Capital’s Startup Pathway initiative, part of the broader Startup Ecosystem Support Programme launched under the World Bank-financed Competitive Value Chains for Employment and Economic Transformation Project (PCCET). From the initial pool of applicants, 118 startups received preliminary training, 15 reached the finals, and 10 were ultimately selected in early September.
The Paris immersion, which runs through late November, includes acceleration workshops, strategic mentoring, meetings with sector experts, and an introduction to the French capital’s innovation ecosystem. The programme concludes with a Demo Day on 27 November, where founders will pitch to potential investors and partners.
Beyond the Paris visit, the selected startups will participate in a four-month acceleration programme in Abidjan from January to April 2026, operated by HEC Paris’s Innovation & Entrepreneurship Institute. CDC-CI Capital will also provide investment readiness support.
Active deployment of capital
CDC-CI Capital, established in 2023 as a wholly-owned subsidiary of Côte d’Ivoire’s Caisse des Dépôts et Consignations, has been actively deploying capital into local technology companies. The fund operates with approximately 38 billion CFA francs (around $63 million) in capital.
In October 2025, the fund invested 800 million CFA francs ($1.4 million) in payments startup Julaya through convertible bonds. The deal came months after Julaya secured Payment Establishment approval from the Central Bank of West African States (BCEAO) in May 2025. Founded in 2018, Julaya serves over 1,000 clients ranging from small merchants to larger enterprises.
The Julaya investment followed an equity injection of 350 million CFA francs ($620,500) into healthtech startup Ades, also in October. The funding is intended to modernise Ades’ digital platform UMED and expand its physical infrastructure, including biomedical equipment and home visit capabilities.
Earlier in 2025, CDC-CI Capital invested 800 million CFA francs ($1.3 million) in fintech Djamo, which focuses on financial inclusion for underbanked populations.
The fund’s investment activity demonstrates a deliberate strategy to support companies at the intersection of technology and essential services — payments, healthcare, and financial inclusion — where local solutions remain underdeveloped.
Legislative backdrop
The fund’s operations occur within the context of Côte d’Ivoire’s Startup Act, enacted in November 2023 and officially published in January 2024. The legislation establishes a “Label Startup Numérique” (Digital Startup Label) system that provides qualifying companies with tax incentives, preferential treatment in public procurement, financial support, and access to regulatory sandboxes.
To qualify for the label, startups must be legally constituted under Ivorian law, have majority local ownership, demonstrate innovation, provide proof of concept through an MVP or market testing, and show scalability potential. The label is valid for up to five years.
The law emphasises support structures beyond financing, including mentorship, training, and networking opportunities. A pre-label option exists for early-stage companies that meet basic criteria but require additional time to develop fully.
Structural challenges remain
While CDC-CI Capital’s activities signal government commitment to technology-driven economic development, structural challenges persist. Access to growth-stage capital remains limited in West African markets, with few institutional investors actively writing cheques between $500,000 and $5 million. Most foreign venture capital firms maintain a presence in Lagos, Nairobi, or Cape Town, with limited exposure to francophone West Africa.
The choice of convertible bonds rather than direct equity for the Julaya investment reflects this reality. The structure allows faster deployment of capital while preserving flexibility for both parties — the startup avoids immediate dilution while the investor maintains optionality to convert should the company hit milestones.
Public funds like CDC-CI Capital serve a specific function in markets where private capital is scarce. However, their effectiveness ultimately depends on whether portfolio companies can achieve sustainable unit economics and attract follow-on private investment.
For the ten startups currently in Paris, the programme offers exposure to a different capital ecosystem. Station F, opened in 2017 by French entrepreneur Xavier Niel, hosts over 1,000 startups and serves as a hub for European venture activity. Whether that exposure translates into concrete investment outcomes will become clearer after the November Demo Day.
The broader question is whether programmes like this can establish sustained connections between African founders and European investors, or whether they remain primarily ceremonial. The answer will depend less on two-week immersions and more on whether investors develop sufficient conviction to write cheques into markets they historically avoid.