In a significant move to bolster Africa’s growing technology ecosystem, Amsterdam-based accelerator Startupbootcamp has partnered with Mara Group and Blend Financial Services to establish a $250 million fund dedicated to African tech startups. The fund, announced at the Future Investment Initiative summit in Saudi Arabia, will focus on key startup hubs across Africa, including South Africa, Nigeria, Kenya, Ivory Coast, and Egypt.
The initiative marks one of the largest venture capital commitments to African startups to date, reflecting increasing global investor interest in the continent’s digital potential. Africa’s rapidly growing population and burgeoning digital adoption have transformed cities like Cape Town, Johannesburg, Lagos, and Nairobi into vibrant tech hubs, providing fertile ground for startup innovation. However, while these ecosystems have shown promise, access to substantial capital for scaling remains a challenge for many African entrepreneurs — a gap this new fund aims to bridge.
Ashish Thakkar, the British-East African founder of Mara Group and a prominent figure in African investment, spearheads the fund alongside Startupbootcamp, which manages a €5.6 billion portfolio globally, and Blend Financial Services, a London-based financial consultancy. Thakkar has a history of investing across African markets and believes this fund will create structured financial support for startups on the continent. “We’re witnessing an inflection point in African tech,” Thakkar commented. “Our fund is designed to fuel the next generation of innovators who are using technology to address fundamental gaps in sectors such as finance, health, and education.”
A Focus on Growth Stages, Scaling Support, and Key Markets
The fund will strategically target startups at multiple growth stages, from early-stage rounds to pre-IPO funding, with plans to commence investments within six months. The partners hope to attract further backing from international development finance institutions, broadening the reach and scale of their African portfolio.
Startupbootcamp, which operates 80 accelerator programs across four continents, brings significant global experience to the partnership. Known for its robust mentorship and industry connections, the Amsterdam-based accelerator has facilitated the growth of more than 1,000 startups worldwide since its founding in 2010.
Startupbootcamp CEO Michael Dooijes emphasized the potential impact of the fund. “Africa’s youthful population, coupled with accelerating rates of digital adoption, provides a unique opportunity for tech-based solutions to meet everyday needs in under-resourced areas,” Dooijes said. “With this fund, we’re not just looking at profit; we’re looking to create scalable, sustainable solutions to challenges that millions of Africans face.”
While investors have long regarded Africa as a high-risk environment, the tech landscape is increasingly attracting attention from global players. Rising internet penetration and mobile adoption have set the stage for entrepreneurs to develop digital solutions for finance, healthcare, logistics, and education. Key African cities have emerged as promising innovation centers, hosting a new wave of entrepreneurs seeking to solve local problems with technology, from cashless payments to supply-chain efficiencies.
Over the next few years, the partners aim to support high-growth ventures while offering guidance on navigating regulatory and operational hurdles unique to the continent. Beyond the financial commitment, the fund seeks to provide structural support through mentorship, network-building, and access to international markets — a vital component for startups looking to scale.
The announcement is indicative of a broader trend among venture capitalists and institutional investors, who see Africa’s tech market as an increasingly attractive asset class. According to recent data, Africa’s technology sector has seen double-digit growth over the past five years, with fintech and e-commerce at the forefront. In 2022 alone, African tech startups raised over $5 billion — a notable increase despite global economic uncertainties.
The joint venture between Startupbootcamp, Mara Group, and Blend Financial Services reflects a recognition of Africa’s capacity to produce globally relevant, scalable solutions, especially as local innovators address longstanding infrastructure and accessibility challenges. This $250 million fund, aimed at fostering long-term growth and resilience, underscores the belief that the next generation of African technology could shape the global innovation landscape.