As the startup ecosystem in Africa continues to mature and attract significant investment, one institution has been quietly but consistently increasing its presence on the continent: Bpifrance. The Banque publique d’investissement (Bpifrance), France’s public investment bank and one of Europe’s most prolific limited partners (LPs), has been deepening its engagement in African technology ventures, solidifying its role as a key financial backer of startups and funds operating across the region.
Bpifrance recently drew attention after supporting ToumAI, a Moroccan artificial intelligence spin-off from AIOX Labs, in its $1 million pre-seed round. The investment, aimed at elevating African language processing and insights, was led by Launch Africa Ventures and included contributions from Madica by Flourish Ventures, Orange Ventures, Digital Africa, GO Ventures, and business angel Bruno Akpaka. Bpifrance’s involvement highlights its commitment to fostering deep-tech innovation on the continent.
The investment bank’s African engagement extends to venture capital funds. Last year, Bpifrance joined forces with Abu Dhabi’s Mubadala Investment Company and other investors to back Partech Africa II, a venture capital fund dedicated to African startups. This investment marked the first deployment under Bpifrance’s €350 million Africa co-investment partnership, launched in June 2021. The Partech Africa II fund, capped at €280 million ($304.4 million), is the largest dedicated African VC fund to date.
Bpifrance is also expanding its direct operations in Africa, particularly in Egypt, where it has partnered with Cairo-based Sawari Ventures. The collaboration aims to support growth-stage companies and entrepreneurs, fostering cross-continental ties between Europe, Africa, and the Middle East. Sawari Ventures, which has offices in Cairo, Casablanca, and Dakar, is preparing to launch its second fund, “Sawari Ventures II,” targeting $200 million in capitalization. Sources indicate that Bpifrance is expected to play a pivotal role in the fund’s structure and financing.
At the FrancoTech exhibition held at Station F in Paris last October, Sawari Ventures and Bpifrance, alongside accelerator Flat6Labs, formalized their collaboration. Their goal is to strengthen commercial, technological, and investment ties between Africa, Europe, and the Middle East by facilitating market access for startups and enhancing co-investment opportunities. The initiative also seeks to support African entrepreneurs looking to expand into Europe, leveraging EuroQuity, a digital matchmaking platform developed by Bpifrance to connect companies and investors across multiple regions. It also seeks to support African companies conducting research and development or operations in France.
“It is essential to strengthen ties between European, African, and Middle Eastern ecosystems, particularly in terms of innovation and investment, to identify geographic development opportunities for companies in these regions. This is precisely the goal of the partnership between Bpifrance, Sawari Ventures, and Flat6Labs,” Isabelle Bébéar, Director of International and European Affairs at Bpifrance said recently.
Supporting Francophone Africa
Bpifrance’s commitment to Francophone Africa is further evidenced by its involvement in several key deals. In 2023, Senegal-based LAfricaMobile closed a $7 million (€6.5 million) Series A funding round, with Bpifrance leading the final phase. The round included participation from Janngo Capital, Southbridge Investments, and Ciwara Capital, marking a significant milestone for the company as it expands its presence in Francophone Africa.
Similarly, Bpifrance backed OBO Interim, an Ivorian digital staffing platform, in a $2 million funding round aimed at revolutionizing recruitment across West Africa. The investment, which included contributions from Evolem, 50 Partners, and Plug and Play Tech Center, supports OBO Interim’s mission to formalize employment and improve access to job opportunities in the region.
Bpifrance is also managing the recently launched Fonds Maghreb, a €100 million fund designed to facilitate French business expansion in Tunisia, Algeria, and Morocco. The fund provides equity investments, growth loans, export credits, and insurance to small and medium-sized enterprises (SMEs) and very small enterprises (VSEs) seeking to enter the Maghreb markets. With a three-year investment horizon, the fund aims to generate economic value and job creation on both sides of the Mediterranean.
Bpifrance’s increasing footprint in African tech underscores a broader shift in investment strategies, where European and Middle Eastern investors are seeking greater exposure to Africa’s growing digital economy. Through a mix of fund commitments, direct startup investments, and strategic partnerships, Bpifrance is positioning itself as a crucial enabler of Africa’s tech-driven economic future. Whether through venture capital support, employment-driven investments, or cross-regional partnerships, the French public investment bank is steadily reinforcing its role as a long-term stakeholder in Africa’s startup landscape.