French President Macron announces $76m Fund for African Startups

New crowdfunding platform for startups launched

President Emmanuel Macron of France announced at the VivaTech trade fair in Paris the launch of a new $76 million (€65 million) fund dedicated to providing access to funding for African startups

To carry on with this mandate, sums ranging from €30,000 to €50,000 would be provided from the French Development Agency (AFD) to African entrepreneurs.

The scheme will be launched in the coming weeks so that African startups can apply.

Macron said France wishes to take on a role in the financing of African startups, with a view to further developing the entrepreneurial ecosystem on the continent.

The fund forms part of the Digital Africa initiative launched by the President on behalf of the country’s development agency Agence Française de Développement (AFD). The iniative aims to provide a platform to promote African entrepreneurs, through encouraging collaboration and knowledge sharing, providing an online database of resources, hosting events, and facilitating access to funding.

“I call on all African entrepreneurs, from all the countries on the continent, to join this Digital Africa initiative, and to join the platform,” he said.

Further information on the application process is available here.

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