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Boost Africa is a joint initiative of the African Development Bank (AfDB), the European Investment Bank (EIB), the European Commission and the Organisation of African, Caribbean and Pacific States Secretariat (OACPS) under the 11th European Development Fund (EDF).

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The Investment Programme

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1. Does Boost Africa directly invest in start-ups and small and medium companies?

Boost Africa does not directly provide funding to individuals or companies.

Boost Africa will only invest through financial intermediaries mainly investment funds, which will in turn invest in the final beneficiaries: start-ups and small and medium-sized enterprises.

2. What kind of investment will Boost Africa make?

Boost Africa will mostly make equity investments in the intermediaries.

3. In which sectors does Boost Africa invest?

The focus will be on sectors where innovations can improve the quality of people’s lives, in particular for poorer households, providing access to affordable products and services. These sectors include, but are not limited to:

ICT
agribusiness
financial services and financial inclusion
health
education
renewable energy
light industrialisation
value-chain creation

There will be a particular emphasis on intermediaries that focus on youth and women as final beneficiaries.

4. What types of investment funds are eligible for the Boost Africa investments?

seed, early stage and growth venture capital funds focusing on African innovative start-ups and small and medium companies
business incubators/accelerators funds
business angels co-investment funds

5. How can fund managers apply for a Boost Africa investment?

Please see the contact details at the bottom of this page.

6. How are fund managers selected?

The fund managers are selected after appraisal by the European Investment Bank or the African Development Bank.

Fund managers, be it first time or existing teams, will be selected based on their potential to successfully invest in and exit from innovative companies with a high-growth potential.

Innovation is meant here as the use of novel technologies and/or business processes or delivery mechanisms in a way which enables a significant competitive advantage in a given market setting.

7. Where do beneficiary funds need to invest?

Funds need to invest in final beneficiaries (start-ups and small and medium companies and MidCaps) located in sub-Saharan Africa.

8. Who manages the Boost Africa investments?

A joint team comprised of staff from the European Investment Bank and the African Development Bank will source a pipeline, appraise the selected funds and manage the investments.

9. What is Boost Africa’s investment ‘ticket size’?

Boost Africa’s investment in a fund will normally not exceed 25% of the total fund size. The technical assistance support to fund managers will be decided on a case by case basis.

10 What type of financing is available under Boost Africa

Senior funding as well as junior funding (subordinated to the senior tranche investments in a given fund) are available under Boost Africa. Junior investment eligibility and size are conditioned by a set of criteria, including whether it is a first time team, whether they are located in a fragile economy, and whether the focus is on start-ups, small and medium companies and mid-caps as target investee companies.

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Technical Assistance Pool

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1. Does Boost Africa directly provide technical assistance to start-ups and small and medium companies?

Besides venture capital (VC) funds, the Technical Assistance Pool beneficiaries also include individuals or companies invested by selected VC funds.

2. Who is eligible to benefit from the Technical Assistance Pool?

venture capital funds which are considered for investment by Boost Africa
investee companies of funds in which Boost Africa has invested

3. Who manages the Boost Africa Technical Assistance Pool?

Adam Smith International was contracted by the European Investment Bank in December 2020 to provide specialised technical assistance to the selected funds and start-ups.

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Entrepreneurship Laboratory (ELab)

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1. Who is eligible to benefit from the Entrepreneurship Laboratory (ELab)?

entities contributing to the development of entrepreneurship and innovation (e.g., incubators, accelerators)
fund managers
young entrepreneurs

The ELab will facilitate international linkages and knowledge transfer through partnerships with local and international research centres, universities, corporations as well as investors. The ELab also seeks to strengthen regional networks of angel and other funds supporting innovative start-ups as well as of incubators and accelerators.

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About Boost Africa

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1. Is Boost Africa ready to engage with parties in Africa?

Yes, Boost Africa became fully operational in October 2020.

2. Who can invest in Boost Africa?

Public and private investors can participate in the Boost Africa Investment Programme with equity and/or grants.

Boost Africa is also looking for additional donors who can provide cash or in-kind support for the Technical Assistance Pool (TA Pool) and the Entrepreneurship Laboratory (ELab).

For more information please contact:

The African Development Bank:
Mr. Robert Zegers: r.zegers@afdb.org and Ms. Laura Sennett: l.sennett@afdb.org

The European Investment Bank
boostafrica@eib.org

3. How to contact the European Investment Bank or the African Development Bank?

If you are a fund manager focusing on African innovative start-up and SMEs, then please contact us by email and provide a summary of the information requested below:

management team
investment strategy
track record (if applicable)
geographical scope
target sectors
fund/holding size
legal structure
term sheet
expected returns
other investors
timing of fundraising

The European Investment Bank and/or the African Development Bank will respond by email after an initial review.

Please send relevant information to:

The African Development Bank:
Mr. Robert Zegers: r.zegers@afdb.org and Mr. M’Para Coulibaly: i.coulibaly@afdb.org

The European Investment Bank
boostafrica@eib.org

Contact persons may change.

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The Investment Programme

1. Does Boost Africa directly invest in start-ups and small and medium companies?

2. What kind of investment will Boost Africa make?

3. In which sectors does Boost Africa invest?

4. What types of investment funds are eligible for the Boost Africa investments?

5. How can fund managers apply for a Boost Africa investment?

6. How are fund managers selected?

7. Where do beneficiary funds need to invest?

8. Who manages the Boost Africa investments?

9. What is Boost Africa’s investment ‘ticket size’?

10 What type of financing is available under Boost Africa

Technical Assistance Pool

1. Does Boost Africa directly provide technical assistance to start-ups and small and medium companies?

2. Who is eligible to benefit from the Technical Assistance Pool?

3. Who manages the Boost Africa Technical Assistance Pool?

Entrepreneurship Laboratory (ELab)

1. Who is eligible to benefit from the Entrepreneurship Laboratory (ELab)?

About Boost Africa

1. Is Boost Africa ready to engage with parties in Africa?

2. Who can invest in Boost Africa?

3. How to contact the European Investment Bank or the African Development Bank?