Eur350 Million Funding To Be Invested In Venture Capitals Focused On African Startups


July 1, 2021, 1:45 p.m.

Mubadala Investment Company and Bpifrance have partnered to deploy up to EUR350 million ($416 million) through fund and direct investments in private equity and venture capital with a focus on high-growth African start-ups, SMEs, and mid-caps.

The partnership forms part of an agreement between the two parties to launch a new co-investment project dedicated to African private equity.

The agreement to jointly invest in top-tier African private equity and venture capital funds comes after the Summit on the Financing of African Economies on May 18, where France and the UAE, along with 45 other nations and institutions, pledged to work together to achieve a post-Covid economic recovery in Africa, including through specialized support for entrepreneurs and SMEs.

“We are thrilled to announce we will start working with our long-time partner Mubadala in neighbouring Africa, where Bpifrance has been active over the past 20 years through a pioneering fund of funds program,” Nicolas Dufourcq, CEO of Bpifrance, said.

"We are more convinced than ever of the tremendous potential of Africa’s private sector and of the pivotal role that African private equity will play in uncovering and empowering industrial and tech champions throughout the continent. We hope more of our international partners will join us on this exciting African journey.”

Waleed Al Mokarrab Al Muhairi, the deputy group CEO of Mubadala, said: “Over the years, we have developed a strong relationship with Bpifrance and have successfully invested or committed approximately EUR1.5 billion in more than 15 investments in France. We are excited to extend this partnership into Africa, a market which we believe has significant untapped potential, and to invest alongside them in high-growth companies.

BPIfrance and Mubadala have built a strong relationship since the launch of the French Emirati Fund in 2014 and the Innovation Partnership in 2017.

About Mubadala Investment Company

Mubadala Investment Company is a sovereign investor that manages a diverse portfolio of assets and investments in the United Arab Emirates and abroad, to generate sustainable financial returns for its shareholder, the Government of Abu Dhabi.

Mubadala is investing and partnering at the leading edge of global growth and innovation to create opportunities for future generations. Mubadala is a $243 billion (AED 894 billion) business that spans six continents with interests across multiple sectors and asset classes. Headquartered in Abu Dhabi, Mubadala also has offices in London, Rio de Janeiro, Moscow, New York, San Francisco, and Beijing.

About Bpifrance

Since 2013, Bpifrance has become the one-stop-shop for entrepreneurs with a vastly comprehensive toolbox offered in the field to customers through 50 local branches. They believe in serving the future, by being entrepreneur-centric and heavily decentralized

Bpifrance was officially created in 2013 but its roots go back a hundred years. It is the culmination of several entities created and merged over the subsequent years. Today, they are the trusted partner for entrepreneurs and offer a continuum of solutions adapted to every key step in a business’s growth.

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Verny Joy Author

Verny loves to write poetry, fiction and quotes. Her love for writing landed her in journalism. She loves gadgets and travelling to explore new places.