AfriLabs, a network organisation that drives innovation and entrepreneurship in Africa by bringing together technology hubs, startups, investors, and other key stakeholders in the ecosystem, has signed a memorandum of understanding (MOU) with the Korea-Africa Foundation
for a strategic partnership that will drive innovation and economic growth across the continent.

Anna Ekeledo, an Executive Director of AfriLabs who made the announcement, said the strategic partnership with the Korea-Africa Foundation, aims to serve as a platform for collaboration between the private and public sectors, and to strengthen exchange and cooperation with African countries.

“The collaboration between the two aims to bridge the gap between Korean and African startups by leveraging each other’s expertise and resources,”Ekeledo said.

“This will be achieved through the exchange of insights on youth development, the launch of joint research initiatives, and the fostering of a dynamic ecosystem that cultivates talent and entrepreneurial spirit in both regions.

“At AfriLabs, we are dedicated to unlocking Africa’s full potential and generating wealth through strategic alliances.

“This partnership with the Korea-Africa Foundation unlocks a treasure trove of opportunities for startups, granting them access to a global network, invaluable resources, and unparalleled industry knowledge.

“Together, we will empower the next generation of African innovators and entrepreneurs, paving the way for sustainable development and a thriving economy,” she added.

Paris, a France-based Venture Capital firm, Breega, has announced setting up its first African-focused fund, “Breega Africa Seed I”, with a $75 million seed which aims to become the leading early-stage investor in African startups.

Breega, which is one of the fastest-growing early stage funds in Europe, also announced opening two new offices in Lagos, Nigeria, and Cape Town, South Africa, to manage the new pan-African fund.

A statement from the firm on Friday said since closing its first fund in 2015, the company which also has offices in London and Barcelona, has reached $700 million in assets under management, while invested in over 100 startups across 15 countries.

Melvyn Lubega, co-founder of digital education unicorn Go1 who will lead Breega’s activities in Eastern and Southern Africa from the Cape Town office, said the firm, endowed with the $75 million fund, will invest in ventures in Nigeria, Egypt, South Africa and Kenya, as well as several French-speaking African countries, such as Morocco, Senegal, Ivory Coast, Cameroon and the Democratic Republic of Congo (DRC).

“With this fund, Breega plans on investing checks ranging from $100,000 to $2 million, entering as the initial investor,” said Lubega.

“It will focus on high-impact and sustainable innovations that meet the Sustainable Development Goals (SDGs) as defined by the United Nations, by investing in pivotal sectors such as agri-tech, ed-tech, e-health, fintech, insurtech, prop-tech and logistics.

“Today, Africa receives one per cent of global funding for a region which is home to 18 per cent of the population of the planet.

“This is a large funding gap to close across a continent at the dawn of its technological potential. Breega, an international fund for founders built by founders, has a unique role to play in bridging this gap,” Lubega stated.

Nigerian born Tosin Faniro-Dada, former CEO of Endeavor in Nigeria, will be the partner in charge of West and North Africa, and is expected to contribute her experience, notably as a board member of African fintech unicorn Flutterwave.

“Africa is experiencing a boom in entrepreneurship, reflecting a surge of innovation and ambition across the continent,” Faniro-Dada said.

“Our entrepreneurs are driven by the ambition to find solutions to the continent’s challenges. It is truly inspiring and I’m thrilled to be able to support them thanks to the unique model we’ve developed at Breega,” she said.