Nairobi-based firm Seedstars African Ventures International received over Ksh4.8 billion in funding from the European Investment Bank (EIB) on January 10.

Seedstars is a venture capital organization that provides funding for innovative startups and high-growth companies in Sub-Saharan Africa.

The European Investment Bank (EIB) granted the funding, part of the European Union’s (EU) commitment to supporting innovation in Sub-Saharan Africa. The funding includes Ksh3 billion (US$20 million) from the African Caribbean, Pacific Trust Fund and Ksh1.5 billion (US$10 million) from the Boost Africa program.

Seedstars Africa Ventures I, with headquarters in Nairobi and Paris, collaborates with global entrepreneurship supporter Seedstars and multi-specialist investment platform LBO France. The collaboration aims to support and invest in African startups.

Seedstars applauded the EIB for recognizing its efforts, describing the funding as a testament to its investment thesis and the effectiveness of its support to portfolio companies. The company pledged to continue funding African companies and aims to attract both African and foreign investors to reach its target size.

Kenya emerged as the global leader in startup capital, securing Ksh124 billion (USD800 million) in 2023, surpassing larger African economies like Nigeria and Egypt. President Ruto attributed this success to strategic reforms that have enhanced the business environment, making Kenya a preferred choice for investors.