AFC Invests US$100M in Africa Tech Funds
Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, today announced that its Board has approved a commitment of up to US$100 million to invest in Africa-focused technology fund managers.
The launch comes at a pivotal moment for Africa. The continent’s digital economy is projected to contribute over US$700 billion to GDP by 2050, driven by a fast-growing, digitally connected population and accelerating enterprise adoption of technology. Yet despite this momentum, a persistent gap in long-term institutional capital continues to constrain the development and scaling of high-potential technology businesses across the continent.
Through this commitment, AFC will deploy catalytic capital in leading Africa-focused technology Funds and in particular African-owned fund managers. In doing so, AFC aims to address the underrepresentation of local capital in venture funding by catalysing greater participation from African institutional investors and deepening local ownership within the ecosystem.
Commenting on the initiative, Samaila Zubairu, President and CEO of AFC, said:
“Digital infrastructure is now as fundamental to Africa’s transformation as roads, rail, ports and power — enabling productivity, payments, logistics, services, data and cross-border trade, while creating jobs and industrial scale.”
Africa’s venture capital ecosystem has demonstrated real potential – the continent has produced nine unicorns, some of its leading fund managers have generated returns of up to 128 times the capital originally invested, and African start-ups raised US$3.8 billion in 2025 alone. Yet local institutional capital remains significantly underrepresented across many fund cap tables, with the majority of venture funding continuing to flow from international sources. AFC’s commitment is designed to shift that dynamic.
As part of the initial deployment, AFC has made anchor commitments to Lightrock Africa Fund II and Future Africa Fund III, positioning the Corporation across the full innovation lifecycle – from early-stage venture capital through to growth-stage scaling.
Pal Erik Sjatil, Managing Partner & CEO, Lightrock, welcomed the partnership, stating:
“This commitment reflects a shared conviction in the opportunity to back high-growth, technology-enabled businesses with proven business models, strong fundamentals, and clear pathways to profitability.”
Future Africa is a venture capital firm that backs founders building technology-enabled solutions to Africa’s most pressing challenges, with a portfolio that includes some of the continent’s most celebrated technology companies.
Overall, the commitment builds on AFC’s broader strategy to deploy capital across integrated infrastructure systems, where digital platforms increasingly complement physical infrastructure to unlock value across sectors. By combining its balance sheet strength, structuring expertise, and pan-African network, AFC aims to establish itself as the leading institutional investor in Africa’s technology ecosystem – mobilising capital at scale while delivering sustainable, long-term development impact across the continent.