Lagos — May 26, 2026 — The Africa Finance Corporation (AFC) has announced an allocation of up to $100 million to invest in venture capital and growth equity funds targeting technology companies across Africa. The move is designed to accelerate digital transformation by supporting fund managers focused on early‑stage startups and digital infrastructure projects.
Founded in 2007, AFC is a multilateral development finance institution with 48 member countries. Since inception, it has deployed more than $19 billion across 36 nations, primarily in infrastructure and industrial projects. This latest allocation marks a strategic shift toward catalyzing Africa’s technology ecosystem, encouraging greater participation from African institutional investors in venture funding.
AFC President and CEO Samaila Zubairu emphasized that young Africans are driving rapid technology adoption, creating markets and solving economic challenges faster than infrastructure has kept pace. He noted that digital infrastructure is now as fundamental to Africa’s transformation as traditional assets like roads, rail, and power.
The initial deployment includes anchor commitments to Lightrock Africa Fund II and Future Africa Fund III, positioning AFC across multiple stages of the venture ecosystem. Lightrock focuses on growth‑stage investments in technology‑enabled businesses, while Future Africa supports early‑stage companies and founder development.
Industry leaders welcomed the investment. Pal Erik Sjatil, CEO of Lightrock, highlighted the opportunity to back high‑growth businesses with strong fundamentals and measurable social impact. Iyin Aboyeji, founding partner of Future Africa, stressed that expanding access to digital tools and infrastructure is critical to scaling Africa’s participation in the global economy.
AFC’s $100 million commitment signals a broader strategy to build a pipeline of Africa‑focused fund managers, with further allocations expected. The initiative underscores the role of digital infrastructure in driving productivity, cross‑border trade, and job creation, positioning Africa at the forefront of global technology innovation.
