WEST AFRICA: Ring Capital launches €50m fund to drive sustainability
Investment fund Ring Capital has announced the creation of "Ring Africa" to act as a catalyst for sustainable development. The new €50 million platform is dedicated to financing start-ups in West Africa.
With a population density of 115 inhabitants/km2 by 2050 (according to the United Nations) and growing economic needs, West Africa is increasingly becoming a key region for the implementation of innovative projects on the African continent. Ring Capital understands this and wants to play its part in the expansion of this sub-regional market.
The investment fund recently launched a new €50 million vehicle called “Ring Africa”. It will be headquartered in the highly entrepreneurial city of Abidjan in Ivory Coast and will be dedicated to financing West African start-ups offering solutions to social, environmental and economic challenges. These include education, climate change and food security.
“French-speaking Africa offers immense potential, with growth of 5.2% in 2023. However, it receives only 8% of the funds raised on the continent. By establishing a presence there, we hope to facilitate access to capital for start-ups. The aim is to develop solutions that will shape the continent’s future”, explains Nicolas Celier, co-founder of Ring Capital.
The new Ring Africa fund will be chaired by Élisabeth Moreno. The former French Minister for Equality between Women and Men, Diversity and Equal Opportunities was appointed because of “her expertise in the African entrepreneurial ecosystem and her commitment to inclusion and impact”. So, on the face of it, this is good news for entrepreneurs with projects that respect the environment and the cause of women.
Cover photo: By AFRIK21
