UGFS Havas Ventures $17M Francophone Africa Fund Reaches First Close with Anava Backing
UGFS Havas Series A Tech Fund, a new venture capital fund focused on Francophone Africa, has announced the successful first close of its fund, targeting a final close of $17 million to address the Series A funding gap in the region. Anava, a prominent Tunisia-based VC, is among the key investors participating in this initial close.
Key Details
The UGFS Havas Series A Tech Fund, managed by UGFS Havas Ventures, is specifically designed to invest in early-stage technology startups across Francophone Africa. The fund aims to reach a final close target of $17 million.
The first close was achieved with participation from several investors, including Anava, a venture capital fund operating out of Tunisia. The fund intends to deploy capital into promising startups poised for growth at the Series A stage, a phase where funding can be particularly challenging to secure in the targeted region.
The investment focus will span various tech sectors, aiming to back companies with strong potential for scalability and significant market impact within Francophone African countries.
Implications for the Ecosystem
The launch and first close of a dedicated Series A fund for Francophone Africa is a significant development for the region's startup ecosystem. It signalizes growing investor confidence and the potential for addressing a critical funding bottleneck that often hinders promising startups from scaling post-seed stage. For founders in these markets, the availability of more Series A capital is crucial for expansion, talent acquisition, and product development. The participation of regional investors like Anava also highlights increasing cross-border collaboration and support within the broader African and MENA tech investment landscape.
About UGFS Havas Ventures
UGFS Havas Ventures is the entity managing the newly launched UGFS Havas Series A Tech Fund. The team behind the fund includes experienced individuals like Dr. Chedy Zouaoui, Sofiene Ghali, and Amine Chouaieb. The fund's establishment represents a strategic move by its principals to contribute to the growth and maturation of the tech startup scene in Francophone Africa by providing essential later-stage funding.
Looking Ahead
With the first close now complete, UGFS Havas Ventures will continue its fundraising efforts to reach the targeted final close of $17 million. Simultaneously, the fund will likely begin actively identifying and evaluating potential investment opportunities within its focus region and sectors, aiming to deploy capital and support the next wave of successful Francophone African tech companies.
Source: LaunchBase Africa