The Rwanda Innovation Fund has officially opened its doors in Kigali, with the goal of assisting the country’s development of a mature innovation eco-system as well as invest in African startups. Rwanda and Angaza Capital, an investment group with offices in Abu Dhabi and Tel Aviv, collaborated on the project. Rwanda is the third country in which the fund has established a presence, and the first in Africa.
“The Government of Rwanda is excited to be part of this unique fund, being the first government-backed venture capital fund,” Paula Ingabire, Minister of ICT and Innovation, said. ““Rwanda is excited to be investing in Rwandan and African companies bringing to market innovative solutions addressing the challenges on the African continent. Rwanda, being well-positioned as a Pan-African technology and innovation hub and through our partnership with Angaza, aspire to help Rwandan and African companies scale across Africa.”
Here Is What You Need To Know
- RIF will support disruptive, innovative businesses that develop answers to Africa’s main sustainability issues.
- The fund aims to take advantage of Africa’s huge prospects while also having a good impact on millions of people.
- Sustainable development and infra-tech industries such as health-tech, agri-tech, ed-tech, smart cities, and clean technologies will receive a lot of attention.
“Backing smart and sustainable innovation in Africa presents today the biggest opportunity to fully align a clean and inclusive future for all, with outsized performance, by deploying the latest distributed, AI/ML, cloud technologies (and more) in hardly penetrated markets”, says Angela Homsi, Angaza Capital Chair.
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“Innovative technologies now have endless potential to change billions of lives and solve the continent’s most pressing problems, and Rwanda can stand at the forefront of this growing momentum,” Homsi added.
- According to a statement, RIF concentrates on early growth-stage companies with traction that are eager to scale their operations.
- Companies can be backed for between $250,000 and $5 million, according to the firm.
- According to Homsi, the fund’s management not only deploys capital but also gives valuable expertise and support to the companies, which is critical for regional and worldwide success.
“With decades of cumulative experience across the continent’s business and innovation spheres, we focus on growth-stage ventures that present the biggest need, alongside the most substantial potential for impact on a large scale,” added Homsi.
How To Apply
For more information, visit Angaza’s website here.
Angaza African startups Angaza African startups
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning write