France’s PROPARCO to form $74 million global technology fund

11/21/2018 8:35:00 AM (GMT)

French financial services company PROPARCO is planning to form a 65 million euros ($74 million) fund to invest in African startups.

PROPARCO said that fund's first tranche of $57.1 million will be invested in the global technology ecosystem by 2019.

The company also noted that this fund would be indirectly invested in two or three funds targeting Africa and directly in technology companies on the continent.

PROPARCO expects to inject up to $1 million to technology startups seeking financing and between $6 million to $11 million in investment funds.

PROPARCO

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