Orange Ventures and Digital Africa are teaming up to invest more in tech startups in Africa and the Middle East through Digital Africa’s Fuz program.
The partnership agreement was signed at Vivatech in Paris this week following a previous strategic partnership between the two groups, signed in June 2023, to facilitate the financing and support of startups from the Orange Digital Center (ODC) network.
Orange Ventures said that through the Fuz scheme, it is now possible to double the funds committed by one of the two parties, through joint appraisal of applications and the possibility of joint financing.
During the first year, five startups in the ODC network received funding of up to 50,000 (US$54,200) per startup as part of Digital Africa’s Fuz program.
Three of these beneficiaries are based in Cameroon: Clinihome (healthtech), Koree (fintech) and Colorfol (cultural and creative industries), while the other two are Senegalese: Tolbi (agritech) and Proboutik (fintech). Orange said the funds will enable them to significantly expand their activities.
Orange Digital Centers grow across Africa
Orange Digital Centers are deployed in 17 countries in Africa and the Middle East, and eight countries in Europe, bringing together in a single location a range of free programs from digital training for young people to startup incubation and acceleration, as well as support for and investment in project leaders.
The ODCs offers support throughout the startup lifecycle, with the aim of stimulating entrepreneurship and innovation in the region.
“The Orange Group is fully committed to nurturing the future champions of the technology scene in Africa and the Middle East. This arrangement, involving Orange Middle East and Africa, Orange Ventures and Digital Africa, will collectively enable us to concentrate our resources to create an environment conducive to the success of startups in Africa and the Middle East,” said Fayal Adlouni, managing partner at Orange Ventures.
Digital Africa CEO Grgoire de Padirac added that the groups share a commitment to supporting African entrepreneurs from the earliest stages of maturity by providing them with a comprehensive range of financing and support services.
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*Top image source: Image by freepik.
— The Staff, Connecting Africa
