Over 40 leading African venture capital fund managers gathered at Oxford University this week for an intensive program designed to strengthen the continent’s investment ecosystem. The Africa Venture Finance Programme, held from September 1-5 at the prestigious Saïd Business School, aims to address Africa’s chronic underfunding in the global venture capital market. The executive program brings together fund managers investing in technology and tech-enabled companies across Africa, with women making up nearly half the participants.
Oxford academics lead sessions focused on peer-to-peer learning and capacity building, while development finance institutions, including the European Bank for Reconstruction and Development and British International Investment, engage with African general partners. Africa attracts just 1-2% of global venture capital despite representing 18% of the world’s population. This funding gap has left many promising startups struggling to scale, even as the continent’s entrepreneurial ecosystem shows growing promise.
“Africa’s innovation potential is immense, and venture capital is the bridge to unlocking it,” said Peter Ellersiek, Investment Director at AfricaGrow. The program aims to equip fund managers with tools and networks needed to drive transformative business opportunities across the continent. This marks the fourth edition of the program, delivered through Boost Africa, a joint initiative between the European Investment Bank’s development arm and the African Development Bank.
Following this year’s cohort, over 150 of Africa’s most active venture capital fund managers will have participated, creating what organizers describe as a vibrant alumni network that continues collaborating beyond the program. Senior partners from established firms including TLcom, Partech, and AfricInvest are engaging with development finance institutions on current challenges in the African venture capital landscape.
African venture capital program kickoff
Discussions cover access to capital, fund performance, and capacity-building strategies to support portfolio company growth. The program comes as Africa’s entrepreneurial ecosystem shows signs of momentum. The African Private Capital Association recorded 487 deals in 2024, including 427 venture capital transactions valued at $2.6 billion and 60 venture debt deals worth $1 billion.
EIB Vice-President Ambroise Fayolle emphasized the broader impact beyond finance. “Boost Africa is about building resilient economies, fostering innovation, and creating inclusive growth through smart, targeted investment,” he said. Companies supported under the initiative are attracting more funding and helping build thriving innovation ecosystems.
The Boost Africa program has supported six private equity funds and more than 70 companies, mobilizing over €380 million in capital for startups continent-wide. Notably, 94% of supported founders raised $1 million or more in funding, nearly double the rate of comparable entrepreneurs. Programme Director Aunnie Patton Power from Oxford University said the initiative goes beyond growing funds.
“It’s about reimagining what finance can do when it’s grounded in context, community, and long-term value creation,” she explained. The program receives backing from the German Federal Ministry for Economic Cooperation and Development through KfW/DEG, alongside support from the European Commission and the Organization of African, Caribbean & Pacific States. European Commissioner for International Partnerships Jozef Síkela described it as demonstrating the EU’s commitment to helping African startups scale innovations and attract sustainable investment.
