Opportunities
Grants, VC funds, accelerators, and competitions for African entrepreneurs.
Grants, VC funds, accelerators, and competitions for African entrepreneurs.
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EUR 10M–50M per sub-fund (fund-of-funds level; sub-funds deploy $500K–$10M to individual companies)
AfricaGrow is a EUR 200M fund-of-funds managed by Allianz Global Investors, backed by DEG, KfW (on behalf of Germany's BMZ), and Allianz insurance companies. It invests into pan-African and country-specific private equity and venture capital funds with proven track records, which in turn finance SMEs and startups across Africa. The fund is now closed to new investments and is in portfolio management/deployment phase.
Patient Capital (for sub-funds)
Long-term institutional capital from Allianz, DEG, and KfW ecosystem — EUR 200M total fund.
Technical Assistance
KfW/BMZ-funded TA Facility for portfolio fund managers.
Institutional Credibility
DEG/KfW/Allianz backing provides signal value to other institutional LPs considering African PE/VC funds.
Fund-of-Funds for African PE/VC Managers
Invests into pan-African and country-specific PE/VC funds with proven track records. Sub-funds then deploy into SMEs and startups.
SME and Startup Growth
Indirect investment into ~150 innovative SMEs and startups across reform-oriented African countries by 2030.
Technical Assistance Facility
KfW/BMZ-funded TA Facility provides additional support to portfolio fund managers to strengthen their operational capabilities.
Compact with Africa (CwA)
Central instrument of Germany's G20 CwA initiative, catalyzing private capital into Africa through blended finance.
Proven African PE/VC fund managers (not startups directly) with track records of investing in scalable businesses aligned with sustainable development goals in reform-oriented African countries.
German development finance ecosystem, DEG advisory support, TA Facility, blended finance expertise, EIB Global Oxford program for portfolio fund managers.
AfricaGrow is explicitly closed to new investors and new fund commitments as of 2025. Founders cannot approach AfricaGrow directly — only via sub-fund managers in the portfolio. The unverified file incorrectly described this as a direct investor.
AfricaGrow is a fund-of-funds — you cannot pitch to them directly. To access their capital, identify which African PE/VC funds are in their portfolio (via their website or EIB announcements) and approach those sub-funds instead. DEG and KfW remain active in African investment outside of AfricaGrow.
2019
Active Since
No
Deploying
Multiple African Series A/B companies via sub-fund managers (names not publicly disclosed)