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Timbuktoo: UNDP-Backed $1 Billion Fund Revolutionizing African Tech Startups

Timbuktoo: UNDP-Backed $1 Billion Fund Revolutionizing African Tech Startups

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#economy
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#funding
🌍 The largest-ever startup fund in Africa, Timbuktoo, launches with a $1 billion commitment over 10 years to empower 1000 tech startups across the continent. Led by the United Nations Development Programme (UNDP) and eight African countries, this initiative aims to catalyze domestic capital, making venture investments riskier and more attractive. 💡💰

The Timbuktoo Africa Innovation Fund, backed by the UNDP, Rwanda, and seven other African nations, is set to inject $1 billion into 1000 tech startups over the next decade. With $350 million in risk-tolerant capital, the fund seeks to attract an additional $650 million from private investors. Timbuktoo will make equity-based pre-seed, seed, and pre-Series A investments, targeting specific sectors in various African hubs, fostering innovation and collaboration with local universities. Managed from Rwanda, the fund bolsters Kigali's status as a rising financial center, drawing commitments from President Paul Kagame and positioning itself as a game-changer in the African tech ecosystem. 🚀🌐💼


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