The European Investment Bank (EIB), with support from the European Union (EU), is using development finance to strengthen African businesses through its Boost Africa initiative, which backs venture capital funds investing in promising enterprises across the continent.
The initiative combines development finance with private-sector capital and investment expertise to help entrepreneurs access funding, business networks and technical support needed to expand their operations and reach new markets.
Through this investment model, Boost Africa provides financial backing to venture capital funds, which identify and invest in businesses with strong growth potential.
One of the businesses benefiting from this approach is Daya, which received investment through Janngo Capital, a venture capital fund supported by Boost Africa.
Daya is focused on connecting African businesses to global markets, with its co-founders, Tomiwa “Aleph” Lasebikan and Paul Joe, highlighting the company’s journey, vision and ambitions.
The investment illustrates how development finance can stimulate private investment and create opportunities for innovative businesses to strengthen their operations, expand internationally and contribute to economic growth.
Explaining the investment process, the EIB highlighted how capital moves from development finance institutions to venture capital funds and ultimately into businesses, where it can support innovation, expansion and job creation.
The initiative is part of broader efforts by the EIB and its partners to strengthen Africa’s entrepreneurial ecosystem by addressing funding gaps and improving access to investment expertise.
By supporting venture capital funds rather than relying solely on direct business financing, Boost Africa seeks to create a sustainable investment ecosystem capable of supporting more African entrepreneurs.
The EIB has also released an explanatory infographic and a video featuring Daya’s co-founders, offering insights into how the investment model works and its impact on African businesses.
