The United Nations Development Programme (UNDP), Rwanda, and seven other African countries have joined forces to launch the Timbuktoo African Innovation Fund which will invest $1 billion in 1,000 tech startups across the continent in the next 10 years.
Timbuktoo? Timbuktoo will invest in African startups across pre-seed, seed, and pre-Series A stages. Of the $1 billion funds earmarked for investment, the Timbuktoo Fund will contribute $350 million of risk-tolerant capital which it hopes will attract an additional $650 million from private investors.
Timbuktoo will also provide financing for accelerators and venture builders from the $1 billion.
Techcabal
