This archive report was first published on 24 July 2019.
On July 24, 2019, GreeenTec Capital Partners signed a Memorandum of Understanding (MOU) with the Senegalese General Delegation for the Acceleration of Entrepreneurship for Women and Young People, DER, under the auspices of the Presidency of the Republic of Senegal.
The partnership aims to establish the first regional Venture Building Center in Africa, providing investment tickets between €10,000 and €500,000 for entrepreneurs at the cusp of their growth stages.
The agreement was signed by Minister Delegate for Entrepreneurship, Papa Amadou Sarr, and CEO and co-founder of GreeenTec Capital Partners, Erick Yong, to support young Senegalese entrepreneurs.
The partnership will provide financing for the digital sector, strengthen operational capacities of startups, and set up a common infrastructure to enable sustainable growth.
DER, created in 2017, has been provided with a budget of $5 million per year until 2023 to achieve these goals.
The collaboration between the Republic of Senegal and GreeenTec Capital Partners coincides with the ambitions of the French initiative Digital Africa led by Karim Sy.
Through its innovation fund, DER has already invested in 44 Senegalese startups in 2018, with ticket sizes ranging from €10,000 to €100,000.
The agreement also includes the establishment of the new GreeenTec Capital regional office in Dakar, designed to support and develop the operations of the largest investment structure in Germany for African start-ups in Francophone Africa.
