This archive report was first published on 24 July 2019.
On July 24, 2019, GreenTec 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 tackle investment challenges in Africa by providing investment tickets between €10,000 and €500,000 for entrepreneurs at the cusp of their growth stages.
The deal was signed by Minister Delegate for Entrepreneurship, Papa Amadou Sarr, and GreenTec Capital Partners' CEO and co-founder, Erick Yong.
DER, created in 2017 and operational since March 2018, has been provided with a budget of $5 million per year until 2023 to achieve its goals.
The collaboration also coincides with the ambitions of the French initiative Digital Africa, led by Karim Sy, who has guaranteed to lend the full support of the French initiative to this new ecosystem building centre.
Through its innovation fund, DER has already invested in 44 Senegalese startups in 2018, with ticket sizes ranging from €10,000 to €100,000.
Senegal is also launching a 'DER Innovation HUB' to position Senegal as a major player in the field of innovation on a regional level.
The agreement also includes the establishment of the new GreenTec Capital regional office in Dakar to help raise the critical operational capabilities of companies.
