Bamboo Capital Partners, a Luxembourg-based private equity firm focused on impact investing, recently announced plans to invest EUR 100 million (USD 112 million) in “businesses and scalable technology-led solutions that create opportunities and services for underserved communities” in the 26 member states of the Rwanda-based Smart Africa Alliance. Bamboo Capital will place these investments via the Bloc fund, which it established in March 2019 as a “blended finance technology impact fund targeting underserved communities in emerging markets.”
The announcement follows the establishment of an agreement between Smart Africa and Bamboo Capital whereby Smart Africa will shortlist businesses in which Bloc may choose to invest. Smart Africa was established in 2013 and seeks to drive digital transformation in Africa by “provid[ing] leadership in accelerating socio-economic development through ICT [information and communications technology].” In addition to its member countries, Smart Africa’s membership includes the African Development Bank, the African Telecommunications Union, the African Union Commission, the GSM Association, the International Telecommunications Union, the New Partnership for Africa’s Development, the UN Economic Commission for Africa, and the World Bank.
Florian Kemmierich, the managing partner of Bamboo Capital, described the vision for Bloc as to “scale businesses to become champions of the continent and contribute to solving deep issues, such as poverty and climate change.” He added that, “The backing from Smart Africa…will be vital as we take our first steps towards achieving this vision.”
Established in 2007, Bamboo Capital deploys investments intended to “generate lasting impact and improve the lives of the world’s most marginalised communities while delivering strong financial returns.” Since its launch, the firm has raised approximately USD 370 million for investments in approximately 30 countries.
By Jolene Khor, Research Associate
Sources and Additional Resources
Bamboo Capital Partners press release
http://www.bamboocp.com/wp-content/uploads/190516-Smart-Africa-FINAL-3.pdf
Bamboo Capital Partners homepage
http://www.bamboocp.com
Smart Africa Alliance homepage
http://smartafrica.org/
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