Microsoft to invest $500 million in African startups to accelerate their growth
Microsoft intends to provide $500 million in potential funding to African startups with the help of venture capitalists in order to help them grow quickly.
The Africa Transformation Office will launch a series of new initiatives over the next five years with the goal of assisting 10,000 African businesses in reaching their full potential. With the opening of the Microsoft Startup Founder’s Hub in Africa and new collaborations with accelerators and incubators, businesses on the African continent now have access to markets, technical expertise, and financial resources.
Microsoft sees the African startup sector as a strong foundation for the continent’s digital economy when it comes to promoting local innovation.
Wael Elkabbany, Managing Director, Microsoft Africa Transformation Office, says he wants to see a “explosion of local ingenuity” in Africa. “It will have a positive impact not only on Africa’s digital economy, but also on the global community,” he adds.
Microsoft intends to facilitate digital transformation led by Africans for Africans with the establishment of the Africa Change Office. It will work with both public and private entities to achieve this goal.
Some of the company’s major venture capital investors include Banque Misr, Global Venture Capital, and Get Funded Africa. With a five-year plan to expand this venture capitalist network.
As a result, startups will be able to scale up and generate economic growth.
Microsoft intends to form industry alliances and collaborate with venture capital investors in order to gain access to the $500 million in funding.
The target audience consists of global and regional networks with an interest in one or more African regions.
The funds will be provided by a group of venture capitalists who will contribute some of their capital to businesses in the Microsoft network.
