A Pan-African venture fund was launched on Wednesday, which aims to offer selected African companies high value-added support and help create high-tech jobs.

The Cathay Africinvest Innovation Fund, with a projected size of 150 million euros, will be raised and managed by private equity firm AfricInvest and venture capital fund Capital Innovation.  

The fund will contribute to the development and scaling up of innovative companies that demonstrate strong growth in Africa while being open to international markets, according to the fund team. 

"Our combined objective is to provide support to a new generation of African companies in cutting-edge fields, with the ambition to grow them regionally and globally," Aziz Mebarek, co-founder of AfricInvest, said.

The partnership will contribute to changing the financing and development of innovation in Africa, said Cai Mingpo, co-founder and chairman of Cathay Innovation.

The team said they will provide selected companies with high value-added support by mobilizing its multidisciplinary expertise and networks within the various ecosystems to facilitate partnerships and accelerate their geographical expansion, with the aim of building up leaders in their respective sectors of activity.

It will have a significant impact on the continent in terms of the development of skills and know-how, value creation and economic, financial and social inclusion , with strong ambitions in terms of return on investment, the team said.

The fund will contribute to removing barriers between African countries and with the world by creating and connecting new digital infrastructures and services, the team added.