Axian Group has announced a new investment arm aimed at funding Africa’s fledgling technology startups. The new unit, Axian Investment, will oversee the group’s new investment activities in both private equity and venture capital funds.
“Axian Investment will enable the group to share its resources and experience both directly and indirectly, supporting businesses at different stages of maturity,” the group said in a statement.
Axian Investment will also manage the wider group’s existing investments including Partech Africa, Disruptech, Amethis, African Development Partners, Actis Energie, Emerging Capital Partners and Adenia.
“Axian Investment will enable us to invest strategically in both private equity and venture capital, empowering businesses to create more value while contributing to economic growth in countries across Africa. Consolidating both branches of investment activity under one roof will allow us to reinforce our standing as the group’s lookout-point seeking innovation and opportunities across the continent,” said Axian Financial Services CEO Hassane Muhieddine.
Madagascar-headquartered Axian Group is already heavily invested in 20 private equity and venture capital funds across the world, but with a strong regional focus on Africa. When it comes to the African tech-enabled startup ecosystem, the company’s CVC arm is already a minority shareholder in ten startups and closed one deal a month over the past year.
“Axian Investment intends to ramp up this activity in order to become an established first-rate investor across the technology sector (including in fintech, e-commerce, healthtech and logistech), create synergies between innovative startups and the group’s other business lines,” it said.
In April 2022, a consortium led by Axian bought operator Tigo Tanzania in a deal worth $100 million. This was part of Millicom’s multi-year plan to divest its African operations and focus on its Latin American markets. As of 2022, Axian had interests in 130 businesses across 48 countries, including 77 businesses across 28 countries in Africa.
Axian is a pan-African group that operates in ten countries and specializes in five industries with high growth potential: telecoms, financial services, real estate, energy and open innovation.