French VC firm, Ring Capital launches Africa-focused fund 

March 6, 2024
2 min read
ring capital

Ring Capital, a French VC firm has announced the launch of an impact investment fund, Ring Africa, targeted at French-speaking West Africa.

The fund will invest in startups with strong social and environmental focus and will target investments from the pre-seed to Series A stages.

Ring Africa will raise a €50 million fund targeted at startups building solutions that solve the continent's climate change challenges, facilitate the region's transition to a formal economy, and improve agricultural productivity.

The fund will count on a partnership with Mstudio to navigate the intricacies of investing in the region. Plans are underway to build a local investment team based in Abidjan.

Founded in 2023, Mstudio is a startup studio headquartered in Abidjan from where it hopes to spur activity in the region.

"We are not here to reinvent the wheel. We just work on business models that have worked very well in English-speaking Africa. We're not here to do Facebook 4.0 or Instagram 2.0. We're just here to do proven business models," Mstudio Co-founder, Leslie Ossett said.

Mstudio co-founders, Cedric Mangaud and Leslie Ossett previously co-founded Saviu Ventures and BuuPass respectively and plan to replicate successful business models in Anglophone Africa.

Mstudio also focuses on creating startups that improve productivity in the region's informal sector which employs 95% of Africa's working-age populace.

So far, it has invested in more than eight startups in fintech, edtech, and social commerce.

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"We are very pleased to partner with Ring Capital for their African fund, an initiative that marks a positive turning point for the Francophone Africa technology ecosystem.

"This partnership highlights our shared commitment to inclusive and sustainable economic development, focusing on the positive impact of startups and technology in transforming the sub-region," Cedric Mangaud, Founder of Mstudio said.

Ring Capital has also announced the appointment of Elisabeth Moreno, former Delegate Minister for Gender Equality, Diversity, and Equal Opportunities, as President of its board.

In her new role, Moreno will support the growth of Ring Africa and Ring Capital's commitment to feminisation and inclusion.

"The future of Europe and Africa is intertwined. With Ring Africa, our ambition is to contribute to turning ideas into sustainable solutions to shape a more sustainable and inclusive future for Africa, and participate in the emergence of a new generation of leaders," she said.

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Accidental writer, covering Africa's startup landscape and its heroes. Find me on Twitter @chigo_nwokoma.
Accidental writer, covering Africa's startup landscape and its heroes. Find me on Twitter @chigo_nwokoma.
Accidental writer, covering Africa's startup landscape and its heroes. Find me on Twitter @chigo_nwokoma.

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