Rwanda Innovation Fund has officially opened its offices in Kigali, with an aim to support the formation of a mature innovation eco-system in the country, according to officials. The development follows a partnership between Rwanda and Angaza Capital, an investment manager with operations in Abu Dhabi and Tel Aviv. Rwanda becomes the third country where the fund has established its footprint, and the first African country. “The Government of Rwanda is excited to be part of this unique fund, being the first government-backed venture capital fund,” Paula Ingabire, Minister of ICT and Innovation. RIF is among others mandated to back disruptive, innovative companies that deploy solutions to solve major sustainability challenges in Africa. “Rwanda is excited to be investing in Rwandan and African companies bringing to market innovative solutions addressing the challenges on the African continent. Rwanda, being well-positioned as a Pan-African technology and innovation hub and through our partnership with Angaza, aspire to help Rwandan and African companies scale across Africa,” Ingabire added. Officials explained that the fund is focused on utilizing the vast opportunities Africa holds while positively influencing millions of lives in the process. Strong focus will be on sustainable development and infra-tech sectors including health-tech, agri-tech, ed-tech, smart city, and clean technologies. “Backing smart and sustainable innovation in Africa presents today the biggest opportunity to fully align a clean and inclusive future for all, with outsized performance, by deploying the latest distributed, AI/ML, cloud technologies (and more) in hardly penetrated markets”, says Angela Homsi, Angaza Capital Chair. Homsi added, “Innovative technologies now have endless potential to change billions of lives and solve the continent’s most pressing problems, and Rwanda can stand at the forefront of this growing momentum”. RIF focuses on early growth-stage companies with traction, looking to scale their operations, according to a statement. According to the firm, companies can funded to the tune of between $250,000 and $5 million. “With decades of cumulative experience across the continents business and innovation spheres, we focus on growth-stage ventures that present the biggest need, alongside the most substantial potential for impact on a large scale”, added Homsi. He pointed out that the fund’s team not only deploys capital but provides meaningful know-how and support to the companies, which is essential for regional and global success. Ron Adam, Ambassador of Israel in Rwanda welcomed the development, citing various benefits for the regional market, beyond the Rwandan ecosystem. It is my pleasure to be part of this path which Angaza Capital is paving in Rwanda. Israel, and the embassy, in particular, will continue to contribute to this journey through capacity building and knowledge sharing in order to achieve the goals of the fund. Together, we will get far, noted the envoy.
