Nigerian investor and philanthropist Tony Elumelu has deployed more than $100 million in seed capital to support African startups through the Tony Elumelu Foundation (TEF), reinforcing a long-term commitment to entrepreneurship across the continent.
Nairametrics Elumelu disclosed the milestone in a statement shared on LinkedIn following a meeting with French President Emmanuel Macron and members of the Africa-France Impact Coalition in Paris. He noted that the funding was channelled through the foundation’s entrepreneurship initiatives designed to empower young African founders.
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The investment forms part of TEF’s flagship Tony Elumelu Entrepreneurship Programme, a decade-long initiative aimed at identifying, training, mentoring and funding entrepreneurs across all 54 African countries.
The programme provides selected founders with business training, mentorship and non-refundable seed funding of about $5,000 to help launch or expand early-stage ventures.
The Tony Elumelu Foundation Since the programme began in 2015, the foundation has funded over 20,000 entrepreneurs, creating hundreds of thousands of jobs and contributing to economic growth across Africa.
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The initiative operates on Elumelu’s economic philosophy of “Africapitalism,” which promotes private-sector investment as a driver of development and social prosperity on the continent.
Through TEFConnect, the foundation’s digital entrepreneurship platform, millions of aspiring entrepreneurs across Africa have gained access to training resources, networks and funding opportunities aimed at accelerating innovation and startup growth.
The Tony Elumelu FoundationElumelu said sustained investment in African entrepreneurs remains critical to unlocking the continent’s economic potential and building globally competitive businesses from within Africa.
Source: Nairametrics
