Saudi Arabia, through the Mara Group, has launched a US$250 million fund to invest in growth-stage African start-ups, signalling a marked shift in Gulf-to-Africa investment flows. The fund was unveiled at the 2024 Future Investment Initiative (FII) in Riyadh and will target pre-IPO financing rounds in key African markets including Nigeria, Kenya, South Africa, Côte d’Ivoire and Egypt.

The fund is set up in partnership with global accelerator Startupbootcamp and financial services firm Blend Financial Services, combining capital with structured support: technical mentoring, corporate partnerships, and investor readiness programmes. Analysts highlight that Africa’s start-up ecosystem has long suffered from a “growth-stage financing gap”. The leap from Series A to pre-IPO is particularly under-funded and this new fund could help close that gap.

Beyond pure tech deals, the investment reflects Saudi Arabia’s broader strategy of economic diversification under its Vision 2030 plan: moving away from oil-centric investments and into knowledge-based, scalable business models. For African start-ups this means access to Gulf capital networks, expansion support, and new exit possibilities.