Former French Minister of Gender Equity and current President of Ring Capital, Elisabeth Moreno, has taken a stand against stereotypes and advocated for increased investment in African startups.
Africa’s rapid population growth and vast market potential mean there are investment opportunities in essential sectors, such as renewable energy, climate change, and infrastructure, Moreno told Sunday PUNCH on the sidelines of GITEX Africa in Morocco.
Moreno, who heads Ring Capital, a venture capital firm based in Paris, France, invests in fast-growing tech and impact companies.
The company has not made inroads into West Africa, but it is currently focusing on Francophone countries, where investment is largely low compared to Nigeria, Kenya, South Africa, and Egypt—”The Big Four.”
Persistent prejudices and stereotypes faced by Africans, make it tougher for startups to attract funding.
Nigerian startups like Kuda Technologies needed to set up their headquarters in the United Kingdom, a move the firm described as a good strategy to attract funding from investors.
The ex-minister challenged the notion that Africa was not a viable investment destination, saying that there were three key focus areas of investment, including renewable energy, infrastructure, and electrification.
“The sectors that are really booming are those around renewable energy. Africa has abundant sun and wind, providing many potential solutions.
“Climate change is another critical issue. I am very focused on water—water is life. The climate impact has significant consequences for the African continent. Infrastructure and electricity are also major topics,” the venture capitalist explained.
Beyond the stereotypes, Africa is often found wanting when it comes to ensuring investors’ confidence through strong regulatory policies.
Moreno emphasised the importance of creating a safe and transparent investment environment to attract capital to African startups.
“If you want to invest your money, you would naturally choose a safe option. You worked hard for this money, and you want to invest it wisely, hoping for returns. Once you get returns, you can invest even more.
“We need to ensure that investors feel safe. How do we achieve that? Through transparency, regulation, and building the best possible projects that investors will feel proud to support,” she expounded.