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BII invests $20 million in Dangote–backed Alterra Fund to drive Africa’s tech growth

Modupeoluwa Olalere by Modupeoluwa Olalere
March 18, 2025
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BII invests $20 million in Dangote–backed Alterra Fund to drive Africa's tech growth

BII invests $20 million in Dangote–backed Alterra Fund to drive Africa's tech growth

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On Monday, British International Investment (BII) announced a $20 million investment in the Alterra Africa Accelerator Fund, which is backed by Aliko Dangote. 

This move is part of BII’s strategy to support mid-cap companies across Africa, particularly in technology sectors.

Former Carlyle Group executives founded Alterra Capital Partners in 2020 to raise $500 million to boost African growth across sectors. The fund raised $140 million from varied investors in its first round.

Read also: Dream VC opens applications for 2025 venture capital training programs

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Investment strategy and impact

The Alterra Africa Accelerator Fund invests in mid-cap, EBITDA-positive companies across Africa. This investment from BII will help these businesses scale and expand their operations, contributing to the growth of Africa’s tech sector.

Genevieve Sangudi, a partner at Alterra, noted, “This is an excellent time to put money to Monday in Africa as many of the current macro themes provide attractive potential investment opportunities. For example, African corporates are using technology transformation to improve efficiency, reduce costs, increase output and achieve greater scale, particularly in sectors such as logistics and financial services”.

The fund has attracted substantial commitments from various investors, including the International Finance Corporation, Norfund AS, DEG, Standard Bank, and Allianz AfricaGrow Fund, alongside prominent figures like David Rubenstein and Bill Conway. Aliko Dangote’s involvement adds weight to the fund’s mission, highlighting the potential for growth in Africa’s tech and other sectors.

Read also: From Space to Startups: 10 women trailblazers shaping tech in Morocco, Egypt

Sectoral focus and expansion plans

Alterra Capital Partners aims to invest across multiple sectors, including technology, telecommunications, logistics, healthcare, consumer goods, and retail. The fund’s strategy is to capitalise on Africa’s growing population and rising incomes, which drive demand for goods and services.

By targeting mid-cap companies, the fund can help bridge the funding gap that often hinders the growth of these businesses.

This BII investment is part of a broader trend of international interest in Africa’s tech sector. Various funds and investors recognise the continent’s potential for digital innovation and economic growth.

Tags: Aliko DangoteAlterra Africa Accelerator FundBritish International Investment
Modupeoluwa Olalere

Modupeoluwa Olalere

Modupe is a tech content writer with 3+ years of experience turning complex ideas into clear, engaging stories. She covers innovation, digital trends, and emerging technologies. When she’s not writing, she’s exploring new tools or tracking trends shaping Africa’s tech ecosystem.

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