Tech accelerator Startupbootcamp, together with Ashish Thakkar’s Mara Group and Blend Financial Services, has unveiled a new $250 million investment fund, the Tycoon Plan, aimed at propelling technology startups across Africa. This announcement was made at the Future Investment Initiative in Saudi Arabia, which spotlighted investment opportunities in Africa.

Slated to start disbursing funds within the next three to six months, the Tycoon Plan targets key tech hubs in South Africa, Nigeria, Kenya, Ivory Coast, and Egypt. Startupbootcamp, which operates a global network of accelerators and boasts a portfolio valuation of approximately $6 billion, is poised to tap into the continent’s burgeoning tech sector.

Africa’s demographic is rapidly growing and predominantly young, a factor that is driving a tech revolution to address various challenges including infrastructure deficiencies. According to a study by New World Wealth and South African software firm Platform45, cities like Cape Town, Johannesburg, Nairobi, and Ebene in Mauritius are expected to evolve into major tech hubs.

Thakkar, who previously engaged in family-based angel investing, highlighted the efficiency and scale that the new fund will bring to the investment process. The fund will primarily engage in startup and pre-IPO funding stages, drawing on Thakkar’s experience in banking, including his role in co-founding Atlas Mara Ltd. with ex-Barclays CEO Bob Diamond.

With an optimistic view of the future, Thakkar anticipates that the initiative will lead to the creation of additional funds that cater to both early and later-stage investment opportunities. This strategy is set to enrich the technological landscape and stimulate economic growth across Africa.