Some foreign investors were present at the "unconference" organized on the sidelines of AfricArena in Cape Town. Orange Digital Ventures and Breega represented the France. Are the opportunities represented by African tech greater than the risks associated with ecosystems that are still immature? It is in these simple terms that foreign investors are questioning their presence on the continent. Some have already ruled in its favor, such as the Japanese Uncovered Fund, led by Takuma Terakubo. The latter has already made 16 investments in start-ups in South Africa, Rwanda, Uganda and Kenya. "There has not yet been an exit, because our investments are recent, but half of the start-ups have already succeeded in the next round," says the investor. With his first fund of $3.5 million, he injected tickets of $50,000 to $200,000 per company. This fund was financed by Japanese groups, such as Monex or Rohto. "It's a way for them to give themselves access to African markets, as well as to find innovations, because the local economy is struggling to produce them," says Takuma Terakubo, who is in the process of raising a second fund that will this time amount to $ 20 million. Max Klenner, Head of Investment at Germany's GreenTec Capital Partners, reiterated his commitment to the continent: "GreenTec already has a start-up support business on the African continent, and we are in the process of raising a $60 million fund to complement it," Explain. This vehicle will make it possible to participate in pre-series A rounds, as well as to follow the start-ups during their series A. "At the moment, the African venture capital industry is small because no one has made a lot of money," he concedes. We bet on the fact that by investing in start-ups that we have coached, we reduce the risk of our investments. » The France still timid While Partech, the French fund that raised the country's largest investment vehicle dedicated to Africa, was not present, it was Orange Digital Ventures and Breega who represented the France at this event that took place in South Africa. Launched in 2017, the African activity of Orange's investment arm is based in Dakar and has so far invested in two start-ups. "We put tickets from 1 to 3 million, with a view to open innovation for the group," says Marième Diop. Three people are now dedicated to this activity and are looking to invest in seed in start-ups in finance, health, the sharing economy, agriculture or education. Breega, which has made four small investments in African start-ups with its fintech fund, does not currently have a specific plan for the continent. "We came with a lot of humility, to understand how the different ecosystems work," says the co-founder of the fund Maximilien Bacot.