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One of the world's richest men has teamed up with a Swiss philanthropic foundation to make an unusual investment: $20 million in startups aimed at improving the well-being of young people in Africa.
Benjamin Langer, founder and CEO of investment platform Seedstars Capital, says in a press release that the Seedstars Youth Wellbeing Ventures fund will focus on companies in low- and middle-income countries that provide services such as health services, environmental sustainability, local food security, water and sanitation, waste management, digital technologies, quality education, access to employment, financial services, safe transportation, and affordable housing.
"Our partnership with Fondation Botnar will combine our strengths and resources to drive meaningful impact in emerging markets," Langer says.
"Together, and with the added strength of our co-investor network, we will identify, invest, and scale innovative companies with the potential to transform the lives of young people across our key markets."
The fund has already made its first investment, in Senegal's Chargel, a logistics technology company that provides health and well-being services to young truck drivers, reports the Guardian.
"Our shared commitment to improving the wellbeing of young people aligns strongly with our investment strategy that takes a market-based approach to philanthropy, especially as rapid urbanization and the
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