Over the past few years, IBL has steadily expanded into new markets and innovation ecosystems across Africa. The ambition remains twofold: to gain a better understanding of these rapidly evolving ecosystems while actively contributing to them through investments in high potential startups. It was in that context that DotExe Ventures, the Group’s venture capital arm, was launched in 2022.
The idea first emerged in 2019, when the Group was looking to expand its strategy in East Africa. “Despite operating in multiple sectors, and despite the growth of tech ecosystems in Africa, IBL had limited exposure to tech players,” explains Laurent Fayolle, Managing Director of DotExe Ventures.
From the outset, DotExe Ventures adopted a steady and progressive approach to its investments, a testament to the Group’s philosophy: building for the long term while surrounding itself with the right expertise. The company partnered with 4Di Capital, a South African fund manager. “We had the humility to recognise that we were not experts in tech investment, especially in Africa. That is why we partnered with a recognised player and developed an innovative co-management model,” Laurent Fayolle explains. The partnership led to the creation of 4Di DotExe Fund I, an investment vehicle through which IBL committed USD 10 million via DotExe Ventures.
The fund aims to support high-growth tech startups at seed stage across Africa, helping them grow while creating long-term value. For IBL, the initiative also has a broader purpose: staying close to fast-moving entrepreneurial ecosystems, better understanding the transformations reshaping its sectors, and identifying potential areas of collaboration over time. “While it’s not the primary objective, synergies could emerge between these startups and companies within the Group,” adds Laurent.
Some startups are already collaborating with IBL businesses. For instance, one startup developing an AI-powered logistics platform now works alongside Naivas in Kenya and Phoenix Beverages in Mauritius. These exchanges are helping the company refine its value proposition through market-specific insights that could later be applied elsewhere.
DotExe Ventures also serves as a strategic monitoring tool for the Group. “Our presence in these ecosystems allows us to identify disruptive players that could eventually reshape markets or erode our market share.” Aligned with the Group’s vision, investment decisions are driven first and foremost by the people behind the projects. Before any due diligence begins, the first assessment focuses on founders themselves: their background, values and execution capabilities. “We spend a great deal of time with founders and their teams. That is an essential step before carrying out a deeper evaluation of the company itself,” Laurent points out.
After several years of activity, DotExe Ventures is now entering a more structured phase. “The indicators are positive. Today, we have a diversified portfolio across both sectors and geographies.” The 4Di DotExe Fund I will reach maturity in 2029, and could be extended until 2031. By then, some portfolio companies will have raised additional funding, while others may be reaching the point where the fund is preparing an exit. Beyond these milestones, DotExe Ventures reflects IBL’s broader way of working: remaining closely connected to market transformation while continuing to build for the long term.
