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Ex-SAP CEO Launches African Venture Fund

Hasso Plattner, co-founder of the German software giant, is starting a $42 million VC fund in Cape Town to open doors for African tech companies

Emerging economies are seen as the next big opportunity for the technology business, so it seems inevitable that some of the industry's most successful entrepreneurs would start looking there for investments.

On Feb. 15, Hasso Plattner, the billionaire co-founder and former CEO of German software giant SAP (SAP) announced in Cape Town, South Africa, that he is starting a new $42.3 million pan-African venture capital fund with the help of Germany's MAN Ferrostaal, a global provider of industrial services and key player in alternative energy. Plattner is investing $36.48 million of his own money in the fund, while the remainder comes from MAN.