"Intel's presence is a vote of confidence for high growth ventures across the continent and that is exciting; however, no one fund will make or break the industry and there is still a long way to go before any African market truly proves its potential," said Sean Smith, an analyst at Invested Development, a management fund that invests in early-stage startups.

Intel Capital is targeting Africa's long term growth and Hejka draws an analogy between Poland, his home country, and Africa.

"In the last 50 years we saw many regions and countries being able to emerge into a solid and wealthy economy with a strong technology sector, dynamic exports and rapidly growing GDP," said Hejka. "Many of them did it within one or two decades, the best know examples are BRIC (Brazil, Russia, India and China) countries but many other countries like Turkey or my home country Poland went through similar evolution often starting from levels similar to Kenya today."

However, VCs operating in the region face the challenge of a lack of understanding of what VC funding is expected to do.