DFI signs off on investment in Knife Capital’s latest fund

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Having indicated last May that it was mulling a possible investment in Knife Capital‘s latest venture fund, International Finance Corporation has now signed off on the commitment, helping the fund hold its first close. The DFI is investing $10 million to the fund which is aiming to raise a total of $50 million by the time it reaches its final close. Knife Fund III is made up of two main funding vehiclesa US dollar-denominated limited partnership in Jersey and a Randdenominated limited partnership in South Africa. Both will co-invest alongside one another in the companies the fund chooses to back. IFC is investing in the Rand-denominated partnership.

Knife Fund III’s strategy is to invest expansion capital in innovation-driven business-to-business technology startups in South Africa that have successfully made it through seed and Series A capital raises and now need significant risk funding to support aggressive scaling and growth plans. The follow-on funding gap facing successful entrepreneurs on the continent remains significant, leaving companies with world-beating innovations under-funded to compete on the global stage.

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