The International Finance Corporation announced the launch of a $225 million venture platform last week, a significant chunk of which will be allocated to opportunities in Africa. The platform’s capital will be bolstered by an additional $50 million from the International Development Association private sector window’s Blended Finance Facility to help de-risk investments. In addition, the development finance institution aims to mobilize more capital for the platform from other DFIs and the private sector.
IFC’s Venture Capital Platform looks set to deliver a significant boost to Africa’s venture ecosystem. While the platform will invest in early-stage startups in Africa, the Middle East, Central Asia, and Pakistan, an IFC spokesperson confirmed that some two-thirds of the capital, (or $150 million), is being allocated to opportunities in Africa. That makes it one of the largest venture investment vehicles on the continent.
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