Venture capital firm First Circle Capital, which operates from Morocco and Uganda, announced a US$6 million funding commitment from the International Finance Corporation (IFC) as it builds toward a targeted US$30 million fintech fund.
The firm said the new injection will bolster its focus on pre-seed and seed-stage companies in Africa that are addressing gaps in financial inclusion, infrastructure, and digital finance. The fund is designed to provide not only capital but also hands-on operational support and Series A readiness services for startups.
First Circle Capital reports that it has already invested in 15 startups spanning eight African markets and is working toward a portfolio of approximately 24 companies. The fund says 30% of its current portfolio is co-founded or led by women, and half the companies operate across multiple countries.
In addition to the IFC commitment, the fund has secured approximately US$2 million from the Women Entrepreneurs Finance Initiative (We-Fi) and US$3 million from the Dutch Good Growth Fund (DGGF), alongside backing from institutions such as FSD Africa, MSMEDA, and private tech entrepreneurs.
According to First Circle Capital, the deployment of these funds will accelerate investments in fintech ventures across Africa’s emerging markets, including both Francophone and Anglophone countries. The firm emphasizes its dual-geography structure with offices in Casablanca and Kampala to support pan-African reach.
Analysts say the move reflects growing institutional investor confidence in Africa’s fintech sector and the increasing relevance of early-stage funds with operational capabilities in underserved markets.
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VentureSouq Closes $50 Million FinTech Fund II to Accelerate MENA Startup Growth
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