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Home Funding

Knife Capital Fund III receives a $10 million investment from the International Finance Corporation (IFC) to help South Africa’s digital entrepreneurs

Tech Gist Africa by Tech Gist Africa
02/17/2022
in Funding, News - South Africa, Venture Capital
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Knife Ventures capital Tech News Africa

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Knife Fund III, a new fund managed by Cape Town-based venture capital firm Knife Capital, has received a US$10 million investment from IFC, a member of the World Bank group.

Knife Capital is a venture capital investment manager that accelerates the international expansion of African innovation-driven enterprises by leveraging knowledge, networks, and money. IFC is the world’s largest development institution focused on the private sector in developing countries, while Knife Capital is a venture capital investment manager that focuses on the private sector in emerging markets.

“We are delighted to welcome IFC as an investor in our new Fund III and value the endorsement that comes with the commitment,” said Knife Capital partner Andrea Bohmert. “With the first closing of Fund III, we are finally able to support entrepreneurs at the next step of their scale-up journey, filling a critical vacuum in the African entrepreneurial ecosystem.”

Increased access to venture finance, according to Adamou Labara, IFC’s national manager for South Africa, encouraged digital entrepreneurship and creative tech solutions that improved the delivery of critical services such as healthcare, fintech, and logistics.

“By supporting funds like Knife III, IFC will be able to assist more companies and digital entrepreneurs in South Africa and abroad,” he said.

The IFC’s US$10 million investment will help digital firms in high-growth industries in South Africa, such as enterprise technology, software, health-tech, and fintech, with considerable potential for expansion throughout Africa and beyond.

Knife is looking to fundraise $50 million for Fund III, which will largely target Series B investments.

 

Read more on Tech Gist Africa:

Binance, a cryptocurrency exchange, will invest $200 million in Forbes, a US media company

The African Development Fund has signed a grant agreement worth $14.2 million for a financial digitalization initiative

The Kigali International Financial Centre (KIFC) has announced the launch of a $50 million Fintech Africa Fund

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