International Finance Corporation (IFC) has set aside 6 million USD for tech startups in Africa. The fund will be controlled by TIDE a subsidiary of UK based Venture capital TLcom Capital LLP. Tide Africa will control the identification and funding of the technology enabled and innovative startups in Sub Saharan Africa. The investments will mostly major in Kenya, Nigeria, Ghana and South Africa
Quoting Business Daily, “Majority of TIDE’s investments will be concentrated in Anglophone Africa: Kenya, Nigeria, Ghana and South Africa, and the remaining allocation will be deployed in other Western, Eastern and Southern African countries, with a sectorial focus on consumer services, financial services, and enterprise technologies.”
See also: Troidini to Invest $20k in Africa Startups
The institution had always supported local startups, which was one of the reasons why they jointly launched a project called, ‘The Next 100 African Start-ups initiative’ with the Egyptian Ministry of Investment and International Cooperation (MIIC). The project gave an opportunity to selected startups to connect with international investors, financial institutions, government officials, and policymakers from the African continent.
IFC is a subsidiary of the World Bank Group. It is one of the largest global development institution that pays attention to the private sector. It works with over 2K companies globally and employs its vast prowess and funds to come up with opportunities to help entrepreneurs in hardship regions of the world.
IFC invested a total of USD 23 Billion in long-term financing for developing countries in 2018. The organization said the early stages of a business is crucial to its survival and future growth and they will continue to support entrepreneurs and their ecosystems by helping them bridge the challenge of inadequate seed capital.
