International Finance Corporation set aside $6 million for tech startups in Africa
The fund will be channelled through TIDE, owned by UK-based venture capital firm TLcom Capital LLP.
Majority of investments will be concentrated in Sub-Saharan Africa – Kenya, Nigeria, Ghana and South Africa.
Tech startups from Sub-Saharan Africa markets to get $6 million investment from the International Finance Corporation (IFC), a subsidiary of World Bank Group.
The fund, according to Business Daily Africa, will be channelled through fund manager, TIDE Africa.
TIDE, owned by UK-based venture capital firm TLcom Capital LLP, will be responsible for the identification and funding of the technology enabled and innovative startups in SSA.
“IFC is considering an equity investment of up to $6 million (Sh600 million) in TIDE Africa Fund.
“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 sectoral focus on consumer services, financial services, and enterprise technologies,” Business Daily quoted the international financier as saying.
As at the time of filing this report, Maurizio Caio, a Managing Partner at TLcom Capital is yet to respond to Business Insider Sub-Saharan Africa by Pulse’s enquiries over the investment.