World Bank subsidiary, International Finance Corporation will set aside $6 million for tech startups in Africa. The funds will be channled through TTLcom TIDE (Technology and Innovation for Developing Economies) Africa Fund owned by UK-based venture capital firm TLcom Capital LLP.
TLcom TIDE Africa is focused on delivering capital as part of a larger support to our entrepreneurs, centered on strategic, operational and financial mentoring for value generation, leveraging a senior team of business building investment professionals combining global industry expertise with local frontier market transaction and management. They will be responsible for the identification and funding of the technology enabled and innovative startups in SSA.
The Majority of investments will be concentrated in Sub-Saharan Africa – Kenya, Nigeria, Ghana and South Africa.
“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.