The International Financial Cooperation (IFC), a sister agency of the World Bank and a part of the World Bank Group, has proposed to invest $3 million in African tech entrepreneurs through its Startup Catalyst Program.
This information was made public on the IFC Project Information & Data Portal, which is the world’s largest development organization focused solely on the private sector in developing nations.
Microtraction Fund II is a $15 million seed-stage fund focused on pre-seed and seed-stage investments in Sub-Saharan African tech and ICT-enabled enterprises.
Microtraction appeared to be the most preferred and most accessible source of pre-seed funding for African technology entrepreneurs who Accepts applications all year round.
This funding organization invests in Africa’s most remarkable teams with technical founders at the earliest stages of their venture for pre-seed funding.
They apply their financial resources, technical expertise, global experience, and innovative thinking to help our partners overcome financial, operational, and other challenges.
New $3m Fund For Tech Startups In Africa
The general partner is MI Holdings Limited, a Cayman Islands-based exempted corporation. The IFC has proposed a $1.5 million equity investment under the Startup Catalyst Program and a $1.5 million Blended Finance Facility (BFF) through the IDA18 IFC-MIGAVPrivate Sector Window (IDA PSW).
The IFC has agreed to provide no more than 20% of overall commitments. The fund, which is based in Nigeria, will invest in Sub-Saharan Africa’s high-growth markets.
The Blended Finance Facility (BFF) of the IDA18 IFC-MIGA Private Sector Window (IDA PSW), established by the World Bank Group to accelerate private sector investment in IDA nations, with a focus on fragile and conflict-affected states, will provide support to the Fund.
This might be your golden chance, an opportunity for your startup to make a new wave, take it! and we’ll be ready to help with the process. If you have any challenges or questions, use the comment section and we’ll endeavour to get back soon.