IFC to invest $3m in Nigerian tech startups
International Financial Corporation (IFC), a member of the World Bank Group, has announced plans to invest $3 million to help Nigerian techs through its Startup Catalyst Program, Micro-traction Fund II.
Micro-traction Fund II is a $15 million seed-stage fund focused on pre-seed and seed-stage investments in tech and tech-enabled businesses in Africa.
This was disclosed on the IFC Project Information & Data Portal, which is the largest global development institution focused exclusively on the private sector in developing countries.
MI Holdings Limited, a Cayman Islands-based exempted corporation, is the general partner. The IFC has proposed an equity investment of up to $1.5 million through the Startup Catalyst Program and $1.5 million through the IDA18 IFC-MIGAVPrivate Sector Window’s Blended Finance Facility (BFF) (IDA PSW).
The IFC has pledged not to exceed 20% of total commitments. The fund, which is domiciled in Nigeria, will invest in high-growth markets in Africa.
The Fund will be supported by the Blended Finance Facility (BFF) of the IDA18 IFC-MIGA Private Sector Window (IDA PSW), created by the World Bank Group to catalyze private sector investment in IDA countries, with a focus on fragile and conflict-affected states.
