First Circle Capital raises $6m from IFC
The firm focuses on pre-seed and seed-stage companies solving challenges in financial services.
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First Circle Capital, a specialist early-stage venture fund focused on African fintech innovation, has secured $6 million from the International Finance Corporation (IFC) to expand its investments in high-potential financial technology startups across the continent.
With offices in Casablanca and Kampala, First Circle Capital focuses on pre-seed and seed-stage companies solving challenges in financial services. Its fund, targeting $30 million, is building a concentrated portfolio of 24 startups, providing not only capital but also hands-on operational and business development support to help founders reach Series A readiness.
To date, the firm has invested in 15 startups across eight African markets, with 30% of portfolio companies.
In addition to IFC’s commitment, First Circle Capital has secured $2 million from the Women Entrepreneurs Finance Initiative (We-Fi), and received approval for an additional $3 million from the Dutch Good Growth Fund (DGGF). The fund also counts FSD Africa, MSMEDA, Axian Group, and several notable family offices and tech entrepreneurs – including Jens Hilgers, Tim Schumacher, Peter Steinberger, and Steve Anavi – among its backers.
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