FSD Africa Investments backs VC fund First Circle Capital
FSD Africa Investments backs VC fund First Circle Capital
First Circle invests in early-stage financial technology companies.
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The FSDAi Nyala Facility, set up by FSD Africa Investments (FSDAi) to invest in emerging local capital providers, is injecting $1 million into Africa-based specialist VC fund First Circle Capital.
Run by former entrepreneurs and fintech executives Selma Ribica and Agnes Aistleitner Kisuule, First Circle invests in the continent’s most promising early-stage financial technology companies, leveraging the partners’ industry network and expertise.
First Circle focuses on insurtech, financial infrastructure, and climate fintech businesses. Other areas the fund invests in include fintech software-as-a-service (SaaS), regtech, and alternative lending models. The team has built a portfolio of 13 investments across seven African markets in these sectors.
FSDAi’s chief investment officer, Anne-Marie Chidzero said: “We are thrilled to back this promising GP team of remarkable female investors. First Circle stands out in the market as a thesis-led specialised fund with great depth of expertise and strategy in the fintech sector. We believe that FSDAi Nyala Facility’s backing will catalyse more institutional LPs into First Circle Capital Africa Fund I.”
The fund has offices in Kampala and Casablanca.
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