IFC considering investment in Nigeria-based seed fund
The IFC is considering an investment of up to $3 million in Microtraction Fund II through its Startup Catalyst Program. Microtraction Fund II is a $15 million seed stage fund focused on pre-seed and seed stage investments in tech and tech-enabled businesses in sub-Saharan Africa.
The general partner is MI Holdings Limited, an exempted company incorporated in the Cayman Islands.
IFC has proposed an equity investment of up to $1.5 million through the Startup Catalyst Program and $1.5 million through the Blended Finance Facility (BFF) of the IDA18 IFC-MIGA Private Sector Window (IDA PSW). IFC’s commitment is not to exceed 20% of total commitments.
The fund is based in Nigeria and will be making investments across high growth markets in sub-Saharan Africa.
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