IFC proposes investment in African VC fund
First Circle Africa Fund I has a target of $25 million.
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The International Finance Corporation (IFC) has disclosed a proposed investment of up to $4 million in First Circle Africa Fund I, a female-led, pan-African venture capital fund focused on pre-seed and seed-stage investments in fintech companies.
The fund, managed by First Circle Capital, targets high-growth sectors such as fintech SaaS, insurtech, alternative lending, interoperability and infrastructure, and climate-focused fintech. It is seeking to raise $25 million, with a hard cap of $30 million.
In addition, the Women’s Entrepreneurs Finance Initiative (We-Fi), through its implementing partner IFC, will commit up to $2 million to the fund as a limited partner.
First Circle Capital is led by two female managing partners, Selma Ribica and Agnes Kisuule.
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