IFC mulls $3m investment in Nigerian tech startups

The International Financial Cooperation (IFC) , a sister organization of the World Bank and member of the World Bank Group, plans to invest $3 million to help Nigerian startups through its Startup Catalyst Program, Microtraction Fund Il.

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.

This was disclosed on the IFC Project Information and Data Portal, which is the largest global development institution focused exclusively on the private sector in developing countries.

The IFC has pledged not to exceed 20 per cent of total commitments. The fund, which is domiciled in Nigeria, will invest in high-growth markets in Sub-Saharan 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.