NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

By Tom Jackson

IFC, a member of the World Bank Group, has invested US$10 million in Knife Fund III, a new fund managed by Cape Town-based venture capital firm Knife Capital.

IFC is the largest global development institution focused on the private sector in emerging markets, while Knife Capital is a venture capital investment manager that accelerates the international expansion of African innovation-driven businesses by leveraging knowledge, networks, and funding.

Knife aims to raise US$50 million for Fund III, which will primarily target investments at the Series B stage. Fund III follows Knife Fund II, which was launched in 2016, and Fund I, which was launched in 2010. IFC’s US$10 million investment will provide financial support to tech startups in high-growth sectors in South Africa with strong potential for expansion across Africa and internationally, including enterprise technology, software, health-tech, and fintech.

Photo courtesy of Christina @ wocintechchat.com.