Mastercard Africa growth fund injects $27m in three VC firms
The Mastercard Africa Growth Fund has taken a significant stride in bolstering impact investment in Africa by announcing substantial investments totaling $27 million in three prominent investment firms: Chui Ventures, VestedWorld, and SME Impact Fund.
Chui Ventures secures a noteworthy $9 million from the fund, VestedWorld receives a substantial $10 million, and SME Impact Fund is granted a significant $8 million. This marked infusion of funds represents a pivotal step in advancing impact-driven initiatives on the continent. Notably, this latest round of investments brings the total number of recipients supported by the Africa Growth Fund to five.
Before this development, the Mastercard Fund had already made noteworthy investments, allocating $2.2 million to Aruwa Capital and $5 million to Inua Capital. Aruwa, a women-led investment firm established in 2019, focuses on supporting women entrepreneurs and businesses that cater to the needs of women. The firm has directed its investments into various ventures, including Fastizers, CrowdForce, Taeillo, Pngme, and Lifestores Pharmacy.
Points clés à retenir
Launched in December 2022, the Africa Growth Fund is a $200 million fund of funds designed to address the financing gap in Africa's impact investment landscape. With support from Investisseurs & Partenaires (I&P), ESPartners (ESP), Criterion Institute, Genesis Analysis, and Africa Communications Group, the fund goes beyond providing capital, offering essential business development services, fund advisory, communications support, and diversity and inclusion advisory to its portfolio companies. Expressing enthusiasm about the recent investments, Samuel Akyianu, Managing Director of the Mastercard Foundation Africa Growth Fund, stated, "We are excited to welcome Chui Ventures, Vested World, and SME Impact Fund to our expanding family of investment vehicles. These strategic partnerships underscore our ongoing commitment to fostering sustainable development in Africa through impactful investments."
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