(Ecofin Agency) - The closing is announced two years after Inua Capital launched in Uganda. The fund aims to support about thirty businesses, women-led mostly, in the coming ten years.
Impact investor Inua Capital announced, Wednesday, the close of its first fund, Inua Impact Fund, with over $8 million in commitments. This generalist vehicle will invest patient and catalytic venture capital in more than 30 Ugandan small and medium enterprises (SMEs) over the next 10 years. The fund will focus on women-led SMEs to help build the next generation of Ugandan business leaders.
Inua Impact Fund will focus on high-potential, fast-growing companies with financing needs between $100,000 and $500,000. The fund will strive to build a gender-balanced portfolio, with at least 30% of its commitments allocated to women-owned or women-led businesses. It will also integrate agriculture and agribusiness into its investment strategy, supporting ten SMEs operating in this field in Uganda.
While underlining its commitment to catalyze and accelerate Ugandan companies with high development potential, Kim Kamarebe, Managing Director of Inua Capital, welcomed the financial contribution of the Investisseurs & Partenaires (I&P) group which, through its I&P Development program (IPDEV 2), helped provide the $8 million alongside the European Union's Edfi AgriFI initiative.
This close of the Inua Impact Fund comes two years after the launch of Inua Capital's activities in Uganda. In this East African country, the investment firm focused its operations on SMEs that, while driving job creation in the country, face financing challenges and lack operational and strategic support.
Inua Capital will be the first fund backed by Investisseurs & Partenaires (I&P) in East Africa. According to David Munnich, Executive Director of I&P Development at I&P, Uganda is among the most entrepreneurial countries in Africa, which explains why it was chosen. Inua Capital will provide not only growth capital, but also business support services and technical assistance that should help the beneficiaries scale up.