(Ecofin Agency) - The International Finance Corporation IFC is mulling over pumping an additional $10 million into African startups. The institution should soon reveal whether or not it will participate in the second TLcom Capital fund dedicated for this purpose.
This new fund mainly targets early-stage investments in tech startups in East and West Africa. Particular focus will be on financial technology products and services, e-logistics, e-supply chain, and health technology.
Beyond providing support to startups, TLcom Capital's London-based TideAfrica fund also profits the company. It is estimated that the firm's first fund of $71 million could return nearly three times the initial investment. Its investment amounts range from $500,000 to $10 million.