MasterCard Foundation Africa Growth Fund Injects $27 Million into African Investment Companies

By : Adoni Conrad Quenum

Date : mercredi, 06 décembre 2023 19:13

Africa's burgeoning technology ecosystem is attracting investors from around the globe, with over $2.95 billion invested in the continent's startups within the first nine months of the year alone, according to the African Private Equity and Venture Capital Association.

On Monday, December 4, the MasterCard Foundation Africa Growth Fund, a $200 million impact-investment initiative of the MasterCard Foundation, announced a $27 million investment in three African investment companies dedicated to supporting early-stage startups. The investment aims to stimulate technological innovation and accelerate digital transformation across the continent.

Chui Ventures, VestedWorld, and SME Impact Fund are the three investment companies receiving the funding, with allocations of $9 million, $10 million, and $8 million, respectively. These companies are focused on identifying and nurturing high-potential startups in various sectors, primarily in Ghana, Nigeria, Kenya, and Tanzania.

"We are excited to welcome Chui Ventures, Vested World, and SME Impact Fund to our expanding family of investment vehicles. These strategic partnerships represent our ongoing commitment to fostering sustainable development in Africa through impactful investments. Stay tuned for more developments in the very near future," commented Samuel Akyianu, Managing Director of the MasterCard Foundation Africa Growth Fund.

The establishment of the Africa Growth Fund aligns with the MasterCard Foundation's broader efforts to drive digital transformation across Africa. This year alone, the fund has invested in several startup-focused investment companies, including Nigeria's Aruwa Capital Management ($2.2 million) and Uganda's Inua Capital ($5 million). Additionally, the foundation demonstrated its support for Uganda's national startup policy, which aims to enhance the attractiveness of the country's technological ecosystem.

Commenting on the MasterCard Foundation's investment, Joyce Ann Wainaina, Managing Director of Chui Ventures, stated, "This investment validates our effort to drive African innovation and entrepreneurship, and we are eager to unlock the potential of these promising ventures."

Adoni Conrad Quenum


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