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FrançaisMastercard Foundation Africa Growth Fund: 3 new investment funds join the portfolio
Submitted by on Mon, 12/04/2023 - 11:09
The Mastercard Foundation Africa Growth Fund, of which I&P is Fund Advisor, is proud to announce the approval of 3 new investment funds: Chui Ventures, VestedWorld, and SME Impact Fund 2, which bring to 5 the number of funds supported since the launch in December 2022.
Review of the project and the first steps of the Fund of Funds
Launched by the Mastercard Foundation, the Mastercard Foundation Africa Growth Fund finances and supports African investment funds that finance SMEs with a strong additionality and gender lens. As Fund Advisor, I&P is responsible for sourcing, assessing, due diligence, presenting to Investment Committee, monitoring portfolio performance and supporting the governance of the funds in portfolio.
Over the past twelve months, the Fund has already invested $2.2 million in the Nigerian fund Aruwa Capital Management and $5 million in the Ugandan investment company Inua Capital.
3 new vehicles approved: Chui Ventures, Vested World Rising Africa Fund and SME Impact Fund 2
3 new investment vehicles have been approved: Chui Ventures, Vested World Rising Africa Fund and SME Impact Fund 2 :
⇒ Led by Joyce-Ann Wainaina, Chui Ventures invests in startups founded by African entrepreneurs at seed and pre-seed stage in Kenya and Nigeria, with an ambitious gender strategy. The Mastercard Foundation Africa Growth Fund is the first institutional investor, enabling the fund to reach its minimum viable size. To find out more
⇒ Based in Arusha, Tanzania, SME Impact Fund 2 targets small and medium-sized enterprises in the agricultural and food-processing sector, providing them with loans and access to technical assistance; a high-impact strategy that is now being extended in Kenya. The Mastercard Foundation Africa Growth Fund is providing anchor financing for Fund 2. To find out more
⇒ VestedWorld Rising Africa Fund is an impact venture capital fund targeting high-potential startups in Ghana, Kenya and Nigeria. The Mastercard Foundation Africa Growth Fund is the first institutional investor to finance this team. To find out more
“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.”
Samuel Akyianu, Managing Director of the Mastercard Foundation Africa Growth Fund.
This new funding is a significant milestone for the Mastercard Foundation Africa Growth Fund, bringing to 5 the number of investment vehicles supported since the initiative was officially launched in December 2022.
About the initiative
The Mastercard Foundation Africa Growth Fund is a $200 million fund of funds for African investment vehicles, targeting around 100 small and medium-sized enterprises (SMEs) in their start-up or growth phase.
Launched in 2022 by the Mastercard Foundation, the initiative is implemented by a consortium of partners, led by Mennonite Economic Development Associates (MEDA) and including ESPartners, Genesis Analytics, Criterion Institute, Africa Communications Media Group and I&P as Fund Advisor.