Through its Startup Catalyst Program, Microtraction Fund Il, the International Financial Cooperation (IFC), a sister agency of the World Bank and a part of the World Bank Group, proposes to invest $3 million in African tech entrepreneurs.
Microtraction Fund II is a $15 million seed-stage fund focused on pre-seed and seed-stage investments in Sub-Saharan African tech and ICT-enabled enterprises.
This information was made public on the IFC Project Information & Data Portal, which is the world’s largest development organization focused solely on the private sector in developing nations.
The general partner is MI Holdings Limited, a Cayman Islands-based exempted corporation. The IFC has proposed a $1.5 million equity investment under the Startup Catalyst Program and a $1.5 million Blended Finance Facility (BFF) through the IDA18 IFC-MIGAVPrivate Sector Window (IDA PSW).
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The IFC has agreed to provide no more than 20% of overall commitments. The fund, which is based in Nigeria, will invest in Sub-Saharan Africa’s high-growth markets.
The Blended Finance Facility (BFF) of the IDA18 IFC-MIGA Private Sector Window (IDA PSW), established by the World Bank Group to accelerate private sector investment in IDA nations, with a focus on fragile and conflict-affected states, will provide support to the Fund.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer