IFC, the International Finance Corporation of the World Bank Group, is investing $5 million in the new Sturgeon Capital fund.
IFC will invest up to $5 million in a new venture fund, Sturgeon Emerging Opportunities II LP, managed by Sturgeon Capital, a major investor in venture capital in emerging markets, to support the development of the digital economy and technology startups, according to the IFC official website.
The Sturgeon Emerging Opportunities II program is designed to support startup projects in fintech, B2B platforms, agriculture, healthcare, and education. The fund helps aspiring entrepreneurs expand their businesses, increase their efficiency, and create opportunities for long-term employment.
Apart from investing mainly in projects in Central Asia, the fund also intends to work in other emerging markets, such as Egypt and Pakistan. Sturgeon Capital estimates that the IT startup market in these countries could reach $300 million in annual revenue by 2030 and benefit 1.5 billion people.
For reference, IFC, a member of the World Bank Group, is the largest global development institution dedicated to supporting the private sector in emerging markets. The corporation operates in more than 100 countries.
Source: IFC official website