In a bid to support the growth of East Africa’s technology startups, the International Finance Corporation (IFC) has announced an investment in the Antler East Africa fund. Antler is an early-stage venture capital fund, focused on developing the next generation of tech leaders.
IFC’s $1.5 million investment in Antler East Africa, along with $500,000 from the Women’s Entrepreneurs Finance Initiative, or We-Fi, will support the company’s new incubator program that launches in March and includes a focus on supporting women entrepreneurs.
Antler will provide a support network including personalized coaching, workspace, and training to startup founders accepted into the program. The program will support teams who have an idea and want to turn it into a business, as well as early-stage startup teams looking to grow and raise capital. Through the incubator program, Antler plans to make 35 new investments in early-stage startups over the next three years.
According to the IFC-Google report, eConomy Africa 2020, Kenya’s Internet economy, for example, has the potential to grow from $7.42 billion in 2020 to $12.84 billion by 2025, and up to $51 billion by 2050. To support this growth in Kenya and other countries in East Africa, IFC is working with partners such as Antler to provide local tech startups with capital and support systems that enable them to launch and grow their businesses while creating jobs.
Jumoke Jagun-Dokunmu, IFC Regional Director for Eastern Africa, had this to say, “Africa’s digital economy is growing and it is critical that our investments and partnerships empower more entrepreneurs to tap into this growth. By supporting Antler, we can help entrepreneurs in East Africa, including women, to bring their ideas to life or take their startups to the next level, contributing to the region’s digital transformation.”