Mastercard Foundation Africa Growth Fund Expands Portfolio with Strategic Investments in Chui Ventures, VestedWorld, and SME Impact Fund
The Mastercard Foundation Africa Growth Fund has achieved a significant milestone by making strategic investments in three Investment Vehicles (IVs): Chui Ventures, VestedWorld, and SME Impact Fund. These investments underscore the Fund’s commitment to fostering impactful investments for sustainable economic growth across Africa.
Key Points:
- Expansion of Portfolio:
- The Mastercard Foundation Africa Growth Fund has expanded its portfolio by investing in Chui Ventures, VestedWorld, and SME Impact Fund. This marks a crucial step in the Fund’s dedication to driving sustainable development through impactful investments.
- Previous Investments:
- In the past 12 months, the Fund has invested in Aruwa Capital Management of Nigeria and Inua Capital in Uganda. These investments, totaling $2.2 million and $5 million, respectively, aim to support small and medium-sized enterprises (SMEs) and contribute to economic transformation.
- Catalytic Role of Fund of Funds:
- As a pioneer Fund of Funds, the Mastercard Foundation Africa Growth Fund plays a pivotal role in lowering the risk associated with African-owned and domiciled funds. This approach facilitates financing, scaling, and drives growth and employment, addressing economic challenges and promoting entrepreneurship.
- Chui Ventures Commitment:
- Chui Ventures, led by Joyce-Ann Wainaina, focuses on backing gender-inclusive startups in Kenya and Nigeria. The Mastercard Foundation Africa Growth Fund has committed $9 million to Chui Ventures, anchoring a fundraise targeting $20 million. This investment aims to empower exceptional African startups and guide them through early growth stages.
- VestedWorld Partnership:
- VestedWorld, a Venture Capital Fund targeting investments in Ghana, Kenya, and Nigeria, has received a commitment of $10 million from the Mastercard Foundation Africa Growth Fund. This partnership aims to strengthen high-potential African startups, drive economic transformation, and unlock entrepreneurial talent across the continent.
- SME Impact Fund Collaboration:
- The Mastercard Foundation Africa Growth Fund is collaborating with the SME Impact Fund, based in Arusha, Tanzania. With a commitment of $8 million, the SME Impact Fund focuses on addressing financing challenges for smallholder farmers and SME food processors, unlocking the agricultural potential of smallholders and driving sustainable agricultural growth.
Conclusion: The Mastercard Foundation Africa Growth Fund’s strategic investments in Chui Ventures, VestedWorld, and SME Impact Fund signal a significant commitment to fostering impactful and sustainable development across Africa. These investments, along with previous commitments, exemplify the Fund’s catalytic role in supporting innovative ventures, promoting entrepreneurship, and contributing to economic transformation on the continent.
