Swedfund Invests USD 32 Million in Apis Growth Markets Fund III to Drive Digitalization and Innovation in Africa and Southeast Asia

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Swedfund, Sweden’s development finance institution, has invested USD 32 million in Apis Growth Markets Fund III. The fund focuses on serving low- and middle-income consumers across Africa, South, and Southeast Asia. The investment aims to foster digitalization and innovation, enhance access to financial services, and contribute to job creation.

Key Points:

  • Investment Details:
    • Swedfund has invested USD 32 million in Apis Growth Markets Fund III, a fund managed by Apis that targets companies at the intersection of finance and technology in Asia and Africa.
    • The investment aligns with Swedfund’s mission to contribute to poverty reduction through sustainable investments in developing countries.
  • Objectives of the Investment:
    • The investment is intended to drive digitalization and innovation in target regions.
    • Focus areas include improving access, quality, and affordability of financial services, leading to enhanced economic empowerment, job creation, and adherence to sustainability practices.
  • Geographical Focus:
    • Apis Growth Markets Fund III is set to invest in countries such as Egypt, India, Indonesia, Kenya, Nigeria, and South Africa.
    • The fund’s structure facilitates capital mobilization to targeted growth markets, acting as a bridge for additional global capital that might otherwise have limited access.
  • Leveraging Apis Fund Structure:
    • Through Apis’ fund structure, the investment contributes to capital mobilization and is expected to have a broader impact on the targeted growth markets.
    • The fund is expected to deploy over USD 800 million into growth market investments, with Swedfund participating alongside other development finance institutions (DFIs) such as BII, DEG, IFC, and OeEB.
  • ESG and Impact Agenda:
    • Apis has an established Environment, Social, Governance (ESG) and Impact Agenda, aligning well with Swedfund’s strategy.
    • The investment aims to contribute to sustainability aspects, including increased women economic empowerment and the creation of decent jobs.
  • About Apis Growth Markets Fund III:
    • Apis Growth Markets Fund III, established in 2014, focuses on companies in the intersection of finance and technology in Asia and Africa.
    • Targeting a fund size of USD 500 million, the fund aims to allocate capital to 10 to 15 investments.

Swedfund’s investment in Apis Growth Markets Fund III reflects a strategic move to drive digitalization and innovation in Africa, South Asia, and Southeast Asia. The investment aims to have a positive impact on financial inclusion, job creation, and sustainability in the targeted regions. By leveraging Apis’ fund structure and aligning with ESG principles, Swedfund contributes to broader capital mobilization and impactful investments in growth markets.

Swedfund

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