First Circle Capital, a venture capital firm with offices in Casablanca and Kampala, has successfully secured a $6 million investment from the International Finance Corporation (IFC), a member of the World Bank Group. The funding is earmarked to bolster high-growth, early-stage financial technology startups across the African continent.
Strategic Investment From a Global Player
The $6 million commitment from the IFC represents a significant vote of confidence in First Circle Capital’s mission to identify and nurture foundational fintech solutions in Africa. This investment will expand the firm’s capacity to back ventures addressing critical challenges in financial inclusion, digital infrastructure, and innovative financial services.
A $30 Million Vision for African Fintech
First Circle Capital is building a fund with a target size of $30 million, aimed at creating a concentrated portfolio of 24 startups. The firm focuses on pre-seed and seed-stage companies, providing not only crucial early-stage capital but also hands-on operational and business development support to guide founders toward Series A readiness.
Building a Diverse and Impactful Portfolio
To date, the firm has already demonstrated its thematic investment approach by backing 15 startups across eight different African markets. The current portfolio showcases a strong commitment to diversity and cross-border growth, with 30% of its companies led or co-founded by women and half of them operating in multiple countries.
Broad Backing From Global Institutions
Beyond the IFC’s cornerstone investment, First Circle Capital has attracted a powerful syndicate of backers. This includes a $2 million commitment from the Women Entrepreneurs Finance Initiative (We-Fi) and an approved $3 million from the Dutch Good Growth Fund (DGGF). The fund is also supported by FSD Africa, MSMEDA, Axian Group, and a number of prominent global tech entrepreneurs, including Jens Hilgers, Tim Schumacher, Peter Steinberger, and Steve Anavi.
About First Circle Capital
First Circle Capital is a specialist early-stage venture fund focused on catalysing fintech innovation across Africa. With a presence in Morocco and Uganda, the firm invests in pre-seed and seed-stage companies building the next generation of financial services. It provides both capital and deep operational support to help startups scale and achieve Series A readiness.
Source: Wamda
