Series E

Unknown Series Round

Others

Series A

Series C

Series D

Debt Financing

Series B

Washington, DC

Seed

Explore IFC Venture Capital Group's portfolio and investment trends in technology. Find exclusive insights at Lucidity Insights.

IFC Venture Capital Group

The International Finance Corporation (IFC) is the premier global development institution dedicated to fostering private sector growth in developing countries, thereby catalyzing economic development and enhancing livelihoods.

Bangalore

PE Round

BYJU’S

Education

BYJU'S is an educational technology company that develops personalized learning programs for K-12 students.

Gurugram

Series I

Lenskart

E-Commerce

Eyewear

Lenskart is the largest eyewear company in Asia, dedicated to improving the vision and evolutionize how people perceive and engage with the world through advanced technology.

Nairobi

Sun King

Renewables

CleanTech

Energy

Manufacturing

Sun King sells, installs and finances solar home systems for the 1.8 billion off-grid and under-electrified consumers.

Navi

Insurance

Banking

Financial Services

Fintech

Navi is one of the fastest-growing financial services companies in India providing Personal & Home Loans, UPI, Insurance, Mutual Funds, and Gold.

Dubai

Network International Payment Solution

Finance

Payment

Digital Payment

Point of Sales

Fraud Monitoring

Network International is a leading payment solutions provider that offers a wide range of payment processing services to merchants, financial institutions, and governments.

Mumbai

GreenCell Mobility

Transportation

Mobility

Public Transportation

Electric Vehicle

GreenCell Mobility is dedicated to building a platform for eMaaS (Electric Mobility-as-a-Service), by building a sustainable growth momentum in the shared e-mobility space

Yellow Door Energy

Yellow Door Energy is the leading sustainable energy partner for businesses, serving commercial and industrial customers in the Middle East, Africa and beyond. The company’s solar and energy efficiency solutions enable businesses to reduce energy costs, improve power reliability and lower carbon emissions. Yellow Door Energy’s shareholders are Actis, the International Finance Corporation (IFC), Mitsui, and APICORP.

Souq.com

Technology

Retal & Wholesale

Online Shopping

Souq.com is the largest e-commerce platform in the Middle East, offering a wide range of products. The company launched in 2005 in Dubai, United Arab Emirates. On March 28, 2017, Amazon.com Inc. acquired Souq.com as a subsidiary. On May 1, 2019, Souq.com UAE became known as Amazon.ae, while on June 17, 2020, Souq.com KSA became known as Amazon.sa. On September 1, 2021, Souq.com Egypt became known as Amazon.eg, marking the end of Souq.com.

Lagos

Moove

Automotive

Moove is a mobility fintech company on a mission to drive productivity and success for the world’s mobility entrepreneurs by democratising access to vehicle ownership for those with limited or no access to a vehicle or vehicle financing. We use our revenue-based financing model on a global scale to serve millions of entrepreneurs in the mobility industry.

Casablanca

OCP Group

Agriculture

Agribusiness

Agritech

Headquartered in Morocco, OCP Group is one of the world’s largest custodian and supplier of phosphate-based fertilizers and associated products for soil health and a leader in applied science and education. Our mission is to provide customized plant nutrition solutions for healthy food production.

As an African business, we are committed to accelerating Africa’s development and south-to-south cooperation and making agriculture and food systems globally sustainable and resilient. We put farmers at the center of everything we do.

Join us to help ensure a more sustainable and food secure future for all.

Riyadh

TruKKer

Logistics

Freight Service

Supply Chain Management

TruKKer is a Digital Freight Network that integrates Demand & Supply for multimodal freight services

Dakar

Wave Mobile Money

Mobile Payments

Wave Mobile Money provides an app-based financial solution to save, transfer, and borrow money.

Delivery Services

Pharmaceuticals

Health Care

Analytics

Tata 1mg, India’s leading healthcare platform, is on a mission to provide a seamless healthcare experience by bringing care to health.

Series F

Shadowfax

Supply Chain Technology

Shadowfax stands as India's leading provider of e-commerce express parcel and value-added solutions. With a robust distribution network covering over 2,500 cities and more than 18,000 PIN codes, Shadowfax has established itself as a key player in the logistics sector.

Cairo

Post-IPO Debt

Fawry

Digital Payments

The leading Egyptian digital transformation & fintech platform that revolutionized the concept of Omni channel payment.

MaxAB

Retail

Vezeeta

Healthcare

Medical

Software

Healthtech

Provides patients with a digital healthcare booking platform and management software.

Brimore

Social Commerce

Marketplace

Supply Chain

Consumer Goods

Brimore is a social commerce platform, that enables the local manufacturers to overcome the Go-to-Market challenges and grow on a national scale.

Augmented Reality

Art-Media-Entertainment

Social Network

Digital Media

Virtual Reality

VUZ is a social app that allows users to stream and experience XR and the Metaverse.

Pula

Insurance Technology

Pula is an agricultural insurance and technology company that designs and delivers innovative agricultural insurance and digital products to help smallholder farmers endure yield risks, improve their farming practices, and bolster their incomes over time.

Yakeey

Proptech

Real Estate

Property

Yakeey is a transactional marketplace that radically simplifies and accelerates the experience of buying, selling, and renting real estate.

Istanbul

iyzico

iyzico is a payment receipt system management platform that offers ePayment solutions.

Figopara

Figopara is a solution that discounts companies' e-invoices before their due dates.

Kera Health

Artificial Intelligence (AI)

The AI-powered platform connecting and augmenting healthcare providers and communities for healthier lives in Africa and beyond.

Accra

New Crystal

Fitness

Wellness

New Crystal is the leading private healthcare provider in Ghana, delivering quality, affordable, and patient-centered medical services.

Hepsiburada.com

Retail & Wholesale

Fashion

Marketing/Sales

Hepsiburada operates as a subsidiary of Dogan Online Holding Group, Turkey’s leading internet and digital media company. The company was founded in 1998 by five people working from a studio flat in Istanbul focusing on online orders for IT hardware, driving them out to customers. Company later continued to expand its category and selection base asHepsiburada from 2000 on.

Dakar, Senegal, July 6, 2022 — To spur financial inclusion and support economic growth in Senegal and Côte d'Ivoire, IFC today announced an investment in Wave Mobile Money S.A. (Senegal) and Wave Côte d'Ivoire S.A., mobile money firms that are helping lower prices and expand services in the region.

The investment from IFC and other lenders will help Wave substantially grow its operations in Côte d'Ivoire and Senegal, deepen its product offering, and expand its customer base for mobile money accounts and quality payment services.

IFC arranged a €90 million financing package, comprised of a €25 million loan from IFC's own account, B Loans of a combined €41 million from Symbiotics, Blue Orchard, responsAbility, and Lendable, as well as parallel loans of €24 million from Finnfund and Norfund.

IFC's partnership with Wave will help meet the soaring growth in demand for digital payments and mobile money in West Africa in part spurred by the COVID-19 crisis. Access to digital financial services remains limited in the region with only 24 percent of active mobile money accounts compared to 34 percent in East Africa in 2020.

IFC Invests in Mobile Money Firm Wave to Boost Access to Digital Financial Services in West Africa

Yellow Door Energy, a UAE-based leading solar developer, announced today that it has raised $65 million in Series A financing to scale its investments in solar energy and energy efficiency solutions in the Middle East and Africa. This is one of the Middle East's largest private placements in distributed solar.
The investment comes from International Finance Corporation (IFC), a World Bank member, Mitsui & Co., Ltd. (Mitsui), Equinor Energy Ventures (Equinor), Arab Petroleum Investments Corporation (APICORP), and UAE-based Adenium Energy Capital (Adenium), the founding investor of Yellow Door Energy since 2015.

Yellow Door Energy Raises $65 Million to Scale the Solar Energy Transition in the Middle East and Africa

Yellow Door Energy (“YDE”), the leading sustainable energy partner for businesses, has today announced the closing of a new equity raise to continue its development of sustainable energy projects in the Middle East, Africa and beyond. The investment also includes a purchase of current shares, enabling the company’s initial investors to exit. The funding is substantially provided by YDE’s newest and now controlling shareholder, Actis, with existing shareholders International Finance Corporation (IFC), Mitsui & Co., Ltd. (“Mitsui”) and APICORP also increasing their equity commitments. With the closure of this landmark transaction, YDE’s business plan is fully funded and the management team is now focused on executing sustainable energy solutions over the next five years, with a portfolio value expected to exceed $1 billion, which will be funded through a combination of equity and debt securities.

Yellow Door Energy closes $400 million equity raise to develop sustainable energy projects in MEA

IFC and OCP Group, the world’s largest phosphate-based fertilizer producer, today announced an agreement to increase production of low-carbon fertilizers using solar energy, helping green global food systems and reducing their vulnerability to fluctuations in hydrocarbon prices.

Over the past three years, the COVID-19 pandemic and the war in Ukraine have pressured global food supply chains, leading to supply disruptions and price fluctuations. Reducing the sector’s dependence on hydrocarbons helps ensure sustainable food production, price stability and improved food security in developing and emerging countries.

Under the agreement IFC will provide OCP with a €100 million green loan for the construction of two solar power plants. These plants will provide zero-emission power to OCP’s operations in the mining towns of Benguerir and Khouribga, home to Morocco’s – and the world’s – largest phosphate reserves.The plants will have a combined capacity of 400 megawatts peak (MWp) and up to 100 megawatt hours (MWh) of battery storage, making this the first large scale solar photovoltaic project with integrated storage infrastructure in Morocco – and the largest in North Africa.

IFC and OCP sign an agreement for a green loan to build solar power plants

Morocco’s phosphates and fertilizers producer OCP obtained a loan of 100 million dollars from the International Financial Corporation (IFC) to develop its African value chain.

The loan will help OCP Africa to expand its logistics networks and increase the availability of fertilizers, adapted to local soils and crops, in Côte d’Ivoire, Ethiopia, Ghana, Kenya, Nigeria, Senegal, and Tanzania, the two parties said in a statement.

OCP signs $100 mln financing deal with IFC

E-commerce giants with ambitions to build regional Amazon rivals in emerging markets continue to rake in huge amounts of funding. Today, comes the latest development: Souq — an online marketplace that has been described as the Amazon of the Middle East — has announced that it has closed a funding round of over $275 million (AED 1 billion) to continue building out its business in the region.
Souq says the funding is the largest-ever round raised in the e-commerce category in the Middle East. It comes from previous investors Tiger Global and Naspers, as well as some strategic investors, including Standard Chartered Private Equity, IFC (a member of the World Bank Group), Baillie Gifford, and “many reputable regional and tech-focused financial institutions.”

Souq, Amazon Of The Middle East, Raises $275M From Tiger And More At A $1B Valuation

The International Financial Corporation (IFC), a member of the World Bank group, is investing $6m in Fawry, the electronic payment provider, in an effort to extend financial services and encourage economic development in Egypt.

The fund will be used to extend the network of payment terminals across the country. It is expected to help consumers paying bills and businesses to receive payments.

The investment will also help restore investors’ confidence in the Egyptian economy and will create jobs in the high-tech sector.

“IFC has a developmental dimension. It’s not merely a lender interested in a country; it also has the expertise and the long term vision. The investment is a certificate of trust for Fawry, a company that was founded by Egyptians, through a lengthy, difficult process. It is also a gate to take Egyptian products to similar markets,” said Ashraf Sabry, CEO of Fawry.

Sabry expressed his belief in the potential of the Egyptian economy, noting that growing by as little as 1% or 2% in the current circumstances is a unique thing. He added that being in a bad situation means there is room for improvement, confirming that we have to look at the holistic picture, not just the small details.

“We are building an infrastructure,” said Sabry, answering a question on the usage of the fund. “What we do is we enlarge and diversify our infrastructure to accept different kinds of payments and better serve the households and the businesses.”

“We are very proud of Fawry’s unique experience of developing its platform,” said Mouayed Makhlouf, IFC director for the Middle East and North Africa (MENA). “Our region needs more investments of this sort”

“The Arab Spring has showed us the need to create jobs,” he continued. “Twenty-five percent of youth in the MENA region are unemployed. Our strategy is to boost employment through the private sector.”

Mouayed also said: “The infrastructure in MENA is very underdeveloped; it needs $160bn in investments annually. Fawry is a part of this investment as it provides electronic infrastructure.”

The IFC director for MENA shared his belief in Egypt’s potential in the private sector as well, confirming IFC’s $5bn portfolio in the region.

Fawry’s services are used by more than 10 million people to make payments to 43 providers. The company has more than 20,000 payment locations, including retail stores, post offices, and the ATMs of 10 commercial banks. Fawry is planning to increase the number of payment locations to 35,000 by 2016.

The investment is part of IFC’s efforts to catalyse foreign investment in Egypt and support the private sector. In the 2012 fiscal year, IFC committed $506m to seven local projects, a figure that included $125m mobilised from other investors. IFC has over $1bn invested in Egypt.

IFC to invest $6m in ‘Fawry’

Egyptian healthtech startup Vezeeta has raised a new, $1-million investment from the International Finance Corporation (IFC), a member of World Bank Group — less than three months after closing a $12-million Series C funding round led by Saudi-based STV.

Vezeeta has developed one of the Middle East and North Africa’s (MENA) largest healthcare booking platforms and medical practice management software.

Egyptian healthtech Vezeeta does it again with $1-million raise from the IFC [Updated]

Shadowfax, one of the largest logistics service providers to hyper-local and on-demand delivery businesses in India, has raised $100 million in a new funding round as it clocks a yearly growth of 35%.

TPG NewQuest led Shadowfax’s Series E financing round, which includes some secondary transactions, the startup said on Tuesday. TechCrunch reported last year that TPG NewQuest was evaluating an investment in Shadowfax.

Existing backers include the e-commerce giant Flipkart, Mirae Asset Venture Investments, IFC, Nokia Growth Partners, Qualcomm, Eight Roads Ventures and Trifecta Capital also participated in the new funding, the startup said.

Shadowfax is tackling the country’s highly fragmented last-mile delivery infrastructure. India’s consumer delivery networks are often inefficient and struggle with complex urban environments and inconsistent service quality. This leads to delays, elevated costs, and frustration, especially for small businesses that otherwise don’t have sophisticated delivery capabilities.

The Bengaluru-headquartered startup is attempting to streamline logistics operations by unifying disparate elements in India’s last-mile ecosystem.

Shadowfax’s network today reaches over 2,500 cities and more than 15,000 zip codes. The company says it makes over 2 million packages delivery each day and has amassed over 3.5 million registered users.

Shadowfax confirms $100M round to fuel instant delivery push

Walmart’s Flipkart has backed Indian startup Shadowfax in a new $60 million financing round as the retail giant works to strengthen its logistics network in the nation.

Flipkart led the Series D financing round for the four-year-old Bangalore-based startup, Shadowfax co-founder and chief executive Abhishek Bansal told TechCrunch in an interview.

Existing investors Eight Roads Ventures, Nokia Growth Partners, Qualcomm Ventures, Mirae Asset-Naver Fund and World Bank-backed IFC also participated in the round, which brings the startup’s total raise to date to $100 million.

The new round valued Shadowfax at about $250 million, two people familiar with the matter told TechCrunch. Flipkart alone contributed about $30 million to the round, they said. The startup declined to comment on the valuation and individual contribution of its investors.

Shadowfax operates an unusually built business-to-business logistics network in more than 300 cities in India. The startup works with neighborhood stores to use their real estate to store inventory, and a large network of freelancers for the delivery.

“Anyone with a bicycle or a bike or a truck can join our platform and deliver items for us,” said Shadowfax’s Bansal. The startup, which also has set up its own warehouses and fulfillment hubs, currently processes more than 10 million deliveries a month.

Flipkart leads $60M investment in logistics startup Shadowfax

After a year of inception, Sachin Bansal-owned Navi Technologies is diluting 4.5% stake worth $30 million to World Bank's investment arm - International Finance Corporation or IFC.

The investment is a part of Bansal's taking over Chaitanya Rural Intermediation Development Services (CRIDS), a non-banking financial company. He had also become the CEO of the company in September last year.

Sachin Bansal's Navi to dilute 4.5% stake to IFC for $30 Mn

1mg, the Gurugram-based healthtech platform, has raised $70 million in Series D funding round led by IFC (the investment arm of the World Bank) and Corisol Holdings, a European family office and the largest shareholder in Zur Rose/ DocMorris (Europe’s largest e-pharmacy).

[Funding alert] 1mg raises $70M in Series D funding round led by IFC, Corisol Holdings

Gurugram-based 1mg Technologies, which operates an eponymous online pharmacy, is raising $17.8 million (Rs 133 crore) debt from MPOF Mauritius, MAF Mauritius and Swiss healthcare-focused firm HBM Healthcare Investment.

Online pharmacy 1mg to raise $17.8 mn debt from investor consortium

IFC, a member of the World Bank Group, today announced a $2.5 million investment in New Crystal to support the expansion of the private healthcare group, which provides high-quality medical services to lower-middle-income and low-income patients and families in and around Ghana’s capital, Accra.

IFC invests $2.5 million in New Crystal to Bring Affordable, High-Quality Healthcare to Ghanaians

Lenskart, a Delhi-based etailer for eyewear, has raised $60 Mn (INR 400 crore) Series D funding. The round was led by World Bank arm IFC with an investment of $25.6 Mn (INR 171 crore). Infosys co-founder Kris Gopalakrishnan, Zurich-headquartered asset management firm Adveq Management, along with the existing investor TPG Growth and IDG Ventures, also participated in the round. Last month, Inc42 had reported that Ratan Tata has made an investment in Lenskart.

Lenskart Rakes In $60 Mn Series D From IFC, Kris Gopalakrishnan And Existing Investors

Egypt-based B2B e-commerce platform MaxAB, has raised $40 million in a Series A round, led by RMBV, with participation from the IFC, Flourish Ventures, Crystal Stream Capital, Rise Capital, and Endeavor Catalyst as well as MaxAB’s existing investors, Beco Capital and 4DX Ventures.

MaxAB raises $40 million in Series A

Last month, MaxAB, the Egyptian B2B e-commerce platform that serves food and grocery retailers, raised one of the largest Series A on the continent, to the tune of $40 million. Today, it has raised a $15 million extension from existing investors — RMBV, IFC, Flourish Ventures, Crystal Stream Capital, Rise Capital, Endeavour Catalyst, Beco Capital and 4DX Ventures —  bringing its total Series A fundraise to $55 million.

IFC Venture Capital Group

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IFC Venture Capital Group

Funding Deals, by Startup Growth Stage

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We Invest in Startups in the Following Stages

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