Knife Capital Fund III received $10 M investment from the International Finance Corporation (IFC) to help SA’s digital entrepreneurs
Knife Fund III, a new fund run by Cape Town-based venture capital company Knife Capital, has received a US $10 million investment from IFC, a member of the World Bank group.
Knife Capital is a venture capital investment manager that accelerates the international expansion of African innovation-driven businesses by leveraging knowledge, networks, and funding. IFC is the largest global development institution focused on the private sector in emerging markets, while Knife Capital is a venture capital investment manager that accelerates the international expansion of African innovation-driven businesses by leveraging knowledge, networks, and funding.
Knife is looking to fund $50 million for Fund III, which will largely target Series B investments. Knife Fund III comes after Knife Fund II, which debuted in 2016, and Fund I, which debuted in 2010. The IFC’s $10 million investment will help digital firms in high-growth industries in South Africa, such as enterprise technology, software, health-tech, and fintech, with considerable potential for development throughout Africa and worldwide.
“We are excited to welcome IFC as an investor to our new Fund III and sincerely appreciate the endorsement that comes with the commitment,” said Andrea Bohmert, partner at Knife Capital. “With the first close of Fund III, we are finally able to support entrepreneurs on the next stage of the scale-up journey and thereby address a significant gap that currently exists in the African entrepreneurial ecosystem.”
Increased access to venture finance, according to Adamou Labara, IFC’s national manager for South Africa, encouraged digital entrepreneurship and creative tech solutions that improved the delivery of critical services such as healthcare, fintech, and logistics.
“By supporting funds such as Knife III, IFC can help more startups and digital entrepreneurs innovate and expand in South Africa and beyond,” he said.
