Fund for Women-Led African Enterprises, Alitheia IDF, has secured $75 million (KSh8 Bn) funding to invest in female-led businesses.
With the funding, the firm is looking to invest in about 12 Small and Middle-sized Enterprises (SMEs) with the potential of scaling beyond their countries of origin.
Furthermore, they will use the funding to boosts these sectors; agriculture, agro-processing, and companies that provide essential goods and services.
It will also provide capital of between $2 million and $5 million to high potential mid-sized companies in 6 countries, i.e., Nigeria, Ghana, South Africa, Lesotho, Zimbabwe, and Zambia.
In the long run, the company is targeting to create 5,000 jobs for women, and also provide close to 100,000 women with access to essential products and services.
Previously, the African Development Bank (AfDB) seeded the company with an equity investment of $12.5 million in December 2015, while FinDev Canada made a $7.5 million investment in the company in November 2019.
Alitheia IDF is a joint venture fund between Nigeria’s Alitheia Capital, a private equity investment and advisory firm, and South Africa’s IDF Capital in South Africa. It is an SME investment fund for businesses with high-growth potential in Africa. It invests in businesses that are majority-owned, majority-run, or mainly created to serve women.