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IFC, a member of the World Bank Group, has invested USD 10 Mn in Knife Fund III, a new fund managed by Cape Town-based venture capital firm Knife Capital.
Knife aims to raise USD 50 Mn for Fund III, which will primarily target investments at the Series B stage. Fund III follows Knife Fund II, which was launched in 2016, and Fund I, which was launched in 2010. IFC’s USD 10 Mn investment will provide financial support to tech startups in high-growth sectors in South Africa with strong potential for expansion across Africa and internationally, including enterprise technology, software, health-tech, and fintech.