Three Africa-focused investment firms have recently secured investments from the Mastercard Africa Growth Fund, marking a significant boost for their initiatives. Chui Ventures, VestedWorld, and SME Impact Fund are set to receive allocations of $9 million, $10 million, and $8 million, respectively, from the Africa Growth Fund, expanding the total beneficiaries to five.

Mastercard's Africa Growth Fund has previously injected $2.2 million into Aruwa Capital Management and $5 million into Inua Capital, illustrating its dedication to fostering impactful investments across the continent.

Aruwa Capital, established in 2019, stands out as one of the few African investment firms founded or led by women. Focused on investing in women-led enterprises or those specifically catering to women, the firm has already supported ventures like Fastizers, CrowdForce, Taeillo, Pngme, and Lifestores Pharmacy.

Inua Capital, an impact investor in Uganda, aims to stimulate growth within the country's small business landscape and has directed investments towards initiatives like Innovex.

The Africa Growth Fund, an initiative by the Mastercard Foundation, strives to bridge the financing gap within Africa's impact investment sphere. Launched in December 2022, this $200 million fund leverages support from Investisseurs & Partenaires (I&P), ESPartners (ESP), Criterion Institute, Genesis Analysis, and Africa Communications Group. These partners offer essential business development services to portfolio companies and provide advisory support on fund management, communications, and diversity and inclusion strategies.

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Samuel Akyianu, Managing Director of the Mastercard Foundation Africa Growth Fund, expressed enthusiasm about the new collaborations, stating,

"We are thrilled to welcome Chui Ventures, Vested World, and SME Impact Fund into our expanding family of investment partners. These strategic alliances underscore our continuous commitment to fostering sustainable development in Africa through impactful investments."

SME Impact Fund, a Tanzanian fund manager, concentrates on investments within the country's agricultural sector. With over 44 investments totalling more than $15 million, the fund has positively impacted 23,000 smallholder farmers in Tanzania, generating over 3,000 employment opportunities.

Allert Mentink, CEO of the SME Impact Fund, highlighted,

"Smallholder farmers play a pivotal role in African agriculture, yet they face substantial financial limitations. Our collaboration with the Mastercard Foundation Africa Growth Fund marks a significant milestone in addressing these challenges. By funding agribusiness SMEs, we aim to empower both the agricultural sector and the farmers themselves."

These investments signify a notable step forward in bolstering impactful ventures across Africa, particularly in sectors crucial for sustainable development and economic growth.