Knife Capital closes $50 million Series B expansion fund to support African innovation
South African-based VC firm Knife Capital has closed its anticipated $50 million African Series B Expansion Fund.
With the aim of fueling innovation and growth across the continent, Knife Capital’s Series B Expansion Fund has garnered substantial support from investors who are eager to tap into Africa’s burgeoning startup ecosystem.
This fund is designed to provide crucial financial backing to promising startups at a pivotal stage of their growth journey, helping them scale, expand their reach, and solidify their market presence.
A broad range of investors committed to Knife Fund III, including the team itself, the International Finance Corporation (IFC), the Mineworkers Investment Company (MIC), the SA SME Fund, and its new Venture Capital Fund of Funds.
Other investors include Standard Bank, AfricaGrow, Skybound Capital, Fireball Capital, and the Draper-Gain family office in partnership with Rand Merchant Bank.
Known for its proficiency in partnering with and nurturing startups, Knife Capital is poised to accelerate the growth of these ventures, thereby contributing to job creation, economic development, and technological advancement across Africa.
The fund is expected to cater to various sectors, including technology, healthcare, fintech, agri-tech, and more.
By doing so, Knife Capital is not only driving innovation but also contributing to addressing some of the most pressing challenges faced by the continent.
The closing of Knife Capital’s $50 million African Series B Expansion Fund comes at a time when global interest in African innovation and entrepreneurship is on the rise.
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