This move aims to fuel innovation and entrepreneurship across the continent’s rapidly growing tech sector.

The IFC’s investment comes from their $225 million venture capital platform launched in 2023.

The fund targets strengthening emerging VC ecosystems and early-stage startups in Africa, the Middle East, Central Asia, and Pakistan.

Despite Africa’s vast potential, a significant funding gap exists. The continent received only 2% of global venture capital deals in Q3 2023.

This lack of capital, combined with a global slowdown in venture capital investment, hinders tech ecosystem growth beyond established markets.

“IFC and 4DX Ventures share a commitment to empowering tech entrepreneurs driving innovation in crucial sectors like climate, healthcare, and education,” said Walter Baddoo, Co-Founder and General Partner at 4DX Ventures.

The partnership aims to support promising startups in building impactful businesses that contribute to Africa’s sustainable development.

4DX Ventures’ new fund, backed by IFC’s investment, will focus on companies offering tech solutions that improve productivity, efficiency, and competitiveness across Africa.

Their previous investments include prominent players like MaxAB (e-commerce, Egypt), mPharma (health tech, Ghana), and Wasoko (B2B e-commerce, Kenya).

Mohamed Gouled, IFC’s Vice President of Industries, highlighted the broader goals of their venture capital platform.

These include increasing access to essential services, boosting business competitiveness, and creating jobs through digital transformation.

He believes investments in funds like 4DX Ventures will equip African entrepreneurs with the resources needed to scale their innovations and drive sustainable growth.

The round was led by Disruptech Ventures, with participation from EdVentures, CFYE, and other investors.

This new investment will empower Sprints to achieve its ambitious expansion goals.

The company plans to enter ten new markets and significantly scale its operations. These funds will also be used to equip over 200,000 learners with the in-demand skills needed to succeed in the tech industry.

Founded in 2020 by Ayman Bazaraa and Bassam Sharkawy, Sprints offers a unique end-to-end learning experience.

The company leverages AI to assess individual learner needs and then tailors personalized learning journeys. They even go a step further, guaranteeing graduates a top-paying job upon successful completion of the program, with tuition deferred until employment is secured (within 3 years).

Sprints claims to be the first edtech startup in the Middle East and Africa (MEA) region to offer such a comprehensive solution.

The company boasts a team of over 100 employees and 300 trainers representing 12 countries, fostering a truly global perspective.

Since its inception, Sprints has facilitated over 2.5 million learning hours and helped place more than 300 graduates in tech jobs worldwide.

In addition to individual development, Sprints partners with organizations to build strong tech teams in various fields, including AI, data science, mobile development, and cybersecurity.

“This investment is a powerful testament to the tireless efforts and unwavering commitment of our entire team,” said Bazaraa.

“We are incredibly proud of what we’ve accomplished together, and we’re excited for the future we will build.”

This bridge round follows a successful seed funding round of $1.2 million secured by Sprints in April 2022.