Lagos, Nigeria, July 15, 2010
- IFC, a member of the World Bank Group, announced today an investment of $10 million in private equity fund Adlevo Capital Africa to help smaller, innovative companies in Nigeria’s information and communications technology sector access the funding they need to expand and contribute to a more dynamic economy.
Adlevo Capital Africa was established to make equity and equity-linked investments in technology-based infrastructure and service companies, especially those based in Nigeria or South Africa, and to capitalize on the growing opportunities for high-tech companies in Africa.
IFC’s investment will help entrepreneurs in Africa’s growing but under-funded technology sector access equity capital, industry expertise and qualified management. Technology entrepreneurs face a funding gap today because there are few Africa-focused growth stage funds that have technology sector investment and operating experience.
Yemi Lalude, founder and Managing Partner of Adlevo Capital, said, "This is a strong partnership because IFC and Adlevo see growing scope for compelling technology-enabled company investments. We also believe that investments in this area will provide positive social development outcomes.”
Solomon Adegbie-Quaynor, IFC Country Manager for Nigeria, said, “IFC is committed to increasing our reach in Nigeria's growing economy. Through this partnership, Adlevo and IFC will help fill a gap in growth stage capital for Nigeria's technology sector and deepen the adoption of technology to better enable businesses to compete and create jobs in a more dynamic economy.”
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing capital for private enterprise, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit