TLDR:
- IFC invests $5 million in Sturgeon Emerging Opportunities II, LP to support tech startups across Central Asia.
- The fund will focus on fintech, B2B platforms, agritech, healthtech, and ed-tech startups in Central Asia, Egypt, and Pakistan.
The International Finance Corporation (IFC) has announced a $5 million investment in Sturgeon Emerging Opportunities II, LP, a venture capital fund managed by Sturgeon Capital. The fund aims to support early-stage tech startups in Central Asia, focusing on areas such as fintech, business-to-business platforms, agritech, healthtech, and ed-tech.
Sturgeon Capital’s Founding Partner, Kiyan Zandiyeh, emphasized the role of technological innovations in solving challenges in emerging markets and expressed delight at having IFC as the first institutional investor in the fund. The investment is seen as a way to address the funding gap in the tech ecosystem in the regions and support local entrepreneurs in scaling their businesses.
In addition to Central Asia, the fund will explore opportunities in other emerging markets like Egypt and Pakistan. Sturgeon Capital estimates that tech startups in these countries could generate nearly $300 million in annual digital revenue by 2030, benefiting over half a billion people.
IFC’s investment in Sturgeon is part of the Startup Catalyst program, which aims to address funding gaps in underserved venture capital ecosystems by investing in emerging markets. Through this program, IFC has supported over 2,800 entrepreneurs in 24 countries since 2016.
IFC’s commitment to investing in private companies and financial institutions in developing countries is aimed at creating markets and opportunities to end extreme poverty and boost shared prosperity. The partnership with Sturgeon Capital signifies a step towards supporting tech startups in underserved markets and encouraging further institutional and private investments in the region.
