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Investment to spur jobs creation in Africa from DION HENRICK in Cape TownWestern Cape BureauCAPE TOWN , (CAJ News) – AN investment of US$15 million (R285 million) has been announced to foster growth companies and job creation in Sub-Saharan Africa.
Finnfund, a Finnish development financier and impact investor, has announced the commitment to the Metier Capital Growth Fund III.
The fund has a geographic focus on Sub-Saharan Africa and is expected to make eight to twelve equity and equity-related investments into mid-market companies with high growth features in sectors, including technology and manufacturing.
The fund is also firmly committed to enhancing gender equality both in its investment portfolio and within its own organisation hence for Finnfund, the commitment is classified as a 2X Challenge investment.
The 2X Challenge is a global gender finance initiative seeking to support businesses that provide women in emerging economies with access to leadership opportunities, quality employment and products and services that enhance their economic participation and inclusion.
Finnfund's commitment is part of the first close for Metier Capital Growth Fund III, raising $182 million at first close, with further commitments expected by final close positioning Metier to exceed its targeted fund size of $200 million.
"Many innovative, growth-oriented, and very promising mid-market companies lack funding in Sub-Saharan Africa," said Riikka Molander, Associate Director and Head of Funds at Finnfund.
She said through this investment Finnfund aims to provide funding as well as training and entrepreneurial skill development to growth-oriented companies that will generate multiple positive impacts, such as jobs and clean energy.
"This investment in Metier Capital Growth Fund III is well aligned with Finnfund's strategy as an impact investor and development financier," Molander said.
Paul Botha, Chief Executive Officer and Co-founder of Metier, said the active deal pipeline is characterised by growth capital investments that will have a positive impact on climate change, create decent jobs with a focus on gender-lens investing, support the connectivity of rural communities and enhance the development of businesses across Africa.
"Beyond delivering top quartile returns, Metier's core objective is to contribute towards positive and sustainable impact across Sub-Saharan Africa," Botha said.
Published: July 29, 2020 9:00 am Updated: 10:39 am #J-18808-Ljbffr