Are you an African entrepreneur looking for funding and support to grow your business and create more jobs for young people? If yes, then you might be interested in the Mastercard Foundation Africa Growth Fund 2024.

What is the Mastercard Foundation Africa Growth Fund?

The Mastercard Foundation Africa Growth Fund is a USD$200 million Fund of Funds that works through African investment funds to support early-stage, growth-oriented small and medium-sized enterprises (SMEs) on the continent. The Fund aims to enable dignified and fulfilling work opportunities for young people, particularly young women, by investing in sectors such as healthcare, fintech, renewable energy, and essential goods.

The Fund is a partnership between the Mastercard Foundation, Mennonite Economic Development Associates (MEDA), I&P (Investisseurs & Partenaires), and ESP (Entrepreneurial Solutions Partners). The Fund will introduce additional capital for African entrepreneurs, particularly females, by strengthening and de-risking African investment vehicles committed to advancing gender equity in entrepreneurship.

How to Apply for the Mastercard Foundation Africa Growth Fund?

The Mastercard Foundation Africa Growth Fund does not accept direct applications from entrepreneurs. Instead, the Fund works through African Investment Vehicles, such as venture capital funds, SME debt funds, permanent capital vehicles, etc. These Investment Vehicles are selected based on their track record, impact potential, and alignment with the Fund’s mission and vision.

The Fund has already announced its first Investment Vehicle, Aruwa Capital Management, a Lagos-based, female-founded and led early-stage growth equity and gender lens investment fund. Aruwa Capital Management will invest in women-focused SMEs in Nigeria and Ghana.

To apply for the Mastercard Foundation Africa Growth Fund, you need to contact the Investment Vehicles directly and follow their application process and criteria. You can find the list of the Investment Vehicles and their contact details on the Fund’s website.

FAQs

• Q: Who is eligible to apply for the Mastercard Foundation Africa Growth Fund?
• A: The Fund targets growth-oriented SMEs in sub-Saharan Africa, with a focus on women-led and women-focused businesses. The Fund also prioritizes sectors that have high potential for job creation and social impact, such as healthcare, fintech, renewable energy, and essential goods.
• Q: How much funding can I get from the Mastercard Foundation Africa Growth Fund?
• A: The Fund does not have a fixed amount of funding for each SME. The amount of funding will depend on the stage, size, and needs of the SME, as well as the terms and conditions of the Investment Vehicle that invests in the SME.
• Q: What are the benefits of getting funding from the Mastercard Foundation Africa Growth Fund?
• A: Besides getting access to capital, SMEs that receive funding from the Fund will also benefit from the technical assistance, mentoring, and network of the Investment Vehicles and their partners. The Fund will also help SMEs measure and improve their social and environmental impact, especially on youth employment and gender equality.