Alitheia IDF, a privately-owned equity fund, has secured a $10 million funding from Open Society Foundations.
The joint venture fund between Nigeria’s Alitheia Capital and South Africa’s IDF Capital funds companies spread across West Africa as well as the Southern part of Africa.
Out of the $15 million funds that were set aside to support women-related investments or that which work to support women, Open Society Economic Justice Programme would invest the remaining $5 million to Women’s World Banking Capital Partners II.
The fund is also backed by some other partners which include FinDev Canada, African Development Bank, the Dutch Good Growth Fund, and Bank of Industry Nigeria.
According to Open Society Foundations, about $5 million of the Alitheia IDF fund will be invested. More funding may come in the near future to support SMEs that are pioneered and driven by women to achieve social impact in Africa.
The investments are to be used to fund various sectors that are led by women entrepreneurs engaging in activities such as distribution, production, and consumption.
Some of the sectors that benefit from the funding include Financial services, agribusiness, consumer goods as well as a creative industry.
The investment which goes to different parts of West and Southern Africa is normally in the form of local currencies to enhance gender equality and economic empowerment.
After the funding round, Alitheia Capital now stands at $75.2 million.