IFC invests in a new Sturgeon Capital fund to support startups in Central Asia

To stimulate the development of the digital economy and support technology startups, IFC is investing up to $5 million in Sturgeon Emerging Opportunities II, LP — a new venture fund managed by Sturgeon Capital, a major venture capital investor in emerging markets.

Sturgeon Emerging Opportunities II will focus on supporting startup projects in areas such as FinTech, B2B business platforms, agritech, healthcare, and education. The fund will help early-stage entrepreneurs expand their businesses, improve operational efficiency, and create long-term employment opportunities.

In addition to investments primarily directed at projects in Central Asia, the fund also intends to operate in other emerging markets, such as Egypt and Pakistan. According to Sturgeon Capital’s estimates, the IT startup market in these countries could generate nearly $300 million in annual digital revenue by 2030, benefiting more than 1.5 billion people. However, startups in these countries currently face difficulties in raising capital to launch and scale their products and services.

The investment in Sturgeon is part of IFC’s “Startup Catalyst” program, which aims to address financing gaps in undervalued venture capital ecosystems by investing in incubators, accelerators, and funds in emerging markets. The program covers high-risk markets, including some of the world’s poorest and most vulnerable countries. Since its launch in 2016, the program has supported over 2,800 entrepreneurs, including 700 women, across 24 countries through investments in 21 funds.

Source: pressroom.ifc.org