35232 - Rocket EM Internet Fund

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Summary of Investment Information

Project Number

35232

Company Name

Emerging Markets Internet Fund SCS

Date SPI Disclosed

Jan 23, 2015

Country

World Region

Region

Global

Projected Board Date

Feb 24, 2015

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Jun 11, 2022

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Mar 24, 2015
Signed : Jun 3, 2015
Invested : Jul 10, 2015

Sector

Other Sector Fund

Project Description

The project consists of an IFC equity investment of up to €20 million in an early stage venture fund domiciled in Luxembourg (setup of fund legal entity in process) and managed by a subsidiary of Rocket Internet AG, dedicated to invest in early-stage internet-based companies in Emerging Markets (“the Fund”). The Fund’s expected first closing size is €60 million.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	22.45

Development Impact

The Project''s expected development impacts include: (i) developing the private sector as the Fund will help support internet entrepreneurs in Emerging Markets, (ii) provide scarce funding for early-stage companies in these regions, (iii) promote knowledge transfer as investees can benefit from Rocket Internet''s expertise, and (iv) encourage ICT infrastructure development, which could increase consumers'' and companies'' access to new markets and services.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Employment: New Jobs in Fund Investees (#)	Cumulative New Jobs (#)		Not Available	Not Available	Not Available
CORE - E and S Management Systems (Y/N)	Compliance/Enhancement		Not Available	Not Available	Not Available

E&S Category Rationale / Risks and Mitigation

The main Environmental and Social (E&S) risks associated with this project are associated with the impacts of the Fund’s investments on internet companies and with the Fund''s capacity to undertake E&S due diligence in line with IFC’s policy requirements. Potential risks associated with the fund investments are potentially limited, few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures. Key risks revolve around issues such as labor and working conditions of employees; occupational health and safety and fire safety at distribution warehouses; and proper management of solid waste, in particular for companies managing electronics. The Fund will develop an Environmental and Social Management System (ESMS) outlining procedures, responsibilities and tools for undertaking E&S risk management of its investment activities.

Contacts

For Inquiries About the Project, Contact

Rocket Internet Contact:
Spyro Korsanos
Global Head of Corporate Development, Rocket Internet AG
Johannisstr. 20, 10117 Berlin
Germany

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Washington DC 20433
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Fax: 202-974-4384
E Mail: Webmaster

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This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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Task Title & Description	Anticipated Completion Date
Nominate an ESMS officer	03/20/2015
Develop an Environmental and Social Management System in line with IFC requirements	03/20/2015
Provide training for Fund staff members responsible for E&S risk management	06/30/2015

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