42091 - TIDE AFRICA LP

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Summary of Investment Information

Project Number

42091

Company Name

TIDE AFRICA LP

Date SPI Disclosed

Feb 15, 2019

Country

Africa Region

Region

Africa

Projected Board Date

Apr 22, 2019

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Dec 21, 2023

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Apr 22, 2019
Signed : Jun 28, 2019
Invested : Dec 11, 2019

Sector

Venture Capital Fund

Additional Project Attributes

Blended Finance

Project Description

IFC is considering an equity investment of upto US$6 million in TIDE Africa Fund (“TIDE”).

TIDE is an Africa-focused venture capital fund making investments in early to growth stage tech and tech-enabled companies in SSA, investing between US$0.5 million and US$8 million with a particular emphasis on Series A and Series B financing rounds. Majority of TIDE’s investments will be concentrated in Anglophone Africa: Kenya, Nigeria, Ghana and South Africa, and the remaining allocation will be deployed in other Western, Eastern and Southern African countries, with a sectoral focus on consumer services, financial services, and enterprise technologies. TIDE has already made investments in five high growth digital companies in Kenya and Nigeria.

TIDE Africa reached first close at US$40 million in July 2017 and is expecting to get to final close by June 2019. Anchor investors include: European Investment Bank, Africa Development Bank, Proparco and Thrive Charitable Remainder Trust.

TIDE is managed by a team of four investment professionals, led by Maurizio Caio with on-the-ground presence in Sub-Saharan Africa.

Associated Advisory Engagement

There are currently no advisory services associated with this Project.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	5.13

Development Impact

IFC expects the project to deliver successful project outcomes, by providing an increase in access to capital for early stage technology companies in capital-constrained economies that have the potential to disrupt traditional industries, along with investee growth, which will be supported by TIDE's value creation strategies. In terms of market creation, the project has been assessed as Strong. IFC anticipates that the Project will contribute to integration, by promoting the digital economy and investing in companies that will expand regionally. Competitiveness of the venture capital market will be increased through demonstrating the viability of investments in the region, potentially increasing venture capital market activity and strengthening the domestic venture capital ecosystem.

IFC's additionality consists of: (i) own equity and mobilization; (ii) non-commercial risk mitigation; and, (iii) knowledge, innovation and capacity building. IFC's own account equity will provide patient risk capital to the GP, assisting the fund in achieving its final close. This will be the second institutional quality Sub-Saharan Africa focused venture capital fund leveraging IFC's help in connecting companies with partners, suppliers, and investors by leveraging its global and local network of relationships.

E&S Category Rationale / Risks and Mitigation

In accordance with IFC's Access to Information Policy, IFC will periodically disclose the names, locations and sectors of sub-projects that have been supported by IFC investments through private equity funds, subject to regulatory constraints and market sensitivities. The sub-project(s) listed below reflect(s) the status of the portfolio as of January 1, 2025.

Investee	Country Of Investment	Sector
Andela	United States	T-AC - Other Training
Twiga Foods	Kenya	F-AI - Other Food
Kobo360	Nigeria	E-AE - Other (Including General Freight Trucking)
Mobile Surveys Inc	Kenya	O-HA - Microfinance and Small Business - Non Commercial Banking
Terragon Inc	Nigeria	T-AC - Other Training
uLesson	Nigeria	T-AC - Other Training
Okra Technologies Limited	Nigeria	O-HA - Microfinance and Small Business - Non Commercial Banking
Shara Inc	Kenya	O-MF - Virtual lending, P2P, crowdfunding
Autochek Africa Vee8	Nigeria	E-BD - Other Support Activities for Transportation (Grain Terminals, Cargo Terminals)
Ilara Health Limited	Kenya	S-AB - Medical and Diagnostic Services
Pula	Kenya	O-JB - General Insurance (Non-Life)

The E&S risks and impacts associated with this fund relate to the ability of the fund manager to identify and manage the E&S risks associated with the activities of its investee companies, in line with the requirements of Performance Standard 1. The E&S risk and impacts associated with technology-related businesses tend to be limited and are primarily related to labor and working conditions, and management of electronic wastes. TIDE Africa Fund has an ESG Policy and an ESG Manual which describe the principles and the process for identifying, assessing and managing the E&S risks and impacts associated with the activities of its investee companies from pre-investment through to portfolio monitoring and exit. There is however no designated E&S Officer. To meet IFC’s requirements, TIDE Africa shall nominate an E&S Officer, amend the ESG documents to include IFC’s Exclusion List and develop an external communication mechanism for receiving, documenting and addressing concerns raised by affected parties about its investee companies, in line with the requirements of Performance Standard 1. To ensure the effectiveness of the E&S procedures, IFC will review the E&S assessments conducted for the first three investments after commitment, as part of IFC’s E&S monitoring process.

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CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

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.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

Task Title & Description	Anticipated Completion Date
Nominate officers	03/31/2019
Amendment of ESG Documents to include IFC’s Exclusion List	03/31/2019
Development of an External Communication Mechanism	09/27/2019

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