50963 - ISC-First Circle

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Summary of Investment Information

Project Number

50963

Company Name

FIRST CIRCLE CAPITAL MANAGEMENT, LLC

Date SPI Disclosed

May 9, 2025

Country

Africa Region

Region

Africa

Projected Board Date

Jun 9, 2025

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Sep 21, 2025

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Jun 12, 2025
Signed : Jun 23, 2025
Invested : Sep 19, 2025

Sector

Venture Capital Fund

Additional Project Attributes

Blended Finance

Project Description

The proposed project consists of an IFC equity investment of up to US$4 million in First Circle Africa Fund I (the Fund”), a female-led, pan-African venture capital (“VC”) fund focused on pre-seed and seed-stage investments in FinTech companies across Africa. The Fund targets high-potential sectors including FinTech SaaS, InsurTech, Alternative Lending Models, Interoperability & Infrastructure, and Climate FinTech. It aims to raise US$25 million, with a hard cap of US$30 million. In addition, IFC, as the implementing entity of the Women’s Entrepreneurs Finance Initiative (We-Fi), will commit up to US$2 million as a limited partner in the Fund (“the BF co-investment”).

Associated Advisory Engagement

The Fund Manager will be invited to participate in relevant activities under the Startup Catalyst Booster Program.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	4.0

Development Impact

IFC anticipates that the Project would result in increased access to pre-seed/seed-stage equity financing and value-addition services for technology startups in Africa, resulting in business growth. Beyond the Project, IFC investment is expected to contribute to creating a competitive digital entrepreneurship ecosystem in Africa, by supporting the development of local venture capital markets, via demonstration and replication, enabling frameworks, and capacity building channels.

IFC’s additionality is expected to be both financial and non-financial. Financial additionality involves the provision of IFC own account equity, as IFC's investment of up to US$4 million, alongside up to US$2 million from We-Fi, will support First Circle Capital in raising its first institutional pan-African venture capital fund, targeting a US$25 million fund size. IFC’s participation offers critical institutional support and is expected to strengthen the Fund’s ability to attract additional investors. IFC will provide non-financial additionality by sharing its knowledge and networks in Africa with the Fund Manager, and support capacity building through Startup Catalyst Booster. IFC will also also help the Fund Manager develop its Environmental and Social Management System (ESMS) and provide guidance on applying IFC Performance Standards to manage Environmental, Social, and Governance (ESG) risks.

Indicator	Metrics	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Investees with SME Classification at time of Acquisition (%)	SME Investees (%) [Calculated]	Pre-dates IFC investment	Pre-dates IFC investment	Pre-dates IFC investment
Investees in IDA Countries (%)	Investees in IDA Countries (%) [Calculated]	Pre-dates IFC investment	Pre-dates IFC investment	Pre-dates IFC investment
Corporate Governance: Investees where Fund Manager has Board Seat (%)	Investee Boards with Fund Manager (%) [Calculated]	Pre-dates IFC investment	Pre-dates IFC investment	Pre-dates IFC investment

E&S Category Rationale / Risks and Mitigation

The Project entails an equity investment in the First Circle Africa Fund I, focused on making pre-seed and seed-stage investments in FinTech companies across Africa. Main E&S risks associated with the proposed investments are mainly associated with labor and working conditions, including GBVH, and health and safety issues related to gig economy workers. The Fund will not invest in any activities on the IFC Exclusion List, coal-related activities and/or higher E&S risk business activities that may include (a) involuntary resettlement, (b) risk of adverse impacts on Indigenous Peoples, (c) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage, or (d) significant occupational health and safety risks. The proposed investment is thus categorized as Category FI-2 according to IFC’s Sustainability Policy. The applicable E&S requirements for the Project will be the IFC Exclusion List, host country laws and regulations, and the IFC Performance Standards, as applicable. The main E&S risks and impacts of the Project derive from the Fund’s capacity to identify, assess, and manage E&S risks and impacts associated with prospective investee and portfolio companies.

The Fund Manager is in the process of formalizing their current E&S protocols in developing an ESMS which will include a policy and detailed E&S procedures, including E&S categorization, E&S due diligence tools, and monitoring and reporting mechanisms as well as an External Communication Mechanism (ECM). The Fund has an E&S Officer who is responsible for E&S Management and the development of the ESMS.
In addition, IFC will review the first three E&S due diligence reports prior to the Fund's investment to support the implementation of the ESMS.

S.no	Title	Anticipated Completion Date
1	Formalizing ESMS	09/14/2025
2	ESMS training	09/14/2025

Contacts

For Inquiries About the Project, Contact

First Circle Africa Fund I
Selma Ribica
Co-Founder and Managing Partner
+447747472035
selma@firstcircle.capital
20 Penn Mart Center, New Castle, DE 19720-4207, US
www.firstcircle.capital, www.firstcirclecap.com

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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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