Development finance institution IFC – a member of the World Bank Group – and South Africa-based investor Solcon Capital have announced a strategic partnership aimed at identifying and nurturing investment opportunities in the deep tech sector within South Africa and India.
Disrupt Africa reported last June on how Convergence Partners Investments, the deep tech investor started by Andile Ngcaba in 2003, had rebranded to Solcon Capital as it launched a big push to empower global deep tech growth through platform economics.
Established in 2003, the company now known as Solcon Capital is a global leader in deep tech investments, with a distinct focus on rapidly evolving technology sub-sectors. Solcon Capital’s mission is to amplify the impact of transformative technologies like artificial intelligence, space tech, and blockchain.
The firm has now announced a partnership with IFC, which will see the two parties collaboratively work to pinpoint and provide growth capital to promising companies in the deep tech domain. This initiative will focus on critical areas such as 5G, AI, IoT, big data, and cybersecurity.
“This exciting partnership combines IFC’s expertise in supporting private sector growth in emerging markets with Solcon Capital’s deep tech investment, acumen and outstanding global investment track record,” said Sarvesh Suri, IFC’s regional industry director for infrastructure and natural resources in Africa.
“This is an exceptional opportunity to leverage our combined strengths to make a lasting impact by fostering innovation and growth in the deep tech sectors in South Africa and India, in the context of IFC expanding its scope into infratech globally.”
Pramod Venkatesh, CEO of Solcon Capital, said the move promises to reshape the deep tech landscape in both India and South Africa.
“It’s a partnership that represents the strategic alliance aimed at unlocking and nurturing significant investment opportunities within the deep tech sector and by combining IFC’s extensive experience and Solcon’s two-decade journey of spearheading deep tech innovations, these investments will catalyse the digital economies of both markets”, he said.
