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    In Brief: UK’s CDC Group expands venture capital program

    CDC has established a VC investment committee and intends to make venture capital an increasingly important part of its work.

    By William Worley // 05 February 2021
    CDC Group, the United Kingdom’s development finance institution, is upping its focus on venture capital, having established a VC investment committee in mid-January. It has so far invested $140 million across 11 VC funds. The money will be focused on “key technology hubs” in Africa and South Asia. Why now? “Early-stage companies require relatively small amounts of capital but have an inherently higher-risk profile than growth and late stage investments,” a spokesperson said. “Evaluating investments in this sector required a distinct set of skills and experiences so we felt it was prudent to create a dedicated Committee made up of members with that specific background to oversee our VC investment operations.” The group recently made two high-profile appointments to the committee: Anne Glover, CEO of Amadeus Capital Partners, and Nikunj Jinsi, a developing markets VC expert who advises companies on venture strategy. Where is the money going? Co-investments that CDC has made so far include mPharma, a health care logistics technology business working across Africa; Bizongo, said by CDC to be India’s largest business-to-business platform for packaging and unbranded consumables, which brings smaller businesses employing low-income workers into a digital supply chain; and CropIn, a company helping smallholder farmers, particularly in India and Africa, with software solutions. CDC Group is focusing its investments on technology in markets in Africa and South Asia, as it “offers a non-linear path to achieving development impact.” What’s next? “We are looking to grow our commitment to venture capital funds and to make further co-investments,” the spokesperson said. “Venture capital will become an increasingly important part of our investment product line-up. Over time, CDC could also look to make early stage direct VC investments alongside partners.”

    CDC Group, the United Kingdom’s development finance institution, is upping its focus on venture capital, having established a VC investment committee in mid-January.

    It has so far invested $140 million across 11 VC funds. The money will be focused on “key technology hubs” in Africa and South Asia.

    Why now? “Early-stage companies require relatively small amounts of capital but have an inherently higher-risk profile than growth and late stage investments,” a spokesperson said. “Evaluating investments in this sector required a distinct set of skills and experiences so we felt it was prudent to create a dedicated Committee made up of members with that specific background to oversee our VC investment operations.”

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    About the author

    • William Worley

      William Worley@willrworley

      Will Worley is the Climate Correspondent for Devex, covering the intersection of development and climate change. He previously worked as UK Correspondent, reporting on the FCDO and British aid policy during a time of seismic reforms. Will’s extensive reporting on the UK aid cuts saw him shortlisted for ‘Specialist Journalist of the Year’ in 2021 by the British Journalism Awards. He can be reached at william.worley@devex.com.

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