The International Finance Corporation (IFC), a pivotal member of the World Bank Group, alongside Solcon Capital, an investor based in South Africa, have recently unveiled a strategic partnership with the aim to scout and foster investment opportunities within the deep technology (deep tech) sector across South Africa and India.
The collaboration was spotlighted by Disrupt Africa last June, following the rebranding of Convergence Partners Investments to Solcon Capital. This rebranding marked a significant step for the company, initiated by Andile Ngcaba in 2003, as it sought to champion the expansion of global deep tech ventures through the principles of platform economics.
Solcon Capital, with its roots stretching back to 2003, has emerged as a frontrunner in the realm of deep tech investments. The firm is dedicated to enhancing the influence of groundbreaking technologies across various sectors, including artificial intelligence (AI), space technology, and blockchain, among others.
This newly forged alliance with IFC is poised to collaboratively identify and inject growth capital into emerging companies within the deep tech sector, concentrating on pivotal technological advancements such as 5G, AI, the Internet of Things (IoT), big data, and cybersecurity.
Sarvesh Suri, IFC’s Regional Industry Director for Infrastructure and Natural Resources in Africa, highlighted the synergy between IFC’s proficiency in bolstering private sector growth in emergent markets and Solcon Capital’s keen insight and impressive global investment record in the deep tech arena. Suri emphasized, “This is a pivotal moment to merge our collective expertise to create a meaningful and enduring impact by stimulating innovation and growth within the deep tech sectors in South Africa and India. This partnership aligns with IFC’s broader strategy to expand its involvement in infratech globally.”
Pramod Venkatesh, the CEO of Solcon Capital, expressed enthusiasm for the partnership’s potential to transform the deep tech landscape in both India and South Africa. He stated, “This alliance represents a strategic collaboration aimed at unlocking and fostering significant investment opportunities within the deep tech sector. By melding IFC’s extensive experience with Solcon’s two decades of leading-edge deep tech innovations, we anticipate these investments will significantly propel the digital economies of both markets forward.”
