Pi Ventures calculates IFC funding

IFC is set to invest $3m the early-stage venture fund, which is seeking between $30m and $40m for its maiden fund.

International Finance Corporation, the private sector arm of the multilateral financial institution World Bank, is set to invest $3m in India-based early-stage venture fund Pi Ventures’ maiden vehicle, VCCircle reported yesterday.

IFC will provide no more than 20% of total commitments to the fund, which hit a first close earlier this month at $13m and is targeting a final size between $30m and $40m.

IFC’s commitment is made through its Startup Catalyst program that aims to boost local entrepreneurship initiatives through making investments in seed-stage funding vehicles, including funds and accelerators.

Pi Ventures hopes to focus on sectors including artificial intelligence and machine learning, and internet of things technology developers focused on products for healthcare, smart cities, fintech, retail, cybersecurity, logistics and enterprise automation.

The firm is aiming for 18 to 20 investments over three to four years.

Pi previously also attracted cash from assorted angel investors and family offices, as well as Small Industries Development Bank of India, an economic development institution owned by several government-owned or government-controlled institutions.

See more from this Government Report: World Bank/IFC

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