IFC and Solcon Capital join forces to foster deep tech investments in South Africa and India

Strategic collaboration between the International Finance Corporation (IFC) – a division of the World Bank Group – and Solcon Capital, a South African investor, has been announced. The partnership aims to identify and foster investment opportunities within the deep tech sector in both South Africa and India.

Solcon Capital, initially Convergence Partners Investments, was established in 2003 by Andile Ngcaba. Named a global leader in deep tech investments, the company focuses on rapidly emerging technology sub-sectors and seeks to enhance the influence of groundbreaking technologies such as AI, space tech, and blockchain.

The newly announced collaboration with IFC aims to jointly locate and provide growth capital to promising companies in the deep tech domain, centering on crucial areas including 5G, AI, IoT, big data, and cybersecurity.

Sarvesh Suri, IFC’s regional industry director for infrastructure and natural resources in Africa, noted that the partnership combines IFC’s expertise in fostering private sector growth in emerging markets with Solcon Capital’s acumen and successful global investment record in deep tech.

Pramod Venkatesh, CEO of Solcon Capital, highlighted the potential of the partnership to transform the deep tech landscape in India and South Africa. He further emphasized that these investments would stimulate the digital economies of both countries, given the combined strengths of IFC’s extensive experience and Solcon’s 20-year journey in leading deep tech innovations.