The International Finance Corporation (IFC), a member of the World Bank Group, has announced it will invest up to $5 million in Sturgeon Emerging Opportunities II, a new venture capital fund managed by Sturgeon Capital, a major venture capital investor. The money will help promote digital economies and support the growth of early-stage tech startups in Central Asia.
Sturgeon Emerging Opportunities Fund II will focus on startups in areas such as fintech, business-to-business platforms, agritech, healthtech, and ed-tech. It aims to help emerging entrepreneurs scale their businesses, improve operational efficiency, and create long-term employment opportunities in the regions.
The fund will mainly invest in Central Asia, but it will also look for opportunities in other emerging markets, such as Egypt and Pakistan. Sturgeon Capital estimates that the tech startup industry in these countries could generate nearly $300 million in annual digital revenue by 2030, benefiting more than half a billion people. Local tech start-ups, however, often face challenges raising capital to launch and scale their products and services.
Wiebke Schloemer, IFC’s Director for Türkiye and Central Asia, said that venture capital is gaining traction across Central Asia, but it’s still a nascent market underserved by foreign investments. “By investing in funds like Sturgeon, IFC aims to bring much-needed capital to the most innovative local businesses. This support will enable them to scale and pave the way for more institutional and private investors, replicating the successes we have seen in other regions.”
