Investment from a group of development-focused institutions will allow WIOCC to boost internet access on a continent with the world’s lowest connectivity rates.
The fund, which is supported by a guarantee scheme from the government-owned British Business Bank, will typically support small-scale community projects.
The funding by Save the Children’s impact investing arm will allow PrimaKu to expand the customer base for its digital platform, which improves child healthcare outcomes.
The asset manager said impact-oriented investment in public equities, in addition to private markets, is needed to tackle global social and environmental challenges.
Investors said the technology, which measures and interprets electrical signals from plants to assess their health, will improve farming sustainability and profitability.
The fund hopes to attract further commitments from local government pension funds, as the sector is encouraged to direct more investment into local communities.
The fund will invest in early-stage healthtech startups. It plans to bring scale through its partnerships with a variety of different health organisations around the world.