The Finnish firm, Finnfund has announced a USD26 million commitment to African Development Partners III (ADP III), to foster the growth and development of African consumer-focused businesses across the continent.

The investment, which provides companies with growth capital and know-how aiming to contribute to job creation, climate change mitigation, and gender balance, will push ADP III to support established and growing consumer-focused businesses to improve their processes and expand regionally across Africa.

“We are very pleased to announce our commitment to ADP III, as it fits well to Finnfund’s strategy as a development financier and impact investor. Through this investment, we aim to foster the growth and development of African businesses currently facing the consequences of the COVID-19 crisis. We are particularly happy about the fund’s strong hands-on approach and its commitment to foster gender balance, equality and diversity in its portfolio companies, as well as within its own team,” said Riikka Molander, Associate Director at Finnfund.

Molander assured that the fund will bring liquidity to developing markets, helping African businesses to recover from the economic and social consequences of the COVID-19 crisis.

The fund is advised by Development Partners International (DPI), a private equity firm with a USD 1.1 billion portfolio that has invested in 20 portfolio companies across its two former funds: ADP I and ADP II. DPI has approximately 40 members of staff, of which 45% are women, and its investment team is of African origin.

ADP III is aiming to invest USD 40-120 million in 8–14 companies in different sectors. So far, the fund has made three investments in three sectors: in microfinance and fintech, food processing, and pharmaceuticals.


ITPulse is a wholly information technology communication (ICT) news website, with a special focus on the African continent. The website provides up-to-date biz-tech news, analysis and comprehensive and thorough insight into the continent's ICT terrain

Leave A Reply