Kampala entrepreneur Agnes Aistleitner Kisuule has strengthened her venture fund’s ability to back Africa’s next generation of fintech innovators, after First Circle Capital received a $6 million investment from the International Finance Corporation. The funding gives the early-stage firm more firepower to support founders building practical financial tools for people and small businesses long shut out of traditional banking.
First Circle Capital operates out of Kampala and Casablanca, targeting pre-seed and seed startups that are tackling gaps in payments, lending, savings, and insurance across the continent. The partners are in the process of raising a $30 million fund that will support a closely curated portfolio of 24 companies. Alongside financial backing, the firm offers hands-on help with operations and business development so young teams are better prepared to attract major institutional investors later on.
Its footprint already stretches across eight African countries, and roughly a third of the companies it supports are led by women, a deliberate strategy to widen who gets early trust and funding in Africa’s tech economy. IFC’s commitment follows $2 million from the Women Entrepreneurs Finance Initiative, with a further $3 million already approved by the Dutch Good Growth Fund. Other supporters include FSD Africa, MSMEDA, Axian Group and a network of prominent tech operators and family offices, among them Jens Hilgers, Tim Schumacher, Peter Steinberger and Steve Anavi.
Africa’s startup ecosystem continues to accelerate, with annual investment increasing from less than €500 million to €5.4 billion in the past five years. First Circle has backed 17 companies so far, mostly in Nigeria, Kenya and Egypt, with additional deals in Ghana, Morocco and Uganda.
One recent deal saw the firm lead a $2 million seed round in TurnStay, a South African fintech working to resolve long payment delays in the travel and tourism sector. TLCom Capital, Enza Capital, Incisive Ventures and Equitable Ventures joined the funding.
Kisuule, a lawyer by training, co-founded First Circle Capital with Selma Ribica. Before moving to Uganda four years ago, she built social ventures in Jordan and Ukraine that focused on creating employment for local women. She is a World Economic Forum Global Shaper and was listed on Forbes 30 Under 30 in 2022.
The latest investment marks a fresh chapter for First Circle’s mission: providing more ambitious African founders with the capital and guidance they need to build lasting financial solutions across the continent.
