IFC and Solcon Capital have formed a strategic partnership to support deep tech startups in South Africa and India. The collaboration aims to identify and nurture investment opportunities in startups to advance the digital economy in these two growing markets. Under the agreement, IFC and Solcon Capital will work together to identify and provide growth capital to promising companies in the deep tech domain, focusing on areas such as 5G, AI, IoT, big data, and cybersecurity. This partnership combines IFC’s expertise in supporting private sector growth in emerging markets with Solcon Capital’s two decades of experience in building innovative companies in the deep tech space.
The deep tech sector is experiencing significant growth, with the 5G deep structure market alone valued at about $20.19 billion in 2022 and expected to reach $348.76 billion by 2030, representing a compound annual growth rate (CAGR) of 45.2%. Similarly, the IoT market, valued at approximately $544.38 billion in 2022, is projected to expand to $3,352.97 billion by 2030, at a CAGR of 26.1%. These sectors are thriving due to the rising demand for high bandwidth and the integration of advanced technologies in various industries.
Technologies like 5G and IoT are not only transforming industries but are also significantly impacting everyday life and work. This strategic alliance between IFC and Solcon Capital is poised to reshape the deep tech landscape in both India and South Africa, unlocking and nurturing significant investment opportunities in the deep tech sector. The collaboration leverages IFC’s extensive experience and Solcon’s two-decade journey in spearheading deep tech innovations to catalyze the digital economies of both markets.
Andile Ngcaba, Chairman of Solcon Capital, expressed a commitment to accelerating the development of deep tech companies in both regions and facilitating cross-collaboration. The strategic alliance aims to foster a thriving technological ecosystem that drives innovation and growth. This partnership marks a new chapter in the evolution of the deep tech sector, setting the stage for enhanced growth, innovation, and collaboration across India and South Africa.
