IFU logo

IFU

Europe, Hovedstaden, Denmark, Copenhagen

Description

IFU, the Investment Fund for Developing Countries, is an independent, government-owned fund based in Copenhagen, Denmark. Its primary mission is to provide advisory services and risk capital to Danish companies seeking to establish or expand business operations in developing countries and emerging markets. IFU's overarching objective is to contribute to sustainable economic development, foster the green transition, and promote just and inclusive societies in these regions, aligning commercial interests with global development goals.

IFU's investment approach is flexible, offering various forms of risk capital, including equity, loans, guarantees, and mezzanine finance. The fund targets a diverse range of sectors, such as green transition initiatives, food and agriculture, infrastructure, manufacturing, services, and financial institutions. Since its establishment in 1967, IFU has played a significant role in co-financing over 1,300 projects across more than 100 developing countries and emerging markets, demonstrating its extensive global reach and long-standing commitment to its mandate.

Financially, IFU typically commits between DKK 10 million (approximately USD 1.45 million) and DKK 200 million (approximately USD 29 million) per project, though it has the capacity to invest higher amounts for larger-scale initiatives. Cumulatively, the total investments mobilized by IFU and its Danish company partners have reached an impressive DKK 228 billion. This substantial capital deployment underscores IFU's critical role in facilitating sustainable business development, fostering innovation, and creating employment opportunities in some of the world's most dynamic and challenging markets.

Investor Profile

IFU has backed more than 20 startups, with 5 new investments in the last 12 months alone. The firm has led 13 rounds, about 65% of its total and boasts 5 exits across its portfolio.

Investment Focus Highlights

  • Concentrates on Series Unknown, Debt Financing, Undisclosed rounds (top funding stages).
  • Majority of deals are located in India, France, Brazil.
  • Strong thematic focus on Energy, Solar, Financial Services.
  • Led 4 rounds in the past year.
  • Typical check size: $1.4M – $29M.

Stage Focus

  • Series Unknown (45%)
  • Debt Financing (15%)
  • Undisclosed (10%)
  • Series C (10%)
  • Private Equity (5%)
  • Pre Seed (5%)
  • Post Ipo Equity (5%)
  • Series B (5%)

Country Focus

  • India (50%)
  • France (10%)
  • Brazil (5%)
  • Denmark (5%)
  • United States (5%)
  • Chile (5%)
  • Mauritius (5%)
  • South Africa (5%)
  • Bangladesh (5%)
  • Kenya (5%)

Industry Focus

  • Energy
  • Solar
  • Financial Services
  • Renewable Energy
  • Finance
  • Health Care
  • Fintech
  • Manufacturing
  • Lending
  • Medical
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FAQ

Frequently Asked Questions

Learn who this investor regularly partners with—both firms and angels—and explore their latest activity.

Who does IFU frequently co-invest with?

KfW
Europe, Hessen, Germany, Frankfurt
Co-Investments: 1
Co-Investments: 1
Apis Partners
Europe, England, United Kingdom, London
Co-Investments: 1
European Investment Bank
Europe, Luxembourg, Luxembourg, Luxembourg
Co-Investments: 2
AXA Group
Europe, Ile-de-France, France, Paris
Co-Investments: 2
DI
North America, District of Columbia, United States, Washington
Co-Investments: 1
DSG Consumer Partners
Asia, Central Region, Singapore, Singapore
Co-Investments: 1
Augment Infrastructure
North America, Maryland, United States, Chevy Chase
Co-Investments: 2
PSV
Europe, Hovedstaden, Denmark, Lyngby
Co-Investments: 1
DEG
North America, Kansas, United States, Overland Park
Co-Investments: 1

Which angels does IFU often collaborate with?

PC
Europe, Hovedstaden, Denmark, Copenhagen
Shared Deals: 1
LD
North America, California, United States, Los Angeles
Shared Deals: 1
KH
Europe, Hovedstaden, Denmark, Copenhagen
Shared Deals: 1
CG
Europe, Stockholms Lan, Sweden, Stockholm
Shared Deals: 1

What are some of recent deals done by IFU?

Mydawa

Nairobi, Nairobi Area, Kenya

MYDAWA mission is to deliver quality, affordable, products and experiences that enable our customers live positive, healthy, lifestyles.

AppsE-CommerceHealth CareMobile AppsWellness
Series UnknownApr 30, 2025
Ecofy

Mumbai, Maharashtra, India

Ecofy is a green-only NBFC in India, offering financial solutions for eco-friendly initiatives, including loans, leases, and insurance.

FinanceFinancial ServicesInsurance
Debt FinancingMar 25, 2025
Amount Raised: $12,500,000
AKS Khan Pharmaceutical

Dhaka, Dhaka, Bangladesh

AKS Khan Pharmaceutical offers comprehensive care, advanced technology, and expert consultation to promote a healthier lifestyle.

Health CareMedicalPharmaceutical
Series UnknownJan 23, 2025
Amount Raised: $12,437,405
Sturdee Energy

Johannesburg, NA - South Africa, South Africa

Sturdee Energy develops and operates renewable energy projects in Sub-Saharan Africa, focusing on solar power.

EnergyRenewable EnergySolar
UndisclosedDec 9, 2024
Amount Raised: $44,000,000
Redcliffe Labs

Noida, Uttar Pradesh, India

Redcliffe is a diagnostics service provider that offers radiology and pathology services.

Emergency MedicineHealth CareHealth DiagnosticsLife ScienceMedical
Series CSep 17, 2024
Amount Raised: $42,000,000
Smart Joules

New Delhi, Delhi, India

Smart Joules is an energy management company that offers energy-efficiency-as-a-service solutions for commercial and industrial buildings.

EnergyEnergy Management
Debt FinancingFeb 29, 2024
Amount Raised: $7,960,032
Marts

Copenhagen, Hovedstaden, Denmark

Marts is an integrated platform that enhances the capacities of IT departments by eliminating these inefficiencies.

Asset ManagementInformation TechnologySoftware
Pre SeedOct 3, 2023
Amount Raised: $1,832,163
Bright

Mexico, Maine, United States

Bright is a solar-power subscription business that aims to offer homeowners with renewable energy.

EnergyRenewable EnergySolar
Series CJul 27, 2023
Amount Raised: $35,500,000
Arohan Financial

Kolkata, West Bengal, India

Arohan Financial provides loans to individuals.

FinanceFinancial ServicesLendingPersonal Finance
Series UnknownJul 3, 2023
Amount Raised: $24,405,021
U Gro Capital

Mumbai, Maharashtra, India

U Gro Capital is a business lending fintech platform offering customized financial solutions to MSMEs.

Financial ServicesLendingSmall and Medium Businesses
Post Ipo EquityApr 11, 2023
Amount Raised: $41,549,722