Agnes Kisuule’s First Circle Capital raises $6m

First Circle Capital, the early-stage venture fund co-founded by Kampala-based entrepreneur Agnes Aistleitner Kisuule, has secured $6 million from the International Finance Corporation to widen its backing of young African fintech companies. The investment marks a significant step for the firm as it works to support founders building practical financial tools for underserved markets.

Expanding a focused fintech portfolio 

With offices in Casablanca and Kampala, First Circle Capital backs pre-seed and seed-stage startups working to address gaps in financial services. The firm is raising a $30 million fund and plans to build a tight portfolio of 24 ventures. Beyond capital, the team offers operational guidance and business development support to help founders prepare for bigger funding. 

To date, First Circle has invested in companies across eight African countries. About one-third of its portfolio is led by women, which the partners say reflects a deliberate effort to broaden who gets early backing in the region’s tech ecosystem.

Alongside IFC’s commitment, the firm secured $2 million from the Women Entrepreneurs Finance Initiative and received approval for $3 million from the Dutch Good Growth Fund. Other include FSD Africa, MSMEDA, Axian Group and a group of well-known tech operators and family offices such as Jens Hilgers, Tim Schumacher, Peter Steinberger and Steve Anavi. 

A founder shaped by emerging markets

First Circle’s expansion comes as Africa’s startup sector grows. Investment on the continent has increased from less than €500 million ($578.6 million) to €5.4 billion ($6.25 billion) in the past five years. The firm has backed 17 startups, with most deals in Nigeria, Kenya and Egypt, and additional investments in Ghana, Morocco and Uganda.

One of its recent transactions is with South African fintech TurnStay, which raised $2 million in seed funding to address payment delays in the travel industry. First Circle led the round, with participation from TLCom Capital, Enza Capital, Incisive Ventures, and Equitable Ventures.

Agnes Aistleitner Kisuule, a lawyer by training, is co-founder and managing partner alongside Selma Ribica. She previously built businesses in Jordan and Ukraine focused on employing local women before relocating to Uganda four years ago. She is a World Economic Forum Global Shaper and was included on the Forbes 30 Under 30 list in 2022.