Earlybird II (IFC-41937)

Regions
  • Europe and Central Asia
Where the impacts of the investment may be experienced.
Countries
  • Turkey
Where the impacts of the investment may be experienced.
Specific Location
Turkey and Central Eastern Europe
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Apr 20, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
EARLYBIRD DIGITAL EAST FUND 2012 SCA SICAR
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 15.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 5, 2019

Disclosed by Bank Mar 20, 2019


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Project Description

According to IFC website, the transaction is an equity investment in Earlybird Digital East Fund II, a venture capital (“VC”)  fund that will invest in technology companies in Turkey and Central Eastern Europe. It is expected to provide the following impacts: 

  1. Increased access to risk capital for technology startup
  2. Increased Investee Growth
  3. Improved Competitiveness by catalyzing creation of other fund managers
  4. Improved competitiveness in relevant target sectors by encouraging incumbents to leverage technology
People Affected By This Project

Increased access to risk capital for technology startup
Increased Investee Growth
Improved Competitiveness by catalyzing creation of other fund managers
Improved competitiveness in relevant target sectors by encouraging incumbents to leverage technology

Investment Description
  • International Finance Corporation (IFC)
Private Actors
  • Earlybird Digital East Fund II -- Financial Intermediary

Fund: (Earlybird) Digital East Fund II, special limited partnership, established as Alternative Investment Fund in Luxembourg.

Contact Information

No contact information provided at the time of disclosure. 

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/