Investors earmark US$60 million to scale up African ventures


A group of investors have announced, during the inaugural Africa Business Angel Forum (ABAF) which took place on March 3, 2016 at the Lansdowne Club in London, UK, plans to scale up African ventures with a combined sum of US$60 million.

Neils Ellegard, Founder of Reewire and Managing Partner of United+ based in the US and Africa announced a $US50 million fund.

Also, Ellen van den Broek, Director of Aurorae announced a $US10 million fund, partly backed by AXA Ventures, which is part of AXA, the company that recently invested in Jumia’s parent company.

“The success of ABAF and the amount of capital announced and committed speaks of the desire by international investors to bet on the new entrepreneurial ventures that are changing the Africa narrative,” said Eric Osiakwan, Founder of Angel Fair Africa.

He added, “We are looking forward to welcoming European, American and other investors from around the world to Nairobi, Kenya in November 2016.”

During the event, several speakers brought to the fore the investments their companies have made in Africa. Simon Glossop, the CEO of CAMSCORP outlined how his company has invested in excess of $20 million in Africa.

Also, the CFO of Homestrings, Mr Tangwena Nelson indicated that the company has so far mobilized $US20 million from the diaspora and channeled it into African investments on their platform.

Other speakers included Jessica Hope, founder of Wimbart; Russell David Southwood, CEO of Balancing Act; William Tindal of Emerging Crowd, and Anthony Sheehan of the UKTI-Global Entrepreneurship program.

The event also saw diverse scale-up companies pitch for investment ranging between $US300,000 and $US1 million. Some of the company includes Tupomoja (Tanzania), Impact enterprises (Zambia), OkunBeachwear (UK), and BigCabal Media, (Nigeria).

The event ended with an investors’ dinner in the evening, where the guest of honour was Mr Inigo Gilmore, a world renowned journalist who made a documentary on the phenomena of the “Repats” —  the children of Nigerian migrants who came west returning to the land of their parents and finding the jobs and opportunities that Britain has failed to deliver.

The event was organized by the NewGenAngels, an exclusive international investment Club of New Generation of Angels focusing on Africa, combining skills with funding. Over 70 investors, entrepreneurs, professionals and scaleup ventures from 20 different countries were in attendance.

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