Beginning today, we shall be sharing periodic roundups, on issues that affect African Entrepreneurs and innovators, with a focus on a particular industry space.
This week we shall be at looking reports which relate to the African Venture Capital space. Enjoy.
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Date: O7.09.2015:
Location: Nigeria
Brief:
The Bank of Industry announced an
investment commitment of 6 million dollars (about N1.2 billion) in Nigeria’s
small and medium enterprises (SMEs). The investment commitment is being made
through the 60-million dollar Venture Capital Fund being raised by Grow Africa
Equity Partners Limited.
The Venture Capital Fund aims to provide equity
capital. It comes with strategic and operational support to early stage and
fast-growing businesses involved in technology, agriculture, consumer goods and
services sectors.
"This
new investment will increase development impact and socio-economic benefits
through the creation of additional jobs, development of local entrepreneurship
and will create additional fiscal revenue to government.”"
Bank of Industry is Nigeria’s foremost industrial
development-financing company, with a loan portfolio of N592 billion. The bank lends to projects in Nigeria’s real sectors
of agro-processing, solid minerals, gas and petrochemicals, as well as
engineering and technology.
Grow Africa Equity Partners Limited is a Nigerian
Venture Capital Fund Manager, which helps to develop outstanding entrepreneurs
and businesses in Nigeria. Grow Africa provides business advice, as well as
equity capital to new and established companies.
Quotable quotes:
“Nigerian
businesses cannot be built on debt alone”.
- Rasheed Olaoluwa, MD, BoI
- Rasheed Olaoluwa, MD, BoI
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Date: O8.09.2015:
Location: Africa, Kenya
Brief:
Sobek
Venture Bank launched what is being called, the first Venture Bank, dedicated
to serving Africa. It is raising
$3,075,721 ( with US$768,930 already
committed). According to reports, Sobek Venture Bank intends to
respond to the gap in the African market, and roll out financial services to
the continent’s most ambitious entrepreneurs.
Venture
banks offer services to venture capital
(VC) backed firms, typically those which do not yet have sufficient cash flow
to service a traditional loan. Among some of the services Sobek offers are,
raising venture debt, growth capital, M&A advisory and modern wealth
management services.
Quotable quote:
“There is a tremendous business case to
service loans, deposits, working capital and other day to day services required
by fast growing companies that traditional banking business models aren’t built
to handle…
"The impact of having a bank designed for entrepreneurs by entrepreneurs is powerful beyond measure because we believe that Venture banking could actually reverse the risk averseness of banks that is prevalent throughout the banking sector on the continent.”
– The Sobek Team
"The impact of having a bank designed for entrepreneurs by entrepreneurs is powerful beyond measure because we believe that Venture banking could actually reverse the risk averseness of banks that is prevalent throughout the banking sector on the continent.”
– The Sobek Team
See
more at:- http://disrupt-africa.com/2015/09/sobek-venture-bank-raising-3-million-for-africas-1st-venture-bank/
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Date: O7.09.2015:
Location: Zambia
Brief:
Kukula Capital and eVentures Africa
Fund (“eVA”) have announced the signing of a transaction with a view to provide
an initial invest $500,000 in Dot Com Zambia. The investment is structured as a
combination of debt and equity.
Kukula
Capital (“Kukula”) a Zambian venture capital investor; are reported to be the
only locally domiciled Venture Capital firm in Zambia and Dot Com Zambia
becomes its seventh investment into a Zambian SME since its inception in 2010.
eVentures Africa Fund (“eVA”), is a leading
Dutch venture capital fund specializing in E-commerce in Africa. eVA, is
reported to be the first venture capital
fund to invest in African technology driven companies nearly six years ago
under the philosophy that it is African IT-engineers and tech-entrepreneurs
that are best suited to deploy technology for African issues.
Dot
Com Zambia is an e-commerce company with two subsidiaries: Import Zambia is an
e-commerce platform that allows Zambian customers to shop from local and
international retailers. Book Now Zambia, which includes the Bus Tickets Zambia
brand, is a technology platform that allows customers to reserve, pay and
receive bus tickets electronically.
The
investment will enable Dot Com Zambia to grow its existing e-commerce business
and roll out its proprietary digital bus ticketing system across Zambia and,
with Kukula’s and eVA’s network, begin further piloting across the Southern
African region.
Quotable quotes:
“while many more of todays
investors are looking for investment opportunities like Dot Com Zambia in the
‘major markets’, in Nigeria and Kenya, we are the first Tech fund investing in
this space in Zambia. And we believe with this investment, a Zambian
tech-entrepreneur can set the example for his country, for the Southern Region
of Africa, and one day maybe, for the whole of Africa.”
- Vincent Kouwenhoven.
MD of eVA Fund
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