The inaugural Africa Business Angel Forum (ABAF) held on the 3rd of March 2016 saw the announcement of two funds totaling $60M to be invested in scaling up African startup ventures.
Neils Ellegard, Founder of Reewire and Managing Partner of United+ based in the US and Africa took the occasion to announce a $50 million fund, followed by Ellen van den Broek, Director of Aurorae who announced a $10 million fund partly backed by AXA Ventures which is part of AXA, the French insurance giant who just bought 8% of Africa Internet Group for $83M.
Opening the event with a keynote address was Simon Glossop, CEO of CAMSCORP and Chairman of EOC Committee, Octopus Investments who outlined how his company CAMSCORP is represented in 12 African countries with investments in excess of $20 million is lead to various levels of export activities from the continent including raw and processed products like ginger from their factories in Nigeria.
Other notable 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.
As part of the event, a diverse diverse group of startups were given an opportunity to pitch for investment ranging between $300,000 and $1 million in the afternoon namely:
- Tupomoja (Tanzania)
- Impact enterprises (Zambia)
- OkunBeachwear (UK)
- BigCabal Media, parent company of TechCabal and Zikoko (Nigeria)
- Nari (UK)
- Outsized (UK)
- Wrightgrid (Boston, USA)
Speaker Panel at The Africa Business Angel Forum 2016
The forum was concluded 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.
"We are overwhelmed by the outcome of the event and extremely encouraged by the decision of participants to have the second ABAF on 2nd September 2016 in London before we all head out to Nairobi, Kenya to participate in the 4th Angel Fair Africa which is the official follow up event on the continent."
We are mobilizing global capital to invest in African scale up ventures so our partnership with Angel Fair Africa is essential to bridge the funding gap between Africa and the rest of the world — we are excited to be heading to Nairobi this year after a great AfA event in Accra, Ghana last year.
Eric Osiakwan, Founder of Angel Fair Africa said “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.”
We are mobilizing global capital to invest in African scale up ventures so our partnership with Angel Fair Africa is essential to bridge the funding gap between Africa and the rest of the world. Tweet
We are looking forward to welcoming European, American and other investors from around the world to Nairobi, Kenya in November 2016.