Five Foundations Which Provide Capital For New Businesses In Africa

capitalThe continent of Africa has numerous investment worthy territory, packed with uncountable opportunities for investors.

Africa is highly resourceful continent with high return on investment (ROI), only if investors could tap into the huge market. Africa’s population, as of today is skewing towards one billion and based on research might double by the year 2020.

Some African countries like Nigeria, Namibia, South Africa, Ethiopia, Libya, Ghana, and Cameroon have a rich market, but young investors lack the funds to penetrate it. With this in mind Wazobia Global Times have researched foundations that are supportive when it comes to investing in Africa.

These five foundations have capital for startups as well as growing your business in Africa.

Tony Elumelu Foundation Entrepreneurship Program (TEEP)

The Tony Elumelu Foundation has launched a $100 million Entrepreneurship Program. The TEEP is an annual program, which trains and ensures funding and mentorship, to empower the next generation of African entrepreneurs.

The TEEP is founded by successful Nigerians business mogul and philanthropist Mr. Tony Elumelu. His mission is to identify and support 1,000 entrepreneurs from across the continent each year over the next 10 years.

The TEEP Fund focuses on citizens and legal residents of all 54 African countries. Applications can be made by any for-profit business based in Africa in existence for less than three years, including new business ideas.

The fund expects that the 10,000 start-ups and young businesses selected from across Africa will ultimately create one million new jobs and add $10 billion in annual revenues of the continent.

African Women’s Development Fund (AWDF)

Established in 2001 the African Women Development Fund is the first Pan-African women’s grant in Africa. The AWDF only awards grants to organization in the form of grants ranging from $8,000 up to $50,000.

The AWDF is an institutional capacity-building and program development fund, which aims to help build a culture of learning and partnerships within the African women’s movement. In addition to raising money and awarding grants, the AWDF will attempt to strengthen the organizational capacities of its grantees.

As at today, the AWDF has provided $17 million in grants to 800 women’s organizations in 42 African countries.

Seedstars

A Swiss based firm, Seedstars Africa is a member of Seedstars Group, which has investments in over 35 countries around the world. They specialize in emerging markets such as Asia, South America, The Middle East and Africa.

Seedstars recently pooled $330,000 in SimplePay, a young Nigerian third-party payment processing company that has created a solution which will solve the payment services in Nigeria and across Africa.

The highly competitive and exclusive startup contest organized by Seedstars, enables it to identify promising companies to support with capital and technical help geared towards development of Africa.

African Development Foundation

An independent agency based in the United States, African Development Foundation (ADF) was established to support African-led development goal getters.

ADF, has imparted over 1.3 million people with over $50 million worth of grants across Africa.

The ADF ensures community integration through capital and technical support. It helps organizations and businesses in Africa to create and sustain jobs, improve income levels, achieve greater food security, and address human development needs.

Acumen Fund

A charitable organization established in 2001 with syndicated capital from the Rockefeller Foundation, Cisco Systems Foundation and three individual philanthropists.

Acumen Fund, invests in entrepreneurs who have the capability to bring sustainable solutions to ranging African issues.

The Acumen announced a $1.4 million investment in SolarNow, a company that sells and finances solar home systems in Uganda.

Recently, Acumen Fund co-invested $1.5 million in Esoko Networks Limited. Esoko, a Ghanaian-built technology platform that connects African farmers to markets via mobile phones.

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