Angel investment network launched in Benin – Disrupt Africa

The Benin Business Angels Network (BBAN) has launched, bringing together local and diaspora entrepreneurs, investors and professionals to fund and offer support to Benin-based startups.

The launch of the network took place at the inaugural Early-Stage Startups Investment Conference (ESSIC) which took place in Benin earlier this month and brought together more than 120 participants to discuss ways of creating funding mechanisms for young startups.

One such way is the establishment of angel investor groups, which is happening across Africa under the auspices of the African Business Angel Network (ABAN). West Africa is seeing a number of developments in this regard, with recent launches of angel groups in Senegal and Togo, and now Benin has its first formal network.

BBAN launches with 15 founding members who have pledged, as a condition of their active individual membership, to invest an annual minimum of CFA2.5 million (US$4,300). Aside from providing capital to local startups, members will also provide mentorship and access to networks to help them scale. Its aim is to make its first investment by the end of May.

In further good news for Benin-based startups, the event also saw the launch of Noru Capital, an impact fund with a clear focus on early-stage companies. Spearheaded by local innovation hub EtriLabs, the evergreen fund will provide equity and quasi-equity financing to promising startups with great teams, product-market fit and scalable business models. Noru Capital will seek exits through larger funds or acquisition by larger companies.
Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent’s most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.
You must be logged in to post a comment.
Sign up for our Newsletter
Thank you for signing up!
Copyright © 2014-2021 Disrupt Africa. All rights reserved.

source

The Top Ten Modern Business Skills For 2022

NEW YORK--(BUSINESS WIRE)--“Communication”, “critical thinking” and “data literacy” are among the skills that workers need in order to thrive in 2022, according to a...

Softbank leads $127 million funding round for Brazilian healthcare startup Alice – Reuters

The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File PhotoSAO PAULO, Dec...

How many unicorn companies are in the UK? | Fool UK – Motley Fool UK

The Motley Fool's personal finance site is devoted to helping you live a richer life.Let’s conquer your financial goals together… faster!The Motley Fool's ...

- Advertisement -

The Top Ten Modern Business Skills For 2022

NEW YORK--(BUSINESS WIRE)--“Communication”, “critical thinking” and “data literacy” are among the skills that workers need in order to thrive...

Expose your thoughts

LEAVE A REPLY

Please enter your comment!
Please enter your name here