Press Release
26.10.2022
Lusaka, Zambia
Catalytic Africa makes great strides in just one year
The Catalytic Africa matching fund turns one at the Afrilabs Annual Gathering taking place in Lusaka, Zambia from 26-28 October, 2022. The fund was launched exactly a year ago at the Afrilabs gathering in Abuja, Nigeria.
The fund, by African Business Angels Network (ABAN) and AfriLabs, was created with the purpose of strengthening the ties between startups, innovation hubs and angel investor networks across Africa, as they work together to deliver continent-wide economic value and social impact.
“There are 3 parties to every transaction on Catalytic Africa because we believe the only way to foster an inclusive ecosystem growth is by attending to the needs of all its stakeholders; the startup to further its growth and expansion; the innovation hub to support the startup along their development journey; and the angel network to provide mentorship and guidance to the startup. It is with this philosophy we built the Catalytic Africa model to be encompassing,” said Fadilah Tchoumba, ABAN Secretary General.
Catalytic Africa has now concluded co-investment transactions in 10 countries including Cameroon, Botswana, Nigeria, Tunisia, Kenya, and South Africa, with Mauritius, Zambia, Sénégal and the Democratic Republic of Congo pending disbursement. These transactions represent approximately 0.5 million Euros co-invested with angel investors into Africa startups. The disbursements in total indicate a 60% Catalytic Africa matching fund approval rate for total applications received. The disbursements are awarded to startups; innovation hubs and angel networks that are members of AfriLabs and ABAN respectively.
“Seeing Catalytic Africa become a reality has only strengthened our suspicion that de-risking angel investors’ investment into innovative African startups can have a positive impact on millions of people. Being able to provide the matching funding unlocks potential and gives entrepreneurs some breathing space,” said Tchoumba.
Catalytic Africa is proudly supported by Agence Francaise de Development (AFD) and Digital Africa.
ENDS
About ABAN:
African Business Angel Network (ABAN) is the largest pan-African organisation of Angel investors in Africa. Established in 2015, ABAN represents the growing number of business angel groups in the African early stage ecosystems’ future, providing vital human and financial capital to African startup companies creating jobs across the continent. Today ABAN is a 60 member network with a presence in 35 African countries and the Diaspora representing over 1600 angel investors.
About AfriLabs:
AfriLabs is a network organisation supporting Innovation Centres across African countries since 2011, founded upon the mission of building a community around the rapidly emerging technology hubs in Africa. These hubs serve as centres that provide support to African entrepreneurs, innovators, developers, and youths. By providing physical co-working and dedicated office spaces, as well as inclusive training and business, legal and financial support, we play an active role in helping to raise successful entrepreneurs who will create jobs and develop innovative solutions to African problems.
