ABAN has just ushered a new era for Africa’s startup ecosystem with its first cross-border investment initiative through Rwanda at the 2-day GEC+Africa event that kicked off on 13th March 2024 in Cape Town, South Africa.
In a groundbreaking development that underscores the Africa Business Angel Network’s (ABAN) commitment to reshaping Africa’s startup ecosystem, ABAN proudly unveils its inaugural cross-border investment facilitated through Rwanda-based Special Purpose Vehicles (SPVs). This historic undertaking represents a major stride in ABAN’s unwavering mission to bridge divides and forge a cohesive network of angel investors spanning across Africa and the diaspora.
This initiative represents a pivotal moment in ABAN’s journey, propelling forward its mission to bridge gaps and catalyze entrepreneurial success through seamless cross-border syndications and unparalleled opportunities for angel investors.
“Our commitment to facilitating cross-border investment is at the heart of our efforts to empower African startups. By bridging investors and startups across diverse geographies, we’re not just investing; we’re building bridges for innovation and entrepreneurship to thrive across the continent,” stated Fadilah Tchoumba, CEO of ABAN.
In a display of collaboration, ABAN, with the support of AEDIB-NET, has successfully executed a cross-border investment in Legendary Foods, a Ghana-based startup through the ABAN Climate Smart Agriculture Angel Network.
“We extend our sincere appreciation to AEDIB-NET for their invaluable support in our endeavors. Through the ABAN Climate Smart Agriculture Angel Network, we successfully pooled capital from multiple angel investors, syndicating a cross-border investment in Legendary Foods, a Ghana-based startup. It represents a significant milestone in this notable cross-border angel investing collaboration, leveraging the expertise and resources of angel investors from various regions to support promising startups across Africa. With the expertise and support of AEDIB-NET and other partners, we are committed to adding value to our investee companies through strategic, commercial, legal, and financial support.” Fadilah concluded.
“The deal has been structured through a co-investment vehicle incorporated in an African jurisdiction and involved 6 angel investors from 4 countries. This underscores ABAN’s commitment to boosting the establishment of Continent capital markets.” Hannah Subayi Kamuanga – ABAN Board Member
Read more about this in this press release.
