Kigali, Friday June 17 2022
ABAN Co-founder Rebecca Enonchong and Secretary General Fadilah Tchoumba to declare Angel investing an economic development tool at CHOGM Rwanda 2022
The African Business Angel Network (ABAN) who will be taking part at the 2022 Commonwealth Heads of Government Meeting (CHOGM) in Kigali, Rwanda are due to declare angel investing as an economic development tool for Africa.
The team, led by ABAN Co-Founder Rebecca Enonchong and Secretary General Fadilah Tchoumba said there is enormous potential in the continent’s startup ecosystem that is poised for significant growth with the support of business angels across the continent. Africa’s startup ecosystems are already worth an estimated $6.6 billion with South Africa, Kenya, Nigeria and Rwanda leading the charge in the growth of startup companies. Last year, startups on the continent attracted more than $5B with ABAN’s 56 angel networks and their over one thousand angel investors contributing over $400M.
One of the biggest challenges facing entrepreneurial startups in Africa has been early-stage financial support. As part of ABAN’s strategy to plug the gap, Ms Enonchong said “CHOGM 2022 presents a unique networking opportunity to engage multiple stakeholders in the subject matter and move from a conversation to measurable actions.” Ms Enonchong is also the co-founder of Cameroon Angels Network and currently serves as a mentor to several technology startups across the continent.
After being postponed for two years due to the COVID-19 pandemic, the 2022 Commonwealth Heads of Government Meeting is taking place from June 20-26. Forums being held will focus on women empowerment and addressing the funding gap. The theme of this year’s meeting is “Delivering a Common Future: Connecting, Innovating, Transforming” as commonwealth member countries look for ways to better protect their natural resources and boost trade. This year’s theme resonates with ABAN’s goal of providing valuable human and financial capital to African startups through its growing number of Angel investor Networks.
“ABAN’s objective is to support member networks towards an investment target of U.S. $100 million in at least 500 startups to create over 10,000 jobs annually by 2025. In line with this ABAN and AfriLabs’ Catalytic.Africa fund was launched in October 2021 to support this objective by matching investments made by angel networks into innovative startups across the continent,” added Fadilah Tchoumba, ABAN Secretary General.
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About ABAN
African Business Angel Network (ABAN) is the largest pan-African organization 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 56-member network with a presence in 34 African countries and the Diaspora representing over 1400 angel investors.
About Catalytic.Africa
Catalytic Africa is a matching fund operated by ABAN and AfriLabs that aims to strengthen African startups, innovation hubs, and angel investors while delivering impact results to institutional funders. Catalytic Africa co-invests with angel investors in innovative startups with matching funds. Catalytic Africa is supported by AFD & Digital Africa. Find out more here: Catalytic.Africa
Annual Early Stage Investors Summit (AESIS)
Now in its 9th year, held by ABAN in partnership with VC4A the African Early-Stage Investors Summit (AESIS) is an annual gathering “For investors, By investors” from across Africa which brings together the African Early Stage Investment community of VCs, Angels, and Entrepreneurs to learn from each other’s experiences and discuss the various opportunities and challenges faced in the ecosystem.
