Rinchi
TechInAfrica – African Business Angels Network (ABAN) in partnership with AfriLabs, is set to launch a new investment initiative called Catalyst. The new initiative aims at supporting the African startup ecosystem and driving measurable impact to stakeholders.
Furthermore, it wants to increase the capital available to most promising African growth-stage entrepreneurs and support the startup ecosystem, such as hubs and angel network while at the same time increase the visibility of impact on institutional funders.
Catalyst will work as a co-investment fund by matching investments from qualifying angel investors with African growth-stage companies. Funds will be released after startups receive investments from investors registered with ABAN.
Interested startups are required to register on the Catalyst platform via hubs that are members of the AfriLabs network. Startups’ performance that receives investments will be monitored through the Catalyst platform.
“When we signed the MOU with AfriLabs at their Annual Gathering in Dar es Salam in 2018, we were excited about the opportunity for partnership between Angels and Hubs on the continent. Catalyst will facilitate the development of those relationships as the first initiative of what we expect to be a highly valuable and long-lasting collaboration between AfriLabs and ABAN,” said Tomi Davies, the President of ABAN.
Rebecca Enochong, Board Chair of AfriLabs commented, “We have all recognized the need to increase early-stage funding for our African founders. Catalyst not only does that, but it helps to structure the ecosystem, supports collaboration, and provides actionable insights into the early-stage funding landscape, all the while strengthening our hubs and our angel networks. As the first Pan African program of this type, developed by Africans, for Africans, I believe that Catalyst will be a real game-changer.”
Source: techawk.com.ng
