Roberta Annan, a Ghanaian businesswoman and entrepreneur, has announced a €100 million ($115m) fund this week to invest in small and medium African creative and fashion startups in Africa. The African Development Bank (AfDB) announced that the Impact Fund for African Creative (IFFAC) will offer grants of up to €50,000 to chosen initiatives to help the continent’s creative sector grow faster.
“I have encountered so much incredible talent all over the continent, such originality and innovation.
“But I have also noticed a lack of management skills, infrastructure, and start-up capital necessary to scale these creative businesses. This is the motivation behind IFFAC”, said Annan.
Here Is What You Need To Know
- The fund was inaugurated during Paris Fashion Week, with fashion professionals and Chinelo Anohu, Senior Director of the Africa Investment Forum, an AfDB flagship initiative aimed at channeling investment into Africa, in attendance.
- IFFAC would make a further €250,000-€2 million in venture funding accessible to African startups that finish its skills-building program, according to Annan, who also founded the African Fashion Foundation.
- The Africa Investment Forum has been in talks with IFFAC, according to Anohu, as it curates projects for its upcoming Africa Investment Forum 2021 Market Days in Abidjan, Cote d’Ivoire, from December 1–3.
“I applaud IFFAC for its plans to bring early-stage capital deployment, along with a structured program of training and mentorship to artists and entrepreneurs like Nigerian designer Kenneth Ize.
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“For all those investors in this room, who believe, like I do, in the potential for commercializing the exports of Africa’s creative genius, I invite you to contact the Africa Investment Forum”, said Anohu.
A Look At IFFAC And How It Will Invest In Startups
The Impact Fund for African Creatives (“IFFAC”), managed by Annan Capital Partners (ACP), is an Impact Investment Reverse Alternative Investment Fund domiciled in Luxembourg with a size of €100 million. The fund aims to invest in private small and medium-sized firms and industries in Africa that are involved in the creative, fashion, and lifestyle industries.
For more enquiries about the latest fund, visit https://annancapitalpartners.com/
fashion creative startups Africa IFFAC fashion creative startups Africa IFFAC
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer