Startup Funding - Afrikan Heroes

China Launches $1 Billion Belt and Road Africa Fund. This Is How It Will Look Like

July 4, 2019

Don’t expect China to throw in the towel yet in Africa, despite the huge bad debt it has incurred so far on the continent. A new fund which is targeted directly at businesses in Africa has been launched on the sidelines of the World Economic Forum (WEF) meeting, currently underway in Dalian, China. The fund is code-named Belt and Road Africa Fund.

For Whom Is The Fund Meant?

The key focus of the funds would be investments in infrastructure, technology, e-Commerce, artificial intelligence (AI) and the beneficiation of the resource industry in Africa.

“The discussions that we’ve had with Chinese businesspeople, state-owned enterprises and family offices, have resulted in the establishment of this fund,’’ says Sekunjalo chairperson Dr Iqbal Survé, head of the fund said. ‘‘Africa is ready to grow and is heading towards a $5 trillion economy. The Chinese have seen how China was able to grow from 1980 when China made up only 2 percent of the global gross domestic product (GDP) when compared to today, where China makes up 19 percent of the global GDP. This fund is a great boost for the development of Africa.’’

Contributors to the fund were not the Chinese government as has been the case, but several Chinese family offices and business people, who are expected to capitalize the fund with a billion dollars.
The fund, according to Surve, will serve as a bridge between African and Chinese businesses, thus strengthening, particularly, the co-operation between business sectors in China and Africa. In order words, the Belt and Road Africa Fund would be between African businesses and Chinese businesses.

2018: Locational distribution of Chinese investment in Africa

How African Businesses Can Be Part of The Fund

Once the Belt and Road Africa Business Council (which is the body that oversees the fund) headed by Surve is launched in September 2019, African businesses would start benefiting from the fund.

A targeted business should be in the:

infrastructure
technology
e-Commerce
artificial intelligence (AI)
the beneficiation of the resource industry sectors.

The Belt and Road Africa Business Council are targeting a membership of at least 1000 Chinese and African companies.

Dr. Survé said the fund will announce the format of these investments, at the launch in September.

A Look At The China Belt and Road Initiative

The Belt and Road Initiative, as outlined by Chinese President Xi Jinping, is one of the most important developments of China and its contribution to the global economy.

2018: Sectoral distribution of Chinese investment in Africa

Launched in 2014, One Belt One Road, presented internationally as the Belt and Road Initiative, is China’s signature vision for reshaping its global engagements. It hopes to achieve the Communist Party of China’s (CPC’s) twin objectives of achieving national rejuvenation and the task of making China the largest and the most powerful country on earth.

The Belt and Road Initiative now spans three continents and touches 60 percent of the world’s population. The 65 or so countries that have so far signed on to the program (including approximately 20 from Africa) account for 30 percent of the world’s GDP and 75 percent of its energy reserves.

Some 50 Chinese state-owned companies are implementing 1,700 infrastructure projects around the world worth about $900 billion. One Belt One Road (OBOR) has been written into the state and ruling party constitutions as strategic priorities for China to attain Great Power status by the middle of the 21st century. All of China’s leaders have advanced this quest since the founding of the People’s Republic of China, but the pursuit has accelerated under President Xi Jinping.

The One Belt One Road network. (Map courtesy of the Mercator Institute for China Studies)

One Belt One Road has two components:

The Silk Road Economic Belt establishes six land corridors connecting China’s interior to Central Asia and Europe. It includes railroads to Europe, oil and gas pipelines from the Caspian Sea to China, and a high-speed train network connecting Southeast Asia to China’s eastern seaboard.
The Maritime Silk Road establishes three “blue economic passages” knitted together through a chain of seaports from the South China Sea to Africa that also direct trade to and from China.

The end state of One Belt One Road is the building of a new global system of alternative economic, political, and security “interdependencies” with China at the center.

One Belt One Road also increases Beijing’s control of critical global supply chains and its ability to redirect the flow of international trade. Central to these efforts are moves to open new sea lines of communication and expand China’s strategic port access around the world. In 2017, Chinese state-owned companies announced plans to buy or secure majority stakes in nine overseas ports, all located in regions where China plans to develop new sea lanes. This is in addition to the 40 ports in Africa, Asia, and Europe in which Chinese state-owned firms hold stakes worth a combined $40 billion.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.

Facebook: https://web.facebook.com/Afrikanheroes/

Centurion CEO speaks to Chinese Oil and Gas Investors on African opportunities

July 3, 2019

A team of attorneys from Centurion is in China this week to participate in the EG Ronda Licensing Roadshow being held today and tomorrow at the Kempinski Hotel Beijing. Led by CEO Nj Ayuk, the team is meeting with several high-profile Chinese executives and energy companies seeking to invest in sub-Saharan Africa.

The roadshow is organized by the African Energy Chamber on behalf of Equatorial Guinea’s Ministry of Mines and Hydrocarbons. With the biggest names amongst the Chinese energy companies attending, including companies such as CNPC, PowerChina Group, Sinopec, Sinochem, CNOOC, Shenergy, CMEC, and China Minmetals Corp, Centurion has had the opportunity to discuss considerable deals in several African oil markets.

“Centurion’s presence in China for the EG Ronda Roadshow is a mark of our commitment not only to Equatorial Guinea but to the promotion of Chinese investments across Africa,” declared Nj Ayuk from Beijing. “China is serious about investing in Africa, and Chinese investors and companies are looking for reliable African legal advisors and partners to efficiently do business in our continent. This represents billions of dollars of investment ready to support the development of the African oil industry.”

Centurion has always been at the forefront of channeling foreign investments into Africa’s oil & gas value chains. The firm has advised on the most recent PSCs being signed in the continent and continues to be part of landmark deals and projects in West and Eastern Africa.

The firm has a specific desk dedicated to Chinese companies and investors and has been increasingly working in diversifying the flow of investments coming into Africa’s extractive industries, working with new partners from Russia, Turkey, and the Middle East.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

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Airtel Africa Initiates IPO On The London Stock Exchange, Public Trading Still July 4

June 29, 2019

Airtel Africa has had its Initial Public Offering ( IPO ) in both London and Nigeria, but the real IPO, in which the general public may be able to buy Airtel’s shares begins from the 4th of July, 2019. Right now, it appears, Airtel Africa is selling to investors below what they were initially priced, on the London Stock Exchange.

Airtel’s stocks on the London Stock Exchange fell as much as 15 percent to 68p after Africa’s second-largest mobile operator listed on the London Stock Exchange, knocking £500m off its opening valuation to give it a market capitalization of around £2.6bn.

Here Are The Facts

The IPO is for institutional investors and high net worth individuals only
The general public may be able to deal in Airtel’s shares by July 4.
For the IPO, Airtel is backed by SoftBank an issuing house and had priced its initial offering at 80p per share, but this poor IPO in London saw the company perform below what it secured in two recent private funding rounds.
The African subsidiary of Indian telecoms giant Bharti Airtel had priced its shares at 80p, at the bottom of its previously announced 80–100p price range.
This means that its current valuation now stands at around £3.1bn (NGN 1.4 trillion or $3.9 billion). This is already significantly below the valuations implied by earlier funding rounds.
Airtel Africa secured $1.25bn from a consortium of investors including private equity house Warburg Pincus, Singapore’s Temasek, SoftBank and Singapore Telecommunications at a valuation of around $4.4bn, in October last year.
A $200m investment by the Qatar Investment Authority earlier this year put its valuation closer to $5bn.
From the combined Nigerian and London IPO, Airtel Africa — which operates a telecoms and mobile money business across 14 African countries — raised £595m.
The whole of the shares issued in the IPO represented 19 percent of Airtel’s total stock.

“This is a proud moment for the team that has built Airtel Africa into the second-largest mobile operator in Africa. We are now the first telecom company to simultaneously list on the Premium segment of the London Stock Exchange and Nigerian Stock Exchange through an IPO.”

Airtel’s IPO is For Institutional Investors. Ordinary Nigerians and the General Public Can Begin To Trade In Airtel’s Shares By July 4 On Both The London And The Nigerian Stock Exchanges

“The offer consists of an institutional offer only. Ordinary Shares will be offered pursuant to the Global Offer (a) to certain institutional investors in the United Kingdom and elsewhere outside the United States in reliance on Regulation S, (b) in the United States only to those reasonably believed to be Qualified Institutional Buyers, QIBs in reliance on an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and pursuant to the Nigerian Offer © in Nigeria to Qualified Institutional Investors and High Net Worth Investors as defined in Rule 321 of the Nigerian Securities and Exchange Commission, SEC Rules pursuant to a book building process (the “Nigerian Offer”)” the prospectus stated.

Why The Nigerian Stock Exchange and Not The Johannesburg Stock Exchange, Which Is The Largest In Africa, Was Chosen For The African Listing

According to the prospectus of the offer, Nigeria represents the Airtel’s largest single country subscriber base, comprising 37.6 percent of the Group’s total subscribers as at 31 March 2019, with 43.4 percent of subscribers in East Africa and the remaining 19.1 percent in the Group’s Rest of Africa segment.

In the year ended 31st March 2019, revenue in Nigeria was $1.1 billion (representing 35.9 percent of the Group’s revenue in the year) and the underlying Earnings Before Interest Tax Depreciation and Amortisation, EBITDA was $550 million.

In Nigeria, revenue attributable to mobile voice services in the year ended 31st March 2019 was $739.8 million

The prospectus said the company wants to raise money so it can use it to pay down some of its crushing debts.

Why Airtel’s Shares Are Worthy Of Public Subscription

Airtel reported revenues of $3 billion for the year ended March 2019 compared to $2.9 billion the year before.

The company also reported a profit of $450 million in 2019.

Airtel posted losses of $134 million and $769 million in 2016 and 2017 respectively.

Timelines For The Offer

The offer closes June 28 and allotment of new ordinary shares to the shareholders begins June 29, 2019, while the crediting of ordinary shares to accounts start July 3, 2019.

The Nigerian admission and start of unconditional dealings on the Nigerian Stock Exchange, NSE is expected from July 4, 2019

Click here to download and read Airtel Africa ’s IPO prospectus.

Here is a list of stock brokerage firms in Nigeria through which you may be able to purchase or sell shares on the Nigerian Stock Exchange.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.

Facebook: https://web.facebook.com/Afrikanheroes/

Founders Factory Africa and Netcare Are Looking For African Health-tech Startups To Invest In

June 27, 2019

Health tech startups in Africa have got another pool of funds to tap from. Founders Factory Africa and South African healthcare company Netcare are looking to select 35 African health-tech startups for an acceleration and incubation program.

Here Are Details Of The Fund

Founders Factory Africa is looking to commit a minimum of a £30,000 cash investment in accelerated startups as well as £220,000 in support services each. Incubator health-tech ventures will receive £60K cash and £100K toward support.
Founders Factory Africa and Netcare will then both retain a 5 to 10 percent equity stake in each startup accepted into the program.
The program will accelerate 5 startups a year and incubate 2, FFA CEO Roo Rogers.
Criteria for the accelerator startups include that they have a healthcare focus, be post-revenue, and have a Pan-African scope.
Startups aiming to pursue those objectives through Founders Factory Africa’s new accelerator program have until September 6 to apply
This is the first big foray into tech funding for Netcare, which operates South Africa’s largest private hospital network, according to CEO, Dr. Richard Friedland.
The partnership includes an investment (of an undisclosed amount) by Netcare in Founder’s Factory Africa, or FFA. The Johannesburg-located organization was formed in 2018 as an extension of Founders Factory in London — an accelerator that has graduated 122 startups.

How Startups Can Access The Funds

Interested startups who render health-tech services in Africa can forward all their applications to Founders Factory’s Online Portal for the FFA’s new Africa health-tech program.

There Are Huge Opportunities And Gaps In The African Health Sector

“There are so many issues in terms of healthcare delivery in Africa that can benefit from technological solutions,” Netcare CEO Richard Friedland said.

“I think the old bricks and mortar model of delivering healthcare in South Africa, in a private insurance or public setting, is archaic, it’s limited, it’s capital intensive and I think health-tech solutions can break that down,” he added.

Overall, Founders Factory’s move into Africa and healthcare (through FFA) raises several compelling things to watch.

One is the rise in African health-tech as a sector and the need for more capital. Formation of healthcare-focused African startups has picked up but investment into these ventures is relatively low compared to annual VC: only $19 million of roughly $1 billion (using Briter Bridges and Partech numbers).

This is also particularly meager given the potential impact of health-focused startups on a continent that still posts dismal stats comparatively. World Bank life expectancy rates, which on average place Africa last, are just one indicator. So the FFA initiative could serve as a needed boost for African health-tech

“The way we deliver healthcare in South Africa, Africa, and perhaps internationally…is in many cases broken,” he said, adding there’s a crisis of affordability and access to healthcare in Africa.

“I believe healthcare is ripe for disruption and innovation and that couldn’t be more true than it is here in South Africa and the rest of the continent,” Friedland said.

He named the FFA partnership as a way to increase the quality of healthcare in Africa. “We think the…continent and even our own business in South Africa can benefit,” he said.

Netcare’s interest in partnering with Founders Factory Africa to support startups comes down to multiplying healthcare solutions across the continent and shaking up the healthcare industry, according to Friedland.

Though a value wasn’t named for the Netcare round, it’s Founders Factory Africa’s second investment raise and collaboration.

Founders Factory entered Africa in 2018 through a partnership with Standard Bank (the continent’s largest bank), which a release said included a “multi-million-pound investment.” Founders Factory Africa selected the first five startups for its fintech accelerator track in April 2019.

Founders Factory Africa and Netcare’s investment in health-tech could produce innovation models with use-cases beyond Africa. Zipline and the rest have already given African health startups the green light.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.

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New Funding Round Opens For Small Businesses In South Africa

June 18, 2019

Small businesses in South Africa now have a new source of funding to support their growth. The CDI Growth Fund, which is supported by National Treasury’s Jobs Fund of South Africa is offering small businesses a chance to benefit from its R12.8 million grant.

Who May Benefit From The Fund?

To qualify to benefit from the CDI Growth Fund, the business must specifically:

Be South African-owned business, with the controlling interest of the enterprise (51% of the issued ordinary share capital). The business must be held by South African citizens with valid a South African ID or a South African Registered legal entity itself controlled by South African citizens with valid South African ID.
Operate within South Africa, including but not limited to projects, programs or enterprises of the business.
Be an existing business, at least 1 year old (preference will be given to businesses that have been trading for 2 years or more) with turnover or assets above R1m.
Match 20% of the contribution of the Fund through a cash contribution
Must create one job for every R21,000 grant investment.
Be tax compliant

The table below gives you an idea, of how many jobs are required for a given amount of grant funding.

Additionally, you must:

Not be insolvent or currently under debt administration
Be willing to provide financial statements and all supporting documents required
Commit to training new employees

Once your application is successful, you will sign a contract and report on progress and impact to the Fund administrators on a quarterly basis during and for a two-year period after the project completion.

Application Requirements

Applications can only be made online on the CDI Capital website on or before 12 July 2019 at 17:00.

CDI Growth Fund At A Glance

The CDI Growth Fund is managed by CDI Capital, which was incorporated as a subsidiary of the Craft and Design Institute (CDI) in 2016 to catalyze funding for SMEs.

The funding has been enabled through contributions by the National Treasury’s Jobs Fund, the Technology Innovation Agency (TIA), and the Western Cape Department of Economic Development and Tourism (DEDAT).

Since its launch in 2017, it has already contracted with 38 SMEs, who have collectively created over 160 jobs.

The Fund is in the second year of a five-year disbursement period.

CDI Capital CEO Lesley Grimbeek said that the grant funding they received has had a tremendous impact on their growing business.

“We have seen really rapid growth in the past four years, and in the next two years we are determined to have a facility four times the size of what we currently have, creating between 250 and 300 jobs and bringing our amazing product right across South Africa.

“It’s been a pleasure working with the CDI’s Growth Fund, and it has been very exciting to see the impact it has made in such a short time. We have been able to purchase equipment that we could not have afforded otherwise, and through this we have been able to create more jobs.

“To date, we have created ten new jobs in the factory, and we have the intention of at least another 12 to 13 new positions by the end of the year,” said Grimbeek.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.

Facebook: https://web.facebook.com/Afrikanheroes/

Startups in Kenya, Ghana and Tanzania Have Over $150 million New Fund

Kenyan startups have more investment opportunities in town. A Dubai-based equity fund, Nimai Capital has appointed Kenya’s Victoria Commercial Bank (VCB) to oversee the investment of its Sh1.5 billion in financial technology startups in Africa and Asia.

Here Is The Deal

The new fund is named the Nimai Emerging Financial Services Fund (NESF) facility and it will seek to benefit 1.7 million customers in Kenya, Sri Lanka, Bangladesh, Nepal, India, Ghana, and Tanzania.
However, only startups in the technology mobility-enabled emerging financial services opportunities including but not limited to banking, insurance, retail, and housing finance, microfinance will be able to access the funds.
The Fund will be regulated by the Cayman Islands Monetary Authority.

“The markets were chosen based on the existing (fintech) presence and experience. It integrates investment expertise with deep operational capability and resources,” said a joint statement.

Victoria Commercial Bank’s chief executive Yogesh Pattni termed the deal as an opportunity to deepen their relationship with Nimai Capital which recently gave out Sh1 billion kitty for onward lending to women-led enterprises.

Nimai co-founder and managing director Pankaj Mundra said NESF will benefit from VCB’s business experience and deep understanding of the Kenyan market.

“We look forward to working with Victoria Commercial Bank to source and develop investment opportunities for the Fund across East Africa,” said Mr Mundra.

What Is Expected of Interested Startups

To be able to access this fund, interested startups or investee companies under the Nimai Emerging Financial Services Fund must be startups with proven track records.

Inside The Growth of UAE Investments in Africa — Botho Emerging Markets Group

Successful startups will gain access to diaspora financial services, expert financial advice from line companies as well as have systems integrated with Fintech firms in India thereby enabling them to facilitate cross-border financial services.

“We have a firm belief that the fund will make a significant and positive impact in the lives of millions of families in addition to generating appropriate financial returns for investors,” said the statement.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.

Facebook: https://web.facebook.com/Afrikanheroes/

South Africa: How To Get National Empowerment Fund (NEF) To Support Your Startup

May 23, 2019

The South African government helps South African entrepreneurs and business owners through numerous business funding projects. The National Empowerment Fund is one of them.

The National Empowerment Fund which derives its powers from the National Empowerment Fund Act of 1998 is to provide black South African entrepreneurs with financial and non-financial knowledge and consultation services which are important in helping them to grow their businesses.

The National Empowerment Fund In Summary

The Fund helps South African business owners and startups find the right equity investment for their businesses, as well as offer them adequate advisory services on how they may effectively manage their businesses or their employees.

The Empowerment Fund is also a business fund that can help South African entrepreneurs make better forecasts about how the state of the South African and global economies can affect their businesses.

In summary, what the National Empowerment Fund does is to enhance and empower the various existing South African startups and businesses.

Services rendered by the NEF are structured into 4 business operational areas, namely Advisory Services; Corporate Transformation Services; Market Making Services; Group and Entrepreneurial Schemes.

Image result for Statistics on NEF South Africa — **Brand South Afric**a

The Startup Areas That Attract The National Empowerment Funding:

NEF offers its financial and non-financial services across different business areas, especially as it concerns the popular businesses carried out by most South African black community members.

These areas include businesses related to:

Food-related

Transportation

Energy

Food and Beverages

Information and Computer Technology

Financial Services

Engineering

Energy

Construction and Materials

Chemicals and Pharmaceuticals

Agro-Processing

Wood and Paper

Industry Manufacturing

Media

Mining Services

Motor Industry

Printing Services

Property Retail

Textile Industry Services

Transportation Tourism and Entertainment

Others

Startups In South Africa Can Get Funding Under The National Empowerment Fund Using Any of These Five Schemes

iMbewu Fund

Startups which are just planning or starting off their ventures may use this scheme. For entrepreneurs who wish to make equity investment or offer expansion capital support to startups, they may find new or existing startups to invest in under this scheme.

What the iMbewu Fund does is to provide financial support either through loans, purchase of equity in these startups or existing business enterprises. Funds that can be procured under the iMbewu Fund range from R250, 000 as the minimum amount and R10 million as the maximum amount.

uMnotho Fund

What the uMnotho Fund does is to help black business owners in South Africa have more access to Black Economic Empowerment (BEE) capital, which is meant to support black businesses in South Africa.

Funds may be procured under the uMnotho Fund for acquisition of other businesses; to aid expansion projects of most businesses; to assist startups and black-owned businesses to have more funds to invest in their capital markets fund operations as well as for the running of their warehouses.

Hence, for instance, black entrepreneurs who are starting new businesses, expanding their existing enterprises, or Black Economic Empowerment (BEE) enterprises that are in the process of listing on the Johannesburg Stock Exchange may get funding under this scheme.

Rural and Community Development Fund

This funding is meant for cooperative societies in the rural communities of South Africa which can show evidence that they are running sustainable businesses.

Hence, the fund helps black South African communities to engage in large-scale economic transactions. The aid or funding here is extended to the acquisition of more businesses, expansion of businesses, financing of money-consuming capital projects , whether for New Ventures, Start-up or Greenfields. It can give for as low as R1 million funding to this group of businesses. The highest available fund is R50 million.

Strategic Projects Fund

South African government here focuses on projects that promoteindustrial development. It does this through the Department of Trade Industries National Industrial Policy Framework. The fund is also dependent on the report by the Industrial Policy Action Plans (IPAP) of the South African government, coupled with the government’s growth plan strategy.

Tourism Transformation Fund

Startups in South Africa interested in tourism may go through this fund. In June 2018 the Department of Tourism (NDT) signed an agreement with the NEF to establish the Tourism Transformation Fund (TTF) which focuses exclusively on the transformation of the South African tourism sector.

According to this agreement the NDT will transfer a total of R120 million to the NEF over a 3-year period to be applied as grant funding for the benefit of qualifying enterprises that meet the funding eligibility criteria as set out by the two institutions. To date, the NDT has transferred a total of R80 million towards the TTF.

Also Read: Foreign Investors in South Africa Buy Most of Their Shares From These Companies

The NEF finances the loan and shareholder loan portions of the transactions and NDT funds are applied as grant funding through the TTF. The fund provides a maximum grant of R5 million or 30% of the total project funding requirement to each eligible transaction.

Image result for percentage contribution of sectors to South African GDP South Africa — Brand South Africa

The Best Way To Apply For The National Empowerment Fund

To secure the support of the NEF for your startups in South Africa:

Obtain and fill the NEF application form. The aim of this is to enable the officials to go through your business case and make the necessary assessments concerning the NEF criteria.

Work on your startup’s business proposal or plan. This should contain certain comprehensive data that test or explain the commercial viability and the financial status of your business. The NEF application form is usually equipped with simple business plan guidelines that will provide you with necessary information concerning the vital topics and sections that you should cover before submitting your business proposal.

Submit your business application form to the NEF.

The Fund and its partner agencies, such as South African Department of Tourism for the Tourism Transformation Fund, will vet your application and then make approval and order funds to be released to help you proceed with the next phase of your business.

Checklists of Document and Information For NEF Funding

NEF application form

Deviant form from the available company/business members confirming the acknowledgment of the provided NEF application form details Three years.

Audited financial records of the business transactions.

Business projections for five years.

Current management accounts.

Applicant personal statements that include both assets and liabilities of all the current company members that are inclusive of the married members with their spouses.

Business bank statements (past 12 months).

Both certificate and Identification cards (ID) copies of all the business members.

CK 1/ CK 2.

CM1 attached with memorandum and articles of association.

Franchisers detailed profile if available .

In-depth information on why your business is on sale .

Sales agreement (where applicable) .

The CV of Principal Applicant .

Proof of residence through Fica compliance .

Historical financial records of business-related franchisers .

Information concerning the lease agreement pertaining to the new company

NEF Contact Information

Physical Address:

187 Rivonia Road,

Morningside, Sandton, 2076

Postal Address P.O. Box 31,

Melrose Arch, Melrose North, 2076

The dti call center: 0861 843 384 Tel: 011 305 8000 Fax: 011 305 8001 General inquiries: Email: info@nefcorp.co.za

Funding inquiries: Email: applications@nefcorp.co.za

You can also apply by following step by step details for the NEF fund through the NEF website or by reading any of its online available resources such as the National Empowerment Fund pdf documents.

Charles Rapulu Udoh

Charles Rapulu Udoh, a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organisations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution and data analytics both in Nigeria and across the world.

Facebook: https://web.facebook.com/Afrikanheroes/

US’ Private Equity Firm, LeapFrog, in Search of African Healthcare and Financial Services Startups To Invest Over $700 million In

May 14, 2019

Private equity firm LeapFrog Investments which has raised $700 million is looking for high impact projects such as healthcare and financial services to invest in, including startups.

Image result for Leapfrog Investment Private Equity latest revenue Chart

Where The Funds Would Go To

The fund is focused on African and Asian economies.

Kenya’s pharmaceutical chain Goodlife is one of the beneficiaries of the fund. Other companies LeapFrog Investments has invested in are: WorldRemit, the money transfer services provider and India’s SME focused financial institution, NeoGrowth.

Leapfrog will put in equity investments of between $25 million and $30 million in emerging economies such as Kenya, Ghana, Nigeria, South Africa, India, Indonesia, and Sri Lanka.

Leapfrog aimed to raise $600 million from the fund drive but exceeded its target by $100 million.

In the first quarter of 2019, East African economies benefited from Private Equity investments worth $110.9 million as per a report by I&M Burbidge Capital.

Sixty per cent of the funds went into the Financial services sector with notable investments like the $12,000 capital injection into Sidian Bank by Danish firm Investment Fund for Developing Countries (IFU).
The fund’s founder and CEO, the South African Andrew Kuper said:

“It is time for a better kind of capitalism. LeapFrog was founded on a philosophy of profit with purpose. That has proved a winning strategy, driving strong growth and returns while changing tens of millions of lives.”

Charles Rapulu Udoh

Charles Rapulu Udoh, a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organisations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution and data analytics both in Nigeria and across the world.

Women Entrepreneurs Finance Initiative Gives African Women Entrepreneurs $61.8 Million In Second Round Of Funding

The Women Entrepreneurs Finance Initiative (We-Fi) has announced its second funding allocations — expected to benefit 70,000 women-led businesses across the world and mobilize nearly a billion dollars of additional public and private sector resources.

The second round allocates $129 million for programs to boost women’s entrepreneurship that will be implemented by four multilateral development banks, expecting to mobilize $990 million of additional funds from other public and private sources.

The African Development Bank received $61.8 million for activities covering 21 African countries; the Asian Development Bank received $20.2 million for activities in Vietnam, Papua New Guinea, and Fiji; the European Bank of Reconstruction and Development received $22.9 million for activities in low-income Central Asian countries; and the Inter-American Development Bank received $24.28 million for activities in countries across Latin America and the Caribbean.

This compliments the first round of We-Fi funds announced in April 2018, which allocated $120 million for projects implemented by the World Bank Group, Asian Development Bank, and Islamic Development Bank to tackle the barriers facing women entrepreneurs across developing countries.

Together, the two allocations aim to reach 115,000 women entrepreneurs and mobilize $2.6 billion in additional public and private sector resources, ten times the resources allocated by We-Fi’s 14 donor governments.

“We-Fi is the first of its kind — a large-scale, multi-stakeholder partnership designed to address obstacles facing women entrepreneurs through comprehensive, sustainable solutions,” said Geoffrey Okamoto, Chair of the We-Fi Governing Committee and Acting Assistant Secretary for International Finance and Development at the United States Department of the Treasury. “The idea is not to fund individual women entrepreneurs, but to fund projects that disrupt the systemic causes of financial obstacles to women’s entrepreneurship.”

Seventy percent of the current We-Fi funding allocation will benefit women entrepreneurs in extremely poor countries and countries affected by wars and conflict.

Under the second round of funding:

The African Development Bank (AfDB) was granted $61.8 million for its program “Affirmative Finance Action for Women in Africa” (AFAWA). The program will offer innovative and tailored financial instruments including a women-focused first loss risk-sharing facility, specialized capacity-building training, and targeted initiatives to dramatically transform the business- enabling environment for women entrepreneurs.

Of 21 economies targeted, AFAWA will mainly service poor and fragile or conflict-affect countries where women are underserved in accessing financing, markets, knowledge, and mentoring programs. These countries include Burundi, Chad, Comoros, Côte d’Ivoire, Democratic Republic of Congo, Ethiopia, Mali, Mauritania, Mozambique, Niger, Senegal, Sierra Leone, Tanzania, Uganda, Zambia and Zimbabwe.

About We-Fi:

Established in 2017 at the G-20 Summit in Hamburg, Germany, We-Fi supports women entrepreneurs with access to finance, markets, technology, mentoring, and other services, while working with governments and the private sector to improve the laws and policies inhibiting women’s businesses in developing countries

We-Fi is supported by the governments of Australia, Canada, China, Denmark, Germany, Japan, the Netherlands, Norway, the Russian Federation, Saudi Arabia, Republic of South Korea, the United Arab Emirates, the United Kingdom, and the United States.

Charles Rapulu Udoh

Charles Rapulu Udoh, a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organisations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution and data analytics both in Nigeria and across the world.