Startup financing in Africa is about to get a huge boost from DEMO Africa. DEMO Africa, a startup launchpad, has created a new investment arm, DEMO Ventures to finance innovations on the African continent.
DEMO Ventures is poised to raise $100 million, solely to invest in startup innovations in Africa. Harry Hare, DEMO Africa’s founder, disclosed that his team was in talks with private equity firms, pension funds, development finance institutions and high net worth individuals about raising the fund. The fund aims to invest between US$250,000 and US$5 million in startups from African countries like Ghana, Nigeria, Kenya, South Africa, and Egypt.
#GoodNews: I am happy to announce you guys that #WeFlyAgri has been selected with two others great startups to represent Cote d'Ivoire in Morocco in October during Demo Africa. I am proud of my team, proud of its passion and dedication.#uav #drones #precisionfarming #agriculture pic.twitter.com/Cjfqnaq61t
— BILEY Joseph-Olivier (@joseph_biley) July 10, 2018
DEMO Africa is not a new player in startup financing or support in Africa. In fact, it has been an important player since 2012. Through its flagship event, DEMO Africa, it has supported innovators from all across the continent. Held yearly, DEMO Africa attracts a global audience of over 2,000 people to experience the finest African innovations as they venture into the markets.
Over the last 6 years, DEMO Africa events have been held in Nigeria, Kenya, South Africa, and now in Morocco. The launchpad supports startups with funding worth over $25,000 and supports them with software tools from Microsoft and Amazon.
DEMO Ventures looks set to take advantage of this prior experience and startup support network.
“Our proprietary deal flow of the 3,000+ early-stage enterprises will form the bulk of our portfolio pipeline. Demo Africa has helped these startups raise over $60 million through networks, introductions, and a robust support process, and it is through this track record that we are now formalizing the process,” said Harry Hare.
Congratulations Tania Ngima , on being named the new DEMO Ventures C.E.O. It is a well deserved post for the amazing strategist and finance specialist she is as DEMO Africa tries to realise a new age of innovation. #AfricanWomanRising pic.twitter.com/GVXiFcqGTv
— Dada Sphere (@dada_sphere) July 12, 2018
The DEMO Ventures fund will be led by Tania Ngima, who brings in her over 15-year investing experience into the mix. “Tania has the unanimous support of our board of directors and strategic partners,” Hare concluded.
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