Creative Visionaries Get a Boost: Angel Investors Pour in $350,000 to Fuel Innovative Dreams

African Export – Import Bank (Afreximbank) Angel investors participating in a pitch session at the just concluded CANEX WKND 2024 in Algiers have committed a total of US$350,000 in investment in the three best pitches presented in the competition.

The field session, dubbed “CANEX Presents the Angels”, featured 12 creative entrepreneurs from 10 African countries who were selected to present their businesses for review with a view to raising capital for growth and expand.

Moji Hunponu-Wusu, Founder of Woodhall Capital, made the flagship commitment of US$250,000 in equity by issuing an investment term sheet to Cameroonian fashion designer Kibonen Nfi, founder of the Kibonen brand.

An additional commitment of US$100,000 was made by a consortium of three angel investors: Ibrahim Sagna, Chairman of Silverbacks Holdings, Moji Hunponu-Wusu, and Efe Ukala, Founder of ImpactHER. They jointly agreed to invest in the top three pitches of the competition.

With that arrangement, the equity commitment will go to Zimbabwean Pam Samasuwo-Nyawiri of Vanhu Vamwe, whose field won the highest position, Ms Nfi, whose field was second, and another Zimbabwean, Thulani Ngazimbi of The Rad Black Kids, who had the third best pitch.

Commenting on the field session, Kanayo Awani, Executive Vice President, Intra-Africa Trade and Export Development Bank, Afreximbank, said the competition was aimed at catalyzing funding to complement the capacity building and market access support which the CANEX platform provides to African creatives.

“Facilitating access to angel investment like this complements our existing efforts by providing creative entrepreneurs with the capital they need to maximize the benefits of our capacity building and market access interventions,” said Mrs Awani, adding, “The investments in the creative enterprises will enable them to expand their businesses, trade across borders, create new jobs and contribute to economic development.”

The four-day CANEX WKND 2024 took place between 16 and 19 October and was held under the theme “One People, United in Culture, Creating for the World”. Almost 4,000 delegates representing a range of creative sectors from across Africa attended and included live performances, speeches from industry leaders and experts, master class sessions, fashion shows, sporting events, high energy music concerts and side gastronomic exhibitions alongside a lively market and exhibition. .