African Export-Import Bank’s (Afreximbank) angel investors participating in a pitch session at the just-concluded CANEX WKND 2024 in Algiers have committed a total of $350,000 (about Ksh45 million) in investment into the three best pitches presented at the competition.
The pitch 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 expansion.
Moji Hunponu-Wusu, Founder of Woodhall Capital, made the leading commitment of $250,000 in equity by issuing an investment term sheet to Cameroonian fashion designer Kibonen Nfi, the founder of the Kibonen brand.
An additional commitment of $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 pitch earned the top spot, Ms Nfi, whose pitch was second, and another Zimbabwean, Thulani Ngazimbi of The Rad Black Kids, who had the third best pitch.
Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development Bank, Afreximbank, said the competition was aimed at catalysing financing to complement the capacity building and market access support that the CANEX platform provides African creatives.
“Facilitating access to angel investment like this complements our existing efforts by providing the capital required for creative entrepreneurs to maximize the benefits of our capacity building and market access interventions,” said Mrs. Awani. “The investments into 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 ran from 16 to 19 October and was held under the theme “One People, United in Culture, Creating for the World”.
It was attended by almost 4,000 delegates representing a diversity of creative sectors from across Africa and featured live performances, speeches by industry leaders and experts, masterclass sessions, fashion shows, sporting events, high energy music concerts and gastronomical showcases alongside a vibrant market and exhibition.
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