50 Organisations That Fund Businesses in Africa - Edition - 2

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Copyright © 2014 by John-Paul Iwuoha and Harnet Bokrezion
All rights reserved.
The information contained in this book is for informational purposes only. Any legal, business or
financial advice offered in this book is based on the knowledge and experience of the authors.
You should always seek professional advice before taking action.
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it comes to making business decisions. All information, products, services that have been
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book, you agree that the authors are not responsible for the success or failure of your business
decisions relating to any information presented in this book.
For more information about this book and future releases of new editions, visit
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Second Edition: January 2015
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Table of Contents
What This Book is About… ............................................................................................ 1

5 Important Things to look out for… ........................................................................... 3
1. Acorn Private Equity............................................................................................ 6

2. Adlevo Capital ...................................................................................................... 7
3. Acumen Fund........................................................................................................ 8
4. Africa Enterprise Challenge Fund ..................................................................... 9
5. Africa Media Ventures Fund ............................................................................ 10
6. African Development Foundation .................................................................... 11
7. African Women’s Development Fund (AWDF) ............................................ 12
8. Agri-Vie ................................................................................................................. 13
9. Bamboo Finance .................................................................................................14
10. CAF ................................................................................................................... 15
11. CDC ...................................................................................................................16
12. Echo VC Partners ............................................................................................ 17
13. Echoing Green .................................................................................................18
14. Endeavor ..........................................................................................................19
15. eVA Fund ....................................................................................................... 20
16. Fanisi Venture Capital Fund ........................................................................ 21
17. FMO Entrepreneurial Development Bank ............................................... 22
18. Ford Foundation ............................................................................................ 23
19. Garrigue.......................................................................................................... 24
20. Grand Challenges .......................................................................................... 25
21. Grassroots Business Fund............................................................................. 26
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22. GrayMatter Capital ....................................................................................... 27
23. Grofin .............................................................................................................. 28
24. Hasso Plattner Ventures Africa .................................................................. 29
25. Helios Investment Partners.......................................................................... 30
26. Industrial Development Corporation ........................................................... 31
27. IDP Foundation.............................................................................................. 32
28. Intel Capital .................................................................................................... 33
29. International Finance Corporation ............................................................. 34
30. Invenfin ............................................................................................................ 35
31. Investment AB Kinnevik ................................................................................ 36
32. Jasmine Social Investments .......................................................................... 37
33. Kaizen Venture Partners............................................................................... 38
34. Knife Capital................................................................................................... 39
35. Lundin Foundation ....................................................................................... 40
36. Microsoft 4Afrika Initiative ...........................................................................41
37. Mission Markets ............................................................................................ 42
38. Omidyar Network ......................................................................................... 43
39. responsAbility .................................................................................................44
40. Root Capital.................................................................................................... 45
41. Savannah Fund..............................................................................................46
42. Schwab Foundation ...................................................................................... 47
43. Seedstars Africa .............................................................................................48
44. Shared Interest ...............................................................................................49
45. Technoserve ................................................................................................... 50
46. Tony Elumelu Foundation Entrepreneurship Program ............................ 51
47. Tshikululu Social Investments ...................................................................... 52
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48. VC4 Africa....................................................................................................... 53
49. 4Di Capital ...................................................................................................... 54
50. 88mph.............................................................................................................. 55
What’s next? ................................................................................................................ 56

About the Authors ....................................................................................................... 59
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50 Organisations That Will Give You Capital To Start & Grow Your Business in Africa
What This Book is About…

Before writing this book, Dr. Harnet Bokrezion and I decided to survey our blog
readers to get a sense of the challenges entrepreneurs in Africa face when
starting a business. The consensus was overwhelming. Like we suspected,
access to capital remains one of the biggest challenges of doing business in
Africa.
Most entrepreneurs in Africa fund their businesses through personal savings,

and loans and investments from friends and family. The banks, which are
supposed to support the business community, have not been as responsive as
most of us would expect. High and unfavourable interest rates, bureaucratic
processes and an insistence on collateral have put bank loans out of the reach
of most entrepreneurs.
In this book, we will be sharing with you another rich source of capital that is
not yet as common as banks, but can be more favourable in its terms and more
effective in supporting businesses in Africa. These organisations include both
profit and non-profit oriented firms that are willing and eager to support
businesses in Africa. Many of them are known to support businesses at the
early stages, when the risks are highest.
As you read through this book and the list of organisations we have presented,
you will realise that they fall into the following three broad categories:
1. Private Equity & Venture Capital firms.

PEs and VCs are very established sources of capital in developing
countries. In the US, for example, venture capital is responsible for
investing up to $30 billion in small businesses every year. However, in
Africa, they are only just getting started.
Venture capital firms are ‘for-profit’ and make money by providing

capital to early-stage and high-potential startup companies. Some of
the VCs featured in this book, though foreign-owned, have now
opened offices on the continent.
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2. NGOs – Charities & Private Foundations

Charities, or ‘public foundations’, are usually non-profit organizations
that provide financial support to achieve their philanthropic goals.
Charities usually support organisations and businesses that focus on
social welfare, educational development, healthcare and other causes
that serve the public interest or do a common good.
Private foundations are set up by an individual, a family or a group of

individuals, often for philanthropic reasons. The Bill & Melinda Gates
Foundation is one good example of many private foundations around
the world that give out billions of dollars every year in support of
causes and businesses that reduce poverty, improve healthcare,
educate children, support farmers etc.
3. Government-backed organisations
There are several institutions backed by foreign governments, the
World Bank, and regional government bodies that support
developmental projects and SMEs across Africa every year. Many of
these organisations were set up to support the private sector in
developing regions of the world like Africa.
This book shares with you, the crucial information you need to identify and
contact suitable organisations that are likely to be interested in your business
idea.
In the next section, we’ll tell you a few things that will help to increase your
chances of success with these organisations.
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5 Important Things to look out for…

Whether you have a brilliant business idea or have already set up a small or
mid-size business, there are a couple of things you should look out for when
you’re looking for the right organisation to back you financially.
The fundamental requirement for every relationship is compatibility. Your

idea, goals, plans and expectations have to match with those of the
organisation you need funding from. If there’s no match, most organisations
will not be interested in you.
There are five important things you should always look out for when you’re
shopping for investment from these organisations. Here they are:
1. Essence & Philosophy

Every organisation you will read about in this book was set up for a
reason. That reason is the ‘essence’ and ‘philosophy’ of that
organisation and everything it does usually revolves around these.
Whether it is ‘for profit’ or ‘non-profit’, every organisation in this book
has a mission, vision, goals and objectives they want to achieve.
So, if for example, you’re trying to pitch a business idea that will make
no profit but can save thousands of people from poverty, it’s unlikely
that a venture capital firm will be interested. Why? Because venture
capital is ‘for profit’ and is motivated by the ability of your business to
become very profitable.
You’ll be better off reaching out to a charity or private foundation. The

essence and philosophy of these organisations are not usually
motivated by profits.
2. Focus Areas
Many of the organisations in this book are not a ‘Jack of all trades’. As
a result, they usually focus specifically on particular types of
businesses, causes, industries, sectors, regions and countries.
Some foundations are more focused on poverty reduction and

agriculture while some others focus more on healthcare and
education. Some venture capital firms will only provide capital to
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businesses in the technology sector. Some organisations also focus

only on some particular countries.
Make sure the organisations you’re targeting for funding are focused
on the areas that your idea or business is involved.
3. Investment size
These organisations have preferences for particular investment sizes.
Some of them will gladly provide funding that’s between $25,000 and
$100,000. While some of the others won’t listen to you if you’re asking
for anything less than $100 million.
Different organisations have preferences for different investment

sizes. Make sure you confirm that the amount of capital you’re looking
for is compatible with the organisation’s target investment size.
4. Investment criteria
Before any of these organisations invest in any business, they must
meet certain criteria or conditions. Some of these organisations will
only invest in businesses that are older than five years, while some
others are interested in businesses that are less than a year old.
Other investment criteria may require that you submit a business plan
or proposal according to a certain format. Whatever these criteria are,
make sure you respect and comply with them. If you don’t, your
business may not be selected for funding.
5. Investment duration
Except for grants, almost all capital investments from these
organisations have a duration. Some may be as long as ten years while
others may want to exit after two years. You need to make sure that
the investment duration for any organisation you choose is compatible
with your expectations.
The good thing is, these five points are usually clearly stated on the websites of
these organisations. You don’t have to spend time, effort and money to send in
a proposal only to find out you don’t meet their terms.
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In this book, we have provided the website address and contact information
for all the organisations featured here. It will be wise for you to make use of
these resources to get further information.
Let’s meet them!
5
1. Acorn Private Equity

http://acornequity.com/
Acorn is a specialist private equity fund manager and investment advisor

focused exclusively on Sub-Saharan Africa.
Founded in 2009, Acorn focuses on, and invests in, a vital but often-overlooked
sector of the African market, being small and medium enterprises (SMEs).
Acorn invests through Limited Liability Partnerships as well as an investment

holding company, Acorn Agri, which targets and acquires significant stakes in
strategic agri and food businesses.
Investment focus:
Acorn only invests in established family-owned or entrepreneurial businesses
with a value of $4 million to $20 million at the time of investment.
The firm targets companies that are in the growth and expansion stage. It does
not consider investment in early stage or start-up companies.
Acorn targets 50% of its investments in South Africa, 30% in Southern Africa
(excluding South Africa), and 20% discretionary in the rest of Sub-Saharan
Africa.
Contact information
Address: Unit A3 The Beach Head, 10 Niblick Way, Somerset West
7130, South Africa
Tel: +27 (0)21 852 2887
Email: info@adlevocapital.com
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2. Adlevo Capital
www.adlevocapital.com
Adlevo Capital is a Mauritius-based private equity fund manager and the first
private equity firm focused on investments across sub-Saharan Africa. In line
with this philosophy, Adlevo Capital maintains active local presence through its
base in Lagos, Nigeria.
Some of its major investments on the continent are in Interswitch (Nigeria),

Pagatech (Nigeria), Rancard Solutions and Solo Phone.
Investment focus:
Adlevo Capital seeks to invest in ambitious and technology-enabled companies
that possess the following characteristics: strong management team, a large
market opportunity, consumer driven growth and positive social impact.
Adlevo makes equity and equity-linked investments in rapidly growing private

companies in various stages of development. These companies derive their
competitive advantage from the development and exploitation of technology
or technology-driven processes.
Contact information
Tel: +234 1 454 1218
Email: info@adlevocapital.com
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3. Acumen Fund
www.acumen.org
Acumen is a charity organisation incorporated in 2001 with seed capital from

the Rockefeller Foundation, Cisco Systems Foundation and three individual
philanthropists. The Acumen Fund invests in entrepreneurs who have the
capability to bring sustainable solutions to big problems.
In May 2014, The Acumen Fund co-invested $1.5 million in Esoko Networks
Limited (“Esoko”), a Ghanaian-built technology platform that connects African
farmers to markets via mobile phones.
In October 2014, Acumen announced a $1.4 million investment in SolarNow, a

company that sells and finances solar home systems in Uganda.
Investment focus
Acumen is always looking for entrepreneurs who have new and innovative
models for tackling poverty and who also meet their investment criteria.
To qualify for investment, entrepreneurs must be located in, or have significant

operation or impact in East Africa, West Africa, India, Pakistan or Latin
America.
Contact Information
+233 030 298 4098 (West Africa)
+254 736 073036 (East Africa)
To apply for investment, follow this link:

http://acumen.org/investments/apply-for-investment/
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4. Africa Enterprise Challenge Fund

www.aecfafrica.org
The Africa Enterprise Challenge Fund is a US$ 207m fund capitalized by

multilateral and bilateral donors (the AECF donors) to stimulate private sector
entrepreneurs in Africa.
The AECF is supported by the governments of Australia, Denmark, Netherlands,

Sweden and the United Kingdom, as well as the International Fund for
Agricultural Development (IFAD).
Investment focus
The Fund awards grants and repayable grants to private sector companies to
support innovative business ideas in agriculture, agribusiness, renewable
energy, adaptation to climate change and access to information and financial
services.
The AECF makes its funding available through competitions. Private sector
companies are invited to compete for AECF funds by submitting their new and
innovative business ideas to a particular AECF competition. The best ideas are
awarded up to US$1.5m in grants and interest free loans.
Contact Information
The Africa Enterprise Challenge Fund
10th Floor, ABC Towers, ABC Place
Waiyaki Way, Nairobi, Kenya
Tel: +254 20 269 9137/8/9

Email: info@aecfafrica.org
To apply for investment, follow this link:

http://www.aecfafrica.org/windows/agribusiness-window/apply-submit
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5. Africa Media Ventures Fund

www.amvf.nl
AMVF mobilizes capital and experience in the Netherlands to invest in

entrepreneurs in the media sector and small and medium-sized African media
companies.
It offers a combination of venture capital and business development support,

involving knowledge, experience, access to proven business concepts and
network.
AMVF’s capital investment ranges from $20,000 to $200,000. Its investors are
experienced media entrepreneurs with a passion for Africa who are involved in
the management of the portfolio companies through visits and board
membership.
Investment focus
AMVF focuses on businesses that are active in the media and information
sector using mobile and/or online applications to provide content or services
to consumers or businesses.
Its target sectors include: Travel & Leisure, Entertainment, Jobs, Parenting,
Automobile, Real Estate, Food and Shopping.
The business must be located in Sub-Saharan Africa, preferably in Kenya,

Uganda, Tanzania or Ghana.
Contact Information
To send an email or apply for investment, follow this link:
http://www.amvf.nl/contact-us/
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6. African Development Foundation

www.adf.gov
The African Development Foundation (ADF) is an independent Federal agency

of the United States government that was established to support African-led
development that grows community enterprises by providing seed capital and
technical support.
USADF connects community enterprises with capital and technical support. It

helps organizations and businesses in Africa to create and sustain jobs,
improve income levels, achieve greater food security, and address human
development needs.
In 2014 alone, the USADF gave out 336 grants worth over $50 million and
impacted over 1.3 million people in Africa.
Investment focus
The USADF focuses on Small holder Farmers, youths, women and girls, and
recovering communities. It provides grants of up to $250,000 directly to hard
to reach and underserved community enterprises that are ready to do their
part.
Contact Information
1400 Street NW, Suite 1000,
Washington. D.C. 20005-2248, USA
P: 202-673-3916 | Tel: 202.673.3810
Tel: +254 20 269 9137/8/9
Email: info@adf.gov
To apply for a grant, follow this link: http://www.adf.gov/funding.html
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7. African Women’s Development Fund

(AWDF)
www.awdf.org
The AWDF is the first pan-African women’s grant maker in Africa. Since the
start of its operations in 2001, AWDF has provided US$17 million in grants to
800 women’s organizations in 42 African countries.
The AWDF is an institutional capacity-building and programme development

fund, which aims to help build a culture of learning and partnerships within the
African women’s movement. In addition to raising money and awarding grants,
the AWDF will attempt to strengthen the organisational capacities of its
grantees.
Investment focus
The AWDF only funds local, national, sub-regional and regional organisations in
Africa working towards women’s empowerment in six thematic areas:
Women’s Human Rights, Economic Empowerment and Livelihoods,
Governance, Peace and Security, Reproductive Health and Rights, HIV/AIDS,
Arts, Culture and Sports.
The AWDF only awards grants to organisations, not individuals. It awards

grants ranging from $8,000 up to $50,000.
Contact Information
Office: Plot 78 Ambassadorial Enclave, East Legon, Ghana
Email: AWDF@awdf.org or grants@awdf.org
Tel: + 233 302 521257
Fax: +233 302 521257
To apply for a grant, follow this link: http://www.awdf.org/the-process/grant-
making/grant-application-guidlines/
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8. Agri-Vie
www.agrivie.com
Agri-Vie is a private equity investment fund focused on food and agribusiness

in Sub-Sahara Africa. Since it started in 2008, it has invested over $100m in
Africa’s food and agribusiness sector.
Its investments in Africa include: Dew Crisp (South Africa), Africa Juice
(Ethiopia), Fairfield Dairy (South Africa), New Forests Company (Tanzania),
Hygrotech (South Africa), Kariki Group (Kenya) and Vida Oils (Mozambique).
Investment focus
Agri-Vie focuses on the following areas: food and beverages , convenience
foods (including fresh-packed and prepared foods), protein products including
poultry, aquaculture and beef; value-added dairy products, including yoghurts,
desserts, cultured milk; health & wellness products; forestry and timber
products; agricultural inputs including seeds, bio-friendly fertilisers and crop-
protection; food logistics – cold chain, warehousing, distribution; and
renewable energy.
Contact information
Tel +27 (0)21 913 5662
Fax +27 (0)21 913 8954
E-Mail : office@agrivie.com
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9. Bamboo Finance
www.bamboofinance.com
Bamboo Finance is a commercial private equity firm specializing in investing in

business models that benefit low-income communities in emerging markets. It
has offices in Luxembourg, Geneva, Bogota, Nairobi and Singapore.
Launched in 2007, the firm seeks to demonstrate that private capital can be
profitably deployed as a tool for effective change around the world. To date,
Bamboo Finance manages about $250 million; representing two global funds
and a combined portfolio of 46 investments operating in 30 emerging market
countries.
Investment focus
Bamboo finance usually invests in businesses that satisfy the following
conditions:
The business must provide essential goods and/or services affordably

to low income communities unreached (or underserved) by existing
businesses
The usage of its products/services should result in improvements in

quality of life and/or efficiencies that translate into increased income
or reduced expenses?
Contact information
Email: info@bamboofinance.com
Tel: +41 22 544 2070 (Switzerland)
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10. CAF
www.cafonline.org
Founded in 1924, the Charities Aid Foundation (CAF) is a charity organisation

based in the United Kingdom and manages over £3 billion on behalf of charities
worldwide.
Through CAF Venturesome, the social investment arm of the organisation, it

provides affordable financial support to charities, social enterprises and
community groups when grants may not be available and access to traditional
financial institutions is difficult.
CAF Venturesome offers financial support of between £25,000 and £250,000

(or up to £350,000 in certain circumstances) to help with specific challenges
faced by entrepreneurs, organisations and businesses. This support usually
comes in the form of unsecured loans, underwriting and equity-like investment
to organisations.
Investment focus:
CAF is interested in businesses and organisations that have a clear charitable
purpose and social impact.
Contact information:
Tel: 03000 123 300
Email: https://www.cafonline.org/charity-finance--
fundraising/borrowing/social-investment/contact-us.aspx
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11. CDC
www.cdcgroup.com
Founded in 1948, CDC is the UK’s Development Finance Institution (DFI) wholly
owned by the UK Government’s Department for International Development
(DFID). It is the world’s oldest DFI with a history of making successful
investments in businesses which have become industry leaders.
CDC actively supports businesses throughout Africa and South Asia, and its
portfolio of investments is valued at over £2.5bn (year end 2013).
In November 2013, CDC announced a US$18.1m investment into Feronia, an

agricultural production and processing business focused on palm oil
plantations and arable farming in the Democratic Republic of Congo (DRC).
Investment focus:
The CDC equity investments team typically looks to invest in established
businesses with revenues of $10m+ and a track-record of profitability. CDC will
consider start-ups or green-field projects only where there is a strong sponsor
(individual or company) who will co-invest alongside CDC and has a strong
track-record and delivery capability.
Its main focus areas are: Infrastructure (especially power), Manufacturing,

Health, Education, Food-processing and Construction.
Submit all investment proposals to investments@cdcgroup.com
Tel: +44 (0)20 7963 4700
General enquiries: enquiries@cdcgroup.com
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12. Echo VC Partners

www.echovc.com
Echo VC Partners is a seed and early stage venture capital firm that is focused
on financing and cross-pollinating leading technologies, teams, business
models and knowledge across North America, Africa and South-East Asia.
In Africa and SE Asia, the firm focuses on the underserved seed/early-stage

venture and growth capital technology investment opportunities.
Investment focus:
Echo VC Partners focus on the following sectors for investment: Consumer
Internet and Services, SmartGraph and SmartData, Mobile, Digital Media,
Content and Advertising, E/M-commerce, Software, Tech-enabled Services and
Enterprise Infrastructure.
Average investment size ranges from $25,000 to several million dollars

depending on the stage of opportunity and capital needs of the business.
Email: founders@echovc.com
To apply for investment, follow this link: http://www.echovc.com/submit-a-
proposal/
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13. Echoing Green

www.echoinggreen.org
Since its founding in 1987 by the leadership and investment of the leading
global growth equity firm, General Atlantic, Echoing Green has provided more
than 600 social entrepreneurs working in sixty countries with $36 million in
start-up funding, customized support services, and access to a global network.
These social innovators have gone on to launch, and now lead, some of today’s
most important social enterprises throughout the world.
Investment focus:
Echoing Green is interested in supporting social entrepreneurs with
breakthrough ideas to address stubborn and deeply-entrenched problems in
the world.
Tel: +44 (0)20 7963 4700
General enquiries: info@echoinggreen.org
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14. Endeavor
http://www.endeavor.org
Founded in 1997, Endeavor is a non-profit organization dedicated to High-

Impact Entrepreneurship; identifying and supporting the continued growth of a
select group of entrepreneurs in emerging market countries (like in Africa).
Investment focus
Endeavor selects and supports extraordinary emerging-market entrepreneurs
who have the potential to transform industries, communities, and even
countries. It selects individuals of all ages, ethnicities and educational
backgrounds, delivering a meritocratic message to the developing world: that
through hard work, creativity and values-driven leadership, individuals living
anywhere, from any background, can turn an entrepreneurial idea into a
world-class venture.
Endeavor screens thousands of entrepreneurs each year and selects those with
exceptional, high-impact potential. Through a rigorous, multi-step selection
process (12-18 months), candidates pass a series of local and regional
interviews before presenting to panelists from its global business network at
International Selection Panels held four to five times each year.
Contact information
Tel: 1 (212) 352-3200
General enquiries: http://www.endeavor.org/contactus
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15. eVA Fund

www.eva-fund.com
The eVentures Africa Fund (eVA Fund) was launched in January 2010 and is
dedicated to mobilising capital and experience in the Netherlands/Europe to
invest in small and medium-sized African internet related companies.
eVA Fund exclusively provides funding to startups in sub-Saharan Africa. Some

of its investments include: Nomanini, Verviant, Umuntu Media, and MoboFree.
Investment focus
The eVA Fund focuses on and invests only in companies that use technology
within Africa to build world-class platforms that deliver local content for Africa.
This includes startup businesses in the following areas: internet and/or mobile
applications, platforms, e-commerce and solution-providers (i.e. not in
infrastructure and hardware).
Contact information
eVentures Africa Fund BV
PO Box 301
1400 AH BUSSUM
The Netherlands
Email: info@eva-fund.com
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16. Fanisi Venture Capital Fund

www.fanisi.com
Fanisi Venture Capital Fund is a $50M fund which makes direct investments
(private equity and venture capital) in businesses with potential for substantial
growth. Fanisi Capital was founded in 2009 by the Norwegian Investment Fund
for Developing Countries (Norfund) and Amani Capital Limited.
Some of its investments in Africa include: Hillcrest International Schools

(Kenya), Sophar Pharmaceuticals (Rwanda), Ngare Narok Meat Industries
(Kenya) and Haltons Pharmacy (Kenya) among others.
Investment focus:
The Fund focuses on a segment of the market that has to date been outside
the reach of most venture capital funds in the East African market (Kenya,
Tanzania, Rwanda and Uganda).
Fanisi makes direct investments in high growth businesses across diverse

industry sectors with emphasis on: Agri-Business, Healthcare, Energy &
Natural Resources Services, Retail & Consumer and Education. It focuses
principally on companies that are post-revenue with profits or are on a clear
path towards profits.
Tel: +44 (0)20 7963 4700
General enquiries: letstalk@fanisi.com
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17. FMO Entrepreneurial Development

Bank
www.fmo.nl
FMO is the Dutch development bank that finances entrepreneurs, companies,

and projects from developing and emerging markets. Founded in 1970, FMO is
a public-private partnership, with 51% of its shares held by the Dutch
government, and 49% held by commercial banks, trade unions and other
private-sector representatives.
FMO has funded several projects across Africa. It supports entrepreneurs,

companies and projects with equity, loans and guarantees; capital market
transactions; mezzanine and other tailor-made solutions; and long-term and
short-term project financing.
Investment focus:
FMO provides support to sectors that it believes can have the highest long-
term impact. These include: Financial Institutions, Energy and Agribusiness,
and Food & Water.
Tel: + 31 (0)70 314 96 96
General enquiries: info@fmo.nl
22
18. Ford Foundation

www.fordfoundation.org
Established in 1936, The Ford Foundation provides grants to organizations in

the United States, Latin America, Africa, the Middle East and Asia. Since its
founding, the Ford Foundation has distributed more than $16.3 billion in grants
worldwide.
The Foundation receives more than 40,000 proposals annually and makes over
1,400 grants. The Foundation’s assets are valued at more than $10.3 billion.
Investment focus:
The Ford Foundation’s grants focus on initiatives aimed at reducing poverty
and injustice; promoting democratic values; and advancing human knowledge,
creativity and achievement.
The Foundation makes a very limited number of grants to individuals, generally

restricted to fellowships for advanced study.
Address:
320 East 43rd Street
New York, N.Y. 10017
USA
Tel: (+1) 212-573-5000
Fax: (+1) 212-351-3677
To apply for a grant, follow this link:

http://www.fordfoundation.org/grants/organizations-seeking-grants
23
19. Garrigue
www.garrigue.net
Garrigue is a French social investment firm which operates an African Fund

that supports businesses and social investments in Francophone West Africa
(Senegal, Mali, Burkina Faso, Togo, Benin, Ivory Coast), Central Africa (Congo,
Cameroon) and soon in North Africa and in Madagascar.
Investment focus:
Garrigue focuses on businesses that deal with organic foods and eco-friendly
products, ecology and environmental impact and social investing initiatives.
Submit proposals and projects to: at@cigales-idf.asso.fr
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20. Grand Challenges

http://grandchallenges.org/
Launched in 2003 and supported by both the US Agency for International

Development (USAID) and the Bill & Melinda Gates Foundation, Grand
Challenges is a grant initiative that focuses on an expanding set of major global
challenges.
Grand Challenges is a family of initiatives fostering innovation to solve key

global health and development problems. The program aims to engage
creative minds worldwide to work toward solutions that could lead to
breakthrough advances in healthcare for those in the developing world. To
date, it has awarded over 1,500 grants in 80 countries.
Investment focus:
Supported by its partners, Grand Challenges provides grants to researchers,
entrepreneurs and companies that can provide solutions to the “challenges”
that it publishes every year.
Go to the website to see the latest published challenges -
http://grandchallenges.org/
25
21. Grassroots Business Fund

http://www.gbfund.org/Africa
The Grassroots Business Fund (GBF) was initially set up as the International
Finance Corporation's Grassroots Business Initiative (GBI). As GBI, it undertook
the initial work of piloting grassroots business investments and field- testing
capacity-building approaches.
GBF makes equity, mezzanine equity, mezzanine debt, and straight debt
investments. The fund delivers a form of capital suitable for long-term
investment in businesses servicing low income communities.
Investment focus:
GBF focuses on businesses that have the highest potential to succeed
commercially, while also generating a positive social impact. It invests in
companies that directly impact in the range of 500-2,000 individuals, with
potential to increase and scale at least 5-10 times over the period of the
investment. In Africa, it focuses on Kenya and Tanzania.
Contact information
General enquiries: communications@gbfund.org
To submit an application for investment: http://www.gbfund.org/node/332
26
22. GrayMatter Capital

www.graymatterscap.com
Gray Matters Capital (GMC) is an Impact Investing Enterprise founded by Bob

Pattillo. It actively invests in sustainable, replicable business models that
benefit underserved people in developing countries.
Gray Matters Capital provides flexible risk capital to entrepreneurs and social
ventures throughout the developing world. It supports them through seed-
stage investment vehicles with investments ranging from $50,000 to $250,000
and venture capital stage investments ranging from $250,000 to $2 million.
Investment focus:
GMC focuses on businesses, initiatives and projects which alleviate poverty,
promote the dignity of human rights, and enhance the quality of education for
low-income communities around the world.
GMC also invests in human capital and ecosystem development throughout

the developing world, and collaborates with investees, and other internal and
external stakeholders, to research and support game-changing business
concepts.
Contact information
Telephone: 678-365-4700
E-mail: jsoltis@graymatterscap.com
27
23. Grofin
www.grofin.com
GroFin was established in 2004 and manages seven funds on behalf of 24

international investors, development funders, banks, corporates and
foundations with committed capital in excess of US$400 million.
It is a pioneering development financier specialized in financing and supporting

small and growing businesses (SGBs) across Africa and the Middle East. It
currently has on-the-ground local teams in 14 offices across 12 countries.
Grofin has provided finance for several entrepreneurs and businesses in Africa.
Investment focus
GroFin finances and supports small, growing businesses across several
industries that require medium term (4-7 years) finance of between
US$100,000 and US$1,500,000 (or local currency equivalent).
Contact information
General enquiries: http://www.grofin.com/contact-us.aspx
To apply for finance: http://www.grofin.com/sme-finance-solutions/apply-for-
finance-and-business-support.aspx
28
24. Hasso Plattner Ventures Africa
www.hp-ventures.co.za/
Hasso Plattner Ventures Africa, an affiliate of Hasso Plattner Ventures Europe,

is an investment company based in South Africa and actively provides venture
capital and growth funding through a €39m fund.
Besides innovative technology and growth, the firm also seeks to find
companies that are managed by like-minded skilled individuals who
understand what it takes to build and exit a global business.
Hasso Plattner offers more than just venture capital. It also provides an
extensive network of expertise and an invaluable support structure.
Investment focus
Hasso Plattner invests in innovative technology companies with a proven track
record of growth and a business model that is substantiated by the generation
of historical revenue.
Its preferred industries are: Information Technology, Telecomms and

CleanTech
Contact information
Address:
4th Floor
33 Bree Street
Cape Town
8001, South Africa
Phone: +27 21 417 6520

Email: info@hp-ventures.co.za
29
25. Helios Investment Partners
www.heliosinvestment.com
Helios Investment Partners is an Africa-focused private investment firm.

Established in 2004 and led by co-founding partners Tope Lawani and
Babatunde Soyoye, Helios is one of the largest investment firms focusing on
Africa and is among the few independent pan-African private equity
investment firms to be founded and managed by Africans.
Helios operates a family of funds and their related co-investment entities,

aggregating more than $2.7 billion in capital commitments, pursuing a full
range of investment types, including business formations, growth equity
investments, structured investments in listed entities and large scale leveraged
acquisitions across Africa.
The firm also managed the $110 million Modern Africa Fund on behalf of a
range of investors which included the U.S. government's Overseas Private
Investment Corporation and several leading U.S. corporations.
Helios has several major investments in several African businesses including:

Wananchi Group (East Africa), Impact Oil & Gas, ARM Pensions (Nigeria), Mall
for Africa, Interswitch (Nigeria) and many more.
Investment focus:
Helios focuses on acquiring and/or building market-leading, diversified
platform companies operating in the core economic sectors of key countries.
Contact information
Phone: +44 207 484-7700
Email: Info@HeliosLLP.com
30
26. Industrial Development Corporation
http://idc.co.za/
Established in 1940, the Industrial Development Corporation (IDC) is a national

development finance institution set up to promote economic growth and
industrial development. It is owned by the South African government under
the supervision of the Economic Development Department.
The IDC provides finance for industrial development projects, and plays a
catalytic role in promoting partnerships across industries within and outside its
borders, and promotes regional economic growth.
The IDC does not only support businesses in South Africa. It has relationships
with development finance institutions and regional forums in 34 African
countries.
Investment focus:
IDC focuses on providing financial and investment to the following sectors:
Mining and beneficiation, Agro processing, Industrial infrastructure (including
telecoms, energy, water and sanitation, transport, etc.), Tourism (primarily
hotel and resort development), Healthcare, Manufacturing, Information and
Communication Technology,
Forestry and related products
Contact information
19 Fredman Drive, Sandown
PO Box 784055
Sandton, 2146 | South Africa
Tel: 011 269 3000
Email: callcentre@idc.co.za
31
27. IDP Foundation
http://www.idpfoundation.org/
The IDP Foundation is a private foundation and a registered charity

organization and was established as a grant making, non-profit institution in
2008.
The keystone program of the IDP Foundation is the IDP Rising Schools Program
which was launched in 2009 in Ghana to boost the development of existing
low-cost private schools by efficiently delivering financial and capacity building
services in an innovative way designed to move away from aid-based
programs.
In addition to the IDP Rising Schools Program, grants and investments are given
to further support the educational mission and strategies of the IDP
Foundation.
Investment focus:
The IDF Foundation focuses on education development. It provides a broad
range of grants, investment, and program development services to a wide
range of institutions from pre-schools to post-doctoral scientific and medical
research.
Contact Information
Tel: 312-321-4000
Email: info@idpfoundation.org
32
28. Intel Capital
www.intelcapital.com
Intel Capital is a division of Intel Corporation, set up to manage global

investment, mergers and acquisitions.
Since 1991, Intel Capital has invested more than US$11.4 billion in over 1,403
companies in 57 countries. In that timeframe, 209 portfolio companies have
gone public on various exchanges around the world and 366 were acquired or
participated in a merger.
Intel Capital makes equity investments in a range of technology startups and

companies offering hardware, software, and services targeting enterprise,
mobility, consumer Internet, digital media and semiconductor manufacturing.
Investment focus:
Intel Capital invests in developers and providers of hardware, software, and
services in the following sectors: Datacentres, Digital Media, Internet of Things,
Manufacturing & Labs, Ultrabooks, IT Security, Smart Phones and Wearable
technology.
Intel Capital works with all sizes of companies, from seed stage to growth
stage.
Contact Information
For enquiries or to contact an investment professional, follow this link:
http://www.intelcapital.com/contact/
33
29. International Finance Corporation
www.ifc.org
The International Finance Corporation (IFC), a member of the World Bank

Group, is the largest global development institution focused exclusively on the
private sector in developing countries.
Established in 1956 and owned by 184 member countries, the IFC supports
private sector development in sub-Saharan Africa with innovative investments
and advisory services programs.
In 2013, the IFC committed a record $5.3 billion to new investments in Sub-
Saharan Africa.
In August 2014, the IFC signed a €93 million debt financing package to Tobene
Power S.A for a 96 megawatt power plant that will generate additional power
in Senegal.
In 2011, IFC Advisory Services and Sustainable Management Services launched

a 30-month project to increase productivity and improve the quality of coffee
at seven cooperatives in Kenya.
Investment focus:
The IFC focuses on health, education, agriculture and infrastructure projects
and helps economies recover from conflict.
Contact information
The IFC has several hub and regional offices across Africa. Follow this link to
find the contact information for your location:
http://www.ifc.org/wps/wcm/connect/region__ext_content/regions/sub-
saharan+africa/contacts/africacontacts
34
30. Invenfin
www.invenfin.com
Founded in 2008, Invenfin specialises in early-stage venture capital (VC)

funding, providing start-up capital to entrepreneurs to fund the
commercialisation of their intellectual property internationally.
Invenfin focuses on profitable opportunities and business ideas that can

succeed internationally. It aims to provide early stage venture capital as well as
the supporting skills and networks as well as strategic advice required by start-
ups to increase their chances of success.
Investment focus:
Invenfin is interested in all types of innovation, in all sectors. This may involve a
new product, process, software innovation, device, technology or business
model.
Contact information
Address:
Millennia Park
16 Stellentia Ave
Stellenbosch
South Africa
Tel: 021 888 3355
Email: ideas@invenfin.com
To apply for investment, follow this link: http://invenfin.com/what-we-invest-

in/apply-for-investment/
35
31. Investment AB Kinnevik
www.kinnevik.se
Based in Sweden, Investment AB Kinnevik was founded in 1936 and is one of

the largest listed investment companies in Europe with total assets of $7
billion.
Over the past few years, the firm has invested significantly in Africa. Some of
its most notable investments on the continent include: Millicom, Tele2, Jumia,
MTG, Rocket Internet, Iroko Partners and several others.
AB Kinnevik is a major investor in emerging markets. As a result, about 8

percent of its portfolio consists of African businesses.
Investment focus:
AB Kinnevik invests and focuses on entrepreneurs and businesses in the
following business segments: Communications, Ecommerce & Marketplaces,
Entertainment and Financial Services & Others.
Contact information
Tel: 08-562 000 83
Email: info@kinnevik.se
36
32. Jasmine Social Investments
www.jasmine.org.nz
Jasmine Social Investments is a New Zealand registered charitable foundation

established by Sam Morgan in 2006. Its goal is to have a portfolio of high
impact social organisations and to help other high net worth individuals and
foundations to give effectively.
Some of its investments in Africa include: Bridge International Schools and

Jacaranda Health (Kenya), Muso (Mali), Off.Grid: Electric (Tanzania) and several
others.
Investment focus:
Jasmine Social invests in experienced entrepreneurs who have developed
scalable models to provide healthcare, education and improved livelihoods to
the world's most disadvantaged people.
Contact information
Email: nina@redstars.co.nz
37
33. Kaizen Venture Partners
www.kaizenventurepartners.com
Kaizen Venture Partners (KVP) is an Africa-focused venture capital firm that

invests in SMEs in five main countries. In 2012, the International Finance
Corporation (IFC) announced a $20 million co-investment agreement with KVP
under a Debt and Asset Recovery Program (DARP), the first and largest of its
kind in Sub-Saharan Africa.
Some of its investments in Africa include: Amara Suites, Uno Credit and Special
Brands (Nigeria), KZ Noir (Rwanda), and BCS Group (Kenya).
Investment focus
Kaizen Venture Partners (KVP) focuses on consumer-facing businesses in Fast
Moving Consumer Goods (FMCG), Retail, Agribusiness, Light manufacturing
and Retail financial services.
KVP also focuses on providing controlling investments in high-growth and high

social-impact Small and Mid-sized businesses. It invests across sub-Saharan
Africa with five priority countries: Cote d'Ivoire, Ghana, Kenya, Nigeria and
Rwanda. Its target investment size is usually between $3-8 million.
Contact information
Email: info@kvpafrica.com
38
34. Knife Capital
www.knifecap.com
Knife Capital (formerly PoweredbyVC) is a growth equity fund manager and

advisor based in South Africa that focuses on innovation-driven ventures with
proven traction. Through the utilisation of Knowledge, Networks & Funding,
Knife Capital engineers growth and shares in the upside of scalable African
businesses.
Through the Grindstone Accelator, Knife Capital's year-long entrepreneurial

development programme, the firm assists post-revenue scalable innovation-
driven businesses in accelerating strategy execution.
Investment focus
Knife Capital invests in companies with passionate entrepreneurs that have
unique and scalable business concepts that are already commercialized. These
companies need to demonstrate a sustainable impact on innovation, job
creation and growth of Southern Africa.
Contact information
Email: info@knifecap.com | grindstone@knifecap.com
To apply for the Grindstone Accelerator Program, follow this link:

https://www.surveymonkey.com/r/Grindstone
39
35. Lundin Foundation
www.lundinfoundation.org/
Established in 2005, the Lundin Foundation is a philanthropic organization

founded originally by the Swedish Lundin family. The Foundation is
headquartered in Canada but it has regional offices in Kenya and Ghana. To
date, the Lundin Foundation has invested in several entrepreneurs and
businesses in more than 15 African countries.
Investment focus:
The Lundin foundation focuses on providing capital to entrepreneurs and
companies committed to job creation, progressive hiring and training practices,
environmental protection, and community benefits. The Foundation provides
risk capital, technical assistance, and strategic grants to outstanding social
enterprises and organizations across the globe.
Contact information
Tel: 604-689-7842
info@lundinfoundation.org
40
36. Microsoft 4Afrika Initiative
www.microsoft.com/africa/4afrika/
The Microsoft 4Afrika Initiative is a new effort through which Microsoft will
actively engage in Africa’s economic development to improve its global
competitiveness.
The 4Afrika Initiative is a multi-year initiative that is designed to help African

entrepreneurs. The program has successfully launched various programs across
the continent, including some recent innovation grants given to five African
startups in Uganda, Kenya and Nigeria.
The Microsoft 4Afrika Initiative plans to bring 1 million African small and
medium-sized enterprises online, upskill 100,000 members of Africa’s
workforce, and help an additional 100,000 recent graduates develop skills for
employability, 75 percent of whom Microsoft will help place in jobs.
Investment focus:
The Microsoft 4Afrika Initiative is primarily focused on technology startups
across Africa. The goal is to empower Africans who have a great idea for a
business or an application and to turn that idea into a reality which in turn can
help their community, their country, or even the continent at large.
Contact information
Email for enquiries : africa@microsoft.com
41
37. Mission Markets
www.missionmarkets.com
Mission Markets is an online electronic transactions and communications

platform designed to unite impact investors around the world with
entrepreneurs, businesses and organizations that positively impact humanity.
It operates an independent capital marketplace and community network for
the impact and sustainable investing markets.
Mission Markets makes it easier to learn, source and move capital into
investments that have a positive, social and environmental impact. Over 12
investment funds/firms are listed on the site and registered users can apply for
investment on the platform.
Investment focus:
Mission Markets supports a variety of social and environmental sectors
including: Agribusiness, real estate, retail finance, energy, health and several
others.
Contact information
Tel: 646-837-6877
Email: info@missionmarkets.com
42
38. Omidyar Network
www.omidyar.com
Established in 2004 by eBay founder Pierre Omidyar and his wife Pam, Omidyar
Network is a philanthropic foundation, with a for-profit subsidiary that acts as
an investment firm.
To date, Omidyar Network has committed more than $290 million to

companies and organisations across the world in several sectors including:
microfinance, property rights, government transparency and social media.
Omidyar Network opened an office in Africa last year and has spent $50 million
on the continent since 2008, a figure it expects to rise by $15-20 million a year
from 2016.
Investment focus:
Omidyar Network invests in entrepreneurs and businesses in five key areas:
Consumer Internet and Mobile, Education, Financial Inclusion, Government
Transparency, and Property Rights.
Contact information
All other inquiries: info@omidyar.com
Phone: 650.482.2500
Note: According to Omidya: “Omidyar Network does not accept unsolicited business
plans, proposals, or personal requests. Any materials marked proprietary or
confidential will be discarded.”
We would suggest you contact them first to find out the best way to submit a request
for investment.
43
39. responsAbility
www.responsability.com/
responsAbility Investments AG is one of the world’s leading independent asset

managers specializing in development-related sectors of emerging economies.
Founded in 2003, it currently has over $2.2 billion of assets under

management, which are invested in over 500 companies in more than 90
countries. responsAbility is headquartered in Zurich and has local offices in
Paris, Lima, Mumbai and Nairobi.
Investment focus:
The firm focuses on businesses in the areas of finance, agriculture, energy,
healthcare and education. responsAbility provides debt and equity financing to
non-listed companies with business models that target the lower-income
section of the population and can thus drive economic growth and social
progress.
Contact information
Tel. +254 709 803 000
Email: africa@responsAbility.com
44
40. Root Capital
http://www.rootcapital.org/
Since 1999, Root Capital has disbursed more than $500 million in credit to over
400 businesses in Africa and Latin America.
Root Capital is a non-profit social investment fund that focuses on growing

rural prosperity in poor, environmentally vulnerable places in Africa and Latin
America by lending capital, delivering financial training and strengthening
market connections for agricultural small and growing businesses.
Root Capital strives to have a positive social and environmental impact on rural
businesses, families and communities – while maintaining a 100% repayment
rate to its investors.
Investment focus:
Root Capital focuses on and invests in farmer associations and private
businesses that help build sustainable livelihoods by aggregating hundreds, or
even thousands of rural producers in Africa and Latin America.
Root Capital’s lending is directed towards businesses that are too big for
microfinance, but generally unable to secure credit from conventional
commercial banks – “the missing middle” of developing-world finance.
Contact information
Kenya Office:
Phone: (254) 20.760.1005/6/7/8
Mobile: +254 736.864892
Email: http://www.rootcapital.org/about-us/contact-us
45
41. Savannah Fund
http://www.savannah.vc/
Savannah Fund is a seed capital that specialises in early-stage high growth

technology (web and mobile) startups in sub-Saharan Africa.
Since 2012, Savannah Fund has made fifteen investments in Africa-focused

startups including Kenya, Uganda, Ghana, Nigeria and South Africa. These
startups have raised over $8M in seed and venture capital funding and
generated over 100 jobs.
Initially focused on East Africa, the fund aims to bridge the gap between early
stage startups and angel/venture capital investment that currently exists in
Africa. The Fund expects to achieve this objective by combining capital with
mentor networks both in the region and from Silicon Valley (USA) via an
accelerator program and a follow-on independent seed fund.
Investment focus:
Savannah Fund focuses on, and specialises in, US$25,000-US$500,000
investments in early stage high growth technology (web and mobile) startups
in sub-Saharan Africa.
Contact information
Kenya Office:
3rd Floor, Bishop Magua Centre,
George Padmore Lane, m: Lab East Africa,
P.O Box 58275-00200
Nairobi, Kenya
To apply to Savannah Fund’s Accelerator Programs, visit :

http://savannah.vc/accelerator/
46
42. Schwab Foundation
www.schwabfound.org/
The Schwab Foundation for Social Entrepreneurship is a not-for-profit,

independent and neutral organization founded in 1998 with the purpose of
advancing social entrepreneurship and foster social entrepreneurs.
The Foundation is under the legal supervision of the Swiss Federal Government
and is headquartered in Cologny-Geneva, Switzerland.
The Schwab Foundation searches for leading social entrepreneurs around the
world. Social Entrepreneurs are selected into the Foundation’s network after a
thorough due diligence process, including outside expert reviews and site
visits. To date, the network includes over 250 social entrepreneurs.
Investment focus:
The Schwab Foundation supports entrepreneurs and social businesses across
the world in several different areas including: agribusiness, health,
environment, education, technology etc.
Contact information
Tel: +41 (0) 22 869 1212
E-mail: info@schwabfound.org
47
43. Seedstars Africa
www.seedstarsafrica.com/
Seedstars Africa is a member of Seedstars Group, a Swiss-based venture

builder that is active and invests in 35+ countries around the world especially
in emerging markets in Asia, South America, The Middle East and Africa.
Through Seedstars World, its popular, highly competitive and exclusive startup
competition for startups in emerging markets, the company is able to identify
promising companies to support with capital and technical help.
Seedstars recently invested $330,000 in SimplePay, a Nigerian third party

payment processing that has created a solution which will disrupt payment
services in Nigeria and Africa.
Investment focus:
Seedstars Africa focuses on web and mobile tech startups in Africa. It primarily
builds and supports online businesses in Africa.
Contact information
Av. Cardinal-Mermillod, 36 | 1227 Carouge | Switzerland
E-mail: info@seedstars.com
48
44. Shared Interest
www.shared-interest.com/
Shared Interest was founded in 1990 in the north-east of England. Since then it
has expanded and now has satellite offices in Kenya, Ghana, Peru and Costa
Rica.
It is a co-operative lending society with nearly 9,000 UK-based members each

investing between £100 and £100,000. This provides share capital of over
£29m with which the organisation shares the risk of lending to communities in
the developing world.
Shared Interest has several investments across Africa, especially in Mauritius,

Kenya and some other countries in East Africa.
Investment focus:
Shared Interest offers a range of export credit facilities and loan finance
products for fair trade producers and buyers throughout the world. Its main
focus is to provide financial support to and share risk with producers, farmers
and artisans in the developing world.
Contact information
Tel : 0191 233 9100
Email: info@shared-interest.com
49
45. Technoserve
www.technoserve.org
TechnoServe works with enterprising people in the developing world to build

competitive farms, businesses and industries. It has worked in more than 40
countries across Africa, Latin America and Asia, assisting thousands of
businesses and improving the incomes of millions of people.
TechnoServe connects emerging businesses and farms to capital, networks and

suppliers through various programs. Generally, TechnoServe does not provide
direct funding. Funding opportunities for emerging businesses and farms vary
from program to program in different countries where it operates.
Investment focus:
TechnoServe invests in projects that cater to an unmet demand for a product
or service. It ensures that its investments benefit poor people in their roles as
producers, entrepreneurs, employees or consumers.
Contact information
Tel: +1 202 785 4515
General enquiries: info@technoserve.org
50
46. Tony Elumelu Foundation

Entrepreneurship Program
www.tonyelumelufoundation.org/teep
The $100 million Tony Elumelu Foundation Entrepreneurship Programme

(TEEP) is an annual programme of training, funding and mentoring, designed to
empower the next generation of African entrepreneurs.
Founded by Mr. Tony Elumelu, the successful Nigerian entrepreneur and

philanthropist, the fund seeks to identify and support 1,000 entrepreneurs
from across the continent each year over the next decade.
The fund expects that the 10,000 start-ups and young businesses selected from
across Africa will ultimately create one million new jobs and add $10 billion in
annual revenues to Africa’s economy.
Investment focus:
The TEEP Fund focuses on citizens and legal residents of all 54 African
countries. Applications can be made by any for-profit business based in Africa
in existence for less than three years, including new business ideas.
Contact information
To join the Entrepreneurship program and apply for investment, follow this
link: http://www.tonyelumelufoundation.org/teep/
51
47. Tshikululu Social Investments
www.tshikululu.org.za/
Tshikululu Social Investments is South Africa’s leading Corporate Social

Investment (CSI) manager.
Tshikululu provides private sector entities with a one-stop service to undertake

comprehensive social investment and community grant making in line with
development trends.
It manages the CSI funds for several organisations including the De Beers Fund,
FirstRand Foundation, Discovery Fund, Rand Merchant Bank Fund and several
others.
Investment focus:
There are a wide range of funds to choose from, each with its own criteria and
guidelines. However, these funds support a many industries ranging from
health, community development, arts & culture and several others.
Contact information
Tel: +27(0)11 544 0300
Email: info@tshikululu.org.za
52
48. VC4 Africa
http://vc4africa.biz
Venture Capital for Africa (VC4Africa) is one of Africa’s leading platforms for
startup funding. VC4Africa is the largest online community of entrepreneurs
and investors dedicated to building game-changing companies on the
continent.
On this platform, entrepreneurs have access to free online tools, mentorship

opportunities and private deal rooms. The community has members in 159
countries and meetups have been hosted in more than 50 cities around the
world.
VC4Africa started as a LinkedIn group in the spring of 2008 and has grown
organically into what is now the largest online community dedicated to
entrepreneurs and investors building companies in Africa.
Investment focus:
VC4 Africa does not itself invest but can link entrepreneurs to investors around
the world. All business ideas, regardless of the industry, are welcome to get on
this platform.
Contact information
To sign up for a VC4 Africa account, follow this link:
https://vc4africa.biz/signup/
53
49. 4Di Capital
www.4dicapital.com
4Di Capital is an independent early-stage technology venture capital firm based

in South Africa’s “Silicon Cape”.
It has invested in several tech startups, especially in South Africa. Some of

these include:
SMEasy: A simple, all-in-one accounting and business management

system for small businesses in the cloud.
Integrat, a WASP aggregator and mobile media company,
Bloodhound: the leading real-time lone worker management provider
in South Africa and on the African continent.
Investment focus:
4Di Capital Early-Stage Technology Fund 1 targets startup investment
opportunities with high growth potential at the seed- and early-stages in the
mobile, enterprise software and web sectors.
It looks for founder teams with hungry passion, commitment, domain expertise
and deep insights into the large market problems they wish to solve with their
technology solutions.
Contact information
To apply for funding, follow this link: http://www.4dicapital.com/apply/
54
50. 88mph
http://www.88mph.ac/
88mph is a Seed Fund and Accelerator that started in 2011 and currently
operates out of hubs in Nairobi (Kenya), Cape Town (South Africa), and Lagos
(Nigeria).
88mph funds only tech companies, with a particular emphasis on web and
mobile products and services. It currently has more than $1.5 million in funds
for investment in African tech startups.
Some of its successful investments include:

Baby Group: South Africa's first online shop for new parents and their
babies.
Byte Money – A mobile payment platform for the insurance industry
Ekaya – A service that matches good landlords with good tenants
Investment focus:
88mph invests in web and mobile tech startups that rely on internet access via
mobile phones. They back everything from scratch cards to download music,
paying your rent at the touch of a button and browsing for the latest fashions
online.
Its main focus is to attract the best entrepreneurs, invest seed cash, and bring
them to a point where their businesses can grow independently, or be
adequately evaluated by angels and Venture Capital firms.
Contact information
To apply to join the program, you can get started at:
http://platform.88mph.ac/signup
55
What’s next?
As you have read in some parts of this book, several African entrepreneurs and
businesses are already enjoying the benefits of this relatively new source of
capital.
If you have an idea or established business that requires funding, the

organisations you have just read about may make the difference between
where you are now and what you can truly become if and when you have all
the capital you need.
Here are our top five tips that will help you to successfully get the funding you
need from these organisations:
1. Start doing some research

Our advice: start doing some research! Go to their websites, read
about them. What is their philosophy? What kinds of businesses and
initiatives are they interested in? Do you meet their investment
criteria?
Make sure you only apply to organisations that are a fit for you. Most
of them will disregard any applications that do not meet their focus
areas, investment philosophy, application criteria and investment size.
2. Do your best to stand out

Remember, these organisations receive hundreds of applications every
year. Because they have a fixed amount of money to invest, these
organisations can only choose the best applications they receive.
Stick to their application rules and guidelines. If they want applications

to be submitted in a certain format, stick to it. Do your best to answer
all the questions and provide as much information as you can. Don’t
forget, only the information you’ve provided will stand for you during
the application review process.
3. Know your business

During or after the application process, you may be asked several
specific questions about your business. These questions could include
56
anything from your financial projections to your marketing, growth

strategies and your plans for the funding that you’re asking for.
The people in these organisations who’ll be evaluating your application

are usually very experienced and smart. Make sure all the information
you’ve provided is correct and will stand up to close scrutiny.
The best way to make sure you have all the right information is to
know your business very well. You need to have a business plan. It
doesn’t matter if you have a business idea or an established company.
Either way, you need to have a business plan. Having a plan proves to
these organisations that you’re serious about getting funding.
4. Spread your efforts

As you can imagine, there is a lot of competition to get funding from
these organisations. To increase your chances of getting funded, it
would be a good idea to apply to several organisations at the same
time. Yes, don’t put all your eggs in one basket.
By spreading your effort, you’ll expose your business to different

organisations who may have diverse views. But make sure there is
nothing in the rules that prevents you from making similar applications
to other organisations.
5. Keep trying; never give up!

Getting funding for a business isn’t always an easy affair. It may take a
lot of hardwork, time, commitment and determination to find the right
organisation that will give you the capital you need.
Some entrepreneurs are lucky and get their first application accepted.
For some others, success comes after a series of rejections and
failures.
We’ll end this book with a very inspiring quote by Michael Chang. It
goes:
“If at first you don’t succeed, try, try, try, try, try again.”
We wish you all the very best!
57
If you have any questions, comments or feedback regarding any information in

this book, feel free to send us an email at feedback@africa101book.com
58
About the Authors
Harnet Bokrezion PhD
Dr. Harnet Bokrezion is a food security

expert by profession who has worked with
rural communities in the wider Horn of
Africa region for the last 13 years
coordinating programs funded by Oxfam
and the UNDP among others.
She now specializes in entrepreneurship as a

pro-active, African-driven development
concept for the continent. Today, she is
based in Germany and London working as an
Africa Business Consultant for aspiring
African entrepreneurs and as a Partner for Africa with a New York based
consultancy firm assisting American companies to enter the African market.
She regularly writes about Africa business on her blog Africajumpstart.com and
the renowned online publication Howwemadeitinafrica.com and has started
her own two African start-ups in the E-commerce and agribusiness sectors.
Dr. Bokrezion has a passion for contributing towards a better future for Africa,
traveling the world, and being a mother to two wonderful sons.
59
John-Paul Iwuoha
John-Paul is passionate about the new

wave of youthful entrepreneurship that
is sweeping across Africa. At 30, he
represents the new generation of
entrepreneurs who see Africa’s
problems and challenges as lucrative
business opportunities.
Although trained as an engineer, John-

Paul has a diverse background that cuts
across entrepreneurship and consulting.
Until 2011, he was an Associate
Consultant in the Business Advisory
practice of PricewaterhouseCoopers (PwC), the global professional services
firm. His strengths are in business strategy and planning.
Through his popular blog, Smallstarter Africa, John-Paul is inspiring a new

breed of entrepreneurs who will create businesses and jobs and bring
prosperity to the continent. His passions and interests include farming,
technology, blogging, leadership and inspiring change.
He lives in Lagos, Nigeria and is married to Nneka, his sweetheart.
60

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Second Edition: January 2015

What This Book is About… ............................................................................................ 1

1. Acorn Private Equity............................................................................................ 6

What’s next? ................................................................................................................ 56

What This Book is About…

Most entrepreneurs in Africa fund their businesses through personal savings,

1. Private Equity & Venture Capital firms.

Venture capital firms are ‘for-profit’ and make money by providing

2. NGOs – Charities & Private Foundations

Private foundations are set up by an individual, a family or a group of

5 Important Things to look out for…

The fundamental requirement for every relationship is compatibility. Your

1. Essence & Philosophy

You’ll be better off reaching out to a charity or private foundation. The

Some foundations are more focused on poverty reduction and

businesses in the technology sector. Some organisations also focus

Different organisations have preferences for different investment

Let’s meet them!

1. Acorn Private Equity

Acorn is a specialist private equity fund manager and investment advisor

Acorn invests through Limited Liability Partnerships as well as an investment

Some of its major investments on the continent are in Interswitch (Nigeria),

Adlevo makes equity and equity-linked investments in rapidly growing private

Acumen is a charity organisation incorporated in 2001 with seed capital from

In October 2014, Acumen announced a $1.4 million investment in SolarNow, a

To qualify for investment, entrepreneurs must be located in, or have significant

To apply for investment, follow this link:

4. Africa Enterprise Challenge Fund

The Africa Enterprise Challenge Fund is a US$ 207m fund capitalized by

The AECF is supported by the governments of Australia, Denmark, Netherlands,

Tel: +254 20 269 9137/8/9

To apply for investment, follow this link:

5. Africa Media Ventures Fund

AMVF mobilizes capital and experience in the Netherlands to invest in

It offers a combination of venture capital and business development support,

The business must be located in Sub-Saharan Africa, preferably in Kenya,

6. African Development Foundation

The African Development Foundation (ADF) is an independent Federal agency

USADF connects community enterprises with capital and technical support. It

To apply for a grant, follow this link: http://www.adf.gov/funding.html

7. African Women’s Development Fund

The AWDF is an institutional capacity-building and programme development

The AWDF only awards grants to organisations, not individuals. It awards

Agri-Vie is a private equity investment fund focused on food and agribusiness

Bamboo Finance is a commercial private equity firm specializing in investing in

The business must provide essential goods and/or services affordably

The usage of its products/services should result in improvements in

Founded in 1924, the Charities Aid Foundation (CAF) is a charity organisation

Through CAF Venturesome, the social investment arm of the organisation, it

CAF Venturesome offers financial support of between £25,000 and £250,000

In November 2013, CDC announced a US$18.1m investment into Feronia, an

Its main focus areas are: Infrastructure (especially power), Manufacturing,

12. Echo VC Partners

In Africa and SE Asia, the firm focuses on the underserved seed/early-stage

Average investment size ranges from $25,000 to several million dollars

13. Echoing Green