Get Funded! 50 Organisations That Can Give You Capital To Start and Grow Your Business in Africa

Get Funded! 50 Organisations That Can Give You Capital To Start and Grow Your Business in Africa

Written by my business partner John-Paul Iwuoha of smallstarter.com

Are you looking for capital to start a business in Africa or grow an already established company in Africa? Have you tried other alternatives and sources of funding but failed? Is capital your biggest headache and obstacle right now? Smile, we’ve got good news for you.

As part of the research for our new book, 101 Ways To Make Money in Africa, Dr. Harnet Bokrezion and I have put together the largest and most detailed information on 50 Organisations that focus on and provide millions of dollars of funding to entrepreneurs and businesses in Africa every year. The problem is, not many people know about this.

Whether you’re looking for a grant, loan or investment in your business idea or company, you will surely find several organisations within this list that are willing to help you. However, it’s not automatic. There are a couple of things you’ll need to know in order to successfully apply and get the funding you want from these organisations. All of these are covered in the book.

Let’s meet these amazing organisations… 

1.  Seedstars Africa

1.1 50 Organisations that fund African businesses 1.jpgSeedstars 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 young Nigerian third-party payment processing company that has created a solution which will likely disrupt payment services in Nigeria and Africa.

 

2.    African Women’s Development Fund (AWDF)

1.1 50 Organisations that fund African businesses 2The AWDF is the first pan-African women’s grant maker in Africa. Since the start of its operations in 2001, AWDF has provided $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.

The AWDF only awards grants to organisations, not individuals. It awards grants ranging from $8,000 up to $50,000.

 

3.  Tony Elumelu Foundation Entrepreneurship Program

1.1 50 Organisations that fund African businesses 3The recently launched $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.

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. 

 

4.  CDC

1.1 50 Organisations that fund African businesses 4.jpgFounded 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).

 

5.  African Development Foundation (ADF)

1.1 50 Organisations that fund African businesses 5.jpgThe 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.

 

6.    Acumen Fund

1.1 50 Organisations that fund African businesses 6Acumen 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.

 

7.    88mph

1.1 50 Organisations that fund African businesses 7.jpg88mph 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

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.

 

8.    Investment AB Kinnevik

1.1 50 Organisations that fund African businesses 8Based 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 businesses 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. It invests and focuses on entrepreneurs and businesses in the following business segments: Communications, Ecommerce & Marketplaces, Entertainment and Financial Services & Others.

 

And there’s more…

1.1 50 Organisations that fund African businesses 9There are more organisations like the ones above that have been giving, and continue to give capital to entrepreneurs and businesses in Africa every year.

Has capital been a challenge and headache for you? Is capital the reason why your brilliant business idea has still not taken off? Have you tried other sources of capital (like banks) but failed to get any funding?

The 50 Organisations in this book have funded both startup business ideas, established and mature businesses. Applying for investment from these organisations is free. What have you got to lose?

Apart from getting access to information about these organizations, in this book you will also learn:

The three main types of organisations that give capital to African entrepreneurs and businesses

The 5 most important things these organisations look out for before they give you capital. (This is very important!)

Their profiles, website addresses and contact information

Links and guidance on how to apply

Want a copy?

This book is one of the extra ebooks for people who buy The Book Plus or VIP package of our new book:101 Ways To Make Money in Africa.

Follow the link below to check out the website and don’t forget to choose The Book Plus or VIP package if you want to receive a copy of this book.

Ready? Click here…

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Dr. Harnet
Dr. Harnet Bokrezion is the Founder of africajumpstart.com and co-author of the book '101 Ways to Make Money in Africa'. She coaches individuals and consults existing companies assisting them to make smart and strategic business decisions in Africa’s new emerging markets faster and more confidently. Dr. Harnet also regularly writes for the renowned DHL powered publication howwemadeitinafrica.com. Get in touch to inquire how she can be of assistance to your own Africa business endeavors: harnet@africajumpstart.com

User Comments ( 13 )

  • Harri Herman

    Looking for funding for my business

  • Ikenna

    Dr. Harnet,
    Do these organizations offer grants to businesses already in existence, or to those looking for extra capital to get started?

    • Dr. Harnet

      Hi Ikenna – thanks for your question and this is a list of a range of organizations funding both larger and smaller businesses, through grants, seed investments, project funding, crowdfunding etc etc. Raising capital is no easy undertaking, but your chances are improved manifold if you do not offer merely an idea, but a concept you have already been able to prove.

  • Hi I am looking for funding to expand my business. My biggest challenge is transport.

    • Dr. Harnet

      Hi Nigel – great to hear you are looking into the expansion of your business. Kindly clarify: Do you mean the transport of your products to new markets is your greatest challenge? Maybe I can share some tips if you provide additional details.

  • Tuyeko

    Hi
    This is brilliant stuff,getting funding has been a headach especially here in malawi where banks have typically become horrific shylocks

    • Dr. Harnet

      Thanks Tuyeko, I am glad you found the information useful. I will soon post an article with tips how to get started on a shoestring budget which is still the only option for many of us. Welcome to Africa Business Jumpstart!

    • Dr. Harnet

      Hi Tuyeko – glad you find the information provided useful!

  • Nelson

    Hi, do these organisations fund only companies or partnerships? This because I wanted to establish a small business in my rural home town on making internet availability.

    • Dr. Harnet

      Hi Nelson

      Thanks for your question. The list comprises of a list of many different funding organisations using different funding approaches and with different target groups and projects (some target large-scale ventures). I think it may be helpful to be aware that funders or investors rarely fund in a good idea. You have to really be able to bring more onto the table, such as a proven business concept (a lot of preparation, action, and measurable results that have happened before you approach someone for capital), a successful track record, industry expertise, connections for example etc.
      If you cannot provide much of that, chances with traditional investors and funders would be extremely slim. Crowdfunding may be an avenue with slightly greater chance, but even then you will need to be well prepared to get the attention of investors.

  • This was a very insightful article. My company, based in Botswana is in the ICT sector. As an SME we are making headway but slowly. twice our ideas were put to market by others before we could, because of lack of funding The banks just won’t support ideas.

    I have a new proposal for wildlife conversation using ICT as the backbone. Will see if one of the organizations feels it may be worth their while;)