The just-concluded African Export – Import Bank (Afreximbank) Creative Africa Nexus program (CANEX) Weekend 2024 has achieved another significant milestone with angel investors committing US$350,000 to creative entrepreneurs in the continent.
Living true to its commitment to the development of Africa’s Creative and Cultural Industries, African Export – Import Bank’s (Afreximbank) angel investors participated in a pitch session at the CANEX WKND 2024 in Algiers.
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The event which brought entrepreneurs in the Creative and Cultural Industries (CCI) under one roof for an experience of its kind saw 12 creative entrepreneurs from 10 African countries selected to present their businesses for review with a view to raising capital for growth and expansion.
The pitch session, dubbed “CANEX Presents the Angels” saw angel investors commit a total of US$350,000 in investment into the three best pitches presented at the competition.
Leading pitches
Cameroonian fashion designer and founder of the Kibonen brand, Kibonen Nfi received a commitment of US$250,000 in equity from Moji Hunponu-Wusu, Founder of Woodhall Capital who issued an investment term sheet to the talented fashion designer.
A consortium of three angel investors Ibrahim Sagna, Chairman of Silverbacks Holdings, Moji Hunponu-Wusu, and Efe Ukala, Founder of ImpactHER also made an commitment of US$100,000 which will be invested in the top three pitches of the competition.
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.
Following the success of the pitch session, Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development Bank, Afreximbank, noted that 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, adding, “The investments into the creative enterprises will enable them to expand their businesses, trade across borders, create new jobs and contribute to economic development.” Anwani noted.
READ: CANEX Weekend 2024: Highlights of Africa’s vibrant creative industry & culture
CANEX WKND 2024 in Algiers, Algeria
CANEX WKND 2024 which ran from 16 to 19 October under the theme “One People, United in Culture, Creating for the World” and saw the vibrant spirit of Africa's creativity came to life with arts, creativity, culture, sports and entertainment blending perfectly.
The event was graced by almost 4,000 delegates representing a diversity of creative sectors from across Africa.
It 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.