An Angel Investment Network ‘ The Benin Business Angel Network (BBAN) has launched in Benin.
The Investment network seeks to connect entrepreneurs, investors and professionals in the state and in the diaspora for the purpose of funding and supporting start-ups based in Benin.
The Network was inaugurated at the maiden edition of the Early-Stage Startups Investment Conference (ESSIC) which was held in Benin earlier this month. The event brought together over 120 participants to forge ways of building funding mechanisms for growing startups.
According to Disrupt Africa, BBAN launched with 15 founding members who pledged, as a condition of their active individual membership, to invest an annual minimum of CFA2.5 million (US$4,300).
Aside from providing capital to local startups, members will also provide mentorship and access to networks to help them scale. Its aim is to make its first investment by the end of May.
The event had other pleasant packages for developing Benin-based startups as Noru Capital, an impact fund with a clear focus on early-stage companies launched. Run by local innovation hub EtriLabs, the evergreen fund will make available equity and quasi-equity financing to promising startups with great teams, product-market fit and scalable business models.
Noru Capital will pull out through larger funds or acquisition by larger companies.
