Existing investment groups have come together to form the African Business Angels Network (ABAN), a pan-African initiative to promote angel investing and boost early stage startups.
Agreed at the recently concluded EBAN 2014 conference held in Helsinki, Finland, the group comprises the likes of the Lagos Angels Network (LAN), Cameroon Angel Network (CAN), Cairo Angels and the Ghana Angel Network (GAIN).
“The opportunity to create African-European entrepreneurial and innovative companies through co-investment by European and African angel investors is one of the most exciting initiatives that we have ever undertaken,” said Candace Johnson, EBAN president. “We are looking forward to working together with our African colleagues to develop these opportunities and create joint success stories.”
Newly appointed ABAN president Tomi Davies said: “Angels play a key role in all successful entrepreneurial ecosystems and angel groups need to be encouraged. A major focus for ABAN will be to educate angel investors and support them with the tools and knowledge they need to make effective early-stage investments. What we aim to achieve with ABAN is the creation of a central point where the Angel investing community can come together in a shared effort to promote early stage investing across Africa.”