BY BAMIDELE FAMOOFO
Deal Source Africa, a comprehensive programme to connect African businesses with investors and transaction advisors, has been launched.
The programme will help to bridge the $331 billion funding gap for African SMEs, especially those with high growth potential by offering solutions that are tailored to meet their business needs.
The programme was officially launched at the West Africa Deal Summit held in Accra yesterday.
Deal Source Africa comprises a digital platform that connects investors with businesses, in-person and virtual Deal Rooms where businesses can meet investors, and Impact Fund Showcases where investors can meet African venture funds and other local capital providers.
Etemore Glover, CEO of the Nigeria National Advisory Board for Impact Investing (Nigeria NABII) said “Deal Source Africa has the potential to become a significant enabler of financing for businesses and local capital providers across Africa. We are excited to be able to collaborate with IIGh on this initiative and to see it grow across Africa through our partners in other countries. Africa-wide platforms with strong local partners are essential to fill the financing gap facing our businesses.”
The CEO of Impact Investing Ghana, Amma Lartey, also commenting on the deal, said “The research is clear that growing SMEs can significantly accelerate the achievement of the SDGs and that creating more efficient connections between businesses, local funds, and limited partners could help deploy more appropriate patient capital. Innovative platforms like Deal Source Africa, built and tested with its users can therefore greatly accelerate the closing of the SME financing gap.”
Justina Mensah, who leads the Deal Source Africa programme, shared the successes the programme has achieved during the pilot phase, including enabling 94 businesses to connect with 18 investors in Deal Rooms and connecting 45 businesses to transaction advisors for one-on-one support leading to 3 investments being finalised. She called on African businesses who are looking to raise financing, venture funds, and other local capital providers to sign up.