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The launch of two new investment funds dedicated to scaling up African ventures has been announced, with the funds to have a combined value of US$60 million.

Speaking at the inaugural Africa Business Angel Forum held in London last week, Neils Ellegard, managing partner of United+, announced the launch of a US$50 million fund; while Ellen van den Broek, director of Aurorae, an agri-focused fund backed by AXA Ventures, announced a US$10 million fund, partly backed by AXA Ventures.

Other notable speakers at the first Africa Business Angel Forum included Tangwena Nelson, chief financial officer (CFO) of Homestrings, CAMSCORP chief executive officer (CEO) Simon Glossop, Wimbart founder Jessica Hope, Balancing Act CEO Russell Southwood, William Tindal of Emerging Crowd and Anthony Sheehan of the UKTI-Global Entrepreneurship Programme.

“The success of the event and the amount of capital announced and committed speaks of the desire by international investors to bet on the new entrepreneurial ventures that are changing the Africa narrative,” said Eric Osiakwan, founder of Angel Fair Africa.

Diverse scaleup companies pitched for investment ranging between US$300,000 and US$1 million, including Tupomoja from Tanzania, Impact Enterprises from Zambia and Zikoko of Nigeria.

The forum ended with an investor dinner, at which the guest of honour was Inigo Gilmore, the journalist behind the documentary on the phenomena of the “repats”, children of Nigerian migrants returning to the country and finding the jobs and opportunities that the United Kingdom (UK) has failed to deliver.

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