The Tony Elumelu Foundation (TEF) said it has hosted the African Diaspora Marketplace (ADM) Investment event in partnership with Western Union Money Transfer and the United States Agency for International Development (USAID).
A statement said that the two-day event gave small and medium-sized enterprises (SMEs), representing businesses in multiple sectors from Nigeria, Ethiopia, Ghana, Liberia, Tanzania, South Africa, Kenya and Uganda, opportunity to meet with a group of select impact investors for equity and debt financing in the range of $100,000 to $300,000.
It stated that each of the nearly 20 entrepreneurs had 10 minutes to present to the investors who had access to their company profiles and information prior to the event.
Now in its second year, the ADM is an initiative launched by Western Union and USAID to encourage sustainable economic growth and employment by supporting United States-based African diaspora entrepreneurs with innovative and high- impact ideas for start-up and existing businesses who would like to establish or expand businesses in Africa.
The TEF joined the ADM II partnership with a commitment to host an annual investor event in Lagos, Nigeria.
Chief Executive Officer, TEF, Dr. Wieber Boer said: “By hosting this event, The Tony Elumelu Foundation will introduce a deserving set of SMEs to a range of investors. For us, this is an important way of showcasing the reality of entrepreneurship in Africa and fulfilling our own objective of acting as a catalyst for private sector-led growth.”
On the other hand, Western Union’s Regional Vice President North, Central and West Africa, Aida Diarra, stated: “Western Union is a proud supporter of the growth of SMEs in Africa who are the foundation of economic development on the continent. The ADM is distinguishing itself from other business plan competitions and increasing the value proposition for participating entrepreneurs.”