Afreximbank's CANEX Angels Commit $350,000 to Top Creative Ventures Across Africa

African Entrepreneurs in Algiers Showcase Potential, Drive Cross-Border Expansion, and Job Creation with New Funding.

Angel investors at Afreximbank's CANEX WKND 2024 in Algiers have pledged a combined $350,000 to empower the growth of Africa's creative businesses, supporting three promising entrepreneurs who emerged from a competitive pitch session. Known as “CANEX Presents the Angels,” the event showcased 12 entrepreneurs from 10 African countries, each aiming to raise capital for scaling their businesses.

The largest investment, a $250,000 commitment led by Moji Hunponu-Wusu, Founder of Woodhall Capital, was offered as an equity investment to Cameroonian fashion entrepreneur Kibonen Nfi, the visionary behind the Kibonen brand. Hunponu-Wusu issued an investment term sheet during the pitch, highlighting Nfi’s potential to scale her brand on a continental level.

Another $100,000 commitment was made by a trio of investors—Hunponu-Wusu, Ibrahim Sagna, Chairman of Silverbacks Holdings, and Efe Ukala, Founder of ImpactHER—who agreed to divide the equity investment across the top three pitches. Zimbabwean entrepreneur Pam Samasuwo-Nyawiri, founder of Vanhu Vamwe, received the highest score, with Kibonen Nfi in second place, and Zimbabwean Thulani Ngazimbi, founder of The Rad Black Kids, claiming third.

The CANEX pitch initiative aligns with Afreximbank's broader mission to enhance financing for Africa’s creative industries, which it supports through capacity-building, trade financing, and now angel investment. Kanayo Awani, Executive Vice President at Afreximbank, explained, “Facilitating access to angel investment like this complements our efforts by providing the capital required for creative entrepreneurs to maximize the benefits of our capacity-building and market-access interventions.” Awani underscored that these investments will foster economic growth, job creation, and cross-border trade.

CANEX WKND 2024: An Immersive Celebration of African Culture and Creativity

Running from October 16 to 19 under the theme, “One People, United in Culture, Creating for the World,” CANEX WKND 2024 drew almost 4,000 delegates from across Africa’s diverse creative sectors. The event featured high-energy music concerts, fashion shows, live performances, masterclasses, and exhibitions, all designed to celebrate African artistry and culture on the global stage.