Funded by generous donors, the competition awarded a total of $400,000 in grants to support social enterprises across Sub-Saharan Africa.

FINCA Ventures, the investment arm of FINCA International, a leader in global poverty eradication for 40 years, organized the competition.

The initiative aimed to empower social entrepreneurs tackling critical issues in the region, including healthcare access, agricultural development, financial inclusion, and the protection of vulnerable groups.

Winners addressed challenges like improving value for local farmers (Rio Fish), bridging healthcare gaps (Bena Care, CheckUps, OneHealth), and combating the exploitation of female fish traders (Rio Fish).

“We are thrilled to support these inspiring changemakers who are driving positive social impact across Africa,” said a spokesperson for FINCA Ventures.

“Their dedication to improving lives aligns perfectly with FINCA’s mission of eradicating poverty.”

Award Breakdown

• First Place (US$70,000 each): Angela Odero (Rio Fish), Ashley Speyer (US partner of Kazi Yetu), Naom Monari (Bena Care), Sona Shah (Co-founder of Neopenda)
• Second Place (US$20,000 each): Baobaby, CheckUps, Sprout, Technovera/Pelebox
• Third Place (US$10,000 each): Emergency Response Africa, Koolbox, OneHealth, Sommalife

The recipient, fintech company Affinity, will receive backing to fuel their continental expansion plans.

This move marks a significant first for Renew Capital, not just in Ghana, but across the continent.

It comes shortly after the February 2024 launch of their latest tech fund, Renew Venture Lab Fund 2 (RVL2). This fund targets investments in tech-driven, asset-light businesses across Africa.

Renew Capital is known for supporting innovative, high-growth companies.

They manage investments for Renew Capital Angels and previously launched the Renew Venture Lab Fund series focused on early-stage tech companies with a “founder-centric” approach.

Following the closure of Renew Venture Lab Fund 1, they introduced RVL2, aiming to invest in roughly 50 tech startups across Africa.

“The most successful companies in RVL2 will be eligible for larger investments from Renew Capital Fund 1, our growth-stage investment fund,” Renew Capital stated.

“This is our first investment in Ghana,” said JC Oelofse, Renew Capital’s Head of Investment, following the Affinity deal. “We’re excited to support their expansion goals across the continent, where millions still lack access to financial services.”

Founded in 2010, Affinity operates as a digital banking platform.

They acquired a Ghanaian microfinance business in February 2020 and secured a savings and loan license from the Bank of Ghana in March 2022.

Affinity offers a range of services, including current, savings, and investment accounts, alongside transfers, payments, and loans.

Their core mission is to expand financial inclusion in Africa by reaching underserved populations.

“At Affinity, we’ve built a fully integrated platform focused on financial inclusion,” explained CEO and Founder Tarek Mouganie.

“We effectively address challenges faced by individuals and micro, small, and medium enterprises (MSMEs) lacking access to financial services across sub-Saharan Africa.”

This significant milestone allows VKAV to invest in up to 21 high-potential growth-stage companies across the continent.

The funding round saw participation from prominent names like Nigeria’s SCM Capital (formerly Sterling Capital Markets Limited), Taiyo Holdings, and C2C Global Education Japan.

This comes at a time when access to capital is a major hurdle for African startups, particularly those in Series A and B stages.

VKAV aims to bridge this gap by providing crucial funding to these companies.

Partner Ory Okolloh highlights the importance of supporting startups at this critical growth stage, enabling them to achieve long-term success.

Founded in 2022 through a joint venture between Verod Capital and Kepple Africa, VKAV focuses on startups tackling key areas: building digital infrastructure, streamlining business processes, and capitalizing on emerging consumer trends.

The firm has already invested $17.5 million across 12 companies in various sectors – fintech, mobility, e-commerce, proptech, deeptech, insurtech, energy, and healthcare – spanning countries like Nigeria, Egypt, Kenya, Morocco, Ivory Coast, and South Africa.

Their investment range falls between $1 million and $3 million. Notable portfolio companies include Moove Africa, KOKO Networks, Shuttlers, Cloudline, Chari, and mTek-Services.

While remaining open to opportunities across sectors, VKAV shows particular interest in three areas: Vertical Enterprise Resource Planning (ERP) startups, businesses offering embedded financial services, and players in the future of work landscape.

The collaboration between Verod Capital and Kepple Africa empowers VKAV to provide hands-on support to their portfolio companies.

This includes guidance on navigating Africa’s complex economic environment, best practices for operations, and strategies for improved governance.