Deal Source Africa a comprehensive program to connect African businesses with investors and transaction advisors and African Impact Funds with investors, officially launched at the West Africa Deal Summit held in Accra yesterday.
The program 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. Businesses and funds can sign up at to access the platform which was developed with funding from the Research and Innovation Systems for Africa (RISA) Fund of UKAid and piloted in 2022.
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. Experienced transaction advisors are connected with businesses to provide professional support along their fundraising journey. The platform’s Deal Officers facilitate connections with investors.
According to the CEO of Impact Investing Ghana, Amma Lartey, “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.”
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.”
Justina Mensah, who leads the Deal Source Africa program shared the successes the program 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.