By Shitemi Khamadi
IMPACC has announced plans to provide smart equity investment of between $30,000 – $150,000 with a period of six to 12 months to local social businesses with sustainable high impact that provides innovative solutions to social, economic and environmental challenges affecting the base of pyramid communities in Africa.
The move is aimed to transform the local ecosystem by leveraging on the disruptive power of innovative local products and services as a driver for inclusive and sustainable growth.
“We use the tools of business to meet social challenges. We identify local green businesses that have already had first proof of concept and help them grow by scaling their business through a franchise system into other regions and countries”, said IMPACC CEO Till Wahnbaeck while making the announcement.
Calling on social businesses to apply for the investments, the CEO noted that this is a golden opportunity to maximize their impact. The businesses have until June 15th to apply for the venture fund.
Commenting on the investment, Jochen Moninger, Impacc Co-Founder said the planned investment is in line with their goals to build social businesses with local founders that have the potential to create local green jobs and generate impact, often with a franchise approach. The application process consists of two phases with the second phase only open to those identified as a potential match for investment.
Besides the financial support, successful applicants will also receive business growth support to accelerate their impact. This will include receiving mentorship from key industry experts and coaches to provide tailored support, access to Impacc network to grow and scale their businesses, technical strategy options and business modeling.
IMPACC source for businesses that fit its investment criteria and undertake a rigorous selection and due diligence process before deciding to run a fundraising campaign on its platform to close a raise for the businesses. From selection to successful raise of investment it may take six to 12 months.