African Adventure: Impressions from My Stay at Angel Fair Africa
In the world of global business, Africa often stands out as a continent brimming with untapped potential. This potential was the focus of the 11th Angel Fair Africa (AFA@11), an event held in Nairobi, Kenya, which brought together top startups, founders, and investors.
The event, organised by Chanzo Capital under the leadership of its Managing Director, Eric Osiakwan, aimed to facilitate investment into African startups. The theme of the AFA@11 was "Investing and Building in Africa", reflecting the growing interest in the continent's burgeoning business landscape.
AFA@11 marked a significant step forward in addressing one of the most pressing issues for African startups and businesses: limited access to funding. Interest rates for loans in 19 African countries average a staggering 25%, compared to 9% in Vietnam and India. This disparity makes it challenging for startups to secure the funding they need to grow and thrive.
However, the AFA has been instrumental in bridging this gap. Over the past three years, Eric Osiakwan has invested in about eight African startups, with a goal of reaching 1000. AFA has facilitated approximately $10 million USD in direct investments and close to $100 million in indirect investments, providing a much-needed boost to the African startup ecosystem.
One such startup that has benefited from AFA's support is a Ghanaian company. Despite having verifiable clients and income to cover the loan, the company could only find a 28% interest loan. In contrast, a recent unsolicited offer for $4.1 million in funding with a 7.5% interest rate was received for a business in the same field, highlighting the potential for growth and the need for more accessible funding.
The Ahadi Corporation, a company that provides internet access to people at or below the poverty line, is another example of a business making a difference in Africa. Located in the slums of Kibera, where most Kenyans are reluctant to visit, the Ahadi Corporation hires people from the community, creating high-profile jobs in neighborhoods where companies don't typically recruit.
As Africa continues to develop, it is clear that increased investment is crucial for economic growth. According to The Economist, Africa would need to double its investment as a share of GDP to achieve the economic growth of East Asian countries. Events like AFA@11 play a vital role in attracting the investment needed to unlock Africa's potential and drive economic growth.
With the AFA event in NYC on September 19, 2025, already gathering so much interest from VCs and angels that participation in the event is closed, it is evident that the interest in investing in Africa is growing. As more investors take notice of the opportunities on the continent, it is hoped that the funding landscape for African startups will continue to improve, paving the way for even greater success stories.
