IFFAC capital vehicle aims to leverage untapped African talent

The Fund will support African professionals with the skills, network, and capital needed to reach a global audience. It will award grants and early-stage investments to qualified businesses, while also providing a structured form of technical and vocational skills training and a mentorship and networking platform, Annan Capital Partners (ACP), a boutique investment advisory firm, said in a press release.

IFFAC will award grants of €10,000-50,000 to selected projects. Entrepreneurs who successfully complete certain skill-building exercises will be eligible to receive €250,000-€2 million as venture capital toward an approved business plan. Key considerations in selection criteria will include proof of concept, compatibility with IFFAC focus areas, regional and global scalability and a growth mindset focused on value creation.

“This is a week where Africa makes history,” said Annan. “Nigerian designer Kenneth Ize, who was an early beneficiary of our support, is the first African to open Paris Fashion Week. And today, near the close of the event, we launch IFFAC with the ambition to consolidate luxury brands on the continent, and by doing so, contribute to Africa’s sustainable economic development.”

The idea for IFFAC grew out of the African Fashion Foundation, which Annan founded in 2011 to empower emerging designers on the continent.

“When I was just starting to build my brand, the support I received from Roberta and the African Fashion Foundation was essential,” said Kenneth Ize, whose show opened Paris Fashion Week. “That support was what allowed me to elevate my work to a global audience.”

Based in Accra, Ghana, Roberta Annan is the founder of the African Fashion Foundation and managing partner of  ACP.

Fibre2Fashion News Desk (KD)