I&P Acceleration Program in Sahel: I&P and Teranga Capital complete first three seed financingsSubmitted by Admin on Wed, 09/16/2020 - 13:33
Launched last July, the I&P Acceleration in Sahel program is carrying out the first three seed financings in Senegal, for an average amount of 30 million FCFA. This is an important step for this ambitious programme financed by the European Union, which aims to support some 300 small businesses in the Sahel sub-region.
I&P Acceleration in Sahel is a support program aimed at start-ups and small and medium-sized companies in West Africa with one main objective: to give them access to the necessary financing and skills to enable their development and thus promote the creation of decent and sustainable jobs in the sub-region. Find out more about the I&P Acceleration program in Sahel.
"This program will enable small businesses with high potential, often excluded from the traditional financing system, to have access to financial resources on preferential terms and with personalised support. They will thus be able to grow rapidly, gain in maturity and subsequently access more substantial private financing. ", explains Fatou Diop, Head of Seed Financing at Teranga Capital.
First three seed financings in Senegal
After the reception and study of the first applications, seed financing was granted to three senegalese companies, which thus join the portfolio of the I&P family:
- SetTIC, a company specialising in the treatment of corporate waste, has been granted funding of €54,000 (35.5 million CFA francs)
- Le Lionceau, a small Senegalese company specialising in the production and marketing of children's food, is receiving funding of €45,000 (CFAF 30 million).
- Teranga Automobiles, a car garage, is benefiting from a €60,000 (39 million CFA francs) financing.
In addition to a financial contribution, each company will be able to benefit from technical assistance missions (training, coaching, etc.) to help build the capacity of operational teams.
Financed by the European Union through its Emergency Trust Fund for Africa, I&P Acceleration in the Sahel is deployed by I&P teams based in West Africa and by the 4 investment companies sponsored and financed by I&P - Comoé Capital in Côte d'Ivoire, Sinergi in Niger, Sinergi Burkina in Burkina Faso and Teranga Capital in Senegal.
ABOUT TERANGA CAPITAL
Teranga Capital is the first impact investment fund dedicated to the financing and support of Senegalese SMEs and start-ups. Headed by Olivier Furdelle, Teranga Capital is the third African fund sponsored by Investisseurs & Partenaires under the I&P Développement 2 program. The network currently includes a fund in Niger (Sinergi Niger), Burkina Faso (Sinergi Burkina), Ivory Coast (Comoé Capital) and Madagascar (Miarakap). → Find out more about Teranga Capital
ABOUT I&P ACCELERATION IN SAHEL
I&P Acceleration in the Sahel is a support program aimed at start-ups and small and medium-sized enterprises in West Africa with one main objective: to give them access to the financing and skills necessary to enable their development and thus promote the creation of decent and sustainable jobs in the sub-region. Find out more about the I&P Acceleration program in Sahel.
The European Union finances the I&P Acceleration in the Sahel program through the Emergency Trust Fund for Africa, a financial instrument to respond quickly, flexibly and effectively to emergency situations related to the migration crisis and forced displacement, and to propose sustainable solutions to the root causes of migration. For more information, visit the official website of the European Union