Ms Roberta Annan, founder of the African Fashion Foundation (AFF), managing partner of Annan Capital Partners (ACP) and member on the advisory council for Condé Nast College of Fashion & Design, has just launched the Impact Fund for African Creatives (IFFAC).
The IFFAC was created to support African professionals who have qualified businesses. Those selected will be awarded grants from 10,000 to 50,000 euros. Additionally, those selected professionals will be offered mentorship and a platform for networking.
Some of the projects that have demonstrated compatibility with the IFFAC, proof of concept, regional and global scalability and a mindset focused on value creation will be eligible to receive capital from 250,000 to two million euros.
Annan said in a statement: “I have encountered so much incredible talent all over the continent, such originality and innovation. But I have also noticed a lack of management skills, infrastructure, and start-up capital necessary to scale these creative businesses. This is the motivation behind IFFAC."
IFFAC ’s investment portfolio companies consist of the following brands: Chef Coco, Ethos Members Club, GM & Ahrens, Kenneth Ize and Mansa by Ebony Skincare. Additionally, the ambassadors include Adama Paris, Bello Edu, Elie Kuame, Emmy Kasbit and Orange Culture.
Annan continued: "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."
Designer Kenneth Ize added: "When I was just starting to build my brand, the support I received from Roberta and the African Fashion Foundation was essential. That support was what allowed me to elevate my work to a global audience.”
Photo: Pierre Mouton