BY TOM JACKSON
Germany-based non-profit Impacc has announced plans to provide smart equity investment of between US$30,000 and US$150,000 to social businesses with sustainable, high impact solutions to social, economic and environmental challenges affecting base of pyramid communities in Africa.
Impacc builds and scales social businesses where markets are not structured, targeting impoverished communities in Africa. For this, it teams up with local founders that have the potential to create local, green jobs, often with a franchise approach.
The move to invest in social startups is aimed at transforming 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 chief executive officer (CEO) Till Wahnbaeck.
Businesses have until June 15 to apply for the new venture fund, which will make investments of between US$30,000 and US$150,000. Besides the financial support, successful applicants will also receive business growth support to accelerate their impact. This will include mentorship from key industry experts and coaches, and access to the Impacc network, technical strategy options and business modelling.