Ghanaian Roberta Annan launches US$115m fund for fashion entrepreneur in Africa

GHANA – Ghanaian businesswoman and entrepreneur Roberta Annan launched a €100 million (US$115.59m) fund to channel investment into small and medium African creative and fashion enterprises in Africa. The Impact Fund for African Creatives (IFFAC) will award grants of up to €50,000 (US$57,793) to selected projects to accelerate development of the continent’s creative sector. The fund was launched during Paris Fashion week and was attended by fashion industry experts. The Africa Investment Forum, a flagship initiative of the African Development Bank, aims to channel investment into Africa. Annan, who also…

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Streetwear brand Rooomxix secures US$1.5m from Patricia to facilitate nationwide expansion

NIGERIA – Patricia, a Bitcoin trading firm based in Lagos, has announced a US$1.5 million investment in urban streetwear apparel brand Rooomxix to facilitate its nationwide expansion. Patricia and Rooomxix, according to a corporate release, have been in contact since 2019 and have had a few partnerships in the past, with the current raising strengthening the alliance. The deal was concluded in April this year. “Our confidence in securing this new financing is backed up by budding industry and enormous potential that lies in streetwear not just in Nigeria but…

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Fashion e-commerce startup DressCode secured US$250,000 investment from Egypt Ventures

EGYPT – DressCode, a Cairo-based fashion and lifestyle e-commerce startup has secured a US$250,000 investment from Egypt Ventures. The online retailer is looking into pouring this investment to expanding beyond fashion and cosmetics, namely vitalizing its home décor offerings. “DressCode has the potential to make an impact on the Egyptian market,” said Ahmed Gomaa, Chairman and CEO of Egypt Ventures. “Through combining a scalable, agile business model and partnering with local workshop all over Egypt.” DressCode claims that since its introduction in 2019, the company has completed 30,000 orders, established…

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Moroccan fashion startup Hob feel goods secures US$22,000 to develop its brand

MOROCCO – Hob feel goods, a fashion startup, has secured DH 200,000 (US$22,000) from the INNOV INVES fund to develop its brand. The brand, which was born out of a personal need, is built on the eco-principles of its co-founders Hind Bennis and Samia Benjelloun. For them, Hob feel goods concept combines Moroccan aesthetic and artisanal heritage, baby comfort, ergonomics, and material conformity. The brand encourages the use of scraps of materials obtained from clothing companies by the two entrepreneurs, which they visually enhance by adding artisanal elements or combining…

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Fashion startup Opio raises US$300k seed round led by AUC Angels

EGYPT – Opio, an Egypt-based women’s fashionwear brand, has raised US$300,000 in a seed round from AUC Angels, local and regional angel investors along with follow-on funding from Flat6labs Cairo. Launched in 2017, Opio is a direct-to-consumer e-commerce platform and commissions white label and toll manufacturing women’s wear apparel to different manufacturers. “What I see in this market is a huge supply-demand imbalance,” said Shady Mokhtar the co-founder and CEO of Opio, said. “Egypt has thousands of manufacturers with exceptional manufacturing capabilities yet, a total lack of modern-day customers requirements,…

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