Digital business invest (DBI), a company based in Estonia and specializing in the provision of digital solutions, digital transformation, and alternative financing of innovation in emerging countries, and CozBaz & Co, an Ivorian company specializing in intermediation and strategic consulting, signed on Tuesday, December 21st in Abidjan, a three-year partnership for the financing of innovation in Côte d’Ivoire and beyond, in Africa.
Dr. Armand Obou, manager of Finnova, and DBI’s CEO, and the managing partner of CozBaz & Co, Alfred Boga Zebi, initialed the documents on which this partnership is based, which will consist in raising resources on the participatory financing market (from which Africa does not really benefit) to support innovative project holders on the African continent.
Read more on the subject and find the latest business news in the world with the Born2Invest mobile app.
DBI will enable startups to raise funds from small investors
Through its subsidiary FinnovA (Funding innovative Africa), a participatory finance service delivery platform specifically dedicated to digital innovation in Africa, DBI enables start-ups and innovative companies on the continent to connect and raise funds from a variety of small investors, including the African diaspora and regular participatory finance investors around the world.
The local partner, CozBaz & co, will be in charge of setting up an innovation gas pedal, which will collect promising projects and help the promoters to get the necessary funds disbursed, in exchange for a symbolic equity stake from FinnovA and its local partner (which varies between 15% and 30%) in the project. “It is DBI that guarantees to crownfounders that you are trusted. This is what allows us to propose the project on the platform. You keep control of your project and your company, but Finnova and CozBaz & co accompany you in the disbursement and ensure the financial management of your project until the return on investment. Disbursements are made progressively,” said Dr. Armand Gérard Obou, who added that the maximum that can be granted to a project is $17,000 (€15,000).
For his part, Alfred Zebi explained that his structure accompanies SMEs. It does incubation and accompanies (in terms of advice, strategy and access to funding) SMEs that really impact the business and have a social vocation. “We are social entrepreneurs aware that Africa can only develop through a network of SMEs,” he said. He revealed that this partnership is something impactful that will materialize. It will invest at least one billion dollars in Côte d’Ivoire over the next few years and create more than 300,000 jobs locally. Better still, to date, four projects have already been taken on by CozBaz & co.
The General Manager of DBI and co-founder of FinnovA, Laurence Cost, speaking by videoconference from Estonia where the company is based, said that through this partnership, the company guarantees the traceability and proper use of funds invested. This is likely to curb the caution, even the reluctance of European investors to commit to projects to be financed on the African continent. And CozBaz & co – which has a real knowledge of the field and expertise in the field of SME support – will contribute to a good analysis of the needs of young entrepreneurs.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in MinutesEco, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
MATIC Share Price Forecast: What Does Polygon Expect in the Current Bear Market?
Cryptocurrencies such as Bitcoin and Polygon have a close correlation with stocks. In most cases, they rise when leading indexes...
Coima sgr’s Porta Nuova Centrale Fund Secures €173.5 Million Green Financing
Coima sgr, founded and led by CEO Manfredi Catella, ended 2021 with assets under management up 6 percent to $9.74...
Canopy Growth Sales Disappoint, Stock Under Pressure
Just a week before announcing its latest numbers, Canopy announced its latest acquisition: the purchase of California-based cannabis extraction and...
Solidarity Day 2022: Ganzourgou Producers Offer 2.6 Tons of Food to Vulnerable People
Regarding the selection criteria of vulnerable people, Ambroise Ouédraogo said that his association collaborates with the provincial directorate of Social...
Ford Chooses Almussafes over Germany for the Production of Electric Models
Thus, the Valencian factory will be the fifth Spanish factory to produce all-electric models. Stellantis manufactures electric models at its...
Biotech1 week ago
Satellos Bioscience’s Stem Cell Signaling Research Could Turn the Tables on Muscular Dystrophies
Cannabis2 weeks ago
Luis Figo Launches His Brand of CBD Products
Featured2 weeks ago
Stock Markets Have Officially Entered Bear Territory
Business2 weeks ago
The Influx of Federal Funds Is Spurring Rail Improvements Nationwide