Asoko Insight, African-focused market intelligence and corporate data platform, says its digital deal sourcing project DealRoom has been extended by the UK government.
Asoko has been piloting the project with the UK government’s Department for International Trade (DIT) Africa since January 2020. It involved leveraging Asoko Insight’s platform to match UK investors and businesses to fund-seeking African corporates. Now the project has been extended for a further six months.
DealRoom completes successful trial
After successful completion of the trial, the partnership seems to share the sentiment that indeed the deal origination platform is best placed to source the best business opportunities in Africa. Asoko Insight says the extension emphasizes the UK government’s commitment to its mission of facilitating the sourcing of “new and substantial investment on the continent”.
Rob Withagen, Co-founder and CEO of Asoko Insight, said:
“In these challenging times, we’re proud to facilitate easier connections between fundseekers and investors. We’re confident that the savings generated by centralising outreach and due diligence in initial deal origination stages will help get capital to where it is needed and maintain the UK’s ambition to be a strong and supportive partner to Africa.”
So far, the DealRoom has published over 40 opportunities from high-growth African firms and facilitated 34 matches with UK-based investors for consideration.
The platform enables investors to skip the initial and often time-consuming pre-screening stages of deal-making by conducting the qualification process on their behalf. This allows investors to move more swiftly to inking deals that support their bottom lines and bring much-needed capital to high-potential companies.
Healthcare, agriculture and logistics will be prioritised
At a time when business has been disrupted by COVID-19, the digital approach to deal sourcing is critical since it “enables connections in a self-isolating world” and accelerates the deal origination process.
Firms can apply for DealRoom but priority will be given to projects in the healthcare, agriculture, and logistics sectors. The company says this will help investors to locate opportunities and ensure that Africa’s private sector can effectively support the economic response to the pandemic.
“The volume of interest and qualified deals which have materialised over the past three months is a testament to the utility of the platform in connecting investment demand and supply at distance,” said Her Majesty’s Trade Commissioner for Africa at the DIT, Emma Wade-Smith OBE.
“With enormous challenges ahead for our economies, it is more important than ever that we can enable and support these online business connections, to ensure that UK investors can continue to support business growth in Africa.”
The DIT DealRoom is open to investors with a UK presence or UK-based financial backers. African companies seeking financing can register deals by following this link.
Approximately $350 million was raised by African startups in the first quarter of 2020 according to data from Briter Bridges, a tech ecosystem data consultancy.
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