The Africa Business Angel Network (ABAN) has made an investment through a Rwanda-based special purpose vehicle (SPV) in a Ghanaian startup Legendary foods.
Driving The News
The deal has been structured through a co-investment vehicle incorporated in an African jurisdiction and involving six angel investors from four countries.
Legendary foods has commercialized a new form of food technology that is locally scalable and far less environmentally destructive than industrial meat production, while providing an equally nutritious source of protein.
What they say
“Business angel investments are critical for start-ups working on disruptive technologies in sectors that have traditionally not received venture capital investment on the African continent – ​​such as food technology. Investing in innovative ways to produce food sustainably is essential for a climate-smart future.
We are excited to receive this support from ABAN as it enables us to advance our mission to increase protein accessibility in an environmentally conscious way and gives us access to the ABAN network which has already been invaluable to us,” he said Shobhita SoorCEO and founder of Legendary Foods.
“Our commitment to facilitating cross-border investment is at the heart of our efforts to empower African startups. Bridging investors and startups across geographies, we don’t just invest. we are building bridges for innovation and entrepreneurship to thrive across the continent,” he said Fadilah TchoumbaCEO of AVAN.
“We express our sincere appreciation to AEDIB-NET for their invaluable support in our endeavours.”
Source: Disrupt Africa
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