First international investment made by ABAN in Ghanaian startup Legendary Foods
Through Special Purpose Vehicles (SPVs) based in Rwanda, the Africa Business Angel Network (ABAN) has made its first cross-border investment in Ghanaian startup Legendary Foods.
Through the ABAN Climate Smart Agriculture Angel Network, ABAN has effectively carried out a cross-border investment in Legendary Foods with the assistance of AEDIB-NET.
One of ABAN’s main goals is to create cross-border synergies, which this initiative leads. By facilitating easy cross-border syndications and providing angel investors with amazing opportunities, it hopes to spark startup growth and prosperity on the continent.
“Our commitment to facilitating cross-border investment is at the heart of our efforts to empower African startups. By bridging investors and startups across diverse geographies, we’re not just investing; we’re building bridges for innovation and entrepreneurship to thrive across the continent,” said Fadilah Tchoumba, CEO of ABAN. “We extend our sincere appreciation to AEDIB-NET for their invaluable support in our endeavours.”
Six angel investors from four countries participated in the deal, which was structured through a co-investment vehicle incorporated in an African jurisdiction. A novel form of food technology that produces an equally nutritious source of protein while being locally scalable and considerably less harmful to the environment than industrial meat production has been commercialized by Legendary Foods.
“Business angel investments are critical for early-stage startups working on disruptive technologies in sectors that traditionally have not received venture capital investment on the African continent – like food tech. 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 of increasing protein accessibility in an environmentally conscious way and gives us access to the ABAN network which has already been valuable to us,” said Shobhita Soor, CEO and founder of Legendary Foods.
