The Africa Business Angel Network (ABAN) has made its first-ever cross-border investment through Rwanda-based Special Purpose Vehicles (SPVs), in Ghanaian startup Legendary Foods.
ABAN, with the support of AEDIB-NET, has successfully executed a cross-border investment in Legendary Foods through the ABAN Climate Smart Agriculture Angel Network.
This initiative spearheads cross-border synergies, one of ABAN’s greatest ambitions, aimed at igniting startup growth and prosperity on the continent by enabling fluid cross-border syndications and connecting angel investors with tremendous opportunities.
“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 endeavors.”
The deal has been structured through a co-investment vehicle incorporated in an African jurisdiction and involved six angel investors from four countries. Legendary Foods has commercialised a novel form of food tech that is locally scalable and much less destructive to the environment than industrial meat production, while providing an equally nutritious source of protein.
“Business angel investments are critical for early-stage startups working on disruptive technologies in sectors that traditionally have not received venture dapital 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.
