Africa: Venture Capitalists Seek More Investment in Africa

The African Venture Capital Association (AVCA) has said it is working assiduously towards improving the level of investment in the continent.

Chief Executive Officer, AVCA, Mitchelle Essome, who said at a media briefing in Lagos on the association's forthcoming 9th annual African private equity and venture capital conference titled: "Africa, the Rising Giant,"

emphasised that Africa needed sufficient investment that would propel its growth and also to enable it compete favourable with others continents.

Venture capitalists are firms that invest business ventures by providing capital for start-up or expansion. Venture capitalists are professional investors that manage funds and are looking for suitable investments for such funds.

Essome said that the total value of the venture capital industry in Africa was between $60 and $70 billion.

She also stressed that the investor base of the continent could be improved through education.

According to her, the pension assets in Africa have recorded tremendous growth, adding that there is need to build capacity in the industry on how to invest such effectively.

Commenting on the conference which holds in Accra, between 22 and 24th April, Essome added: "What we have succeeded in doing is to attract a lot of investors from the United States. About 60 different investors that are attending the conference from different countries, manage a total of $280 billion. We hope to use the conference to showcase the investment opportunities in Africa.