Togolese incubator CUBE launches its innovation fund to finance local SMEs

Economy

Thursday, 20 January 2022 14:10

Togolese incubator CUBE launches its innovation fund to finance local SMEs

(Togo First) - The Urban Center for Business and Entrepreneurship (CUBE), an innovative business incubator based in Lomé, recently launched its private equity fund "KI U-INVEST" with the support of E-agribusiness, an agro-technology company.

The CFA10 million fund will finance Togolese and African SMEs. Projects backed must have passed the pilot phase and have been rolled out for at least six months. They must have well-defined customers, have validated a few sales, have existing contracts or clients that have letters of intent.

SMEs meeting these criteria can apply latest by March 31, 2022. Two to five applicants will be selected.

"This will mainly be an Equity fund, providing credits of loans of honor with the support of business angels, local and international technical and financial partners,” CUBE indicated. "In addition to financing, SMEs picked for the KI U-INVEST Fund will benefit from an incubation program (managerial, technical, legal ...) that will help them meet the expectations of partners and capitalize on the funding that will be released,” the incubator revealed.

Preferred applicants must operate in the following sectors: agriculture and food chains, health, construction and public works, energy, financial services and fintech, biotechnology, education, and traditional industries (free zone: cosmetics, building materials, packaging, trade and marketing, import-export, telecoms, transport and logistics, wicks).

Apply here

Ayi Renaud Dossavi

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