African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners African Entrepreneur Funds Top US$100 million Investment funds being used to create hundreds of jobs in Africa have topped US$100 million - nearly ten times the amount originally invested by Shell Foundation. The Aspire funds nurture Africa’s underserved small and medium-sized businesses (SMEs), delivering much-needed jobs. The funds also create returns to investors, giving them the potential to be self-financing drivers of pro-poor growth. Established by Shell Foundation in partnership with GroFin, the specialist business developer and financier, the funds have grown by attracting investment across the corporate and international spectrum. "Six years’ ago there were just two people at GroFin plus myself, and a whiteboard. Now GroFin has more than 60 staff and manages funds over $100 million - it’s quite a significant scale up," says Foundation Deputy Director Chris West.Aspire funds are the largest in Africa that focus on providing less that $1 million to SMEs who often hit a glass ceiling as they grow their businesses because traditional African banks see them as too risky an investment. Aspire guides SMEs through the provision of business development assistance - and combines this with finance, giving them the opportunity to grow. Almost 1600 jobs have been created and over 11,000 livelihoods improved. The funds now operate in Kenya, Uganda, Nigeria, Rwanda, Tanzania and South Africa and have attracted investment from African banks, development finance institutions and other corporate foundations. For every $1 Shell Foundation has put in, $9 has been leveraged from other sources. More than money Talking about the money is only part of the story. "From the very beginning I worked closely with GroFin’s founder Jurie Willemse to develop Aspire’s unique business model," says Chris West. "The Foundation provided grants to help them establish infrastructure and train local staff, we acted as "anchor" investor in the funds and we used our brand to both raise capital from others as well as create linkages with corporates. It is this ‘more than money’ approach that sets us apart from traditional foundations that just and out grant cheques to good causes." An independent assessment by private equity specialists Barnellan Equity Advice Ltd. found the outlook based on early results of companies backed by Aspire to be “extremely promising”. Shell Foundation plans to help GroFin - and the Aspire funds - grow to $1.5 billion and staff numbers to rise to 500 in over 25 countries worldwide by 2020. ASPIRE: The Facts (as of October 2007) Businesses financed - 73 Businesses provided with initial Business Development Assistance - 735 Average transaction size - $384,763 Total jobs created and maintained - 1,662 Improved livelihoods - 13,687 Target net 10% rate of return to investors 99% of businesses invested in are still operating 28% of finance goes to start-ups 70% of capital leveraged from African partners