Pangea Connect Star story
Meta data- Africans living abroad can now buy equity in profitable startups from as low as $100 (Sh13,000) in Kenya, Somalia and Ethiopia.
Africans working abroad will not only now find appropriately packaged and credible information on available investment opportunities, but can also buy equity in profitable startups from as low as $100 (Sh13,000) online on Pangea Connect, a platform launched on Monday 7th February 2022.
Diaspora remittances have been on the rise in Africa in the past decade, with at least $80 billion send back every year. In Kenya, for instance, diaspora inflows are now the leading forex earner, outdoing tea, coffee, tourism and horticulture since 2017. Despite this rise, a recent diaspora remittances survey released by Pangea Trust revealed that many Africans living abroad have a desire to invest back home but lack knowledge and investment options. At least 23 per cent of the diaspora residents found this as a major hurdle during the investment process, which is why many end up investing in dead or immovable assets, especially land in rural areas and houses as noted by the diaspora remittances survey by the Central Bank of Kenya late last month. Pangea Connect is the platform that changes this trend.
Pangea Trust is working with diaspora alliances in various countries to sensitize would be investors on viable startups to invest in. The platform is be open for investors in Kenya, Somalia and Ethiopia. Several startups in the continent have already been vetted and helped to be investor ready. Vetting includes their financial records, sales, directors, future and overall track record before bringing them on board. Already, 20 startups have been listed on the web portal, and the number is expected to grow.