Congratulations to VC4Africa member Revo and the Ghana Angel Investor Network (GAIN)! They recently closed an investment deal of around 110K USD, GAIN’s first investment!
The Ghana Angel Investor Network (GAIN), a network of high net worth individuals, launched with only 6 founding members and today has an impressive network of 24 investors, with a keen interest in startups. The GAIN network is diverse with investors having interests in sectors such as technology, agriculture, education and healthcare.
GAIN was established by Ghana’s Venture Capital Trust Fund to bridge the funding gap for very early-stage companies. The Venture Capital Trust Fund (VCTF) recognized the need to provide a platform for established entrepreneurs to assist aspiring entrepreneurs with capital and mentorship.
Revo is a Ghana based technology startup providing solutions for the education sector. They received the seed funding of GHS 350,000 (around 110K USD) from GAIN in July following a pitch session held in February. Following the investment, the founders are still working closely with the team and the angel investors at GAIN and will continue to do so for at least 12 months.
One of the Revo founders, Archibald Annan, says Revo intents to Revo-lutionize teaching practices by making learning engaging and interactive for students. Revo pitched to GAIN for funding to promote their latest product the iLearn, a tablet loaded with custom content for Junior High Schools and Senior High Schools. The application allows student to practice past questions from 1990 to 2013 as many times as they want and get instant results or grades shown, plus other helpful analysis. The tablet also contains storybooks from various publishers to improve students’ reading capabilities and English language skills. iLearn also has brain teaser tests and games for educative fun.
Revo’s e-learning platform was established to meet needs of both teachers, students, and parents: for example teachers now have the opportunity to post class notes online; students can have 24-hour access from any desktop, laptop or mobile device; while parents can also follow class lessons from their desks at the office. Digitizing educational materials impacts the way an educator teaches, providing students digital content, and according to the Revo founders can transform classroom instruction into an inspiring experience for students.
Leticia Browne, in charge of Investor Relations at the Ghana Angel Investor Network, explains what she sees as one of the key benefits for entrepreneurs to partner with GAIN: “Through the GAIN network entrepreneurs can tap into a wealth of resources via our pool of investors and mentors dedicated to assist in building innovative and sustainable businesses”. She also reveals there is more coming up: “This is the first of many investments of this kind, as GAIN are currently reviewing applications for the upcoming Angel Fair in November and it’s looking very promising!”
This November African business angels and other early stage investors can join as founding members of the African Business Angel Network. Read more about this.