PRESS RELEASE: The 97Fund announces first cohort of investments
Summary
The companies, Bringo Fresh, Famunera, Med X International, Minute5 and Xente are joining The 97Fund portfolio and receiving a total of $52,492 as well as monitoring and venture building support for three months. • Minute5 ($7,850): an E-Commerce platform offers an online grocery market place that brings together vendors and customers by providing clients with shopping experience at their fingertips and having the items ordered delivered to their door steps in real time. In Uganda, over 80% of MSMEs have been negatively affected by COVID19 according to the Ortus Africa Capital Business Relief Survey conducted among Micro Small and Medium Enterprises. The effects of COVID19 on sales indicate that majority of the businesses (41%) have completely shut down during this period with the most affected companies fitting to those in ICT & Technology, Manufacturing, Creatives & Entertainment, Professional Services, Wholesale & Retail, Hotel & Leisure, Vocational, Artisan & Crafts, Social Work sectors. Launched in April 2020, The 97Fund takes an active, hands on approach to help entrepreneurs to increase their chance of success by applying extensive operational knowledge and providing access to capital and funding.