The first long-term capital support for African creatives was recently launched during the Paris Fashion Week. At the end of the spring-summer season in Paris, the Impact Fund for African Creatives (IFFAC) gathered to host a press conference on taking action on the untapped talent and commercial power of Africa’s creative industries.
Founded by Roberta Annan, the IFFAC’s investment portfolio includes companies and brands from Kenneth Ize, Ethos Members Club, a portfolio company under IFFAC, Chef Coco, GM and Ahrens, MANSA by Ebony Skincare and the Ambassador’s Collective.
Based in Accra, Ghana, Roberta is the founder of the African Fashion Foundation that aims to empower designers in Africa. Among other things, she is also on the Advisory Council of the Condé Nast College of Fashion and Design, and keeps up with UN sustainability issues.
“It took me three years to bring this into fruition and today we are excited to unveil the businesses under IFFAC. Kenneth Ize opened fashion week and we are actually closing it with these African creatives. I am a scientist by training and I’ve worked with the United Nations in development. Africa is blessed with a lot of young people and we have a population with sixty-five percent under the age of twenty-five. We are investing in fashion, film and music,” said Roberta, commenting on the launched capital support.
For close observers of African fashion, it is no secret that opportunity is booming in many countries, as the continent’s cultural capital continues to grow. In 2019 only, 1.1% of investment in African startups went to creative industries, and a lack of formal education and business know how has hindered commercial talent from getting off the ground.