Injaro Investment Advisors Limited has raised $17.5 million through its Injaro Ghana Venture Capital Fund (IGVCF), a Ghana Cedi-denominated private equity fund aimed at bolstering leading small and medium-scale enterprises (SMEs) in Ghana and Ivory Coast.
The fund, closing at GHS 216 million ($17.5 million), will focus on profitable SMEs in high-growth sectors such as mining support services, food and agriculture, education, healthcare, financial services, industrial services, and light manufacturing.
Notable institutional investors in the fund include the Venture Capital Trust Fund, Minerals Income Investment Fund from Ghana, and local pension funds such as Stanbic Investment Management Services, PETRA Securities, Databank Group, and CAL Asset Management Company Ltd. This initiative underscores Injaro’s commitment to empowering SMEs within key industries in Ghana and the Ivory Coast.
Furthermore, the company aims to boost economic growth in Ghana, emphasizing the importance of safeguarding the financial well-being of the pensioners who own the funds.
Injaro has established criteria for SMEs to qualify for investment, requiring that a business must have operated for at least three years, achieved a minimum revenue of GHS 20 million, and recorded a net income (EBITDA) of no less than GHS 3.5 million ($281,055).
To align with these goals, IGVCF will consider acquiring either a significant or minor share in the companies it invests in. The company also noted that potential exit strategies could include cash flow operations, buy-outs by sponsors, strategic mergers and acquisitions, or going public through Initial Public Offerings (IPOs).
Injaro investments story
Founded in 2009 by Jerry Parkes and Dadie Tayoraud, Injaro aims to supply essential capital to help Ghanaian SMEs expand their services and contribute to economic growth across the continent.
Over its 15-year history, the investment firm has managed $65 million through various funds, such as Injaro Agricultural Capital Holdings and the Agri-Business Capital Fund. Injaro highlights that the IGVCF will offer the vital resources needed to generate thousands of jobs in Africa, building on the 3 million individuals who have already gained from the fund’s initiatives.
The company is dedicated to invigorating Ghana’s economy and businesses, with a keen focus on safeguarding the financial well-being of the pensioners whose funds it utilizes for investments. Additionally, Injaro is committed to fostering environmental, social, and governance (ESG) practices within its portfolio companies, aiming to support sustainable economic growth in Africa.
Injaro made its initial investment of $2 million in Zeepay’s Series A funding round.
