The economy of Angola mirrors that of Nigeria. Both are oil basket nations. They do well when there is boom and suffer when there is bust.
Nigeria has been trying to diversity into technology by giving money to entrepreneurs vi YouWin! and other initiatives at state levels. In these cases, the government runs the show with no sustainability. Angola has a private sector vehicle which does better.
FACRA is one of Africa’s largest VC Funds with assets in excess of $250 million. As an Angolan Government-backed organization, the Fund’s objective is to encourage innovation in Angola by supporting local entrepreneurs.
FACRA’s objectives involve helping to facilitate the launch and expansion of new businesses, boosting entrepreneurship, supporting the development of business skills, and promoting innovation and efficiency in Angolan small and medium enterprises. The fund also aims to build competencies, innovation and technological capabilities in businesses with which it invests.
As a government-backed venture capital fund, FACRA is a powerful instrument for the diversification of the Angolan economy. The Fund plays a particularly important role due to the current macro-economic environment, where access to financing by SMEs is difficult and the relatively small pool of skilled local workforce often impedes business expansion.
FACRA provides alternative, stable long-term equity funding to local and foreign entrepreneurs looking to enter the Angolan market. Organizations that FACRA invests in also benefit from expert business support in both a strategic and financial capacity during the business life cycle.