Norsad Capital supports the growth of Platform Capital with a USD10 million term facility
23/08/2022
Norsad Capital, an impact investor offering tailor-made debt solutions to mid-market growth companies in Sub-Saharan Africa, has provided a USD10 million long-term debt facility to Platform Capital (Platform). Platform Capital’s portfolio companies have more than 3,000 employees operating across 15 countries. Platform has a staff complement of over 70 employees, with offices in Ghana, Kenya, Nigeria, South Africa, Uganda, USA and Mexico.
The continent also has circa 70 million MSMEs, however, the perennial challenge has been transitioning these MSMEs into companies that are institutionalised with systems, processes, teams, and products that are able to attract capital for growth and scale.
Platform Capital exists to solve these two issues: beneficiation and the development and nurturing of scalable entrepreneurial ventures. This is done through the company’s two-pronged business model; i) Investments – where the company owns and operates assets and invests (directly and indirectly) into entrepreneurs and ii) Advisory and portfolio management services where Platform provides services, relationships, and infrastructure to entrepreneurs to scale their businesses.
Oteng Sebonego, Investment Director at Norsad Capital and transaction lead said: “We are excited to partner with Platform Capital which is trying to solve one of the key issues faced by SMEs and early-stage companies in Africa; market access/growth and funding.
Dr Akintoye Akindele Founder and Executive Chairman: Platform Capital Group said: “In Africa, MSMEs provide an estimated 80% of jobs across the continent, representing an important driver of economic growth. Sub-Saharan Africa alone has 44 million micro, small, and medium enterprises, almost all of which are micro. Platform has indicated that with Norsad’s funding we will be able to assist 1,000 companies in high-growth sectors that are solving Africa and global problems over the next 5 to 6 years. Furthermore, the funding will enable Platform to roll out additional campuses & programs across Africa to identify, educate, train and impact 100,000 entrepreneurs over the next 5 to 6 years to build the Africa of the future. Norsad’s investment in Platform, will help Norsad achieve its goal to positively impact the lives of 100 million Africans by 2030.
About Norsad Capital
Norsad Capital is an impact investor providing tailor-made debt solutions to mid-market growth companies in Sub-Saharan Africa. With a track record spanning over 30 years, Norsad Capital has invested in 150+ companies across Africa. For more information: www.norsadcapital.com
About Platform Capital
Platform Capital is a growth market focused, sector agnostic, principal investment, and advisory firm. We deploy patient, value accretive capital alongside international and local value investors to create champion businesses with the potential for regional or global scale. Platform also provides end-to-end bespoke Corporate Finance & Capital Markets advisory services. What makes us different is our obsession with changing the African narrative.
For more information: www.theplatformcapital.com
