The fund is geared towards cultivating a youth-empowering and socially responsible innovation hub and will be launched alongside an accelerator.
Since its establishment in 2018, Sudanese innovation hub, 249Startups, has made huge strides in supporting the country’s emerging innovators and entrepreneurs. Their latest endeavor, however, looks set to make the biggest impact yet: the launch of Sudan's first equity fund, Rhino Investments.
249Startup’s latest intermediary innovation fund is curated with the intent of fostering an inclusive financial ecosystem for entrepreneurs, while simultaneously bridging gaps between impact-driven and scalable startups, SMEs and investors, by way of the most progressive and technologically advanced de-risking investment processes Sudan has to offer.
Alongside the launch, 249Startups is co-launching an Impact Accelerator, a three-month programme imbuing budding entrepreneurs with the necessary knowledge kit, customised services and capital, in exchange for the equity of the startups. The programme is targeting early-stage businesses in their pre-seed stage, with Rhino Investments acting as an active investor for a chosen collection of companies. The fund will be launched in collaboration with Sudan NextGen, a US-based nonprofit that looks to support Sudanese innovation.
“We can't think of a more important time to invest in Sudanese young entrepreneurs who are creating jobs and trying to make an impact,” said Sudan NextGen founder and CEO, Sally Elatta. “Empowering our entrepreneurs, showing them we're all still here to support them, and creating hope is more important now than ever. We're also proud to partner with 249Startups who have worked diligently to make this happen!”
At its core, Rhino is aiming to consistently bolster and reanimate the Sudanese private sector in a sustainable and socially responsible manner, whilst also stimulating job creation amongst Sudanese youth. Through the accelerator hub and the co-joining program, 249Startups will continue to transform the entrepreneurial ecosystem in Sudan.