Thursday 21st June, 2018 goes down as the day HEVA Fund signed a cooperation agreement with the French Development Agency that will advance credit and technical assistance for creative industries in Kenya. InVhestia is pleased to have acted as advisor in the preparation of the fundraising documents and financial models for this transaction.
The project which is worth KES 90 Million will be used to offer support to businesses in Kenya and technical support to businesses based in the wider East African region. The creative economy enterprises that will benefit are those in four value chains: music and live events; fashion and apparel retail and manufacture; film and digital content; and gaming, e-sports and entertainment.
HEVA Fund previously commissioned our team to support the deployment of their Startup Fund, we were involved in their five stage evaluation process in the later due diligence and financial modelling stages, providing advisory services on businesses viability and deal structuring. The founder of Peperuka World – one of HEVA’s beneficiaries and whom we were commissioned to provide business support, spoke at the signing ceremony on the lasting impact of HEVA’s investment and support on her growth plans.
Kenya’s creative sector was estimated at about USD 2 billion in 2014. The sector contributes circa 5% to Kenya’s GDP and 4% to national employment. HEVA Fund has been in existence since 2013 and invests in the transformative social and economic potential of the creative economy.
As business advisory experts, we are glad to businesses quantify investment decisions by offering in-depth analysis through financial modelling. Through our fundraising services, we support high value businesses to make their investment proposition just right so that investors quickly see the value they have to offer. We are happy to have contributed to this successful and historic agreement which is part of a strategy to move KES 500 million into the creative sector over 4 years.
We believe this will contribute to the growth of dynamic, youth-led digital and creative enterprises as well as grow the East African cultural footprint in regional and international markets.