Investing has become more commonplace due to online apps that are dedicated to democratizing the process.
A new application, daba, an abbreviation for “Democratizing Access to Business in Africa,” is aiming to help African investors break into the space.
Co-founded by Boum III Jr and Anthony Miclet, the application is Africa’s first social investment application, per a report by Afrotech. The idea for the app came after founders took note of the robust interest in investing from African users.
VOA News reported in April 2022 the Private Equity & Venture Capital Association (AVCA) stated that Africa attracted a record $7.4 billion in private capital in 2021, more than double the year before.
“Now is truly an opportune time to invest in Africa,” shared Anthony in an Afrotech article. As the Head of Product and co-founder he handles most of the innovation initiatives behind the brand. “With recent cultural and economic trends, a lot of eyes are on the continent. It’s safe to say the world is slowly catching up with what many on the continent have known for a long time. The future of investing is Africa.”
The beta launch of the investment platform is currently waitlisted with eager members anticipating the official rollout. According to Afrotech, the members of the initial waitlist made more than $2 million in pledges towards African investment opportunities.
“We’ve designed daba to be an all-encompassing tool, from investment discovery and capital deployment to portfolio tracking and management,” said Boum. He also mentioned the app is free to download and are available on platforms where African users are able to access it. “Everything you need to invest in and out of Africa, we have available on daba.”
More information about the app and waitlist process is available at dabafinance.com.