Crowdfunding online platform Uprise.Africa is aiming to raise R3 million over a 90-day period for a project aimed at funding the publication of more African literature.
The Storied campaign is the first for the platform which was launched in October last year. "The Storied campaign is a Jacana Publishing project that aims to help publish more African fiction and poetry in which the company is seeking R3 million in exchange for a total equity of 49% in the project," said the company.
Uprise.Africa allows entrepreneurs to receive needed financial support while engaging in market validation, and investors develop their investment portfolio with less hassle as the platform manages all legal and compliance matters. The platform charges an 8% levy on investments -5% which goes to the platform, 2% management fee to cover post-investment costs and 1% to cover the upkeep costs of the platform. The platform is founded by local entrepreneurs Tabassum Qadir and Patrick Schofield, with a 51% stake owned by female entrepreneur organisation, Women2Rise.
The platform aims to launch subsequent campaigns in February and March, "Other campaigns include Jobvine Freelance, a freelancing app by job listing site Jobvine, which is looking for R3 million in exchange for a total of four percent equity and the Green Cab, in which the Green Cab company is looking for R3.5 million in exchange for total equity of 35% to fund a cab division operating hybrid and electric vehicles," said the company.
At present, the platform over 250 registered investors, "By registering on the Website investors will get information on when the next campaign will go live. Furthermore we will engage with the Financial Services Board to get clarification on licensing requirements," noted the firm.
Uprise.Africa is authorised and regulated by the Financial Conduct Authority.
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