Riyadh, Saudi Arabia — Silverbacks Holdings, a private investment firm focused on Africa-related companies operating in underserved industries, has announced a new investment in Nigeria's largest Dambe (traditional boxing) promoter known as African Warriors Fighting Championship (AWFC) on October 28th, 2024, during the inaugural New Africa Summit launched within the invite only Future Investment Initiative (FII8) in Riyadh.
By investing in AWFC, Silverbacks becomes a significant minority shareholder and gains a seat on the board of directors. The firm's goal is to bolster AWFC's efforts in elevating African traditional combat sports and support AWFC as it expands its live event and content output with the goal of becoming Africa's largest combat sports platform.
This investment is Silverbacks Holdings' third in the sports domain since its inception in 2019 and aligns with its strategy to back businesses in the burgeoning sports and entertainment sectors in Africa.
AWFC's business model encompasses diverse revenue streams, including live events, media rights, talent management, and an upcoming digital platform, AWFC TV, which will feature partnerships and collaborations with renowned UFC stars.
Previously, the company secured a groundbreaking sponsorship agreement with the global crypto-betting company, Stake, who already serves as an official sponsor of UFC. This marked Stake's inaugural sponsorship deal within Africa.
Moreover, the AWFC has achieved significant market presence, amassing over 500 million views across various platforms, 600,000 followers on social media, and features in multiple leading media outlets including the BBC, CNN, and Vice News. Highlighting the growing international demand for African combat sports content, after Nigeria, the majority of AWFC's views come from the United States and Brazil.
Silverbacks' Executive Chairman, Ibrahim Sagna, commented on the investment: "We are excited to invest in AWFC and look forward to collaborating with its founder Maxwell Kalu and his team to expand the business in Nigeria and beyond its original jurisdiction. We aim to eventually assist the company expansion plans in markets like my home country, Senegal, where this form of traditional wrestling and combat sport is most vibrant and called Laambe. It is adored by millions and remains Senegal's most popular sport. AWFC represents a distinctive addition to our portfolio and this investment is in line with our objective to amplify African sports, culture and live events globally."
Maxwell Kalu, the Founder and CEO of AWFC, stated, "The investment from Silverbacks Holdings in AWFC is a testament to the significant impact that Dambe is having on the global combat sports scene. As an ancient and intense sport rich in tradition, Dambe stands unique in the world of combat sports and is increasingly capturing interest from the estimated 550 million global combat sports fans. This investment marks an exhilarating phase in our endeavor to bring Dambe and other African combat sports to a worldwide audience."
In August, Silverbacks announced an investment in NERGii, a South African private venture offering innovative products to both recreational and professional athletes. This investment resulted in Silverbacks becoming a significant minority shareholder in the company and securing as well a position on its board of directors.
Established in 2019, Silverbacks Holdings is a Mauritius-based firm focused on investing in sports, tech, entertainment media, and other businesses in the creative economy in Africa. It targets an average of 3x to 5x returns on its investments. Since its inception, the firm delivered six profitable exits. While fundamentally concentrating its investments around a dozen of direct exposures, the firm's overall portfolio spans over 240 companies operating in Africa with a combined valuation of over $10 billion.
Some of Silverbacks' landmark investments include: the Cape Town Tigers, a semi-finalist basketball team in the 2024 Basketball Africa League (BAL) tournament of the NBA, Forever7 Entertainment which successfully sold two African movies to NETFLIX, and Moove, an African born, global mobility fintech company which was recently backed by UBER.
Silverbacks helps founders sustain market dominance and accelerate their corporate maturity, amplify their reach, and increase their access to liquidity and financial flexibility. The firm also seeks to make a substantial impact in terms of job creation for the youth, while also prioritizing gender equality in its outcomes.
