Lundin Foundation has placed a $ 175,000 combined equity and debt investment in Rent-to-Own. Importantly, LFA has committed as a lead investor for the next 4 years.
Lundin for Africa (LFA) is the philanthropic arm of the Lundin group of companies. The Foundation embodies the the entreprenerial roots of the Lundin family by investing finances and technical assistance into small businesses in Africa that have demonstrated high potential for impact and growth.
This is an exciting opportunity for Rent-to-Own to work directly with an organization well versed in the challenges that many growing enterprises face.
About the new deal with LFA Rent-to-Own Founder and Director Mark Hemsworth says: “The move is much more than money. LFA is working to help us transition from a sole-proprietorship operation to a full on corporation with solid legal l and financial footing.”
And the first move towards this has been the identification of Rent-to-Own’s first CFO. This new member of Rent-to-own Senior Management team will better support the organization’s growing pipeline of potential investors as well as ensure ongoing rigorous financial management. The new CFO is expected to begin with Rent-to-Own at the end of September, 2011.
LFA’s investment in Rent-to-Own is the first of many indications to come that the organization is positioned for strong growth in the coming years.