MyC4 A/S was founded in May 2006 as a joint venture between Mads Kjur Kjaer Group A/S, and Tim Vang. Kjaer Group has been providing vehicles and automotive solutions to the international aid and development sector since 1962. Mads Kjur, former CEO and now Chairman of Kjaer Group, has 22 years of working experience from the African continent, has lived in Zimbabwe, Uganda and South Africa, and adds substantial insight into African business to the project. Mads Kjur is also the Honorary Consul for Ethiopia in Denmark. MyC4 raises capital for African entrepreneurs, and in so doing is striving to become a significant tool in the fight to end extreme poverty. In December 2006, MyC4 received a grant of DKK 5 million (EUR 670,000) from the Danish Aid Agency (DANIDA) under the Ministry of Foreign Affairs to support the development of the MYC4 platform.MyC4 was inspired by the Nobel Prize winner, Professor Mohammad Yunus, the founder of Grameen Bank in Bangladesh. Grameen Bank aims to provide credit to the poorest of the poor in rural Bangladesh without any collateral. Since 1983 the bank has provided microcredit to 7.45 million borrowers, 97% of whom are women, covering more than 97% of all villages in Bangladesh. Other inspirational initiatives include U2 front-man Bono's Product RED campaign supporting the Global Fund to Fight AIDS, tuberculosis and malaria in Africa, and fellow musician Bob Geldof's widespread charity work, including his Live 8 concerts organised to raise awareness of issues that burden Africa such as government debt, trade barriers and AIDS.In line with Mohammad Yunus' idea to serve as a catalyst in the overall improvement of the socio-economic conditions for the poor who have been kept outside the banking orbit on the grounds that they are poor and hence not bankable, the vision of MyC4 is a world without poverty where everyone has the same access to knowledge, markets and capital. The goal is to create sustainable prosperity in Africa via the Internet, and the aims to remove barriers such as excessive interest rates that keep people in poverty. "MyC4" stands for something or somebody you care for. "C4" is also the name of a plastic explosive - a metaphor for the potential which lies in African entrepreneurship waiting to be triggered. With MyC4 everyone has the chance to become their own Mohammad Yunus, Bono or Bob Geldof.The United Nations (UN) has defined eight Millennium Development Goals to meet the needs of the world's poorest, but at the midway point between their adoption in 2000 and the 2015 target date, the UN predict that Sub-Saharan Africa will not achieve these goals.770 million people live in Sub-Saharan Africa and poverty is more severe here than in any other region of the world. Almost half the population of the region survives on less than USD 1 per day and to achieve the target of halving the extent of extreme poverty by 2015 would require the current pace to be nearly doubled. This is why MyC4 is focused on Sub-Saharan Africa. As once said by Kofi Annan: "There is a growing global consensus that we can reach the Millennium Development Goals only if business is part of the solution." In an environment characterised by non-transparency, barriers and unreasonable terms, MyC4 aims to build a sustainable platform for investments and other tools to end poverty by encouraging transparency, openness and trust. These are the core values of MyC4. They originate from a respect for everyone's right to build a good life and the wish to contribute to a better world. As such, MyC4 is only involved in ethical investments and does not finance the sale of toxic products, weapons, health-hazardous or illegal products, tobacco, alcohol and drugs. MyC4 has acquired membership of the UN Global Compact - a framework for businesses which are committed to align their operations and strategies with ten universally accepted principles in the areas of human rights, labour, environment and anti-corruption. As the world's largest global corporate citizenship initiative, the Global Compact is first and foremost concerned with exhibiting and building the social legitimacy of business and markets. In compliance with the Global Compact, the focal point of MyC4 can be summarised as: People, Profit and Planet. By focusing on the power of business as the driving force to end poverty, MyC4 aims to provide investors with a dynamic platform to create and support new enterprise and commercial innovation in Africa. Through modern technology MyC4 sources financing for the 'unfundable', bringing people together in business deals at the best market price with the Internet acting as a catalyst for change. As once stated by Bill Gates: "The Internet will help achieve 'friction free capitalism' by putting buyer and seller in direct contact and providing more information to both about each other."But MyC4 is not only a financial platform. As a hybrid between Grameen Bank, Wikipedia, MySpace and eBay, MyC4 offers an opportunity to invest money and knowledge in Africa's future by providing a forum for exchange of advice and knowledge with the purpose of growing and supporting entrepreneurism in Africa. Ultimately, MyC4 is striving to become a universal platform that unites capital, people and knowledge in a common pursuit of promoting sustainable businesses in Africa. The driving force is the joint wisdom of the collective, meaning that together we are stronger, better and wiser than alone. The goal of MyC4 is to become the first company in the world to be owned by the world. In essence this would mean 6.4 billion shareholders. At present, 6,734 investors from 68 countries have invested EUR 3.8 million in more than 2,300 businesses in Uganda, Ivory Coast and Kenya. By the end of 2008, MyC4 aims to reach 25,000 investors and facilitate investments of EUR 12.5 million in more than 5,000 African businesses.MyC4 is headquartered in Copenhagen, Denmark, and has an IT Development Center in Kampala, Uganda. MyC4 employs 22 people at its Danish office and ten people at its Ugandan office. Over the next three years, MyC4 is also aiming to sign up 12 new co-founders, named Musketeers, who - besides investing in the growth of MYC4 - will act as ambassadors and catalysts for MyC4. Besides the Musketeers, MyC4 has established advisory boards in Iceland, Sweden and Holland. More boards will be established in countries such as Norway, Uganda and Kenya as part of the company's ongoing development. For students who wish to work or study in Africa, MyC4 has initiated a volunteer exchange service accessible via myc4.com.
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MyC4 Frequently Asked Questions (FAQ)
When was MyC4 founded?
MyC4 was founded in 2006.
What is MyC4's latest funding round?
MyC4's latest funding round is Acquired.
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