With several failed attempts for foreign funding, the company, ESERB Limited, now operates as a modernised business enterprise with digital tools, streamlined processes, and renewed competitiveness. 

Speaking to the media during a visit by management of VFTC, Mr Emmanuel Ewool, the Chief Executive Officer (CEO), ESERB Limited, said the VCTF investment, through Impact Capital Advisors, turned their paperwork into a fully operational enterprise. 

“With financial backing and strategic guidance, the company was able to move beyond conceptual frameworks and begin production, hiring staff, and establishing systems that brought its vision to life from last year,” he said. 

He explained that they initially sought investment opportunities abroad, believing that international financiers would be more willing to support their venture, but that never materialised. 

“Through the Venture Capital Trust Fund, we were able to access the capital needed to launch our operations. This local financing not only provided the resources to grow but also underscores the importance of Ghanaian institutions in supporting indigenous businesses and fostering economic resilience,” Mr Ewool said. 

He emphasised VCTF’s support in addressing gaps in the business plan, including improved financial projections, and alignment with market realities, helping them to secure the financial assistance from Impact Capital Advisors to start the business in 2025. 

“This approval was more than a procedural breakthrough. It was a vote of confidence that validated the company’s vision and provided the foundation for its transformation into a thriving enterprise,” the CEO of the indigenous mattress manufacturing company said. 

He expressed optimism about future growth, saying they had been positioned to compete at a higher level, with systems in place to meet quality standards, scale production, and attract new partnerships that were previously out of reach. 

“As production and sales increase, the company will increase its staff capacity to 50 in the next three years, and run double shifts, with the aim of exporting mattresses and mattresses toppers into West Africa,” Mr Ewool said. 

Mr Michael Abbey, CEO of Venture Capital Trust Fund, said the investment by the Government-backed fund demonstrated their broader strategy of empowering Ghanaian SMEs to embrace innovation and the capability of patient capital in creating businesses and decent jobs. 

“This business started from scratch – ideation – and this is testament to what VCTF’s long-term capital can do in creating businesses in Ghana, which eventually create jobs and improve livelihoods,” Mr Abbey said. 

He said with the company securing its certification from the Ghana Standards Authority, it would enable them to produce more, even for the West African market, adding; “their transformation carries a broader implication for Ghana’s economy.” 

“We heard the founder talk about electricity supply and its one major thing we are already discussing with one of our portfolio companies being a solar installation company… so we could see how we integrate these things to help the operations and success of these SMEs we finance in Ghana,” the CEO said. 

He noted that the visit reflected the huge role the Fund played in building robust businesses and sustainable SMEs, who remained the backbone of the Ghanaian economy.