Story by Mfonobongo Nsehe for Forbes
According to a report by Kenya’s Business Daily, Lauder, who is worth about $3.8 billion, is offering Mobius Motors an undisclosed amount in debt which is convertible to equity. Mobius will use the money to assemble its first 50 units and establish a distribution network in Kenya.
Lauder is making the investment through his New York-based, African-focused investment vehicle,Pan African Investment Co (PIC), which makes impact investments in African companies providing solutions to some of Africa’s social problems. PIC was founded in the summer of 2012 by Lauder and Dick Parsons, TimeWarner’s former CEO (who was just appointed interim CEO of the Los Angeles Clippers basketball team). The company makes investments in the region of $1 – $5 million and is run by Dana Reed, an investment banker who has done stints at Goldman Sachs and JP Morgan.