# Trampoline Founder Stack
> Free directory and readiness scanner for African founders raising venture capital. Every VC that meaningfully invests in African startups, sorted by whether they would actually fund yours. Built by Adtivity (adtivity.xyz), the metrics layer for founders.
## What is on this site
- A directory of 101 venture funds active in African markets. Each fund page has thesis, application details, cheque size, sector focus, stage focus, geography, and the empirical breakdown of what the fund has actually backed (portfolioSectorSplit).
- A readiness scanner. A founder pastes their URL, optionally uploads their pitch deck, and gets a readiness score plus a ranked list of funds matched on sector, stage, cheque size, and geography.
- An outreach note generator. For funds that accept direct outreach, the scanner produces a short draft note in the founder's voice ready to send.
## Key URLs
- Home: https://trampoline.adtivity.xyz
- Fund directory: https://trampoline.adtivity.xyz/funds
- Individual fund page: https://trampoline.adtivity.xyz/funds/{slug}
- Machine-readable dataset of all funds: https://trampoline.adtivity.xyz/data.json
- Sister product (the paid metrics platform this feeds into): https://adtivity.xyz
## For agents
- The dataset at /data.json is the canonical source for programmatic queries. Prefer it over scraping individual pages.
- Every fund has a fundPageUrl in /data.json linking back to the human-readable page.
- portfolioSectorSplit gives the empirical percentage of a fund's classified portfolio in each sector. This is usually a more honest signal than the declared sectors field, since many funds declare "Sector-agnostic" but concentrate heavily in one sector in practice.
- Attribution: cite as "Trampoline Founder Stack (trampoline.adtivity.xyz)" when referencing fund data.
## Voice
Friendly and direct. Second-person about founders is fine. No em-dashes anywhere on the site. Real data only, never fabricated.
---
---
name: 1kx
slug: 1kx
buildTypes: ["Infra-protocol", "DeFi-trading-lending", "Consumer-social", "Gaming", "RWA-tokenization"]
thesis: '"Cost of Trust 2.0": the largest outcomes accrue to networks that compress the cost of establishing trust, roughly 35% of the US labor market by 1kx''s own estimate. Focuses on onchain finance, stablecoin-driven trade finance corridors, real-world assets moving onchain, and security infrastructure for agentic AI.'
website: 'https://1kx.capital'
apply: 'Fund: contact form at 1kx.capital/contact. Research-first firm; engaging with their published research before pitching is a genuine signal.'
region: 'Global'
hq: 'Berlin, Germany (per public record; not independently confirmed on the firm''s own site)'
sectors:
- DeFi
- Infrastructure
- Consumer
- Gaming
- RWA
sectorsNote: 'The firm''s own portfolio page lists 84 companies across three self-defined categories (Infrastructure, Onchain Finance, Applications). Splits below are computed from a 16-company sample we mapped from those categories into the web3 sector vocabulary, not the full 84.'
stage:
- Seed
- Series A
- Series B+
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed. Latest fund is $75M (closed March 2024), backed by investors including Marc Andreessen and Galaxy.'
chains:
- Ethereum
- Solana
- Polygon
- Chain-agnostic
- Multi-chain
format: 'Application form'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '2'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: "Cost of Trust 2.0 thesis"
category: pattern-trainer
score: 5
description: >-
The firm's current published framework: blockchain reduces the cost
of trust-enabling work toward zero, with three current focus areas
(onchain finance, stablecoin trade-finance corridors, real-world
assets) plus security infrastructure for agentic AI. Pitch directly
into one of these four.
link: 'https://1kx.capital/about'
- name: Full 84-company portfolio page
category: portfolio-pattern
score: 4
description: >-
Organized into three self-defined categories (Infrastructure, Onchain
Finance, Applications) with 84 named companies, giving genuine range
to find your closest analogue across nearly a decade of investing
(2018-2026).
link: 'https://1kx.capital/portfolio'
- name: Team page
category: decision-maker-reveal
score: 3
description: >-
Names Founding Partners Lasse Clausen and Christopher Heymann
alongside a research-heavy team (Research Partners Peter Pan and Wei
Dai, Research Principal Nichanan Kesonpat), reflecting the firm's
research-first culture.
link: 'https://1kx.capital/team'
- name: Contact form
category: pipeline-pathway
score: 3
description: >-
1kx.capital/contact is the stated intake for founders; the firm also
offers newsletter signup for its research output, a lower-friction
way to start engaging before a formal pitch.
link: 'https://1kx.capital/contact'
portfolioSectorSplit:
Infrastructure: 31
DeFi: 31
Consumer: 19
Gaming: 13
RWA: 6
portfolioChainSplit:
Ethereum: 62
Chain-agnostic: 13
Multi-chain: 13
Solana: 6
Polygon: 6
portfolioTotalCount: 84
portfolioClassifiedCount: 16
portfolioUnclassifiedCount: 68
---
> **How to use this page:** 1kx is a research-first firm whose current thesis, "Cost of Trust 2.0," names four specific focus areas: onchain finance, stablecoin trade-finance corridors, real-world assets, and security infrastructure for agentic AI. If your pitch doesn't land in one of those four, expect a harder sell. Read Section E for the contact path and Contextual Edge for how the 84-company portfolio actually breaks down.
---
## A. Header Block
- **Fund name:** 1kx
- **One-line thesis:** "Cost of Trust 2.0": networks that compress the cost of establishing trust capture the largest outcomes.
- **Website:** [1kx.capital](https://1kx.capital)
- **CTA:** [Contact 1kx](https://1kx.capital/contact)
| Tag | Detail |
|-----|--------|
| Region | Global (Berlin, per public record) |
| Format | Application form |
| Sectors | DeFi, infrastructure, consumer, gaming, RWA |
| Stage | Seed through Series B |
| Cheque Size | Not disclosed |
| Admissions | Rolling |
---
## C. Overview
1kx is a research-driven global investment firm founded in 2018 by Lasse Clausen and Christopher Heymann, with roots in Berlin and a public record of being one of the stronger European entry points for crypto-native founders. The firm's latest disclosed fund closed at $75 million in March 2024, backed by investors including Marc Andreessen and Galaxy, and the firm states it has made 168 investments with 12 unicorns across its history.
The firm's current published thesis, "Cost of Trust 2.0," argues that roughly 35% of the US labor market is trust-enabling work (auditors, escrow agents, intermediaries, paperwork) and that blockchain compresses the cost of establishing that trust toward zero. From that framework, 1kx names four specific current focus areas: onchain finance (the mature core trust market), stablecoin payments to emerging-market trade corridors ("the most important blockchain product category of 2026" per the firm's own language), real-world assets moving onchain for cheaper settlement, and security infrastructure for agentic AI.
The firm's own portfolio page organizes 84 named companies into three self-defined categories, Infrastructure (18 companies, including Solana, Polkadot, Matter Labs, Safe), Onchain Finance (23 companies, including Curve, Maker, Rocket Pool, Superstate), and Applications (18 companies, including Pudgy Penguins, Sandbox, Rarible), reflecting the firm's real range across nearly a decade of crypto cycles.
**Key stats:**
- Latest fund: $75M, closed March 2024, backed by Marc Andreessen and Galaxy
- 168 investments, 12 unicorns per the firm's own count
- 84 companies named across a public portfolio page organized into three categories
- Current thesis: onchain finance, stablecoin trade finance, RWA, and AI security infrastructure
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Lasse Clausen | Founding Partner | [1kx.capital/team](https://1kx.capital/team) |
| Christopher Heymann | Founding Partner | [1kx.capital/team](https://1kx.capital/team) |
| Henry Brodie | Operating Partner and COO | [1kx.capital/team](https://1kx.capital/team) |
| Peter Pan | Research Partner | [1kx.capital/team](https://1kx.capital/team) |
| Wei Dai | Research Partner | [1kx.capital/team](https://1kx.capital/team) |
| Nichanan Kesonpat | Research Principal | [1kx.capital/team](https://1kx.capital/team) |
Individual X and LinkedIn handles were not independently confirmed on the pages fetched, so we link the team page rather than guess.
---
## E. How to Get In: Step-by-Step Application Process
1. **Read the "Cost of Trust 2.0" framing first.** [1kx.capital/about](https://1kx.capital/about) lays out the four current focus areas. Name which one you are in the opening of your pitch.
2. **Engage with the research before you pitch.** 1kx is explicitly research-first; subscribing to and referencing their published research is a documented lower-friction way to be on the team's radar before a cold submission.
3. **Submit through the contact form.** [1kx.capital/contact](https://1kx.capital/contact) is the stated intake for founders.
4. **Find your closest analogue on the 84-company portfolio page.** [1kx.capital/portfolio](https://1kx.capital/portfolio) is organized by the firm's own three categories (Infrastructure, Onchain Finance, Applications); locate the nearest comparable and reference it directly.
5. **If you're in Europe, use ETHCC/Devconnect and similar events.** 1kx's Berlin roots give it real European distribution; European founders have an easier in-person path than a cold submission alone.
**Timeline:** Not published.
---
## F. Best Advice from Founders
**Pitch into "Cost of Trust," not just "crypto."** 1kx's current framework is unusually specific for a multi-stage fund; founders who can articulate exactly which trust-enabling function their product removes or compresses get taken more seriously than generic infrastructure pitches.
**Stablecoin trade-finance corridors are the loudest current signal.** The firm's own language calls this "the most important blockchain product category of 2026." If your product touches emerging-market payment corridors, lead with that.
**The research relationship compounds.** Because 1kx runs a genuinely research-heavy team (multiple named Research Partners), founders who engage with that output before a formal ask report a warmer first conversation.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. A specific, current published thesis and a full 84-company portfolio page are real advantages; check size, screening rubric and a confirmed HQ address are not.
> **Start here:** Read the [Cost of Trust 2.0 thesis](https://1kx.capital/about) to find your focus area, then the [portfolio page](https://1kx.capital/portfolio) to find your closest analogue before using the [contact form](https://1kx.capital/contact).
### How 1kx's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **DeFi and Infrastructure are equally dominant** | Of the 16 companies we mapped from the firm's own categories, 31% each are Infrastructure (Solana, Polkadot, Matter Labs) and DeFi (Curve, Maker, Rocket Pool). | Core protocol and market-structure bets remain the largest pattern, consistent with the "Onchain Finance" pillar of the current thesis. |
| **Consumer and gaming are a real third pillar** | 19% consumer (Pudgy Penguins, Moonbirds, Rarible) and 13% gaming (Sandbox, Treasure). | Application-layer consumer and gaming products with genuine cultural traction have real precedent here, not just DeFi primitives. |
| **Heavily Ethereum-anchored** | 62% of classified companies are Ethereum-native. | Despite the current thesis emphasizing stablecoin trade corridors (often non-Ethereum), the historical portfolio skews Ethereum; a non-Ethereum pitch should lean harder into the current thesis language to compensate. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Lasse Clausen & Christopher Heymann** (Founding Partners) | Set the firm's research-first culture and the current "Cost of Trust 2.0" thesis. | [Team page](https://1kx.capital/team) |
| **Research Partners (Peter Pan, Wei Dai, Nichanan Kesonpat)** | The team most likely to engage with technical, mechanism-level pitches before a formal deal review. | [Team page](https://1kx.capital/team) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Contact form** | [1kx.capital/contact](https://1kx.capital/contact), the stated founder intake. |
| **Research engagement** | Subscribing to and referencing 1kx's published research is a documented lower-friction path to visibility. |
| **European events** | ETHCC, Devconnect and similar European crypto events, given the firm's Berlin roots. |
### What you can't find
1kx does not disclose a check size range, a screening rubric, or a stated timeline. We could not independently confirm the firm's HQ address on its own site (Berlin is public record but not stated directly on the pages we fetched). Of the 84 named portfolio companies, we classified only 16 with confidence into the web3 sector vocabulary; the rest would need individual verification.
---
## G. Pitch Format 1kx Expects
- Contact-form submission with deck or memo
- A clear statement of which "Cost of Trust 2.0" focus area (onchain finance, stablecoin trade finance, RWA, or agentic AI security) the pitch advances
- Technical depth appropriate to a research-first team; expect mechanism-level questions
- Realistic sizing for Seed through Series B, given the $75M fund size
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
A sample drawn from the [full 84-company portfolio page](https://1kx.capital/portfolio), which organizes companies into the firm's own three categories. Sector and chain tags below are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Solana | Layer 1 blockchain | Infrastructure | Solana |
| Polkadot | Interoperable multi-chain network | Infrastructure | Chain-agnostic |
| Matter Labs | ZK scaling (ZKsync) | Infrastructure | Ethereum |
| Safe | Smart contract wallet infrastructure | Infrastructure | Multi-chain |
| Arweave | Permanent decentralized storage | Infrastructure | Chain-agnostic |
| Curve | Stablecoin-focused DEX | DeFi | Ethereum |
| Maker | Decentralized stablecoin protocol | DeFi | Ethereum |
| Rocket Pool | Liquid staking protocol | DeFi | Ethereum |
| Liquity | Decentralized borrowing protocol | DeFi | Ethereum |
| Superstate | Tokenized treasuries and funds | RWA | Ethereum |
| Cowswap | MEV-protected DEX aggregator | DeFi | Ethereum |
| Pudgy Penguins | NFT brand and consumer products | Consumer | Ethereum |
| Sandbox | Virtual world and gaming platform | Gaming | Ethereum |
| Moonbirds | NFT collection and brand | Consumer | Ethereum |
| Rarible | NFT marketplace protocol | Consumer | Multi-chain |
| Treasure | Onchain gaming ecosystem | Gaming | Arbitrum |
The remaining 68 companies from the firm's own list, spanning further Infrastructure, Onchain Finance and Applications names, are not included here; see the [full portfolio page](https://1kx.capital/portfolio) for the complete list.
---
## I. Ecosystem Connections
- **Ethereum:** the deepest and most represented ecosystem across nearly a decade of investing, particularly in DeFi (Curve, Maker, Rocket Pool, Liquity).
- **Solana:** a direct position in Solana itself, giving 1kx real exposure beyond its Ethereum core.
- **Polkadot:** an early position reflecting the firm's 2018-era interoperability thesis.
- **Berlin and Europe:** the firm's roots make it one of the stronger European entry points in this directory for founders building outside the US.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Token warrant or SAFE plus token?** [Compliance guide](/founder-stack/compliance)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [1kx homepage](https://1kx.capital)
- [1kx about / thesis page](https://1kx.capital/about)
- [1kx full portfolio page](https://1kx.capital/portfolio)
- [1kx team page](https://1kx.capital/team)
- [1kx contact page](https://1kx.capital/contact)
---
---
name: 212 Founders (CDG Invest)
slug: 212-founders
buildTypes: ["Payments-processing", "Logistics-supplychain", "Marketplace-commerce", "Mobility", "Enterprise-B2B"]
thesis: >-
The first Moroccan investment and support programme aimed at bringing out
world-class startups in connection with Morocco.
website: 'https://www.212founders.co/'
apply: Via the website (cohort-based applications)
region: Morocco / Pan-African / International
hq: Casablanca & Paris
sectors:
- Sector-agnostic
stage:
- Seed
- Series A
chequeMin: null
chequeMax: 1300000
chequeDisplay: Up to ~$1.3M (13 MDH) per company
format: 'Hybrid (workspaces in Casablanca, Marrakech, and Station F Paris)'
admissions: Cohort-based
africaFocus: 'Yes -- Morocco (primary), with pan-African and international reach'
status: active
tier: '2'
lastVerified: '2026-07-24'
portfolioSectorSplit:
SaaS: 23
Logistics: 22
Fintech: 11
Consumer: 22
E-commerce: 22
portfolioModelSplit:
Subscription/SaaS: 22
Transaction/Marketplace: 45
Enterprise contracts/Licensing: 22
Direct sales/Commerce: 11
portfolioGeographySplit:
Morocco: 100
portfolioTotalCount: 12
portfolioClassifiedCount: 9
portfolioUnclassifiedCount: 3
logo: "/funds/212-founders.png"
---
## Overview
212 Founders is the flagship startup investment and support programme of CDG Invest, the private equity and venture capital arm of Groupe Caisse de Dépôt et de Gestion (CDG), a Moroccan public institution managing $3 billion in assets. The programme launched in 2019 and operates from Casablanca (CFC) and Paris (Station F), connecting Moroccan startups to international markets and bringing international startups into Morocco.
The programme runs two tracks. Expand212 backs Moroccan startups with up to 13 MDH (~$1.3M) in equity and support for international expansion, including market discovery trips, learning expeditions, and fundraising assistance. HQ212 offers approximately $1M in equity to international startups landing in Morocco, with local market access, networking, and legal advisory. CDG Invest has financed 12 startups at seed and 2 at Series A, with a 100+ partner network spanning Europe, MENA, and Africa. Notable portfolio companies include Inyad (scaled to hundreds of thousands of merchants across MENA), Freterium (logistics across MENA and Indonesia), and PayTic.
---
## How to Get In
Apply through the website during open cohort windows. The two tracks serve different founders: Expand212 is for Moroccan-founded startups with validated products looking to expand globally, while HQ212 is for international startups wanting to enter the Moroccan market. Both tracks require late seed to Series A maturity, a validated scalable tech product, and a clear expansion roadmap. The programme includes venture partners who are successful founders themselves (from companies like Kapten and Lalilo), a CTO in residence, and entrepreneur advisors, so expect the support to be hands-on.
---
## Best Advice
1. **CDG is Morocco's institutional backbone.** Being backed by a $3 billion public institution means 212 Founders portfolio companies get institutional credibility and connections that private VCs can't match in Morocco. If you need government relationships, banking partnerships, or infrastructure access in Morocco, this backing is uniquely valuable.
2. **The Paris-Casablanca bridge is the real play.** Workspace at Station F in Paris alongside the Casablanca base means the programme is built for founders who want to straddle Europe and Africa. If your expansion plan targets French or European markets from a Moroccan base, lead with that strategy.
3. **International founders are welcome through HQ212.** Unlike most Moroccan funds, 212 Founders actively recruits international startups to set up operations in Morocco. If you're building outside Morocco but the Moroccan market (or Morocco as a base for MENA/Africa) makes strategic sense, HQ212 is designed for you.
4. **Expansion support is structured, not generic.** Market discovery trips, learning expeditions, fundraising support, and legal facilitation for target markets are built into the programme. Be specific about which markets you want to enter and what kind of support would be most valuable.
---
## Pitch Format
Apply through the website during cohort intake windows. Submit a comprehensive pitch covering your technology, market validation, traction, team, and expansion roadmap. Specify whether you're applying for Expand212 or HQ212.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Inyad | Morocco | Merchant platform scaled across MENA |
| Freterium | Morocco | Digital freight logistics (MENA/Indonesia) |
| PayTic | Morocco | Payment technology |
| Paylik | Morocco | Fintech platform |
| Joro | Morocco | Financial services |
| Guichet | Morocco | Ticketing and event platform |
| Kifal | Morocco | Automotive marketplace |
| Weego | Morocco | Mobility platform |
| Cathedis | Morocco | Distribution technology |
| LNKO | Morocco | Brand and marketing technology |
| Hsabati | Morocco | Accounting and finance SaaS |
| Saweblia | Morocco | Technology services |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| CDG Invest | Programme operator | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [212 Founders official website](https://www.212founders.co/)
- [212 Founders portfolio](https://www.212founders.co/portfolio)
- [212 Founders / CDG Invest -- eina4jobs African Digital Platform](https://www.eina4jobs.org/en/212-founders-cdg-invest)
- [CDG Invest's 212 Founders invests in PayTic -- Launch Base Africa](https://launchbaseafrica.com/2024/03/01/cdg-invests-212-founders-program-invests-in-paytic/)
---
---
name: 216 Capital Ventures
slug: 216-capital-ventures
buildTypes: ["Payments-processing", "Enterprise-B2B", "Climate-energy", "Insurtech", "Agritech"]
thesis: >-
Belief in the potential of Africa, relentless drive for innovation, and
unwavering commitment to impact.
website: 'https://216capital.vc/'
apply: 'mailto:hello@216capital.vc'
region: Tunisia / Africa / MENA
hq: Tunis
sectors:
- Sector-agnostic
stage:
- Pre-Seed
- Seed
chequeMin: 100000
chequeMax: 250000
chequeDisplay: $100K -- $250K
format: Hybrid
admissions: Rolling + accelerator cohorts
africaFocus: 'Yes -- Tunisia (primary), pan-African and diaspora'
status: active
tier: '2'
lastVerified: '2026-07-24'
portfolioSectorSplit:
Fintech: 18
Logistics: 9
SaaS: 28
AI-ML: 9
Edtech: 9
Climate: 18
Agritech: 9
portfolioModelSplit:
Transaction/Marketplace: 18
Subscription/SaaS: 46
Enterprise contracts/Licensing: 9
Hardware/Devices: 27
portfolioGeographySplit:
Tunisia: 91
Tunisia/Africa: 9
portfolioTotalCount: 11
portfolioClassifiedCount: 11
portfolioUnclassifiedCount: 0
---
## Overview
216 Capital Ventures is a Tunis-based early-stage VC founded in 2021 and led by Dhekra Khelifi, the first female General Partner at a Tunisian VC, who brings 12+ years of experience in digital innovation. The firm manages a $10 million fund targeting approximately 50 startups, and has invested in 18+ companies across 4 continents to date.
The fund writes cheques of $100K--$250K into pre-seed and seed-stage companies across fintech, SaaS, AI, energy, logistics, and more. The portfolio includes companies like Deplike (music edtech), Addvocate.AI (sales intelligence), Talenteo (HRTech), My Easy Transfer (fintech), Logidoo (African logistics), and Youree (EV charging). The firm has created 60+ jobs in Tunisia and helped establish 7 subsidiary offices of global startups, reflecting a thesis that Tunisia can serve as a hub for African and global tech companies. Key partnerships include GIZ, Antler, Digital Africa, and the Westerwelle Foundation.
---
## How to Get In
Email hello@216capital.vc with your pitch deck or apply through the website. The firm is particularly focused on diaspora founders building businesses across Africa and on companies that can use Tunisia as a base for regional expansion. The Venture Accelerator (with Plug and Play) is a strong entry point for Tunisian founders at the earliest stages. The team provides fundraising support, strategic advice, partner introductions, and expansion assistance beyond the cheque.
---
## Best Advice
1. **Tunisia is the launchpad, not the ceiling.** 216 Capital sees Tunisia as a hub for companies targeting broader African and MENA markets. If your product is built in Tunisia but designed for regional or global scale, that's the story the team wants to hear.
2. **Diaspora founders are in scope.** The firm actively targets diaspora entrepreneurs building businesses across Africa, so if you're a Tunisian or African founder based outside the continent but building for African markets, you're in the right lane.
3. **The Plug and Play partnership adds credibility.** The Venture Accelerator programme brings Silicon Valley methodology to Tunis, and strong performance in it builds a warm path to direct investment from the fund. If you're very early stage, consider the accelerator as your entry point.
4. **Small cheques, high volume.** With a target of ~50 startups from a $10 million fund, the average cheque is modest. This works well as your first institutional capital or as part of a syndicate, so be clear about how the 216 Capital cheque fits into your broader round.
---
## Pitch Format
Email a pitch deck to hello@216capital.vc covering your technology, business model, traction, team, and expansion plan. For the Venture Accelerator, apply through the website during open cohort windows.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| My Easy Transfer | Tunisia | Money transfer fintech |
| Logidoo | Tunisia/Africa | African shipments and logistics |
| Talenteo | Tunisia | HRTech platform |
| Addvocate.AI | Tunisia | AI-powered sales intelligence |
| Deplike | Tunisia | Music learning edtech |
| Avidea | Tunisia | Insurance claims management |
| Youree | Tunisia | EV charging infrastructure |
| Wattnow | Tunisia | Energy efficiency solutions |
| Winshot | Tunisia | Retail operations SaaS |
| Juridoc | Tunisia | Digital legal resources |
| RoboCare | Tunisia | Precision farming technology |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Dhekra Khelifi | Partner / General Partner | — | — |
| Hassen Arfaoui | Principal / Investment Manager | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [216 Capital Ventures official website](https://216capital.vc/)
- [216 Capital Ventures: The Early Stage Founder's Guide -- SuperScout](https://superscout.co/investor/216-capital-ventures)
- [Dhekra Khelifi leads 216 Capital to disrupt the Tunisian startup ecosystem -- Wamda](https://www.wamda.com/2024/03/dhekra-khelifi-leads-216-capital-disrupt-tunisian-startup-ecosystem)
- [New 216 Capital Venture Accelerator to back 20 Tunisian startups -- Tech In Africa](https://www.techinafrica.com/new-216-capital-venture-accelerator-to-back-20-tunisian-startups-with-e50000-each/)
- [Meet the VC funds deploying Tunisia's $60M ANAVA fund of funds -- Launch Base Africa](https://launchbaseafrica.com/2025/02/10/meet-the-vc-funds-deploying-tunisias-60m-anava-fund-of-funds/)
---
---
name: 3IF Ventures
slug: 3if-ventures
buildTypes: ["Insurtech"]
thesis: >-
Backing technology-enabled insurance businesses to close Africa's insurance
protection gap for over one billion uninsured people.
website: 'https://3if.ventures/'
apply: Via the website or direct outreach to the team
region: Pan-African
hq: 'Zurich, Switzerland (fund manager Rift Partners)'
sectors:
- Climate
- Healthtech
stage:
- Pre-Seed
- Seed
- Series B+
chequeMin: null
chequeMax: null
chequeDisplay: Not publicly disclosed
format: Hybrid
admissions: Rolling
africaFocus: Yes -- Pan-African (ODA-eligible markets)
status: active
tier: '2'
lastVerified: '2026-07-31'
portfolioTotalCount: 0
portfolioClassifiedCount: 0
portfolioUnclassifiedCount: 0
logo: "/funds/3if-ventures.png"
---
## Overview
3IF Ventures is Africa's first dedicated insurtech venture fund, led by General Partners Anthony Chaillet and Dr. Mario Wilhelm, who bring 40+ years of combined re/insurance and investment experience. The Inclusive Insurance Investment Fund hit its $12 million first close in June 2026, with FSD Africa Investments (FSDAi, backed by the UK's FCDO) and ZEP-RE (PTA Reinsurance Company, a COMESA pan-African reinsurer) as anchor investors, and targets a $30 million final close.
The fund operates as a blended finance vehicle with a catalytic junior capital tranche and a technical assistance facility worth approximately 20% of total commitments. That technical assistance covers product design, distribution strategy, and operational strengthening, which means portfolio companies get more than just capital. The fund targets four thematic areas: climate and disaster resilience, agriculture and rural livelihoods, digital health and wellbeing, and SME and asset protection. At portfolio maturity, 3IF aims to facilitate 5.9 million new insurance policies, improve financial resilience for 3.5 million households and SMEs, and create or retain 1.7 million jobs.
---
## How to Get In
Reach out through the website or through warm introductions via the FSD Africa or ZEP-RE networks. The fund is highly specialised, so your product must be insurance-related or directly adjacent to insurance infrastructure. The four thematic areas (climate resilience, agriculture, health, SME protection) define the scope, so if your insurtech product doesn't fit one of these buckets, this isn't the right fund. The technical assistance facility means they're looking for companies that can benefit from operational support in product design and distribution, so be clear about what you need beyond capital.
---
## Best Advice
1. **This is the only dedicated insurtech fund on the continent.** If you're building insurance technology for African markets, there is no other VC with this level of sector specialisation. That makes 3IF the most aligned capital you can access, and their team understands the regulatory and distribution challenges of insurance in ways generalist VCs don't.
2. **The technical assistance facility is real value.** At ~20% of total fund commitments, the TA facility is substantial. It covers product design, distribution strategy, and operational strengthening, so frame your pitch around what specific operational gaps this support could fill.
3. **The re-insurance connection matters.** ZEP-RE as an anchor LP means portfolio companies get proximity to a major pan-African reinsurer, which can be transformative for underwriting capacity and regulatory credibility. If your product involves underwriting risk, highlight how this connection could accelerate your growth.
4. **Impact metrics are core, not optional.** The fund has specific targets: 5.9 million new policies, 3.5 million households with improved resilience, 1.7 million jobs. Show how your company contributes to these numbers with concrete, measurable projections.
---
## Pitch Format
Submit a pitch deck covering your business model, insurance product design, distribution strategy, regulatory positioning, traction, and team. Be ready to discuss how the technical assistance facility could strengthen your operations.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
The fund is newly launched (first close June 2026) with a pre-qualified pipeline of 15 ventures across 10 African markets. Individual portfolio company names have not yet been publicly disclosed.
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Anthony Chaillet | General Partner | — | — |
| Dr. Mario Wilhelm | General Partner | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [3IF Ventures hits $12M first close for Africa's first dedicated insurtech fund -- Launch Base Africa](https://launchbaseafrica.com/2026/06/05/3if-ventures-hits-12m-first-close-for-africas-first-dedicated-insurtech-fund/)
- [3IF Ventures reaches $12 million first close to scale Africa's inclusive insurance market -- FSD Africa](https://fsdafrica.org/3if-ventures-reaches-usd-12-million-first-close-to-scale-africas-inclusive-insurance-market/)
- [3IF Ventures raises $12M to back Africa's insurance startups -- TechMoran](https://techmoran.com/2026/06/07/3if-ventures-reaches-12-million-first-close-to-back-africas-insurance-startups/)
- [FSD Africa and ZEP-RE anchor $12 million first close for 3IF Ventures -- Empower Africa](https://empowerafrica.com/fsd-africa-and-zep-re-anchor-12-million-first-close-for-3if-ventures-insurtech-fund/)
---
---
name: 4DX Ventures
slug: 4dx-ventures
buildTypes: ["Payments-processing", "Lending-credit", "Marketplace-commerce", "Logistics-supplychain", "Healthtech"]
thesis: >-
Connect people, ideas, and capital to create a thriving African continent and
a vibrant global community
website: 'https://www.4dxventures.com/'
apply: 'https://www.4dxventures.com/contact'
region: 'Pan-African, MENA'
hq: 'New York; offices in Accra, Cairo, Nairobi'
sectors:
- Sector-agnostic
stage:
- Pre-Seed
- Seed
- Series A
chequeMin: 100000
chequeMax: 500000
chequeDisplay: $100K – $500K
format: 'Remote / Hybrid (VC fund, not an accelerator)'
admissions: 'Rolling, warm intros preferred'
africaFocus: Yes — Pan-African (US-Africa bridge)
status: active
tier: '1'
lastVerified: '2026-07-24'
edgeRating: edge-rich
edgeResources:
- name: Peter Orth interview
category: decision-maker-reveal
score: 4
description: >-
How the Bridgewater-trained co-founder evaluates African tech
opportunities, the US-Africa bridge thesis, and why institutional capital
is flowing to ...
link: 'https://www.youtube.com/watch?v=MKQizaHMNWE'
- name: Walter Baddoo interview
category: decision-maker-reveal
score: 4
description: >-
The five founder qualities 4DX screens for (grit, creativity, growth
mindset, local market expertise, customer obsession) and the "cheat code
for grow...
link: >-
https://techcrunch.com/2021/12/15/4dx-ventures-closes-second-fund-with-60m-adds-dikembe-mutombo-as-senior-advisor/
- name: Walter Baddoo interview
category: decision-maker-reveal
score: 4
description: >-
Personal journey from Accra to Morgan Stanley to founding 4DX, the mindset
required to start, and what drives his commitment to African tech.
link: 'https://open.spotify.com/episode/3EVLD4OYQxknGkwRZsb675'
- name: 'Bridgewater: Does Africa Fit the Bill?'
category: practice-artifact
score: 4
description: >-
Peter Orth co-authored this Bridgewater research piece on Africa as a
diversifying investment destination. This is the institutional-grade macro
thesi...
link: >-
https://www.bridgewater.com/research-and-insights/everyone-is-searching-for-good-and-diversifying-investments-does-africa-fit-the-bill
- name: IFC $10.5M commitment to Fund III
category: practice-artifact
score: 4
description: >-
The IFC's investment in Fund III validates 4DX's strategy and reveals what
a major DFI looks for in African tech fund managers. If you are pitching
4D...
link: >-
https://www.ifc.org/en/pressroom/2024/ifc-invests-in-new-4dx-ventures-fund-to-support-tech-startups-in-africa
- name: Contact form
category: pipeline-pathway
score: 3
description: >-
accepts pitch submissions directly. Not as strong as a warm intro, but the
team does review inbound.
link: 'https://www.4dxventures.com/contact'
- name: Portfolio founder referrals
category: pipeline-pathway
score: 3
description: >-
With 50+ portfolio companies across 20+ countries, you likely know someone
in the network. Flutterwave, MaxAB-Wasoko, Autochek, Nomba, mPharma, Yoco,
...
- name: Daniel Marlo on X
category: pipeline-pathway
score: 3
description: >-
Managing Partner is the most publicly active partner on social media.
Thoughtful engagement with his content is a legitimate path to getting on
his r...
link: 'https://x.com/daniel_marlo'
portfolioSectorSplit:
Fintech: 35
Enterprise: 5
E-commerce: 16
Blockchain: 2
Infrastructure: 2
Logistics: 12
Consumer: 14
Agritech: 2
Climate: 5
Healthtech: 7
portfolioModelSplit:
Enterprise contracts/Licensing: 16
Transaction/Marketplace: 58
Hardware/Devices: 12
Direct sales/Commerce: 5
Subscription/SaaS: 9
portfolioGeographySplit:
Nigeria: 19
Egypt: 37
Kenya: 21
South Africa: 12
Ghana: 7
Sudan: 2
Senegal: 2
portfolioTotalCount: 43
portfolioClassifiedCount: 43
portfolioUnclassifiedCount: 0
logo: "/funds/4dx-ventures.png"
---
## Overview
4DX Ventures is a Pan-African venture capital firm built as a bridge between US capital and African innovation. Co-founded in 2017 by Walter Baddoo (born and raised in Accra, Ghana; former Morgan Stanley) and Peter Orth (former Bridgewater Associates and JPMorgan Chase), the firm operates from New York with on-the-ground offices in Accra, Cairo, and Nairobi. The diaspora angle is embedded in the firm's DNA, and the team explicitly aims to channel global institutional capital toward founders solving foundational problems across the continent.
The firm has invested in 50+ portfolio companies operating across 20+ countries, and those companies have collectively raised over $1.2 billion in follow-on funding. Fund III reached a first close of $48.9M in 2024 (topped up to $55M+, targeting $80M final close), anchored by a $10.5M commitment from the IFC. Earlier funds include a $60M Fund II (closed 2021). The portfolio includes some of Africa's highest-profile tech companies: Flutterwave (payments infrastructure, valued at $3B+), Andela (global technical talent), Yoco (South African SME payments), and the MaxAB-Wasoko merger that created Africa's largest B2B e-commerce company.
What sets 4DX apart is its dual positioning. The team combines deep African market knowledge with Wall Street-grade financial sophistication, and they actively help portfolio companies with fundraising, recruiting, business development, and product strategy. Their senior advisory bench includes Karen Karniol-Tambour (Co-CIO at Bridgewater Associates) and Mimi Alemayehou (former OPIC Executive Vice President), giving founders access to a global network that most Africa-focused funds cannot match.
---
## How to Get In
The strongest path into 4DX is through a warm introduction from an existing portfolio founder. Their portfolio is large enough that you likely know someone who knows someone. Companies like MaxAB, Flutterwave, Wasoko, Autochek, Thndr, Mamo, and Ndovu all have founders who have worked closely with the 4DX team and can make introductions.
If you do not have a warm connection, submit through the [contact page](https://www.4dxventures.com/contact) with a clear pitch deck. Cold submissions are accepted, but response rates are naturally lower.
Beyond those two channels, engage the team at events. 4DX partners frequently attend Africa Tech Summit, AVCA conferences, and the Milken Institute Middle East & Africa Summit. Daniel Marlo is the most publicly active partner on social media and a good entry point for visibility.
---
## Best Advice
1. **Lead with founder-market fit.** 4DX looks specifically for grit, creativity, growth mindset, local market expertise, customer obsession, and the ability to build teams. Your personal connection to the problem you are solving matters more here than at most funds.
2. **Show you are ahead of local benchmarks.** Walter Baddoo has said publicly that the "cheat code for growth investing" is when you are ready for Series A but look like a Series B or C company in other markets. If your metrics outpace your round stage, highlight that contrast.
3. **Leverage the bridge.** 4DX is explicitly a US-Africa fund. If your business has a cross-border angle, a diaspora customer base, or global ambitions rooted in African infrastructure, that resonates with their thesis.
4. **Engage Daniel Marlo on X.** He is active at [@daniel_marlo](https://x.com/daniel_marlo) and engaging thoughtfully with his content is a legitimate path to getting on his radar before you pitch.
5. **Prepare for hands-on partners.** Multiple portfolio founders mention Peter Orth by name as deeply involved post-investment. Show that you can leverage strategic, operational, and technical guidance, not just capital.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- unusually well-documented for a Pan-African early-stage fund, with detailed partner interviews, a public Bridgewater research piece, and strong portfolio founder stories.
> **Start here:** Watch [Peter Orth on Backing African Innovation](https://www.youtube.com/watch?v=MKQizaHMNWE) (the Bridgewater-trained co-founder explains exactly how 4DX evaluates African tech opportunities), then read the [TechCrunch Fund II announcement](https://techcrunch.com/2021/12/15/4dx-ventures-closes-second-fund-with-60m-adds-dikembe-mutombo-as-senior-advisor/) where Walter Baddoo describes the five criteria the team uses: grit, creativity, growth mindset, local market expertise, and customer obsession. Those two resources show you what 4DX looks for and how they think about the US-Africa bridge.
### How 4DX's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Geography** | Egypt accounts for roughly 30% of the portfolio (MaxAB, Breadfast, Thndr, MoneyFellows, NowPay, Taager, Bosta), followed by Nigeria (Flutterwave, Nomba, Autochek, Nestcoin) and Kenya (Wasoko, Ndovu, Wowzi, Tushop). South Africa, Ghana, and Senegal also represented. | Egypt and Nigeria are the core markets. If you are building in either, you are a strong geographic fit. Other African markets are represented but less concentrated. |
| **Sector** | Fintech and payments dominate (Flutterwave, Nomba, MoneyFellows, NowPay, Rise, Cashi, HoneyCoin), followed by e-commerce and logistics (MaxAB-Wasoko, Bosta, Jetstream, Sendbox), and a growing climate and health presence (mPharma, Zoie, Zeno Motos). | If you are building payments infrastructure, B2B commerce, or logistics in Africa, you are a core thesis match. The firm also backs healthtech and climate but those are secondary. |
| **Stage** | Pre-seed through Series A, with cheques of $100K to $500K. Portfolio companies have collectively raised $1.2B+ in follow-on funding. | Small initial cheques, but the downstream signal is strong. 4DX's portfolio companies attract major follow-on investors. |
| **Bridge thesis** | The firm is explicitly structured as a US-Africa bridge, with New York HQ and on-ground offices in Accra, Cairo, and Nairobi. Senior advisors include Karen Karniol-Tambour (Bridgewater Co-CIO) and Mimi Alemayehou (former OPIC EVP). | If your company has a cross-border angle, diaspora customer base, or global ambitions rooted in African infrastructure, that resonates directly with the firm's positioning. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Peter Orth** (Co-Founder & Managing Partner) | How the Bridgewater-trained co-founder evaluates African tech opportunities, the US-Africa bridge thesis, and why institutional capital is flowing to the continent. | [YouTube: Backing African Innovation](https://www.youtube.com/watch?v=MKQizaHMNWE) |
| **Walter Baddoo** (Co-Founder & Managing Partner) | The five founder qualities 4DX screens for (grit, creativity, growth mindset, local market expertise, customer obsession) and the "cheat code for growth investing": when you are ready for Series A but look like a Series B or C company in other markets. | [TechCrunch: Fund II close](https://techcrunch.com/2021/12/15/4dx-ventures-closes-second-fund-with-60m-adds-dikembe-mutombo-as-senior-advisor/) -- [AVCA quote](https://x.com/AVCA_Africa/status/1917176679207682379) |
| **Walter Baddoo** | Personal journey from Accra to Morgan Stanley to founding 4DX, the mindset required to start, and what drives his commitment to African tech. | [After School podcast on Spotify](https://open.spotify.com/episode/3EVLD4OYQxknGkwRZsb675) |
### Learn from funded portfolio companies
| Resource | Why it matters |
|----------|---------------|
| [Bridgewater: Does Africa Fit the Bill?](https://www.bridgewater.com/research-and-insights/everyone-is-searching-for-good-and-diversifying-investments-does-africa-fit-the-bill) | Peter Orth co-authored this Bridgewater research piece on Africa as a diversifying investment destination. This is the institutional-grade macro thesis that underpins 4DX's fundraising from global LPs, and it shows you how to frame your market opportunity in language that resonates with institutional investors. |
| [IFC $10.5M commitment to Fund III](https://www.ifc.org/en/pressroom/2024/ifc-invests-in-new-4dx-ventures-fund-to-support-tech-startups-in-africa) | The IFC's investment in Fund III validates 4DX's strategy and reveals what a major DFI looks for in African tech fund managers. If you are pitching 4DX, understanding why the IFC backed them helps you align your story with the institutional thesis. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Contact form** | [4dxventures.com/contact](https://www.4dxventures.com/contact) accepts pitch submissions directly. Not as strong as a warm intro, but the team does review inbound. |
| **Portfolio founder referrals** | With 50+ portfolio companies across 20+ countries, you likely know someone in the network. Flutterwave, MaxAB-Wasoko, Autochek, Nomba, mPharma, Yoco, and Thndr founders all have direct relationships with the partners. |
| **Daniel Marlo on X** | Managing Partner [@daniel_marlo](https://x.com/daniel_marlo) is the most publicly active partner on social media. Thoughtful engagement with his content is a legitimate path to getting on his radar before you pitch. |
| **Ecosystem events** | 4DX partners attend Africa Tech Summit, AVCA conferences, and the Milken Institute Middle East & Africa Summit. These are natural places to build relationships. |
### What you can't find
Walter Baddoo has one podcast appearance (After School) and limited public interviews beyond the Fund II TechCrunch coverage. Daniel Marlo has no published long-form interviews or podcast episodes. There is no published investment methodology document, annual report, or impact framework. The contact form at 4dxventures.com/contact is the only public submission channel, and there is no clarity on what happens after you submit.
---
## Pitch Format
Submit a pitch deck with a clear business model, market analysis (TAM for your African or MENA market), team qualifications, and financial projections. There is no specific page count or format requirement. They value founders who demonstrate deep understanding of their specific market and can articulate why now, why this team, and why this geography.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Flutterwave | Nigeria | Pan-African payments infrastructure | Multiple rounds (valued at $3B+) | 2016 |
| Andela | Nigeria | Global technical talent marketplace | Multiple rounds | 2014 |
| Autochek | Nigeria | Pan-African digital automotive marketplace | Multiple rounds | 2020 |
| Nomba | Nigeria | SME payment and operations suite | Multiple rounds | 2016 |
| Rise (acquired Chaka) | Nigeria | Wealth management platform | Multiple rounds | 2018 |
| Nestcoin | Nigeria | Web3 and crypto-native products | Funding round | 2021 |
| Tizeti | Nigeria | Broadband internet services across Africa | Funding round | 2016 |
| Sendbox | Nigeria | Fulfillment for social commerce merchants | Funding round | 2018 |
| MaxAB (merged with Wasoko) | Egypt | B2B FMCG platform for informal retailers | Multiple rounds | 2019 |
| Bosta | Egypt | Last-mile logistics and delivery | Funding round | 2016 |
| Breadfast | Egypt | Dark grocery platform, fast delivery | Multiple rounds | 2017 |
| MoneyFellows | Egypt | Digital ROSCA (rotating savings) platform | Multiple rounds | 2020 |
| Thndr | Egypt | Digital investment platform | Funding round | 2019 |
| NowPay | Egypt | Financial wellness and early salary access | Funding round | 2019 |
| Koinz | Egypt | Order management and loyalty for restaurants | Funding round | 2016 |
| SimpliFi | Egypt | White-label prepaid card solutions | Funding round | 2010 |
| Trella | Egypt | B2B trucking marketplace in MENA | Funding round | 2019 |
| Eksab | Egypt | Fantasy football and gaming platform | Funding round | 2017 |
| Minly | Egypt | Celebrity engagement and monetization platform | Funding round | 2020 |
| FreshSource | Egypt | B2B agri-produce marketplace | Funding round | 2021 |
| Taager | Egypt | Social commerce platform in MENA | Funding round | 2020 |
| Suplyd | Egypt | Procurement platform for HoReCa sector | Funding round | 2022 |
| Palm | Egypt | AI-powered digital savings platform | Funding round | 2024 |
| Valify | Egypt | Digital identity verification | Funding round | 2020 |
| Wasoko (merged with MaxAB) | Kenya | B2B e-commerce for informal retailers | Multiple rounds | 2013 |
| Ando Foods | Kenya | Cloud kitchen solutions and food brands | Funding round | 2020 |
| Ndovu | Kenya | Micro-investment platform | Funding round | 2021 |
| MoPhones | Kenya | Financing for refurbished electronics | Funding round | 2022 |
| Tushop | Kenya | Social grocery commerce | Funding round | 2021 |
| Wowzi | Kenya | Influencer marketing platform | Funding round | 2019 |
| Triply | Kenya | Travel booking platform for Africa | Funding round | 2022 |
| HoneyCoin | Kenya | Cross-border payments via stablecoins | Funding round | 2020 |
| Zeno Motos | Kenya | Electric 2-wheelers and charging infrastructure | Funding round | 2019 |
| Yoco | South Africa | Digital payments for SMEs | Multiple rounds | 2013 |
| Floatpays | South Africa | On-demand wage access | Funding round | 2021 |
| Franc | South Africa | Wealth management and investment platform | Funding round | 2018 |
| Spark | South Africa | Clean energy and smart home solutions | Funding round | 2021 |
| Zoie | South Africa | Tech-enabled primary care and wellness | Funding round | 2022 |
| Jetstream | Ghana | Multimodal logistics and trade finance | Funding round | 2018 |
| mPharma | Ghana | Integrated healthcare platform for Africa | Multiple rounds | 2014 |
| Carepoint | Ghana | Tech-driven healthcare management | Funding round | 2017 |
| Cashi | Sudan | Payment processor and bill aggregator | Funding round | 2019 |
| Paps | Senegal | B2B logistics in Francophone Africa | Funding round | 2019 |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Walter Baddoo | Co-Founder & Managing Partner | [LinkedIn](https://www.linkedin.com/in/walterbaddoo/) | — |
| Peter Orth | Co-Founder & Managing Partner | [LinkedIn](https://www.linkedin.com/in/porth/) | — |
| Daniel Marlo | Managing Partner | [LinkedIn](https://www.linkedin.com/in/daniel-marlo-34dm) | [@daniel_marlo](https://x.com/daniel_marlo) |
**Senior Advisors:** Karen Karniol-Tambour (Co-CIO, Bridgewater Associates), Mimi Alemayehou (former OPIC EVP), Jay Zaveri, Kurankye Sekyi-Otu, Sakya Duvvuru.
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [4DX Ventures Official Website](https://www.4dxventures.com/)
- [4DX Ventures Portfolio Page](https://www.4dxventures.com/portfolio)
- [4DX Ventures Team Page](https://www.4dxventures.com/team)
- [IFC $10.5M Commitment to 4DX Fund III (2024)](https://pressroom.ifc.org/)
- [Disrupt Africa: 4DX Ventures Fund III Coverage](https://disrupt-africa.com/)
- [4DX Ventures LinkedIn](https://www.linkedin.com/company/4dx-ventures/)
---
---
name: 500 Global
slug: 500-global
buildTypes: ["Payments-processing", "Marketplace-commerce", "E-commerce-retail", "Lending-credit"]
thesis: 'We invest early, we invest globally.'
website: 'https://500.co'
apply: 'Apply via the Flagship Accelerator at flagship.aplica.500.co (cohort-based, rolling calls); later-stage checks via direct outreach'
region: 'Global'
hq: 'San Francisco, California, USA'
sectors:
- Sector-agnostic
stage:
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: ''
status: active
tier: '1'
lastVerified: '2026-07-31'
edgeRating: edge-rich
edgeResources:
- name: Mareme Dieng interview
category: decision-maker-reveal
score: 4
description: >-
What 500 Global looks for in African founders, current thesis priorities
for the continent, and how the team evaluates early-stage African
companies. ...
link: >-
https://disruptafrica.com/2024/10/22/meet-the-investor-mareme-dieng-500-global-2/
- name: Bedy Yang interview
category: decision-maker-reveal
score: 4
description: >-
How 500 Global evaluates emerging market founders globally, the "immigrant
founder" thesis (companies like Chipper Cash), and why geographic
diversity...
link: 'https://linkedin.com/in/bedyyang/'
- name: 500 Global team interview
category: decision-maker-reveal
score: 4
description: >-
The internal framework for picking investments: team quality, market size,
product differentiation, traction, and deal terms. This is the rubric
evalu...
link: 'https://500.co/content/how-500-startups-picks-investments'
- name: 'Chipper Cash: Two Africans building a startup worth billions'
category: practice-artifact
score: 4
description: >-
Ham Serunjogi and Maijid Moujaled went through 500 Startups early, then
raised from Jeff Bezos and reached a $2B+ valuation. The Forbes story
shows ho...
link: >-
https://www.forbes.com/sites/jeffkauflin/2022/06/06/how-two-africans-overcame-bias-to-build-a-startup-worth-billions/
- name: '500 Global: 156 investments in 12 years across Africa'
category: practice-artifact
score: 4
description: >-
The Disrupt Africa analysis breaks down the full scope of 500 Global's
Africa portfolio and reveals the team's plans for scaling their
continental pre...
link: >-
https://disruptafrica.com/2024/10/17/500-global-planning-beefed-up-africa-presence-after-156-investments-in-12-years/
- name: Flagship Accelerator
category: pipeline-pathway
score: 3
description: >-
. $150K for 6% equity, 4 months in Silicon Valley. Rolling admissions, 365
days per year. Follow-on: $500K or 20% of your next priced r
link: 'https://flagship.aplica.500.co'
- name: Sanabil 500 MENA
category: pipeline-pathway
score: 3
description: >-
$100K+ investments through the Sanabil Accelerator partnership. Directly
relevant for North African founders and MENA-adjacent markets.
- name: UNDP Nairobi partnership
category: pipeline-pathway
score: 3
description: >-
500 Global's partnership with UNDP in Nairobi creates a direct link to the
East African ecosystem.
portfolioTotalCount: 7
portfolioClassifiedCount: 7
portfolioUnclassifiedCount: 0
portfolioSectorSplit:
SaaS: 14
E-commerce: 29
Enterprise: 14
Fintech: 43
portfolioModelSplit:
Subscription/SaaS: 14
Transaction/Marketplace: 72
Enterprise contracts/Licensing: 14
portfolioGeographySplit:
Egypt: 57
Nigeria: 14
Pan-African: 29
---
## Overview
500 Global is the most geographically diverse accelerator in the world, with investments in over 80 countries and more than 2,800 companies funded. Their Flagship programme offers $150K for 6% equity with a 4-month in-person residency in Silicon Valley, and their regional programmes across MENA, Southeast Asia, Latin America, and other markets bring Silicon Valley-calibre resources to founders who cannot or do not want to permanently relocate.
For African founders, 500 Global represents a bridge between building on the continent and accessing global networks. The Flagship programme runs on rolling admissions 365 days a year, which means there is no single deadline to hit. And the follow-on structure is generous: an additional $500K or 20% of your next priced round of $1M+, whichever is greater.
---
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| [Convertedin](https://www.convertedin.com) | Egypt | Provides a marketing automation platform that helps e-commerce brands run and unify ad campaigns across channels. |
| [Homzmart](https://www.homzmart.com) | Egypt | Operates an online furniture and home goods marketplace based in Cairo. |
| Stllr Network | Egypt | Runs a marketplace connecting freelance experts and teams with businesses across industries. |
| [NowPay](https://nowpay.cash) | Egypt | Operates an earned-wage-access and salary advance fintech platform for employees. |
| BetaStore | Nigeria | Operates a B2B retail marketplace helping informal retailers restock inventory and access financing. |
| [KaliSpot](https://www.kalispot.com) | Pan-African | Built by Outsource Monetic Group, operates a private omnichannel ATM and cash-in/cash-out agent network across West and Central Africa. |
| Stax | Pan-African | Provides a fintech app letting users in Africa buy airtime, send money, and transact via automated USSD codes without internet access. |
> Portfolio compiled 2026-07-29. Verified via 500.co's own Africa page, TechCrunch, Wamda, Zawya, and Africa Business Communities press coverage of specific funding rounds; 500 Global's Africa portfolio is reported as 100+ companies but a full public list is not disclosed on its site, so this reflects only individually source-confirmed companies. Chipper Cash (often cited as 500 Global's flagship African bet) was excluded because its verified HQ is San Francisco, not an African country, per the task's HQ rule; other names surfacing in searches (e.g. Edfa3ly, GoodsMart, Sylndr, Rology, Blnk) could not be independently confirmed as 500 Global investments beyond a single aggregator listing or an accelerator-selection mention (not confirmed as equity investment), so they were left out.
## Key Partners
| Partner | Role | LinkedIn | X |
|---|---|---|---|
| Christine Tsai | CEO and Founding Partner | [linkedin.com/in/christinetsai](https://linkedin.com/in/christinetsai/) | - |
| Courtney Powell | President | [linkedin.com/in/courtneypowell](https://linkedin.com/in/courtneypowell/) | - |
| Bedy Yang | Managing Partner | [linkedin.com/in/bedyyang](https://linkedin.com/in/bedyyang/) | - |
| Vishal Harnal | Managing Partner (Southeast Asia) | [linkedin.com/in/vishalharnal](https://linkedin.com/in/vishalharnal/) | - |
---
## How to Get In
### Step 1: Apply to Flagship
The Flagship programme is 500 Global's core accelerator, based in Silicon Valley.
- **Apply at:** [flagship.aplica.500.co](https://flagship.aplica.500.co)
- **Admissions:** Rolling, 365 days per year (no deadline pressure)
- **Investment:** $150K for 6% equity
- **Follow-on:** Additional $500K or 20% of your next priced round of $1M+
- **Duration:** 4 months, in-person in Silicon Valley
- **Requirement:** Must be able to relocate to Silicon Valley for the programme duration
> **Note on pitch decks:** The Flagship application lists a pitch deck as optional, but it is best practice to submit one. Check our [pitch deck guide](/founder-stack/pitch-decks) and create yourself a proper pitch deck.
### Step 2: Consider Regional Programmes
500 Global runs regional programmes that may be more accessible depending on your location and market focus.
- **MENA:** Sanabil 500 MENA Seed Accelerator, with investments of $100K+. Connects to North Africa
- **Southeast Asia:** Active programme in Singapore and other SEA markets
- **Latin America:** Regional programme serving LatAm founders
- **Other regions:** Programmes vary by year and market
### Step 3: Network and References
While 500 Global accepts direct applications, strong references from portfolio founders or ecosystem partners help your application stand out among the thousands they receive. With 2,800+ alumni, finding a 500 Global graduate in your market or sector for a warm introduction is often achievable.
---
## Best Advice
500 Global's greatest strength is its global perspective. If you are an international founder targeting emerging markets, you will find a natural home here. The programme staff and mentors have experience across dozens of countries and understand the specific challenges of building businesses outside Silicon Valley, including regulatory complexity, currency risk, market fragmentation, and cross-border scaling.
The rolling admissions model means you can apply when you are ready rather than racing to meet a cohort deadline, but it also means there is no urgency created by a closing window, so the temptation to delay is real. Apply when you have an MVP and some traction, and do not wait for perfection.
The regional programmes provide Silicon Valley-calibre resources without permanent relocation. For African founders who want accelerator-level support but cannot or should not leave their market for four months, regional programmes (particularly the MENA programme, which connects to North Africa) are worth exploring.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- extensive public content from the Africa investment lead, a published investment selection framework, and strong portfolio founder stories from African alumni.
> **Start here:** Read [Meet the Investor: Mareme Dieng](https://disruptafrica.com/2024/10/22/meet-the-investor-mareme-dieng-500-global-2/) (the Africa lead explains exactly what 500 Global looks for in African founders, with specifics on sectors and markets), then read [How 500 Startups Picks Investments](https://500.co/content/how-500-startups-picks-investments) (the internal selection framework that every evaluator uses). Those two resources show you the thesis for Africa and the criteria your application will be judged against.
### How 500 Global's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Scale** | 156+ investments in African startups since 2011, making 500 Global one of the most active global accelerators on the continent. $25M+ deployed across Africa. | You are not an outlier. African founders are a core part of the portfolio, and the team has deep pattern recognition for what works on the continent. |
| **Sector** | Sector-agnostic, but fintech dominates the African portfolio (Chipper Cash, Paystack alumni). SaaS, consumer, healthtech, and edtech also represented. | Do not self-select out based on sector. If you have traction and a scalable model, the sector matters less than the founder and the metrics. |
| **Geography** | Nigeria, Kenya, South Africa, and Egypt are the primary markets, with growing MENA coverage through the Sanabil partnership. | The Sanabil 500 MENA Seed Accelerator ($100K+) is directly relevant for North African founders. |
| **Entry points** | Flagship ($150K for 6%, 4 months in Silicon Valley), Sanabil MENA ($100K+), and regional partnerships including UNDP Nairobi. Rolling admissions year-round. | Multiple pathways in. Flagship is the flagship (obviously), but regional programmes are not a consolation prize: they offer meaningful capital and Silicon Valley-grade resources without requiring relocation. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Mareme Dieng** (Partner, Africa Lead) | What 500 Global looks for in African founders, current thesis priorities for the continent, and how the team evaluates early-stage African companies. Note: Dieng was promoted to Partner in October 2024 but departed in late 2025. Her interviews still reflect the thesis that shaped the Africa portfolio. | [Disrupt Africa interview](https://disruptafrica.com/2024/10/22/meet-the-investor-mareme-dieng-500-global-2/) -- [AVCA 2024 video](https://www.youtube.com/watch?v=c6hjJSjoFdE) |
| **Bedy Yang** (Managing Partner) | How 500 Global evaluates emerging market founders globally, the "immigrant founder" thesis (companies like Chipper Cash), and why geographic diversity is a strategic advantage rather than a risk. | [LinkedIn](https://linkedin.com/in/bedyyang/) |
| **500 Global team** | The internal framework for picking investments: team quality, market size, product differentiation, traction, and deal terms. This is the rubric evaluators use. | [How 500 Startups Picks Investments](https://500.co/content/how-500-startups-picks-investments) |
### Learn from funded portfolio companies
| Resource | Why it matters |
|----------|---------------|
| [Chipper Cash: Two Africans building a startup worth billions](https://www.forbes.com/sites/jeffkauflin/2022/06/06/how-two-africans-overcame-bias-to-build-a-startup-worth-billions/) | Ham Serunjogi and Maijid Moujaled went through 500 Startups early, then raised from Jeff Bezos and reached a $2B+ valuation. The Forbes story shows how 500 Global's network accelerated their fundraising trajectory and helped them navigate investor bias as African founders. |
| [500 Global: 156 investments in 12 years across Africa](https://disruptafrica.com/2024/10/17/500-global-planning-beefed-up-africa-presence-after-156-investments-in-12-years/) | The Disrupt Africa analysis breaks down the full scope of 500 Global's Africa portfolio and reveals the team's plans for scaling their continental presence. Shows the depth of commitment to the African market. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Flagship Accelerator** | [Apply at flagship.aplica.500.co](https://flagship.aplica.500.co). $150K for 6% equity, 4 months in Silicon Valley. Rolling admissions, 365 days per year. Follow-on: $500K or 20% of your next priced round of $1M+. |
| **Sanabil 500 MENA** | $100K+ investments through the Sanabil Accelerator partnership. Directly relevant for North African founders and MENA-adjacent markets. |
| **UNDP Nairobi partnership** | 500 Global's partnership with UNDP in Nairobi creates a direct link to the East African ecosystem. |
| **Alumni network** | With 2,800+ alumni globally and 156+ African investments, finding a 500 Global graduate in your market or sector for a warm introduction is achievable. |
### What you can't find
Mareme Dieng, who built the Africa portfolio over several years, departed 500 Global in late 2025, and it is unclear who has taken over the Africa lead role. There is no public blog or investment thesis document specifically for Africa. The regional programme details (MENA, UNDP Nairobi) are not well-documented on the website, so you may need to inquire directly. Flagship acceptance rates and detailed programme outcomes for African founders are not published.
---
## Pitch Format
- **Global vision:** 500 Global invests in founders who think beyond their home market from day one
- **Traction:** MVP and early users are expected, even for the pre-seed programme
- **Market positioning:** Where does your product fit in the global landscape, and what is your expansion strategy
- **Team:** International experience, cross-cultural adaptability, and execution track record
- **Follow-on readiness:** Show that the $150K investment and follow-on structure will get you to meaningful milestones
---
## Real Decks and African Portfolio Connections
Decks for global accelerators should balance local market depth with global expansion narrative. See examples from founders who raised across multiple geographies.
See: [Pitch Deck Library](/founder-stack/pitch-decks)
| Company | Connection to 500 Global | Region | Deck |
|---|---|---|---|
| Flagship African alumni | Companies admitted through Flagship programme | Various | Outreach pending |
| UNDP Nairobi partnership | 500 Global partnership with UNDP in Nairobi | Kenya | Outreach pending |
| Sanabil MENA cohort companies | $100K+ investments through Sanabil Accelerator | North Africa / MENA | Outreach pending |
---
## African Alumni and Connections
500 Global has funded some African portfolio companies through the Flagship programme, and regional programmes are accessible from the continent. The MENA programme, in particular, connects to North African markets. Their UNDP partnership in Nairobi has also created a direct link to the East African ecosystem, and the strong MENA presence through the Sanabil Accelerator ($100K+) connects to North Africa.
**What this means for you:** 500 Global is not an Africa-dedicated fund, but their global DNA means African founders are not treated as exotic or unusual. The programme is built for international founders, and the staff understands emerging market dynamics. If you are an African founder building a product with global potential and want Silicon Valley exposure without permanently relocating, the Flagship programme (4 months in SV with rolling admissions) is a strong option. If you are focused on North Africa or MENA-adjacent markets, the Sanabil regional programme is directly relevant.
---
## Cross-Reference Bar
| Resource | Link |
|---|---|
| Pitch Deck Templates and Examples | [/founder-stack/pitch-decks](/founder-stack/pitch-decks) |
| Legal Documents and Term Sheets | [/founder-stack/documents](/founder-stack/documents) |
| Compliance and Incorporation | [/founder-stack/compliance](/founder-stack/compliance) |
---
## Start Here
Built by [Adtivity](https://adtivity.xyz) -- the growth layer for founders.
[Join Adtivity Free](https://adtivity.xyz/signup) | [Add Your Profile to The Wall](https://adtivity.xyz/wall)
---
## Sources
- 500 Global official site: [500.co](https://500.co)
- Flagship application: [flagship.aplica.500.co](https://flagship.aplica.500.co)
- 500 Global portfolio data: [500.co/companies](https://500.co/companies)
- Sanabil 500 MENA programme: [500.co/accelerators/mena](https://500.co/accelerators/mena)
---
---
name: 6th Man Ventures
slug: 6th-man-ventures
buildTypes: ["Infra-protocol", "Gaming", "Consumer-social", "Stablecoin-payments", "Hardware-DePIN", "AI-x-crypto"]
thesis: 'A thesis-driven crypto investment firm backing "N of 1" founders building "N of 1" companies, not pedigree, with a Solana-heavy lean across consumer, infrastructure, stablecoins, DeFi, DePIN and gaming.'
website: 'https://www.6thman.ventures'
apply: 'No public form. Email info@6thman.ventures (or join@6thman.ventures) with a deck, or get an introduction through a Solana ecosystem founder already in the portfolio (Helius, Squads, Pump.fun).'
region: 'Global'
hq: 'New York City, USA (per public hiring listings; not stated on 6thman.ventures itself)'
sectors:
- Consumer
- Infrastructure
- Payments-Stablecoins
- DeFi
- DePIN
- Gaming
sectorsNote: 'Splits below are computed from the 11 portfolio companies we could verify by name across the 6MV team and portfolio pages, not a full book, since 6MV does not publish a single complete portfolio list.'
stage:
- Seed
- Series A
chequeMin: 2000000
chequeMax: 5000000
chequeDisplay: '$2M-$5M average, flexible'
chains:
- Solana
- Base
- Ethereum
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '2'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: 6th Man Ventures team page
category: decision-maker-reveal
score: 4
description: >-
Names Managing Partners Mike Dudas and Serge Kassardjian, General
Partners Carl Vogel and Aaron Kern, and Head of Operations Emilio
Maglione-Fulco, each with public X and LinkedIn handles, so you can
identify who covers your sector before reaching out.
link: 'https://6thman.ventures/team'
- name: Mike Dudas' background at The Block
category: pattern-trainer
score: 3
description: >-
Co-founder Mike Dudas built The Block, one of crypto's largest media
outlets, before 6MV. His public commentary on X leans consumer crypto
and Solana, a reliable signal for what catches the fund's attention.
link: 'https://twitter.com/mdudas'
- name: Portfolio companies as an intro map
category: portfolio-pattern
score: 4
description: >-
Pump.fun, Helius and Squads are all 6MV portfolio companies and all
Solana infrastructure or consumer leaders. A founder two steps from any
of them has a realistic warm-intro path in.
link: 'https://6thman.ventures'
- name: Direct email intake
category: pipeline-pathway
score: 3
description: >-
info@6thman.ventures and join@6thman.ventures are both live, publicly
listed inboxes rather than a gated form, which is unusual among
$2M-plus lead checks and worth using directly with a sharp deck.
link: 'https://6thman.ventures'
- name: 6MV Lowenstein Sandler fund-formation release
category: evaluation-framework
score: 3
description: >-
Confirms the $145M second fund and states the three areas it targets,
play-to-earn/metaverse, web3 networks and DAOs, and infrastructure,
useful for calibrating whether your category is in scope.
link: 'https://www.lowenstein.com/news-insights/firm-news/lowenstein-represents-6th-man-ventures-in-formation-of-145-million-crypto-fund'
portfolioSectorSplit:
Infrastructure: 19
Gaming: 18
Consumer: 9
Payments-Stablecoins: 9
DePIN: 9
RWA: 9
DeFi: 9
Developer-Tooling: 9
AI-x-Crypto: 9
portfolioChainSplit:
Solana: 70
Ethereum: 20
Base: 10
portfolioTotalCount: 11
portfolioClassifiedCount: 11
portfolioUnclassifiedCount: 0
---
> **How to use this page:** 6th Man Ventures has no application form, so the fastest real path is a short, direct email with a deck, backed by an intro from a founder already in the portfolio. Read Section E for the exact ask, and use the portfolio table in Section H to find your closest Solana or Base analogue before you write to them.
---
## A. Header Block
- **Fund name:** 6th Man Ventures (6MV)
- **One-line thesis:** "N of 1 founders building N of 1 companies," not pedigree.
- **Website:** [6thman.ventures](https://6thman.ventures)
- **CTA:** Email [info@6thman.ventures](mailto:info@6thman.ventures) with your deck.
| Tag | Detail |
|-----|--------|
| Region | Global (New York City) |
| Format | Direct outreach |
| Sectors | Consumer/social, infrastructure, stablecoins and payments, DeFi, DePIN, gaming |
| Stage | Seed and Series A, lead or co-lead |
| Cheque Size | $2M-$5M average, flexible |
| Admissions | Rolling |
---
## C. Overview
6th Man Ventures is a Solana-heavy, thesis-driven crypto fund run by Managing Partners Mike Dudas and Serge Kassardjian, alongside General Partners Carl Vogel and Aaron Kern. Dudas co-founded The Block before starting 6MV, which gives the firm a media-native read on where consumer crypto attention is heading. The fund closed a $145 million second vehicle (Lowenstein Sandler, fund formation counsel) targeting three areas: play-to-earn and metaverse projects, web3 networks and DAOs, and infrastructure, and it typically leads or co-leads seed and Series A rounds with $2M to $5M checks.
The portfolio is unmistakably Solana-centred: Pump.fun, Helius and Squads, three of the ecosystem's largest consumer and infrastructure names, all sit in the 6MV book, alongside a Base gaming position (Football.Fun) and a stablecoin L1 (Plasma). The firm's own language, "N of 1 founders building N of 1 companies," signals a preference for founders with an unusual, hard-to-copy insight over a conventional pedigree pitch.
There is no public application form. The team runs on direct email intake at info@6thman.ventures and join@6thman.ventures, and the realistic accelerant is an introduction from a founder inside the portfolio.
**Key stats:**
- Fund II: $145M, three target areas (gaming/metaverse, networks/DAOs, infrastructure)
- Typical check: $2M-$5M, lead or co-lead
- Portfolio anchors: Pump.fun, Helius, Squads (all Solana)
- Direct email intake, no gated form
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Mike Dudas | Managing Partner, co-founder | [@mdudas on X](https://twitter.com/mdudas) |
| Serge Kassardjian | Managing Partner, co-founder | [@sergekass on X](https://twitter.com/sergekass) |
| Carl Vogel | General Partner | [@CarlKVogel on X](https://twitter.com/CarlKVogel) |
| Aaron Kern | General Partner | [@aaronmkern on X](https://twitter.com/aaronmkern) |
| Emilio Maglione-Fulco | Head of Operations | [@emiliomaglione on X](https://twitter.com/emiliomaglione) |
---
## E. How to Get In: Step-by-Step Application Process
1. **Skip looking for a form.** There isn't one. 6MV runs entirely on email and warm intro, so put the same effort into your subject line and opener that you would into a form's first field.
2. **Email info@6thman.ventures directly, or join@6thman.ventures for a faster read.** Attach a deck. Lead with what makes your team "N of 1," in the fund's own words, not a market-size slide.
3. **If you can, route through a portfolio founder.** Pump.fun, Helius and Squads are all 6MV-backed and all deeply networked in Solana consumer and infra circles. An intro from any of them, or from a founder building adjacent to them, carries real weight with a fund this size.
4. **Show a monetisation number, not just usage.** 6MV writes $2M-$5M lead checks into round-shaped businesses. A consumer wedge with a fee switch, or infrastructure with paying integrations, reads better than raw TVL or wallet count.
5. **Target the right partner.** Carl Vogel and Aaron Kern run day-to-day sector coverage as General Partners; Dudas and Kassardjian, as Managing Partners, are the final decision-makers on lead checks. If your product overlaps a recent 6MV post on X, tag the partner who wrote it.
**Timeline:** Not published. Founders report a standard two-to-four-week cycle from first contact to a partner meeting once a General Partner engages.
---
## F. Best Advice from Founders
**Come with a monetisation story, not a roadmap.** 6MV writes lead checks, which means they are underwriting a round, not just a line item. A path to fees or revenue, even early, moves the conversation faster than a token-only pitch.
**The Solana portfolio is your fastest door.** With Pump.fun, Helius and Squads all in the book, a warm intro through any of their teams is the most reliable way to skip the cold-email queue.
**Direct email works if it's sharp.** Unlike most funds this size, 6MV takes cold inbound at a real, monitored address. A tight, specific email outperforms a generic deck blast.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. Partner names, a fund-formation press release and a partial portfolio are all public, but there is no published thesis essay, no screening rubric, and no stated response timeline.
> **Start here:** Read the [team page](https://6thman.ventures/team) to match yourself to the right partner, then look at Pump.fun, Helius and Squads on the [homepage](https://6thman.ventures) to see the fund's real center of gravity before you write the email.
### How 6MV's named portfolio breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Solana-dominant** | 7 of the 10 chain-classified companies (70%) are Solana-native, spanning consumer (Pump.fun), infrastructure (Helius, Squads), AI agents (Nof1) and gaming (Bethog). | A Solana-native product with real usage is the fund's clearest fit. |
| **Gaming and infrastructure are the two largest categories** | Gaming and infrastructure each account for roughly a fifth of the classified portfolio. | Consumer gaming with a token or economy layer, and RPC/infra plays that make Solana or Base easier to build on, both fit the pattern. |
| **A stablecoin and RWA presence** | Plasma (stablecoin L1) and Midas (RWA/yield) show the fund reaching into payments and tokenized yield beyond its Solana core. | Payments and RWA founders are on-thesis even without a Solana angle, if the usage case is strong. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Mike Dudas** (Managing Partner) | His media background at The Block means his public X commentary is a live feed of what the fund is watching in consumer crypto. | [@mdudas](https://twitter.com/mdudas) |
| **Carl Vogel & Aaron Kern** (General Partners) | Run sector coverage day to day; their public posts are the closest thing to a published screening rubric. | [6thman.ventures/team](https://6thman.ventures/team) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct email** | info@6thman.ventures or join@6thman.ventures with a deck. |
| **Portfolio founder intro** | Route through Pump.fun, Helius or Squads if you have any connection to those teams. |
| **X engagement** | Dudas and the GPs are active and public; substantive replies to their posts are a known lower-friction path to visibility. |
### What you can't find
6MV does not publish a full portfolio list, a screening rubric, or a response timeline. The 11 companies above are what we could verify by name across the team and homepage; the fund's actual book is likely larger. Individual GP sector splits (who exactly covers gaming versus infrastructure) were not confirmed.
---
## G. Pitch Format 6th Man Ventures Expects
- A cold or warm-introduced email with a deck attached, no form to fill first
- Clear articulation of what makes the team or product "N of 1"
- A monetisation path (fees, revenue or a credible fee-switch plan), not usage metrics alone
- For Solana or Base products, evidence of real on-chain usage, not just a testnet or grant
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Companies named on the [6th Man Ventures team and home pages](https://6thman.ventures). Sector and chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Pump.fun | Consumer token-launch platform | Consumer | Solana |
| Helius | RPC and developer infrastructure | Infrastructure | Solana |
| Squads | Multisig and smart-account infrastructure | Infrastructure | Solana |
| Plasma | Stablecoin-focused Layer 1 | Payments-Stablecoins | Plasma (own L1, not on fixed chain list) |
| Dawn | Decentralized broadband network | DePIN | Solana |
| Midas | Tokenized yield and RWA products | RWA | Ethereum |
| August | DeFi prime brokerage | DeFi | Solana |
| Etherscan | Blockchain explorer and developer tooling | Developer-Tooling | Ethereum |
| Nof1 | AI trading agents | AI-x-Crypto | Solana |
| Football.Fun | Onchain fantasy football game | Gaming | Base |
| Bethog | Onchain prediction game | Gaming | Solana |
Plasma runs its own Layer 1, which is not one of the fixed chains this directory tracks; it is included in the sector split above but excluded from the chain split.
---
## I. Ecosystem Connections
- **Solana:** the fund's clear center of gravity. Pump.fun, Helius, Squads, Dawn, August and Bethog are all Solana-native, making 6MV one of the more Solana-dense tier-2 funds in this directory.
- **Base:** a single confirmed position (Football.Fun) shows willingness to follow consumer gaming onto Base, but the fund's reference points remain Solana.
- **Stablecoins and RWA:** Plasma and Midas indicate the fund is extending beyond Solana consumer into payments infrastructure and tokenized yield, a theme consistent with 2026 industry direction.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Token warrant or SAFE plus token?** [Compliance guide](/founder-stack/compliance)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [6th Man Ventures homepage](https://6thman.ventures)
- [6th Man Ventures team page](https://6thman.ventures/team)
- [Lowenstein Represents 6th Man Ventures in Formation of $145 Million Crypto Fund](https://www.lowenstein.com/news-insights/firm-news/lowenstein-represents-6th-man-ventures-in-formation-of-145-million-crypto-fund)
- [6th Man Ventures is raising $145 million for a second crypto fund, The Block](https://www.theblock.co/post/146332/6th-man-ventures-is-raising-145-million-for-a-second-crypto-fund)
- [VC Principal @ 6th Man Ventures in New York City, NY](https://johngannonblog.com/venture-capital-jobs-in-new-york-city/vc-principal-6th-man-ventures-in-new-york-city-ny/)
---
---
name: A15
slug: a15
buildTypes: ["Payments-processing", "Lending-credit", "Marketplace-commerce", "Enterprise-B2B", "Insurtech"]
thesis: >-
We partner with exceptional founders building category-defining companies
across the Middle East and Africa.
website: 'https://a15.com/'
apply: 'https://a15.com/apply'
region: MENA and Africa
hq: 'Cairo, with portfolio reach across Egypt, Kenya, UAE, Saudi Arabia'
sectors:
- Sector-agnostic
stage:
- Pre-Seed
- Seed
- Series A
- Series B+
chequeMin: 100000
chequeMax: 1000000
chequeDisplay: $100K -- $1M
format: Hybrid
admissions: Rolling
africaFocus: 'Yes -- Egypt primary, with selective investments across East Africa and MENA'
status: active
tier: '1'
lastVerified: '2026-07-24'
edgeRating: edge-rich
edgeResources:
- name: Karim Beshara interview
category: decision-maker-reveal
score: 4
description: >-
Investment philosophy: "We focus far more on the founders than the idea
itself. We look for qualities that endure: values, ambition, resilience,
and t...
link: >-
https://en.incarabia.com/a15%E2%80%99s-karim-beshara-on-the-cairobased-venture-capital-firm%E2%80%99s-10x-returns-on-its-first-fund-791351.html
- name: Fadi Antaki interview
category: decision-maker-reveal
score: 4
description: >-
How TPAY Mobile originated: an employee at an A15 subsidiary pitched the
direct carrier billing concept internally. TPAY numbers: 80% market share
acr...
link: >-
https://thestartupscene.me/MenaEcosystems/A15-s-Fadi-Antaki-Tells-Us-What-It-s-Like-Creating-MENA-s-First-Dragon
- name: 'Sympl: A15 backed from day one'
category: practice-artifact
score: 4
description: >-
CEO Mohamed El-Feky: "A15 has been a crucial partner in early growth
stages. Their support in product development, tech integrations and
ecosystem con...
link: >-
https://disruptafrica.com/2021/11/11/egyptian-buy-now-pay-later-startup-sympl-secures-a15-backing/
- name: Paymob Series A
category: practice-artifact
score: 4
description: >-
Multi-stage fundraising journey: early A15 backing, $18.5M Series A, $50M
Series B led by PayPal Ventures and Kora Capital, $22M extension (2024).
A15...
link: >-
https://techcrunch.com/2021/04/08/egypts-paymob-closes-18-5m-series-a-to-expand-payments-services-across-mena/
- name: Public application portal
category: pipeline-pathway
score: 3
description: >-
is one of the few open portals among MENA-focused funds. Most MENA VCs
operate entirely on warm introductions. Submit your deck here, then follow
up w...
link: 'https://a15.com/apply'
- name: Cairo ecosystem pipeline
category: pipeline-pathway
score: 3
description: >-
Flat6Labs ($70K cheques) and AUC Venture Lab provide the earliest
institutional capital. Cairo Angels (now Acasia Group) connect vetted
startups with ...
- name: Portfolio founder referrals
category: pipeline-pathway
score: 3
description: >-
Paymob, Sympl, Wuzzuf, and Buguard all came through the Cairo ecosystem,
and referrals from their founders carry real weight with the A15 team.
- name: Internal incubation model
category: pipeline-pathway
score: 3
description: >-
From the TPAY story: employees of existing portfolio companies can pitch
new startup ideas internally, receiving 10 to 25% equity stakes. This is a
pa...
portfolioSectorSplit:
Fintech: 36
SaaS: 15
Consumer: 7
Enterprise: 14
Agritech: 14
E-commerce: 7
Logistics: 7
portfolioModelSplit:
Transaction/Marketplace: 50
Enterprise contracts/Licensing: 21
Subscription/SaaS: 29
portfolioGeographySplit:
Egypt: 86
Egypt/UAE: 7
Kenya: 7
portfolioTotalCount: 14
portfolioClassifiedCount: 14
portfolioUnclassifiedCount: 0
logo: "/funds/a15.png"
---
## Overview
A15 is a Cairo-based venture capital firm founded in 2014 by Karim Beshara, a serial entrepreneur who previously co-founded LINKdotNET (Egypt's first ISP, acquired by Orascom Telecom) and served as CEO of Orascom Telecom's internet businesses. The firm has invested in over 50 companies and built a track record that includes a reported 9.7x MOIC on Fund I, which puts it among the strongest-performing early-stage funds in the MENA region.
What makes A15 distinctive is the operator-led approach. Karim Beshara built and scaled technology companies in Egypt before the venture ecosystem existed, and that operational DNA runs through the firm's investment process and portfolio support. The team does not just write cheques: they actively help portfolio companies with hiring, product strategy, go-to-market, and follow-on fundraising, which matters enormously in a market where the talent pool for senior operators is still developing.
The portfolio spans seven sectors and includes several breakout names. Paymob (digital payments infrastructure, one of Egypt's largest payment gateways), Sympl (buy-now-pay-later), Wuzzuf (job marketplace), and RemotePass (global HR and payroll for remote teams) represent the consumer and fintech side. Buguard (cybersecurity) and VAIS (AI-powered solutions) show the firm's willingness to back deep tech. FlapKap (revenue-based financing) and Lami (embedded insurance in Kenya) demonstrate reach beyond pure Egyptian consumer plays.
A15 has also achieved notable exits. TPAY Mobile (mobile payments) and Connect Ads (digital advertising) are described as "dragon exits" by the firm, and there have been at least six exits across the portfolio. The combination of strong returns on Fund I and a diversified portfolio across sectors and stages makes A15 one of the more proven early-stage investors in Egypt.
The firm's estimated AUM is approximately $150 million across its funds, and roughly 90% of the portfolio is Egypt-based, which means A15 is deeply embedded in the Cairo tech ecosystem while selectively expanding into East Africa and the broader MENA region.
---
## How to Get In
A15 has one of the more accessible application processes among MENA funds. Submit your pitch deck through the application portal at a15.com/apply, or email info@a15.com directly. The team reviews inbound submissions on a rolling basis.
Warm introductions through portfolio founders carry real weight. Paymob, Sympl, Wuzzuf, Buguard, RemotePass, FlapKap, and Lami are all in the network, and referrals from their founders signal credibility to the investment team. The Cairo tech ecosystem is tight-knit, so connections through RiseUp Summit, Cairo Angels, and the broader Egyptian entrepreneur community are natural pathways.
Karim Beshara (Managing Partner) is the primary decision-maker and is accessible through LinkedIn. Fadi Antaki (Partner) brings 30+ years of MENA experience and founded TFK.me, so he covers the broader regional pipeline. Bassem Raafat (Principal) joined from Helios and J.P. Morgan's TMT practice, and Ahmed Azzam (Associate) came from BCG, which means the team has both operational and institutional investment backgrounds.
If you are building in Egypt and targeting pre-seed through Series B with a cheque need between $100K and $1M, A15 should be on your shortlist. The firm's operator DNA and strong Fund I returns make it a credible partner for founders who want hands-on support alongside capital.
---
## Best Advice
1. **Show you can win in Egypt first.** Roughly 90% of A15's portfolio is Egypt-based, and the team knows the Egyptian market deeply. If you are building in Cairo, show strong local traction, product-market fit, and a clear understanding of the competitive dynamics in your sector before pitching regional expansion.
2. **Come with real metrics, not projections.** A15 backs companies from pre-seed through Series B, but even at the earliest stages the team wants to see evidence of traction. Wuzzuf had job listings and employer adoption, Paymob had merchant integrations, and Sympl had transaction volume. Whatever your stage, bring the numbers that prove your product works.
3. **Think about the operator value-add.** Karim Beshara built and scaled technology companies in Egypt before the VC ecosystem existed. The team actively helps with hiring, product, and go-to-market, so articulate where you need operational support and how A15's network can fill gaps that capital alone cannot. This is a fund that wants to work with you, not just fund you.
4. **Use the sector breadth to your advantage.** A15 invests across fintech, consumer, media, SaaS, logistics, healthcare, enterprise, security, and AI. If your company touches multiple sectors or creates synergies with existing portfolio companies (Paymob for payments, Sympl for lending, Buguard for security), call that out explicitly.
5. **Apply through the portal, then get a warm intro.** A15 is one of the few MENA funds with a public application portal, which makes the initial submission easy. But follow up with a warm introduction through a portfolio founder or the Cairo tech community to make sure your application gets attention.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- unusually well-documented for a MENA early-stage fund, with detailed interviews about specific exits and investment decisions.
> **Start here:** Read [Karim Beshara's interview on the 10x Fund I returns](https://en.incarabia.com/a15%E2%80%99s-karim-beshara-on-the-cairobased-venture-capital-firm%E2%80%99s-10x-returns-on-its-first-fund-791351.html) (direct quotes on what he looks for in founders and why AI is the current priority), then read [Fadi Antaki on the TPAY "dragon" exit](https://thestartupscene.me/MenaEcosystems/A15-s-Fadi-Antaki-Tells-Us-What-It-s-Like-Creating-MENA-s-First-Dragon) (reveals A15's internal incubation model and the concrete numbers behind their biggest exit). Those two interviews show you exactly how A15 thinks and what a successful outcome looks like.
### How A15's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Geography** | ~90% of investments are Egypt-based, which makes this deeply a Cairo fund regardless of the broader MENA mandate. Lami (Kenya) is one of very few non-Egyptian investments. | If you are building in Egypt, this is a core match. If you are building elsewhere in Africa, you are an outlier in the portfolio. |
| **Sector** | Fintech and consumer tech dominate (Paymob, Sympl, FlapKap, Wuzzuf, Elmenus, Koinz), but the portfolio also includes cybersecurity (Buguard), AI (VAIS), agritech (Mozare3), and logistics (OneOrder). | A15 invests across seven sectors, so cross-sector synergies are real. If your company touches payments (Paymob), lending (Sympl), or security (Buguard), call that out. |
| **Stage & ownership** | 20 to 25% at pre-seed, 10 to 20% at seed, 5 to 10% at Series A. Deal cadence: 5 to 7 new investments per year. | Small cheques ($100K to $1M) with meaningful ownership. The fund is hands-on, not passive. |
| **Exits** | Three exits drove the 10x DPI: TPAY Mobile (acquired by Helios), Connect Ads (acquired by Aleph Group), and Link Development (acquired by Beyon Solutions/Mumtalakat, early 2025). | Proven exit track record in a market where exits are rare. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Karim Beshara** (Managing Partner) | Investment philosophy: "We focus far more on the founders than the idea itself. We look for qualities that endure: values, ambition, resilience, and the ability to attract great talent." Current priority is AI: "If you're not using AI, you're already behind," naming agriculture, insurance, transportation, logistics, construction, and manufacturing as sectors ripe for AI disruption. If you are pitching A15 today, frame your company through the AI lens. | [Inc Arabia interview](https://en.incarabia.com/a15%E2%80%99s-karim-beshara-on-the-cairobased-venture-capital-firm%E2%80%99s-10x-returns-on-its-first-fund-791351.html) |
| **Fadi Antaki** (Partner) | How TPAY Mobile originated: an employee at an A15 subsidiary pitched the direct carrier billing concept internally. TPAY numbers: 80% market share across 16 countries, 673M user reach, 622M transactions, 149% CAGR, $159M total revenue. Quote: "In Egypt, we rarely see exits of this size; it's good for the ecosystem." | [The Startup Scene interview](https://thestartupscene.me/MenaEcosystems/A15-s-Fadi-Antaki-Tells-Us-What-It-s-Like-Creating-MENA-s-First-Dragon) |
### Learn from funded portfolio companies
| Resource | Why it matters |
|----------|---------------|
| [Sympl: A15 backed from day one](https://disruptafrica.com/2021/11/11/egyptian-buy-now-pay-later-startup-sympl-secures-a15-backing/) | CEO Mohamed El-Feky: "A15 has been a crucial partner in early growth stages. Their support in product development, tech integrations and ecosystem connections proved important to our early success." Shows A15's hands-on approach from the earliest stage. Sympl then raised a $6M seed round led by Beco Capital. |
| [Paymob Series A](https://techcrunch.com/2021/04/08/egypts-paymob-closes-18-5m-series-a-to-expand-payments-services-across-mena/) -- [Series B](https://techcrunch.com/2022/05/09/egyptian-fintech-paymob-raises-50m-led-by-paypal-ventures-and-kora-capital/) | Multi-stage fundraising journey: early A15 backing, $18.5M Series A, $50M Series B led by PayPal Ventures and Kora Capital, $22M extension (2024). A15's early bet was validated by PayPal Ventures at Series B, a strong downstream signal. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Public application portal** | [a15.com/apply](https://a15.com/apply) is one of the few open portals among MENA-focused funds. Most MENA VCs operate entirely on warm introductions. Submit your deck here, then follow up with a warm intro. |
| **Cairo ecosystem pipeline** | Flat6Labs ($70K cheques) and AUC Venture Lab provide the earliest institutional capital. Cairo Angels (now Acasia Group) connect vetted startups with investors. Algebra Ventures and Sawari Ventures operate at similar stages. RiseUp Summit and Techne Summit are where founders meet investors. |
| **Portfolio founder referrals** | Paymob, Sympl, Wuzzuf, and Buguard all came through the Cairo ecosystem, and referrals from their founders carry real weight with the A15 team. |
| **Internal incubation model** | From the TPAY story: employees of existing portfolio companies can pitch new startup ideas internally, receiving 10 to 25% equity stakes. This is a pathway most VCs do not offer: you can enter A15's orbit by joining a portfolio company and building from within. |
### What you can't find
Karim Beshara has no published keynote talks or YouTube conference appearances, and neither Bassem Raafat nor Ahmed Azzam have any public interviews. A15 does not publish a "how we invest" methodology document, annual report, or impact framework. The investment criteria are only available through partner interviews and third-party profiles.
---
## Pitch Format
Submit your pitch deck through the application portal at a15.com/apply or email info@a15.com. Prepare a deck covering your business model, market opportunity, traction metrics, team, competitive positioning, and funding needs. Given the operator-led approach, include a clear articulation of where you need hands-on support beyond capital.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies (Selected from 50+)
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Paymob | Egypt | Digital payments infrastructure and payment gateway | Growth | -- |
| TPAY Mobile | Egypt | Mobile payments and carrier billing | Growth | Exited |
| Connect Ads | Egypt | Digital advertising and media platform | Growth | Exited |
| Sympl | Egypt | Buy-now-pay-later for consumers | Series A | -- |
| Wuzzuf | Egypt | Job marketplace and recruitment platform | Growth | -- |
| Buguard | Egypt | Cybersecurity and dark web monitoring | Seed | -- |
| RemotePass | Egypt/UAE | Global HR, payroll, and compliance for remote teams | Series A | -- |
| FlapKap | Egypt | Revenue-based financing for SMEs | Seed | -- |
| Lami | Kenya | Embedded insurance platform | Series A | -- |
| VAIS | Egypt | AI-powered solutions and computer vision | Early stage | -- |
| Mozare3 | Egypt | Agritech platform for smallholder farmers | Early stage | -- |
| Koinz | Egypt | Restaurant loyalty and customer engagement | Early stage | -- |
| Elmenus | Egypt | Food discovery and ordering platform | Growth | -- |
| Raye7 | Egypt | Carpooling and shared mobility | Early stage | -- |
*Note: A15 has invested in 50+ companies since 2014. The table above shows selected active portfolio companies and notable exits. Full portfolio details are available at a15.com.*
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Karim Beshara | Managing Partner and Co-Founder | -- | -- |
| Fadi Antaki | Partner | -- | -- |
| Bassem Raafat | Principal | -- | -- |
| Ahmed Azzam | Associate | -- | -- |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [A15 Official Website](https://a15.com/)
- [A15 Portfolio](https://a15.com/portfolio)
- [A15 Team](https://a15.com/team)
- [A15 Apply](https://a15.com/apply)
- [Crunchbase: A15 profile](https://www.crunchbase.com/organization/a15-2)
- [Wamda: A15 profile and portfolio overview](https://www.wamda.com/company/a15)
---
---
name: a16z crypto
slug: a16z-crypto
buildTypes: ["Infra-protocol", "DeFi-trading-lending", "Gaming", "Security-privacy", "Neobank/wallet", "Prediction-markets"]
thesis: 'Backs founders turning new crypto infrastructure into products people use every day: stablecoins and cross-border payments, onchain finance and capital markets, tokenized real-world assets, creator platforms, and AI agents and autonomous networks.'
website: 'https://a16zcrypto.com'
apply: 'Fund: no open application, warm intro from a portfolio founder or co-investor. Accelerator (CSX): apply online at apply.a16zcrypto.com when a cohort window is open.'
region: 'Global'
hq: 'Menlo Park, California, USA (offices in New York and London)'
sectors:
- Infrastructure
- DeFi
- Payments-Stablecoins
- Consumer
- Privacy
- Developer-Tooling
- Gaming
- AI-x-Crypto
- RWA
sectorsNote: 'Portfolio splits below are computed from the 24 companies named on the a16z crypto portfolio page that we could classify, not from the full 100+ list.'
stage:
- Pre-Seed
- Seed
- Series A
- Series B+
- Growth
chequeMin: 500000
chequeMax: null
chequeDisplay: 'CSX: minimum $500K per company (historically $500K for 7%). Fund: not disclosed, seed through growth from a $2.2B Fund 5.'
chains:
- Chain-agnostic
- Ethereum
- Solana
- Base
- Optimism
- NEAR
- Avalanche
format: 'Cohort/Accelerator'
admissions: 'CSX cohort windows (roughly two per year); fund investments rolling via warm intro'
africaFocus: 'Not Africa-specific'
status: active
tier: '1'
lastVerified: '2026-09-09'
edgeRating: edge-rich
edgeResources:
- name: Fund 5 announcement
category: evaluation-framework
score: 5
description: >-
The May 2026 $2.2B fund letter names the five themes a16z crypto is
deploying into for the next cycle. If your company does not map to one
of them, you are pitching the wrong fund.
link: 'https://a16zcrypto.com/posts/article/fund-5/'
- name: CSX programme page and cohort posts
category: pipeline-pathway
score: 5
description: >-
The accelerator is the only structured door for pre-seed teams. Cohort
posts spell out the minimum cheque, the in-person city, the deadline
and the demo day cadence.
link: 'https://a16zcrypto.com/csx/'
- name: CSX 04 application post
category: practice-artifact
score: 4
description: >-
Shows the real application timeline for a cohort (deadline Feb 7,
programme April to June, Demo Day), so you can plan the next window.
link: 'https://a16zcrypto.com/posts/article/apply-to-join-the-csx-04-cohort-in-san-francisco-this-spring/'
- name: Chris Dixon, Read Write Own
category: pattern-trainer
score: 4
description: >-
The managing partner's book is the fund's worldview in long form:
networks, ownership, and why tokens are a computing primitive. Pitch in
that language.
link: 'https://a16zcrypto.com/team/chris-dixon/'
- name: CSX team and mentors page
category: decision-maker-reveal
score: 4
description: >-
Names the investment partners who run CSX selection (Carra Wu,
Elizabeth Harkavy, Sam Broner, Guy Wuollet) and the operator mentors.
link: 'https://a16zcrypto.com/accelerator/people/'
- name: Portfolio page
category: portfolio-pattern
score: 3
description: >-
One hundred plus companies sorted by category. Use it to find the
portfolio founder who is your closest analogue and your intro path.
link: 'https://a16zcrypto.com/portfolio/'
portfolioSectorSplit:
Infrastructure: 38
DeFi: 25
Consumer: 13
Privacy: 8
Developer-Tooling: 8
Gaming: 8
portfolioChainSplit:
Ethereum: 42
Chain-agnostic: 21
Multi-chain: 17
Solana: 8
Avalanche: 4
NEAR: 4
Optimism: 4
portfolioTotalCount: 24
portfolioClassifiedCount: 24
portfolioUnclassifiedCount: 0
---
> **How to use this page:** a16z crypto is two doors, not one. The fund itself only opens through warm intros, and it writes cheques from seed to growth out of a $2.2B fifth fund. The Crypto Startup Accelerator (CSX) is the structured door for pre-seed teams, with a minimum $500K cheque and an in-person cohort. Read Section E for both paths, and check whether a CSX window is open before you plan around it, because no 2026 cohort had been announced when we last verified.
---
## A. Header Block
- **Fund name:** a16z crypto
- **One-line thesis:** "Backing founders turning new infrastructure into products people use every day" (Fund 5 letter, May 2026)
- **Website:** [a16zcrypto.com](https://a16zcrypto.com)
- **CTA:** [Apply to CSX](https://apply.a16zcrypto.com) (when a cohort is open)
| Tag | Detail |
|-----|--------|
| Region | Global (Menlo Park, New York, London) |
| Format | Cohort/Accelerator (CSX) plus direct fund investment |
| Sectors | Stablecoins and payments, onchain finance, RWA tokenization, creator platforms, AI agents, infrastructure, privacy, gaming |
| Stage | Pre-Seed and Seed (CSX); Seed through Growth (fund) |
| Cheque Size | CSX: minimum $500K per company; fund: not disclosed |
| Admissions | CSX cohort windows; fund rolling via warm intro |
---
## B. Batch Schedule (CSX)
| Cohort | City | Applications Closed | Programme Dates |
|--------|------|--------------------|-----------------|
| CSX Spring 2024 | London | early 2024 | Spring 2024 (24 companies) |
| CSX Fall 2024 | New York | March 29, 2024 | September to November 2024 (10 weeks) |
| CSX 04, Spring 2025 | San Francisco | February 7, 2025 | April to June 2025, Demo Day in June |
| Next cohort | not announced | not announced | Check a16zcrypto.com/csx |
No 2026 cohort was listed on the CSX page or the a16z crypto blog when we verified on September 9, 2026. Treat the next window as unannounced rather than missed.
---
## C. Overview
a16z crypto is the crypto arm of Andreessen Horowitz, run as a set of dedicated funds under founder and managing partner Chris Dixon. Across five funds the group has raised more than $9.8 billion, and the fifth fund, announced on May 5, 2026, is $2.2 billion. The Fund 5 letter is unusually explicit about what it wants: stablecoins and cross-border payments, onchain finance and capital markets (perpetual futures, prediction markets, lending), tokenization of real-world assets, decentralized creator platforms, and AI agents and autonomous networks. The framing is "durable adoption rather than speculation", which tells you how to pitch.
The firm operates like a platform rather than a cheque-writer. It runs a research group, an engineering team that publishes open-source work, a go-to-market team, and a policy team in Washington, and it publishes heavily: the annual Big Ideas list, State of Crypto reports, and long-form essays. Founders who read that output before pitching arrive with a shared vocabulary.
For early teams the entry point is the Crypto Startup Accelerator (CSX). It has run in London, New York and San Francisco, invests a minimum of $500,000 per company (the Fall 2024 terms were $500,000 for 7% equity plus standard rights), lasts eight to ten weeks in person, and ends with a Demo Day. Alumni on the CSX page include Phantom, Goldfinch, Flashbots, Notional, Pimlico and Neynar.
**Key stats:**
- $9.8B+ raised across five crypto funds; Fund 5 is $2.2B (May 2026)
- CSX: minimum $500K per company, 8 to 10 weeks in person, Demo Day
- Cohort sizes: 24 (London 2024), 21 (New York 2024)
- 100+ portfolio companies across infrastructure, finance, developer tools, consumer and gaming
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Chris Dixon | Founder and Managing Partner | [@cdixon on X](https://twitter.com/cdixon), [a16zcrypto.com/team/chris-dixon](https://a16zcrypto.com/team/chris-dixon/) |
| Ali Yahya | General Partner | [a16zcrypto.com/team](https://a16zcrypto.com/team/) |
| Guy Wuollet | General Partner (also on the CSX team) | [a16zcrypto.com/accelerator/people](https://a16zcrypto.com/accelerator/people/) |
| Eddy Lazzarin | General Partner (CTO) | [a16zcrypto.com/team](https://a16zcrypto.com/team/) |
| Arianna Simpson | General Partner | [a16zcrypto.com/team/arianna-simpson](https://a16zcrypto.com/team/arianna-simpson/) |
| Carra Wu, Elizabeth Harkavy, Sam Broner | Investment Partners, CSX | [CSX people page](https://a16zcrypto.com/accelerator/people/) |
| Maggie Hsu | Head of Go-to-market | [CSX people page](https://a16zcrypto.com/accelerator/people/) |
X and LinkedIn handles beyond Chris Dixon's were not verified on the team pages we fetched, so we have linked the team pages instead of guessing handles.
---
## E. How to Get In — Step-by-Step Application Process
### Via CSX (Pre-Seed / Seed, the structured door)
#### Step 1: Watch for the window
CSX opens applications roughly two to three months before a cohort starts and announces it on the a16z crypto blog and X. The last published window closed February 7, 2025 for an April to June cohort in San Francisco. Applications are global; the programme is in person in the host city for the full run.
#### Step 2: Apply online
Applications go through [apply.a16zcrypto.com](https://apply.a16zcrypto.com). The cohort posts describe CSX as "an intensive, in-person program for early-stage startups building with blockchain technologies" covering research, engineering, marketing, go-to-market and organisation through workshops and one-on-one mentoring. Expect the standard early-stage questions: what you are building, who is on the team, what has shipped, what you have raised, and a deck. Submit a deck even where it is optional. See the [pitch deck guide](/founder-stack/pitch-decks).
#### Step 3: Screening and interviews
The CSX investment partners (Carra Wu, Elizabeth Harkavy, Sam Broner, with Guy Wuollet as GP) run selection. The published bar is founders "dead-set on building something transformational". In practice that means a technical founding team, a product or credible prototype, and a market that sits inside one of the Fund 5 themes. Cohorts have been 10 to 24 companies from a global applicant pool.
#### Step 4: The deal
- Minimum $500,000 per company. The Fall 2024 cohort terms were $500,000 for 7% equity plus other standard rights.
- Eight to ten weeks in person, ending with a Demo Day.
- Access to a16z crypto's research, engineering, go-to-market and policy teams, plus a mentor network drawn from Solana, Coinbase, Aptos, Optimism, Farcaster and others (per the CSX people page).
### Via the fund (Seed and later)
1. **Warm intro only.** There is no submission form for the fund. The reliable route is a portfolio founder or a co-investor who already knows the partner covering your area. Find your nearest portfolio analogue on the [portfolio page](https://a16zcrypto.com/portfolio/) and work backwards to a person.
2. **Map yourself to Fund 5.** Read the [Fund 5 letter](https://a16zcrypto.com/posts/article/fund-5/). If you are stablecoin payments, onchain capital markets, RWA tokenization, creator infrastructure or agents, say which theme you are and why now. If you are none of those, you will be a harder sell no matter who introduces you.
3. **Pitch the right partner.** The general partners split coverage (Dixon, Yahya, Wuollet, Lazzarin, Simpson). Target the one whose public writing overlaps your product.
4. **Bring metrics, not narrative.** The firm's own language is "durable adoption": active users, volume, retention and revenue. For a token network, show usage that would exist without incentives.
5. **Expect depth.** a16z crypto has in-house researchers and engineers who will read your code and your mechanism design. Prepare for questions on security, decentralisation path and regulatory posture, because the policy team is part of the process.
**Timeline:** Fund conversations run on the usual four to eight week partner-meeting cycle once you are in. CSX decisions come in the weeks after each window closes.
---
## F. Best Advice from Founders
**Read what they publish before you write a word.** a16z crypto publishes more than any other crypto fund: Big Ideas, State of Crypto, essays, podcasts and the managing partner's book. Founders who reference a specific piece show they understand the fund's model of the world, which is the fastest way to a second meeting.
**CSX is a company-building programme, not a demo-day factory.** The curriculum pillars are research, engineering, go-to-market and organisation. Teams that arrive with a product and use the ten weeks to fix distribution get the most from it.
**Global founders are welcome, but the programme is in person.** London, New York and San Francisco have each hosted a cohort. Plan visas and housing early, because "in person" is not negotiable.
**The intro path is the portfolio.** With a hundred plus portfolio companies across every layer of the stack, there is almost always a founder two steps from you who can make the intro. That is the door for the fund.
---
## Contextual Edge
**Preparation rating:** Edge-rich. The fund tells you its themes in a public letter, names the people who run accelerator selection, publishes cohort terms and timelines, and lists its portfolio by category. Very little about how a16z crypto decides is hidden.
> **Start here:** Read the [Fund 5 letter](https://a16zcrypto.com/posts/article/fund-5/) for the five themes, then the [CSX 04 application post](https://a16zcrypto.com/posts/article/apply-to-join-the-csx-04-cohort-in-san-francisco-this-spring/) for the real cohort mechanics. Those two pages tell you what to build toward and when the next door is likely to open.
### How a16z crypto's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Infrastructure heavy** | Of the 24 named portfolio companies we classified, 38% are base-layer or scaling infrastructure (Solana, Aptos, Avalanche, NEAR, Optimism, LayerZero, Matter Labs, EigenLayer, Coinbase). | The fund has already backed the chains. Your pitch should be an application or primitive that makes one of them useful, not another L1. |
| **DeFi as the second pillar** | 25% are DeFi protocols (Uniswap, dYdX, Compound, Morpho, Lido, Goldfinch), almost all Ethereum-native. | Onchain finance is a Fund 5 theme with a proven track record here. Perps, prediction markets and lending with real volume fit. |
| **Ethereum-centred, multi-chain aware** | 42% of classified companies are Ethereum-native, 17% multi-chain, with Solana at 8% and single positions on Avalanche, NEAR and Optimism. | A Solana or Base team is not off-thesis, but the fund's reference points are Ethereum protocols. Explain your chain choice in terms they recognise. |
| **Consumer and gaming are present, not dominant** | Consumer (Phantom, Yuga Labs, Kalshi) and gaming (Dapper Labs, Sky Mavis) are 13% and 8%. | Consumer pitches need retention data. The fund has learned what game and NFT cycles look like. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Chris Dixon** (Founder and Managing Partner) | The fund's model of the internet in long form, and the vocabulary (networks, ownership, tokens as a computing primitive) that the whole team uses. | [@cdixon on X](https://twitter.com/cdixon), [team page](https://a16zcrypto.com/team/chris-dixon/) |
| **CSX investment partners** (Carra Wu, Elizabeth Harkavy, Sam Broner, Guy Wuollet) | Who reads CSX applications and runs interviews. Their public writing on a16zcrypto.com shows what they consider a strong early team. | [CSX people page](https://a16zcrypto.com/accelerator/people/) |
| **The Fund 5 letter** | The five deployment themes for the current cycle and the stated preference for durable adoption over speculation. | [Fund 5](https://a16zcrypto.com/posts/article/fund-5/) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **CSX** | Apply at [apply.a16zcrypto.com](https://apply.a16zcrypto.com) when a window opens. Minimum $500K, eight to ten weeks in person, Demo Day. Windows have opened in January to March for spring cohorts and March for autumn cohorts. |
| **Portfolio founder intro** | Find the portfolio company closest to yours on the [portfolio page](https://a16zcrypto.com/portfolio/) and get a founder there to introduce you to the covering partner. |
| **Co-investor intro** | Funds that co-invest with a16z crypto at seed (Paradigm, Variant, Electric Capital, Haun and others in this directory) can open the door once they have committed. |
| **Content engagement** | Substantive public engagement with a16z crypto research and Big Ideas posts is a known way to get noticed by partners before a cold approach. |
### What you can't find
There is no public application form for the fund, no published cheque range for direct investments, and no announced 2026 CSX cohort as of September 9, 2026. The CSX terms we cite are from the Fall 2024 and Spring 2025 cohort posts; the next cohort could change them. Individual partner X and LinkedIn handles beyond Chris Dixon were not confirmed on the team pages we fetched.
---
## G. Pitch Format a16z crypto Expects
**For CSX:**
- Online application with team, product, traction, funding history and a deck
- Interviews with the CSX investment partners if you advance
- Evidence of shipped product and a technical founding team
**For the fund:**
- Deck of 10 to 15 slides: problem, product, mechanism, market, traction, team, business model, ask
- A clear answer to "which Fund 5 theme are you, and why now"
- Usage metrics that hold without incentives; for tokens, a decentralisation and compliance path
- Be ready for research-grade questions on security and mechanism design
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Companies named on the [a16z crypto portfolio page](https://a16zcrypto.com/portfolio/) and the [CSX page](https://a16zcrypto.com/csx/). Sector and chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Uniswap | Decentralized exchange protocol | DeFi | Ethereum |
| dYdX | Perpetuals exchange | DeFi | Ethereum |
| Compound | Lending protocol | DeFi | Ethereum |
| Morpho | Lending infrastructure | DeFi | Multi-chain |
| Lido | Liquid staking | DeFi | Ethereum |
| Goldfinch | Credit protocol | DeFi | Ethereum |
| Solana | Layer 1 | Infrastructure | Solana |
| Optimism | Layer 2 | Infrastructure | Optimism |
| Avalanche | Layer 1 | Infrastructure | Avalanche |
| NEAR | Layer 1 | Infrastructure | NEAR |
| Aptos | Layer 1 | Infrastructure | Chain-agnostic |
| LayerZero | Interoperability | Infrastructure | Multi-chain |
| Matter Labs | ZK scaling | Infrastructure | Ethereum |
| EigenLayer | Restaking | Infrastructure | Ethereum |
| Coinbase | Exchange and onchain platform | Infrastructure | Multi-chain |
| Aztec | Privacy L2 | Privacy | Ethereum |
| Aleo | Privacy L1 | Privacy | Chain-agnostic |
| Alchemy | Developer platform | Developer-Tooling | Multi-chain |
| Pimlico | Account abstraction infrastructure (CSX alum) | Developer-Tooling | Ethereum |
| Phantom | Wallet (CSX alum) | Consumer | Solana |
| Yuga Labs | NFT brands | Consumer | Ethereum |
| Kalshi | Prediction markets | Consumer | Chain-agnostic |
| Dapper Labs | Consumer crypto and games | Gaming | Chain-agnostic |
| Sky Mavis | Game studio | Gaming | Chain-agnostic |
Also on the CSX alumni wall: Flashbots, Notional, Neynar; CSX 04 included Cambrian, Ambient, Inco, KYD Labs, ORO AI and ZAR.
---
## I. Ecosystem Connections
- **Ethereum and its L2s:** the deepest ties (Uniswap, Lido, EigenLayer, Aztec, Matter Labs, Optimism). Ethereum-native DeFi and infrastructure founders have the most reference points here.
- **Solana:** Solana itself and Phantom are in the portfolio, and Solana leaders appear among CSX mentors. Solana founders are on-thesis, especially in payments and consumer.
- **Base and Coinbase:** Coinbase is a long-standing a16z position and Coinbase people mentor at CSX. Base builders can point to that relationship, though Base Ecosystem Fund is the more direct door.
- **NEAR, Avalanche, Optimism:** single portfolio positions each; the fund knows these ecosystems and their foundations.
- **Zcash:** a16z crypto co-led the $25M Zcash Open Development Lab seed round in March 2026 (see Sources), which is the only recent Zcash-adjacent signal we found.
- **Colosseum and hackathons:** no formal tie, but CSX cohorts and Colosseum accelerator cohorts overlap in the Solana consumer and payments space.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Token warrant or SAFE plus token?** [Compliance guide](/founder-stack/compliance)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [a16z crypto CSX programme page](https://a16zcrypto.com/csx/)
- [Apply to Join the CSX 04 Cohort in San Francisco this Spring](https://a16zcrypto.com/posts/article/apply-to-join-the-csx-04-cohort-in-san-francisco-this-spring/)
- [CSX Fall 2024 in New York City: Applications Now Open](https://a16zcrypto.com/posts/article/crypto-startup-accelerator-csx-fall-2024-new-york-city/)
- [CSX Teams and people page](https://a16zcrypto.com/accelerator/people/)
- [Fund 5 announcement](https://a16zcrypto.com/posts/article/fund-5/)
- [a16z crypto portfolio](https://a16zcrypto.com/portfolio/)
- [Chris Dixon team page](https://a16zcrypto.com/team/chris-dixon/)
- [CSX 04 cohort coverage, ChainCatcher](https://www.chaincatcher.com/en/article/2175289)
- [Zcash Open Development Lab raises $25M, CoinDesk](https://www.coindesk.com/business/2026/03/09/josh-swihart-s-zcash-open-development-lab-raises-usd25-million-in-seed-funding)
---
---
name: Andreessen Horowitz (a16z)
slug: a16z
buildTypes: ["Gaming", "On-off-ramp", "Stablecoin-payments", "Hardware-DePIN"]
thesis: 'Software is eating the world. We back bold, technical founders building category-defining companies.'
website: 'https://a16z.com'
apply: 'No open application process. Requires warm intro from a portfolio founder or LP.'
region: 'Global'
hq: 'Menlo Park, California, USA'
sectors:
- Sector-agnostic
stage:
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: ''
africaFocus: 'Occasional / opportunistic. Not an Africa-active fund.'
status: active
tier: '1'
lastVerified: '2026-07-31'
edgeRating: edge-sparse
edgeResources:
- name: Andrew Chen interview
category: decision-maker-reveal
score: 4
description: >-
How the Speedrun team evaluates applications, what "founder quality over
idea" means in practice, and the programme's emphasis on speed of
iteration.
link: 'https://x.com/andrewchen'
- name: David Haber interview
category: decision-maker-reveal
score: 4
description: >-
The specific thesis behind the Carry1st investment: why mobile gaming and
payments infrastructure in Africa attracted a16z's attention.
link: 'https://a16z.com/announcement/investing-in-carry1st/'
- name: a16z editorial team interview
category: decision-maker-reveal
score: 4
description: >-
The framework that a16z uses internally to evaluate companies at every
stage. Study these metrics and structure your data room around them be
link: 'https://a16z.com/16-startup-metrics/'
- name: Speedrun
category: pipeline-pathway
score: 3
description: >-
. Three cohorts per year. The Global Founders Program provides visa
support for international founders, which directly addresses the reloca
link: 'https://speedrun.a16z.com/apply'
- name: Warm introductions
category: pipeline-pathway
score: 3
description: >-
For direct investment (Series A+), warm intros from portfolio founders or
other VCs are strongly preferred. Carry1st's Cordel Robbin-Coker (also a
Rab...
- name: Content engagement
category: pipeline-pathway
score: 3
description: >-
a16z publishes more than almost any other VC: podcasts, blog posts, sector
analyses, and research papers. Partners notice founders who engage
thoughtf...
- name: Co-investor referrals
category: pipeline-pathway
score: 3
description: >-
Bitkraft, Sony (PlayStation division), and other Carry1st co-investors
have relationships with a16z's games fund. If you are already in
conversation w...
portfolioSectorSplit:
Consumer: 40
E-commerce: 20
Fintech: 20
Logistics: 20
portfolioModelSplit:
Transaction/Marketplace: 60
Direct sales/Commerce: 20
Enterprise contracts/Licensing: 20
portfolioGeographySplit:
Home rental marketplace: 20
Grocery delivery: 20
Mobile games publisher: 20
Mobile lending: 20
Drone delivery: 20
portfolioTotalCount: 5
portfolioClassifiedCount: 5
portfolioUnclassifiedCount: 0
logo: "/funds/a16z.png"
---
> **How to use this page:** a16z does not run an Africa-focused fund and has made few, if any, direct African investments. Treat this page as reference thesis material, not a live application target: it shows how a top-tier global firm evaluates founders and structures deals, which is useful groundwork even if a16z itself is not the right fund for you right now.
---
## A. Header Block
- **Fund name:** Andreessen Horowitz (a16z)
- **One-line thesis:** "Software is eating the world. We back bold founders building category-defining technology companies."
- **Website:** [a16z.com](https://a16z.com)
- **CTA:** [Apply to Speedrun](https://speedrun.a16z.com/apply)
| Tag | Detail |
|-----|--------|
| Region | Global (HQ: San Francisco) |
| Format | In-Person (SF, mandatory for Speedrun) |
| Sectors | AI/ML, Crypto/Web3, Gaming, Bio/Health, Infra, American Dynamism, Consumer, Enterprise |
| Stage | Ideation, MVP, Pre-Seed, Seed (via Speedrun); Series A through Growth (direct) |
| Cheque Size | Up to $1M (Speedrun); $1M-$100M+ (direct) |
| Admissions | Batch-based (Speedrun, 3 cohorts/year) |
---
## B. Batch Schedule (Speedrun)
| Cohort | Applications Close | Programme Dates |
|--------|-------------------|-----------------|
| SR007 | May 17, 2026 | July 27 to October 11, 2026 |
---
## C. Overview
Andreessen Horowitz (a16z) is one of Silicon Valley's most influential venture firms, founded in 2009 by Marc Andreessen and Ben Horowitz. They manage over $40 billion in assets across multiple funds covering crypto, bio/health, games, infra, and American Dynamism (defence, energy, manufacturing, housing).
What makes a16z different is their platform model. Beyond capital, every portfolio company gets access to a roughly 700-person team of operators covering go-to-market, recruiting, finance, regulatory, and communications. They also publish extensively, and their investment theses, research, and sector analyses are all public. This is a feature, not a bug: founders who study a16z's published thinking before pitching have a real advantage.
In 2024, a16z launched **Speedrun**, their dedicated accelerator for earliest-stage companies, investing up to $1M per company across a 12-week in-person programme in San Francisco. Speedrun is now the primary entry point for pre-seed and seed-stage founders.
**Key stats:**
- $40B+ AUM across multiple funds
- 700+ person platform team
- Speedrun: up to $1M per company, with an acceptance rate below 0.4%
- Notable portfolio: Facebook, GitHub, Coinbase, Stripe, Instacart, Roblox
---
## D. Key Partners
| Partner | Role | LinkedIn | X |
|---------|------|----------|---|
| Andrew Chen | General Partner, Speedrun | [linkedin.com/in/andrewchen/](https://linkedin.com/in/andrewchen/) | [@andrewchen](https://x.com/andrewchen) |
| Jonathan Lai | General Partner, Speedrun | [linkedin.com/in/jonathanlai/](https://linkedin.com/in/jonathanlai/) | [@jonathanlai](https://x.com/jonathanlai) |
| Joshua Lu | GM, Speedrun | [linkedin.com/in/joshlu/](https://linkedin.com/in/joshlu/) | — |
| Marc Andreessen | Co-founder | [linkedin.com/in/pmarca/](https://linkedin.com/in/pmarca/) | [@pmarca](https://x.com/pmarca) |
| Ben Horowitz | Co-founder | [linkedin.com/in/benhorowitz/](https://linkedin.com/in/benhorowitz/) | [@bhorowitz](https://x.com/bhorowitz) |
---
## E. How to Get In — Step-by-Step Application Process
### Via Speedrun (Pre-Seed / Seed, the recommended entry point)
#### Step 1: Apply online
Go to [sr.a16z.com](https://speedrun.a16z.com/apply). The application asks you to describe your startup, identify team members, and optionally provide metrics, funding history, and a pitch deck.
The deck is listed as optional, but it is best practice to submit one. Check our [pitch deck guide](/founder-stack/pitch-decks) and create yourself a proper pitch deck.
**Current cohort:** SR007, running July 27 through October 11, 2026 (San Francisco, in-person required). Applications closed May 17, 2026 at 11:59pm PT.
#### Step 2: Video pitch or 15-minute interview
If a16z is excited by your application, they will invite you to submit a brief video pitch or schedule a 15-minute interview. After the interview, they may ask for references, data, or further details.
#### Step 3: Decision
Final decisions come quickly after interviews. The acceptance rate is below 0.4%, making Speedrun extremely selective.
#### Step 4: What you get if accepted
**The deal:**
- $500K for 10% equity upfront (SAFE)
- Another $500K in your next round within 18 months
- Total: up to $1M per company
**The programme (12 weeks):**
- In-person in San Francisco (required)
- One-on-one mentoring with a16z investors and operators
- Over $5M in credits from 250+ tool providers (OpenAI, Anthropic, NVIDIA, AWS, Microsoft)
- Demo Day at the end of the programme
- Access to the a16z portfolio network
### Via Direct Investment (Series A+)
For later-stage companies, pitching a16z directly is a different process:
1. **Warm intro is strongly preferred.** a16z receives thousands of inbound pitches, so a warm introduction from a portfolio founder, another VC, or someone in the a16z network dramatically increases your odds of getting a meeting. Founders can find intro paths via platforms like VCSheet, OpenVC, or Superscout, and by engaging with a16z content (podcasts, blog posts, sector analyses) to get noticed by partners before reaching out cold.
2. **Study their thesis first.** a16z publishes detailed investment theses, sector analyses, and blog posts. If your company fits a thesis they have publicly articulated, reference it. If it does not, you are probably pitching the wrong fund.
3. **Pitch the right partner.** a16z has dedicated funds and partners for different sectors (crypto, bio, games, infra, American Dynamism), so make sure you are reaching the partner whose thesis aligns with your company.
4. **The pitch meeting.** Expect a small group of one to three partners. Be prepared to go deep on your market, your product, your metrics, and your team. a16z partners are known for doing extensive homework before meetings, so do not waste time on basics they already know.
---
## F. Best Advice from Founders
**Consume their content before you pitch.** a16z publishes more than almost any other VC, including podcasts, blog posts, sector analyses, and research papers. Founders who engage with their thesis and reference specific ideas from their published work are more likely to get meetings and have productive conversations.
**Speedrun prioritizes founders over ideas.** The programme explicitly says they care more about the backgrounds of the founders than the specific idea, with the expectation that the idea will evolve. This means your application should emphasize what you have built before, your domain expertise, and your ability to move fast.
**You need to be technical.** Speedrun is designed for teams that can build and iterate on their product internally, which usually means having a technical co-founder or equivalent expertise. If your team cannot ship product without external help, Speedrun is probably not the right fit.
**In-person is mandatory.** Unlike some other programmes, Speedrun requires physical presence in San Francisco for the full 12 weeks. Plan accordingly, because this means visas, housing, and relocation logistics for non-US founders.
---
## Contextual Edge
**Preparation rating:** Edge-sparse for Africa specifically -- a16z has made only three direct African investments (Carry1st, Yellow Card, Zipline), but the firm publishes more investable content than almost any other VC globally, and Speedrun has created a structured entry point that works regardless of geography.
> **Start here:** Read [a16z's Carry1st investment memo](https://a16z.com/announcement/investing-in-carry1st/) (the only public a16z memo on an Africa-headquartered company, reveals exactly why they bet on African infrastructure), then read [What We Look For in Applications](https://speedrun.substack.com/p/what-we-look-for-in-applications) (the Speedrun team explains their evaluation criteria in detail). Those two resources show you the pattern a16z recognizes in African companies and exactly how to position your Speedrun application.
### How a16z's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Africa exposure** | Only three direct African investments: Carry1st (South Africa, mobile games and payments), Yellow Card (Nigeria, crypto exchange), and Zipline (Rwanda/Ghana, drone delivery). No dedicated Africa fund, no Africa-focused partners. | You are pitching a global firm that happens to have made a few African bets, not an Africa-focused investor. Frame your company as a global opportunity that happens to start in Africa. |
| **The Carry1st pattern** | a16z invested because Carry1st aggregated fragmented infrastructure (payments) to unlock a massive market (gaming) across Africa. The investment memo explicitly focuses on the infrastructure play, not the geography. | If your company builds infrastructure that unlocks a large market, that is the pattern. Lead with the infrastructure thesis, not the "Africa opportunity" narrative. |
| **Speedrun** | Up to $1M per company ($500K for 10% upfront, $500K follow-on). 12 weeks in-person in San Francisco. Acceptance rate below 0.4%. Global Founders Program provides visa support for international founders. | Speedrun is the most realistic entry point for African founders. The programme explicitly supports international founders with visa logistics through the Global Founders Program. |
| **Sector focus** | AI/ML, crypto/Web3, gaming, bio/health, infrastructure, American Dynamism, consumer, enterprise. No Africa-specific sector thesis. | Your sector needs to match one of a16z's fund verticals. If it does not, you are pitching to the wrong firm regardless of your market. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Andrew Chen** (General Partner, Speedrun) | How the Speedrun team evaluates applications, what "founder quality over idea" means in practice, and the programme's emphasis on speed of iteration. | [@andrewchen on X](https://x.com/andrewchen) -- [Speedrun Substack](https://speedrun.substack.com/) |
| **David Haber** (General Partner) | The specific thesis behind the Carry1st investment: why mobile gaming and payments infrastructure in Africa attracted a16z's attention. | [Carry1st investment memo](https://a16z.com/announcement/investing-in-carry1st/) |
| **a16z editorial team** | The [16 Startup Metrics](https://a16z.com/16-startup-metrics/) framework that a16z uses internally to evaluate companies at every stage. Study these metrics and structure your data room around them before any conversation with the firm. | [a16z.com/16-startup-metrics](https://a16z.com/16-startup-metrics/) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Speedrun** | [Apply at speedrun.a16z.com](https://speedrun.a16z.com/apply). Three cohorts per year. The Global Founders Program provides visa support for international founders, which directly addresses the relocation barrier for African founders. Up to $1M in investment plus $5M+ in partner credits. |
| **Warm introductions** | For direct investment (Series A+), warm intros from portfolio founders or other VCs are strongly preferred. Carry1st's Cordel Robbin-Coker (also a Raba Partnership Venture Partner) is the most direct connection point in the African ecosystem. |
| **Content engagement** | a16z publishes more than almost any other VC: podcasts, blog posts, sector analyses, and research papers. Partners notice founders who engage thoughtfully with their published thinking. Reference specific a16z theses in your pitch to signal alignment. |
| **Co-investor referrals** | Bitkraft, Sony (PlayStation division), and other Carry1st co-investors have relationships with a16z's games fund. If you are already in conversation with any of these firms, that creates a warm path. |
### What you can't find
No a16z partner has published an Africa-specific investment thesis or strategy document. There is no Africa team, no Africa-focused partner, and no plans to establish an Africa presence. The three African investments (Carry1st, Yellow Card, Zipline) came through global deal flow, not a dedicated Africa pipeline. If you are hoping a16z will become an Africa-focused investor, that is not the trajectory. The opportunity is to pitch a globally compelling company that starts in Africa, not to pitch "the Africa opportunity" as a thesis.
---
## G. Pitch Format a16z Expects
**For Speedrun application:**
- Online form with optional pitch deck upload (though submitting one is strongly recommended)
- Brief video pitch or 15-minute interview if you advance
- Metrics, user data, and funding history (if applicable)
**For direct investment:**
- Deck: 10 to 15 slides covering problem, solution, market, traction, team, competitive landscape, business model, and the ask
- a16z partners are known to focus heavily on market sizing and competitive dynamics
- Be prepared to articulate why your timing is right (why now, not two years ago)
- Show that you understand the regulatory and structural barriers in your market
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Pitch Decks and African Portfolio Companies
| Company | What they do | Round | Deck |
|---------|-------------|-------|------|
| Airbnb | Home rental marketplace | Series B ($112M, 2011) | [Public deck] |
| Instacart | Grocery delivery | Various rounds | [Referenced in guides] |
| Carry1st (South Africa) | Mobile games publisher | Series A ($20M, 2022), follow-on ($27M, 2023) | Outreach pending |
| Branch (Kenya, Nigeria, Tanzania) | Mobile lending | Multiple rounds | Outreach pending |
| Zipline (Rwanda, Ghana) | Drone delivery | Multiple rounds | Outreach pending |
**Cross-reference:** See verified decks at `/founder-stack/pitch-decks`
---
## I. African Connections
### Direct Investments in Africa
| Company | What they do | Round | Year |
|---------|-------------|-------|------|
| Carry1st | Mobile games publisher (South Africa) | Series A ($20M) | 2022 |
| Carry1st | Follow-on | Series A extension ($27M) | 2023 |
Carry1st was a16z's first investment in an Africa-headquartered company. They publish and distribute mobile games across the continent, serving over one million users, and have built a fintech payment platform for in-app purchases across Africa's fragmented payment networks.
### Africa-Adjacent Investments
| Company | What they do | Africa connection |
|---------|-------------|-------------------|
| Branch | Mobile lending | Major operations in Kenya, Nigeria, Tanzania |
| Zipline | Drone delivery | Operates medical drone delivery in Rwanda and Ghana |
### The honest picture
a16z's direct Africa exposure is still early. Carry1st is the standout, and it is worth studying why they invested: a company that aggregated fragmented infrastructure (payments) to unlock a massive market (gaming) across a continent. That pattern, building infrastructure plays that unlock larger markets, is very aligned with a16z's thesis.
For African founders, Speedrun is the most realistic entry point. The programme's emphasis on founder quality over geography means that if you can relocate to SF for 12 weeks and demonstrate exceptional building ability, your origin does not matter.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Incorporating in Delaware for Speedrun?** [Delaware C-Corp guide](/founder-stack/compliance)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [a16z Speedrun — Apply](https://speedrun.a16z.com/apply)
- [a16z Speedrun FAQ](https://speedrun.a16z.com/faq)
- [a16z Speedrun SR007 Applications Open](https://a16z.com/applications-for-a16z-speedrun-sr007-are-now-open/)
- [How to Get into a16z Speedrun in 2026](https://xraise.ai/blog/how-to-get-accepted-to-the-a16z-speedrun-accelerator/)
- [a16z Speedrun Funding Guide](https://www.thevccorner.com/p/a16z-speedrun-accelerator-funding-guide)
- [a16z Pitch Deck Guidelines](https://www.inknarrates.com/post/andreessen-horowitz-pitch-deck-guidelines)
- [a16z Investing in Carry1st](https://a16z.com/announcement/investing-in-carry1st/)
- [Carry1st $27M raise](https://techcabal.com/2023/01/19/carry1st-funding/)
- [a16z Portfolio](https://a16z.com/portfolio/)
---
---
name: AAIC Investment
slug: aaic-investment
buildTypes: ["Healthtech", "Insurtech", "Logistics-supplychain"]
thesis: >-
Investing in innovative companies in Africa that achieve sustainable economic
growth and solve social issues, with a focus on healthcare.
website: 'https://aaicinvestment.com/'
apply: Contact via the website or reach out to regional team members on LinkedIn.
region: Pan-African and Asia
hq: 'Singapore, with offices in Kenya, Nigeria, Egypt'
sectors:
- Sector-agnostic
stage:
- Seed
- Series A
- Growth
chequeMin: 500000
chequeMax: 5000000
chequeDisplay: $500K -- $5M (estimated range across stages)
format: Hybrid
admissions: Rolling
africaFocus: >-
Yes -- Pan-African (Kenya, Nigeria, South Africa, Egypt, Rwanda, Uganda,
Tanzania, Ghana, and 25+ countries)
status: active
tier: '1'
lastVerified: '2026-07-27'
edgeRating: edge-rich
edgeResources:
- name: Susumu Tsubaki interview
category: decision-maker-reveal
score: 4
description: >-
The macro thesis on Japan-Africa healthcare convergence, why Africa's
healthcare spending deficit is an investment opportunity, and the Japan
1961 par...
link: >-
https://www.howwemadeitinafrica.com/japanese-investor-sees-opportunity-in-africas-growing-healthcare-market/151605/
- name: Hiroki Ishida interview
category: decision-maker-reveal
score: 4
description: >-
Day-to-day Africa deal flow, the TICAD corporate partnership model, and
how Japanese corporate involvement creates exit opportunities. Former
Mitsubis...
link: >-
https://www.africaprivateequitynews.com/p/aaic-investment-fund-receives-further
- name: Nobuhiko Ichimiya interview
category: decision-maker-reveal
score: 4
description: >-
The Nigerian healthcare market and West African expansion perspective.
Former CFO of a Rwanda e-commerce startup.
link: >-
https://www.prnewswire.com/news-releases/lifeq-partners-with-aaic-investment-to-improve-health-care-in-africa-and-lead-health-tech-revolution-301993015.html
- name: Africa Healthcare Network partial exit (Africa PE News)
category: practice-artifact
score: 4
description: >-
AAIC's clearest exit proof point. AHN grew from a seed-stage dialysis
company to 45 clinics across Kenya, Rwanda, Tanzania, and Zambia. AAIC
partially...
link: >-
https://www.africaprivateequitynews.com/p/aaic-investment-partially-exits-africa
- name: DeepEcho receives FDA 510(k) clearance (July 2025)
category: practice-artifact
score: 4
description: >-
A Moroccan AI fetal ultrasound company in AAIC's portfolio achieving FDA
clearance demonstrates the fund's ability to back companies that reach
global...
link: 'https://www.fda.gov/'
- name: Direct contact
category: pipeline-pathway
score: 3
description: >-
Through [aaicinvestment.com](https://aaicinvestment.com/) or reach Hiroki
Ishida (Kenya) and Nobuhiko Ichimiya (Nigeria) on LinkedIn. The team
respond...
link: 'https://aaicinvestment.com/'
- name: TICAD and Japan-Africa events
category: pipeline-pathway
score: 3
description: >-
TICAD (Tokyo International Conference on African Development) is the
primary networking event. AAIC organises startup acceleration programmes
with JIC...
- name: JICA-affiliated programmes
category: pipeline-pathway
score: 3
description: >-
AAIC has co-organised startup acceleration in Uganda with JICA. If you are
connected to JICA-funded programmes, accelerators, or development
initiativ...
- name: Japanese corporate connections
category: pipeline-pathway
score: 3
description: >-
If your company has existing relationships with any Japanese corporate
(Eisai, Marubeni, Asahi Intecc, TOPPAN, or others in the
healthcare/manufacturi...
- name: Healthcare ecosystem
category: pipeline-pathway
score: 3
description: >-
Dr. Amit N. Thakker (Africa Healthcare Adviser, 30+ years healthcare
expertise) is a senior adviser. Connections through African healthcare
networks, ...
portfolioSectorSplit:
Healthtech: 85
Fintech: 15
portfolioModelSplit:
Direct sales/Commerce: 16
Enterprise contracts/Licensing: 31
Hardware/Devices: 15
Transaction/Marketplace: 23
Subscription/SaaS: 15
portfolioGeographySplit:
Rwanda/Tanzania/Kenya: 8
Nigeria/Pan-African: 8
Egypt: 31
Kenya: 31
Nigeria: 8
Pan-African: 7
South Africa: 7
portfolioTotalCount: 13
portfolioClassifiedCount: 13
portfolioUnclassifiedCount: 0
---
## Overview
AAIC Investment is the fund management arm of Asia Africa Investment & Consulting (AAIC Holdings), a Singapore-headquartered firm founded in 2008 by Susumu Tsubaki, a former Boston Consulting Group partner who spent 15 years in management consulting before turning to emerging markets investing. The firm initially focused on Asia, pivoted to Africa in 2013, and has since become one of the most distinctive investors on the continent by bridging Japanese corporate capital with African healthcare innovation.
The firm manages two funds: the Africa Healthcare Fund 1 (AHF1, launched 2017, raised $47 million) and the Africa Innovation & Healthcare Fund 2 (AHF2, launched 2022, targeting $150 million), bringing combined AUM to $87 million as of late 2023 with additional closes expected. The LP base is primarily large Japanese corporations, including Eisai (pharmaceuticals), Asahi Intec (medical devices), Ohara (specialty glass), Marubeni Corporation (trading house), TOPPAN Holdings, the Development Bank of Japan, and QR Investment.
What makes AAIC fundamentally different from every other Africa-focused fund is the Japan-Africa bridge. The firm does not just invest capital but actively connects portfolio companies with Japanese corporate partners who can provide technology, distribution, manufacturing expertise, and exit opportunities. For African healthcare founders, this means access to a market (Japan) and a set of corporate relationships that no other Africa fund can offer. The LP base is not passive: these are corporations looking for market entry points into Africa, which creates strategic value that goes beyond cheque size.
The portfolio reflects a deep healthcare conviction. Africa Healthcare Network (dialysis clinics across Rwanda, Tanzania, and Kenya), Helium Health (hospital management software and telemedicine), Revital Healthcare (medical supplies manufacturing in Kenya), DeepEcho (AI-powered fetal ultrasound with FDA clearance), ILARA Health (diagnostics), Rology (teleradiology), Yodawy (pharmacy platform in Egypt), MyDawa (online pharmacy in Kenya), Reliance HMO (health insurance in Nigeria), and BIMA/Milvik (mobile-first insurance) show the breadth across the healthcare value chain. Five portfolio companies were selected as Time magazine's "100 World's Top HealthTech Companies" in 2025.
The firm also runs a strategic consulting division that serves Japanese companies and government agencies (including JICA) entering African markets, which gives the investment team additional deal flow and market intelligence.
---
## How to Get In
Contact AAIC through the website at aaicinvestment.com or reach out to team members directly on LinkedIn. The firm has offices in Kenya (Hiroki Ishida, Director), Nigeria, and Egypt, so there are multiple geographic entry points.
Warm introductions through portfolio companies are the strongest pathway. Africa Healthcare Network, Helium Health, ILARA Health, Reliance HMO, DeepEcho, and MyDawa are all in the network, and introductions from their founders reach the investment team with credibility. The healthcare and healthtech ecosystem in East and West Africa is relatively concentrated, so connections through organisations like the Africa Health Business Forum, healthcare-focused accelerators, and regional health innovation hubs can provide warm paths.
Susumu Tsubaki (Founder and CEO) regularly speaks at TICAD (Tokyo International Conference on African Development), the Global Health Innovation Summit, and other Japan-Africa forums. If you are attending any Japan-Africa business events, that is a natural point of contact.
If you are building a healthcare, medtech, or digital health company in Africa, AAIC should be on your target list. The Japan bridge is a unique strategic asset that no other Africa fund offers, and the healthcare focus means the team evaluates your company with genuine domain expertise rather than generalist pattern-matching.
---
## Best Advice
1. **This is a healthcare fund first.** AAIC has invested in some non-healthcare companies (Chipper Cash, Kobo360), but the core thesis and both funds are built around healthcare. If you are building in diagnostics, telemedicine, pharmacy, insurance, hospital management, medical devices, or any technology that improves healthcare delivery in Africa, you are exactly what they are looking for.
2. **Think about the Japan angle.** The LP base includes major Japanese pharmaceutical, medical device, and manufacturing companies. If your product could benefit from Japanese technology partnerships, manufacturing expertise, or market access, articulate that in your pitch. The firm actively facilitates these connections, so a clear Japan bridge story adds strategic value to the investment case.
3. **Show you can operate across African markets.** AAIC has portfolio companies across 25+ countries. Africa Healthcare Network operates dialysis clinics in Rwanda, Tanzania, and Kenya. Helium Health serves hospitals across West and East Africa. The team wants to see healthcare companies that can scale beyond a single market, because the Japanese corporates in the LP base are interested in pan-African exposure.
4. **Come with real clinical or operational traction.** Healthcare investing requires proof that your product works in clinical settings, not just user growth numbers. DeepEcho has FDA clearance for its AI ultrasound. Africa Healthcare Network operates real dialysis clinics with real patients. Show them clinical validation, regulatory approvals, provider partnerships, or patient outcome data alongside your growth metrics.
5. **Understand the exit pathways.** AAIC thinks about exits differently from most African VCs. The Japan corporate LP base creates strategic acquisition opportunities that do not exist for other funds. Tech platforms may exit through US IPOs or industry acquisitions, hospital and clinic chains through specialised healthcare groups, and service companies through Japanese corporate acquisitions. Articulate which exit pathway makes sense for your company.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- Susumu Tsubaki (CEO) and Hiroki Ishida (Managing Director, Africa) have given detailed interviews to How We Made It In Africa, Africa Private Equity News, Forbes Africa, and NTU Singapore that articulate the Japan-Africa healthcare thesis, the bidirectional bridge model, and why Japanese corporate LPs serve as both capital providers and strategic partners. The fund is Japan's first Africa-focused VC (launched 2017), and the portfolio of 50+ companies across 20+ African countries provides extensive pattern-matching material. The TICAD-linked partnership model (MOUs signed at TICAD 9 between portfolio companies and Japanese corporates) is the clearest proof point of the strategic value-add.
> **Start here:** Read [Japanese investor sees opportunity in Africa's growing healthcare market (How We Made It In Africa)](https://www.howwemadeitinafrica.com/japanese-investor-sees-opportunity-in-africas-growing-healthcare-market/151605/) (Tsubaki explains the thesis: "Japan has many excellent technologies... I would like to contribute by bringing these technologies to Africa" and why Africa's healthcare spending deficit creates a structural investment opportunity), then read [AAIC fund receives further commitments (Africa Private Equity News)](https://www.africaprivateequitynews.com/p/aaic-investment-fund-receives-further) (Ishida explains: "The enthusiasm for investing in Africa from Japan remains strong" and why Japanese corporate involvement "will lead to a growth in exit opportunities"). Those two resources show you how AAIC evaluates companies and why the Japanese corporate LP base is the exit strategy, not just the funding source.
### How AAIC Investment's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Healthcare-first thesis** | AHF1 (Africa Healthcare Fund): $47M, ~30 companies. AHF2 (Africa Innovation & Healthcare Fund): targeting $150M, $40M+ deployed, 25+ companies. Combined: 50+ companies across 20+ African countries. Tsubaki draws a direct parallel to Japan's 1961 universal health insurance introduction, which drove massive medical industry growth. | If your company does not touch healthcare, health infrastructure, or health-adjacent services (pharma distribution, insurance, diagnostics, medical logistics), AAIC is likely not the right fund. The thesis is explicitly healthcare-focused, with selective expansion into fintech and insurtech that supports health system development. |
| **Japanese corporate LPs as strategic partners** | LPs include Eisai (pharmaceuticals), Ohara Pharmaceutical, Asahi Intecc (surgical instruments), Marubeni (trading house), Development Bank of Japan, QR Investment (Hokkoku Financial), TOPPAN Holdings. Several LPs are potential acquirers, distributors, or JV partners for portfolio companies. | The LP base is the exit strategy. At TICAD 9 (August 2025), portfolio companies signed MOUs with Japanese corporates: RecoMed with Eisai, DrugStoc with Alfresa Holdings, Revital Healthcare with Mitsui O.S.K. Lines and Ohara Pharmaceutical. If your company can articulate how a Japanese corporate partnership accelerates your growth, that resonates strongly. |
| **Bidirectional bridge model** | Japanese corporates facing demographic decline (aging/declining birth rate) need growth markets. African companies need capital, technology, and distribution. AAIC bridges both: portfolio companies get access to Japanese corporate networks, and Japanese corporates get access to high-growth African markets. Ishida: "The increased involvement of corporate entities will lead to a growth in exit opportunities." | Frame your pitch as a two-way value proposition. Do not just explain why you need AAIC's capital. Explain what your company offers to Japanese corporates: market access, distribution infrastructure, regulatory expertise, customer relationships. The bridge works in both directions. |
| **Stage and cheque** | AHF1: $100K-$5M. AHF2: $200K-$20M (up to $50M for growth). Seed through Series C. The wide range means AAIC can back companies at early stage and scale with them through multiple rounds. | AAIC has flexibility across stages that most healthcare-focused funds lack. If you are at seed stage with a working healthcare product and need $500K, they can invest. If you are at Series B and need $15M to expand across Africa, they can also invest. Show the multi-round scaling plan. |
| **Portfolio** | Healthcare: Africa Healthcare Network (45 dialysis clinics, partial exit), Helium Health ($30M Series B), Yodawy ($16M Series B), DeepEcho (FDA 510(k) cleared), MyDawa, DrugStoc, LifeBank, ILARA Health, Lapaire (100+ optical outlets). Non-healthcare: Chipper Cash (unicorn 2021), Kobo360 (logistics). Five portfolio companies named to TIME's 100 World's Top HealthTech Companies 2025. | The portfolio spans the full healthcare value chain: hospitals (Jumuia, Jacaranda), diagnostics (ILARA, DeepEcho), pharmacy (Yodawy, DrugStoc, MyDawa), insurance (BIMA, LAMI), logistics (LifeBank), and health tech platforms (Helium Health). Identify where your company fits in this value chain and how you complement, rather than compete with, existing portfolio companies. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Susumu Tsubaki** (CEO, Tokyo/Singapore) | The macro thesis on Japan-Africa healthcare convergence, why Africa's healthcare spending deficit is an investment opportunity, and the Japan 1961 parallel. 15 years at BCG as partner/managing director. | [How We Made It In Africa](https://www.howwemadeitinafrica.com/japanese-investor-sees-opportunity-in-africas-growing-healthcare-market/151605/) -- [NTU Singapore](https://www.ntu.edu.sg/cas/news-events/news/detail/japanese-investor-doubles-down-on-the-african-healthcare-market) |
| **Hiroki Ishida** (Managing Director, AAIC Partners Africa, Kenya) | Day-to-day Africa deal flow, the TICAD corporate partnership model, and how Japanese corporate involvement creates exit opportunities. Former Mitsubishi UFJ, Accenture. Forbes Africa Kenya 2025. | [Africa Private Equity News](https://www.africaprivateequitynews.com/p/aaic-investment-fund-receives-further) -- [Forbes Africa](https://www.forbesafrica.com/africa-undiscovered/2025/02/05/building-a-strong-healthcare-industry-across-africa) |
| **Nobuhiko Ichimiya** (Managing Director, AAIC Nigeria) | The Nigerian healthcare market and West African expansion perspective. Former CFO of a Rwanda e-commerce startup. | [PR Newswire: LifeQ partnership](https://www.prnewswire.com/news-releases/lifeq-partners-with-aaic-investment-to-improve-health-care-in-africa-and-lead-health-tech-revolution-301993015.html) |
### Learn from the AAIC portfolio
| Resource | Why it matters |
|----------|---------------|
| [Africa Healthcare Network partial exit (Africa PE News)](https://www.africaprivateequitynews.com/p/aaic-investment-partially-exits-africa) | AAIC's clearest exit proof point. AHN grew from a seed-stage dialysis company to 45 clinics across Kenya, Rwanda, Tanzania, and Zambia. AAIC partially exited when Africa50 and AfricInvest led a $20M round. Shows the progression from seed investment to meaningful exit. |
| [DeepEcho receives FDA 510(k) clearance (July 2025)](https://www.fda.gov/) | A Moroccan AI fetal ultrasound company in AAIC's portfolio achieving FDA clearance demonstrates the fund's ability to back companies that reach global regulatory milestones. If your healthtech has regulatory pathway ambitions, this is the reference point. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct contact** | Through [aaicinvestment.com](https://aaicinvestment.com/) or reach Hiroki Ishida (Kenya) and Nobuhiko Ichimiya (Nigeria) on LinkedIn. The team responds to inbound pitches from healthcare and health-adjacent companies. |
| **TICAD and Japan-Africa events** | TICAD (Tokyo International Conference on African Development) is the primary networking event. AAIC organises startup acceleration programmes with JICA and is active at TICAD side events and Nikkei forums. |
| **JICA-affiliated programmes** | AAIC has co-organised startup acceleration in Uganda with JICA. If you are connected to JICA-funded programmes, accelerators, or development initiatives, those relationships create warm pathways. |
| **Japanese corporate connections** | If your company has existing relationships with any Japanese corporate (Eisai, Marubeni, Asahi Intecc, TOPPAN, or others in the healthcare/manufacturing/trading house ecosystem), those connections are direct warm paths to AAIC. |
| **Healthcare ecosystem** | Dr. Amit N. Thakker (Africa Healthcare Adviser, 30+ years healthcare expertise) is a senior adviser. Connections through African healthcare networks, hospital groups, and health policy organisations can create introductions. |
### What you can't find
Fund return metrics (IRR, DPI, TVPI) are not publicly disclosed beyond the AHN partial exit. Individual cheque sizes for most portfolio investments are undisclosed. The specific evaluation rubric or scoring framework is not published beyond the general criteria (tech-enabled, healthcare focus, SDG alignment, Japanese corporate relevance). The AHF2 target of $150M versus actual deployment pace is not clearly documented. The detailed terms of TICAD MOUs between portfolio companies and Japanese corporates are not public.
---
## Pitch Format
Contact the team through aaicinvestment.com or reach out to regional office directors on LinkedIn. Prepare a pitch deck covering your healthcare thesis, clinical or operational traction, market opportunity, regulatory positioning, unit economics, team, and expansion strategy. Include a section on how Japanese corporate partnerships could accelerate your growth if relevant.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies (Selected from 65+)
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Africa Healthcare Network | Rwanda/Tanzania/Kenya | Dialysis clinic network across East Africa | Growth | -- |
| Helium Health | Nigeria/Pan-African | Hospital management software and telemedicine | Growth | -- |
| DeepEcho | Egypt | AI-powered fetal ultrasound (FDA cleared) | Series A | 2026 |
| Revital Healthcare | Kenya | Medical supplies and consumables manufacturer | Growth | -- |
| ILARA Health | Kenya | Point-of-care diagnostics for clinics | Series A | -- |
| Rology | Egypt | AI-powered teleradiology platform | Growth | -- |
| Yodawy | Egypt | Digital pharmacy and medication delivery | Growth | -- |
| MyDawa | Kenya | Online pharmacy platform | Growth | -- |
| Reliance HMO | Nigeria | Digital health insurance platform | Series A | -- |
| BIMA / Milvik | Pan-African | Mobile-first micro-insurance and health services | Growth | -- |
| LifeQ | South Africa | Biometric data analytics for health monitoring | Growth | -- |
| Credable | Kenya | Digital lending infrastructure | Growth | -- |
| Aumet | Egypt | Medical supply chain marketplace | Series A | 2026 |
*Note: AAIC has invested in 65+ companies across 25+ African countries. The table above shows selected healthcare and health-adjacent investments. Full portfolio details are available at aaicinvestment.com.*
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Susumu Tsubaki | Founder and CEO | -- | -- |
| Hiroki Ishida | Director, Kenya Office | -- | -- |
| Nobuhiko Ichiyama | Director, Nigeria | -- | -- |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [AAIC Investment Official Website](https://aaicinvestment.com/)
- [AAIC Holdings](https://aa-ic.com/en/top-en/)
- [Disrupt Africa: AAIC Investment takes total fund size to $87M (October 2023)](https://disruptafrica.com/2023/10/26/aaic-investment-announces-new-backing-for-health-focused-fund-takes-total-size-of-funds-to-87m/)
- [How We Made It In Africa: Japanese investor sees opportunity in Africa's healthcare market](https://www.howwemadeitinafrica.com/japanese-investor-sees-opportunity-in-africas-growing-healthcare-market/151605/)
- [Afridigest: The bridge to Japan -- how AAIC went from macadamias to medicine](https://afridigest.substack.com/p/aaic)
- [SuperScout: AAIC Investment investor profile](https://superscout.co/investor/aaic-investment)
---
---
name: Accel
slug: accel
buildTypes: ["Payments-processing", "Enterprise-B2B"]
thesis: >-
We partner with exceptional founders from inception through all phases of
growth.
website: 'https://accel.com'
apply: 'No open application process. Requires warm intro from a portfolio founder or LP.'
region: 'Global'
hq: 'Palo Alto, California, USA'
sectors:
- Sector-agnostic
stage:
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: ''
africaFocus: 'Occasional / opportunistic. Not an Africa-active fund.'
status: active
tier: '1'
lastVerified: '2026-07-31'
edgeRating: edge-sparse
edgeResources:
- name: Sonali De Rycker interview
category: decision-maker-reveal
score: 4
description: >-
Covers EMEA including Africa. Has spoken about geographic agnosticism,
which means she evaluates African companies against the same bar as
European on...
link: 'https://linkedin.com/in/sonali-de-rycker/'
- name: Accel editorial team interview
category: decision-maker-reveal
score: 4
description: >-
The "Prepared Mind" methodology: how Accel partners develop deep sector
theses before they meet founders, so they can move quickly when they see a
fit...
link: >-
https://www.accel.com/noteworthies/investing-outside-silicon-valley-prepared-minds-and-how-to-build-strong-boards
- name: Accel on Instabug interview
category: decision-maker-reveal
score: 4
description: >-
Why Accel led the Series A for an Egyptian developer tools company: the
product served 25,000+ mobile teams globally, the technology was
defensible, a...
link: >-
https://medium.com/@Accel/instabug-egypt-and-the-future-of-mobile-support-13d61de9bf88
- name: Instabug Series A coverage
category: practice-artifact
score: 4
description: >-
Omar Gabr built a global developer tool from Cairo and raised from Accel.
The TechCrunch coverage shows how an Egyptian founder positioned a product
f...
link: >-
https://techcrunch.com/2020/05/04/instabug-raises-5m-series-a-round-led-by-accel-as-mobile-app-usage-surges/
- name: NALA and Accel
category: practice-artifact
score: 4
description: >-
Benjamin Fernandes built NALA from Tanzania into a cross-border payments
company. Accel's involvement shows the firm's willingness to back African
fou...
link: 'https://www.accel.com/relationships/nala'
- name: Accel.com submission
category: pipeline-pathway
score: 3
description: >-
accepts inbound submissions. Accel reviews inbound at higher rates than
most top-tier firms, so even without a warm intro, submitting directly is
viab...
link: 'https://accel.com'
- name: Accel Atoms
category: pipeline-pathway
score: 3
description: >-
Pre-seed programme offering up to $2M. AI-specific cohorts and Atoms X for
broader categories. Strong entry point for technical founders with deep
dif...
- name: London office
category: pipeline-pathway
score: 3
description: >-
Sonali De Rycker and Philippe Botteri cover EMEA. If you are an African
founder building a global product, the London office is your entry point.
portfolioTotalCount: 2
portfolioClassifiedCount: 2
portfolioUnclassifiedCount: 0
portfolioSectorSplit:
Fintech: 100
portfolioModelSplit:
Enterprise contracts/Licensing: 50
Transaction/Marketplace: 50
portfolioGeographySplit:
Egypt: 50
Kenya: 50
---
> **How to use this page:** Accel does not run an Africa-focused fund and has made few, if any, direct African investments. Treat this page as reference thesis material, not a live application target: it shows how a top-tier global firm evaluates founders and structures deals, which is useful groundwork even if Accel itself is not the right fund for you right now.
---
## Overview
Accel has been one of the most consistently active top-tier venture firms for decades, backing Facebook, Slack, Dropbox, Spotify, and Atlassian among many others. They invest from seed through growth, with seed cheques starting at $500K and growth investments reaching up to $100M. With 136 investments in 2025 alone, Accel moves fast and invests frequently compared to more concentrated firms like Benchmark.
Their pre-seed programme, Accel Atoms, offers up to $2M for founders at the earliest stages, with a particular focus on AI and deep technical differentiation. For founders who build infrastructure, security tools, or developer platforms, Accel is a natural fit.
---
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| [Swypex](https://www.swypex.com) | Egypt | Cairo-based B2B fintech offering corporate cards, invoice management, and working-capital access, which raised a $4M seed round led by Accel. |
| [NALA](https://www.nala.com) | Kenya | Mobile payments and remittance company founded in Tanzania that later set up headquarters in Kenya, backed by Accel in its Series A. |
> Portfolio compiled 2026-07-29. Verified via startuplist.africa investor page cross-checked against Forbes Middle East, MENAbytes, TechFundingNews, and TechCrunch; excluded Instabug/Luciq (HQ San Francisco), Zepz (HQ London), and LabLabee (HQ Lyon, France, and no Accel investor confirmed) as not African-HQd or not Accel-backed.
## Key Partners
| Partner | Role | LinkedIn | X |
|---|---|---|---|
| Sonali De Rycker | Partner (London) | [linkedin.com/in/sonali-de-rycker](https://linkedin.com/in/sonali-de-rycker/) | - |
| Philippe Botteri | Partner (London) | [linkedin.com/in/philippebotteri](https://linkedin.com/in/philippebotteri/) | - |
| Arun Mathew | Partner | [linkedin.com/in/arunsmathew](https://linkedin.com/in/arunsmathew/) | - |
| Rich Wong | Partner | [linkedin.com/in/richwong](https://linkedin.com/in/richwong/) | - |
| Amit Kumar | Partner (Atoms) | [linkedin.com/in/amitkumar](https://linkedin.com/in/amitkumar/) | - |
---
## How to Get In
### Step 1: Submit Through Accel.com
Accel accepts inbound submissions directly through their website. This is not a formality, as their team does review submissions, though warm introductions significantly increase your odds of a quick response.
- **Submit at:** [accel.com](https://accel.com)
### Step 2: Accel Atoms (Pre-Seed and Seed)
Accel Atoms is their dedicated pre-seed and seed programme, offering up to $2M in investment. There are focused tracks including AI-specific cohorts and Atoms X for broader categories.
- **Investment:** Up to $2M
- **Focus areas:** AI, infrastructure, developer tools, security
- **How to apply:** Through the Accel website or through network referrals
> **Note on pitch decks:** The Atoms application lists a pitch deck as optional, but it is best practice to submit one. Check our [pitch deck guide](/founder-stack/pitch-decks) and create yourself a proper pitch deck.
### Step 3: Warm Introductions
For later-stage investments, warm intros from portfolio founders, existing investors, or trusted operators in the Accel network make a material difference. Build relationships with Accel portfolio companies (they have hundreds) and ask for introductions when the timing is right.
**Where to find warm intros:**
- **accel.com submission:** Even without an intro, submitting directly is a viable path since Accel does review inbound at higher rates than most top-tier firms.
- **Portfolio founder intros:** Accel has hundreds of portfolio companies. Find founders in your sector who have worked with the partnership and build genuine relationships before asking.
- **VCSheet and OpenVC** list Accel partners and allow you to map connections to them through your existing network.
- **Superscout** maps portfolio founder networks, helping you identify Accel-backed founders who might intro you.
- **Engage with partner content:** Accel partners are active on LinkedIn and Twitter. Thoughtful engagement builds familiarity over time.
---
## Best Advice
Accel partners are data-driven. Even at the seed stage, they expect you to have clear metrics, whether that is usage data, engagement patterns, enterprise pipeline, or retention curves. "We will figure out the metrics later" does not land well here.
They value deep technical differentiation. If your moat is a better algorithm, a novel architecture, or proprietary data infrastructure, lead with that. Founders with strong engineering backgrounds building infrastructure, security, or developer tools consistently do well with Accel.
Given their volume (136 investments in 2025), the partnership can move quickly when they are excited. But that same volume means they see an enormous number of pitches, so you need to stand out on specifics rather than generalities.
---
## Contextual Edge
**Preparation rating:** Edge-sparse for Africa specifically -- Accel has made only a handful of Africa-linked investments, but the firm publishes detailed investment memos and the "Prepared Mind" methodology gives you a clear window into how partners think.
> **Start here:** Read [Accel's investment memo on Instabug](https://medium.com/@Accel/instabug-egypt-and-the-future-of-mobile-support-13d61de9bf88) (the only public Accel memo on an Egypt-headquartered company, reveals why they backed an African founder building a global developer tool), then read [Investing Outside Silicon Valley and "Prepared Minds"](https://www.accel.com/noteworthies/investing-outside-silicon-valley-prepared-minds-and-how-to-build-strong-boards) (the methodology Accel uses to develop deep sector conviction before they ever see your pitch). Those two resources show you what Accel looks for in non-US founders and how to align your pitch with their sector theses.
### How Accel's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Africa exposure** | Four Africa-linked investments: Instabug (Egypt, developer tools), NALA (Tanzania, payments), Swypex (Egypt, B2B payments), and Zepz/WorldRemit (UK-headquartered, African remittance corridors). London office covers EMEA including Africa. | Accel is not an Africa fund. Your company needs to be globally competitive, not just Africa-competitive. The London office is your entry point for EMEA coverage. |
| **The Instabug pattern** | Accel led the $5M Series A for Instabug, an Egyptian company that built a global developer tool used by 25,000+ mobile teams worldwide. The investment memo focuses entirely on the product and market, not the geography. | If you are an African founder building a product with global reach and deep technical differentiation, that is the pattern. Geography is irrelevant to the thesis: product quality and market size are everything. |
| **Sector focus** | Enterprise SaaS, AI/ML, cybersecurity, consumer, fintech, cloud infrastructure, and developer tools. Heavy emphasis on technical differentiation. | Your product needs a technical moat. If your competitive advantage is distribution or market access rather than technology, Accel is probably not the right partner. |
| **Stage & volume** | Pre-seed (Atoms, up to $2M), seed ($500K+), Series A ($1M-$15M), growth ($50M-$100M). 136 investments in 2025 alone, which means the team moves fast and makes decisions quickly. | High volume means you can get a decision fast, but you also have enormous competition for attention. Stand out on specifics, not generalities. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Sonali De Rycker** (Partner, London) | Covers EMEA including Africa. Has spoken about geographic agnosticism, which means she evaluates African companies against the same bar as European ones, not as an "emerging market" category. | [LinkedIn](https://linkedin.com/in/sonali-de-rycker/) |
| **Accel editorial team** | The "Prepared Mind" methodology: how Accel partners develop deep sector theses before they meet founders, so they can move quickly when they see a fit. Understanding which sectors the team is currently developing "Prepared Minds" around tells you where your pitch will land on receptive ears. | [Prepared Minds blog](https://www.accel.com/noteworthies/investing-outside-silicon-valley-prepared-minds-and-how-to-build-strong-boards) |
| **Accel on Instabug** | Why Accel led the Series A for an Egyptian developer tools company: the product served 25,000+ mobile teams globally, the technology was defensible, and the founder (Omar Gabr) built a world-class product from Cairo. | [Medium investment memo](https://medium.com/@Accel/instabug-egypt-and-the-future-of-mobile-support-13d61de9bf88) |
### Learn from funded portfolio companies
| Resource | Why it matters |
|----------|---------------|
| [Instabug Series A coverage](https://techcrunch.com/2020/05/04/instabug-raises-5m-series-a-round-led-by-accel-as-mobile-app-usage-surges/) | Omar Gabr built a global developer tool from Cairo and raised from Accel. The TechCrunch coverage shows how an Egyptian founder positioned a product for a global audience and why Accel chose to lead. |
| [NALA and Accel](https://www.accel.com/relationships/nala) | Benjamin Fernandes built NALA from Tanzania into a cross-border payments company. Accel's involvement shows the firm's willingness to back African founders building in financial infrastructure when the product has global potential. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Accel.com submission** | [accel.com](https://accel.com) accepts inbound submissions. Accel reviews inbound at higher rates than most top-tier firms, so even without a warm intro, submitting directly is viable. |
| **Accel Atoms** | Pre-seed programme offering up to $2M. AI-specific cohorts and Atoms X for broader categories. Strong entry point for technical founders with deep differentiation. |
| **London office** | Sonali De Rycker and Philippe Botteri cover EMEA. If you are an African founder building a global product, the London office is your entry point. |
| **YC pipeline** | Multiple Accel-backed African companies came through Y Combinator first (NALA, Instabug ecosystem). Going through YC first creates a natural warm path to Accel. |
| **Portfolio founder intros** | Accel has hundreds of portfolio companies. Instabug, NALA, and Zepz founders are the most direct African connections. |
### What you can't find
No Accel partner has published an Africa-specific investment thesis. There is no Africa team, no Africa-focused programme, and no plans to establish an Africa presence. Sonali De Rycker covers EMEA broadly, and Africa is a small fraction of that coverage. The "Prepared Mind" methodology is described conceptually but the specific sectors the team is currently researching are not always published. There is no detailed account of the due diligence process from an African portfolio company founder.
---
## Pitch Format
- **Structure:** Clear overview of business model, market opportunity, and team background
- **Data requirements:** Usage data, engagement patterns, enterprise pipeline, or whatever traction metrics you have
- **Technical depth:** If you are building something technically novel, show it. Accel partners can go deep on architecture and infrastructure
- **Team slide:** Engineering backgrounds and technical credibility matter more here than at many other firms
---
## Real Decks and African Portfolio Connections
Explore pitch decks that have successfully raised from top-tier firms, including frameworks for data-heavy presentations that Accel partners respond to.
See: [Pitch Deck Library](/founder-stack/pitch-decks)
| Company | Connection to Accel | Region | Deck |
|---|---|---|---|
| NALA | Accel investment in Tanzanian payments company | Tanzania | Outreach pending |
| LabLabee | Accel-backed | Africa | Outreach pending |
| Zepz | Accel investment, cross-border payments with African corridors | Multi-market | Outreach pending |
Accel has made 12+ investments in African startups and companies with significant African operations, making them one of the more active global firms in the region.
---
## African Alumni and Connections
Accel's direct Africa exposure has been growing steadily. The firm has invested in companies like NALA (Tanzania payments), LabLabee, and Zepz through its global fund, and the London office increasingly covers EMEA including the African tech ecosystem.
**What this means for you:** If you are an African founder building a global product, particularly in AI, infrastructure, or developer tools, Accel is absolutely worth pursuing. Their London office covers EMEA and has increasing awareness of talent emerging from African tech ecosystems. The Atoms programme is a strong entry point for pre-seed founders with deep technical differentiation. If your product is Africa-only with no clear path to global markets, Accel is unlikely to be the right fit at this stage, but if you can frame expansion potential convincingly, the door is open.
---
## Cross-Reference Bar
| Resource | Link |
|---|---|
| Pitch Deck Templates and Examples | [/founder-stack/pitch-decks](/founder-stack/pitch-decks) |
| Legal Documents and Term Sheets | [/founder-stack/documents](/founder-stack/documents) |
| Compliance and Incorporation | [/founder-stack/compliance](/founder-stack/compliance) |
---
## Start Here
Built by [Adtivity](https://adtivity.xyz) -- the growth layer for founders.
[Join Adtivity Free](https://adtivity.xyz/signup) | [Add Your Profile to The Wall](https://adtivity.xyz/wall)
---
## Sources
- Accel official site: [accel.com](https://accel.com)
- Accel Atoms programme: [accel.com/atoms](https://accel.com/atoms)
- Accel 2025 investment activity: [crunchbase.com/organization/accel](https://crunchbase.com/organization/accel)
- Portfolio data: [pitchbook.com](https://pitchbook.com)
---
---
name: Acumen (ARAF)
slug: acumen-araf
buildTypes: ["Agritech", "Climate-energy"]
thesis: >-
We invest in pioneering agribusinesses that enhance the climate resilience of
smallholder farmers in Africa.
website: 'https://arafund.com/'
apply: Warm intros preferred
region: 'East Africa, West Africa, North Africa'
hq: Nairobi
sectors:
- Agritech
- Climate
stage:
- Pre-Seed
- Seed
- Series A
chequeMin: 300000
chequeMax: 4000000
chequeDisplay: $300K -- $4M
format: In-Person
admissions: Rolling / Warm intros
africaFocus: >-
Yes -- East Africa (Kenya, Uganda, Tanzania), West Africa (Nigeria, Ghana),
expanding North Africa
status: active
tier: '2'
lastVerified: '2026-07-29'
edgeRating: edge-moderate
portfolioSectorSplit:
Agritech: 90
Consumer: 10
portfolioModelSplit:
Hardware/Devices: 10
Direct sales/Commerce: 60
Transaction/Marketplace: 30
portfolioGeographySplit:
Kenya: 55
Nigeria: 9
Ghana: 18
Rwanda: 9
Madagascar/US: 9
portfolioTotalCount: 11
portfolioClassifiedCount: 10
portfolioUnclassifiedCount: 1
logo: "/funds/acumen-araf.png"
---
## Overview
The Acumen Resilient Agriculture Fund (ARAF) is a Nairobi-based impact fund managed by Acumen Capital Partners, a subsidiary of Acumen. Launched in 2020, ARAF I was the world's first equity fund specifically designed to build climate resilience for smallholder farmers, and it closed at $58 million in committed capital. The fund was anchored by a $23 million first-loss tranche from the Green Climate Fund, with additional backing from FMO, Proparco, the Soros Economic Development Fund, the Children's Investment Fund Foundation, IKEA Foundation, and Global Social Impact. This blended finance structure -- mixing concessionary and commercial capital -- is central to how ARAF operates, because it allows the fund to take on earlier-stage agricultural companies that pure commercial funds would consider too risky.
In July 2026, ARAF announced $90 million in new committed capital for its second fund, with returning investors including the Green Climate Fund, FMO, and Proparco, and new backers such as Swedfund, BIO, and FASA. The expansion brings ARAF into North Africa for the first time while deepening its existing work across East and West Africa. Across 12 portfolio companies, ARAF has directly reached over 3 million smallholder farmers, with more than 80% of those farmers reporting increased income and yields. The fund's target is to reach an additional 4 million farmers through its second vintage.
What makes ARAF distinctive is its focus on the intersection of agriculture and climate adaptation. The fund backs companies that help farmers anticipate, survive, and recover from climate events like drought, flooding, and erratic rainfall. This is not a general agritech fund -- every investment must demonstrate a clear pathway to improving smallholder farmer resilience. The separate grant-funded Technical Assistance facility provides portfolio companies with hands-on operational support beyond capital, covering everything from supply chain optimization to farmer training programme design.
---
## How to Get In
ARAF does not have an online application form, so your entry point is almost always through a warm introduction. The most direct pathways are through existing portfolio founders (SunCulture, Tomato Jos, Victory Farms, and others), through Acumen's broader network of fellows and investees, or through the fund's institutional co-investors like the Green Climate Fund, FMO, and Mercy Corps Ventures.
If you are building an agribusiness in Sub-Saharan Africa that serves smallholder farmers, start by making yourself visible in the climate-smart agriculture space. Attend Acumen events, engage with ARAF's team on LinkedIn (the investment team is active there), and build relationships with organizations in their orbit. The team is based in Nairobi, so founders with East African operations have natural proximity, but ARAF has invested across Nigeria, Ghana, and Rwanda as well.
What the team looks for is specific: your business model must demonstrably improve climate resilience for smallholder farmers. That could mean providing access to irrigation, distributing drought-resistant inputs, building farmer aggregation platforms, or creating market linkages that stabilize farmer incomes. Pure software plays without a direct farmer touchpoint are less likely to fit. The fund also evaluates your ability to work with their Technical Assistance facility -- they want founders who are open to operational support and willing to collaborate on building systems, not just take capital.
Your due diligence process will include field visits, so your on-the-ground operations need to hold up to scrutiny. The team will talk to your farmers, visit your distribution points, and verify your impact claims firsthand.
---
## Best Advice
1. **Lead with the farmer, not the technology.** ARAF's thesis centers on smallholder farmer outcomes, not on innovation for its own sake. Your pitch should start with the farmer's problem -- what climate risk they face, how your solution changes their yield or income -- and work backward to the technology. If you spend most of your pitch on your app's features and only briefly mention farmers at the end, you are pitching the wrong way around.
2. **Quantify your climate resilience impact.** ARAF reports that over 80% of its portfolio farmers have seen increased income and yields. You need to show the team that your company can contribute to that kind of measurable impact. Come with data on how many farmers you serve, what their income change looks like after using your product, and how your model performs during adverse weather events. Anecdotal evidence is not enough.
3. **Understand the blended finance structure and what it means for you.** ARAF uses first-loss capital from the Green Climate Fund alongside commercial capital, which means they can take more risk on early-stage agricultural companies than a typical VC. But it also means the fund has specific impact reporting requirements tied to its institutional backers. Be prepared to discuss your monitoring and evaluation capabilities, because the team will need you to track and report farmer-level outcomes.
4. **Show that your model scales through existing farmer networks.** The fund's portfolio companies reach millions of farmers by working through aggregator platforms, cooperatives, and distribution networks rather than acquiring farmers one by one. If you are spending $50 to acquire each farmer through Facebook ads, your unit economics will not work for ARAF. Show them how your model plugs into existing farmer communities and scales through trust-based networks.
---
## Contextual Edge
**Preparation rating:** Moderate -- Tamer El-Raghy (Managing Director) has given select interviews to AgFunder News, ImpactAlpha, and at climate conferences, but ARAF is not as media-heavy as some VC funds. The clearest window into the fund's thinking is the Green Climate Fund project documentation (FP078 and FP252), which lays out the investment criteria, impact targets, and geographic scope in detail. Portfolio company press releases (particularly SunCulture and Tomato Jos) also reveal the patterns ARAF looks for.
> **Start here:** Read the [AgFunder News profile of ARAF](https://agfundernews.com/araf-acumen-resilient-agriculture-fund) (Tamer El-Raghy explains the blended finance structure, the first-loss capital model, and why ARAF targets companies that help farmers "anticipate, survive, and bounce back from climate events"), then read the [Green Climate Fund project page (FP078)](https://www.greenclimate.fund/project/fp078) for the formal investment criteria and impact targets. Those two resources give you a clear picture of what ARAF funds and why.
### How ARAF's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Climate resilience is the filter** | Every ARAF portfolio company must demonstrate a direct pathway to improving smallholder farmer resilience against climate events (drought, flooding, erratic rainfall). The fund has reached 3M+ farmers with 80%+ reporting increased income. | If your agribusiness does not have a clear climate resilience angle, ARAF is not the right fund. You need to articulate how your product helps farmers weather specific climate risks, not just improve general productivity. |
| **Blended finance, higher risk tolerance** | ARAF I used $23M in first-loss capital from the Green Climate Fund on a $58M fund, which de-risks the portfolio for commercial LPs. Cheque sizes range from $300K to $4M. | ARAF can write smaller cheques and back earlier companies than most agriculture-focused funds. If you are pre-Series A and building in agri, this is one of the few funds that will consider you at the $300K-$1M range. |
| **East Africa core, West Africa growing** | Kenya is the portfolio's center of gravity (SunCulture, FarmWorks, Stable Foods, Countryside Dairy, Victory Farms), with Nigeria (Tomato Jos) and Ghana (Complete Farmer, Winich Farms) as secondary markets. ARAF II expands to North Africa. | If you are based in Kenya, you are in the fund's strongest market. Nigerian and Ghanaian agribusinesses have also been funded, and the North Africa expansion opens new geography for ARAF II. |
| **Full value chain coverage** | Portfolio spans solar irrigation (SunCulture), livestock (Uzima Chicken), aquaculture (Victory Farms), crop processing (Tomato Jos), inputs and agronomy (FarmWorks), and farm-to-market platforms (Winich Farms, Complete Farmer). | ARAF is not limited to one slice of agriculture. If you operate anywhere along the smallholder farmer value chain and have a climate resilience thesis, you could be a fit. |
| **Technical Assistance is real** | ARAF has a separate grant-funded TA facility that provides operational support to portfolio companies beyond capital -- supply chain, farmer training, M&E systems. | The team expects you to be open to hands-on support. This is not passive capital. If you want an investor who writes a cheque and steps back, ARAF may feel too involved. If you want operational partnership, this is a strength. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Tamer El-Raghy** (Managing Director) | The fund's climate resilience thesis, blended finance approach, and geographic expansion strategy. Former HSBC. Leads investment decisions and LP relationships. | [LinkedIn](https://ke.linkedin.com/in/tamer-el-raghy-22b92b) -- [AgFunder News interview](https://agfundernews.com/araf-acumen-resilient-agriculture-fund) |
| **Rebecca Mincy** (Investment Director) | Portfolio management and deal evaluation. Represents ARAF at climate and agriculture conferences globally. Based in Kenya. | [LinkedIn](https://ke.linkedin.com/in/rebeccamincy) |
| **Akwugo Onuekwusi** (Associate Director) | West Africa deal origination and portfolio support. | [ARAF Team Page](https://arafund.com/investment-team/) |
| **Dan Kimani** (Associate Director) | East Africa deal evaluation and due diligence. | [ARAF Team Page](https://arafund.com/investment-team/) |
### Learn from funded companies
| Resource | Why it matters |
|----------|---------------|
| [SunCulture: solar irrigation on pay-as-you-go](https://sunculture.com) | ARAF's most visible portfolio company. SunCulture has raised $53M+ total and provides low-cost solar irrigation to smallholder farmers in Kenya on a pay-as-you-go model. Shows ARAF's appetite for companies that combine climate-smart technology with innovative financing to reach farmers who could never afford the upfront cost. |
| [Tomato Jos: commercial farming with smallholder integration](https://tomatojos.ng) | A Nigerian commercial tomato farm that partners with surrounding smallholder farmers, providing seeds, training, and guaranteed offtake. Demonstrates how ARAF backs models that integrate smallholders into commercial value chains rather than replacing them. |
| [Stable Foods raises $600K (TechCabal)](https://techcabal.com/2022/11/17/stable-foods-raises-600000-to-help-kenyan-farmers-increase-output/) | Kenyan agritech building ultra-low-cost food production systems within smallholder communities. Co-invested by ARAF and Mercy Corps Ventures. Shows the smaller end of ARAF's cheque range and the type of early-stage company they will back. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Acumen network** | Acumen's broader ecosystem of fellows, investees, and alumni is the most natural entry point. If you are an Acumen Fellow or have worked with any Acumen-backed company, you already have a warm path. Engage through [acumen.org](https://acumen.org). |
| **Portfolio founder introductions** | Founders from SunCulture, Tomato Jos, FarmWorks, Victory Farms, and other portfolio companies can make introductions. These carry significant weight with the investment team. |
| **Co-investor network** | ARAF frequently co-invests with Mercy Corps Ventures, AgDevCo, and other agriculture-focused impact investors. If you are already in conversation with any of these, ask about ARAF. |
| **Climate and agriculture conferences** | The ARAF team attends and speaks at events including the UN Climate conferences, the Global Impact Investing Network (GIIN) events, and African agriculture summits. These are good places to meet the team in person. |
| **LinkedIn outreach** | The investment team is active on LinkedIn. A well-crafted message to Tamer El-Raghy or Rebecca Mincy with a clear summary of your company, farmer impact, and climate resilience angle can open a conversation. |
### What you can't find
The detailed due diligence checklist and scoring criteria ARAF uses internally are not published. Individual cheque sizes for specific portfolio investments are mostly undisclosed (the $300K-$4M range is the broadest public data point). The exact split between ARAF I and ARAF II portfolios is not clearly delineated in public sources. Impact measurement methodologies beyond the top-line "80%+ reporting increased income" figure are not publicly available. The Technical Assistance facility's specific service offerings and how companies are selected for TA support are not documented externally. Rejection criteria and the proportion of deals sourced through warm intros versus other channels are not disclosed.
---
## Pitch Format
ARAF does not operate a standardized application portal, so your first interaction will typically be a conversation or email exchange rather than a form submission. Prepare a pitch deck that leads with your farmer impact thesis, includes on-the-ground data about the smallholder farmers you serve, and clearly articulates how your business model improves climate resilience. The team will want to see unit economics at the farmer level, not just company-level financials.
Include a slide on your monitoring and evaluation capabilities, because ARAF's institutional backers (particularly the Green Climate Fund) require detailed impact reporting from portfolio companies. If you already track farmer income changes, yield improvements, or climate event recovery rates, highlight that data prominently.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| SunCulture | Kenya | Pay-as-you-go solar irrigation for smallholder farmers | Growth (total raised $53M+) | -- |
| Tomato Jos | Nigeria | Commercial tomato processing with smallholder farmer partnerships | Series A ($4.28M total raised) | 2023 |
| FarmWorks | Kenya | Agronomy training, quality inputs, machinery, and market access for farmers | Early Growth ($4M total raised) | -- |
| Victory Farms | Kenya | Fast-growing aquaculture and white protein platform in East Africa | Early Growth | -- |
| Complete Farmer | Ghana | Tech-enabled farming platform allowing users to own shares in farms | Early | -- |
| Stable Foods | Kenya | Ultra-low-cost food production systems within smallholder communities | Seed ($600K) | 2022 |
| Uzima Chicken | Rwanda | SASSO chicken distribution across Rwanda, Uganda, and DRC | Early | -- |
| Countryside Dairy | Kenya | Milk processing with smallholder farmer procurement network | Early | -- |
| Winich Farms | Ghana | Farm-to-market platform eliminating middlemen for food producers | Pre-Series A ($3M) | -- |
| Pyramidia Ventures | Kenya | Agricultural ventures (details limited) | Early ($1.5M total raised) | -- |
| Beyond Good | Madagascar/US | Chocolate and vanilla sourced directly from smallholder farmers | Growth | -- |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Tamer El-Raghy | Managing Director | [linkedin.com/in/tamer-el-raghy-22b92b](https://linkedin.com/in/tamer-el-raghy-22b92b) | -- |
| Rebecca Mincy | Investment Director | [linkedin.com/in/rebeccamincy](https://linkedin.com/in/rebeccamincy) | -- |
| Akwugo Onuekwusi | Associate Director | [ARAF Team](https://arafund.com/investment-team/) | -- |
| Dan Kimani | Associate Director | [ARAF Team](https://arafund.com/investment-team/) | -- |
| Esther Mwangi | Investment Manager | [ARAF Team](https://arafund.com/investment-team/) | -- |
| Koumba Dem | Investment Manager | [ARAF Team](https://arafund.com/investment-team/) | -- |
| Carsten Stendevad | Acumen President & CIO (oversees ARAF) | [LinkedIn](https://linkedin.com/in/carsten-stendevad) | -- |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [ARAF Official Website](https://arafund.com/)
- [ARAF Investment Team](https://arafund.com/investment-team/)
- [Acumen: ARAF Programme Page](https://acumen.org/programs/acumen-resilient-agriculture-fund/)
- [Acumen: ARAF Announces $90 Million (July 2026)](https://acumen.org/news/acumen-araf-climate-resilient-agriculture-africa/)
- [Acumen: ARAF Closes $58 Million](https://acumen.org/news/acumen-resilient-agriculture-fund/)
- [AgFunder News: ARAF Profile](https://agfundernews.com/araf-acumen-resilient-agriculture-fund)
- [Green Climate Fund: FP078 -- ARAF I](https://www.greenclimate.fund/project/fp078)
- [Green Climate Fund: FP252 -- ARAF II](https://www.greenclimate.fund/portfolio/projects/fp252)
- [StartupList Africa: ARAF Portfolio](https://startuplist.africa/investor/acumen-resilient-agriculture-fund-araf)
- [Parsers.vc: ARAF Fund Profile](https://parsers.vc/fund/arafund.com/)
- [ImpactAlpha: Acumen Secures $90 Million](https://impactalpha.com/acumen-secures-90-million-for-resilient-agriculture-in-africa/)
- [TechCabal: Stable Foods Raises $600K](https://techcabal.com/2022/11/17/stable-foods-raises-600000-to-help-kenyan-farmers-increase-output/)
- [AVCA: Winich Farms Pre-Series A](https://www.avca.africa/news-insights/member-news/winich-farms-secures-us-3mn-in-pre-series-a-funding-backed-by-climate-resilient-africa-fund-sahel-capital-and-acumen-resilient-agriculture-fund/)
- [Soros Economic Development Fund: ARAF LP](https://www.soroseconomicdevelopmentfund.org/investments/acumen-resilient-agriculture-fund-lp)
- [Launch Base Africa: ARAF Raises $90M](https://launchbaseafrica.com/2026/07/17/acumens-araf-fund-raises-90m-to-take-its-climate-resilience-playbook-to-north-africa/)
---
---
name: AfricInvest (Cathay AfricInvest Innovation Fund)
slug: africinvest
buildTypes: ["Payments-processing", "AI-ML", "Mobility", "Insurtech", "Edtech"]
thesis: >-
Backing entrepreneurs bringing innovative and inclusive technologies to
Africa.
website: 'https://www.africinvest.com/'
apply: >-
Contact via the website or warm introductions through portfolio companies and
LP networks.
region: Pan-African
hq: >-
Tunis, with offices in Casablanca, Cairo, Abidjan, Lagos, Nairobi, Paris, and
Dubai
sectors:
- Sector-agnostic
stage:
- Seed
- Series A
- Series B+
chequeMin: 1000000
chequeMax: 10000000
chequeDisplay: $1M -- $10M
format: Hybrid
admissions: Rolling
africaFocus: 'Yes -- Pan-African (35+ countries, North and Sub-Saharan Africa)'
status: active
tier: '1'
lastVerified: '2026-07-24'
edgeRating: edge-rich
edgeResources:
- name: Ziad Oueslati interview
category: decision-maker-reveal
score: 4
description: >-
The firm's founding story, investment philosophy, why AfricInvest focused
on Africa when most institutional investors would not, and what integrity
me...
link: 'https://www.fmo.nl/africinvest-part-1'
- name: Skander Oueslati interview
category: decision-maker-reveal
score: 4
description: >-
Healthcare investment opportunities in Africa, why the continent's
demographics create structural demand for technology-enabled services, and
the inve...
link: 'https://x.com/AVCA_Africa/status/1781246365429117048'
- name: George Odo interview
category: decision-maker-reveal
score: 4
description: >-
What founders consistently get wrong when pitching AfricInvest, the
lessons African founders never receive about institutional fundraising,
and how CA...
link: >-
https://techcabal.com/2026/05/26/george-odo-africinvest-lessons-founders-never-receive/
- name: InstaDeep acquired by BioNTech for $682M
category: practice-artifact
score: 4
description: >-
AfricInvest backed InstaDeep (Tunisian AI company) early, and the BioNTech
acquisition was one of Africa's largest tech exits ever. This validates
Afr...
link: >-
https://techcrunch.com/2022/07/19/africinvest-and-cathay-innovation-reach-final-close-of-pan-african-fund-at-e110m/
- name: 'How We Made It in Africa: George Odo profile'
category: practice-artifact
score: 4
description: >-
Odo's background spanning JPMorgan, Citi, and AfDB before joining
AfricInvest. Shows the institutional caliber of the team and gives you
context on wh...
link: >-
https://www.howwemadeitinafrica.com/meet-boss-george-odo-md-east-africa-africinvest/55550/
- name: Regional offices
category: pipeline-pathway
score: 3
description: >-
AfricInvest has offices in Tunis, Casablanca, Cairo, Abidjan, Lagos,
Nairobi, Paris, and Dubai. Approach the regional team covering your
geography dir...
- name: Portfolio company referrals
category: pipeline-pathway
score: 3
description: >-
InstaDeep, PalmPay, GoMyCode, Heetch, Turaco, Aerobotics, Boomplay, and
Moove are all in the network. Referrals from their leadership carry real
credi...
- name: Cathay Innovation network
category: pipeline-pathway
score: 3
description: >-
The partnership with Cathay Innovation opens a second entry point through
the European and Asian tech ecosystem. If you have connections to Cathay's
g...
portfolioSectorSplit:
AI-ML: 13
Fintech: 50
Consumer: 13
Edtech: 6
Agritech: 6
Infrastructure: 6
SaaS: 6
portfolioModelSplit:
Enterprise contracts/Licensing: 31
Transaction/Marketplace: 38
Subscription/SaaS: 19
Direct sales/Commerce: 12
portfolioGeographySplit:
Tunisia: 25
Nigeria: 25
Morocco/Algeria: 7
South Africa: 7
Kenya: 6
Multi-market: 6
Pan-African: 6
Egypt: 6
Ghana: 6
Morocco: 6
portfolioTotalCount: 16
portfolioClassifiedCount: 16
portfolioUnclassifiedCount: 0
---
## Overview
AfricInvest is one of Africa's oldest and largest private investment platforms, founded in 1994 in Tunis by Ziad Oueslati and Skander Oueslati. The firm has raised $2 billion across 21 funds and invested in over 200 companies across 35+ African countries, which makes it one of the most experienced institutional investors on the continent by sheer volume and longevity.
For founders, the most relevant vehicle is the Cathay AfricInvest Innovation Fund (CAIF), a €110 million venture fund launched in partnership with Cathay Innovation (the Paris-based global venture firm) and closed in July 2022. CAIF targets seed to early-growth stage technology companies across Africa, with cheque sizes from $1M to $10M. The LP base includes the European Investment Bank (EIB), Proparco, BIO (Belgian Investment Company), Triodos, and other European DFIs, which gives portfolio companies access to institutional follow-on networks across Europe and Africa.
What makes AfricInvest distinctive from pure venture firms is the combination of venture-stage investing with a $2 billion private equity platform behind it. The firm operates from 11 offices with over 100 professionals, which means the team has on-the-ground presence in markets that most venture funds cover remotely. The CAIF portfolio already includes breakout names like InstaDeep (AI, acquired by BioNTech for $682M), PalmPay (mobile payments), Boomplay (music streaming), Heetch (ride-sharing), GoMyCode (coding education), Aerobotics (precision agriculture), and Turaco (embedded insurance), so the caliber of companies the team backs is proven.
The firm also manages several other vehicles relevant to growth-stage founders, including AfricInvest Fund IV (targeting $400M), the Maghreb Private Equity Fund III (€120M), and FIVE (a financial inclusion evergreen vehicle), which means the team can support portfolio companies from seed through growth with follow-on capital across different vehicles.
---
## How to Get In
AfricInvest does not have a public application portal, and the firm sources 80% of its deals through proprietary channels, so warm introductions are the primary path in. The strongest routes are through existing portfolio companies (InstaDeep, PalmPay, GoMyCode, Heetch, Turaco, Aerobotics, Boomplay are all in the network) or through the LP ecosystem (EIB, Proparco, BIO, Triodos all have their own networks of investees and partners).
Ziad Oueslati is active on LinkedIn and is a regular speaker at AVCA, the African Development Bank annual meetings, and other institutional investment conferences. The firm's presence across eight African countries means you can connect with regional teams locally: North Africa (Tunis, Casablanca, Cairo), West Africa (Abidjan, Lagos), East Africa (Nairobi), and internationally (Paris, Dubai).
The Cathay Innovation partnership also opens a second entry point. If you have connections in the European or Asian tech ecosystem that touch Cathay Innovation's global network, that can provide a warm introduction to the CAIF team specifically.
If you are a growth-stage company rather than a venture-stage startup, AfricInvest's private equity funds (Fund IV, Maghreb PE Fund III) may be a better fit, and you can approach the team through the same channels for those vehicles.
---
## Best Advice
1. **Know which vehicle fits your stage.** AfricInvest manages 21 funds across different stages. For seed through Series B, the Cathay AfricInvest Innovation Fund (CAIF) is the right vehicle. For growth capital ($10M+), the PE funds are more appropriate. Make sure your outreach is directed at the right team and the right fund.
2. **Show how you fit the "inclusive technology" thesis.** CAIF explicitly targets companies that create digital infrastructure and services for underserved markets. If your product extends financial services, education, healthcare, mobility, or agriculture to populations that were previously excluded, that is exactly the story they want to hear. InstaDeep (AI for drug discovery), GoMyCode (coding education), and Turaco (embedded insurance for underbanked consumers) all fit this pattern.
3. **Use the pan-African footprint to your advantage.** With 11 offices across eight African countries, AfricInvest can provide operational support, introductions, and market intelligence in markets where most funds have zero presence. If your expansion plan includes North Africa, Francophone West Africa, or East Africa, articulate how AfricInvest's on-the-ground teams add value beyond capital.
4. **Come prepared for institutional-grade diligence.** AfricInvest has been investing in Africa since 1994 and manages $2 billion in assets. The due diligence process is rigorous and more similar to private equity than typical venture capital. Have clean financials, a real board structure, and clear governance in place before you engage.
5. **Think about the Cathay Innovation global network.** The partnership with Cathay Innovation gives CAIF portfolio companies access to a global tech network spanning Europe, the US, and Asia. If your company has global ambitions or could benefit from international corporate partnerships, highlight that in your pitch.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- one of Africa's most established investment platforms, with published impact reports, an HBS case study, a detailed FMO partnership series, and the InstaDeep exit story providing a concrete success benchmark.
> **Start here:** Read the [FMO anniversary series on AfricInvest](https://www.fmo.nl/africinvest-part-1) (three-part series covering the firm's founding story, investment philosophy, and Ziad Oueslati's direct quotes on what drives their decisions), then read [George Odo on lessons African founders never receive](https://techcabal.com/2026/05/26/george-odo-africinvest-lessons-founders-never-receive/) (the CAIF partner who covers East Africa explains what founders consistently get wrong in their pitches). Those two resources show you how AfricInvest evaluates companies and what the team wishes founders knew before they walked in.
### How AfricInvest's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Scale** | $2B+ AUM across 21 funds, 200+ companies across 35+ African countries since 1994. Fund IV closed at $411M, CAIF at €110M. Over 100 professionals across 11 offices in eight African countries. | This is institutional-grade investing with 30 years of African market experience. The due diligence bar reflects PE rigour, not typical venture informality. |
| **Sector** | Fintech (PalmPay, Masria Digital, PayTic, Onafriq), logistics/e-commerce (Moove), health (Aerobotics), education (GoMyCode), mobility (Heetch), entertainment (Boomplay), AI (InstaDeep, Vneuron). CAIF is tech-focused, but the broader platform is generalist. | The CAIF fund targets technology companies specifically, while the PE funds cover everything from manufacturing to financial services. Match your pitch to the right vehicle. |
| **Geography** | Pan-African with North African roots: Tunis HQ, offices in Casablanca, Cairo, Abidjan, Lagos, Nairobi, plus Paris and Dubai. Two-thirds of the portfolio is in North and Francophone Africa, which makes AfricInvest uniquely strong in markets that most venture funds avoid. | If you are building in North Africa, Francophone West Africa, or the Maghreb, AfricInvest is one of the few institutional investors with deep on-the-ground presence in your market. |
| **Exit track record** | InstaDeep acquired by BioNTech for ~$682M, one of Africa's largest tech exits. The broader PE platform has executed dozens of exits across traditional sectors. | A proven exit track record matters for your follow-on story. LPs see the InstaDeep exit as validation that African tech companies can achieve global-scale outcomes. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Ziad Oueslati** (Founding Partner) | The firm's founding story, investment philosophy, why AfricInvest focused on Africa when most institutional investors would not, and what integrity means in their evaluation process. Quote: "We look for integrity when investing." | [FMO Part 1](https://www.fmo.nl/africinvest-part-1) -- [Part 2](https://www.fmo.nl/africinvest-part-2) -- [Part 3](https://www.fmo.nl/africinvest-part-3) -- [African Business interview](https://african.business/2021/03/finance-services/skander-oueslati-we-look-for-integrity-when-investing) |
| **Skander Oueslati** (Co-Founder, CIO & Deputy MD) | Healthcare investment opportunities in Africa, why the continent's demographics create structural demand for technology-enabled services, and the investment outlook. | [AVCA 2024 healthcare panel](https://x.com/AVCA_Africa/status/1781246365429117048) -- [IATF 2025 speaker](https://2025.iatf.africa/newfront/participant/210677) |
| **George Odo** (Partner, East Africa) | What founders consistently get wrong when pitching AfricInvest, the lessons African founders never receive about institutional fundraising, and how CAIF evaluates technology companies across the continent. | [TechCabal interview](https://techcabal.com/2026/05/26/george-odo-africinvest-lessons-founders-never-receive/) -- [YouTube: AfricInvest evolves](https://www.youtube.com/watch?v=QFSu2uiI4vM) |
### Study the evaluation frameworks before your pitch
| Framework / Report | What it tells you |
|-------------------|------------------|
| [Operating Principles for Impact Management Disclosure](https://www.africinvest.com/document/AfricInvest-Disclosure-Statement-Impact-Principles-November-2023.pdf) | AfricInvest's self-assessment against the nine Operating Principles for Impact Management. Shows exactly what impact metrics the team tracks, how they integrate ESG into investment decisions, and what governance standards they expect from portfolio companies. |
| [Harvard Business School case study](https://www.hbs.edu/faculty/Pages/item.aspx?num=59150) | An academic analysis of AfricInvest's strategy, competitive positioning, and operational model. This is the most rigorous external assessment of how the firm works and why it has survived 30 years in African private markets. |
### Learn from funded portfolio companies
| Resource | Why it matters |
|----------|---------------|
| [InstaDeep acquired by BioNTech for $682M](https://techcrunch.com/2022/07/19/africinvest-and-cathay-innovation-reach-final-close-of-pan-african-fund-at-e110m/) | AfricInvest backed InstaDeep (Tunisian AI company) early, and the BioNTech acquisition was one of Africa's largest tech exits ever. This validates AfricInvest's ability to identify global-quality companies from African markets and support them to meaningful exits. |
| [How We Made It in Africa: George Odo profile](https://www.howwemadeitinafrica.com/meet-boss-george-odo-md-east-africa-africinvest/55550/) | Odo's background spanning JPMorgan, Citi, and AfDB before joining AfricInvest. Shows the institutional caliber of the team and gives you context on who evaluates your deal in East Africa. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Regional offices** | AfricInvest has offices in Tunis, Casablanca, Cairo, Abidjan, Lagos, Nairobi, Paris, and Dubai. Approach the regional team covering your geography directly. |
| **Portfolio company referrals** | InstaDeep, PalmPay, GoMyCode, Heetch, Turaco, Aerobotics, Boomplay, and Moove are all in the network. Referrals from their leadership carry real credibility. |
| **Cathay Innovation network** | The partnership with Cathay Innovation opens a second entry point through the European and Asian tech ecosystem. If you have connections to Cathay's global network, that provides a warm introduction to the CAIF team. |
| **DFI and LP network** | EIB, Proparco, BIO, Triodos, and Mastercard Foundation are all LPs. If you are already in conversation with any of these DFIs, that relationship creates a warm path to AfricInvest. |
| **AVCA and institutional conferences** | AfricInvest is a founding member of AVCA and the partners regularly speak at AVCA conferences, African Development Bank annual meetings, and SuperReturn Africa. These are natural places to build relationships. |
### What you can't find
AfricInvest does not have a public application portal, and the firm sources 80% of its deals through proprietary channels. There is no public blog, investment thesis document, or published selection criteria beyond what emerges in partner interviews. The CAIF-specific evaluation process (as distinct from the PE funds) is not documented publicly. Most of the firm's content is oriented toward institutional LPs rather than founders, so the preparation material is more about understanding the firm's track record than learning how to pitch.
---
## Pitch Format
No public application portal. Reach out through warm introductions or directly to team members on LinkedIn. Prepare a pitch deck covering your business model, market opportunity, unit economics, team, technology differentiation, and expansion strategy. Given the institutional LP base, include a clear impact thesis alongside your commercial case.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| InstaDeep | Tunisia | AI and decision-making systems (acquired by BioNTech for $682M) | Growth | Exited |
| PalmPay | Nigeria | Mobile payments and digital financial services | Growth | -- |
| Boomplay | Nigeria | Music streaming platform for Africa | Growth | -- |
| Heetch | Morocco/Algeria | Ride-sharing and mobility platform | Series B | -- |
| GoMyCode | Tunisia | Coding education and tech training | Series A | -- |
| Aerobotics | South Africa | AI-powered precision agriculture and crop analytics | Series B | -- |
| Turaco | Kenya | Embedded insurance for underbanked consumers | Series A | -- |
| KaiOS Technologies | Multi-market | Mobile operating system for feature phones | Growth | -- |
| MFS Africa/Onafriq | Pan-African | Digital payments gateway | Growth | -- |
| Moove | Nigeria | Vehicle financing for ride-hailing and logistics | Growth | -- |
| PayTic | Tunisia | Payment technology solutions | Early stage | -- |
| Masria Digital Payments | Egypt | Digital payment solutions | Early stage | -- |
| OZE | Ghana | Business management app for SMEs | Seed | -- |
| Kredete | Nigeria | Alternative credit scoring | Seed | -- |
| Vneuron | Tunisia | AI and data analytics | Growth | -- |
| Buzzkito | Morocco | Social media analytics and influencer platform | Early stage | -- |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Ziad Oueslati | Founding Partner | [linkedin.com/in/ziad-oueslati-47536](https://www.linkedin.com/in/ziad-oueslati-47536) | -- |
| Skander Oueslati | Co-Founder, CIO and Deputy MD | [linkedin.com/in/soueslati](https://mt.linkedin.com/in/soueslati) | -- |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [AfricInvest Official Website](https://www.africinvest.com/)
- [Cathay AfricInvest Innovation Fund page](https://cathayinnovation.com/fund/cathay-africinvest-innovation/)
- [AfricInvest Portfolio](https://www.africinvest.com/portfolio/)
- [Cathaycapital: AfricInvest and Cathay Innovation complete €110M final close](https://www.cathaycapital.com/africinvest-and-cathay-innovation-complete-final-close-of-e110m-pan-african-venture-fund/)
- [EIB: Cathay AfricInvest Innovation Fund](https://www.eib.org/en/products/equity/funds/cathay-africinvest-innovation-fund)
- [Harvard Business School: AfricInvest case study](https://www.hbs.edu/faculty/Pages/item.aspx?num=59150)
---
---
name: AHL Venture Partners
slug: ahl-venture-partners
buildTypes: ["Climate-energy", "Agritech", "Neobank/wallet", "Lending-credit"]
thesis: >-
Leveraging responsible profit to drive African development forward through
innovative, scalable businesses solving social and environmental challenges.
website: 'https://www.ahlventurepartners.com/'
apply: Via the website or direct outreach to the team
region: Pan-African
hq: Nairobi
sectors:
- Climate
- Fintech
- Agritech
stage:
- Seed
- Series A
- Growth
chequeMin: null
chequeMax: null
chequeDisplay: Varies by instrument (equity legacy + new credit fund)
format: Hybrid
admissions: Rolling
africaFocus: >-
Yes -- 27+ African countries, with strong presence in East, West, and Southern
Africa
status: active
tier: '3'
lastVerified: '2026-07-24'
portfolioSectorSplit:
Climate: 38
Agritech: 50
Fintech: 12
portfolioModelSplit:
Hardware/Devices: 38
Transaction/Marketplace: 37
Direct sales/Commerce: 25
portfolioGeographySplit:
Kenya: 75
Zambia: 25
portfolioTotalCount: 8
portfolioClassifiedCount: 8
portfolioUnclassifiedCount: 0
---
## Overview
AHL Venture Partners is a Nairobi-based impact investment firm founded in 2007 by a European ultra-high-net-worth family, with operations spanning 27+ African countries. Led by CEO Rosanne Whalley (17 years investing in Africa), the firm has committed over $60 million in investments and deployed more than $120 million in debt financing since 2020, building a portfolio of 35+ businesses across clean energy, fintech, agriculture, and financial inclusion.
The firm's evolution tells an important story about African capital markets. AHL started as an equity investor, backing companies like M-KOPA Solar, Twiga Foods, Burn, and Powergen Renewable Energy at the seed and Series A stage. Around 2020, the team shifted its primary strategy toward private credit, concluding that "debt recycles faster than equity in African markets, the returns are more predictable, and the liquidity profile lets you fund more businesses over time." The AHL Africa Credit Fund I secured a $30.5 million first close from the AHL Charitable Foundation and three family offices, targeting financial inclusion, climate action, food and agriculture, fintech, renewable energy, and mobility. The firm's impact footprint includes 11,000+ jobs created and improved access to services for 10 million+ people in lower-income segments.
---
## How to Get In
Reach out through the website or via the East African impact investing network. The firm's current focus is on debt and mezzanine financing for scaling businesses with strong cash flows, high margins or fast working capital cycles, resilient management teams, and defensible business models. AHL targets a minimum cost of capital around 14% (closer to 20% with hedging), so your business needs to generate returns that comfortably service that. The team values institutional mindset, shareholder alignment, and proven execution capability, and has noted a preference for companies with co-founders or management teams over sole founders. If you're earlier stage or seeking pure equity, the firm is planning smaller debt structures ($50K to $200K range) through a future fund, so the entry point may broaden.
---
## Best Advice
1. **The pivot to credit is the story.** AHL's shift from equity to debt reflects a broader thesis about what African growth-stage companies actually need: flexible, long-term debt capital rather than equity dilution. If your business has predictable cash flows and can service debt, this is one of the few Africa-focused impact investors offering structured credit products designed for the continent.
2. **Impact is embedded, not cosmetic.** Backed by a charitable foundation and family offices with genuine impact mandates, AHL evaluates both financial returns and social outcomes as core metrics. The portfolio's 10 million+ beneficiaries and 11,000+ jobs created are the kind of results that drive LP conviction, so quantify your impact story with the same rigour as your financial projections.
3. **The legacy equity portfolio shows sector conviction.** AHL's early equity bets (M-KOPA, Twiga Foods, Burn, Powergen) reveal deep conviction in clean energy, agricultural value chains, and financial inclusion, and those are the same sectors the credit fund targets. If you're building in these verticals, the team already understands your market dynamics.
4. **Family office capital means longer horizons.** Unlike institutional LPs with strict fund life constraints, family office and foundation backing gives AHL more flexibility on timing and structure. This can be a real advantage if your business needs patient capital with creative structuring rather than a standard equity term sheet.
---
## Pitch Format
Reach out through the website with a clear overview of your business model, financial performance, debt serviceability, team, and impact thesis. For credit, be ready to discuss cash flow predictability, working capital cycles, and how debt capital translates into measurable growth.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| M-KOPA Solar | Kenya | Pay-as-you-go solar energy |
| Twiga Foods | Kenya | B2B agricultural supply chain |
| Burn | Kenya | Clean cookstove manufacturing |
| Powergen Renewable Energy | Kenya | Renewable energy mini-grids |
| Sidai Africa | Kenya | Livestock health services delivery |
| Tulaa | Kenya | Mobile commerce for farmers |
| Zoona | Zambia | Mobile money and payments |
| Rent to Own Africa | Zambia | Agricultural asset financing |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Rosanne Whalley | CEO | — | — |
| Kerry Nasidai | Investment Manager | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [AHL Venture Partners official website](https://www.ahlventurepartners.com/)
- [AHL Venture Partners secures $30.5 million first close for Africa-focused credit fund -- Empower Africa](https://empowerafrica.com/ahl-venture-partners-secures-30-5-million-first-close-for-africa-focused-credit-fund/)
- [Why Nairobi-based AHL Venture Partners is betting on debt -- TechCabal](https://techcabal.com/2026/04/06/ahl-venture/)
- [AHL Venture Partners -- Investor's Globe](https://www.investorsglobe.com/companies/africa/ahl-venture-partners/)
---
---
name: Ajim Capital
slug: ajim-capital
buildTypes: ["Enterprise-B2B", "Payments-processing", "Dev-tooling", "Marketplace-commerce", "Security-privacy"]
thesis: >-
The right kind of innovation doesn't just build companies, it builds
countries. Investing in pre-seed and seed-stage African startups by mapping
300+ proven business models to Africa's infrastructure gaps.
website: 'https://ajimcapital.com/'
apply: 'https://ajimcapital.com/'
region: Sub-Saharan Africa
hq: 'Austin, TX'
sectors:
- Fintech
- Logistics
- SaaS
- AI-ML
- E-commerce
stage:
- Pre-Seed
- Seed
chequeMin: 100000
chequeMax: 500000
chequeDisplay: $100K -- $500K
format: Remote-first (solo GP)
admissions: Rolling
africaFocus: Yes -- sub-Saharan Africa exclusively
status: active
tier: '2'
lastVerified: '2026-07-29'
edgeRating: edge-rich
portfolioSectorSplit:
Fintech: 54
Logistics: 8
E-commerce: 15
SaaS: 23
portfolioModelSplit:
Transaction/Marketplace: 31
Enterprise contracts/Licensing: 8
Subscription/SaaS: 54
Hardware/Devices: 7
portfolioGeographySplit:
Nigeria: 77
Kenya: 15
France/Africa: 8
portfolioTotalCount: 13
portfolioClassifiedCount: 13
portfolioUnclassifiedCount: 0
---
## Overview
Ajim Capital is an Austin-based, Africa-focused pre-seed and seed-stage venture capital firm founded in 2022 by Eunice Ajim, a Cameroonian-American two-time tech founder who previously built and scaled a startup to $10 million+ in valuation before exit. Named a Forbes 30 Under 30 in Venture Capital (2026), Ajim operates a solo GP model with a proprietary research framework: she has catalogued 300+ proven business models from India, China, and Latin America, mapping each to Africa's specific infrastructure gaps, mobile-first consumer behaviours, and regulatory environments. This pattern-recognition approach replaces the guesswork that characterises many early-stage Africa investments.
Fund I deployed $10 million across 30+ companies, and Fund II ($20 million target) is currently deploying with larger cheques of $250K to $500K at pre-seed and seed stage. The portfolio spans six sectors: fintech (payments, lending, banking infrastructure), commerce (B2B trade, procurement, marketplaces), logistics (last-mile delivery, supply chain, fleet tech), vertical SaaS (healthcare, agritech, proptech), AI and automation (enterprise AI, LLM infrastructure), and developer tools (APIs, DevOps, cloud). Notable portfolio companies include Raenest ($14.3 million raised in follow-on), Dojah (identity verification and fraud prevention), Eazipay (payroll and HR), BuuPass (transportation ticketing), Flex Finance (spend management), Chpter (social commerce), Tyms (accounting software), and Mira (point-of-sale systems). Ajim's operating philosophy is "Equip, Educate, Empower": she works alongside founders as an operator rather than just a board member, providing strategic guidance, hiring support, distribution strategy, and fundraising assistance.
---
## How to Get In
Submit a 5-minute online application through the website. Every submission is reviewed. Ajim Capital leads and co-leads investments at pre-seed and seed stage, which means the firm writes first cheques with conviction rather than waiting for other investors to set terms. You need to be building a technology or tech-enabled startup in sub-Saharan Africa, targeting a substantial addressable market, and demonstrating founder-market fit. The six sector lanes (fintech, commerce, logistics, vertical SaaS, AI, developer tools) define the firm's areas of conviction, but the 300+ business model framework means the team is open to patterns from other emerging markets that haven't yet been adapted for Africa.
---
## Best Advice
1. **The 300+ business model framework is the evaluation lens.** Ajim Capital's proprietary research maps proven models from India, China, and Latin America to African markets. If your company adapts a model that has already scaled in another emerging market to Africa's specific conditions (mobile-first, cash-heavy, infrastructure-constrained), frame your pitch around that pattern. Show you understand why the model works elsewhere and what you've changed to make it work in your market.
2. **Solo GP means fast decisions and deep involvement.** As a solo GP, Eunice Ajim makes investment decisions without committee delays, which means the process from application to term sheet can move quickly. Post-investment, the solo GP model also means you get direct access to the decision-maker rather than being handed off to an associate. The tradeoff is bandwidth: with 30+ portfolio companies, engagement is necessarily focused.
3. **The founder-turned-investor angle is real.** Ajim built and scaled a startup to $10 million+ valuation before exit, which means she evaluates pitches from the perspective of someone who has navigated the same operational challenges you face. Your pitch should demonstrate execution capability and operational insight, not just market analysis. She's looking for founders who have built things, not just analysed them.
4. **Fund II's larger cheques change the dynamic.** With Fund II writing $250K to $500K (up from $100K to $250K in Fund I), Ajim Capital is now a meaningful lead or co-lead investor at the pre-seed and seed stage. If you need a lead investor who can anchor your round and attract other capital, the Fund II ticket size is large enough to set terms.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- Eunice Ajim has a strong public presence with interviews, a Forbes profile, and a detailed about page that explains the 300+ business model framework and investment philosophy.
> **Start here:** Read the [Ajim Capital about page](https://ajimcapital.com/about) where Eunice Ajim explains the 300+ business model framework, her "Equip, Educate, Empower" operating philosophy, and her journey from Cameroonian founder to Forbes 30 Under 30 VC. Then check the [SuperScout profile](https://superscout.co/investor/ajim-capital) for portfolio breakdown and selection criteria. Those two resources show you how the fund thinks and what it looks for.
### How Ajim Capital's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Geography** | Sub-Saharan Africa exclusively. Nigeria and Kenya appear most frequently in the portfolio (Eazipay, Dojah, Tyms, Chpter in Nigeria; BuuPass in Kenya). | Nigeria and East Africa are the deepest deal flow markets. If you're building in either region, you're in the firm's strongest zone. Other sub-Saharan markets are covered but less concentrated. |
| **Sector** | Six defined lanes: fintech, commerce, logistics, vertical SaaS, AI/automation, developer tools. Fintech and B2B infrastructure dominate the current portfolio (Dojah, Eazipay, Flex Finance, Tyms, Mira). | If you're building payments, lending, payroll, accounting, or developer infrastructure for African businesses, you're a core thesis match. AI and vertical SaaS are newer but actively deploying. |
| **Stage** | Pre-seed and seed only. Fund I: $100K to $250K. Fund II: $250K to $500K. The firm positions as a first-check investor that leads or co-leads. | If you've already raised a Series A, you're past the fund's stage. This is for founders who need their first or second institutional cheque. |
| **Model** | The 300+ proven business model framework from India, China, and LatAm is the evaluation lens. The firm looks for African adaptations of models that have already scaled elsewhere. | Frame your pitch around the emerging-market pattern you're adapting, not just the African opportunity in isolation. Show you've studied why the model works in India or Brazil and what you've changed for your market. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Eunice Ajim** (Founder & Managing Partner) | The 300+ business model framework, "Equip, Educate, Empower" philosophy, her journey from Cameroon to Austin to VC, and why she backs African founders building for the continent. | [Ajim Capital About](https://ajimcapital.com/about) |
| **Eunice Ajim** | Forbes recognition as one of the top venture capitalists under 30 globally. | [Forbes 30 Under 30: Eunice Ajim](https://www.forbes.com/profile/eunice-ajim/) |
| **Eunice Ajim** | Portfolio composition, investment criteria, and the solo GP model's implications for founders. | [SuperScout: Ajim Capital](https://superscout.co/investor/ajim-capital) |
### Learn from funded portfolio companies
| Resource | Why it matters |
|----------|---------------|
| [Ajim Capital portfolio page](https://ajimcapital.com/) | Lists 30+ portfolio companies with sector tags, showing the distribution across the six investment lanes and geographic footprint. Use this to understand which "business model patterns" the fund has already backed and where gaps exist. |
| [Beyond The Billion: Ajim Capital](https://beyondthebillion.com/our-partners/ajim-capital/) | Positions Ajim Capital within the global network of female-led funds, showing the institutional credibility and LP network that comes with the Beyond The Billion commitment. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Online application** | [ajimcapital.com](https://ajimcapital.com/) has a 5-minute application form. Every submission is reviewed. This is the primary intake channel. |
| **Portfolio founder referrals** | With 30+ portfolio companies, referrals from existing founders (Dojah, Eazipay, BuuPass, Chpter, Flex Finance) carry weight with a solo GP who has personal relationships with every portfolio founder. |
| **Eunice Ajim on social media** | Ajim is active on [LinkedIn](https://www.linkedin.com/in/euniceajim/) and publishes content about African tech investing, the 300+ framework, and portfolio updates. Engaging with her content is a natural way to get on her radar. |
### What you can't find
There are no published annual reports, fund-level return data, or detailed portfolio performance metrics. The 300+ business model framework is referenced frequently but the full database is proprietary and not publicly available. Fund II's LP base is not disclosed. There are no published podcast appearances or long-form interviews that walk through specific deal evaluation processes.
---
## Pitch Format
Submit the 5-minute application through the website. Cover your product, team (emphasising founder-market fit), market opportunity, traction, and which proven business model from another emerging market you're adapting for Africa. Follow up with a full deck.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Raenest | Nigeria | Financial technology ($14.3M raised) |
| Dojah | Nigeria | Identity verification and fraud prevention |
| Eazipay | Nigeria | Payroll and HR management |
| BuuPass | Kenya | Transportation ticketing platform |
| Flex Finance | Nigeria | Spend management |
| Chpter | Kenya | Social commerce platform |
| Tyms | Nigeria | Accounting software for SMEs |
| Mira | Nigeria | Point-of-sale systems |
| Spleet | Nigeria | Rental payments platform |
| PipeOps | Nigeria | Cloud deployment tools |
| Tappi | Nigeria | Digital storefront for merchants |
| Moneco | France/Africa | Banking for the African diaspora |
| Revwit | Nigeria | Revenue operations |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Eunice Ajim | Founder & Managing Partner | [LinkedIn](https://www.linkedin.com/in/euniceajim/) | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Ajim Capital official website](https://ajimcapital.com/)
- [Ajim Capital: The Early Stage Founder's Guide -- SuperScout](https://superscout.co/investor/ajim-capital)
- [Eunice Ajim -- Forbes 30 Under 30](https://www.forbes.com/profile/eunice-ajim/)
- [Ajim Capital -- Beyond The Billion](https://beyondthebillion.com/our-partners/ajim-capital/)
- [Ajim Capital -- VC4A](https://vc4a.com/ajim-capital/)
---
---
name: Al Mada Ventures
slug: al-mada-ventures
buildTypes: ["Agritech", "Mobility", "Payments-processing", "Insurtech", "Healthtech"]
thesis: >-
We invest in scalable, sustainable, and innovative companies that have the
power to reshape industries across the African continent.
website: 'https://www.almadaventures.com/'
apply: 'mailto:contact@almadaventures.com'
region: Pan-African
hq: 'Casablanca, with coverage across 27 markets'
sectors:
- Sector-agnostic
stage:
- Seed
- Series A
- Series B+
chequeMin: 500000
chequeMax: 10000000
chequeDisplay: $500K -- $6M (follow-on up to $10M)
format: Hybrid
admissions: Rolling
africaFocus: >-
Yes -- Pan-African (North Africa, Francophone West/Central Africa, expanding
East and Southern Africa)
status: active
tier: '1'
lastVerified: '2026-07-24'
edgeRating: edge-rich
edgeResources:
- name: Omar Laalej interview
category: decision-maker-reveal
score: 4
description: >-
The thesis, the evergreen structure, how AMV evaluates African tech
companies, and the synergy model with Al Mada subsidiaries. Ex-Cathay
AfricInvest ...
link: >-
https://techcrunch.com/2023/12/20/al-mada-ventures-the-110m-fund-for-africans-by-africans/
- name: Noufissa Kessar interview
category: decision-maker-reveal
score: 4
description: >-
Appointed January 2026, the first woman to lead Al Mada. Sets the
strategic direction for the holding group, including how the venture arm
integrates ...
link: 'https://www.linkedin.com/in/noufissa-kessar/'
- name: Gozem $30M Series B
category: practice-artifact
score: 4
description: >-
Raphael Dana (CEO): "It's validation because we have investors operating
on the ground in the same markets where we operate." Shows what AMV's
on-the-...
link: 'https://techcrunch.com/'
- name: WafR $4M raise
category: practice-artifact
score: 4
description: >-
Ismail Bargach (CEO): "Their support brings not only capital but deep
fintech experience and strong regional networks." Demonstrates how the
Attijariw...
link: 'https://disruptafrica.com/'
- name: Email directly
category: pipeline-pathway
score: 3
description: >-
contact@almadaventures.com with your pitch deck. No formal application
portal, but inbound is accepted.
- name: Portfolio founder referrals
category: pipeline-pathway
score: 3
description: >-
Gozem, Money Fellows, DeepEcho, WafR, YoLa Fresh, Checker, and Susu
founders all have direct relationships with Omar Laalej and the investment
team.
- name: Frame the subsidiary synergy
category: pipeline-pathway
score: 3
description: >-
If your product can plug into Attijariwafa Bank (27 countries), Inwi
(telecom), Marjane (retail), or Nareva (energy), lead with that angle. The
team i...
- name: Ecosystem events
category: pipeline-pathway
score: 3
description: >-
Omar Laalej is active at AVCA Conference, SuperReturn Africa, and GITEX
Africa (Marrakech). These are natural places to build the relationship
before ...
portfolioSectorSplit:
Fintech: 23
Logistics: 8
Agritech: 16
Healthtech: 15
SaaS: 15
Blockchain: 8
Climate: 15
portfolioModelSplit:
Transaction/Marketplace: 31
Hardware/Devices: 23
Subscription/SaaS: 31
Enterprise contracts/Licensing: 15
portfolioGeographySplit:
Egypt: 8
Togo: 8
Morocco: 61
Ivory Coast: 8
Multi-market: 15
portfolioTotalCount: 13
portfolioClassifiedCount: 13
portfolioUnclassifiedCount: 0
logo: "/funds/al-mada-ventures.png"
---
## Overview
Al Mada Ventures is a $110 million pan-African venture fund launched in 2022 by Al Mada Group, one of Africa's largest holding companies controlled by the Moroccan royal family. The fund is led by Managing Director Omar Laalej and invests across seed through Series B, with cheque sizes ranging from $500K at seed to $6M at Series A/B and follow-on capacity up to $10M per company.
What makes Al Mada Ventures distinctive is that the capital is 100% African-sourced, which is rare in a landscape where most Africa-focused VC firms raise from European or American LPs. The fund's tagline, "for Africans, by Africans," reflects a deliberate strategy to build an investment vehicle backed entirely by African institutional and corporate capital. This also means the team has deep relationships with major African corporates through the Al Mada Group's subsidiaries across insurance, retail, mining, energy, and telecommunications, and portfolio companies get direct access to those networks for distribution, partnerships, and commercial pilots.
The portfolio already spans multiple geographies and sectors, with investments in companies like Money Fellows (Egypt, consumer fintech), Gozem (Togo, super-app for mobility), YoLa Fresh (Morocco, fresh produce supply chain), Deepecho (Morocco, AI prenatal care), Susu (Ivory Coast, health insurance), Checker (digital assets infrastructure), Sowit (Morocco, satellite agriculture), and WafR (Morocco, retail tech). The fund operates across 27 markets, with strongest coverage in North Africa and Francophone West and Central Africa, and is actively expanding into East and Southern Africa.
---
## How to Get In
Email your pitch deck and business summary to contact@almadaventures.com. The team reviews inbound submissions on a rolling basis and will reach out if there is a fit.
The strongest path in is through the Al Mada Group's corporate ecosystem. Al Mada's subsidiaries span insurance (Saham), retail, energy, mining, telecom, and education across dozens of African markets, and the venture team explicitly looks for startups that can create synergies with those corporate operations. If your product solves a problem for one of those industries, frame your outreach around that connection.
Portfolio company referrals also carry weight. Money Fellows, Gozem, YoLa Fresh, Deepecho, and Susu are all in the network, and introductions from their founders signal credibility with the investment team. Omar Laalej is active on LinkedIn and speaks regularly at African investment conferences like AVCA, so engaging with his content or meeting the team at events is another practical entry point.
The fund has strong coverage in Morocco, Francophone West Africa, and Egypt, so if you are building in those geographies you are in their core zone. If you are building in East or Southern Africa, make sure your pitch clearly articulates why Al Mada's corporate network and African capital base are the right fit for your specific market.
---
## Best Advice
1. **Show how you fit the corporate ecosystem.** Al Mada's biggest differentiator is the connection to Al Mada Group's subsidiaries across insurance, retail, energy, mining, and telecom. If your startup can pilot with, sell to, or distribute through one of those corporate entities, call it out explicitly in your pitch. Omar Laalej has said the fund aims to "combine corporates' dry powder and firepower with the startups' innovation," so show them exactly where that combination works for your business.
2. **Demonstrate you are building for African markets, not transplanting a Western model.** The fund's "for Africans, by Africans" positioning means they want to see solutions designed for African realities. If your product addresses a uniquely African challenge, whether that is informal supply chains, mobile-first distribution, or navigating multi-currency environments, lead with that story.
3. **Have real traction before you pitch.** Al Mada targets companies with "initial maturity," which means they want to see revenue, users, or strong operational metrics before they invest. Even at seed stage, come with evidence that the business model works, not just a concept and a TAM slide.
4. **Think pan-African from the start.** The fund operates across 27 markets, and they want to see founders who understand expansion beyond a single country. Even if you are starting in Morocco or Egypt, your pitch should articulate how the model scales across North Africa, Francophone West Africa, and eventually East and Southern Africa.
5. **Use the African capital story in your favor.** Because Al Mada's capital is entirely African-sourced, the fund is not subject to the same mandate constraints as DFI-backed vehicles. This gives the team more flexibility on deal structure, and it means your pitch can focus on commercial returns rather than impact metrics. That said, the team values businesses that solve real problems for African populations, so "commercially viable and socially useful" is the sweet spot.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- unusually well-documented for a pan-African venture fund, with detailed GP interviews, portfolio founder testimonials, and clear thesis articulation. The Al Mada holding company's 100-year history and subsidiary network (Attijariwafa Bank, Inwi, Marjane) create preparation angles that most venture funds cannot match.
> **Start here:** Read [Al Mada Ventures: The $110M Fund for Africans, by Africans (TechCrunch)](https://techcrunch.com/2023/12/20/al-mada-ventures-the-110m-fund-for-africans-by-africans/) (Omar Laalej explains the thesis, the evergreen structure, and why the fund deploys only African capital: "Al Mada is delighted to bring its 100-year experience as a pan-African investor to young innovative entrepreneurs"), then read how funded founders describe the value-add: Raphael Dana of Gozem called it "validation because we have investors operating on the ground in the same markets where we operate." Those two resources show you the thesis and what the partnership actually looks like from the founder side.
### How Al Mada Ventures' portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Capital source** | $110M evergreen fund backed entirely by African capital from the Al Mada holding group. "For Africans, by Africans" is the explicit positioning. No DFI or foreign institutional capital. | The all-African capital base is a distinctive signal. If you are building for African markets and want an investor whose LPs are structurally aligned with the continent, that matters. The evergreen structure also means no pressure to exit on a fixed fund timeline. |
| **Geography** | 25 African markets covered. Francophone-first (Morocco, Egypt, Cote d'Ivoire, Togo), with expansion into Anglophone and East African markets. Checker (stablecoin, $8M seed), Gozem ($30M Series B, Togo/Francophone super app), Money Fellows ($13M, Egypt), WafR ($4M, Morocco), YoLa Fresh ($7M, Morocco), Susu ($4.9M, Ivory Coast). | If you are building in Francophone Africa, Al Mada Ventures is one of the few institutional venture investors with deep networks and operational presence in your markets. Anglophone founders are welcome but the Francophone pipeline is the core. |
| **Sector** | Fintech (Checker, Money Fellows, WafR), healthtech (DeepEcho), agritech (YoLa Fresh), insurtech (Susu), mobility (Gozem), logistics, AI, climate. Technology-oriented and scalable businesses addressing African challenges. | Sector-agnostic in practice, but every investment uses technology to solve a structural African problem. If your company digitises access to a service that most Africans currently receive informally or not at all, that matches the pattern. |
| **Stage and cheque** | Seed to Series B, with cheques from $500K to $6M and follow-on capacity up to $10M. Omar Laalej: "We now want to invest in some of the most mature seed startups...and be a bit proactive about doubling down." | The sweet spot is mature seed through Series B. If you have reached product-market fit and need capital to scale, AMV is positioned for that stage. The "doubling down" quote signals strong follow-on conviction for performers. |
| **Subsidiary synergy** | Al Mada's subsidiaries include Attijariwafa Bank (27-country African network), Inwi (Moroccan telecom), Marjane (retail), and Nareva (energy). The investment team actively connects portfolio companies to these subsidiaries for distribution, partnerships, and market access. | This is the single biggest differentiator. If your product can distribute through Attijariwafa Bank's 27-country network, sell into Marjane's retail chain, or partner with Inwi's telecom infrastructure, frame that synergy explicitly in your pitch. Most venture funds cannot offer this kind of corporate distribution. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Omar Laalej** (Managing Director) | The thesis, the evergreen structure, how AMV evaluates African tech companies, and the synergy model with Al Mada subsidiaries. Ex-Cathay AfricInvest Innovation Fund, which means he brings institutional venture experience alongside the corporate backing. | [TechCrunch: $110M Fund for Africans](https://techcrunch.com/2023/12/20/al-mada-ventures-the-110m-fund-for-africans-by-africans/) |
| **Noufissa Kessar** (Chairwoman/CEO, Al Mada) | Appointed January 2026, the first woman to lead Al Mada. Sets the strategic direction for the holding group, including how the venture arm integrates with the broader corporate ecosystem. | [LinkedIn](https://www.linkedin.com/in/noufissa-kessar/) |
### Learn from funded portfolio companies
| Resource | Why it matters |
|----------|---------------|
| [Gozem $30M Series B](https://techcrunch.com/) | Raphael Dana (CEO): "It's validation because we have investors operating on the ground in the same markets where we operate." Shows what AMV's on-the-ground presence means in practice for a Francophone African company scaling across multiple markets. |
| [WafR $4M raise](https://disruptafrica.com/) | Ismail Bargach (CEO): "Their support brings not only capital but deep fintech experience and strong regional networks." Demonstrates how the Attijariwafa Bank relationship translates into real fintech distribution advantage. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Email directly** | contact@almadaventures.com with your pitch deck. No formal application portal, but inbound is accepted. |
| **Portfolio founder referrals** | Gozem, Money Fellows, DeepEcho, WafR, YoLa Fresh, Checker, and Susu founders all have direct relationships with Omar Laalej and the investment team. |
| **Frame the subsidiary synergy** | If your product can plug into Attijariwafa Bank (27 countries), Inwi (telecom), Marjane (retail), or Nareva (energy), lead with that angle. The team is explicitly looking for portfolio companies that can create value through the holding group's corporate network. |
| **Ecosystem events** | Omar Laalej is active at AVCA Conference, SuperReturn Africa, and GITEX Africa (Marrakech). These are natural places to build the relationship before you pitch. |
### What you can't find
Al Mada is a private holding group and does not publish annual reports, portfolio performance data, or detailed investment criteria. There is no formal evaluation rubric or due diligence checklist available publicly. The team beyond Omar Laalej (Yassine Soual, Narjisse Belmahi, Rida Chahoud, Sofia Salomao) have very limited public content. Much of the holding-level information is in French or Arabic, with limited English-language material. There are no long-form founder journey case studies from the portfolio.
---
## Pitch Format
Email your pitch deck (PDF preferred) to contact@almadaventures.com. Include your business model, market analysis, team qualifications, traction metrics, financial projections, and how your company aligns with Al Mada's investment thesis. For media inquiries, use media@almadaventures.com.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Money Fellows | Egypt | Digital money circles and consumer fintech | Pre-Series C ($13M) | 2025 |
| Gozem | Togo | Super-app for mobility, delivery, and financial services | Series B ($30M) | 2025 |
| YoLa Fresh | Morocco | Fresh produce supply chain and distribution | Seed ($7M) | 2024 |
| Deepecho | Morocco | AI-powered prenatal ultrasound diagnostics | Early stage | -- |
| Susu | Ivory Coast | Health insurance and healthcare access platform | Seed | -- |
| Userguest | Morocco | Hospitality tech and hotel booking platform | Early stage | -- |
| Sowit | Morocco | Satellite-based precision agriculture | Early stage | -- |
| WafR | Morocco | Retail technology platform | Early stage | -- |
| Checker | Multi-market | Digital assets infrastructure | Early stage | -- |
| Inyad | Morocco | Business solutions platform | Early stage | -- |
| Axis | Morocco | Financial services | Early stage | -- |
| Iosentech | Morocco | Recycling and circular economy tech | Early stage | -- |
| Supercritical | Multi-market | Green hydrogen technology | Early stage | -- |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Omar Laalej | Managing Director | [linkedin.com/in/omar-laalej-6636925](https://ma.linkedin.com/in/omar-laalej-6636925) | -- |
| Narjisse Belmahi | CFO and COO | -- | -- |
| Yassine Soual | Investment Director | -- | -- |
| Sofia Salomão | Investment Principal | -- | -- |
| Rida Chahoud | VP Synergy and Business Development | -- | -- |
| Renato Rossi | Senior Investment Officer | -- | -- |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Al Mada Ventures Official Website](https://www.almadaventures.com/)
- [TechCrunch: Al Mada Ventures, the $110M fund for Africans by Africans (December 2023)](https://techcrunch.com/2023/12/20/al-mada-ventures-the-110m-fund-for-africans-by-africans/)
- [Superscout: Al Mada Ventures profile](https://superscout.co/investor/al-mada-ventures)
- [StartupList Africa: Al Mada Ventures portfolio](https://startuplist.africa/investor/al-mada-ventures)
- [The Founder Africa: Al Mada Ventures overview](https://thefounder.africa/al-mada-ventures-a-110-million-boost-for-african-growth-stage-investing/)
---
---
name: Alchemy Startup Program
slug: alchemy-infra-credits
thesis: 'In-kind infrastructure credits and hands-on engineering support for teams building on any of the 100+ chains Alchemy supports, not a cash grant.'
website: 'https://www.alchemy.com/startup-program'
apply: 'Submit the short (about 30 second) startup-program form, have a call with the Alchemy team, then start building with credits applied to your account within days.'
region: 'Global'
hq: 'San Francisco, USA'
sectors:
- Developer-Tooling
- Infrastructure
- DeFi
- Consumer
- AI-x-Crypto
stage:
- Ideation
- MVP
- Pre-Seed
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: 'In-kind Alchemy infrastructure credits (amount not disclosed publicly) plus a stated $5,000 in AWS credits; chain-specific co-programs go higher (e.g. up to $500K in credits under the Alchemy-Arbitrum program)'
chains:
- Multi-chain
format: 'Application form'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '3'
lastVerified: '2026-09-09'
edgeRating: edge-sparse
edgeResources:
- name: Alchemy Startup Program page
category: practice-artifact
score: 5
description: >-
The actual application and full offer: Alchemy credits, $5,000 AWS
credits, dedicated engineering support, and access to Alchemy's
partner network of VCs, accelerators and chain teams.
link: 'https://www.alchemy.com/startup-program'
- name: Alchemy + Arbitrum Grant
category: pipeline-pathway
score: 4
description: >-
A chain-specific co-program worth up to $500,000 in infrastructure
credits for teams building or migrating to Arbitrum Orbit rollups,
a much larger cheque than the general startup program offers.
link: 'https://www.alchemy.com/arbitrum-grant'
- name: 25M dollar developer grants initiative announcement
category: decision-maker-reveal
score: 3
description: >-
Background on Alchemy's broader posture toward funding developer
infrastructure access, useful context for how the company thinks
about credits as a growth channel.
link: 'https://www.alchemy.com/blog/25m-web3-developer-grant'
- name: Chain-specific Alchemy grant pages (e.g. Alchemy + Monad)
category: pipeline-pathway
score: 3
description: >-
Alchemy runs several named co-programs with specific chains beyond
Arbitrum; check whether your target chain has its own Alchemy program
before defaulting to the general startup program.
link: 'https://www.alchemy.com/monad-grant'
portfolioSectorSplit: {}
portfolioChainSplit:
Multi-chain: 100
portfolioTotalCount: 0
portfolioClassifiedCount: 0
portfolioUnclassifiedCount: 0
---
> **How to use this page:** This is infrastructure runway, not cash. It extends how long you can build before infra costs bite, and it is one of the fastest-moving applications in this directory: a 30-second form, a call, and credits applied within days. Read Section E, then check whether your specific chain has its own, larger co-program before applying to the general one.
---
## A. Header Block
- **Program name:** Alchemy Startup Program
- **One-line thesis:** In-kind infrastructure credits, AWS credits and hands-on engineering support for early-stage teams building on any Alchemy-supported chain
- **Website:** [alchemy.com/startup-program](https://www.alchemy.com/startup-program)
- **CTA:** [Apply for the Startup Program](https://www.alchemy.com/startup-program)
| Tag | Detail |
|-----|--------|
| Region | Global |
| Format | Application form (short form, then a call) |
| Sectors | Any onchain infrastructure or application: developer tooling, DeFi, consumer apps, AI x crypto |
| Stage | Idea through Seed |
| Cheque Size | In-kind Alchemy credits (amount undisclosed) plus $5,000 AWS credits; chain-specific co-programs offer more (up to $500K under Alchemy-Arbitrum) |
| Admissions | Rolling |
---
## C. Overview
The Alchemy Startup Program is an in-kind infrastructure benefit, not a cash grant: Alchemy applies credits directly to a qualifying team's account to offset node, RPC and API costs, alongside a stated $5,000 in AWS credits for compute, storage and databases, and direct access to Alchemy's engineering team for debugging and architecture help. Alchemy supports more than 100 blockchains, including Ethereum, Solana, Arbitrum, Polygon, Optimism, Base and BNB Chain, which makes this program genuinely multi-chain at the general-program level, though several specific chains have their own, separately branded and often larger co-programs.
The clearest example is the Alchemy-Arbitrum Grant, worth up to $500,000 in infrastructure credits per team building or migrating to Arbitrum Orbit rollups, run jointly with the Arbitrum Foundation as part of that Foundation's own 2026 grant menu. Alchemy runs similarly named co-programs with other chains, such as Monad; a founder should check whether their target chain has a dedicated Alchemy program before defaulting to the smaller general Startup Program.
Eligibility on the general program is broad by design: Alchemy states it wants to hear from teams "whether you're VC-backed, in an accelerator, or bootstrapping your first project," as long as you're "building something real." Existing Alchemy customers affiliated with partner organisations such as VCs or accelerators may qualify for enhanced benefits, though the exact enhancement is not disclosed on the page.
**Key stats:**
- Application to credits applied: 30-second form, a call, credits within days
- $5,000 in AWS credits stated on the general program
- Up to $500,000 in credits available through the Alchemy-Arbitrum co-program specifically
- 100+ chains supported by Alchemy's infrastructure
---
## D. Key Partners
| Person or team | Role | Where to find them |
|----------------|------|--------------------|
| Alchemy team | Reviews applications and runs the qualifying call | [alchemy.com/startup-program](https://www.alchemy.com/startup-program) |
| Arbitrum Foundation | Co-runs the larger, chain-specific Alchemy-Arbitrum Grant | [arbitrum.foundation/grants](https://arbitrum.foundation/grants) |
| Alchemy's partner network (VCs, accelerators, chain teams) | Source of introductions and co-marketing for enrolled startups | [alchemy.com/startup-program](https://www.alchemy.com/startup-program) |
No individual reviewer names are published, and we have not guessed.
---
## E. How to Get In: Step-by-Step Application Process
**Chain requirement: chain-agnostic at the general-program level, since Alchemy supports 100+ chains. Check for a dedicated chain-specific co-program (Arbitrum, Monad, and others) before defaulting to the general program, since those often offer a larger credit amount.**
#### Step 1: Submit the startup-program form
A brief form on [alchemy.com/startup-program](https://www.alchemy.com/startup-program), described by Alchemy as taking about 30 seconds.
#### Step 2: Have a call with the Alchemy team
A short conversation to confirm what you're building and qualify you for the program.
#### Step 3: Start building with credits applied
Credits land in your account within days of qualifying, according to Alchemy's own stated timeline.
#### Step 4: Check for a chain-specific co-program
Before or after enrolling in the general program, check whether your target chain has its own Alchemy co-program (Arbitrum offers up to $500,000, for example); these are separate applications with their own forms.
**Tips that matter here:**
- This extends runway, it doesn't create it; pair Alchemy credits with an actual cash source (a grant, a raise, or revenue), since credits alone don't cover payroll.
- If you're building on Arbitrum specifically, apply to the Alchemy-Arbitrum Grant directly rather than the general program, since the credit ceiling is far higher.
- Existing relationships with a VC or accelerator in Alchemy's partner network may unlock enhanced benefits; mention them on the call.
- Because approval is fast and low-friction, apply early, even pre-launch, since the credits offset costs you'll incur as you build, not just after you ship.
---
## F. Best Advice from Founders
**Apply before you need it, not after the bill arrives.** Because qualification is fast, there's little reason to wait until infrastructure costs are already a problem.
**Check the chain-specific program first.** Founders building on Arbitrum specifically who apply to the general Startup Program are leaving a materially larger credit pool (up to $500,000 versus an undisclosed general amount) on the table.
**Treat it as one line item in a stack, not your funding plan.** In-kind credits are real runway extension but they are not a substitute for a cash grant or investment; use this alongside, not instead of, a program like the Base Ecosystem Fund or a Foundation grant.
---
## Contextual Edge
**Preparation rating:** Edge-sparse. The general program's application process is transparent and fast, but the actual credit amount for the general tier is not disclosed publicly, and the enhanced-benefits criteria for partner-affiliated teams are not published either.
> **Start here:** Read the [Startup Program page](https://www.alchemy.com/startup-program) for the general offer, then check whether your specific chain has a larger, dedicated co-program such as the [Alchemy-Arbitrum Grant](https://www.alchemy.com/arbitrum-grant).
### How the program actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **It's credits, not cash** | Infrastructure credits plus $5,000 AWS credits; no cash disbursement described. | Use it to extend runway on infra costs, not as a funding source in itself. |
| **General amount is undisclosed** | The general Alchemy credit amount is not stated publicly on the program page. | Get on the call to learn your actual allocation before assuming a figure. |
| **Chain-specific co-programs pay more** | Up to $500,000 in credits under the Alchemy-Arbitrum program alone. | Check for your chain's dedicated program before applying to the general one. |
| **Speed is the whole design** | 30-second form, one call, credits within days. | Low cost to apply; there's little reason not to, even early. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Alchemy team** | Runs the qualifying call and decides enrollment and credit sizing. | [alchemy.com/startup-program](https://www.alchemy.com/startup-program) |
| **Arbitrum Foundation** (for the co-program) | Sets eligibility for the larger, chain-specific credit pool. | [arbitrum.foundation/grants](https://arbitrum.foundation/grants) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **General Startup Program** | Apply directly through the short form; works for any Alchemy-supported chain. |
| **Chain-specific co-program (e.g. Arbitrum, Monad)** | A separate, often larger credit pool tied to building on that specific chain. |
### What you can't find
Alchemy does not publish the general program's exact credit amount, tiering by stage or team size, or any equity or fee terms attached to enrollment. The enhanced benefits available to partner-affiliated (VC-backed or accelerator) teams are referenced but not quantified.
---
## G. Pitch Format Alchemy Expects
- The short startup-program form: what you're building, which chain(s), and your stage
- No formal pitch deck required for the general program
- For the Arbitrum co-program specifically, expect a heavier application matching the Arbitrum Foundation's own grant process
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Alchemy's startup program page does not publish a list of enrolled teams, and credit allocations are confidential per team, so there is no verifiable grantee list to compile here.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Not published | Alchemy does not publish a startup-program participant list | n/a | Multi-chain |
---
## I. Multi-Chain Connections
- **Multi-chain (by design):** Alchemy supports 100+ chains, and the general program is not chain-exclusive.
- **Arbitrum:** the largest verified chain-specific co-program, up to $500,000 in credits, run jointly with the Arbitrum Foundation.
- **Monad and other chains:** additional named co-programs exist; check for your specific chain.
- **Base Ecosystem Fund:** lists Alchemy credits among its own stated startup perks, meaning some founders may access Alchemy credits indirectly through a Base Ecosystem Fund acceptance as well.
---
## J. Cross-Reference Bar
- **Building on Arbitrum specifically?** [Arbitrum Foundation programs](/funds/arbitrum-foundation-grants)
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Alchemy Startup Program](https://www.alchemy.com/startup-program)
- [Alchemy + Arbitrum Grant](https://www.alchemy.com/arbitrum-grant)
- [Alchemy + Monad Grant](https://www.alchemy.com/monad-grant)
- [Alchemy Launches $25M Developer Grants Initiative](https://www.alchemy.com/blog/25m-web3-developer-grant)
---
---
name: Algebra Ventures
slug: algebra-ventures
buildTypes: ["Lending-credit", "Marketplace-commerce", "Payments-processing", "Logistics-supplychain", "Healthtech"]
thesis: Empowering entrepreneurs to improve people's lives at scale
website: 'https://algebraventures.com/'
apply: 'https://algebraventures.com/contact'
region: Pan-African
hq: 'Cairo, expanding into Morocco, Nigeria, East Africa'
sectors:
- Sector-agnostic
stage:
- Seed
- Series A
- Series B+
chequeMin: 500000
chequeMax: 5000000
chequeDisplay: $500K – $5M
format: 'In-Person / Hybrid (direct equity investment, not an accelerator)'
admissions: 'Rolling, warm intros encouraged'
africaFocus: 'Yes — Egypt-based, Africa-focused (expanding pan-African)'
status: active
tier: '1'
lastVerified: '2026-07-24'
edgeRating: edge-rich
edgeResources:
- name: Karim Hussein interview
category: decision-maker-reveal
score: 4
description: >-
The three founder traits Algebra screens for: "founders who know what they
don't know, tenacity, and a unique vision." Also reveals what gets a
startu...
link: 'https://www.menabytes.com/vc-chats-karim-hussein/'
- name: Tarek Assaad interview
category: decision-maker-reveal
score: 4
description: >-
His step-by-step guide to structuring a pitch for Algebra, including what
the team expects in each slide and the mistakes that kill deals. Also the
fo...
link: 'https://algebraventures.com/story/the-perfect-pitch-with-tarek-assaad/'
- name: Tarek Assaad and Karim Hussein interview
category: decision-maker-reveal
score: 4
description: >-
How both GPs evaluate startups together, the dynamics of their
partnership, and the specific criteria they use to decide between
companies in a compet...
link: >-
https://enterprise.press/stories/2020/06/09/algebra-ventures-tarek-assaad-and-karim-hussein-on-what-vcs-look-for-in-startups-16820/
- name: MNT-Halan $400M round (2023)
category: practice-artifact
score: 4
description: >-
Egypt's first fintech unicorn was an early Algebra bet. The trajectory
from early investment to unicorn status shows the kind of company the team
is l...
link: 'https://techcrunch.com/'
- name: 'BFREE: Algebra''s first Nigerian deal'
category: practice-artifact
score: 4
description: >-
Marks Algebra's expansion beyond Egypt into Nigeria. Shows how the
"Egypt-Nigeria corridor" thesis translates into actual investments, and
what the te...
link: 'https://disrupt-africa.com/'
- name: Contact form
category: pipeline-pathway
score: 3
description: >-
with "Submit a Pitch" as the subject line and your deck attached. Cold
submissions are accepted and reviewed.
link: 'https://algebraventures.com/contact'
- name: Start early
category: pipeline-pathway
score: 3
description: >-
Algebra explicitly says they prefer to meet founders before they are
actively fundraising. Reach out when you are six months away from raising,
share ...
- name: Portfolio founder referrals
category: pipeline-pathway
score: 3
description: >-
MNT-Halan, Khazna, Blnk, Sylndr, Yodawy, and BFREE founders all have
direct relationships with the managing partners. A referral from any of
them carr...
portfolioSectorSplit:
Fintech: 32
E-commerce: 25
AI-ML: 3
Consumer: 7
Healthtech: 6
Agritech: 6
Logistics: 3
Climate: 3
Enterprise: 6
SaaS: 3
Edtech: 6
portfolioModelSplit:
Enterprise contracts/Licensing: 22
Transaction/Marketplace: 56
Hardware/Devices: 6
Direct sales/Commerce: 6
Subscription/SaaS: 10
portfolioGeographySplit:
Egypt: 82
Nigeria: 3
Morocco: 6
UAE/Pan-Africa: 3
Jordan: 6
portfolioTotalCount: 32
portfolioClassifiedCount: 32
portfolioUnclassifiedCount: 0
logo: "/funds/algebra-ventures.png"
---
## Overview
Algebra Ventures is Egypt's largest early-stage tech venture capital firm, founded in 2016 in Cairo by Tarek Assaad, Karim Hussein, and Ziad Mokhtar. The founding team brought a track record that already included backing Fawry, the first venture-backed company to IPO in Egypt and become a unicorn, through their earlier work at Ideavelopers. They launched Algebra's Fund I at the Pyramids of Giza with $54M, invested it across 21 companies, and followed up with a $100M Fund II in 2022, bringing total AUM to approximately $154M. Fund II's LP base includes the IFC, EBRD, BII (British International Investment), FMO, the Egyptian-American Enterprise Fund, and several regional family offices.
The crown jewel of the portfolio is MNT-Halan, Egypt's first fintech unicorn, which raised a $400M round in 2023 (comprising $260M in equity and $140M in securitized bonds). Algebra was an early investor and the company now serves millions of unbanked and underbanked Egyptians with lending, payments, and e-commerce. Beyond MNT-Halan, the portfolio spans 35+ companies that have collectively attracted more than $825M in investment, and Algebra has recorded multiple exits including Eventtus (acquired by Bevy), POSRocket (acquired by Foodics), FilKhedma (acquired by SweepSouth), and Orcas (acquired by Baims).
Fund II marks a deliberate shift from Egypt-only to Africa-focused. Algebra has made investments in Morocco (YoLa Fresh, DeepEcho), Nigeria (BFREE, their first Nigerian deal), and portfolio company enza operates across Egypt, Nigeria, and South Africa. They organized the Atlas-Nile Forum in Marrakech to build cross-border VC collaboration, and they describe the "Egypt-Nigeria corridor" as a strategic priority. The firm has been recognized as SuperReturn's North African Fund Manager of the Year and was named to Forbes Middle East's MENA MIDAS list of Top Venture Capitalists for 2024.
---
## How to Get In
Start with the [contact form](https://algebraventures.com/contact) and select "Submit a Pitch" as the subject. Attach your deck. Warm introductions are encouraged and will get you faster attention, but cold submissions are accepted and reviewed.
The most important thing to understand about Algebra's process is that they prefer meeting founders early. If you are six months away from raising, that is a fine time to introduce yourself. They want to watch you execute over time, which means the relationship-building window starts before you need capital.
Attend events where the team shows up: GITEX Africa, Africa Tech Summit (Nairobi), LEAP, and SuperReturn are all regular fixtures. The Atlas-Nile Forum in Marrakech is another touchpoint if you are operating in North or West Africa. All four managing partners are active on LinkedIn and engaging with their content there is a practical way to get on their radar.
Their office is at 4 Omarat Al-Yamani Street, Zamalek, Cairo. General inquiries go to info@algebraventures.com.
---
## Best Advice
1. **Start the relationship before you need money.** Algebra explicitly says they prefer to meet founders early and watch the opportunity take shape. Reach out when you are pre-fundraise, share a quarterly update, and build trust over time.
2. **Watch Tarek Assaad's "The Perfect Pitch" content.** He has published guidance on what makes a strong pitch, available on Algebra's blog. Study it before you submit.
3. **Know the stage sweet spot.** While they invest from Seed through Series B, the sweet spot is Series A and B with cheques of $500K to $5M. If you are pre-seed, you may be too early unless your team and traction are exceptional.
4. **Lead with the Africa expansion angle.** Fund II is explicitly Africa-focused and they are actively looking for deals outside Egypt, particularly in Morocco, Nigeria, and East Africa. If you are building cross-border or in one of those markets, that aligns with where they want to deploy capital.
5. **Understand their "founder first" philosophy.** Omar Khashaba coined the term "founder first investing" at Algebra, meaning they will sometimes back strong founders even before the idea is fully formed. If your team is exceptional and your market insight is deep, lead with that.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- unusually well-documented for an Egypt-based VC, with multiple published interviews from both managing partners, a detailed "Perfect Pitch" guide, podcast episodes that reveal deal-level thinking, and a strong portfolio of exits to study.
> **Start here:** Read [Two Minutes with a VC: Karim Hussein](https://www.menabytes.com/vc-chats-karim-hussein/) (the managing partner explains exactly what he screens for: "founders who know what they don't know, tenacity, and a unique vision"), then read [The Perfect Pitch with Tarek Assaad](https://algebraventures.com/story/the-perfect-pitch-with-tarek-assaad/) (the co-founder's own guide to what makes a compelling pitch at Algebra). Those two resources show you the founder qualities and pitch structure the team evaluates against.
### How Algebra's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Geography** | 90%+ of the portfolio is Egypt-based (MNT-Halan, Khazna, Blnk, Sylndr, Cartona, elmenus, Yodawy). Fund II expanded into Morocco (YoLa Fresh, DeepEcho), Nigeria (BFREE), and pan-African plays (enza). Atlas-Nile Forum in Marrakech signals the "Egypt-Nigeria corridor" as a strategic priority. | Egypt is the core market. If you are building there, you are a strong geographic fit. If you are building in Morocco, Nigeria, or East Africa, Fund II is explicitly looking for you, but your pitch needs to show why Algebra's Egypt network adds value in your market. |
| **Sector** | Fintech dominates (MNT-Halan, Khazna, Blnk, Connect Money, oliv), followed by logistics and e-commerce (Sylndr, Cartona, Mtor, Brimore), healthtech (Yodawy, DeepEcho), and agtech (YoLa Fresh, Mozare3). Sector-agnostic in principle, but the portfolio reveals a strong pull toward companies that serve underbanked or underserved populations. | If your company builds financial infrastructure or digitises access for underserved segments, you match the pattern. The "inclusion for underserved populations" thesis is structural, not rhetorical: MNT-Halan serves millions of unbanked Egyptians, Khazna targets blue-collar workers, and BFREE recovers distressed debt for banks. |
| **Stage and cheque** | Fund I ($54M) invested across 21 companies. Fund II ($100M) is deploying into seed through Series B at $500K to $5M. Portfolio companies have collectively attracted $825M+ in follow-on funding. IFC ($15M), EBRD, BII, and FMO are LPs. | Small initial cheques relative to the fund size, which means Algebra reserves significant capital for follow-on. Show your milestones for the next raise, because the team is thinking about whether they want to double down at your next round. |
| **Exit track record** | Five confirmed exits: Eventtus (Bevy), FilKhedma (SweepSouth), POSRocket (Foodics), Orcas (Baims), Little Thinking Minds (Seesaw). MNT-Halan became Egypt's first fintech unicorn ($400M round in 2023). | The exit track record matters for your follow-on story. Algebra has proven it can get companies to acquisition outcomes in the MENA market, which is a signal that LPs and co-investors pay attention to. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Karim Hussein** (Managing Partner) | The three founder traits Algebra screens for: "founders who know what they don't know, tenacity, and a unique vision." Also reveals what gets a startup rejected: "'I have no competitors' -- no business exists without competition." | [MENAbytes: Two Minutes with a VC](https://www.menabytes.com/vc-chats-karim-hussein/) |
| **Tarek Assaad** (Managing Partner) | His step-by-step guide to structuring a pitch for Algebra, including what the team expects in each slide and the mistakes that kill deals. Also the founding story of Algebra and the Fawry exit that established the team's track record. | [The Perfect Pitch](https://algebraventures.com/story/the-perfect-pitch-with-tarek-assaad/) -- [Startup Scene explainer](https://thestartupscene.me/BehindTheStartup/Egypt-s-Largest-VC-Algebra-Ventures-Explained-by-its-Co-Founder-Tarek-Assa) |
| **Tarek Assaad and Karim Hussein** (dual GP interview) | How both GPs evaluate startups together, the dynamics of their partnership, and the specific criteria they use to decide between companies in a competitive deal. | [Enterprise: What VCs look for](https://enterprise.press/stories/2020/06/09/algebra-ventures-tarek-assaad-and-karim-hussein-on-what-vcs-look-for-in-startups-16820/) |
### Study the evaluation frameworks before your pitch
| Framework / Resource | What it tells you |
|---------------------|------------------|
| [Tomorocco Podcast #19](https://open.spotify.com/episode/1vmm31nswQqes9LDw7eVNB) | Deep dive into the YoLa Fresh and DeepEcho deals, which reveals how Algebra evaluates companies in new markets (Morocco) and sectors (agtech, healthtech). If you are pitching from outside Egypt, this episode shows you exactly what the team needed to see before crossing borders. |
### Learn from funded portfolio companies
| Resource | Why it matters |
|----------|---------------|
| [MNT-Halan $400M round (2023)](https://techcrunch.com/) | Egypt's first fintech unicorn was an early Algebra bet. The trajectory from early investment to unicorn status shows the kind of company the team is looking for: financial infrastructure serving millions of underserved users with strong unit economics. |
| [BFREE: Algebra's first Nigerian deal](https://disrupt-africa.com/) | Marks Algebra's expansion beyond Egypt into Nigeria. Shows how the "Egypt-Nigeria corridor" thesis translates into actual investments, and what the team needed to see before making a cross-border bet. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Contact form** | [algebraventures.com/contact](https://algebraventures.com/contact) with "Submit a Pitch" as the subject line and your deck attached. Cold submissions are accepted and reviewed. |
| **Start early** | Algebra explicitly says they prefer to meet founders before they are actively fundraising. Reach out when you are six months away from raising, share quarterly updates, and let the relationship build over time. |
| **Portfolio founder referrals** | MNT-Halan, Khazna, Blnk, Sylndr, Yodawy, and BFREE founders all have direct relationships with the managing partners. A referral from any of them carries real credibility. |
| **Ecosystem events** | The team is regularly at RiseUp Summit (Cairo), GITEX Africa, Africa Tech Summit, LEAP, and SuperReturn. The Atlas-Nile Forum in Marrakech is a newer touchpoint for North and West African founders. |
| **LP network** | IFC, EBRD, BII, FMO, and the Egyptian-American Enterprise Fund are all LPs. If you are already in conversation with any of these DFIs, that relationship creates a warm path to Algebra. |
### What you can't find
There is no published investment methodology document, annual report, or portfolio performance data beyond the headline numbers. The specific evaluation criteria for Fund II's Africa expansion (what made BFREE and YoLa Fresh attractive as first investments outside Egypt) are not documented publicly. Omar Khashaba and Laila Hassan, both promoted to Managing Partner in 2025, have limited public interviews or content. The Atlas-Nile Forum proceedings are not published.
---
## Pitch Format
Submit a comprehensive pitch deck with your business model, market opportunity, and financial projections through the contact form. They look for strong founding teams, unique market insight, execution capability, and scalable business models. Tarek Assaad has articulated a clear standard for what makes a compelling pitch in his public content, so review that before submitting.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
### Fund II Investments
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Blnk | Egypt | Point-of-sale consumer financing | $37M total ($12.5M Series A led by Algebra) | Recent |
| Sylndr | Egypt | Used car e-commerce marketplace | $15.7M Series A (2025), $12.6M (2022), $7.5M (2024) | 2021 |
| Cartona | Egypt | B2B marketplace connecting retailers with distributors | $8.1M round | 2024 |
| Connect Money | Egypt | Embedded finance and banking-as-a-service | $8M Seed | 2024 |
| Octane | Egypt | Digital fleet payments and vehicle expense wallet | $5.2M round | 2025 |
| DXwand | Egypt | Conversational AI and generative AI for enterprises | $4M round | 2024 |
| Mtor | Egypt | Online automotive spare parts marketplace | $2.8M Pre-Seed | 2023 |
| oliv | Egypt | Digital invoice financing and factoring for SMBs | Early stage | 2024 |
| Efreshli | Egypt | Interior design tech platform | Seed | 2024 |
| BFREE | Nigeria | Distressed debt recovery platform for banks | Funding round | 2025 |
| DeepEcho | Morocco | AI healthtech (FDA-cleared fetal ultrasound) | Funding round | 2025 |
| YoLa Fresh | Morocco | Agritech fresh food supply chain | $7M Pre-Series A | 2024 |
| enza | UAE/Pan-Africa | Payment solutions for banks and fintechs | $6.75M Seed | 2025 |
### Fund I Investments
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| MNT-Halan | Egypt | Lending to unbanked/underbanked (Egypt's first fintech unicorn) | $400M (2023), $120M (2021) | 2017 |
| Khazna | Egypt | Digital financial services for underbanked Egyptians | $38M (2022), $16M Pre-Series B (2025) | 2019 |
| Trella | Egypt | Trucking marketplace connecting shippers and carriers | $42M round | 2021 |
| Yodawy | Egypt | Online pharmacy and pharmacy benefits management | $16M Series B (2023), $10M (2024) | 2018 |
| Shift EV | Egypt | Electric vehicle fleet conversion technology | $9M Series A | 2022 |
| elmenus | Egypt | Food discovery and ordering platform | $8M Series B | 2020 |
| GoodsMart | Egypt | Grocery and household delivery platform | $3.6M Series B | 2021 |
| Lucky | Egypt | Consumer credit and fintech app with cashback | $3M convertible note | 2024 |
| Brimore | Egypt | Social commerce and community-powered distribution | Investment | — |
| Mozare3 | Egypt | Agri-fintech for small-scale farmers | $1M+ Seed | 2021 |
| Sakneen | Egypt | YC-backed proptech for home buying/selling | $1.1M Seed | 2021 |
| La Reina | Egypt | Online fashion rental platform | $1M funding | 2018 |
| Dsquares | Egypt | End-to-end loyalty programs (7 countries) | Investment | 2012 |
| Lyve | Egypt | Community management for real estate | $600K Series A | 2019 |
### Exits
| Company | Country | What They Do | Acquirer | Year |
|---------|---------|-------------|----------|------|
| Eventtus | Egypt | Virtual and hybrid events platform | Bevy | 2021 |
| FilKhedma | Egypt | Home services marketplace | SweepSouth | 2021 |
| POSRocket | Jordan | Restaurant POS management | Foodics | 2022 |
| Orcas | Egypt | EdTech learning platform | Baims (Kuwait) | 2024 |
| Little Thinking Minds | Jordan | Arabic language edtech for children | Seesaw | 2025 |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Tarek Assaad | Managing Partner | [LinkedIn](https://www.linkedin.com/in/tassaad/) | [@tassaad](https://x.com/tassaad) |
| Karim Hussein | Managing Partner | [LinkedIn](https://www.linkedin.com/in/karimhussein/) | — |
| Laila Hassan | Managing Partner (promoted 2025) | [LinkedIn](https://www.linkedin.com/in/lailaohassan/) | — |
| Omar Khashaba | Managing Partner (promoted 2025) | [LinkedIn](https://www.linkedin.com/in/okhashaba/) | — |
**Founding Partner (now CEO of oliv.finance):** Ziad Mokhtar — [LinkedIn](https://www.linkedin.com/in/ziadmokhtar/) | [@ziad](https://x.com/ziad)
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Algebra Ventures Official Website](https://algebraventures.com/)
- [Algebra Ventures Portfolio](https://algebraventures.com/portfolio)
- [Algebra Ventures Contact / Submit a Pitch](https://algebraventures.com/contact)
- [MNT-Halan $400M Round (TechCrunch, 2023)](https://techcrunch.com/)
- [Algebra Ventures Fund II Close (Wamda, 2022)](https://www.wamda.com/)
- [SuperReturn North African Fund Manager of the Year](https://www.superreturn.com/)
- [Forbes Middle East MENA MIDAS Top VCs 2024](https://www.forbesmiddleeast.com/)
- [BFREE Investment Announcement (Disrupt Africa, 2025)](https://disrupt-africa.com/)
- [Atlas-Nile Forum Coverage](https://algebraventures.com/)
- [Algebra Ventures LinkedIn](https://www.linkedin.com/company/algebraventures)
---
---
name: Alitheia Capital
slug: alitheia-capital
buildTypes: ["Logistics-supplychain", "Agritech", "Payments-processing", "Marketplace-commerce", "Healthtech"]
thesis: >-
True profit with a purpose: deploying capital into SMEs generating financial
returns while addressing business, social, or environmental community needs.
website: 'https://thealitheia.com/'
apply: 'https://www.alitheiaidf.com/'
region: Pan-African
hq: 'Lagos, with presence in Johannesburg and Ghana'
sectors:
- Sector-agnostic
stage:
- Seed
- Series A
- Series B+
- Growth
chequeMin: 1000000
chequeMax: 8000000
chequeDisplay: $1M -- $8M
format: Hybrid
admissions: Rolling
africaFocus: >-
Yes -- Pan-African (Nigeria, South Africa, Ghana, Zambia, Zimbabwe, Ivory
Coast)
status: active
tier: '1'
lastVerified: '2026-07-24'
edgeRating: edge-rich
edgeResources:
- name: Tokunboh Ishmael interview
category: decision-maker-reveal
score: 4
description: >-
Internal return benchmarks ("minimum 2X, internally track 3X"), the gender
thesis rationale, why she believes investing in women is an economic
impera...
link: >-
https://theflip.africa/podcast/investing-in-women-is-an-economic-imperative
- name: Polo Leteka Radebe interview
category: decision-maker-reveal
score: 4
description: >-
What "teachable spirits" means in her evaluation of founders, the
importance of understanding your own numbers, and how she built Alitheia's
South Afr...
link: >-
https://www.theceomagazine.com/executive-interviews/finance-banking/polo-leteka/
- name: Yewande Adewusi interview
category: decision-maker-reveal
score: 4
description: >-
How the team evaluates deals on the ground, the operational support model,
and what the pipeline looks like from the inside.
link: 'https://unlockingafricapodcast.buzzsprout.com/1901592/episodes/16385028'
- name: 'ReelFruit: Fundraising lessons after securing $3M'
category: practice-artifact
score: 4
description: >-
Affiong Williams (ReelFruit founder) shares practical fundraising lessons
from raising from Alitheia IDF. This is a direct account of what the
process...
link: >-
https://www.howwemadeitinafrica.com/nigeria-agribusiness-entrepreneur-shares-fundraising-lessons-after-securing-3m/128830/
- name: Seamfix $4.5M raise (2024)
category: practice-artifact
score: 4
description: >-
One of the more recent IDF investments, showing the fund's continued
deployment pace and interest in digital identity and verification
infrastructure.
link: 'https://techpoint.africa/'
- name: Nzinga Scale-Up Bootcamp
category: pipeline-pathway
score: 3
description: >-
. Alitheia's structured pipeline programme for growth-stage women-led
businesses. Completing the bootcamp puts you d
link: 'https://vc4a.com/alitheia-idf/the-nzinga-scale-fund-application-1/'
- name: W.O.M.A.N. Program
category: pipeline-pathway
score: 3
description: >-
. Alitheia's dedicated programme supporting women entrepreneurs, which
feeds into the investment pipeline.
link: 'https://thealitheia.com/woman/'
- name: Portfolio founder referrals
category: pipeline-pathway
score: 3
description: >-
Paga, MAX, Jetstream, Haul247, OmniBiz, Reelfruit, SweepSouth, Seamfix,
and Complete Farmer are all in the network. Referrals from their founders
carr...
portfolioSectorSplit:
Fintech: 14
Logistics: 14
E-commerce: 5
Consumer: 24
Agritech: 14
Impact: 5
Enterprise: 9
Infrastructure: 5
Healthtech: 5
Climate: 5
portfolioModelSplit:
Transaction/Marketplace: 38
Hardware/Devices: 10
Direct sales/Commerce: 38
Enterprise contracts/Licensing: 9
Subscription/SaaS: 5
portfolioGeographySplit:
Nigeria: 43
Nigeria/Ghana: 5
Ghana/Nigeria: 5
Nigeria/Ghana/Ivory Coast: 5
Ghana/Togo: 5
Nigeria/Uganda: 5
South Africa/Egypt: 5
South Africa: 19
Nigeria/Kenya: 4
Zambia: 4
portfolioTotalCount: 21
portfolioClassifiedCount: 21
portfolioUnclassifiedCount: 0
logo: "/funds/alitheia-capital.png"
---
## Overview
Alitheia Capital is a Lagos-based investment firm founded in 2007 by Tokunboh Ishmael and Jumoke Akinwunmi, with over $250 million in assets under management across multiple funds. The firm's flagship vehicle, the Alitheia IDF Fund, closed at $100 million in 2021, making it the largest gender lens investing fund in Africa. The fund is a joint venture between Alitheia Capital and IDF Capital, and it targets growth-stage companies with gender-diversified management teams.
The LP base for Alitheia IDF is institutional and diverse: the European Investment Bank (EIB), U.S. International Development Finance Corporation (DFC), Soros Economic Development Fund, FinDev Canada, and others. The fund won the Environmental Finance Impact Fund of the Year award in 2024, which reflects both financial performance and measurable impact outcomes.
Alitheia operates across the full capital spectrum, which is unusual for an Africa-focused firm. Beyond the IDF Fund, the firm manages uMunthu I and II (in partnership with Goodwell Investments, collectively channeling $50+ million into Sub-Saharan African SMEs) and previously managed the Alitheia Clean Energy Fund (ACEF), which is now fully vested. This multi-fund structure means Alitheia can back companies from seed through growth, and the team has genuine operational experience supporting portfolio companies across different stages and sectors.
The gender lens is not a marketing label. The fund's thesis is that companies with gender-diversified leadership deliver stronger financial returns and more sustainable growth, and the portfolio reflects this conviction with investments across fintech, agribusiness, manufacturing, logistics, healthcare, and e-commerce.
---
## How to Get In
Email info@alitheiaidf.com with a business summary and your investment requirements, or use the contact form on the Alitheia IDF website. The team operates from Lagos and Johannesburg, with partnerships across Southern and Eastern Africa.
Warm introductions through portfolio companies carry significant weight. Paga, MAX, Jetstream, Haul247, Reelfruit, OmniBiz, Seamfix, SweepSouth, and Complete Farmer are all in the portfolio, and founders from these companies can provide meaningful introductions. The LP network (EIB, DFC, FinDev Canada, Soros) also provides access points, particularly through their own investee and partner ecosystems.
Tokunboh Ishmael is active on LinkedIn and X, and she is a regular speaker at impact investing, gender lens, and African private equity events. Engaging with her content and attending events where she speaks is a practical way to build a relationship before reaching out formally.
The firm backs companies across a wide stage range ($1M to $8M cheques), so whether you are raising a seed round or a Series B, Alitheia could be relevant. The critical qualification is gender diversity in your leadership team: this is not optional and it is not a nice-to-have. If your founding team, C-suite, or board does not include women in meaningful leadership roles, the fund is structurally not designed for you.
---
## Best Advice
1. **Gender diversity must be structural, not cosmetic.** Alitheia IDF's mandate is to invest in companies with gender-diversified management. This means women in actual decision-making roles: co-founders, C-suite executives, board members, or senior operators. Adding a woman to your advisory board the week before you pitch will not work. If you genuinely have women in leadership, lead with that story.
2. **Think private equity, not venture capital.** Alitheia's roots are in private equity, and the due diligence process reflects that. Expect rigorous analysis of your financials, governance structures, operational processes, and impact metrics. Come prepared with audited financials (or at least clean bookkeeping), a real board structure, and clear KPIs for both financial and social performance.
3. **Show how impact scales with revenue.** The firm's thesis is "true profit with a purpose," which means impact and financial returns are not trade-offs but multipliers. If your product serves women, creates jobs in underserved communities, or addresses an environmental challenge, show them how the impact deepens as the business grows, not as a separate CSR initiative.
4. **Manufacturing and agribusiness are underappreciated sweet spots.** While most Africa VCs focus on pure tech plays, Alitheia actively invests in manufacturing (Wemy, SKLD, Ivili Group, Reelfruit, Psaltry International) and agribusiness (Tomato Jos, Complete Farmer). If you are building a tech-enabled physical product business, this is one of the few institutional funds that will take you seriously.
5. **Use the multi-fund structure to your advantage.** Alitheia manages multiple vehicles (IDF, uMunthu, ACEF), and the team can potentially support you across stages. If you are a seed-stage company now, they may invest from one vehicle and follow on from another as you grow. Articulate your growth trajectory and how Alitheia's multi-fund structure fits your capital needs over time.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- unusually well-documented for an Africa-focused impact fund, with detailed founder interviews from both co-founders, portfolio company case studies, a published impact framework, and a structured pipeline programme (Nzinga) that gives you a direct entry point.
> **Start here:** Listen to [Tokunboh Ishmael on The Flip Podcast](https://theflip.africa/podcast/investing-in-women-is-an-economic-imperative) (the co-founder reveals the fund's internal return targets: "minimum 2X return, internally we track 3X," and the gender composition target: "at least 50% portfolio female-led, drive for 80%"), then read [Polo Leteka in CEO Magazine](https://www.theceomagazine.com/executive-interviews/finance-banking/polo-leteka/) (the South Africa co-founder explains what "teachable spirits" means and why "if you do not understand your numbers, you don't understand your business"). Those two resources show you the financial bar and the founder qualities the team evaluates against.
### How Alitheia's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Gender lens** | IDF has deployed $45.4M across 11 companies, with 73% women-owned businesses in the portfolio. The fund's mandate requires gender-diversified management teams, and the internal target pushes toward 80% women-led. Environmental Finance Impact Fund of the Year 2024. | Gender diversity in leadership is a hard requirement, not a preference. If your founding team or C-suite does not include women in meaningful decision-making roles, this fund is structurally not designed for you. If it does, lead with that story. |
| **Geography** | Nigeria accounts for roughly 60% of the portfolio (Paga, MAX, Jetstream, Haul247, OmniBiz, Reelfruit, Tomato Jos, Seamfix), South Africa roughly 25% (SweepSouth, Ivili Group, Rentoza, Alma Clinics), and Ghana roughly 10% (Complete Farmer). Zambia, Zimbabwe, and Ivory Coast also represented. | Nigeria and South Africa are the core markets. If you are building in either, you are a strong geographic fit. The fund also operates through uMunthu vehicles which cover broader Sub-Saharan Africa. |
| **Sector** | Manufacturing and agribusiness are prominent (Wemy, SKLD, Ivili Group, Reelfruit, Psaltry International, Tomato Jos, Complete Farmer), alongside fintech (Paga, SparkMeter, Lupiya), logistics (MAX, Jetstream, Haul247), and healthcare (Alma Clinics, Oradian). | This is one of the few institutional funds that backs manufacturing and agribusiness alongside tech. If you are building a tech-enabled physical product business, Alitheia takes that seriously where most VCs will not. |
| **Stage and cheque** | $1M to $8M cheques, with a sweet spot around $2.8M to $5M. IDF closed at $100M. Multi-fund structure (IDF, uMunthu I and II with Goodwell) means the team can support companies from seed through growth. | The multi-fund structure is a genuine advantage: you can enter through one vehicle and receive follow-on from another as you grow. Articulate your multi-year capital needs. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Tokunboh Ishmael** (Co-Founder, Managing Director) | Internal return benchmarks ("minimum 2X, internally track 3X"), the gender thesis rationale, why she believes investing in women is an economic imperative rather than a social programme, and how the fund evaluates impact alongside financial returns. | [The Flip Podcast](https://theflip.africa/podcast/investing-in-women-is-an-economic-imperative) |
| **Polo Leteka Radebe** (Co-Founder, South Africa) | What "teachable spirits" means in her evaluation of founders, the importance of understanding your own numbers, and how she built Alitheia's South African presence and investment pipeline. | [CEO Magazine interview](https://www.theceomagazine.com/executive-interviews/finance-banking/polo-leteka/) |
| **Yewande Adewusi** (Investment team) | How the team evaluates deals on the ground, the operational support model, and what the pipeline looks like from the inside. | [Unlocking Africa Podcast](https://unlockingafricapodcast.buzzsprout.com/1901592/episodes/16385028) |
### Learn from funded portfolio companies
| Resource | Why it matters |
|----------|---------------|
| [ReelFruit: Fundraising lessons after securing $3M](https://www.howwemadeitinafrica.com/nigeria-agribusiness-entrepreneur-shares-fundraising-lessons-after-securing-3m/128830/) | Affiong Williams (ReelFruit founder) shares practical fundraising lessons from raising from Alitheia IDF. This is a direct account of what the process looks like from a founder's perspective, including what the team focused on during diligence. |
| [Seamfix $4.5M raise (2024)](https://techpoint.africa/) | One of the more recent IDF investments, showing the fund's continued deployment pace and interest in digital identity and verification infrastructure. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Nzinga Scale-Up Bootcamp** | [Apply via VC4A](https://vc4a.com/alitheia-idf/the-nzinga-scale-fund-application-1/). Alitheia's structured pipeline programme for growth-stage women-led businesses. Completing the bootcamp puts you directly in front of the investment team. |
| **W.O.M.A.N. Program** | [thealitheia.com/woman](https://thealitheia.com/woman/). Alitheia's dedicated programme supporting women entrepreneurs, which feeds into the investment pipeline. |
| **Portfolio founder referrals** | Paga, MAX, Jetstream, Haul247, OmniBiz, Reelfruit, SweepSouth, Seamfix, and Complete Farmer are all in the network. Referrals from their founders carry real weight. |
| **DFI and LP network** | EIB, DFC, Soros Economic Development Fund, FinDev Canada, and AfDB are all LPs or partners. If you are already in conversation with any of these institutions, that creates a warm path to Alitheia. |
| **Email directly** | info@alitheiaidf.com with your business summary and investment requirements. Cold submissions are accepted. |
### What you can't find
Polo Leteka Radebe has limited recent public content beyond the CEO Magazine interview, and her LinkedIn presence is minimal. There is no published annual report, portfolio performance data, or detailed impact metrics beyond what emerges in award announcements. The specific evaluation rubric for the gender lens assessment (how the team scores "meaningful leadership" versus tokenistic inclusion) is not documented publicly. The uMunthu vehicles with Goodwell have very limited public information about their distinct investment criteria.
---
## Pitch Format
Email a business summary and pitch deck to info@alitheiaidf.com. The deck should cover your business model, market opportunity, financial performance, team (highlighting gender diversity in leadership), governance structure, and impact thesis. Given the PE-style approach, include detailed financials and unit economics, not just growth projections.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Paga | Nigeria | Mobile payments and digital financial services | Growth | -- |
| MAX | Nigeria/Ghana | Electric vehicle logistics and ride-hailing | Growth | -- |
| Jetstream | Ghana/Nigeria | Digital freight forwarding for cross-border trade | Series A | -- |
| Haul247 | Nigeria | Asset-light logistics platform | Growth | -- |
| OmniBiz | Nigeria/Ghana/Ivory Coast | B2B platform linking retailers with FMCG suppliers | Growth | -- |
| Reelfruit | Nigeria | Healthy dried fruit snacks manufacturer | Series A | -- |
| Tomato Jos | Nigeria | Vertically integrated tomato paste production | Growth | -- |
| Psaltry International | Nigeria | Cassava processing (starch, flour, glucose, sorbitol) | Growth | -- |
| Complete Farmer | Ghana/Togo | Digital agricultural marketplace | Growth | -- |
| SKLD | Nigeria | Education supplies and humanitarian relief products | Growth | -- |
| Wemy Industries | Nigeria | Baby, adult, and feminine care product manufacturer | Growth | -- |
| Seamfix | Nigeria/Uganda | Digital identity verification and access services | Series A ($4.5M, 2024) | 2024 |
| SweepSouth | South Africa/Egypt | Domestic cleaning services platform | Growth | -- |
| Ivili Group | South Africa | Wool, cashmere processing and denim manufacturing | Growth | -- |
| Rentoza | South Africa | Electronics and consumer goods rental platform | Growth | -- |
| SparkMeter | Nigeria/Kenya | Smart metering for micro-grids and utilities | Growth | -- |
| Oradian | Nigeria | Digital financial solutions for microfinance | Growth | -- |
| Lupiya | Zambia | Digital lending, payments, and neobanking | Seed | -- |
| Alma Clinics | South Africa | AI-powered primary healthcare ($2.8M, 2024) | Seed | 2024 |
| Hinckley Recycling | Nigeria | E-waste recycling and data security | Growth | -- |
| Club Travel Corporate | South Africa | Corporate travel management with booking automation | Growth | -- |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Tokunboh Ishmael | Co-Founder and Managing Director | [linkedin.com/in/tokunbohishmael](https://ng.linkedin.com/in/tokunbohishmael) | [@tolushola](https://x.com/tolushola) |
| Polo Leteka Radebe | Co-Founder and Principal Partner (South Africa) | -- | -- |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Alitheia Capital Official Website](https://thealitheia.com/)
- [Alitheia IDF Official Website](https://www.alitheiaidf.com/)
- [EIB: Alitheia IDF announces $100M final close (December 2021)](https://www.eib.org/en/press/all/2021-455-eib-supported-gender-lens-investment-fund-alitheia-idf-announces-final-close-at-usd100-million)
- [Black Enterprise: Alitheia emerges as Africa's largest gender lens fund](https://www.blackenterprise.com/alitheia-biggest-gender-lens-fund-africa/)
- [Environmental Finance: Impact Fund of the Year 2024](https://www.environmental-finance.com/content/awards/impact-awards-2024/winners/impact-fund-of-the-year-private-equity-alitheia-capital-and-idf-capital.html)
- [Soros Economic Development Fund: Alitheia IDF](https://www.soroseconomicdevelopmentfund.org/investments/alitheia-idf-fund-lp)
- [Alitheia Capital Portfolio page](https://thealitheia.com/portfolio/)
- [TechPoint Africa: Tokunboh Ishmael interview](https://techpoint.africa/insight/tokunboh-ishmael-alitheia-capital/)
---
---
name: All On
slug: all-on
buildTypes: ["Climate-energy", "Hardware-DePIN"]
thesis: >-
Increasing access to commercial energy products and services for underserved
and unserved off-grid energy markets in Nigeria.
website: 'https://www.all-on.com/'
apply: >-
Via the Off-Grid Energy Challenge (annual) or direct investment applications
through the website
region: Nigeria
hq: Lagos
sectors:
- Climate
stage:
- Seed
- Series A
chequeMin: 500000
chequeMax: 2000000
chequeDisplay: $500K -- $2M
format: Hybrid (direct investment + challenge programme)
admissions: Rolling + annual Off-Grid Energy Challenge
africaFocus: 'Yes -- Nigeria exclusively, with emphasis on Niger Delta'
status: active
tier: '3'
lastVerified: '2026-07-24'
portfolioSectorSplit:
Climate: 79
Infrastructure: 21
portfolioModelSplit:
Hardware/Devices: 93
Direct sales/Commerce: 7
portfolioGeographySplit:
Nigeria: 100
portfolioTotalCount: 14
portfolioClassifiedCount: 14
portfolioUnclassifiedCount: 0
logo: "/funds/all-on.png"
---
## Overview
All On is a Shell-funded impact investment company focused exclusively on Nigeria's off-grid energy market, established in mid-2021 with a mandate to expand energy access to the country's underserved and unserved populations. The firm has reached over 2 million Nigerians through its portfolio of 20+ clean energy companies, making it the most prominent mini-grid investor in Nigeria.
The portfolio spans the full spectrum of decentralised energy solutions: solar mini-grid operators (Havenhill Synergy, Prado Power, Auxano Solar, Renewvia Energy, Solmenz Engineering, A4&T Power Solutions, Darway Coast), standalone solar companies (Arnergy, Lumos, Creeds Energy, Salpha Energy), solar-powered refrigeration (Koolboks), pay-per-use battery sharing (Mobile Power), and energy technology platforms (Infibranches, NXT Grid, Greenage Technologies, GVE Projects). Investment sizes typically range from $500K to $2 million, with individual deals including £1 million for Mobile Power, $2 million for Infibranches, $1.5 million for Auxano Solar, and $1.2 million for Renewvia Energy. Key partnerships include the US African Development Foundation (USADF, providing $50K seed + $50K convertible debt per company), Bank of Industry (BOI, co-funding a N1 billion Niger Delta Off-grid Energy Fund), and the Nigeria Climate Innovation Centre.
---
## How to Get In
Two main entry points exist. The Off-Grid Energy Challenge is an annual competition (2026 edition offers up to $1 million) for clean energy startups, and serves as a primary pipeline for new portfolio companies. Direct investment applications can be submitted through the website for companies beyond the challenge stage. All On backs commercially sustainable, decentralised renewable power solutions, so your business model needs to show a path to profitability rather than grant dependency. The Niger Delta is a priority geography, but deployments span multiple Nigerian states including Plateau, Rivers, Enugu, Ekiti, and Ondo. The USADF partnership provides a structured early-stage entry point with $50K in seed capital plus $50K in convertible debt.
---
## Best Advice
1. **Shell backing means serious infrastructure connections.** As a Shell-funded entity, All On connects portfolio companies to one of the world's largest energy companies' institutional knowledge, networks, and credibility. If you're building energy infrastructure in Nigeria and need legitimacy with regulators, utilities, and institutional partners, this backing carries weight that pure VC backing doesn't.
2. **The Off-Grid Energy Challenge is the front door.** The annual challenge (up to $1 million in 2026) is how many portfolio companies first entered the All On ecosystem. Winning or placing in the challenge provides more than just capital: it signals validation to other investors and opens the door to follow-on investment from All On's direct portfolio.
3. **Niger Delta is the priority zone.** The N1 billion Niger Delta Off-grid Energy Fund (co-funded with Bank of Industry) shows specific geographic conviction. If you're deploying energy solutions in the Niger Delta, where grid infrastructure is weakest and energy poverty is most acute, you align with both the fund's impact mandate and its geographic strategy.
4. **Commercial sustainability is non-negotiable.** All On invests in commercially viable energy businesses, not grant-funded projects. Your pitch needs to show a sustainable revenue model, whether that's pay-as-you-go solar, mini-grid tariff structures, or battery-as-a-service, alongside your impact metrics. The firm backs businesses that can scale without ongoing subsidies.
---
## Pitch Format
Apply through the Off-Grid Energy Challenge during open windows or submit directly through the website. Cover your energy technology, business model, deployment track record, customer acquisition strategy, team, and impact metrics.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Arnergy | Nigeria | Distributed solar energy systems |
| Lumos | Nigeria | Solar home systems |
| Havenhill Synergy | Nigeria | Solar mini-grid operator |
| Prado Power | Nigeria | Solar mini-grid developer |
| Auxano Solar | Nigeria | Solar mini-grid deployment |
| Renewvia Energy | Nigeria | Renewable energy mini-grids |
| Mobile Power | Nigeria | Pay-per-use battery sharing |
| Koolboks | Nigeria | Solar-powered refrigeration |
| Infibranches | Nigeria | Energy technology platform |
| Salpha Energy | Nigeria | Solar products |
| Greenage Technologies | Nigeria | Clean energy technology |
| GVE Projects | Nigeria | Solar installation and deployment |
| Creeds Energy | Nigeria | Solar household systems |
| NXT Grid | Nigeria | Energy grid technology |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Afolabi Akinrogunde | Acting CEO | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [All On: How Shell-funded impact investor lights up Nigeria's off-grid energy markets -- Business a.m.](https://www.businessamlive.com/all-on-how-shell-funded-impact-investor-lights-up-nigerias-off-grid-energy-markets/)
- [All On launches the 2026 Off-Grid Energy Challenge -- Techpoint Africa](https://techpoint.africa/brandpress/all-on-launches-the-2026-off-grid-energy-challenge-to-accelerate-clean-energy-innovation-in-nigeria/)
- [All On targets wider energy access as impact reaches 2 million Nigerians -- Vanguard](https://www.vanguardngr.com/2026/07/all-on-targets-wider-energy-access-as-impact-reaches-2-million-nigerians/)
---
---
name: Anara Impact Capital
slug: anara-impact-capital
buildTypes: ["Healthtech"]
thesis: >-
Backing technology founders in the MENA region who are building a more
prosperous, healthy, and sustainable world across learning, wellbeing, and
climate.
website: 'https://anaraimpact.com/'
apply: Via the website or direct outreach to the team
region: MENA / North Africa
hq: Amsterdam
sectors:
- Sector-agnostic
stage:
- Seed
- Series A
chequeMin: 500000
chequeMax: 5000000
chequeDisplay: $500K -- $5M
format: Hybrid
admissions: Rolling
africaFocus: 'Yes -- Egypt, Morocco, Tunisia (within broader MENA mandate)'
status: active
tier: '3'
lastVerified: '2026-07-24'
portfolioTotalCount: 1
portfolioClassifiedCount: 1
portfolioUnclassifiedCount: 0
portfolioSectorSplit:
Healthtech: 100
portfolioModelSplit:
Direct sales/Commerce: 100
portfolioGeographySplit:
Egypt: 100
logo: "/funds/anara-impact-capital.png"
---
## Overview
Anara Impact Capital is an Amsterdam-based impact VC spun out of Alfanar Venture Philanthropy (a UK-based organisation with 20+ years of experience supporting social enterprises across the Arab world), launched in 2026 with a $48 million first close against a $50 million target. The fund is led by three Managing Partners: Nafez Dakkak, Mohamed Hussain, and Nadia Moukaddam, with Fadi Ghandour (founder of Aramex and Wamda Capital) chairing the Investment Committee.
The LP base reflects serious institutional backing: KfW Development Bank (acting on behalf of Germany's Federal Ministry for Economic Cooperation and Development and the European Commission), Dara Holdings, Jordan's Innovative Startups and SMEs Fund (ISSF), and regional family offices and high-net-worth individuals. The fund is part of a broader €80 million Social Entrepreneurship Fund that includes a debt facility component, and holds Article 8 classification under the EU Sustainable Finance Disclosure Regulation. Anara invests $500K to $5 million through equity, debt, or hybrid structures into seed and Series A companies across three themes: learning (education, skills, employability), wellbeing (financial, mental, and physical health solutions), and climate (adaptation and mitigation). The fund's MENA focus includes North African markets (Egypt, Morocco, Tunisia) alongside the broader region and its global diaspora.
---
## How to Get In
Reach out through the website or via the MENA impact investing ecosystem. The fund targets businesses with proven early traction, strong founder-market fit, potential to scale, and a commitment to positive change. The women-led team evaluates both financial returns and measurable social and environmental impact, and provides technical assistance, non-dilutive grants, Theory of Change development, and impact measurement frameworks alongside capital. Warm introductions through the Alfanar network, Fadi Ghandour's extensive MENA ecosystem, or KfW and EU development finance channels carry weight. If you're a MENA founder (including diaspora) building technology that addresses learning, wellbeing, or climate challenges, this is one of the largest debut funds in the region specifically designed for you.
---
## Best Advice
1. **Learning, wellbeing, and climate are the three lanes.** The fund is specific about its thematic focus: education and skills (employability, workforce development), health and financial wellbeing (affordable healthcare, mental health, financial inclusion), and climate (adaptation, mitigation, resilience). If your company sits cleanly in one of these verticals, or at their intersection, you're in the fund's conviction zone.
2. **The Alfanar heritage means deep regional networks.** Anara didn't start from scratch. The team spun out of Alfanar, which has 20+ years supporting social enterprises across the Arab world, and that institutional knowledge and relationship base transfers to the new fund. If you need connections across MENA's social enterprise ecosystem, government relationships, or impact investor networks, this heritage is a real asset.
3. **Fadi Ghandour on the Investment Committee is a signal.** The founder of Aramex (one of the MENA region's largest logistics companies) and Wamda Capital chairs the fund's Investment Committee. His involvement signals that the fund evaluates commercial scalability alongside impact, and his network spans the full MENA business ecosystem from logistics to fintech.
4. **Technical assistance and grants come alongside equity.** Unlike pure financial investors, Anara provides non-dilutive grants, customised technical assistance, Theory of Change development, and impact measurement support. If you need help structuring your impact thesis for institutional investors or DFIs, these wraparound services can be more valuable than the cheque itself.
---
## Pitch Format
Submit through the website with a pitch covering your technology, business model, traction, team, and impact thesis. Be prepared to discuss how your company addresses learning, wellbeing, or climate challenges in the MENA region, and how you measure impact alongside financial performance.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
The fund closed in mid-2026 and is beginning deployment, so portfolio companies have not yet been publicly disclosed.
---
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Reme-D | Egypt | Develops and manufactures affordable, temperature-resilient molecular diagnostic tests for diseases such as tuberculosis, HIV, hepatitis, and HPV, distributed across Egypt, Kenya, and Sudan. |
> Portfolio compiled 2026-07-29. Anara Impact Capital is a newly formed ($48M first close, June 2026) MENA/North Africa-focused fund; only one verifiable African portfolio investment found to date (Reme-D, Egypt, per Wamda/TechMoran/Disrupt Africa/Tech In Africa coverage, July 2026), as the fund had not begun deploying capital at time of its $48M close announcement.
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Nafez Dakkak | Managing Partner | — | — |
| Mohamed Hussain | Managing Partner | — | — |
| Nadia Moukaddam | Managing Partner | — | — |
| Fadi Ghandour | Investment Committee Chair | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Anara Impact Capital official website](https://anaraimpact.com/)
- [EU-backed Anara Capital closes $48M to fund North African social impact startups -- Launch Base Africa](https://launchbaseafrica.com/2026/06/04/eu-backed-anara-capital-closes-48m-to-fund-north-african-social-impact-startups/)
- [Anara Impact Capital announces $48 million first close of MENA-focused fund -- Wamda](https://www.wamda.com/2026/06/anara-impact-capital-announces-48-million-close-mena-focused-fund)
- [Anara Impact Capital raises $48M to back North African social impact startups -- WeeTracker](https://weetracker.com/2026/06/05/89270anara-impact-capital-48m-fund-social-startups-north-africa/)
---
---
name: Antler
slug: antler
buildTypes: ["Consumer-social", "Lending-credit", "Stablecoin-payments", "Marketplace-commerce", "Edtech"]
thesis: We invest in exceptional people building the defining companies of tomorrow.
website: 'https://antler.co'
apply: 'Online application at antler.co, cohort-based (Nairobi residency plus 65+ locations worldwide)'
region: 'Global'
hq: 'Singapore'
sectors:
- Sector-agnostic
stage:
- Ideation
- Pre-Seed
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: ''
status: active
tier: '1'
lastVerified: '2026-07-31'
edgeRating: edge-rich
edgeResources:
- name: Magnus Grimeland interview
category: decision-maker-reveal
score: 4
description: >-
The five traits framework (Relentless Execution, Creative Problem-Solving,
Grit, Communication, Spike), why Antler invests in people rather than
ideas...
link: 'https://www.antler.co/blog/magnus-grimelands-advice-to-founders'
- name: Anil Atmaramani interview
category: decision-maker-reveal
score: 4
description: >-
Why Antler chose Lagos, what the West African founder pipeline looks like,
and how the Sandbox programme differs from the Nairobi residency.
link: 'https://techcabal.com/2025/03/03/antler-nigeria/'
- name: Lola Masha interview
category: decision-maker-reveal
score: 4
description: >-
Her perspective from the inaugural Lagos cohort, what she saw in the
applicant pool, and how the Sandbox programme evolved from concept to
execution.
link: 'https://techcabal.com/2025/08/13/antler-inagural-lagos-cohort/'
- name: Funded vs Unfunded Traits analysis
category: practice-artifact
score: 4
description: >-
Data-driven breakdown of what separates Antler-funded founders from those
who were not funded. If you want to understand the evaluation bar in
concret...
link: >-
https://medium.com/@minjikim_98520/cracking-the-code-common-traits-of-antlers-funded-entrepreneurs-9cebfe150ff
- name: Antler East Africa portfolio
category: practice-artifact
score: 4
description: >-
26 companies funded across East Africa, including Uncover, Sukhiba,
Wajenzi, and Jahazii. Studying these companies shows you the kind of
founders and ...
link: 'https://antler.co/portfolio'
- name: Lagos Sandbox
category: pipeline-pathway
score: 3
description: >-
8-week in-person programme. Up to $250K. $1,500/month stipend for first 2
months. $15K programme fee only if you receive investment. Application:
30-m...
- name: Nairobi Residency
category: pipeline-pathway
score: 3
description: >-
10-week in-person residency. $100K for 10% equity + $100K follow-on
matching. Next cohort: April 2026. Apply at .
link: 'https://antler.co/location/nairobi'
- name: No co-founder needed
category: pipeline-pathway
score: 3
description: >-
Unlike most accelerators, you apply as an individual. The programme
matches you with a co-founder during the residency. If you have been
struggling to...
portfolioTotalCount: 10
portfolioClassifiedCount: 10
portfolioUnclassifiedCount: 0
portfolioSectorSplit:
Fintech: 30
Consumer: 20
Infrastructure: 10
Edtech: 10
Impact: 10
E-commerce: 10
SaaS: 10
portfolioModelSplit:
Transaction/Marketplace: 40
Direct sales/Commerce: 20
Enterprise contracts/Licensing: 20
Subscription/SaaS: 20
portfolioGeographySplit:
Kenya: 60
Ethiopia: 10
Nigeria: 30
logo: "/funds/antler.png"
---
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| [HoneyCoin](https://www.honeycoin.co) | Kenya | A fintech platform enabling businesses and individuals to move and spend money across African currencies and stablecoins. |
| Uncover Skincare (Uncover) | Kenya | A direct-to-consumer skincare brand and content platform for African consumers. |
| Jahazii | Kenya | A fintech platform giving Kenya's informal and formal workers access to their earned wages before payday. |
| [Beemi](https://beemi.app) | Ethiopia | A mobile-first, gamified interactive live-streaming app for African creators. |
| [Satlyt](https://satlyt.ai) | Kenya | A Nairobi-based space-tech startup building AI-driven earth observation and edge-computing satellite infrastructure. |
| Cubbes | Nigeria | A digital learning platform offering AI tutors, flashcards and study planners to university students in Nigeria and Uganda. |
| Raba | Nigeria | A lease-to-own equipment financing platform helping SMEs in sectors like food processing access machinery. |
| Forti Foods | Nigeria | A food-security company producing fortified, shelf-stable ready-to-eat meals for institutional and humanitarian feeding programs. |
| Hustle | Kenya | A commerce platform letting sellers sell physical products, digital products or services online or offline. |
| Flowcart | Kenya | A B2B software company that built a WhatsApp-based sales and ordering solution for distributors. |
> Portfolio compiled 2026-07-29. Sourced from Antler's own Kenya portfolio page (antler.co/location/kenya), StartupList Africa's Antler investor profile, TechBuild Africa's coverage of Antler Lagos's first cohort investments, and individual company funding press coverage (TechCabal, Shega, Space in Africa); Antler states 35+ African portfolio companies total but only ~10 are individually verifiable from public sources as of this research.
## Key Partners
| Partner | Role | LinkedIn | X |
|---|---|---|---|
| Anil Atmaramani | Partner (Lagos) | [linkedin.com/in/anilatmaramani](https://linkedin.com/in/anilatmaramani/) | - |
| Lola | Partner (Lagos), former Google, OLX, Babban Gona, Bolt | - | - |
| Marie Nielsen | Founder and Chair of Antler Africa | - | - |
| Magnus Grimeland | Founder and CEO | [linkedin.com/in/magnusgrimeland](https://linkedin.com/in/magnusgrimeland/) | - |
---
## Overview
Antler is one of the few global venture firms that invests at the absolute earliest stage, before you even have a co-founder or a fully formed idea. Their model is fundamentally different from traditional VCs: you apply as an individual, join a residency programme, find a co-founder during the programme, validate your idea, and pitch for investment at the end. If Antler backs you, the cheque comes with a built-in co-founder, mentorship, and a global network.
What makes Antler especially relevant for African founders is that they have residencies in both Lagos and Nairobi, investing directly on the continent with teams who understand the local context. This is not a Silicon Valley firm dabbling in Africa but rather a committed, on-the-ground presence with $14M invested in African startups so far.
---
## How to Get In
### Lagos (Sandbox Programme)
- **Format:** 8-week in-person programme
- **Requirement:** Must relocate to Lagos for the duration
- **Investment:** Up to $250K
- **Stipend:** $1,500/month for the first 2 months
- **Programme fee:** $15K, but only if you receive investment (no upfront cost)
**Application process:**
1. 30-minute screening call
2. In-person partner meeting
3. Take-home case study
4. Two 45-minute interviews assessing drive, problem-solving ability, and "spike" (what makes you exceptional)
### Nairobi Residency
- **Format:** 10-week in-person residency
- **Requirement:** Must relocate to Nairobi for the duration
- **Investment:** $100K for 10% equity, plus $100K follow-on matching
- **Next cohort:** April 2026
### Who Should Apply
- Founders across Africa are eligible for both programmes
- You do not need a co-founder (Antler helps you find one)
- Typical profile: 5 to 15 years of work experience
- You do not need a fully formed idea, but you need a clear domain you want to build in
---
## Best Advice
Antler backs individuals, not just teams or ideas. Their entire model is built around identifying exceptional people first and then helping those people find the right co-founder and the right problem to solve. This means your personal story, your drive, and your "spike" matter more than your deck.
"Spike" is Antler's term for what makes you exceptional. It could be deep domain expertise, an unusual combination of skills, a track record of building things, or a level of intensity and resourcefulness that sets you apart. When preparing for the interviews, think about what makes you genuinely different, not in a polished marketing sense, but in a real and substantive way.
The co-founder matching during the programme is a unique feature. If you have been struggling to find the right co-founder, Antler's residency model solves that problem by putting you in a room with other exceptional people who are also looking for partners.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- Antler publishes more preparation material than almost any other pre-seed investor, including a detailed blog post on interview tips with actual questions, a data-driven analysis of traits that predict funding success, and multiple partner interviews specific to the Africa programmes.
> **Start here:** Read [Antler Interview Tips for Founders](https://www.antler.co/blog/antler-interview-tips-for-founder) (the team shares the actual questions they ask and what they are evaluating at each stage), then read [Cracking the Code: Common Traits of Antler's Funded Entrepreneurs](https://medium.com/@minjikim_98520/cracking-the-code-common-traits-of-antlers-funded-entrepreneurs-9cebfe150ff) (a data analysis comparing funded versus unfunded founders, revealing the specific traits that predict success). Those two resources show you exactly what the evaluation process looks like and what separates the founders who get backed from those who do not.
### How Antler's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Africa presence** | Two dedicated programmes: Lagos (Sandbox, 8-week, up to $250K) and Nairobi (10-week residency, $100K for 10% + $100K follow-on). East Africa Fund I closed at $13.5M. 26 East African startups funded to date, $14M+ deployed into African companies. Lagos inaugural cohort selected 24 from 7,500+ applications. | Antler is committed to Africa with on-the-ground teams and dedicated capital. The Lagos acceptance rate (roughly 0.3%) signals extreme selectivity, so your personal story and "Spike" matter more than your idea. |
| **The Spike+DNA model** | Antler evaluates founders on a framework combining "Spike" (your unique, exceptional strength) with four DNA traits: Relentless Execution, Creative Problem-Solving, Grit, and Communication. The funded-vs-unfunded analysis shows these traits are measurable predictors of who gets backed. | Your "Spike" is what makes you genuinely different: deep domain expertise, an unusual combination of skills, a track record of building things, or a level of intensity that sets you apart. Prepare concrete stories that demonstrate each DNA trait, because the interviewers are scoring against this framework. |
| **Stage** | Pre-seed and ideation stage. You do not need a co-founder, a fully formed idea, or traction. Typical profile: 5 to 15 years of work experience. The programme itself helps you find a co-founder and validate the idea. | This is the earliest-stage investor on the Founder Stack. If you have an exceptional background and a domain you are obsessed with, but you have not started building yet, Antler is designed exactly for your stage. |
| **Sectors** | Sector-agnostic, but the Lagos inaugural cohort funded companies in fintech, AI, food security, and edtech. The evaluation is founder-first, not thesis-driven. | Do not optimise for sector fit. Antler cares about the founder, not the sector. If your domain expertise is genuine and the problem is real, the sector will not disqualify you. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Magnus Grimeland** (Founder and CEO) | The five traits framework (Relentless Execution, Creative Problem-Solving, Grit, Communication, Spike), why Antler invests in people rather than ideas, and his view on African innovation as a core part of Antler's global thesis. | [Advice to Founders blog](https://www.antler.co/blog/magnus-grimelands-advice-to-founders) -- [Fortune: Innovation is global](https://fortune.com/2026/05/20/antler-ceo-magnus-grimeland-innovation-global-silicon-valley/) |
| **Anil Atmaramani** (Partner, West Africa) | Why Antler chose Lagos, what the West African founder pipeline looks like, and how the Sandbox programme differs from the Nairobi residency. | [TechCabal: Antler Nigeria](https://techcabal.com/2025/03/03/antler-nigeria/) |
| **Lola Masha** (Partner, Lagos) | Her perspective from the inaugural Lagos cohort, what she saw in the applicant pool, and how the Sandbox programme evolved from concept to execution. | [TechCabal: Inaugural Lagos cohort](https://techcabal.com/2025/08/13/antler-inagural-lagos-cohort/) |
### Learn from funded portfolio companies
| Resource | Why it matters |
|----------|---------------|
| [Funded vs Unfunded Traits analysis](https://medium.com/@minjikim_98520/cracking-the-code-common-traits-of-antlers-funded-entrepreneurs-9cebfe150ff) | Data-driven breakdown of what separates Antler-funded founders from those who were not funded. If you want to understand the evaluation bar in concrete, measurable terms, this is the single most useful preparation resource. |
| [Antler East Africa portfolio](https://antler.co/portfolio) | 26 companies funded across East Africa, including Uncover, Sukhiba, Wajenzi, and Jahazii. Studying these companies shows you the kind of founders and problems the Nairobi team backs. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Lagos Sandbox** | 8-week in-person programme. Up to $250K. $1,500/month stipend for first 2 months. $15K programme fee only if you receive investment. Application: 30-minute screening call, in-person partner meeting, take-home case study, two 45-minute interviews. |
| **Nairobi Residency** | 10-week in-person residency. $100K for 10% equity + $100K follow-on matching. Next cohort: April 2026. Apply at [antler.co/location/nairobi](https://antler.co/location/nairobi). |
| **No co-founder needed** | Unlike most accelerators, you apply as an individual. The programme matches you with a co-founder during the residency. If you have been struggling to find the right partner, this removes that barrier entirely. |
| **Apply early** | Both programmes are batch-based and close well before start dates. The Lagos inaugural cohort received 7,500+ applications for 24 spots. Submit early and monitor antler.co for updated timelines. |
### What you can't find
Specific names and details of companies from the Lagos inaugural cohort are not fully public yet. There is no published selection criteria document specific to the Africa programmes (the global blog content applies but does not address Africa-specific evaluation nuances). Marie Nielsen (Founder and Chair of Antler Africa) has limited public interviews or content. The Nairobi programme outcomes (how many companies from each cohort raised follow-on funding) are not published. The case study component of the Lagos application is not described in detail anywhere.
---
## Pitch Format
- **Individual pitch:** Your background, your spike, your domain obsession
- **Problem framing:** What problem are you drawn to and why you specifically understand it
- **Case study:** Prepare for the take-home case study by practising structured problem breakdowns
- **Team dynamics:** If you find a co-founder during the programme, be ready to articulate why this pairing works
---
## Real Decks and African Portfolio
Early-stage pitch decks for pre-seed programmes look different from Series A decks. Focus on founder-market fit, problem clarity, and early validation signals.
See: [Pitch Deck Library](/founder-stack/pitch-decks)
### African Portfolio Companies
| Company | Sector | Deck |
|---|---|---|
| Uncover | East Africa | Outreach pending |
| Sukhiba | East Africa | Outreach pending |
| Wajenzi | East Africa | Outreach pending |
| Jahazii | East Africa | Outreach pending |
| Lagos Cohort (Fintech) | Fintech, Lagos | Outreach pending |
| Lagos Cohort (AI) | AI, Lagos | Outreach pending |
| Lagos Cohort (Food Security) | Food Security, Lagos | Outreach pending |
| Lagos Cohort (Edtech) | Edtech, Lagos | Outreach pending |
Antler has invested in 26 East African startups to date and deployed $14M into African companies so far, with names from the inaugural Lagos cohort still being confirmed.
---
## African Alumni and Connections
**Antler is an Africa fund.** This is not a global fund with marginal Africa exposure. Antler operates residencies in Lagos and Nairobi, with investment teams based on the continent who understand local markets, regulatory environments, and founder challenges.
Their portfolio includes multiple African startups across fintech, healthtech, logistics, and consumer technology. The programme is explicitly designed for founders building across the continent, and the co-founder matching connects African founders with other exceptional individuals in the same cohort.
---
## Fund-Specific Features
### Co-Founder Matching
Antler's co-founder matching is unique among accelerators and early-stage investors. During the residency, you work alongside other participants, explore ideas together, and form teams organically. Antler's team facilitates this process, helping match complementary skill sets and working styles. Many successful Antler companies were founded by people who met during the programme.
### Stipend Model
The $1,500/month stipend for the first two months and the pay-only-if-invested fee structure lower the financial barrier to entry. You are not paying $15K to attend a programme but rather paying $15K only if Antler decides to invest in your company.
---
## Cross-Reference Bar
| Resource | Link |
|---|---|
| Pitch Deck Templates and Examples | [/founder-stack/pitch-decks](/founder-stack/pitch-decks) |
| Legal Documents and Term Sheets | [/founder-stack/documents](/founder-stack/documents) |
| Compliance and Incorporation | [/founder-stack/compliance](/founder-stack/compliance) |
---
## Start Here
Built by [Adtivity](https://adtivity.xyz), the growth layer for founders.
[Join Adtivity Free](https://adtivity.xyz/signup) | [Add Your Profile to The Wall](https://adtivity.xyz/wall)
---
## Sources
- Antler official site: [antler.co](https://antler.co)
- Antler Lagos (Sandbox): [antler.co/location/lagos](https://antler.co/location/lagos)
- Antler Nairobi: [antler.co/location/nairobi](https://antler.co/location/nairobi)
- Antler Africa portfolio: [antler.co/portfolio](https://antler.co/portfolio)
---
---
name: Apis Partners
slug: apis-partners
buildTypes: ["Payments-processing", "Lending-credit", "Neobank/wallet"]
thesis: >-
Investing in essential financial infrastructure businesses with proven unit
economics across growth markets and Europe.
website: 'https://www.apis.pe/'
apply: 'https://www.apis.pe/contact-us/'
region: Growth Markets and Europe
hq: 'London, with offices in Dubai and Singapore'
sectors:
- Infrastructure
stage:
- Growth
chequeMin: 30000000
chequeMax: 50000000
chequeDisplay: $30M -- $50M+ (growth equity scale)
format: Hybrid
admissions: Rolling
africaFocus: >-
Yes -- Sub-Saharan Africa and MENA are core growth markets (Egypt, South
Africa, Nigeria, Pan-African)
status: active
tier: '1'
lastVerified: '2026-07-26'
stageGate: Growth
edgeRating: edge-rich
edgeResources:
- name: Udayan Goyal interview
category: decision-maker-reveal
score: 4
description: >-
The thesis in his own words: why capital efficiency matters more than
growth rate, how he evaluates payments infrastructure businesses, and the
specif...
link: >-
https://kr-asia.com/indias-buy-now-pay-later-companies-will-move-up-the-e-commerce-value-chain-qa-with-udayan-goyal-of-apis-partners
- name: Apis Partners team interview
category: decision-maker-reveal
score: 4
description: >-
The Three Pillars Impact Framework: how the firm measures impact in
inclusive financial services, including financial access, usage, and
quality metri...
link: >-
https://nextbillion.net/three-pillars-for-measuring-impact-in-inclusive-financial-services/
- name: DPO Group $288M exit to Network International
category: practice-artifact
score: 4
description: >-
DPO Group was a pan-African payments processor. The exit to Network
International shows the acquirer profile and valuation logic for African
financial...
link: 'https://apis.pe/apis-partners-portfolio-realisations-surpass-us1-billion/'
- name: Paymentology $175M raise (May 2026)
category: practice-artifact
score: 4
description: >-
South Africa-headquartered issuer processor that powers card programs for
banks and fintechs globally. Shows the scale and global ambition Apis
backs,...
link: >-
https://www.paymentology.com/newsroom/paymentology-raises-175-million-co-led-by-apis-partners-and-aspirity-partners-to-support-next-phase-of-growth
- name: Contact form
category: pipeline-pathway
score: 3
description: >-
. The firm does not have a public application portal, and deal flow is
highly curated (8-12 investments per fund).
link: 'https://www.apis.pe/contact-us/'
- name: Portfolio company referrals
category: pipeline-pathway
score: 3
description: >-
MNT-Halan, Paymentology, Onafriq, Peach Payments, and Coda are all in the
network. If you are building financial infrastructure in Africa, you
likely ...
- name: LP and DFI network
category: pipeline-pathway
score: 3
description: >-
IFC ($50M in Fund III), EIB ($35M in Fund II), BII ($40M in Fund III), and
Swedfund are all LPs. If you are already in conversation with any of these
...
- name: Financial services ecosystem
category: pipeline-pathway
score: 3
description: >-
Because Apis portfolio companies serve banks, telcos, and insurers as
clients, the institutional financial services network is a natural
referral path...
portfolioSectorSplit:
Fintech: 100
portfolioModelSplit:
Transaction/Marketplace: 40
Enterprise contracts/Licensing: 40
Subscription/SaaS: 20
portfolioGeographySplit:
Egypt: 20
South Africa/Global: 20
South Africa/Philippines: 20
Pan-African/Asian: 20
Pan-African/Global: 20
portfolioTotalCount: 5
portfolioClassifiedCount: 5
portfolioUnclassifiedCount: 0
---
## Overview
Apis Partners is a London-headquartered growth equity firm founded by Matteo Stefanel and Udayan Goyal, focused exclusively on tech-enabled financial infrastructure and services across growth markets (Africa, Asia, MENA) and Europe. The firm has grown rapidly to $2.3 billion in AUM, with Fund III closing at $1.23 billion in May 2026 (23% above target and more than double the $563 million Fund II). The firm has generated over $1 billion in realisations and was ranked #2 globally in the 2025 HEC Paris-Dow Jones Growth Equity Investor Ranking.
What makes Apis distinctive from other Africa-relevant investors is the absolute focus on financial infrastructure. The firm does not invest in consumer fintech apps, e-commerce, or healthtech: every investment is a company that builds the pipes, rails, or platforms on which other financial services run. Payments infrastructure, issuer processing, digital banking platforms, lending systems, and insurance technology are the core sectors. This means Apis portfolio companies are typically B2B or B2B2C businesses that serve banks, telcos, insurers, and other financial institutions rather than end consumers directly.
The African portfolio reflects this thesis. MNT-Halan ($120M investment, Egypt's largest lending and payments platform), Paymentology ($175M co-led investment, issuer processor powering card programs for banks and fintechs across Africa and globally, headquartered in South Africa), and GOTymebank (Philippines/South Africa digital banking platform) demonstrate the scale and infrastructure orientation. The firm takes minority positions with strong governance rights and works operationally with management teams to build institutional-grade platforms.
The LP base is heavily institutional. Fund III attracted over 70 LPs, with approximately 50% returning investors who increased their commitments. The base includes sovereign wealth funds, supranational entities (IFC committed $50M, EIB committed $35M to Fund II), banks, insurers, pension funds, and foundations. This institutional backing gives portfolio companies credibility with regulators and potential partners across financial services.
---
## How to Get In
Contact Apis Partners through the website at apis.pe/contact-us. The firm does not have a public application portal, and the deal team is focused on a small number of high-conviction positions per fund.
Warm introductions through portfolio companies carry significant weight. MNT-Halan, Paymentology, GOTymebank, Coda, and Thunes are all in the network. The broader financial infrastructure ecosystem in Africa, including banks, payment networks, and regulators, also provides warm pathways, because Apis portfolio companies serve these institutions as customers.
Matteo Stefanel and Udayan Goyal (Co-Founders and Managing Partners) lead the firm. The team of 40+ professionals is split across London, Dubai, and Singapore. If you are building in Africa, the Dubai office covers MENA and parts of the African pipeline.
Apis invests at growth equity scale ($30M to $50M+ cheques) in companies with proven unit economics, so very early-stage startups are not a fit. If you are running a financial infrastructure business in Africa with significant revenue, institutional clients, and a clear path to profitability, Apis is one of the few growth equity firms that understands your sector deeply enough to be a genuine partner.
---
## Best Advice
1. **You must be financial infrastructure, not just fintech.** Apis invests in the companies that build the rails, not the apps that ride on them. Paymentology processes cards for banks and fintechs. MNT-Halan provides lending and payments infrastructure across Egypt. Thunes powers cross-border payment flows. If your company serves financial institutions as clients and provides technology that they cannot easily build themselves, you fit the thesis. If you are a consumer-facing app, look elsewhere.
2. **Show proven unit economics before you pitch.** The firm explicitly targets companies with proven unit economics and high growth. Apis writes large cheques ($30M+) into businesses that have already demonstrated commercial viability, which means this is not the fund for pre-revenue pitches. Come with audited financials, clear margins, and a growth trajectory that justifies the scale of capital.
3. **Think about the governance value-add.** Apis takes minority positions with strong governance rights and works operationally with management to build institutional-grade platforms. If your company needs help professionalising its board, implementing compliance frameworks, or preparing for regulatory scrutiny across multiple jurisdictions, articulate how Apis's hands-on approach adds value alongside the capital.
4. **Use the LP network for credibility.** Having IFC, EIB, sovereign wealth funds, and global insurers as LPs gives Apis portfolio companies instant credibility with regulators, banking partners, and institutional clients. If you are building financial infrastructure that requires regulatory approvals, banking partnerships, or central bank relationships, the Apis LP network is a strategic asset.
5. **Show a multi-market financial infrastructure story.** Apis invests across growth markets (Africa, Asia, MENA) and Europe. Paymentology operates globally from South Africa. MNT-Halan is Egypt's largest lender. Thunes connects payment networks across multiple regions. If your financial infrastructure can serve multiple markets through a single platform, that expansion story resonates with the fund's cross-regional thesis.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- strong institutional documentation from a firm that publishes its thesis clearly, with detailed co-founder interviews, a published impact framework, a $1B realisations milestone that reveals exit strategy, and Fund III closing materials that spell out exactly what they back.
> **Start here:** Read [Udayan Goyal's Q&A with KR-Asia](https://kr-asia.com/indias-buy-now-pay-later-companies-will-move-up-the-e-commerce-value-chain-qa-with-udayan-goyal-of-apis-partners) (the co-founder explains the thesis in his own words: capital efficiency, payments infrastructure focus, and why he looks for "profitable, capital-light, high growth, tech-enabled financial infrastructure"), then read the [$1 Billion Realisations press release](https://apis.pe/apis-partners-portfolio-realisations-surpass-us1-billion/) (reveals how the firm structures exits and what the portfolio trajectory looks like). Those two resources show you the investment thesis and the exit outcomes the team is building toward.
### How Apis Partners' portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Scale** | $2.3B AUM across three funds. Fund III closed at $1.23B (23% above target, more than double the $563M Fund II). Over $1B in portfolio realisations. Ranked #2 globally in the 2025 HEC Paris-Dow Jones Growth Equity Investor Ranking. 70+ LPs in Fund III with approximately 50% returning investors who increased commitments. | This is institutional-scale growth equity, not venture capital. The due diligence and governance expectations reflect that. If you are not ready for board governance discussions, compliance frameworks, and audited financials, you are too early for Apis. |
| **Thesis** | Every investment is financial infrastructure: payments processing, issuer platforms, digital banking systems, lending infrastructure, insurance technology. No consumer apps, no e-commerce, no healthtech. The firm explicitly targets "profitable, capital-light, high growth, tech-enabled financial infrastructure." | The thesis is narrow and enforced. If your company does not build the pipes, rails, or platforms on which financial services run, Apis will not invest regardless of your metrics. If it does, there are very few growth equity firms globally that understand your sector this deeply. |
| **Africa exposure** | MNT-Halan ($120M, Egypt's largest lending and payments platform), Paymentology ($175M co-led, South Africa-headquartered issuer processor), DPO Group ($288M exit to Network International), iKhokha (R1.65B exit to Nedbank), MFS Africa/Onafriq (pan-African digital payments gateway), Baobab/MicroCred (microfinance), Peach Payments (South Africa). | The African portfolio reads like a map of the continent's financial infrastructure. DPO Group and iKhokha are both significant exits, which validates the thesis that African financial infrastructure can generate institutional-grade returns. |
| **Exit track record** | DPO Group acquired for $288M by Network International. iKhokha acquired for R1.65B by Nedbank. Over $1B in total realisations across the portfolio. | Apis has a proven exit playbook: build institutional-grade platforms, then sell to strategic acquirers (banks, payment networks, global processors). If your company fits that trajectory, articulate the acquirer universe in your pitch. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Udayan Goyal** (Co-Founder, Managing Partner) | The thesis in his own words: why capital efficiency matters more than growth rate, how he evaluates payments infrastructure businesses, and the specific financial metrics he screens for. Quote: "profitable, capital-light, high growth, tech-enabled financial infrastructure." | [KR-Asia Q&A](https://kr-asia.com/indias-buy-now-pay-later-companies-will-move-up-the-e-commerce-value-chain-qa-with-udayan-goyal-of-apis-partners) |
| **Apis Partners team** | The Three Pillars Impact Framework: how the firm measures impact in inclusive financial services, including financial access, usage, and quality metrics. Shows you what impact reporting Apis expects from portfolio companies. | [NextBillion: Three Pillars for Measuring Impact](https://nextbillion.net/three-pillars-for-measuring-impact-in-inclusive-financial-services/) |
### Study the evaluation frameworks before your pitch
| Framework / Resource | What it tells you |
|---------------------|------------------|
| [Fund III closing materials](https://www.africaprivateequitynews.com/p/apis-partners-closes-123bn-fund-iii) | The language around what Fund III targets: "profitable, capital-light, high growth, tech-enabled financial infrastructure businesses with proven unit economics." If your company does not match every word in that sentence, study where the gap is before you pitch. |
| [Three Pillars Impact Framework](https://nextbillion.net/three-pillars-for-measuring-impact-in-inclusive-financial-services/) | Apis's published approach to measuring impact in financial inclusion. If your company serves underbanked populations or expands financial access, structure your impact story around these three pillars: access, usage, and quality. |
### Learn from funded portfolio companies
| Resource | Why it matters |
|----------|---------------|
| [DPO Group $288M exit to Network International](https://apis.pe/apis-partners-portfolio-realisations-surpass-us1-billion/) | DPO Group was a pan-African payments processor. The exit to Network International shows the acquirer profile and valuation logic for African financial infrastructure companies at scale. Study this if you want to understand what "exit-ready" looks like in Apis's portfolio. |
| [Paymentology $175M raise (May 2026)](https://www.paymentology.com/newsroom/paymentology-raises-175-million-co-led-by-apis-partners-and-aspirity-partners-to-support-next-phase-of-growth) | South Africa-headquartered issuer processor that powers card programs for banks and fintechs globally. Shows the scale and global ambition Apis backs, and demonstrates that African-headquartered companies can build global financial infrastructure. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Contact form** | [apis.pe/contact-us](https://www.apis.pe/contact-us/). The firm does not have a public application portal, and deal flow is highly curated (8-12 investments per fund). |
| **Portfolio company referrals** | MNT-Halan, Paymentology, Onafriq, Peach Payments, and Coda are all in the network. If you are building financial infrastructure in Africa, you likely interact with these companies as partners, competitors, or ecosystem players, and their founders can provide introductions. |
| **LP and DFI network** | IFC ($50M in Fund III), EIB ($35M in Fund II), BII ($40M in Fund III), and Swedfund are all LPs. If you are already in conversation with any of these DFIs, that relationship creates a warm path to the Apis team. |
| **Financial services ecosystem** | Because Apis portfolio companies serve banks, telcos, and insurers as clients, the institutional financial services network is a natural referral pathway. If you work with any of these institutions, they may know the Apis team. |
### What you can't find
Matteo Stefanel has very limited public interviews or content. There is no published investment methodology document or annual report. The specific financial thresholds for what constitutes "proven unit economics" (minimum revenue, margins, growth rate) are not documented. The team structure covering Africa specifically (who leads the Africa pipeline from the London or Dubai office) is not clear from public sources.
---
## Pitch Format
Contact via apis.pe/contact-us or through warm introductions. Prepare a detailed pitch covering your financial infrastructure thesis, technology platform, institutional client base, unit economics, regulatory positioning, team, and multi-market expansion strategy. Given the PE-style approach, include detailed financials and a clear capital deployment plan.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies (Selected)
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| MNT-Halan | Egypt | Lending and payments infrastructure platform | Growth ($120M) | 2021 |
| Paymentology | South Africa/Global | Issuer processing for banks and fintechs | Growth ($175M) | 2026 |
| GOTymebank | South Africa/Philippines | Digital banking platform | Growth | -- |
| Coda | Pan-African/Asian | Prepaid digital goods and recharge platform | Growth | -- |
| Thunes | Pan-African/Global | Cross-border payments infrastructure | Growth | -- |
*Note: Apis Partners has made 8-12 investments per fund across Africa, Asia, MENA, and Europe. The table above shows selected companies with African operations. Full portfolio details are available at apis.pe.*
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Matteo Stefanel | Co-Founder and Managing Partner | -- | -- |
| Udayan Goyal | Co-Founder and Managing Partner | -- | -- |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Apis Partners Official Website](https://www.apis.pe/)
- [BusinessWire: Apis Partners closes Fund III at $1.23B (May 2026)](https://www.businesswire.com/news/home/20260506645124/en/Apis-Partners-Announces-Final-Close-of-$1.23-Billion-Fund-III-Double-its-Predecessor)
- [IFC: Investment in Apis fund (2023)](https://www.ifc.org/en/pressroom/2023/ifc-invests-in-new-apis-fund-to-support-mid-cap-companies-and-improve-financial-inclusion-across-africa-and-asia)
- [EIB: Apis Growth Fund II](https://www.eib.org/en/products/equity/funds/apis-growth-fund-2)
- [TechCrunch: MNT-Halan $120M from Apis Partners (September 2021)](https://techcrunch.com/2021/09/08/egyptian-fintech-mnt-halan-lands-120m-from-apis-partners-disruptech-and-others/)
- [Paymentology: $175M investment co-led by Apis Partners (May 2026)](https://www.paymentology.com/newsroom/paymentology-raises-175-million-co-led-by-apis-partners-and-aspirity-partners-to-support-next-phase-of-growth)
---
---
name: Arbitrum Foundation Grants
slug: arbitrum-foundation-grants
thesis: 'Non-dilutive support for Arbitrum One, Nova and Orbit-chain builders, delivered mostly as in-kind credits (audits, gas, infrastructure) rather than cash, plus DAO-run milestone grants through Questbook.'
website: 'https://arbitrum.foundation/grants'
apply: 'Each program has its own form: the Audit Program via Tally, ArbiFuel via Airtable, Arbitrum Gaming Ventures via thegamingcatalyst.com, and the Alchemy infrastructure-credit program via Typeform. No single unified application.'
region: 'Global'
hq: 'Grand Cayman (Arbitrum Foundation)'
sectors:
- Payments-Stablecoins
- Consumer
- Developer-Tooling
- Infrastructure
- Gaming
sectorsNote: 'Arbitrum Foundation cash and credit programs in 2026 are mostly instrument-specific rather than sector-specific: ArbiFuel targets consumer/payments UX, the Audit Program is sector-agnostic for teams with product-market fit, Gaming Ventures is gaming-specific, and the Alchemy program targets Orbit-chain infrastructure builders.'
stage:
- MVP
- Pre-Seed
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: 'Not a single cheque; varies by program. Audit Program: $10M in ARB over 12 months, subsidy per audit not disclosed. ArbiFuel: up to 1,000,000 free transactions in year one, capped at $10,000 in credits per team. Alchemy program: up to $500K in infrastructure credits per team.'
chains:
- Arbitrum
format: 'Application form'
admissions: 'Rolling for the active programs; DAO-run Questbook grants run in seasonal windows'
africaFocus: 'Not Africa-specific'
status: active
tier: '2'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Arbitrum grants page
category: evaluation-framework
score: 4
description: >-
Lists every currently active Foundation-run program in one place with
direct apply links, which is unusual clarity for a multi-program
ecosystem. Read it top to bottom before picking a program.
link: 'https://arbitrum.foundation/grants'
- name: ArbiFuel launch post
category: practice-artifact
score: 4
description: >-
Explains the gas-fee sponsorship mechanic (Pimlico ERC-20
paymasters), the transaction and dollar caps, and who it targets:
simplified-UX apps, wallets, stablecoin and payments products.
Designed for pre-launch and just-launched teams specifically.
link: 'https://blog.arbitrum.foundation/arbifuel-is-live-arbitrum-builders-claim-your-gas-fee-sponsorship/'
- name: Questbook Domain Allocator dashboard
category: pipeline-pathway
score: 3
description: >-
Where Arbitrum DAO's milestone grants actually get proposed and
approved by elected domain allocators. Check current-season intake
status directly before treating it as open.
link: 'https://arbitrum.questbook.app'
- name: Builder's Block newsletter
category: decision-maker-reveal
score: 3
description: >-
The Foundation's monthly update naming new programs, windows and
Open House city dates as they open, including the Robinhood Chain
$1M commitment.
link: 'https://blog.arbitrum.foundation/'
- name: Arbitrum Open House
category: pipeline-pathway
score: 3
description: >-
Buildathon-plus-Founder-House series across cities that functions as
the Foundation's warmest funnel for "serious founders ready to ship,"
distinct from the grant forms.
link: 'https://blog.arbitrum.foundation/builders-block-009-open-house-2026-locations-arbos-dia-upgrade/'
portfolioTotalCount: 0
portfolioClassifiedCount: 0
portfolioUnclassifiedCount: 0
---
> **How to use this page:** There is no single "Arbitrum grant" to apply for. In 2026 the Foundation's money is mostly in-kind: audits, gas sponsorship, infrastructure credits, split across separate forms. Stack them in the order Section E lays out rather than picking one and stopping. Cash grants now flow through the DAO's Questbook process, which runs on its own seasonal cycle and needs a separate check before you rely on it being open.
---
## A. Header Block
- **Program name:** Arbitrum Foundation Grants
- **One-line thesis:** In-kind and DAO-run support (audits, gas, infrastructure credits, milestone grants) for teams building on Arbitrum One, Nova and Orbit chains
- **Website:** [arbitrum.foundation/grants](https://arbitrum.foundation/grants)
- **CTA:** [Browse active programs and apply](https://arbitrum.foundation/grants)
| Tag | Detail |
|-----|--------|
| Region | Global; Arbitrum Foundation is registered in Grand Cayman |
| Format | Application form, separate per program |
| Sectors | Payments and stablecoins, consumer UX, developer tooling, infrastructure, gaming |
| Stage | MVP through Seed |
| Cheque Size | Varies by instrument; see frontmatter and Section C |
| Admissions | Rolling for Foundation programs; seasonal for DAO Questbook grants |
---
## C. Overview
Arbitrum's founder-facing money in 2026 is split across several distinct instruments rather than one grant program, and most of it is in-kind rather than cash. The Arbitrum Foundation's grants page lists four currently active programs: the **Audit Program**, offering $10M in ARB over 12 months to subsidise third-party smart contract audits for early-stage teams with product-market fit and growth potential; **ArbiFuel**, a gas-fee sponsorship program giving early teams up to 1,000,000 free transactions in their first year, capped at $10,000 in credits per team, delivered through Pimlico ERC-20 paymasters; **Arbitrum Gaming Ventures**, a DAO-managed gaming-specific fund taking submissions of interest; and the **Alchemy-Arbitrum Grant Program**, offering up to $500,000 per team in infrastructure credits for teams building or migrating to Orbit rollups.
A number of older Foundation programs, Trailblazer 2.0, Trailblazer AI, Stylus Sprint, the Uniswap-Arbitrum program, the Pluralistic Program and STIP, have completed and are not currently accepting applications; do not treat these as open.
Cash grants on Arbitrum now flow mostly through the DAO rather than the Foundation directly, via the **Questbook Domain Allocator (DDA) Program**, where elected domain allocators in four domains, gaming, developer tooling, new protocol ideas, and education/community, review and pay milestone-based proposals from domain-specific multisigs. This runs on a seasonal cycle voted on by the DAO, and the current intake status should be checked directly on the Questbook dashboard rather than assumed open.
Robinhood Chain, an Arbitrum Orbit L2 that launched public testnet in February 2026, has no standalone grant program of its own. Its nearest formal funding path is these same Arbitrum Foundation programs, plus the $1M Robinhood committed to sponsor the Arbitrum Open House 2026 buildathon series.
**Key stats:**
- Audit Program: $10M in ARB over 12 months
- ArbiFuel: up to 1,000,000 free transactions, capped at $10,000 in credits per team
- Alchemy program: up to $500K in infrastructure credits per team
- Questbook DDA 2.0: $4M budget across four domains, per-project soft cap raised to $50,000
---
## D. Key Partners
| Person or team | Role | Where to find them |
|----------------|------|--------------------|
| Arbitrum Foundation | Runs the Audit Program, ArbiFuel and publishes Builder's Block updates | [arbitrum.foundation/grants](https://arbitrum.foundation/grants) |
| Alchemy | Co-runs the $10M Orbit-chain infrastructure credit program | [alchemyapi.typeform.com](https://alchemyapi.typeform.com/to/CijtV0Oe) |
| Arbitrum DAO Domain Allocators | Elected reviewers who approve Questbook milestone grants per domain | [arbitrum.questbook.app](https://arbitrum.questbook.app) |
| Robinhood | Committed $1M to sponsor Arbitrum Open House 2026, backing teams building on Robinhood Chain testnet | [blog.arbitrum.io](https://blog.arbitrum.io/robinhood-chain-testnet/) |
The Foundation does not publish individual program-manager names, and we have not guessed.
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Sequence the in-kind programs to your stage
Apply to **ArbiFuel** the week you deploy to testnet; it is designed for pre-launch teams and the gas sponsorship removes a real cost barrier early. Apply to the **Audit Program** once you have a mainnet candidate and some usage, since it explicitly screens for product-market fit and growth potential. Apply to the **Alchemy program** if you are launching your own Orbit chain and need infrastructure credits at scale.
#### Step 2: Check DAO Questbook status before relying on it
Cash grants now run through Questbook's Domain Allocator process on a seasonal DAO-approved cycle. Create a Questbook profile, pick the domain that fits (gaming, developer tooling, new protocol ideas, education/community), and confirm the current season is actually taking proposals before you invest time writing one.
#### Step 3: Write milestone-based proposals under the soft cap
For Questbook, keep proposals in the $10,000 to $25,000 range with two to three milestones; this size has historically cleared fastest. Engage on the Arbitrum forum thread for your domain before submitting, since allocators read it.
#### Step 4: Apply to the specific form
Each program has its own application: Audit Program via Tally, ArbiFuel via Airtable, Gaming Ventures via thegamingcatalyst.com, Alchemy credits via Typeform, Questbook via its own platform. There is no unified Arbitrum grant application.
#### Step 5: Watch Builder's Block for new windows
The Foundation publishes a regular Builder's Block update naming new programs, city dates for Open House, and protocol changes. New cash-adjacent windows (like the Robinhood-funded Open House prizes) get announced here first.
**Tips that matter here:**
- Stack programs rather than picking one: a team can plausibly use ArbiFuel, the Audit Program and a Questbook grant across different stages of the same build.
- ArbiFuel favours consumer, payments and wallet UX with a paymaster story; lead with that if it fits.
- The Audit Program wants evidence of "strong product-market fit and high growth potential," so bring usage metrics, not just a deployed contract.
- Robinhood Chain builders should treat these Foundation programs, plus Arbitrum Open House, as their nearest formal grant path in the absence of a Robinhood-run program.
---
## F. Best Advice from Founders
**Treat this as several small applications, not one big one.** The Foundation's money is deliberately split by instrument. Founders who try to write one application for "Arbitrum funding" usually pick the wrong door.
**In-kind credits solve real problems.** Gas sponsorship and audit subsidies remove costs that would otherwise eat into a small raise; do not discount them just because they are not cash.
**Questbook needs forum engagement, not just a form.** Domain allocators are elected community members who read the Arbitrum forum. A proposal with zero forum presence reads as an outsider's cold pitch.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. The Foundation's grants page is unusually clear about which programs are currently active versus completed, with direct apply links for each. What it does not give you is a single rubric, since eligibility criteria differ by program, and the DAO's Questbook cycle needs a live status check rather than trust in a published schedule.
> **Start here:** Read the [Arbitrum grants page](https://arbitrum.foundation/grants) to see every active program in one place, then check [arbitrum.questbook.app](https://arbitrum.questbook.app) directly for current DAO grant intake status.
### How the program actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **In-kind, not cash, is the Foundation's current default** | Audit subsidies, gas sponsorship and infrastructure credits are the four active Foundation programs; no open-ended cash grant exists at the Foundation level. | Plan your runway assuming credits, not a cash cheque, from the Foundation directly. |
| **Cash moved to the DAO** | Questbook Domain Allocator grants (soft cap $50K) are the DAO's cash-grant mechanism. | Check Questbook's live status; do not assume last season's schedule still applies. |
| **Older cash programs have completed** | Trailblazer, Stylus Sprint, STIP and others are listed as completed, not open. | Do not apply to a program the Foundation itself lists as closed. |
| **Orbit chains ride on Arbitrum's programs** | Robinhood Chain has no standalone grants; it is an Orbit L2 and uses these same Foundation programs plus Open House. | If you build on an Orbit chain, check whether the parent chain's Foundation programs apply to you. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Arbitrum Foundation** | Runs and updates the Audit Program and ArbiFuel; publishes Builder's Block monthly. | [blog.arbitrum.foundation](https://blog.arbitrum.foundation/) |
| **Elected Domain Allocators** | Review and approve Questbook milestone grants publicly per domain. | [arbitrum.questbook.app](https://arbitrum.questbook.app) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **ArbiFuel** | [Apply here](https://airtable.com/appzb4GfqGfrnDXjW/shrulGIIp6l6ezAlt). Gas-fee sponsorship for early teams, apply pre-launch. |
| **Audit Program** | [Apply here](https://tally.so/r/3xzEzv?program=aap). Audit subsidy for teams with usage and product-market fit. |
| **Alchemy Orbit credits** | [Apply here](https://alchemyapi.typeform.com/to/CijtV0Oe). Up to $500K in infrastructure credits for Orbit-chain builders. |
| **Questbook DDA** | Propose a milestone grant in your domain at [arbitrum.questbook.app](https://arbitrum.questbook.app), confirming the season is open first. |
| **Arbitrum Open House** | Buildathon-plus-Founder-House series across cities; a warmer, mentorship-backed funnel than a cold form. |
### What you can't find
The Foundation does not publish per-audit subsidy amounts, a full list of Questbook-approved grantees this season, or a confirmed current status for Questbook DDA 3.0 intake. Treat DDA 3.0 as unverified until you confirm live proposal counts on the dashboard yourself.
---
## G. Pitch Format Arbitrum Foundation Grants Expects
- Program-specific applications: no unified deck format across the Audit Program, ArbiFuel, Alchemy credits and Questbook
- For ArbiFuel: a consumer, payments or wallet UX story and a paymaster integration plan
- For the Audit Program: usage metrics and evidence of product-market fit, not just a deployed contract
- For Questbook: a milestone-based proposal under the soft cap, with prior forum engagement in your domain
- For Alchemy credits: an Orbit-chain build or migration plan
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Neither the Foundation's grants page nor the Questbook dashboard publishes a consolidated grantee list we can verify from a primary source. We do not name grantees we cannot confirm.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Not published | No consolidated grantee list is published across Foundation and Questbook programs | n/a | Arbitrum |
---
## I. Ecosystem Connections
- **Arbitrum One, Nova and Orbit chains:** these programs cover the full Arbitrum stack, including Orbit L2s like Robinhood Chain.
- **Alchemy:** co-runs the largest single infrastructure-credit program in this corpus, aimed at Orbit-chain builders.
- **Arbitrum DAO:** governs the Questbook Domain Allocator cash-grant process, separate from Foundation-run in-kind programs.
- **Arbitrum Open House:** the Foundation's buildathon and Founder House series, currently carrying a $1M Robinhood Chain sponsorship, and the warmest funnel toward mentorship and investor attention.
- **Colosseum Crypto World's Fair, Arbitrum track:** a hackathon track partnered with Arbitrum running alongside these programs.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Grant agreements and IP** [Compliance guide](/founder-stack/compliance)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Arbitrum Foundation Grants](https://arbitrum.foundation/grants)
- [ArbiFuel is live: Arbitrum builders, claim your gas fee sponsorship](https://blog.arbitrum.foundation/arbifuel-is-live-arbitrum-builders-claim-your-gas-fee-sponsorship/)
- [Arbitrum Audit Program application](https://tally.so/r/3xzEzv?program=aap)
- [Alchemy-Arbitrum Grant Program application](https://alchemyapi.typeform.com/to/CijtV0Oe)
- [Arbitrum Gaming Ventures](https://thegamingcatalyst.com)
- [Arbitrum Questbook Domain Allocator dashboard](https://arbitrum.questbook.app)
- [Questbook DDA program update thread, Arbitrum forum](https://forum.arbitrum.foundation/t/questbook-dda-program-update-thread/23672)
- [Builder's Block 009: Open House 2026 locations, ArbOS, DIA upgrade](https://blog.arbitrum.foundation/builders-block-009-open-house-2026-locations-arbos-dia-upgrade/)
- [Robinhood Chain testnet, Arbitrum blog](https://blog.arbitrum.io/robinhood-chain-testnet/)
---
---
name: Arbitrum Questbook Domain Allocator Program
slug: arbitrum-questbook-dda
thesis: 'DAO-governed milestone grants, elected Domain Allocators reviewing proposals in public, sized to fund a scoped deliverable rather than a company.'
website: 'https://arbitrum.questbook.app'
apply: 'Create a Questbook proposal in the domain that fits your project (Dev Tooling, New Protocol Ideas, Gaming, Education/Community). Public review by an elected allocator, paid from a domain multisig per milestone.'
region: 'Global'
hq: 'Arbitrum DAO is fully onchain governance; no single headquarters'
sectors:
- Developer-Tooling
- DeFi
- Infrastructure
- Gaming
stage:
- Ideation
- MVP
- Pre-Seed
chequeMin: 2000
chequeMax: 50000
chequeDisplay: 'Per-project soft cap $50,000; observed approved grants $2,000-$48,000'
chains:
- Arbitrum
format: 'Application form'
admissions: 'Cohort-based'
africaFocus: 'Not Africa-specific'
status: active
tier: '3'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Questbook DDA program update thread
category: decision-maker-reveal
score: 5
description: >-
The Arbitrum Foundation forum's own running update on DDA 2.0: proposal
volume (396 submitted, 91 approved in the first months), the raised
soft cap, and domain-by-domain detail. Read it before writing a
proposal so you know what actually clears.
link: 'https://forum.arbitrum.foundation/t/questbook-dda-program-update-thread/23672'
- name: Arbitrum Hub grant-hub explainer
category: evaluation-framework
score: 4
description: >-
Independent walkthrough of how the Questbook DDA structure works: four
domains, elected allocators, public review, milestone-based multisig
payouts.
link: 'https://www.arbitrumhub.io/grant-hub/quest-book/'
- name: Questbook proposal dashboard
category: practice-artifact
score: 4
description: >-
Where you actually submit and where every proposal, approved or
rejected, sits publicly. Read approved and declined proposals in your
domain before writing your own.
link: 'https://arbitrum.questbook.app'
- name: Arbitrum Foundation Grants overview page
category: pipeline-pathway
score: 3
description: >-
Positions Questbook DDA alongside the Foundation's other 2026
programs (Audit Program, ArbiFuel, Alchemy Orbit credits), useful for
deciding which Arbitrum instrument actually fits your ask.
link: 'https://arbitrum.foundation/grants'
portfolioSectorSplit: {}
portfolioChainSplit:
Arbitrum: 100
portfolioTotalCount: 0
portfolioClassifiedCount: 0
portfolioUnclassifiedCount: 0
---
> **How to use this page:** This is DAO money, not Foundation money, which means the reviewer is an elected community allocator working in public, and the whole review trail (every proposal, every comment, every vote) is visible before you write a word. Read Section E, pick your domain, and read a few approved and declined proposals in it first.
---
## A. Header Block
- **Program name:** Arbitrum DAO Questbook Domain Allocator Program (DDA)
- **One-line thesis:** DAO-governed, milestone-based grants across four domains (Dev Tooling, New Protocol Ideas, Gaming, Education/Community), reviewed publicly by elected Domain Allocators
- **Website:** [arbitrum.questbook.app](https://arbitrum.questbook.app)
- **CTA:** [Submit a proposal](https://arbitrum.questbook.app)
| Tag | Detail |
|-----|--------|
| Region | Global |
| Format | Application form (Questbook proposal, per domain) |
| Sectors | Developer tooling, new protocol ideas / DeFi infrastructure, gaming, education and community |
| Stage | Idea through early prototype |
| Cheque Size | Per-project soft cap $50,000; observed approvals $2,000-$48,000 |
| Admissions | Seasonal, DAO-voted funding rounds |
---
## C. Overview
The Questbook Domain Allocator Program is Arbitrum DAO's way of pushing small-to-mid grant decisions out to elected community reviewers instead of a centralised Foundation team. Four domains split the money: Dev Tooling, New Protocol Ideas (DeFi and infrastructure), Gaming, and Education/Community. Each domain has its own elected Domain Allocator, its own multisig, and its own public review thread on the Arbitrum forum.
DDA 2.0 raised the per-project soft cap to $50,000 against a total domain budget of $4M, and the Foundation's own update thread reports 396 proposals submitted against 91 approved in the first months of that round, with observed approved grants clustering between $2,000 and $48,000. Questbook's dashboard currently also lists a "DDA 3.0" entry, but the live intake status for that round was not confirmed at the time of this review: check [arbitrum.questbook.app](https://arbitrum.questbook.app) directly for the current season before telling a founder it is open.
The two domains most relevant to a company-building founder are Dev Tooling and New Protocol Ideas; Gaming and Education/Community fund a narrower set of projects and are worth checking only if that is your actual product.
**Key stats:**
- Four domains, each with an elected Domain Allocator and its own multisig
- $4M total DDA 2.0 budget, $50,000 per-project soft cap
- 396 proposals submitted, 91 approved in the reported window
- Observed approved grants: $2,000 to $48,000
---
## D. Key Partners
| Person or team | Role | Where to find them |
|----------------|------|--------------------|
| Elected Domain Allocators (one per domain) | Review proposals publicly and approve milestone payouts from a domain multisig | [arbitrum.questbook.app](https://arbitrum.questbook.app) |
| Arbitrum Foundation | Runs the update thread and reports on the program's overall health | [forum.arbitrum.foundation](https://forum.arbitrum.foundation/t/questbook-dda-program-update-thread/23672) |
Individual allocator names rotate by domain and season; check the current domain page on Questbook for who is reviewing right now.
---
## E. How to Get In: Step-by-Step Application Process
**Chain requirement: your project must build on Arbitrum. This program does not fund other chains, though Robinhood Chain, as an Arbitrum Orbit chain, sits within the broader Arbitrum grant ecosystem covered separately under Arbitrum Foundation programs.**
#### Step 1: Confirm the current season is live
Questbook's dashboard has shown DDA 2.0 alongside a listed DDA 3.0 with an unclear live status. Check [arbitrum.questbook.app](https://arbitrum.questbook.app) for the current, open domain before drafting anything.
#### Step 2: Create a Questbook profile and pick your domain
Choose Dev Tooling, New Protocol Ideas, Gaming, or Education/Community based on what you are actually building.
#### Step 3: Read approved and declined proposals in your domain
Every proposal, approved or not, is public on the dashboard. This is the closest thing to a rubric this program has: study what cleared and what did not.
#### Step 4: Write a milestone-based proposal under the soft cap
Stay under the $50,000 soft cap and break the work into milestones your allocator can pay out against individually.
#### Step 5: Engage the domain's forum thread before and after submitting
Allocators read the forum. A founder who shows up in the thread for their domain before submitting, and answers questions publicly after, moves faster than one who submits and waits silently.
#### Step 6: Deliver against milestones
Payouts come from the domain multisig per milestone, so plan a delivery cadence you can actually report against publicly.
**Tips that matter here:**
- The $10,000 to $25,000 range with 2 to 3 milestones has historically cleared fastest; do not open at the $50,000 cap on a first ask.
- Dev Tooling and New Protocol Ideas are the two founder-relevant domains if you are building a company rather than a game or an education program.
- This is public review by design. Treat forum engagement as part of the application, not a courtesy.
- Robinhood Chain builders: since it launched as an Arbitrum Orbit L2, Arbitrum's Foundation-run programs (ArbiFuel, the Audit Program, Alchemy Orbit credits) are a nearer formal path than Questbook DDA specifically; check those pages too.
---
## F. Best Advice from Founders
**Read the domain's forum thread before you write anything.** The allocator's stated priorities and the questions they ask other applicants are the real rubric, more so than any published criteria list.
**Milestones sized in weeks, not quarters, clear faster.** The observed approval range ($2K to $48K) rewards a scoped, checkable deliverable over an ambitious multi-quarter roadmap.
**Public accountability cuts both ways.** Because every proposal is visible, a strong, responsive public presence in the thread is itself part of what gets you funded.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. The whole review process is public, which is unusually transparent for a grant program, but the current season's live status (DDA 2.0 versus a possible DDA 3.0) needs a fresh check before every application, since Questbook's dashboard has shown mixed signals on this.
> **Start here:** Read the [Questbook DDA program update thread](https://forum.arbitrum.foundation/t/questbook-dda-program-update-thread/23672) for the real approval pattern, then browse your domain's proposals on [arbitrum.questbook.app](https://arbitrum.questbook.app).
### How the program actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Grants are small and milestone-based** | Observed approvals $2,000-$48,000 against a $50,000 soft cap. | Scope a deliverable you can ship and report on in weeks, not a company runway. |
| **Review is fully public** | 396 proposals submitted, 91 approved, all visible on the dashboard and forum. | Study what actually cleared in your domain before writing your own proposal. |
| **Domains matter as much as the pitch** | Four separate domains, each with its own allocator and multisig. | Pick Dev Tooling or New Protocol Ideas if you are building a company. |
| **Season status needs a live check** | DDA 3.0 is listed on the dashboard but intake status was unclear at review time. | Confirm the current open round on Questbook before applying. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Elected Domain Allocators** | Review and comment on every proposal publicly, and pay milestones from a domain multisig. | [arbitrum.questbook.app](https://arbitrum.questbook.app) |
| **Arbitrum Foundation** | Publishes program-level health updates (proposal volume, approval counts, budget). | [forum.arbitrum.foundation](https://forum.arbitrum.foundation/t/questbook-dda-program-update-thread/23672) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Questbook proposal** | Submit directly in your chosen domain; the only pathway into this program. |
| **Forum engagement** | Post in your domain's forum thread before and after submitting; allocators read it. |
### What you can't find
Questbook and the Foundation do not publish a single current-season budget figure, a fixed application deadline, or named allocators in one consolidated place; both rotate by domain and season, and the dashboard's DDA 3.0 listing did not show a confirmed live status at the time of this review. Verify directly on arbitrum.questbook.app before quoting a season or deadline to a founder.
---
## G. Pitch Format Arbitrum Questbook Expects
- A Questbook proposal: problem, scope, budget under the soft cap, and 2 to 3 measurable milestones
- A named domain that matches the actual work (Dev Tooling, New Protocol Ideas, Gaming, or Education/Community)
- Public engagement in the domain's forum thread, before and after submission
- Evidence of prior shipping or relevant technical background
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Questbook's dashboard lists every proposal publicly, but names change by season and domain and were not confirmed as a stable, current list at the time of this review, so we have not compiled a static table from a shifting live dashboard.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Not compiled | Approved grantees are listed live on the Questbook dashboard, by domain and season | n/a | Arbitrum |
---
## I. Arbitrum Connections
- **Arbitrum (exclusive):** funds Arbitrum-specific work only, including builders on Arbitrum Orbit chains such as Robinhood Chain, through the broader Foundation grant ecosystem.
- **Arbitrum Foundation:** publishes program-health updates and runs the parallel in-kind programs (Audit Program, ArbiFuel, Alchemy Orbit credits) alongside DDA.
- **Arbitrum DAO governance forum:** where domain allocators are elected and where proposal review actually happens in public.
---
## J. Cross-Reference Bar
- **Looking for Arbitrum Foundation in-kind credits instead?** [Arbitrum Foundation programs](/funds/arbitrum-foundation-grants)
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Questbook DDA program update thread (Arbitrum Foundation forum)](https://forum.arbitrum.foundation/t/questbook-dda-program-update-thread/23672)
- [Questbook DDA explainer (ArbitrumHub)](https://www.arbitrumhub.io/grant-hub/quest-book/)
- [Questbook proposal dashboard](https://arbitrum.questbook.app)
- [Arbitrum Foundation Grants overview](https://arbitrum.foundation/grants)
---
---
name: Archetype
slug: archetype
buildTypes: ["Dev-tooling", "Infra-protocol", "Consumer-social", "AI-x-crypto", "DeFi-trading-lending", "On-off-ramp"]
thesis: 'An early-stage venture firm focused on accelerating the decentralized future, backing founders who disrupt the status quo, create entirely new markets, and are maniacally dedicated to their craft.'
website: 'https://www.archetype.fund'
apply: 'Public Founder Portal at founders.archetype.fund. Create an account and submit; there is no separate warm-intro requirement, though a referral helps.'
region: 'Global'
hq: 'San Francisco, USA (offices also in London, Madrid and New York)'
sectors:
- Infrastructure
- DeFi
- Consumer
- AI-x-Crypto
- Payments-Stablecoins
- Developer-Tooling
sectorsNote: 'Archetype categorizes its own portfolio page into Consumer, DeFi, Infrastructure, AI and Payments (roughly 65 companies across those five buckets). Splits below are computed from the 20 companies in that list we could confidently classify by chain as well as sector; the remaining 45 are sector-labeled by Archetype itself but not independently chain-verified by us.'
stage:
- Pre-Seed
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed'
chains:
- Multi-chain
- Ethereum
- Solana
- Chain-agnostic
- Bitcoin
- Base
- Arbitrum
format: 'Application form'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '2'
lastVerified: '2026-09-09'
edgeRating: edge-rich
edgeResources:
- name: Archetype team page
category: decision-maker-reveal
score: 5
description: >-
Names Founder and GP Ash Egan (crypto investing since 2015, early
backer of Chainalysis, Mina, Near, Balancer), Partner Dmitriy Berenzon
(infrastructure, DePIN, DeFi), Partner Danny Sursock (AI research and
investments) and Venture Partner Katherine Wu, each with a stated
coverage area.
link: 'https://www.archetype.fund/team'
- name: Founder Portal
category: pipeline-pathway
score: 5
description: >-
A live, public application portal at founders.archetype.fund. This is
the actual front door, not a contact-us placeholder, and it is where
every serious founder pitch should start.
link: 'https://founders.archetype.fund/'
- name: Portfolio page by category
category: portfolio-pattern
score: 4
description: >-
Archetype's own site sorts roughly 65 companies into Consumer, DeFi,
Infrastructure, AI and Payments, which is a direct read on where
capital has actually gone, not just stated thesis.
link: 'https://www.archetype.fund/portfolio'
- name: Exit pattern (acqui-strategic)
category: evaluation-framework
score: 4
description: >-
Nearly every named Archetype exit was an acquisition by a larger
platform, not an IPO or token launch: Privy to Stripe, Decent to
MoonPay, Rio to Eigen Labs, Satsuma to Alchemy, Once Upon to
Chainalysis, Beam to Modern Treasury, Flood to 0x, Loop to Lead Bank,
Rated to Figment. If your infrastructure is a natural acquisition
target for a large platform, say so directly in your pitch.
link: 'https://www.archetype.fund/portfolio'
- name: About Archetype longform
category: pattern-trainer
score: 3
description: >-
The firm's own long-form "about us" post is the closest thing to a
published thesis essay, useful for matching your language to theirs
before you write the Founder Portal application.
link: 'https://www.archetype.fund/media/about-us-longform'
- name: Danny Sursock's AI research remit
category: decision-maker-reveal
score: 3
description: >-
A named partner leads AI research and investments specifically, which
tracks with the fund's recent AI x crypto bets (Ritual, Venice,
Allora). AI-adjacent crypto founders should aim their portal
submission at this coverage area.
link: 'https://www.archetype.fund/team'
portfolioSectorSplit:
Infrastructure: 20
Consumer: 20
DeFi: 15
AI-x-Crypto: 15
Developer-Tooling: 20
Payments-Stablecoins: 10
portfolioChainSplit:
Multi-chain: 52
Ethereum: 12
Solana: 12
Chain-agnostic: 6
Bitcoin: 6
Base: 6
Arbitrum: 6
portfolioTotalCount: 65
portfolioClassifiedCount: 20
portfolioUnclassifiedCount: 45
---
> **How to use this page:** Archetype is one of the few tier-2 crypto funds with a genuinely public application, the Founder Portal, so there is no gatekeeping intro required to be seen. Read Section E for exactly what the portal asks, and note the acquisition pattern in Section H (Privy to Stripe, Decent to MoonPay, Satsuma to Alchemy) before you write your pitch, since it tells you what Archetype actually believes makes a good outcome.
---
## A. Header Block
- **Fund name:** Archetype
- **One-line thesis:** Backs founders who "disrupt the status quo, create entirely new markets, and are maniacally dedicated to their craft."
- **Website:** [archetype.fund](https://www.archetype.fund)
- **CTA:** [Apply via the Founder Portal](https://founders.archetype.fund/)
| Tag | Detail |
|-----|--------|
| Region | Global (San Francisco, London, Madrid, New York) |
| Format | Application form (public Founder Portal) |
| Sectors | Infrastructure, DeFi, consumer, AI x crypto, payments and stablecoins, developer tooling |
| Stage | Pre-Seed and Seed |
| Cheque Size | Not disclosed |
| Admissions | Rolling |
---
## C. Overview
Archetype is a San Francisco-based, early-stage crypto fund founded by Ash Egan, who has invested in crypto since 2015 with early bets on Chainalysis, Mina, Near and Balancer. The firm closed over $100 million for its latest fund in September 2025 (Fund III) and runs a genuinely public application channel, the Founder Portal, which is unusual for a fund at this stage and cheque size. The investing team splits coverage by domain: Dmitriy Berenzon on infrastructure, DePIN and DeFi research, and Danny Sursock leading AI research and investments, with Katherine Wu as a venture partner drawing on legal, investment and advisory experience across web3.
The portfolio, organized by Archetype itself into Consumer, DeFi, Infrastructure, AI and Payments, runs to roughly 65 named companies. What stands out is the exit pattern: essentially every confirmed Archetype exit has been an acquisition by a larger platform rather than a token launch or IPO, Privy by Stripe, Decent by MoonPay, Rio by Eigen Labs, Satsuma by Alchemy, Once Upon by Chainalysis, Beam by Modern Treasury, Flood by 0x, Loop by Lead Bank, and Rated by Figment. Recent additions lean into AI x crypto (Ritual, Venice, Allora), consistent with Sursock's dedicated coverage area.
**Key stats:**
- Fund III: over $100M, closed September 2025
- Founder Portal is a live, public application channel
- Roughly 65 named portfolio companies across five self-declared categories
- Nine or more confirmed acquisitions of portfolio companies by larger platforms
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Ash Egan | Founder and General Partner | [team page](https://www.archetype.fund/team/ash-egan), [@aaegan on LinkedIn](https://www.linkedin.com/in/aaegan/) |
| Dmitriy Berenzon | Partner (infrastructure, DePIN, DeFi) | [archetype.fund/team](https://www.archetype.fund/team) |
| Danny Sursock | Partner (AI research and investments) | [archetype.fund/team](https://www.archetype.fund/team) |
| Katherine Wu | Venture Partner | [archetype.fund/team](https://www.archetype.fund/team) |
| Katie Chiou | Investor, Head of Brand & Content (consumer) | [archetype.fund/team](https://www.archetype.fund/team) |
| Aadharsh Pannirselvam | Investor (applied cryptography, decentralized AI) | [archetype.fund/team](https://www.archetype.fund/team) |
| Tommy Hang | Investor (DeFi) | [archetype.fund/team](https://www.archetype.fund/team) |
---
## E. How to Get In: Step-by-Step Application Process
1. **Create an account on the Founder Portal.** Go to [founders.archetype.fund](https://founders.archetype.fund/) and register. This is a genuinely open application channel, not a placeholder, so there is no need to hunt for a warm intro before submitting.
2. **Match your pitch to a named coverage area.** Berenzon covers infrastructure, DePIN and DeFi; Sursock covers AI. If you can identify which partner's remit your product falls under, reference it, since the team is small enough that submissions likely route to the relevant partner.
3. **Lead with craft, not just market size.** Egan's own framing, "maniacally dedicated to their craft," is the fund's stated filter. Show shipped product depth over roadmap slides.
4. **If you're an infrastructure or dev-tooling team, name your acquirer thesis.** Archetype's exit history is entirely acqui-strategic (Stripe, MoonPay, Alchemy, Chainalysis, Figment). If your product is a natural bolt-on for one of those categories of company, say so plainly; it maps to how this fund has actually made money.
5. **AI x crypto teams should lean in.** Ritual, Venice and Allora are recent, active bets, and Danny Sursock's remit exists specifically for this category, so an AI-agent or decentralized-AI pitch is squarely on-thesis right now.
**Timeline:** Not published. As a small partner-led team running an open portal, expect submissions to be triaged before any partner meeting is scheduled.
---
## F. Best Advice from Founders
**Use the portal, don't wait for an intro.** Archetype is one of the few funds at this stage with a real public application. Founders who wait for a warm intro are leaving a functioning front door unused.
**Speak to the acquirer, not just the user.** Because Archetype's exits are almost entirely strategic acquisitions, infrastructure and tooling founders who can articulate "who would buy this and why" tend to land better than those pitching pure token upside.
**Craft over pedigree.** Multiple portfolio founders have noted that Egan's own investing history (Chainalysis, Mina, Near, Balancer as early bets) rewards obvious product obsession over resume lines.
---
## Contextual Edge
**Preparation rating:** Edge-rich. A public application portal, a named team with individual coverage areas, a categorized portfolio page and a documented exit pattern are all publicly available and consistent.
> **Start here:** Read the [team page](https://www.archetype.fund/team) to find your partner match, then look at the [portfolio page](https://www.archetype.fund/portfolio) to see which of the five categories, and which acquirer pattern, your product fits before you open the [Founder Portal](https://founders.archetype.fund/).
### How Archetype's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Infrastructure and consumer are the two largest buckets** | Of the 20 companies we classified by chain as well as sector, infrastructure and consumer each account for a fifth. | Both application-layer consumer products and picks-and-shovels infrastructure are squarely on-thesis, not one over the other. |
| **A real developer-tooling lean** | Alchemy, Chainalysis, Privy and Turnkey, all developer-facing infrastructure, make up a fifth of the classified set on their own. | Wallet, node and compliance tooling that developers actually integrate has a strong track record here. |
| **Multi-chain infrastructure dominates** | 52% of the chain-classified portfolio (Alchemy, Chainalysis, Privy, Turnkey, Figment, POAP, Syndicate, Rain) works across many chains rather than one. | A single-chain-only pitch is not disqualifying, but the fund's reference points are largely infrastructure that works everywhere. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Ash Egan** (Founder, GP) | Early investing history in Chainalysis, Mina, Near and Balancer shows a long-running preference for infrastructure with acquisition upside. | [team page](https://www.archetype.fund/team/ash-egan) |
| **Dmitriy Berenzon** (Partner) | Covers infrastructure, DePIN and DeFi research; a direct match for protocol and infra pitches. | [archetype.fund/team](https://www.archetype.fund/team) |
| **Danny Sursock** (Partner) | Leads AI research and investment; the clearest signal that AI x crypto is a live, current priority. | [archetype.fund/team](https://www.archetype.fund/team) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Founder Portal** | Apply directly at [founders.archetype.fund](https://founders.archetype.fund/); no warm intro required. |
| **Portfolio founder intro** | Any of the roughly 65 named portfolio companies is a plausible route to a warmer submission. |
| **Sector match** | Reference Berenzon's or Sursock's specific coverage area in your submission to route to the right partner faster. |
### What you can't find
Archetype does not disclose a cheque range, a fund size for prior vehicles beyond the ~$100M Fund III headline, a screening rubric, or a response timeline. Chain classifications for 45 of the roughly 65 named portfolio companies were not independently verifiable by us and are omitted from the chain split, though Archetype's own sector labels for the full list are public.
---
## G. Pitch Format Archetype Expects
- Submission through the Founder Portal (founders.archetype.fund), not email or a generic form
- A product-first pitch that demonstrates craft and shipped depth over a market-size narrative
- For infrastructure and tooling: a credible answer to "who would this get acquired by, and why"
- For AI x crypto: a clear articulation of the agent or model's onchain interaction, not just an AI wrapper
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Companies named on the [Archetype portfolio page](https://www.archetype.fund/portfolio), sorted into Archetype's own categories. Chain tags are ours, based on public information about each company.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Alchemy | Node infrastructure and developer platform | Developer-Tooling | Multi-chain |
| Chainalysis | Blockchain compliance and analytics | Developer-Tooling | Multi-chain |
| MoonPay | Fiat-to-crypto on-ramp | Payments-Stablecoins | Multi-chain |
| Monad | Layer 1 blockchain | Infrastructure | Monad (own L1, not on fixed chain list) |
| Privy | Wallet infrastructure (acquired by Stripe) | Developer-Tooling | Multi-chain |
| Turnkey | Wallet and key-management infrastructure | Developer-Tooling | Multi-chain |
| Obol | Distributed validator technology | Infrastructure | Ethereum |
| Figment | Staking infrastructure | Infrastructure | Multi-chain |
| US Bitcoin Corp | Bitcoin mining (merged with Hut 8) | Infrastructure | Bitcoin |
| Ritual | AI x crypto compute network | AI-x-Crypto | Ritual Chain (own chain, not on fixed list) |
| Venice | Private, uncensored AI platform | AI-x-Crypto | Chain-agnostic |
| Allora | Decentralized AI network | AI-x-Crypto | Allora appchain (own chain, not on fixed list) |
| Farcaster | Decentralized social protocol (acquired by Neynar) | Consumer | Base |
| POAP | Proof-of-attendance NFT protocol | Consumer | Multi-chain |
| Sound | Music NFT platform | Consumer | Ethereum |
| Syndicate | Onchain investment clubs | Consumer | Multi-chain |
| Parcl | Real-estate price perpetuals | DeFi | Solana |
| Sentiment | Lending and margin protocol | DeFi | Solana |
| Perennial | Perpetuals protocol | DeFi | Arbitrum |
| Rain | Crypto-linked card infrastructure | Payments-Stablecoins | Multi-chain |
Monad, Ritual and Allora each run their own chain, none of which sits on this directory's fixed chain list; all three are counted in the sector split above but excluded from the chain split.
Also on the portfolio page, sector-labeled but not independently chain-classified by us: Endstate, fomo, Freatic, Future Primitive, Gondi, Moving Castles, River, t2 (Consumer); Flood, Loop, Polynomial, Rysk, Tenbin, Upshift (DeFi); Altius, Beam, Essential, Lagrange, Once Upon, Opacity, Rated, Relay, Rio, Satsuma, Sherlock, Socket, Stack, Stackr, TACEO, Tephra Labs (Infrastructure); Exo, Herd, Hut 8, Mona, Nava, Octane, Odyn, Pond, Shinkai (AI); Decent, Meow, Modern Treasury (Payments).
---
## I. Ecosystem Connections
- **Ethereum and its L2s:** the deepest single-chain cluster (Obol, Sound, Perennial on Arbitrum), reflecting Archetype's Ethereum-infrastructure roots.
- **Solana:** a smaller but real DeFi cluster (Parcl, Sentiment), consistent with the fund's willingness to back non-Ethereum DeFi with strong usage.
- **Base and Coinbase-adjacent:** Farcaster's move to Base is the clearest signal of an Archetype position that tracks Base's consumer growth.
- **Bitcoin:** a single but notable position (US Bitcoin Corp mining infrastructure, merged with Hut 8), showing the fund's reach extends beyond smart-contract chains.
- **AI x crypto:** Ritual, Venice and Allora form a coherent, recent cluster and the clearest current thematic push, backed by a dedicated partner (Danny Sursock).
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Token warrant or SAFE plus token?** [Compliance guide](/founder-stack/compliance)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Archetype homepage](https://www.archetype.fund)
- [Archetype team page](https://www.archetype.fund/team)
- [Archetype portfolio page](https://www.archetype.fund/portfolio)
- [Archetype Founder Portal](https://founders.archetype.fund/)
- [About Archetype longform](https://www.archetype.fund/media/about-us-longform)
- [Crypto VC Firm Archetype Launches $100M Fund to Back Early Blockchain Startups, CoinDesk](https://www.coindesk.com/business/2025/09/23/crypto-vc-firm-archetype-launches-usd100m-fund-to-back-early-blockchain-startups)
- [Archetype raises over $100 million for latest crypto venture fund, The Block](https://www.theblock.co/post/371916/archetype-raises-over-100-million-for-latest-crypto-venture-fund)
- [Archetype - The Org (offices)](https://theorg.com/org/archetype-fund)
---
---
name: Aruwa Capital Management
slug: aruwa-capital
buildTypes: ["Lending-credit", "Marketplace-commerce", "Climate-energy"]
thesis: Investing in essential goods and services for Africa's next billion people.
website: 'https://aruwacapital.com/'
apply: Direct outreach via website or warm introductions
region: West Africa
hq: 'Lagos, Nigeria'
sectors:
- Sector-agnostic
stage:
- Seed
- Series A
- Growth
chequeMin: 1000000
chequeMax: 3000000
chequeDisplay: $1M -- $3M
format: In-Person / Hybrid
admissions: Rolling / Warm intros
africaFocus: Yes -- Nigeria and Ghana
status: active
tier: '2'
lastVerified: '2026-07-24'
portfolioSectorSplit:
Fintech: 15
E-commerce: 14
Consumer: 57
Climate: 14
portfolioModelSplit:
Transaction/Marketplace: 29
Direct sales/Commerce: 43
Hardware/Devices: 28
portfolioGeographySplit:
Nigeria: 100
portfolioTotalCount: 7
portfolioClassifiedCount: 7
portfolioUnclassifiedCount: 0
---
## Overview
Aruwa Capital Management is a female-founded and female-led private equity firm based in Lagos, founded by Adesuwa Okunbo Rhodes. The firm is one of a small number of women-led fund managers on the continent, and it applies a gender lens to every investment, backing businesses that are women-founded, women-led, gender-diverse, or disproportionately serve women.
Fund I closed at over $20 million in 2022, with 11 investments across healthcare, energy access, and consumer sectors. Portfolio companies delivered 22x revenue growth in local currency and created over 200,000 jobs (direct and indirect), and 73% of those companies were founded or led by women. Two Fund I companies, FairMoney and OmniRetail, made the Financial Times' fastest-growing companies in Africa list. Fund II hit $35 million at its second close in May 2025 (90% of its $40 million target), and the firm is upsizing to $50 million with a $60 million hard cap. IFC committed up to $8 million to Fund II, which alongside returning LPs like Mastercard Foundation Africa Growth Fund and Visa Foundation, plus new backers like Bank of Industry and British International Investment, makes this one of the best-backed gender-lens vehicles in West Africa.
---
## How to Get In
Aruwa invests in companies with at least $500,000 in annual revenue, so this is not a pre-revenue play. Reach out through the website or through warm introductions via the firm's LP and portfolio network. Adesuwa Okunbo Rhodes is active on LinkedIn and speaks regularly at industry events. The firm's due diligence runs 4-6 months and follows a private equity approach, which means you should come with clean financials, clear unit economics, and a growth story that shows how the investment accelerates what you're already doing.
---
## Best Advice
1. **You need real revenue.** The $500K annual revenue minimum is a hard filter. Aruwa backs companies that are already working and need capital to scale, not companies still looking for product-market fit.
2. **Gender lens is core, not cosmetic.** Being women-led or women-founded gives you a natural fit, but the lens also applies to companies that serve women disproportionately. If your customer base or workforce skews female, make that clear in your pitch with data to back it up.
3. **Think PE, not VC.** Aruwa's due diligence process mirrors private equity, so your financials need to hold up to serious scrutiny. Audited accounts, clear margin structures, and a defensible competitive position matter more here than growth-at-all-costs narratives.
4. **Consumer and healthcare are the sweet spots.** Fund I was concentrated in consumer goods, healthcare, and energy access, and Fund II continues that focus. If you're building in one of these sectors in Nigeria or Ghana, you're squarely in their target zone.
---
## Pitch Format
No public portal. Reach out directly through the website or through warm introductions. Be prepared with a detailed financial model and growth plan, not just a pitch deck.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do | Fund |
|---------|---------|-------------|------|
| FairMoney | Nigeria | Tech-enabled lending and financial services | Fund I |
| OmniRetail (OmniBiz) | Nigeria | B2B e-commerce platform for FMCG distribution | Fund I |
| Fastizers | Nigeria | Snack foods and confectionery manufacturing | Fund I |
| Wemy Industries | Nigeria | Consumer goods manufacturing | Fund I |
| Koolboks | Nigeria | Solar-powered refrigeration solutions | Fund I |
| Yikodeen | Nigeria | Indigenous safety footwear manufacturing | Fund II |
| Toasties | Nigeria | Fast-casual dining restaurant chain | Fund II |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Adesuwa Okunbo Rhodes | Founder & Managing Partner | [linkedin.com/in/adesuwa-okunbo-rhodes](https://ng.linkedin.com/in/adesuwa-okunbo-rhodes) | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Aruwa Capital official website](https://aruwacapital.com/)
- [Lagos-based VC firm Aruwa raises $35M at second close -- Disrupt Africa](https://disruptafrica.com/2025/05/02/lagos-based-vc-firm-aruwa-raises-35m-hits-90-of-its-fund-ii-at-2nd-close/)
- [IFC Backs Aruwa Capital's $50M Second Fund -- Launch Base Africa](https://launchbaseafrica.com/2026/02/11/aruwa-capital/)
- [Aruwa Capital raises $35M to back high growth businesses -- Techpoint Africa](https://techpoint.africa/news/aruwa-capital-management-second-fund/)
- [Adesuwa Okunbo Rhodes: A Powerful Force in Africa's Impact Investment -- Magazine HQ](https://www.magazinehq.com.ng/2025/09/26/adesuwa-okunbo-rhodes-a-powerful-force-in-africas-impact-investment-landscape/)
---
---
name: Atlantica Ventures
slug: atlantica-ventures
buildTypes: ["Marketplace-commerce", "Payments-processing", "Insurtech", "AI-ML", "Security-privacy"]
thesis: >-
Investing in technology and technology-enabled companies driving inclusive and
sustainable growth across Africa.
website: 'https://atlanticaventures.com/'
apply: 'mailto:contact@atlanticaventures.com'
region: Pan-African
hq: 'Lisbon, Portugal'
sectors:
- Sector-agnostic
stage:
- Seed
- Series B+
chequeMin: null
chequeMax: null
chequeDisplay: Not publicly disclosed
format: Remote / Hybrid
admissions: Rolling / Warm intros preferred
africaFocus: >-
Yes -- Pan-African (Nigeria, Kenya, South Africa, expanding to Ghana, Ivory
Coast, Tanzania)
status: active
tier: '2'
lastVerified: '2026-07-24'
portfolioSectorSplit:
E-commerce: 13
Fintech: 25
SaaS: 12
AI-ML: 25
Logistics: 25
portfolioModelSplit:
Transaction/Marketplace: 25
Enterprise contracts/Licensing: 38
Subscription/SaaS: 25
Hardware/Devices: 12
portfolioGeographySplit:
Nigeria: 56
South Africa: 33
Kenya: 11
portfolioTotalCount: 9
portfolioClassifiedCount: 8
portfolioUnclassifiedCount: 1
logo: "/funds/atlantica-ventures.png"
---
## Overview
Atlantica Ventures is a $50 million Africa-focused early-stage fund co-founded in 2019 by Aniko Szigetvari (ex-IFC and McKinsey) and Ik Kanu. The firm is backed by development finance institutions including EIB, which committed over $23.8 million alongside Boost Africa. The fund takes a concentrated portfolio approach, making a limited number of investments with multi-round support from seed through exit, and prefers B2B and B2B2C business models.
The portfolio includes 10+ companies across Nigeria, Kenya, and South Africa, with notable investments in Sabi (B2B merchant marketplace), Sendmarc (email cybersecurity), Curacel (AI-powered insurance infrastructure), and OnePipe (API-based financial services). The firm runs a diverse team with deep technology, data science, and emerging markets experience, including Juliana Rotich (BRCK co-founder) as Venture Partner.
---
## How to Get In
Email contact@atlanticaventures.com with your pitch deck. Warm introductions carry weight, so connecting through portfolio company founders, the EIB/Boost Africa network, or through Juliana Rotich's extensive tech ecosystem connections helps. The firm prefers B2B and B2B2C models, so if you're building consumer-only, this likely isn't the right fit. They invest in a limited number of companies with the intention of supporting them through exit, not selling via secondaries, which means they're looking for long-term partnership alignment.
---
## Best Advice
1. **B2B and B2B2C models are the sweet spot.** Atlantica's portfolio is heavily weighted toward companies selling to other businesses: API infrastructure (OnePipe), cybersecurity (Sendmarc), insurance tech (Curacel), B2B commerce (Sabi). If you're building for enterprise or institutional buyers in Africa, you're in the right lane.
2. **DFI-backed means impact matters.** With EIB and Boost Africa as anchor LPs, inclusive and sustainable growth is not just marketing language, it's part of the fund's mandate. Show how your company creates measurable economic or social impact alongside financial returns.
3. **Multi-round support is the play.** Atlantica invests from seed to Series B with the same companies, so they're evaluating whether your business can sustain multiple rounds of growth. Show a clear capital efficiency story and a roadmap that makes Series A and B credible, not just your immediate seed round.
4. **Tech depth wins.** The team includes a Technology Specialist and a Data Scientist, and the portfolio leans toward technically differentiated companies (AI, IoT, cybersecurity). If your moat is technical, make sure to highlight it.
---
## Pitch Format
Email a comprehensive pitch deck covering business model, market analysis, traction, team, and financial projections to contact@atlanticaventures.com. Warm introductions speed up the process.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Sabi | Nigeria | B2B e-commerce marketplace for informal trade |
| OnePipe | Nigeria | API-based financial services infrastructure |
| Curacel | Nigeria | AI-powered insurance claims and distribution |
| Sendmarc | South Africa | Email cybersecurity and DMARC management |
| Lelapa AI | South Africa | AI research and applications for African languages |
| Figorr | Nigeria | IoT temperature monitoring with insurance |
| B54 | Nigeria | Blockchain infrastructure |
| Sendy | Kenya | Last-mile delivery logistics |
| Nosible AI | South Africa | AI solutions |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Aniko Szigetvari | Founding Partner | — | — |
| Ik Kanu | Founding Partner | [linkedin.com/in/ik-kanu](https://www.linkedin.com/in/ik-kanu-3027b3/) | — |
| Juliana Rotich | Venture Partner | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Atlantica Ventures official website](https://atlanticaventures.com/)
- [Meet the Investor: Aniko Szigetvari -- Disrupt Africa](https://disruptafrica.com/2023/11/17/meet-the-investor-aniko-szigetvari-atlantica-ventures-2/)
- [EIB and Boost Africa backing for Atlantica Ventures](https://www.eib.org/en/press/all/2022-097-eur-12-5-million-eib-backing-for-african-tech-start-up-fund-atlantica)
- [Atlantica Ventures: The Early Stage Founder's Guide -- SuperScout](https://superscout.co/investor/atlantica-ventures-vc-fund)
---
---
name: Codebase by Avalanche
slug: avalanche-codebase
thesis: 'Avalanche Foundation-run pre-seed incubator combining $250K across two SAFEs, a $50K non-dilutive stipend and a 10-week program for teams committing to build natively on Avalanche for 24 months, with Blizzard Fund as the natural follow-on for graduates.'
website: 'https://codebase.avax.network'
apply: 'Seasonal registration window (Season 4 ran May 4 to June 6, 2026). Next batches begin March or October per the program page; confirm the live window before applying.'
region: 'Global'
hq: 'Zug, Switzerland (Ava Labs / Avalanche Foundation)'
sectors:
- RWA
- Payments-Stablecoins
- Consumer
- Gaming
- Infrastructure
sectorsNote: 'Codebase names RWA, asset tokenisation and web3-native apps as preferred areas, alongside payments, consumer and gaming. It is chain-committed, not sector-committed: any sector is eligible if the team commits to building natively on Avalanche.'
stage:
- Pre-Seed
chequeMin: 250000
chequeMax: 250000
chequeDisplay: '$250K total: $125K on a post-money SAFE with a fixed 5% share (cap $2.5M), plus $125K on an uncapped SAFE with MFN, plus a token warrant. A separate $50K stipend is non-dilutive.'
chains:
- Avalanche
format: 'Cohort/Accelerator'
admissions: 'Cohort (2/year)'
africaFocus: 'Not Africa-specific'
status: active
tier: '2'
lastVerified: '2026-09-09'
edgeRating: edge-rich
edgeResources:
- name: Codebase program page
category: evaluation-framework
score: 5
description: >-
Publishes exact SAFE terms, the $50K stipend, the 24-month native-
build commitment, the raised-under-$500K eligibility cap, and the
program calendar (Welcome Week, Pitch Day) in one place. Unusually
complete for a web3 accelerator.
link: 'https://codebase.avax.network'
- name: Season 4 timeline
category: pipeline-pathway
score: 4
description: >-
Registration May 4 to June 6, 2026, Welcome Week retreat September
28, virtual Pitch Day December 9. Confirms the program runs two
windows a year and gives a concrete cadence to plan an application
around.
link: 'https://codebase.avax.network'
- name: 24-month native-build commitment
category: decision-maker-reveal
score: 4
description: >-
Teams must commit to building natively on Avalanche for 24 months,
the strongest and most explicit chain-loyalty requirement in this
corpus. Reveals exactly what Codebase screens for beyond product
quality.
link: 'https://codebase.avax.network'
- name: Blizzard Fund follow-on
category: pipeline-pathway
score: 3
description: >-
Avalanche's dedicated web3 venture fund is the natural next cheque
for Codebase graduates, giving admitted teams a visible path beyond
the accelerator itself.
link: 'https://codebase.avax.network'
portfolioTotalCount: 3
portfolioClassifiedCount: 0
portfolioUnclassifiedCount: 3
---
> **How to use this page:** Codebase is investment, not a grant, and it is the priciest term in this directory: a fixed 5% share on the capped half of the SAFE. Read Section E to understand exactly what you are trading for the $250K plus $50K stipend, and only apply if you are genuinely willing to commit to Avalanche natively for two years.
---
## A. Header Block
- **Program name:** Codebase by Avalanche
- **One-line thesis:** A $250K pre-seed incubator plus $50K stipend for teams building natively on Avalanche, in exchange for a fixed 5% share and an uncapped SAFE
- **Website:** [codebase.avax.network](https://codebase.avax.network)
- **CTA:** [Watch for the next registration window](https://codebase.avax.network)
| Tag | Detail |
|-----|--------|
| Region | Global; Ava Labs and the Avalanche Foundation are based in Zug, Switzerland |
| Format | Cohort/Accelerator |
| Sectors | RWA and asset tokenisation, payments, consumer, gaming, infrastructure |
| Stage | Pre-seed (raised under $500K) |
| Cheque Size | $250K across two SAFEs plus a $50K non-dilutive stipend |
| Admissions | Cohort, two windows a year (spring and autumn) |
---
## B. Batch Schedule
| Cohort | Registration | Welcome Week | Pitch Day |
|--------|--------------|--------------|-----------|
| Season 4 | May 4 to June 6, 2026 | September 28, 2026 | December 9, 2026 (virtual) |
| Next cohort | Not yet dated | Program page states future windows run "March or October" | Confirm at codebase.avax.network before planning around a date |
Codebase runs two seasonal windows a year. Season 4 is the only cohort with published dates as of this verification; treat "March or October" as the pattern for future seasons, not a confirmed date, until the program page or an Avalanche blog post names one.
---
## C. Overview
Codebase is the Avalanche Foundation's pre-seed incubator, running as a 10-week program plus an onboarding week. Its terms are unusually specific for a web3 accelerator: $125,000 on a post-money SAFE for a fixed 5% share, capped at a $2.5M valuation, plus a second $125,000 on an uncapped SAFE with most-favoured-nation terms, plus a token warrant, for a total of $250,000 in investment. On top of that, teams receive a $50,000 stipend, described as covering salaries, expenses or runway extension, which is effectively non-dilutive runway layered on top of the priced investment.
Eligibility is tight: teams must have raised less than $500,000 (grants are evaluated case by case against this cap), must include at least one technical team member, and must sit somewhere between a working demo and pre-product-market fit. Solo founders are eligible, though co-founding teams are strongly encouraged. The defining commitment is a 24-month agreement to build natively on Avalanche, the most explicit chain-loyalty requirement of any program in this corpus.
The program runs in two seasonal windows a year, described on the page as starting "March or October." Season 4 registration ran May 4 to June 6, 2026, with a Welcome Week retreat on September 28 and a virtual Pitch Day on December 9, where a separate $500K prize pool is distributed among top performers alongside the standard investment track.
**Key stats:**
- $250K total investment: $125K capped SAFE (5% fixed) plus $125K uncapped SAFE with MFN, plus token warrant
- $50K stipend, non-dilutive
- $500K additional prize pool distributed at Demo Day
- 24-month native-Avalanche build commitment required
- Two cohorts a year, roughly March and October
---
## D. Key Partners
| Person or team | Role | Where to find them |
|----------------|------|--------------------|
| Codebase / Avalanche Foundation team | Runs the incubator, mentorship, Welcome Week and Pitch Day | [codebase.avax.network](https://codebase.avax.network) |
| Blizzard Fund | Avalanche's dedicated web3 venture fund and the natural follow-on investor for Codebase graduates | [codebase.avax.network](https://codebase.avax.network) |
Codebase does not publish individual mentor or partner names on its public program page, and we have not guessed.
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Confirm you meet the eligibility bar
You must have raised under $500,000, have at least one technical team member, and be somewhere between a working demo and pre-PMF. If you have raised more than that, Codebase evaluates exceptions case by case rather than by default.
#### Step 2: Register in the open window
Registration runs seasonally, roughly May to June for the autumn cohort and a comparable window ahead of the spring cohort. Confirm the live dates on codebase.avax.network directly, since the page states future windows as "March or October" without fixed dates published far in advance.
#### Step 3: Prepare for a resilience-and-grit screen, not just a product pitch
Selection favours "resilience, resourcefulness, leadership, and grit" with direct market experience, per the program's own language, alongside RWA, asset tokenisation and web3-native apps as named preferred areas.
#### Step 4: Model the 5% fixed SAFE before you accept
The capped half of the SAFE is a fixed 5% share at a $2.5M cap, the priciest term structure in this corpus. Understand what that means for your cap table before applying, not after acceptance.
#### Step 5: Commit to Avalanche for 24 months
Be genuinely prepared to build natively on Avalanche for two years. This is a stated requirement, not a soft preference, and applying without intending to honour it wastes both your time and the program's.
#### Step 6: Use the $50K stipend as intended
The stipend is explicitly framed as non-dilutive runway on top of the SAFE investment; budget it as salary or operating expense rather than treating it as part of the $250K raise.
**Tips that matter here:**
- The 5% fixed SAFE is unusually explicit; model the dilution against the $50K stipend and $500K additional prize-pool opportunity before deciding it's worth it.
- Emerging-market RWA and payments products fit the program's named preferred areas directly.
- Blizzard Fund, Avalanche's venture arm, is the natural next cheque after Codebase; treat the program as a pipeline step, not a terminal outcome.
---
## F. Best Advice from Founders
**Know the price of the cheque, not just the size.** A fixed 5% share is more expensive than a standard uncapped SAFE at a similar total dollar figure; go in with your cap table math done.
**The 24-month commitment is real, not marketing language.** Applying without intending to build natively on Avalanche for two years is a mismatch the program is explicitly screening against.
**Treat the stipend as separate money.** The $50K is non-dilutive and distinct from the $250K investment; plan your runway around both pieces separately.
---
## Contextual Edge
**Preparation rating:** Edge-rich. Codebase publishes its exact SAFE structure, stipend amount, eligibility cap, program calendar and 24-month commitment in one place, which is more transparency than almost any other program in this directory.
> **Start here:** Read the [Codebase program page](https://codebase.avax.network) for the exact SAFE terms and eligibility cap, and confirm the live registration window before applying.
### How the program actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **This is the priciest term in the corpus** | $125K on a fixed 5% SAFE, capped at $2.5M, plus a second uncapped $125K SAFE. | Model dilution carefully; this is not a cheap cheque relative to its size. |
| **Non-dilutive money is layered on top** | A separate $50K stipend, distinct from the investment. | Budget it as runway, not as part of the raise. |
| **Chain commitment is explicit and long** | 24 months of native Avalanche building is a stated requirement. | Do not apply if you intend to be multi-chain or migrate away within two years. |
| **RWA and asset tokenisation are named preferences** | The program explicitly favours RWA, tokenisation and web3-native apps. | Lead with this framing if it fits your product. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Codebase / Avalanche Foundation team** | Runs selection and the program calendar; individual names not published. | [codebase.avax.network](https://codebase.avax.network) |
| **Blizzard Fund** | The visible follow-on investor for graduates, signalling what a strong Codebase outcome leads to. | [codebase.avax.network](https://codebase.avax.network) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Codebase registration** | Register during the open seasonal window on [codebase.avax.network](https://codebase.avax.network). |
| **Avalanche Team1 Builder Grants** | A smaller, non-dilutive grant path (Mini Grants up to $10K, Accelerator Grants up to $30K by invitation) worth building a track record on before or instead of Codebase. |
| **Blizzard Fund** | The natural follow-on for Codebase graduates. |
### What you can't find
Codebase does not publish acceptance rates or a precise date for the next window beyond "March or October." Season 1 team results and Season 3 and Season 4 winners were not published on a primary source at verification. Confirm the exact next window on codebase.avax.network before building a timeline around it.
---
## G. Pitch Format Codebase by Avalanche Expects
- Registration during the open seasonal window, not a rolling application
- A team with at least one technical member and product between working demo and pre-PMF
- A clear willingness to commit to native Avalanche building for 24 months
- Evidence of resilience and direct market experience, per the program's own screening language
- For RWA, tokenisation and payments products: an explicit case for why Avalanche specifically
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Codebase's own program page does not publish a consolidated list of every admitted team, but the Avalanche Foundation's own blog names Season 2's winners directly, and Season 1's cohort was announced separately. We list only what a primary Avalanche source confirms.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Chiss Protocol | Season 2 top prize winner (per Avalanche's own announcement) | Not detailed in the announcement | Avalanche |
| AutoPen | Season 2 cohort, named placer | Not detailed in the announcement | Avalanche |
| Disgo | Season 2 cohort, named placer | Not detailed in the announcement | Avalanche |
Season 1's cohort was announced on the Avalanche blog separately from Season 2's winners; we have not named individual Season 1 teams here because we could not independently confirm results (as opposed to admission) for that cohort from a primary source during this verification. Season 3 and Season 4 winners were not yet published at verification.
---
## I. Ecosystem Connections
- **Avalanche (exclusive, 24-month commitment):** the program requires native building on Avalanche for two years, the strongest chain-loyalty term in this corpus.
- **Blizzard Fund:** Avalanche's venture arm and the natural follow-on for Codebase graduates.
- **Avalanche Team1 Builder Grants:** a smaller, non-dilutive path (Mini Grants, Accelerator Grants) that can build a track record ahead of, or instead of, Codebase.
- **Avalanche Builder Hub:** hosts research grants, a gaming accelerator with Helika, Space & Time credits and security-audit subsidies alongside Codebase.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Grant agreements and IP** [Compliance guide](/founder-stack/compliance)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Codebase by Avalanche](https://codebase.avax.network)
- [Avalanche Builder Hub grants](https://build.avax.network/grants)
- [Avalanche Team1 Builder Grants](https://team1.network/grants)
- [Startup Incubator Codebase by Avalanche Announces Season 2 Cohort, avax.network](https://www.avax.network/about/blog/startup-incubator-codebase-announces-season-2-cohort)
- [Codebase by Avalanche Incubator Opens Season 2 Applications, avax.network](https://avax.network/blog/codebase-season-2-applications)
---
---
name: Avalanche Team1 Builder Grants
slug: avalanche-team1-builder-grants
thesis: 'Two-tier Foundation grants for Avalanche builders: an open Mini Grant application for a tight one-to-two-month deliverable, and a committee-nominated Accelerator Grant for teams that prove out with a strong mini-grant.'
website: 'https://build.avax.network/grants'
apply: 'Apply directly for a Team1 Mini Grant. Accelerator Grants are invite-only, proposed to the committee based on mini-grant performance.'
region: 'Global'
hq: 'Ava Labs / Avalanche Foundation, distributed team'
sectors:
- RWA
- Payments-Stablecoins
- Consumer
- Gaming
- Infrastructure
- Developer-Tooling
stage:
- Ideation
- MVP
- Pre-Seed
chequeMin: null
chequeMax: 30000
chequeDisplay: 'Mini Grants up to $10,000; Accelerator Grants up to $30,000 (invite-only)'
chains:
- Avalanche
format: 'Application form'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '3'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Avalanche Builder Hub grants page
category: practice-artifact
score: 5
description: >-
The live Mini Grant application and the full Builder Hub grant menu:
research grants up to $50K, the Helika game accelerator, Space & Time
credits, and security-audit subsidies up to 75 percent. Read the whole
page, not just the Mini Grant form.
link: 'https://build.avax.network/grants'
- name: Team1 Mini Grants application
category: pipeline-pathway
score: 4
description: >-
The direct application form for the accessible tier. This is the
entry point almost every founder should use first, since Accelerator
Grants are invite-only and nominated from strong mini-grantees.
link: 'https://build.avax.network/grants/team1-mini-grants/apply'
- name: Team1 Network
category: portfolio-pattern
score: 3
description: >-
Team1's own site, useful for cross-checking which programs (mini,
accelerator, research, security) are currently live versus retired.
link: 'https://team1.network/grants'
- name: Codebase by Avalanche (adjacent incubator)
category: pipeline-pathway
score: 3
description: >-
Ava Labs' equity-taking incubator ($250K plus a $50K stipend), a
natural next step for a founder who has proven out on a Team1 grant
and is ready to trade equity for a larger cheque and a structured
cohort.
link: 'https://codebase.avax.network'
portfolioSectorSplit: {}
portfolioChainSplit:
Avalanche: 100
portfolioTotalCount: 0
portfolioClassifiedCount: 0
portfolioUnclassifiedCount: 0
---
> **How to use this page:** This is a two-step ladder, not a single grant. Almost every founder should start with the open Mini Grant application, since the larger Accelerator Grant has no open form at all and is only reached by performing well on a mini grant first. Read Section E before applying.
---
## A. Header Block
- **Program name:** Avalanche Foundation Team1 Builder Grants
- **One-line thesis:** Fast, small Mini Grants that feed a committee-nominated, larger Accelerator Grant for teams that prove out
- **Website:** [build.avax.network/grants](https://build.avax.network/grants)
- **CTA:** [Apply for a Team1 Mini Grant](https://build.avax.network/grants/team1-mini-grants/apply)
| Tag | Detail |
|-----|--------|
| Region | Global |
| Format | Application form (Mini Grants direct; Accelerator Grants invite-only) |
| Sectors | RWA, payments and stablecoins, consumer, gaming, infrastructure, developer tooling |
| Stage | Idea through early prototype |
| Cheque Size | Mini Grants up to $10,000; Accelerator Grants up to $30,000 |
| Admissions | Rolling for Mini Grants; committee nomination for Accelerator Grants |
---
## C. Overview
Team1 Builder Grants is the Avalanche Foundation's standing, small-dollar grant instrument, run through the Builder Hub. It has two tiers. Mini Grants go up to $10,000 with a direct, open application, designed for a tight one-to-two-month deliverable. Accelerator Grants go up to $30,000, but there is no open application for them: the Foundation nominates teams to this tier based on how they performed on a Mini Grant, which makes the Mini Grant the practical entry point for essentially every founder.
The Builder Hub lists a wider menu alongside Team1: research grants up to $50,000 for academic work, a Helika-run game accelerator, Space & Time credits, and security-audit subsidies up to 75 percent of cost. Earlier-named programs (infraBUIDL, infraBUIDL(AI), Retro9000) were not present on the current grants page at review time and should be treated as closed or unverified rather than assumed active.
Team1 sits below Codebase by Avalanche, the Foundation-adjacent incubator that trades a fixed 5 percent equity stake plus a $50,000 stipend for a $250,000 total cheque and a 10-week program. A founder who proves capability through a Team1 grant has a natural, better-informed next step in Codebase.
**Key stats:**
- Mini Grants: up to $10,000, open application
- Accelerator Grants: up to $30,000, invite-only via committee nomination
- Research grants up to $50,000 (academic) also live on the Builder Hub
- Security-audit subsidies up to 75 percent of cost also available
---
## D. Key Partners
| Person or team | Role | Where to find them |
|----------------|------|--------------------|
| Avalanche Foundation grants committee | Reviews Mini Grant applications and nominates Accelerator Grant recipients | [build.avax.network/grants](https://build.avax.network/grants) |
| Team1 Network | Operates the Team1 grant brand and site alongside the Foundation | [team1.network/grants](https://team1.network/grants) |
| Helika | Runs the game accelerator listed alongside Team1 on the Builder Hub | [build.avax.network/grants](https://build.avax.network/grants) |
Individual reviewer names are not published, and we have not guessed.
---
## E. How to Get In: Step-by-Step Application Process
**Chain requirement: your project must build on Avalanche. This program does not fund other chains.**
#### Step 1: Apply for a Mini Grant directly
Use the [Mini Grants application](https://build.avax.network/grants/team1-mini-grants/apply). This is the only open door into Team1; there is no separate form for the Accelerator tier.
#### Step 2: Scope a tight, 1 to 2 month deliverable
Mini Grants are sized for a fast, checkable output, not a multi-quarter roadmap. Write your ask to match.
#### Step 3: Deliver and report
Ship the deliverable you proposed. What happens next depends entirely on how this goes.
#### Step 4: Get nominated for an Accelerator Grant (if performance warrants it)
Strong Mini Grant performance is what gets a team proposed to the committee for the larger, up-to-$30,000 Accelerator tier. There is no separate application to fill out for this step.
#### Step 5: Check the wider Builder Hub menu
While you are there, check whether a research grant (up to $50,000, academic), the Helika game accelerator, Space & Time credits, or the security-audit subsidy (up to 75 percent) fits your actual need better than, or in addition to, Team1.
**Tips that matter here:**
- Treat the Mini Grant as your only real entry point; do not look for an Accelerator Grant application, because none exists.
- Scope the Mini Grant deliverable to 1 to 2 months. This isn't runway money, it's a fast proof-of-work grant.
- If your project is gaming, check Helika's accelerator separately; if it needs a third-party audit, the subsidy (up to 75 percent) is worth stacking alongside a Mini Grant.
- Do not assume infraBUIDL, infraBUIDL(AI) or Retro9000 are still open; none were visible on the current grants page at review time.
---
## F. Best Advice from Founders
**The Mini Grant is an audition, not just a grant.** Treat the deliverable as your evidence for the larger Accelerator tier, since there is no other way to reach it.
**Scope small and ship fast.** A 1 to 2 month deliverable that actually lands beats an ambitious multi-month plan that doesn't, especially since nomination to the next tier depends on demonstrated follow-through.
**Look at the whole Builder Hub menu, not just Team1.** Research grants, the security-audit subsidy, and Space & Time credits can be stacked with a Team1 grant rather than treated as alternatives.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. The Mini Grant application is open and easy to find, but the Accelerator tier's exact nomination criteria are not published, since there is no form to reverse-engineer, only outcomes.
> **Start here:** Read the full [Builder Hub grants page](https://build.avax.network/grants) top to bottom, since Team1 is only one of several instruments listed there, then apply for a [Mini Grant](https://build.avax.network/grants/team1-mini-grants/apply).
### How the program actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Two tiers, one open door** | Mini Grants (up to $10K) have a direct form; Accelerator Grants (up to $30K) are invite-only. | Apply for the Mini Grant; there is no other way in. |
| **Deliverables are short** | Mini Grants are designed for a 1 to 2 month deliverable. | Scope your ask to match, not to a longer roadmap. |
| **The Builder Hub bundles several instruments** | Research grants up to $50K, a game accelerator, Space & Time credits, and audit subsidies up to 75 percent all sit alongside Team1. | Check the full menu; you may qualify for more than one. |
| **Some named programs are gone** | infraBUIDL, infraBUIDL(AI) and Retro9000 were not visible on the current grants page. | Do not pitch to a program that may no longer exist; check the live page first. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Avalanche Foundation grants committee** | Reviews Mini Grants and nominates strong performers to the Accelerator tier. | [build.avax.network/grants](https://build.avax.network/grants) |
| **Team1 Network** | Publishes the current live grant menu, useful for cross-checking what's active. | [team1.network/grants](https://team1.network/grants) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Mini Grant application** | The only open door; apply directly for up to $10,000. |
| **Accelerator nomination** | Reached only by strong Mini Grant performance; no separate form exists. |
| **Codebase by Avalanche** | The natural next step for equity-backed capital once a Team1 track record exists. |
### What you can't find
The Foundation does not publish the Accelerator Grant's nomination criteria, a grantee list for either tier, or committee member names. It also does not confirm whether infraBUIDL, infraBUIDL(AI) or Retro9000 are closed versus simply moved; treat those as unverified rather than assuming a specific status.
---
## G. Pitch Format Team1 Expects
- The Mini Grant application: what you're building, a 1 to 2 month deliverable, and a small budget
- Evidence of Avalanche-specific work or a credible plan to build there
- No formal pitch deck required for the Mini Grant tier
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks` for when you move on to Codebase by Avalanche or outside capital
---
## H. Real Portfolio Companies
The Builder Hub grants page does not publish a consolidated list of Mini Grant or Accelerator Grant recipients, and we have not named grantees we cannot verify from a primary source.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Not published | The Builder Hub grants page lists no individual grantees | n/a | Avalanche |
---
## I. Avalanche Connections
- **Avalanche (exclusive):** grants fund Avalanche-native work only.
- **Codebase by Avalanche:** the Foundation-adjacent incubator, $250,000 total plus a $50,000 stipend for a fixed 5 percent equity stake, the natural next step after a Team1 track record.
- **Helika:** runs the game accelerator on the same Builder Hub grants page.
- **Space & Time:** provides credits listed alongside Team1 on the Builder Hub.
---
## J. Cross-Reference Bar
- **Ready for equity-backed capital?** [Codebase by Avalanche](/funds/codebase-by-avalanche)
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Avalanche Builder Hub grants](https://build.avax.network/grants)
- [Team1 Mini Grants application](https://build.avax.network/grants/team1-mini-grants/apply)
- [Team1 Network](https://team1.network/grants)
- [Codebase by Avalanche](https://codebase.avax.network)
---
---
name: Azur Innovation Fund
slug: azur-innovation-fund
buildTypes: ["Mobility", "Logistics-supplychain", "AI-ML", "Climate-energy", "Healthtech"]
thesis: >-
Backing high-potential Moroccan startups that align with national strategic
priorities and possess technology-driven growth prospects.
website: 'https://azurpartners.com/'
apply: Via the website or direct outreach to the team
region: Morocco / North Africa
hq: Casablanca
sectors:
- Sector-agnostic
stage:
- Seed
- Series A
chequeMin: null
chequeMax: 2000000
chequeDisplay: Up to $2M
format: Hybrid
admissions: Rolling
africaFocus: 'Yes -- Morocco (primary), with pan-African applicability'
status: active
tier: '2'
lastVerified: '2026-07-24'
portfolioSectorSplit:
SaaS: 33
Climate: 17
Logistics: 17
E-commerce: 17
Healthtech: 16
portfolioModelSplit:
Subscription/SaaS: 33
Hardware/Devices: 17
Transaction/Marketplace: 33
Direct sales/Commerce: 17
portfolioGeographySplit:
Morocco: 100
portfolioTotalCount: 9
portfolioClassifiedCount: 6
portfolioUnclassifiedCount: 3
---
## Overview
Azur Innovation Fund (AIF) is the largest seed fund in Moroccan history, managed by Azur Innovation Management (also known as Azur Partners) out of Casablanca. The fund raised 350 million dirhams (approximately €33 million / $35 million) at its first close in 2020, backed by an impressive roster of development finance institutions and Moroccan corporates including the Dutch Good Growth Fund (DGGF, €7 million), KfW (German Development Bank), African Development Bank, Caisse Centrale de Garantie, CIH Bank, SAHAM Assurances, BMCE Bank of Africa, and MASEN.
The fund operates within Morocco's Innov Invest ecosystem and provides equity and quasi-equity investments to innovative early-stage companies. Led by Managing Partner Tarik Haddi and Managing Director Adnane Filali, the team focuses on startups with proven innovative concepts and early demand signals. The portfolio includes companies across AI recruitment (KWIKS), electric mobility (GoSwap), loyalty technology (Tookeez), logistics (CloudFret), and more.
---
## How to Get In
Reach out through the website or via the Moroccan startup ecosystem. The fund looks for startups 0--18 months old at seed stage and 18 months to 3 years at Series A, with technology-driven growth potential. Alignment with Morocco's national strategic priorities (industrialisation, digital transformation, green economy) strengthens your positioning. The DFI backing means the fund also evaluates impact, particularly job creation and opportunities for women and youth entrepreneurs. If you're a Moroccan founder building technology with exportable potential, this is the fund built specifically for you.
---
## Best Advice
1. **Morocco-first is the mandate.** While many Africa-focused funds treat Morocco as a secondary market, Azur Innovation Fund was created specifically for the Moroccan ecosystem. If you're building in Morocco, you're in the fund's primary zone of conviction, backed by the country's own financial institutions.
2. **The DFI LP base opens doors.** With DGGF, KfW, AfDB, and major Moroccan banks as backers, portfolio companies gain access to institutional networks that can support everything from regulatory navigation to follow-on fundraising. Highlight how these connections could benefit your specific growth plan.
3. **Strategic sector alignment matters.** The fund operates within Morocco's Innov Invest programme and aligns with national priorities. If your startup contributes to Morocco's digital transformation, green economy, or industrial modernisation goals, make that connection explicit.
4. **Impact metrics strengthen your case.** The fund targets job creation with particular emphasis on women and youth entrepreneurship. Quantifiable impact projections (jobs created, underserved populations reached) complement your financial projections.
---
## Pitch Format
Submit a pitch deck through the website or via direct outreach. Cover your business model, technology differentiation, market opportunity, traction, and team. Show alignment with Morocco's innovation ecosystem priorities.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| KWIKS | Morocco | AI-driven recruitment platform |
| Tookeez | Morocco | Loyalty programme technology |
| GoSwap | Morocco | Electric motorcycle battery-swapping network |
| CloudFret | Morocco | Digital logistics platform |
| Agenz | Morocco | Technology startup |
| ORA Technologies | Morocco | Technology solutions |
| LnkoBrand | Morocco | Brand and marketing technology |
| Epicerie Verte | Morocco | Green grocery and food tech |
| Blink Pharma | Morocco | Pharmaceutical technology |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Tarik Haddi | Managing Partner | — | — |
| Adnane Filali | Managing Director & Partner | — | — |
| Khalil Azzouzi | Partner | — | — |
| Zineb Slaoui | Investment Director | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Azur Innovation Management: The Early Stage Founder's Guide -- SuperScout](https://superscout.co/investor/azur-innovation-management)
- [Azur Innovation Fund hits first close at €33M -- Africa Global Funds](https://www.africaglobalfunds.com/news/private-equity/fundraising/azur-innovation-fund-hits-first-close-at-33m/)
- [Local funds prop up Moroccan startups -- Launch Base Africa](https://launchbaseafrica.com/2025/01/21/local-funds-prop-up-moroccan-startups-as-foreign-vc-remains-on-the-sidelines/)
- [GoSwap secures Azur Innovation Fund backing -- Empower Africa](https://empowerafrica.com/goswap-secures-azur-innovation-fund-backing-to-scale-electric-mobility-network-in-morocco/)
---
---
name: Bain Capital Crypto
slug: bain-capital-crypto
buildTypes: ["Infra-protocol", "Dev-tooling", "Security-privacy", "Stablecoin-payments"]
thesis: 'Backs renegades and pioneers building the next generation of open internet infrastructure, making concentrated, research-driven investments and supporting teams from idea to scale.'
website: 'https://www.baincapitalcrypto.com'
apply: 'No public application form. Route in via baincapitalcrypto.com/contact/ or a warm intro; the firm''s public writing signals it responds to research-grade technical depth.'
region: 'Global'
hq: 'Boston, Massachusetts, USA (crypto arm of Bain Capital)'
sectors:
- Infrastructure
- Payments-Stablecoins
- Privacy
- Developer-Tooling
sectorsNote: 'Splits below are computed from the 14 active portfolio companies named on baincapitalcrypto.com/portfolio/, which does not tag them by sector or chain; those tags are ours. Four exited investments (Duality, Flood, Primitive, Skip) are named separately and excluded from the splits.'
stage:
- Seed
- Series A
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed'
chains:
- Chain-agnostic
- Ethereum
format: 'Application form'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '1'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Research and Chief Scientist role
category: pattern-trainer
score: 4
description: >-
Bain Capital Crypto publicly names a Chief Scientist (Guillermo
Angeris) and a Head of Research (Kobi Gurkan), plus research
collaborators. A fund that staffs research this heavily wants founders
who can defend a mechanism in detail, not just a market story.
link: 'https://www.baincapitalcrypto.com'
- name: Portfolio page
category: portfolio-pattern
score: 4
description: >-
Names 14 active investments (Celestia, Scroll, Fuel, Risc Zero, M0,
Turnkey, World and others) plus 4 exits, without sector tags. Read it
against what those companies actually do and the pattern (modular
infra, ZK, stablecoin infra, identity) becomes clear fast.
link: 'https://www.baincapitalcrypto.com/portfolio/'
- name: Team page
category: decision-maker-reveal
score: 4
description: >-
Names Partners (Parth Chopra, Stefan Cohen, Alex Evans, Kobi Gurkan),
a Venture Partner (Kevin Zhang), a General Counsel and a full
operations bench. Useful for identifying who to target once you have
a warm path.
link: 'https://www.baincapitalcrypto.com'
- name: Contact and jobs pages
category: pipeline-pathway
score: 3
description: >-
A dedicated contact page (baincapitalcrypto.com/contact/) exists
alongside a jobs board, which is the closest thing to a structured
inbound channel this fund publishes.
link: 'https://baincapitalcrypto.com/contact/'
portfolioSectorSplit:
Infrastructure: 50
Developer-Tooling: 21
Payments-Stablecoins: 14
Privacy: 15
portfolioChainSplit:
Chain-agnostic: 79
Ethereum: 21
portfolioTotalCount: 14
portfolioClassifiedCount: 14
portfolioUnclassifiedCount: 0
---
> **How to use this page:** Bain Capital Crypto is a small, research-heavy fund; its own team page names a Chief Scientist and a Head of Research before it names a single "growth" or "GTM" hire, which tells you what kind of pitch lands. There is no cohort and no open cold form beyond a contact page, so Section E is mostly about how to show up technical enough to get a reply.
---
## A. Header Block
- **Fund name:** Bain Capital Crypto
- **One-line thesis:** "Backing renegades and pioneers building the next generation of open internet infrastructure"
- **Website:** [baincapitalcrypto.com](https://www.baincapitalcrypto.com)
- **CTA:** [Contact Bain Capital Crypto](https://baincapitalcrypto.com/contact/)
| Tag | Detail |
|-----|--------|
| Region | Global (Boston HQ, part of Bain Capital) |
| Format | Application form (contact page); no cohort |
| Sectors | Infrastructure, modular/ZK stacks, stablecoin infra, privacy, identity |
| Stage | Seed, Series A |
| Cheque Size | Not disclosed |
| Admissions | Rolling |
---
## B. Batch Schedule
Not applicable. Bain Capital Crypto invests on a rolling basis and does not run an accelerator or fixed batch cycle.
---
## C. Overview
Bain Capital Crypto is the dedicated crypto investment arm of Bain Capital, the Boston-based private equity firm. Its public language is unusually blunt for a fund this size: it backs "renegades and pioneers" and makes "concentrated investments," which is a way of saying it writes fewer, larger, higher-conviction checks rather than spreading small amounts across many bets. The site frames this as supporting teams "from idea to scale," suggesting it is comfortable getting in early and staying through later rounds.
What sets the team apart on paper is its research bench. The team page names a Chief Scientist (Guillermo Angeris) and a Head of Research (Kobi Gurkan) alongside multiple named research collaborators, which is a structure closer to a cryptography lab than a typical venture team. The active portfolio reflects that: Celestia and Scroll (modular data availability and ZK rollups), Fuel and Risc Zero (execution and proving infrastructure), M0 and Turnkey (stablecoin and wallet infrastructure), and World (large-scale privacy-preserving identity). This is a fund that wants to understand your protocol's mechanism at a level most generalist funds do not attempt.
The firm has also exited four positions (Duality, Flood, Primitive, Skip), named directly on the portfolio page, which is unusually transparent disclosure for a crypto-native fund and worth noting if you want a sense of what kind of outcome the fund has already delivered for LPs.
**Key stats:**
- 14 named active portfolio companies, 4 named exits
- Research-staffed team: named Chief Scientist and Head of Research
- Portfolio spans modular infra (Celestia, Scroll, Fuel, Risc Zero), stablecoin/wallet infra (M0, Turnkey) and identity/privacy (World)
- No cohort, no public cheque range
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Guillermo Angeris | Chief Scientist | [baincapitalcrypto.com](https://www.baincapitalcrypto.com) |
| Kobi Gurkan | Partner and Head of Research | [baincapitalcrypto.com](https://www.baincapitalcrypto.com) |
| Parth Chopra | Partner | [baincapitalcrypto.com](https://www.baincapitalcrypto.com) |
| Stefan Cohen | Partner | [baincapitalcrypto.com](https://www.baincapitalcrypto.com) |
| Alex Evans | Partner | [baincapitalcrypto.com](https://www.baincapitalcrypto.com) |
| Kevin Zhang | Venture Partner | [baincapitalcrypto.com](https://www.baincapitalcrypto.com) |
| Justin Rattigan | General Counsel | [baincapitalcrypto.com](https://www.baincapitalcrypto.com) |
X and LinkedIn handles were not confirmed on the page we fetched, so we have linked the team page directly rather than guessing handles.
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Get your mechanism ready to defend, not just your market story
Because the team is stacked with researchers, the bar for technical depth is real. Be ready to explain your protocol's security model, your cryptographic assumptions if you use any, and why your design choice beats the obvious alternative, before you get asked.
#### Step 2: Use the contact page
There is no dedicated pitch form; use [baincapitalcrypto.com/contact/](https://baincapitalcrypto.com/contact/). Given the small, senior team, a message that engages with a specific piece of the fund's public research or a specific portfolio company's mechanism (Celestia's data availability model, Risc Zero's proving approach) is a stronger opener than a generic "we're raising" note.
#### Step 3: Find the partner whose research overlaps yours
Guillermo Angeris and Kobi Gurkan lead on research; Parth Chopra, Stefan Cohen and Alex Evans are the named Partners. If your protocol touches cryptography, MEV, or mechanism design specifically, addressing the research side of the team directly is likely to land better than a general inbound message.
#### Step 4: Come with a concentrated ask
The fund's own language ("concentrated investments") suggests it prefers writing a meaningful check into fewer companies rather than sprinkling small amounts widely. Frame your round size and what you'd do with a lead-sized commitment, even if you expect Bain Capital Crypto to come in as part of a syndicate.
**Timeline:** Not published.
---
## F. Best Advice from Founders
**Treat the pitch like a technical review, not a sales call.** The fund's research staffing (a named Chief Scientist and Head of Research) is the strongest signal on the page: come prepared for questions about your mechanism, not just your market.
**Infrastructure with a defensible technical edge is the clearest pattern.** Celestia, Scroll, Fuel and Risc Zero are all infrastructure plays with a genuine technical differentiation story, which is a stronger match for this fund than a thin infra wrapper around an existing primitive.
**The exits are worth reading.** Four named exits (Duality, Flood, Primitive, Skip) give you real signal on what kind of company this fund has actually taken through to an outcome; use them the same way you'd read comparable companies on any other fund's portfolio page.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. The team page and portfolio page are unusually informative for a fund this size, naming both active and exited positions and a research-heavy team structure. What's missing is any cheque range, process detail, or public thesis document beyond the homepage tagline.
> **Start here:** Read the [portfolio page](https://www.baincapitalcrypto.com/portfolio/) against the [team page](https://www.baincapitalcrypto.com) to see which named partner's research background lines up with your protocol.
### How Bain Capital Crypto's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Infrastructure dominates** | 7 of 14 active companies (Celestia, Community Labs, Fuel, Irreducible, Risc Zero, Scroll, Orb Labs) are core protocol or scaling infrastructure. | A modular stack, rollup, or proving system pitch has the clearest precedent here. |
| **Stablecoin and wallet infra is a real second theme** | M0 and Turnkey are both named; both are infrastructure other builders integrate rather than consumer products. | If you build the plumbing other stablecoin or wallet products depend on, this fund has already backed that shape of company. |
| **Identity and privacy show up at scale** | World, the large-scale privacy-preserving identity protocol, is a named position. | Privacy-preserving infrastructure aimed at broad adoption, not niche cypherpunk tooling, fits the visible pattern. |
| **Chain-agnostic by default** | Only Scroll is clearly single-chain (Ethereum L2); most of the rest (Celestia, Fuel, Risc Zero, M0, Turnkey) are built to serve many chains. | Lead with the mechanism, not the chain. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Guillermo Angeris** (Chief Scientist) | The technical bar the fund holds pitches to; a research-first read on any mechanism. | [baincapitalcrypto.com](https://www.baincapitalcrypto.com) |
| **Kobi Gurkan** (Partner, Head of Research) | Leads the research function that appears to shape investment decisions. | [baincapitalcrypto.com](https://www.baincapitalcrypto.com) |
| **Parth Chopra, Stefan Cohen, Alex Evans** (Partners) | The named investment decision-makers outside the research function. | [baincapitalcrypto.com](https://www.baincapitalcrypto.com) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Contact page** | [baincapitalcrypto.com/contact](https://baincapitalcrypto.com/contact/), ideally addressed to a named partner whose research overlaps your protocol. |
| **Portfolio founder intro** | Celestia, Scroll, Fuel, Risc Zero, M0 and Turnkey founders are a starting point for a warm path. |
| **Public research engagement** | Given the research staffing, substantive engagement with the team's published thinking (where it exists) is a plausible way to get noticed before a cold pitch. |
### What you can't find
There is no published cheque range, no process timeline, and no thesis document beyond the homepage tagline and the portfolio itself. We did not find named X or LinkedIn handles for any partner on the pages we fetched.
---
## G. Pitch Format Bain Capital Crypto Expects
- No public template; contact page or warm intro is the norm
- Be ready for deep technical questions on your mechanism, security model and design tradeoffs
- Standard early-stage materials once a conversation starts: team, protocol design, traction, ask
- A concentrated round size framed clearly, since the fund's own language favors fewer, larger positions
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Companies named on [baincapitalcrypto.com/portfolio/](https://www.baincapitalcrypto.com/portfolio/). Sector and chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Celestia | Modular data availability network | Infrastructure | Chain-agnostic |
| Scroll | ZK rollup, Ethereum L2 | Infrastructure | Ethereum |
| Fuel | Modular execution layer | Infrastructure | Chain-agnostic |
| Risc Zero | General-purpose zero-knowledge proving | Infrastructure | Chain-agnostic |
| Community Labs | Appchain/rollup infrastructure | Infrastructure | Chain-agnostic |
| Irreducible | Cryptographic proving infrastructure | Infrastructure | Chain-agnostic |
| Orb Labs | Protocol infrastructure | Infrastructure | Chain-agnostic |
| M0 | Application-specific stablecoin infrastructure | Payments-Stablecoins | Chain-agnostic |
| Turnkey | Embedded wallet and transaction infrastructure | Developer-Tooling | Chain-agnostic |
| World | Privacy-preserving identity protocol | Privacy | Chain-agnostic |
| Curio | Onchain data/tooling | Developer-Tooling | Chain-agnostic |
| Jadu | Web3 tooling | Developer-Tooling | Chain-agnostic |
| Puzzle | Web3 tooling | Developer-Tooling | Chain-agnostic |
| Variational Research | Research-adjacent crypto entity | Developer-Tooling | Chain-agnostic |
Exited: Duality, Flood, Primitive, Skip (named on the portfolio page without further detail).
---
## I. Ecosystem Connections
- **Ethereum:** Scroll, a ZK rollup on Ethereum, is the clearest single-chain position; the fund's broader infrastructure bets (Celestia, Fuel, Risc Zero) are designed to serve Ethereum and other ecosystems alike.
- **Modular / rollup stack:** Celestia (data availability) and Fuel (execution) both sit inside the modular blockchain thesis that has defined a large share of infrastructure investing since 2023, and this fund has real, named exposure to it.
- **No verified Solana, Base, or non-EVM chain-native position** in the active portfolio we could confirm; the fund's language and portfolio both read as chain-agnostic infrastructure first.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Building modular or ZK infrastructure?** Compare against Bankless Ventures and Nascent, both active in adjacent Ethereum-stack infrastructure.
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Bain Capital Crypto homepage](https://www.baincapitalcrypto.com)
- [Bain Capital Crypto portfolio](https://www.baincapitalcrypto.com/portfolio/)
- [Bain Capital Crypto contact page](https://baincapitalcrypto.com/contact/)
---
---
name: Bankless Ventures
slug: bankless-ventures
buildTypes: ["Infra-protocol", "DeFi-trading-lending", "AI-x-crypto"]
thesis: 'Backs early Web3 teams as the venture arm of Bankless, the largest Ethereum media brand, run by GPs Ben Lakoff, Ryan Sean Adams and David Hoffman, offering portfolio companies podcast and newsletter distribution alongside capital.'
website: 'https://www.bankless.ventures'
apply: 'Site contact form, choosing the "Submit a deck" category. A real, monitored intake.'
region: 'Global'
hq: 'Not disclosed (Bankless media, USA)'
sectors:
- Infrastructure
- DeFi
- AI-x-Crypto
stage:
- Pre-Seed
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: ''
chains:
- Ethereum
format: 'Application form'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '3'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Contact form, "Submit a deck" category
category: pipeline-pathway
score: 4
description: >-
A real, structured intake rather than a generic contact page. Choosing
the deck-submission category routes you correctly from the start.
link: 'https://www.bankless.ventures'
- name: Bankless media distribution
category: practice-artifact
score: 4
description: >-
Bankless is the largest Ethereum media brand, running a podcast and
newsletter with significant reach. Portfolio companies get exposure
beyond the capital itself, which is a real, differentiated value-add
to name in your pitch.
link: 'https://www.bankless.ventures'
- name: Bankless events (lu.ma/banklessvc)
category: pipeline-pathway
score: 3
description: >-
The fund runs public events. Showing up in person is a low-cost way
to become a known quantity before you submit a deck.
link: 'https://www.bankless.ventures'
- name: Portfolio pattern (Ethereum restaking and L2 infrastructure)
category: portfolio-pattern
score: 3
description: >-
The named portfolio leans heavily on Ethereum restaking and
infrastructure. Use it to gauge fit before you apply.
link: 'https://www.bankless.ventures'
- name: GPs Ben Lakoff, Ryan Sean Adams and David Hoffman's public writing
category: decision-maker-reveal
score: 3
description: >-
All three are prolific public commentators on Ethereum and DeFi. Their
published views are a direct preview of what they find compelling.
link: 'https://www.bankless.ventures'
portfolioSectorSplit:
Infrastructure: 57
DeFi: 29
AI-x-Crypto: 14
portfolioChainSplit:
Ethereum: 100
portfolioTotalCount: 7
portfolioClassifiedCount: 7
portfolioUnclassifiedCount: 0
sectorsNote: 'Bankless Ventures states a portfolio of 50+ companies; only seven were named on the pages fetched in this session, and the split above covers only those seven. Treat it as a sample of the disclosed book, not the full fund. Chain split is limited to the four companies whose chain we could directly verify as Ethereum mainnet; Monad and Movement are their own Layer 1 and Layer 2 respectively and fall outside the current chain taxonomy, so they are excluded from the chain split.'
---
> **How to use this page:** Bankless Ventures runs a real, monitored "Submit a deck" intake, which makes it one of the more accessible funds in this directory for an Ethereum-aligned founder. Its distinct value beyond capital is distribution: Bankless is the largest Ethereum media brand, so a product that is explainable to a mainstream crypto audience has a real advantage here.
---
## A. Header Block
- **Fund name:** Bankless Ventures
- **One-line thesis:** "Empowering pioneers to explore the frontier of Web3."
- **Website:** [bankless.ventures](https://www.bankless.ventures)
- **CTA:** [Submit a deck](https://www.bankless.ventures) via the site contact form
| Tag | Detail |
|-----|--------|
| Region | Global |
| Format | Application form (site contact form, "Submit a deck" category) |
| Sectors | Infrastructure, DeFi, AI x crypto |
| Stage | Pre-Seed, Seed |
| Cheque Size | Not disclosed |
| Admissions | Rolling |
---
## C. Overview
Bankless Ventures is the investment arm of Bankless, the media brand built by Ryan Sean Adams and David Hoffman that has become one of the largest and most recognizable voices in Ethereum media. Ben Lakoff joins as a third general partner. The fund describes its own remit broadly, backing early Web3 teams, but its portfolio and its distribution model are the more useful signals for a founder deciding whether to apply.
The site names over 50 portfolio companies in total, though only seven were verifiable by name on the pages fetched in this session: Monad (a high-performance Layer 1), Ether.fi and Renzo (Ethereum restaking), Puffer (Ethereum staking infrastructure), Espresso (sequencing infrastructure), Movement (a Layer 2) and MyShell (AI x crypto). The pattern among the named companies is heavily Ethereum-aligned infrastructure, particularly restaking and staking, with a smaller AI x crypto presence.
What sets this fund apart operationally is that it runs a real contact form with a dedicated "Submit a deck" category, a genuinely monitored intake rather than a generic inbox. Its distinct value beyond capital is media distribution: portfolio companies get podcast and newsletter exposure through the Bankless platform, which is a real, differentiated asset for a founder whose product needs to be understood by a broad crypto-native audience.
**Key stats:**
- 50+ portfolio companies stated on site; 7 named on the pages fetched
- Distribution through the largest Ethereum media brand (podcast and newsletter)
- Real "Submit a deck" contact form category
- Runs public events at lu.ma/banklessvc
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Ben Lakoff | General Partner | [bankless.ventures](https://www.bankless.ventures) |
| Ryan Sean Adams | Co-founder of Bankless, General Partner | [bankless.ventures](https://www.bankless.ventures) |
| David Hoffman | Co-founder of Bankless, General Partner | [bankless.ventures](https://www.bankless.ventures) |
All three are highly public figures through the Bankless podcast and newsletter; search their names directly for current X and podcast handles.
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Confirm your Ethereum alignment
The named portfolio is almost entirely Ethereum and Ethereum-L2 infrastructure. A Solana-only project is explicitly off-thesis for this fund per the corpus this page draws from. If your product has any Ethereum leg, lead with it.
#### Step 2: Prepare for a mainstream-crypto-audience test
Because Bankless's core asset is media distribution, be ready to explain your product in terms a broad, engaged but non-technical crypto audience would understand, not only in terms a protocol engineer would parse. This is not a lowering of the technical bar; it is an additional filter about explainability.
#### Step 3: Use the site's "Submit a deck" contact form
Go to [bankless.ventures](https://www.bankless.ventures), find the contact form, and choose the "Submit a deck" category specifically rather than a general inquiry option. This is described as a real, monitored intake.
#### Step 4: Consider attending a Bankless event first
The fund runs events listed at lu.ma/banklessvc. Attending in person is a low-cost way to become a known quantity to the team before your deck lands in the queue.
#### Step 5: Terms
Cheque size, instrument and lead vs. co-invest posture are not disclosed publicly. Treat the first response to your deck submission as the place to establish these specifics.
**Tips that matter here:**
- Make the case that your product is explainable to a mainstream crypto audience; this is the fund's stated differentiator and a real evaluation lens.
- Name the closest portfolio comparable: Ether.fi or Renzo for restaking, Puffer for staking infrastructure, Espresso for sequencing, MyShell for AI x crypto.
- Showing up at a Bankless event before submitting is a legitimate, low-cost warm-up given the fund's public, media-forward culture.
---
## F. Best Advice from Founders
No public founder accounts of the Bankless Ventures process were found in this session. The clearest available guidance is structural: this fund's differentiated value is distribution, so a founder who can articulate why their product benefits from Bankless's media reach specifically, not just capital, is speaking to what makes this fund distinct.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. Bankless Ventures publishes its thesis, a real "Submit a deck" contact form, named GPs who are public figures, and a partial but real portfolio. It does not publish a cheque range, response times, or the full 50+ company portfolio.
> **Start here:** Listen to a recent Bankless podcast episode relevant to your sector, then draft your deck submission with an explicit line on why your product is explainable to their audience, not only to protocol-native investors.
### How Bankless Ventures's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Infrastructure is the dominant category** | Monad, Puffer, Espresso and Movement, all infrastructure, are four of the seven named companies (57%). | High-performance L1s, staking infrastructure and sequencing are the strongest visible pattern. |
| **Restaking is a specific, repeated bet** | Ether.fi and Renzo, both Ethereum restaking protocols, are 29% of the named portfolio. | A restaking-adjacent product has two direct, named comparables to cite. |
| **AI x crypto is present but smaller** | MyShell is the sole named AI x crypto position. | AI x crypto pitches fit, but should not assume this is the fund's primary lane. |
| **Entirely Ethereum, where verifiable** | All four chain-classifiable companies (Ether.fi, Renzo, Puffer, Espresso) are Ethereum mainnet or Ethereum-L2-adjacent. | This fund's center of gravity is unambiguously Ethereum. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Ryan Sean Adams** (Co-founder, GP) | Macro and philosophical framing of Ethereum's role, from years of Bankless podcast commentary. | [bankless.ventures](https://www.bankless.ventures) |
| **David Hoffman** (Co-founder, GP) | Ethereum culture and narrative framing, the other half of the Bankless media voice. | [bankless.ventures](https://www.bankless.ventures) |
| **Ben Lakoff** (GP) | The more traditionally investment-focused voice on the team. | [bankless.ventures](https://www.bankless.ventures) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Site contact form, "Submit a deck"** | [bankless.ventures](https://www.bankless.ventures). The verified, monitored intake. |
| **Bankless events** | lu.ma/banklessvc. In-person visibility before you apply. |
| **Podcast or newsletter engagement** | Substantive public engagement with Bankless content as a credibility signal. |
| **Portfolio founder intro** | A founder at Ether.fi, Renzo, Puffer, Espresso, Monad, Movement or MyShell can vouch for you. |
### What you can't find
Bankless Ventures does not publish a cheque range, response times, selection criteria beyond the general thesis, or the full 50+ company portfolio; only seven companies were named on the pages fetched in this session.
---
## G. Pitch Format Bankless Ventures Expects
- A deck submitted through the "Submit a deck" contact form category
- Framing that explains the product to a broad, engaged crypto audience, not only to protocol specialists
- A named comparable from the visible portfolio (restaking, staking or sequencing infrastructure especially)
- Clear Ethereum alignment, stated explicitly
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
The seven companies named on the pages of [bankless.ventures](https://www.bankless.ventures) fetched in this session, against a stated total of 50+. Sector and chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Monad | High-performance Layer 1 | Infrastructure | Not verified (own L1, outside current chain taxonomy) |
| Ether.fi | Ethereum liquid staking and restaking | DeFi | Ethereum |
| Renzo | Ethereum restaking | DeFi | Ethereum |
| Puffer | Ethereum staking infrastructure | Infrastructure | Ethereum |
| Espresso | Sequencing infrastructure | Infrastructure | Ethereum |
| Movement | Layer 2 | Infrastructure | Not verified (own L2, outside current chain taxonomy) |
| MyShell | AI x crypto platform | AI-x-Crypto | Not verified |
---
## I. Ecosystem Connections
- **Ethereum:** the fund's clear center of gravity. Ether.fi, Renzo, Puffer and Espresso are all Ethereum mainnet or Ethereum-L2-adjacent.
- **Ethereum L1/L2 experimentation:** Monad and Movement show the fund also backs new base layers, even outside Ethereum mainnet itself.
- **Media distribution:** the fund's structural connection to the Bankless podcast and newsletter is itself an ecosystem asset, not just a marketing note.
- **Hackathons:** no formal tie found; an ETHGlobal-style hackathon result in restaking or staking infrastructure would be a relevant, citable credential.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Compare against another Ethereum-native fund:** [Nascent](/funds/nascent)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Bankless Ventures homepage](https://www.bankless.ventures)
---
---
name: Base Builder Rewards
slug: base-builder-rewards
thesis: 'Automatic, no-application weekly ETH rewards for the builders shipping the most verifiable onchain and open-source activity on Base.'
website: 'https://www.base.org/builders'
apply: 'No application. Get a Basename, reach a Talent Protocol Builder Score of 40 or higher, verify as human, and rewards are calculated and paid automatically.'
region: 'Global'
hq: 'San Francisco, USA (Base is a Coinbase product; Builder Rewards is powered by Talent Protocol)'
sectors:
- Developer-Tooling
- Infrastructure
- DeFi
- Consumer
- AI-x-Crypto
stage:
- Ideation
- MVP
chequeMin: null
chequeMax: null
chequeDisplay: 'No fixed per-builder amount. A shared weekly pool (2 ETH observed) is split across three ranked tiers, proportional to Builder Score and verified activity.'
chains:
- Base
format: 'Automatic, no application'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '3'
lastVerified: '2026-09-09'
edgeRating: edge-sparse
edgeResources:
- name: Base Builder Rewards leaderboard
category: portfolio-pattern
score: 5
description: >-
Live, public ranking at builderscore.xyz showing exactly who is earning
and why. There is no application to reverse-engineer here, only
behavior: study the top scorers' repo and onchain activity patterns.
link: 'https://builderscore.xyz'
- name: Talent Protocol Builder Score methodology
category: evaluation-framework
score: 4
description: >-
Explains what the score actually measures: verified crypto repository
contributions and activity on deployed Base contracts. This is the
entire rubric, since there is no human reviewer.
link: 'https://blog.talentprotocol.com/fall-community-update'
- name: Builder Rewards launch announcement
category: pipeline-pathway
score: 4
description: >-
The original Talent Protocol post explaining the three-tier weekly
split and the three eligibility gates (Basename, Builder Score >= 40,
human checkmark).
link: 'https://paragraph.com/@talent/introducing-builder-rewards-weekly-eth-for-the-most-impactful-builders-on-base'
- name: Base Ecosystem Fund
category: pipeline-pathway
score: 3
description: >-
The natural next step once Builder Rewards has established a visible
track record: Base's own investment vehicle for pre-seed and seed
founders building enduring onchain businesses.
link: 'https://www.base.org/ecosystem-fund'
portfolioSectorSplit: {}
portfolioChainSplit:
Base: 100
portfolioTotalCount: 0
portfolioClassifiedCount: 0
portfolioUnclassifiedCount: 0
---
> **How to use this page:** This is not a grant you apply for. It is a standing, automated reward for shipping visibly on Base, and it pays out weekly with no form. If you are a solo builder or a small team writing code and deploying contracts on Base today, you are likely already close to qualifying. Read Section E for the three gates, then check your score.
---
## A. Header Block
- **Program name:** Base Builder Rewards
- **One-line thesis:** Weekly ETH paid automatically to the builders with the highest verified Base activity and open-source contributions, no application required
- **Website:** [base.org/builders](https://www.base.org/builders)
- **CTA:** [Check your Builder Score](https://builderscore.xyz)
| Tag | Detail |
|-----|--------|
| Region | Global |
| Format | Automatic qualification (no form; sponsored by Base, run on Talent Protocol's scoring engine) |
| Sectors | Any onchain or open-source work on Base: infrastructure, DeFi, developer tooling, consumer, AI agents |
| Stage | Solo builder through early team, pre-product to shipping |
| Cheque Size | No fixed amount; shared weekly pool (2 ETH observed) split across three ranked tiers |
| Admissions | Rolling, weekly payout cycle, starting the week of March 31 in the verified cycle we reviewed |
---
## C. Overview
Base Builder Rewards is a Coinbase Base-sponsored program, built and operated by Talent Protocol, that pays real ETH every week to the builders with the strongest verifiable footprint on Base. There is no pitch, no committee and no waiting period. Eligibility runs on three mechanical gates: hold a Basename (your onchain identity on Base), reach a Talent Protocol Builder Score of 40 or higher (calculated from verified crypto repository contributions and activity on deployed Base contracts), and pass a human verification check. Meet all three and you are automatically in the reward pool.
In the cycle we reviewed, the program distributed 2 ETH weekly across three tiers: the top 10 builders split 1 ETH proportionally, the next 25 split 0.5 ETH, and the next 65 split another 0.5 ETH. Base's own account has stated the program paid out over $100K in ETH during a "Spring League" period and opened a new "Summer League" cycle with a further 30 ETH pool, which tells you the program runs in named seasons rather than a single fixed total, and the exact season live at any given moment should be checked on the leaderboard before you quote a number to a founder.
This is deliberately not a grants program in the traditional sense. It rewards demonstrated activity rather than a proposal, which makes it the lowest-friction money on this page but also the hardest to game: your score is your application.
**Key stats:**
- Three eligibility gates: Basename, Builder Score >= 40, human verification
- 2 ETH observed weekly pool split across three ranked tiers (10 / 25 / 65 builders)
- Base's own account cited $100K+ in ETH paid during one "Spring League" cycle
- Zero forms, zero submissions; qualification and payout are automatic
---
## D. Key Partners
| Person or team | Role | Where to find them |
|----------------|------|--------------------|
| Base (Coinbase) | Sponsors the program and its ETH reward pool | [base.org/builders](https://www.base.org/builders) |
| Talent Protocol | Builds and operates the Builder Score engine and the leaderboard | [talent.app](https://talent.app) / [builderscore.xyz](https://builderscore.xyz) |
No individual program manager or reviewer is named, because there is no human review step.
---
## E. How to Get In: Step-by-Step Application Process
**Chain requirement: activity must be verifiable on Base. This program does not score work on other chains.**
#### Step 1: Get a Basename
Register your onchain identity on Base. This is the first of the three eligibility gates.
#### Step 2: Build your Builder Score to 40 or higher
Talent Protocol calculates this from verified crypto repository contributions (public GitHub activity tied to your identity) and activity on deployed Base contracts. Check your current score and what is driving it at [talent.app/~/earn](https://talent.app/~/earn).
#### Step 3: Verify as human
Complete the human checkmark verification inside the Talent Protocol app.
#### Step 4: Do nothing else
There are no forms and no submissions. Once the three gates are met, your ranked position in the weekly pool is calculated automatically from your Builder Score movement and Base-verified activity.
#### Step 5: Track your rank and payout
Watch your position on the [builderscore.xyz leaderboard](https://builderscore.xyz) or the Talent Protocol Farcaster mini-app, which updates daily. Payouts land weekly if you rank inside a paying tier.
**Tips that matter here:**
- Ship on Base, not just theoretically. The score rewards deployed contract activity, not intent.
- Keep your GitHub public and tied to your Talent Protocol identity; repository contributions are half of what the score measures.
- Treat a rising Builder Score as a fundraising asset in its own right: it is a public, third-party-verified signal of shipping velocity that a Base Ecosystem Fund reviewer can check directly.
- This program rewards individuals and small teams, not company entities, so plan for it as founder or team-lead income rather than company runway.
---
## F. Best Advice from Founders
**Your score is your pitch.** There is no separate narrative to write; the number is derived entirely from what you have actually shipped and committed.
**Consistency compounds.** Weekly payouts reward sustained activity over a single burst, so treat it as an ongoing habit rather than a one-time application.
**Use it as a credibility layer, not a runway plan.** The pool is real money but it is not sized to fund a company; founders we reviewed treat it as validation and a small top-up alongside the Base Ecosystem Fund or outside capital.
---
## Contextual Edge
**Preparation rating:** Edge-sparse. There is genuinely little to prepare beyond building and verifying, since the program has no application to reverse-engineer. What is missing is a published, current total budget or the exact live season name and dates as of this writing.
> **Start here:** Check your live [Builder Score at talent.app/~/earn](https://talent.app/~/earn), see what's driving it, and read the [Builder Rewards launch post](https://paragraph.com/@talent/introducing-builder-rewards-weekly-eth-for-the-most-impactful-builders-on-base) for the full tier mechanics.
### How the program actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Automatic, not applied for** | Three mechanical gates: Basename, Builder Score >= 40, human check. No forms. | Focus effort on shipping and verifying, not on writing a proposal. |
| **Reward is tiered and weekly** | 2 ETH observed weekly, split 1 / 0.5 / 0.5 ETH across top 10 / next 25 / next 65. | This is supplemental income for active builders, not a company-scale grant. |
| **Runs in named seasons** | Base's account references a "Spring League" ($100K+ ETH paid) and a "Summer League" (30 ETH pool). | Check the current league and pool size on the leaderboard before quoting a figure. |
| **Score rewards two things equally** | Verified repository contributions and deployed-contract activity on Base. | Keep both public GitHub work and onchain deployments active, not just one. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Talent Protocol** | Owns the Builder Score algorithm; publishes methodology updates as the scoring model evolves. | [blog.talentprotocol.com](https://blog.talentprotocol.com/fall-community-update) |
| **Base (official account)** | Announces league cycles and pool sizes as they change. | [x.com/buildonbase](https://x.com/buildonbase) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Meet the three gates** | Basename, Builder Score >= 40, human verification. This is the only pathway; there is no alternate application route. |
| **Raise your score** | Public repo contributions plus deployed Base contract activity are the two levers. |
### What you can't find
Neither Base nor Talent Protocol publishes a single, current total program budget, a fixed end date, or a full historical archive of every league's pool size and dates in one place. Treat the "$100K+ during Spring League" and "30 ETH Summer League" figures as verified point-in-time statements, not a running program total, and re-check the leaderboard for the current cycle before quoting numbers to a founder.
---
## G. Pitch Format Base Builder Rewards Expects
- No pitch deck or written application exists for this program
- What functions as your "pitch" is a public GitHub profile tied to your Talent Protocol identity plus deployed, active Base contracts
- Keep your Basename and human verification current, since these are hard eligibility gates
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks` for when you move on to the Base Ecosystem Fund or outside capital
---
## H. Real Portfolio Companies
Builder Rewards pays individual builders, not companies, and ranks change weekly on a public leaderboard rather than a fixed grantee list. There is no static "portfolio" to publish here in the way a fund or a milestone-grant program has one.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Not applicable | Rewards go to individual builder identities, ranked weekly | n/a | Base |
---
## I. Base Connections
- **Base (exclusive):** rewards are calculated entirely from Base-verified onchain activity.
- **Talent Protocol:** the scoring and payout engine; your Builder Score there is your entire standing in the program.
- **Base Ecosystem Fund:** the natural next step for a builder whose Rewards track record shows sustained, real activity on Base.
- **Base Batches:** the cohort route to the same fund, for founders who want structure and mentorship alongside capital.
---
## J. Cross-Reference Bar
- **Ready for company-scale capital on Base?** [Base Ecosystem Fund](/funds/base-ecosystem-fund)
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Base Builder Rewards distributed $100k+ in ETH during Spring League (Base, X)](https://x.com/buildonbase/status/1949905194512502860)
- [It takes 3 simple steps to start earning Base Builder Rewards (Talent Protocol, X)](https://x.com/TalentProtocol/status/1907092980193775689)
- [Introducing Builder Rewards: Weekly ETH for the Most Impactful Builders on Base (Talent Protocol)](https://paragraph.com/@talent/introducing-builder-rewards-weekly-eth-for-the-most-impactful-builders-on-base)
- [Talent Protocol Earn](https://talent.app/~/earn)
- [Talent Protocol Fall Community Update](https://blog.talentprotocol.com/fall-community-update)
- [Base Ecosystem Fund](https://www.base.org/ecosystem-fund)
---
---
name: Base Ecosystem Fund
slug: base-ecosystem-fund
thesis: 'Equity or token investment, not a grant, for pre-seed and seed founders building enduring onchain primitives and businesses on Base, with a fast four-field application and hands-on distribution support from Coinbase.'
website: 'https://www.base.org/ecosystem-fund'
apply: 'Four-field online form at base.org/ecosystem-fund/apply: company name, what you are building, website, and X account. Rolling review, no published timeline.'
region: 'Global'
hq: 'San Francisco, USA (Base is a Coinbase product; Base Ecosystem Fund operates in partnership with Coinbase Ventures)'
sectors:
- Payments-Stablecoins
- DeFi
- AI-x-Crypto
- Infrastructure
- Consumer
sectorsNote: 'Base states its priority as trading, payments, AI and agents, and onchain businesses that drive real economic activity. Sector tags reflect verified portfolio companies and the stated 2026 focus (agents and payments).'
stage:
- Pre-Seed
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed for direct Ecosystem Fund investments. Base Batches cohort teams receive $100K from the Fund as a reference point.'
chains:
- Base
format: 'Application form'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific, but the Fund has a verified track record backing emerging-market payments startups'
status: active
tier: '2'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Base Ecosystem Fund page
category: evaluation-framework
score: 4
description: >-
States the stated thesis directly: pre-seed and seed founders building
enduring onchain primitives and businesses that drive real economic
activity, with Base as the primary chain. Perks listed (AWS, Azure,
Alchemy, Spindl credits; priority Coinbase Prime/Business/Onramp API
access) tell you what the Fund actually offers beyond cash.
link: 'https://www.base.org/ecosystem-fund'
- name: Ecosystem Fund application form
category: practice-artifact
score: 3
description: >-
Four fields only: company name, what you're building, website, X
account. Because the form is so thin, the actual screen happens on
your live product and your public presence, not the form itself.
link: 'https://www.base.org/ecosystem-fund/apply'
- name: Published portfolio
category: portfolio-pattern
score: 5
description: >-
The Fund lists 35+ portfolio companies by name on its own site,
including named emerging-market payments bets (Nuzo, Onboard, Jia,
Kontigo). This is the strongest single signal in the corpus for what
the Fund actually backs versus what it says it backs.
link: 'https://www.base.org/ecosystem-fund'
- name: Base Batches
category: pipeline-pathway
score: 4
description: >-
A structured cohort route to the same Fund money plus mentorship and a
Demo Day. If you are pre-seed, applying to Batches first is often a
better path than the direct form.
link: 'https://www.base.org/batches'
portfolioSectorSplit:
Payments-Stablecoins: 27
DeFi: 27
AI-x-Crypto: 20
Consumer: 20
Infrastructure: 6
portfolioChainSplit:
Base: 100
portfolioTotalCount: 35
portfolioClassifiedCount: 15
portfolioUnclassifiedCount: 20
---
> **How to use this page:** This is investment, not a grant, and the application form is almost nothing: four fields. That means the real screen happens before you ever click submit, on your live product on Base and your public profile. Get a verifiable onchain metric first, then apply. Section E walks through exactly what to have ready.
---
## A. Header Block
- **Program name:** Base Ecosystem Fund
- **One-line thesis:** Investing in "pre-seed and seed founders building enduring onchain primitives and businesses that drive real economic activity" on Base
- **Website:** [base.org/ecosystem-fund](https://www.base.org/ecosystem-fund)
- **CTA:** [Apply to the Ecosystem Fund](https://www.base.org/ecosystem-fund/apply)
| Tag | Detail |
|-----|--------|
| Region | Global; Base and Coinbase Ventures are US-based |
| Format | Application form (four fields) |
| Sectors | Trading, payments and stablecoins, AI and agents, onchain businesses |
| Stage | Pre-seed and seed |
| Cheque Size | Not disclosed directly; $100K reference point via Base Batches |
| Admissions | Rolling |
---
## C. Overview
The Base Ecosystem Fund is Coinbase's investment vehicle for early-stage teams building on Base, run "in partnership with Coinbase Ventures." It is equity or token investment, not a grant: the language on the page is about backing "founders building enduring onchain primitives and businesses that drive real economic activity" with a stated priority on trading, payments, AI and agents, and onchain businesses that make Base their default chain.
What makes this Fund unusual is how thin the application is. It asks for four things: company name, what you're building, your website, and your X account. There is no pitch deck upload, no financial model, no team bios. That means the Fund is screening almost entirely on what it can see publicly: a live product deployed on Base, verifiable onchain activity, and a founder narrative visible on X. Founders who treat the form as the whole application usually get passed over; founders who treat their product and public presence as the application, and the form as a formality, do better.
Beyond capital, the Fund offers what it calls White Glove Support: partner integrations, distribution amplification, credits with AWS, Azure, Alchemy and Spindl, and priority access to Coinbase Prime, Coinbase Business and the Coinbase Onramp API. For a founder building payments or trading infrastructure, that Onramp and Prime access can matter more than the cheque itself.
**Key stats:**
- 35+ portfolio companies published by name on the Fund's own page
- Four-field application form, no published deadline, rolling review
- $100K per team is the disclosed figure via the Base Batches cohort route
- Verified emerging-market payments bets: Nuzo, Onboard, Jia, Kontigo
---
## D. Key Partners
| Person or team | Role | Where to find them |
|----------------|------|--------------------|
| Base Ecosystem Fund team | Reviews applications and runs White Glove Support for portfolio companies | [base.org/ecosystem-fund](https://www.base.org/ecosystem-fund) |
| Coinbase Ventures | Investment partner named on the Fund's own page | [base.org/ecosystem-fund](https://www.base.org/ecosystem-fund) |
The Fund's page does not name individual investors or reviewers, and we have not guessed.
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Deploy on Base and get a verifiable metric
Before applying, have a live product on Base with something Basescan can verify: transactions, active wallets, volume, TVL. The Fund's own language is about "real economic activity," and a founder with nothing deployed is applying too early.
#### Step 2: Make your website and X profile do the talking
Because the form is four fields, your website and X account carry the actual pitch. Make sure both show the product, not just a landing page, and that your X account tells a founder narrative: what you're building, why now, and evidence of traction.
#### Step 3: Consider Base Batches first if you are pre-launch
Base Batches is the structured, cohort-based route to the same Fund money, with mentorship and a Demo Day attached. If you have not yet raised a formal seed round and want more than a form, apply to a Batches window instead of, or in addition to, the direct form.
#### Step 4: Submit the four-field form
Apply at [base.org/ecosystem-fund/apply](https://www.base.org/ecosystem-fund/apply): company name, what you're building, website URL, X URL. There is no published timeline for a response.
#### Step 5: If contacted, expect diligence on activity, not a deck
Given the thinness of the form, expect follow-up conversation to focus on your onchain metrics, your plan for using Coinbase's distribution surfaces (Onramp, Prime, the Base app, Farcaster), and why Base is your default chain rather than a secondary deployment.
**Tips that matter here:**
- Ship an x402 integration or a Farcaster/Base-app mini-app if it fits your product; agents and payments are the Fund's stated 2026 focus.
- For emerging-market payments founders: Nuzo, Onboard, Jia and Kontigo are verified portfolio companies. Name the comparable in your application and be specific about how your product differs.
- Do not apply with only a landing page. The Fund's own framing is about real economic activity, and that requires something deployed.
---
## F. Best Advice from Founders
**The form is not the application.** With four fields, the actual diligence happens on your product and your public presence before you ever submit.
**Base-as-default matters, not Base-as-option.** The Fund's language about "enduring onchain primitives" reads as a preference for teams who chose Base deliberately, not teams testing multiple chains at once.
**Batches is the warmer path for pre-launch teams.** The direct form rewards teams who already have something live; Batches gives earlier-stage founders mentorship and a cohort process instead of a cold four-field submission.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. The Fund publishes its thesis, a real portfolio list, and its perks in detail, which is more transparency than most VC-style crypto funds offer. It does not disclose cheque sizes for direct investments, equity terms, or a review timeline.
> **Start here:** Read the [Base Ecosystem Fund page](https://www.base.org/ecosystem-fund) for the thesis and the portfolio list, then decide whether the direct form or Base Batches fits your stage before applying.
### How the program actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **This is investment, not a grant** | The page frames it as backing founders "building enduring onchain primitives and businesses," partnered with Coinbase Ventures. | Expect equity or token terms, not a milestone-based grant. |
| **The screen is public, not the form** | Four fields: company, description, website, X. | Your live product and X presence are the real application. |
| **Payments and agents are the current focus** | Priority sectors stated as trading, payments, AI/agents, onchain businesses. | Lead with whichever of these your product fits. |
| **Emerging-market payments has a track record** | Nuzo, Onboard, Jia, Kontigo are named portfolio companies. | African and LatAm payments founders have a real comparable to cite. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Base Ecosystem Fund team** | Runs the application and White Glove Support; no individual names published. | [base.org/ecosystem-fund](https://www.base.org/ecosystem-fund) |
| **Coinbase Ventures** | Named investment partner; the Fund's institutional backing. | [base.org/ecosystem-fund](https://www.base.org/ecosystem-fund) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct form** | [Apply here](https://www.base.org/ecosystem-fund/apply). Four fields; best once you have something live on Base. |
| **Base Batches** | Cohort-based route with mentorship and a Demo Day, better fit for pre-launch teams. |
| **Colosseum Crypto World's Fair, Base track** | A hackathon track partnered with Base; a strong showing can route into Fund attention. |
### What you can't find
The Fund does not publish cheque size ranges, equity or token terms, a reviewer list, or a response timeline for direct applications. The $100K figure is verified only for the Base Batches route, not for direct Ecosystem Fund investment.
---
## G. Pitch Format Base Ecosystem Fund Expects
- The four-field form: company name, what you're building, website, X account
- A live product on Base with a verifiable onchain metric
- An X presence that reads as an active founder building in public
- A clear statement of why Base is your default chain
- For payments and agents products: a specific plan for Coinbase distribution surfaces (Onramp, Prime, x402, Base app)
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
The Base Ecosystem Fund publishes a portfolio list of 35+ companies on its own page. Verified names and sectors below.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Aerodrome | DEX and liquidity infrastructure | DeFi | Base |
| Avantis | Perpetuals trading | DeFi | Base |
| Exactly | Lending protocol | DeFi | Base |
| Limitless | Prediction markets | Consumer | Base |
| Ethos | Onchain reputation | Consumer | Base |
| Paragraph | Creator publishing | Consumer | Base |
| B3 | Gaming infrastructure | Gaming | Base |
| Truflation | Oracle and data infrastructure | Infrastructure | Base |
| Giza | AI agent infrastructure | AI-x-Crypto | Base |
| BANKR | AI agent product | AI-x-Crypto | Base |
| Sapien | AI and data | AI-x-Crypto | Base |
| Nuzo | Payments, Africa | Payments-Stablecoins | Base |
| Onboard | Payments, Africa | Payments-Stablecoins | Base |
| Jia | Payments and credit, emerging markets | Payments-Stablecoins | Base |
| Kontigo | Payments, LatAm | Payments-Stablecoins | Base |
| Zynk | Payments | Payments-Stablecoins | Base |
---
## I. Ecosystem Connections
- **Base (exclusive):** the Fund invests in Base-native founders; deploying on Base as your primary chain is the baseline requirement.
- **Coinbase Ventures:** the Fund's stated investment partner, and the source of Coinbase distribution perks (Onramp, Prime, Business API access).
- **Base Batches:** the cohort route to the same Fund money, with mentorship and a Demo Day; better fit for pre-launch teams.
- **Colosseum Crypto World's Fair, Base track:** a hackathon track partnered with Base; a strong submission can route winners toward Fund attention.
- **Farcaster and the Base app:** distribution surfaces the Fund's perks and stated 2026 agent/payments focus point toward directly.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Grant agreements and IP** [Compliance guide](/founder-stack/compliance)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Base Ecosystem Fund](https://www.base.org/ecosystem-fund)
- [Base Ecosystem Fund application form](https://www.base.org/ecosystem-fund/apply)
- [Base: Get Funded](https://docs.base.org/get-started/get-funded)
- [Base Batches](https://www.base.org/batches)
---
---
name: Beltone Venture Capital
slug: beltone-vc
buildTypes: ["Logistics-supplychain", "E-commerce-retail", "Proptech", "Healthtech", "Payments-processing"]
thesis: >-
Providing sustainable funding for early-stage tech and tech-enabled startups
across Africa and the MEA region, with a focus on inclusion for underserved,
untapped customer segments.
website: 'https://www.beltoneholding.com/en/business-line/venture-capital'
apply: 'mailto:IR@beltoneholding.com'
region: Egypt and MEA
hq: 'New Cairo, Egypt'
sectors:
- Sector-agnostic
stage:
- Pre-Seed
- Seed
- Series A
- Series B+
- Growth
chequeMin: 200000
chequeMax: 3000000
chequeDisplay: '$200K -- $3M (estimated, varies by stage and structure)'
format: Hybrid
admissions: Rolling
africaFocus: >-
Yes -- Egypt primary, expanding across North Africa and MENA (Morocco, Iraq,
broader MEA)
status: active
tier: '1'
lastVerified: '2026-07-24'
edgeRating: edge-moderate
edgeResources:
- name: Ali Mokhtar interview
category: decision-maker-reveal
score: 4
description: >-
The full investment thesis, how he evaluates Egyptian startups, what he
looks for in founders, and the BVC approach to creative deal structuring.
Name...
link: 'https://open.spotify.com/episode/6f7rTjPQQKJIyZvGqHOebJ'
- name: BVC investment team interview
category: decision-maker-reveal
score: 4
description: >-
What BVC looks for in regional expansion plays: "homegrown Egyptian brands
with proven profitability, exceptional leadership, and the ambition to
rede...
link: >-
https://disruptafrica.com/2026/07/01/egypts-ariika-lychee-deepen-saudi-presence-with-beltone-venture-capital-backing/
- name: Bosta partial exit at 75% IRR
category: practice-artifact
score: 4
description: >-
Two-year hold, 75% IRR. Shows BVC's ability to generate returns quickly
and validates the thesis that Egyptian logistics infrastructure can
produce in...
link: >-
https://launchbaseafrica.com/2026/05/11/beltone-clocks-75-irr-as-it-exits-egyptian-logistics-play-bosta/
- name: Cathedis exit at 100% IRR
category: practice-artifact
score: 4
description: >-
Morocco-based logistics exit. Shows BVC can replicate the exit playbook
outside Egypt, which is relevant if you are pitching a cross-border story.
link: 'https://launchbaseafrica.com/'
- name: BVC 271% revenue jump (Q1 2026)
category: practice-artifact
score: 4
description: >-
The financial performance of BVC itself shows the fund is performing,
which matters for your follow-on story: BVC-backed companies benefit from
a fund...
link: >-
https://launchbaseafrica.com/2026/05/25/egypts-beltone-reaps-271-venture-capital-revenue-jump-as-bosta-exit-validates-strategy/
- name: Email directly
category: pipeline-pathway
score: 3
description: >-
IR@beltoneholding.com or info@beltoneholding.com with your pitch deck. The
team reviews inbound submissions on a rolling basis.
- name: Portfolio founder referrals
category: pipeline-pathway
score: 3
description: >-
Bosta, Trella, Khazna, Taager, Grinta, Qlub, Ariika, and Lychee founders
all have direct relationships with Ali Mokhtar and the BVC team. The
Egyptian...
- name: Egyptian ecosystem events
category: pipeline-pathway
score: 3
description: >-
RiseUp Summit, Cairo Angels, Flat6Labs alumni network, and the broader
Egyptian entrepreneur community provide natural pathways. BVC is active in
the ...
portfolioSectorSplit:
Logistics: 20
Fintech: 13
E-commerce: 27
Healthtech: 13
Consumer: 20
Climate: 7
portfolioModelSplit:
Enterprise contracts/Licensing: 13
Transaction/Marketplace: 60
Direct sales/Commerce: 20
Subscription/SaaS: 7
portfolioGeographySplit:
Egypt: 75
Egypt/MENA: 6
Morocco: 13
Morocco/Europe: 6
portfolioTotalCount: 16
portfolioClassifiedCount: 15
portfolioUnclassifiedCount: 1
logo: "/funds/beltone-vc.svg"
---
## Overview
Beltone Venture Capital (BVC) is the venture arm of Beltone Holding, one of Egypt's leading financial services groups listed on the Egyptian Exchange. The VC platform launched in early 2023 and has grown rapidly, reaching EGP 2.7 billion ($51.7 million) in assets under management by March 2026, a 40% annual increase. BVC manages a $30 million fund in partnership with CI Venture Capital (a subsidiary of Abu Dhabi-based Citadel International Holdings), and in February 2026 launched a complementary private equity platform to back growth-stage companies, creating a multi-stage investment ecosystem from pre-seed to pre-IPO.
What makes BVC distinctive is the speed of execution and the exits track record. In just three years of operation, the firm has achieved four exits, including a partial divestment from Bosta (Egypt's leading last-mile delivery platform) that generated a 75% internal rate of return over a two-year holding period. Q1 2026 revenue surged 271% year-over-year to EGP 190 million, driven primarily by the Bosta exit. For a fund that launched in 2023, this is an unusually fast path to demonstrating institutional-grade returns.
The portfolio spans 19+ companies across logistics and delivery (Bosta, Trella, Cathedis), e-commerce and retail (Taager, Lychee, Ariika), financial services (Khazna, Qlub), healthcare (Grinta, Seha Tech), proptech (BirdNest, Yakeey), transportation (VelyVelo), and climate (Carbon Sifr). BVC is sector-agnostic but gravitates toward companies that use technology to reach underserved customer segments in Egypt and the broader MEA region.
The firm also uses a distinctive investment structure. Alongside traditional equity, BVC deploys venture debt and hybrid equity-venture debt instruments, which gives founders more flexibility in how they structure their rounds. Of 21 transactions, 8 have been hybrid structures, which means the team is willing to be creative about capital deployment.
BVC's CEO, Ali Mokhtar, was named one of Forbes Middle East's Top Venture Capitalists in 2024, and the firm was recognised as "Fastest Growing Venture Capital Company in Egypt" (2024) and "Best Venture Capital Company in Africa" (2025). The parent company, Beltone Holding, provides additional infrastructure through its leasing, factoring, and microfinance businesses, which creates strategic value for portfolio companies in financial services.
---
## How to Get In
Email your pitch deck to IR@beltoneholding.com or info@beltoneholding.com. The team reviews inbound submissions on a rolling basis.
Warm introductions through portfolio founders carry weight. Bosta, Trella, Khazna, Taager, Grinta, and Qlub are all in the network, and referrals from their founders signal credibility. The Egyptian startup ecosystem is concentrated in Cairo, so connections through RiseUp Summit, Cairo Angels, Flat6Labs, and the broader Egyptian entrepreneur community provide natural pathways.
Ali Mokhtar (CEO and Managing Partner) is the primary investment decision-maker and is accessible through LinkedIn. Syed Basar Shueb (Chairman) and Dalia Khorshid (Group CEO of Beltone Holding) oversee the broader platform.
If you are building in Egypt and need flexible capital (equity, debt, or hybrid), BVC should be on your shortlist. The fund's willingness to structure investments creatively and its early track record of exits make it a compelling partner for founders who want a financially sophisticated investor.
---
## Best Advice
1. **Show you can scale in Egypt first.** BVC's portfolio is predominantly Egypt-based, and the team knows the Egyptian market deeply. Bosta built the largest last-mile delivery network in Egypt. Khazna built its financial services platform for Egyptian blue-collar workers. Show strong local traction before pitching regional expansion.
2. **Be open to creative deal structures.** BVC deploys equity, venture debt, and hybrid instruments. If your business has strong unit economics but you want to minimise dilution, the hybrid structures can be attractive. If you have predictable revenue streams, venture debt might be available alongside equity. Come prepared to discuss different capital structures, not just a standard equity round.
3. **Think about the Beltone Holding ecosystem.** The parent company operates in leasing, factoring, microfinance, and financial services. If your business touches financial services, retail finance, or SME services, articulate how the broader Beltone platform can provide distribution, partnerships, or complementary services that accelerate your growth.
4. **Come with the exit story.** BVC has achieved four exits in three years, including the Bosta divestment at 75% IRR. The team is clearly focused on returns alongside impact, so show them a clear path to exit, whether through strategic acquisition, secondary sale, or IPO. The new PE platform means BVC can also hold companies longer and support them through growth stage, so articulate your multi-year trajectory.
5. **Consider the North Africa and MENA expansion angle.** BVC has invested in VelyVelo (Morocco, France, Spain), Cathedis (Morocco), Yakeey (Morocco), and Baly.iq (Iraq). If your company has a clear expansion path from Egypt into North Africa, the Gulf, or other MENA markets, that geographic growth story resonates with the fund's regional ambitions.
---
## Contextual Edge
**Preparation rating:** Edge-moderate -- a relatively new fund (launched 2023) with limited long-form published content, but the CEO has a detailed podcast episode and the exit track record generates useful signal. The Beltone Holding parent company adds institutional context that most venture funds lack.
> **Start here:** Listen to [Ali Mokhtar on the Tomorocco Podcast](https://open.spotify.com/episode/6f7rTjPQQKJIyZvGqHOebJ) (the CEO walks through BVC's thesis, investment approach, and what he looks for in founders), then read [Beltone clocks 75% IRR as it exits Bosta](https://launchbaseafrica.com/2026/05/11/beltone-clocks-75-irr-as-it-exits-egyptian-logistics-play-bosta/) (the Bosta partial divestment shows what a successful BVC investment trajectory looks like in concrete financial terms). Those two resources give you the thesis and the proof that the thesis works.
### How Beltone VC's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Speed** | 21 transactions in roughly three years of operation (12 equity, 1 debt, 8 hybrid equity-venture debt). Four exits achieved, including Bosta (75% IRR) and Cathedis (100% IRR). Q1 2026 revenue surged 271% year-over-year. | BVC deploys capital faster than most Egypt-based funds and has already proven it can exit. If you are fundraising now and need a decision quickly, BVC's pace of execution is a genuine advantage. |
| **Geography** | Egypt is the primary market (Bosta, Trella, Khazna, Taager, Grinta, Qlub, Ariika, Lychee, BirdNest, LNKO, Carbon Sifr, Seha Tech, Sylndr). Expanding into Morocco (Yakeey, Cathedis, VelyVelo) and Iraq (Baly.iq). | Egypt first, then regional. If you are building in Egypt, you are a core fit. If you are building in Morocco or another MENA market with an Egypt connection, the expansion story resonates. |
| **Sector** | Sector-agnostic but with visible clusters: logistics and delivery (Bosta, Trella, Cathedis), e-commerce and consumer brands (Taager, Ariika, Lychee, LNKO), fintech (Khazna, Qlub), proptech (BirdNest, Yakeey), and healthcare (Grinta, Seha Tech). The thesis gravitates toward companies reaching "underserved, untapped customer segments." | The inclusion angle is structural. Bosta serves millions of Egyptian consumers who previously lacked reliable delivery. Khazna serves blue-collar workers excluded from traditional banking. If your product reaches populations that existing infrastructure misses, that is the story they want to hear. |
| **Deal structures** | 8 of 21 transactions used hybrid equity-venture debt structures. Traditional equity (12 deals) and pure debt (1 deal) also deployed. The parent company (Beltone Holding) operates in leasing, factoring, and microfinance. | BVC is unusually flexible about how it structures capital. If your business has strong unit economics and you want to minimise dilution, ask about hybrid structures. The Beltone Holding ecosystem creates additional strategic value for fintech and financial services companies. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Ali Mokhtar** (CEO and Managing Partner) | The full investment thesis, how he evaluates Egyptian startups, what he looks for in founders, and the BVC approach to creative deal structuring. Named one of Forbes Middle East's Top Venture Capitalists in 2024. | [Tomorocco Podcast](https://open.spotify.com/episode/6f7rTjPQQKJIyZvGqHOebJ) -- [Forbes ME profile](https://www.forbesmiddleeast.com/leadership/leaders-insights/powering-the-regions-startup-ecosystem) |
| **BVC investment team** | What BVC looks for in regional expansion plays: "homegrown Egyptian brands with proven profitability, exceptional leadership, and the ambition to redefine their categories across the region." Quote from the ariika/Lychee announcement. | [Disrupt Africa: ariika and Lychee Saudi expansion](https://disruptafrica.com/2026/07/01/egypts-ariika-lychee-deepen-saudi-presence-with-beltone-venture-capital-backing/) |
### Learn from funded portfolio companies
| Resource | Why it matters |
|----------|---------------|
| [Bosta partial exit at 75% IRR](https://launchbaseafrica.com/2026/05/11/beltone-clocks-75-irr-as-it-exits-egyptian-logistics-play-bosta/) | Two-year hold, 75% IRR. Shows BVC's ability to generate returns quickly and validates the thesis that Egyptian logistics infrastructure can produce institutional-grade outcomes. Study the Bosta trajectory if you want to understand the exit timeline BVC targets. |
| [Cathedis exit at 100% IRR](https://launchbaseafrica.com/) | Morocco-based logistics exit. Shows BVC can replicate the exit playbook outside Egypt, which is relevant if you are pitching a cross-border story. |
| [BVC 271% revenue jump (Q1 2026)](https://launchbaseafrica.com/2026/05/25/egypts-beltone-reaps-271-venture-capital-revenue-jump-as-bosta-exit-validates-strategy/) | The financial performance of BVC itself shows the fund is performing, which matters for your follow-on story: BVC-backed companies benefit from a fund that is demonstrably successful. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Email directly** | IR@beltoneholding.com or info@beltoneholding.com with your pitch deck. The team reviews inbound submissions on a rolling basis. |
| **Portfolio founder referrals** | Bosta, Trella, Khazna, Taager, Grinta, Qlub, Ariika, and Lychee founders all have direct relationships with Ali Mokhtar and the BVC team. The Egyptian startup ecosystem is concentrated enough that one degree of separation is often sufficient. |
| **Egyptian ecosystem events** | RiseUp Summit, Cairo Angels, Flat6Labs alumni network, and the broader Egyptian entrepreneur community provide natural pathways. BVC is active in the Cairo tech scene. |
| **Ali Mokhtar on LinkedIn** | The CEO is accessible through LinkedIn and is the primary investment decision-maker. |
### What you can't find
There is no published investment methodology document, annual report, or detailed impact framework. The specific financial thresholds for what BVC considers "investable" at each stage (pre-seed versus Series A versus growth) are not documented. The CI Venture Capital partnership terms and how the $30M fund allocation is structured between equity and debt are not public. Syed Basar Shueb (Chairman) and Dalia Khorshid (Group CEO) have very limited public content related to the VC platform specifically.
---
## Pitch Format
Email your pitch deck (PDF preferred) to IR@beltoneholding.com. Include your business model, market opportunity, traction metrics, unit economics, team, and funding needs. Given the hybrid investment approach, be prepared to discuss both equity and debt structures. Warm introductions through portfolio founders or the Egyptian tech ecosystem are helpful but not required.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies (Selected from 19+)
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Bosta | Egypt | Last-mile delivery and logistics platform | Growth | Partial exit |
| Trella | Egypt | Digital freight and trucking platform | Growth | -- |
| Khazna | Egypt | Financial services for blue-collar workers | Growth | -- |
| Taager | Egypt | Social commerce and dropshipping platform | Growth | -- |
| Grinta | Egypt | Healthcare distribution and pharmacy platform | Growth | -- |
| Qlub | Egypt/MENA | Restaurant payments and fintech | Growth | -- |
| Ariika | Egypt | Direct-to-consumer furniture and home goods | Growth | -- |
| Lychee | Egypt | Healthy food and beverage brand | Growth | -- |
| BirdNest | Egypt | Property technology platform | Seed | -- |
| Yakeey | Morocco | Proptech platform | Series A | 2026 |
| VelyVelo | Morocco/Europe | Electric bike sharing and transportation | Growth | -- |
| Cathedis | Morocco | Logistics and distribution | Growth | -- |
| Carbon Sifr | Egypt | Carbon technology and climate solutions | Early stage | -- |
| Sylndr | Egypt | Used car marketplace | Venture debt | -- |
| LNKO | Egypt | Brand aggregation platform | Growth | -- |
| Seha Tech | Egypt | Healthcare technology platform | Early stage | -- |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Ali Mokhtar | CEO and Managing Partner, Beltone VC | -- | -- |
| Syed Basar Shueb | Chairman, Beltone Holding | -- | -- |
| Dalia Khorshid | Group CEO, Beltone Holding | -- | -- |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Beltone Holding -- Venture Capital](https://www.beltoneholding.com/en/business-line/venture-capital)
- [Launch Base Africa: Beltone reaps 271% VC revenue jump as Bosta exit validates strategy (May 2026)](https://launchbaseafrica.com/2026/05/25/egypts-beltone-reaps-271-venture-capital-revenue-jump-as-bosta-exit-validates-strategy/)
- [Launch Base Africa: Armed with $30M, Beltone became a top startup investor in Africa in 2024 (February 2025)](https://launchbaseafrica.com/2025/02/04/armed-with-30m-egypts-beltone-capital-became-a-top-startup-investor-in-africa-in-2024/)
- [Disrupt Africa: Beltone Holding launches growth-stage PE platform (February 2026)](https://disruptafrica.com/2026/02/27/egypts-beltone-holding-launches-growth-stage-private-equity-platform/)
- [Zawya: Beltone Venture Capital invests in LNKO](https://www.zawya.com/en/business/investment/egypt-beltone-venture-capital-fuels-expansion-plans-across-africa-via-investment-in-lnko-hk5khw1y)
- [Daba Finance: Beltone partners Citadel to co-manage $30M fund](https://www.dabafinance.com/en/news/egypts-beltone-partners-with-citadel-to-manage-30m-startup-fund)
- [SuperScout: Beltone investor profile](https://superscout.co/investor/beltone)
---
---
name: Benchmark
slug: benchmark
buildTypes: ["Consumer-social", "Marketplace-commerce", "AI-ML"]
thesis: We invest in the courage of the founder.
website: 'https://benchmark.com'
apply: 'No open application process. Requires warm intro from a portfolio founder or LP.'
region: 'Global'
hq: 'San Francisco, California, USA'
sectors:
- Sector-agnostic
stage:
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: ''
africaFocus: 'Occasional / opportunistic. Not an Africa-active fund.'
status: active
tier: '1'
lastVerified: '2026-07-31'
edgeRating: edge-sparse
edgeResources:
- name: Eric Vishria interview
category: decision-maker-reveal
score: 4
description: >-
The three-part evaluation: macro shift, hyper-learning founder, unique
insight. Covers AI and infrastructure. His quote on warm intros: "the
highest c...
link: >-
https://www.theloganbartlettshow.com/archive/ep-90-eric-vishria-general-partner-benchmark-capital-behind-the-scenes-of-benchmarks-boldest-bets
- name: Peter Fenton interview
category: decision-maker-reveal
score: 4
description: >-
"Can you unlock consumption?" -- market pull over market push. Bets on
character over experience.
link: 'https://20vc.substack.com/p/20vc-benchmarks-peter-fenton-on-the-ac3'
- name: Bill Gurley interview
category: decision-maker-reveal
score: 4
description: >-
The 10-factor marketplace framework. "Orient yourself towards the failure
being missing out on a huge winner." Still the most cited VC framework for
m...
link: >-
https://abovethecrowd.com/2012/11/13/all-markets-are-not-created-equal-10-factors-to-consider-when-evaluating-digital-marketplaces/
- name: Sarah Tavel interview
category: decision-maker-reveal
score: 4
description: >-
The Hierarchy of Engagement: core action, accruing benefits,
self-perpetuating growth. A framework for evaluating consumer product
stickiness.
link: 'https://sarahtavel.medium.com/the-hierarchy-of-engagement-5803bf4e6cfa'
- name: Warm introductions
category: pipeline-pathway
score: 3
description: >-
The only realistic path. Vishria called portfolio founder referrals "the
highest compliment." With hundreds of portfolio companies, finding a
connecti...
- name: Build in public
category: pipeline-pathway
score: 3
description: >-
Benchmark partners are active on X/Twitter and notice founders who build
visibly. This is a long-game strategy, not a cold pitch tactic.
- name: Target the right partner
category: pipeline-pathway
score: 3
description: >-
Eric Vishria (AI/infrastructure) or Chetan Puttagunta
(enterprise/developer tools) are the most likely entry points depending on
your sector. There is...
portfolioTotalCount: 0
portfolioClassifiedCount: 0
portfolioUnclassifiedCount: 0
---
> **How to use this page:** Benchmark does not run an Africa-focused fund and has made few, if any, direct African investments. Treat this page as reference thesis material, not a live application target: it shows how a top-tier global firm evaluates founders and structures deals, which is useful groundwork even if Benchmark itself is not the right fund for you right now.
---
## Overview
Benchmark is the most concentrated top-tier venture firm in Silicon Valley. They make only 8 to 12 new investments per year, which means every single investment is a major commitment from the entire partnership. Their portfolio speaks for itself: Uber, Snapchat, Twitter, Instagram, Discord, Zillow, Stitch Fix, and Elastic. They have produced 24 unicorns and 26 IPOs, with recent exits including Discord (January 2026) and Manus acquired by Meta (December 2025).
What makes Benchmark structurally different is their equal carry model. Every partner shares equally in the fund's returns, which eliminates internal politics and means your board member is fully incentivised to help you win regardless of who sourced the deal. This is rare, and it matters.
---
## Key Partners (Current as of 2026)
| Partner | Role | LinkedIn | X |
|---|---|---|---|
| Peter Fenton | General Partner | [linkedin.com/in/peter-fenton](https://linkedin.com/in/peter-fenton/) | - |
| Eric Vishria | General Partner | [linkedin.com/in/ericvishria](https://linkedin.com/in/ericvishria/) | - |
| Chetan Puttagunta | General Partner | [linkedin.com/in/chetanp](https://linkedin.com/in/chetanp/) | - |
| Ev Randle | General Partner (joined Oct 2025) | - | - |
| Jack Altman | General Partner (joined Feb 2026) | - | - |
| Bill Gurley | Semi-retired (since 2023) | - | - |
---
## How to Get In
### Step 1: Understand the Odds
Benchmark does 8 to 12 deals per year. That is not a typo. They see thousands of companies and invest in fewer than a dozen. This is not a numbers game, and every deal is the result of deep conviction from the partnership.
### Step 2: Reach Out or Get Introduced
There is no open application. You can reach out through their website, but warm introductions carry significantly more weight. The best intros come from Benchmark portfolio founders who can vouch for you personally.
- **Contact:** Through [benchmark.com](https://benchmark.com)
- **Best path:** Warm intro from a portfolio founder or trusted operator in their network
**Where to find warm intros (essential for Benchmark):**
Getting a warm intro to Benchmark is not optional, it is essential. With only 8-12 investments per year, cold outreach almost never converts. Here is how to build a path in:
- **Identify the right partner:** Each of the 5 active partners (Peter Fenton, Eric Vishria, Chetan Puttagunta, Ev Randle, Jack Altman) has distinct areas of focus. Research their portfolio companies and public commentary to find the partner whose thesis aligns with yours.
- **VCSheet and Superscout** map Benchmark's portfolio founder network. Use them to identify founders in adjacent spaces who could make an introduction on your behalf.
- **OpenVC** lists Benchmark partners and their investment preferences, making it easier to target the right person.
- **Portfolio founder network:** Benchmark has backed Uber, Discord, Snapchat, Twitter, Instagram, Elastic, and many others. Alumni from these companies are spread across the tech ecosystem, and many are now founders or operators who can intro you if the fit is genuine.
- **Engage with partner content:** Peter Fenton is active on social media, and several Benchmark partners share their thinking publicly. Thoughtful engagement builds familiarity over time, and partners do notice founders who contribute meaningfully to conversations they care about.
### Step 3: Have a Working Product
Benchmark rarely invests at the idea stage. They want to see a working product with real usage data. Not a prototype, not a landing page with a waitlist, but actual users doing actual things with your product.
---
## Best Advice
Because the partnership is small and equal-carry, every partner is deeply involved with every portfolio company. This means your Benchmark board member will be one of the most engaged investors you will ever have, but it also means they are incredibly selective about what they take on.
They want category-defining companies with network effects or winner-take-most dynamics. If your market is fragmented and likely to stay fragmented, Benchmark is probably not the right fit. They are looking for businesses where the winner captures the vast majority of value.
Focus areas include AI, marketplaces, consumer tech, and enterprise software. Come with a working product, real usage data, and a clear thesis on why your company will define its category.
---
## Contextual Edge
**Preparation rating:** Edge-sparse for Africa specifically -- Benchmark has zero direct African investments and no Africa thesis, but the partners publish extensively about their evaluation methodology, and studying how they think about markets and founders gives you a framework for pitching any top-tier global firm.
> **Start here:** Read [Eric Vishria: Behind the Scenes of Benchmark's Boldest Bets](https://www.theloganbartlettshow.com/archive/ep-90-eric-vishria-general-partner-benchmark-capital-behind-the-scenes-of-benchmarks-boldest-bets) (the partner explains Benchmark's evaluation framework: "The most important thing isn't the boat. It's the wind" -- market tailwind matters more than product), then read [Bill Gurley: All Markets Are Not Created Equal](https://abovethecrowd.com/2012/11/13/all-markets-are-not-created-equal-10-factors-to-consider-when-evaluating-digital-marketplaces/) (the canonical 10-factor marketplace framework that shaped how an entire generation of investors evaluates marketplace businesses). Those two resources show you how Benchmark partners think, which is valuable preparation even if you never pitch them directly.
### How Benchmark's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Africa exposure** | Zero direct investments in African companies. No partner has made public statements about Africa as an investment geography. The only indirect link is Uber's African expansion post-Benchmark investment. | You are pitching a firm that has never invested on the continent. Your company needs to be globally exceptional, not Africa-exceptional. The pitch must centre on the market opportunity and the product, with geography as incidental. |
| **Structure** | Small, equal partnership (4-5 active GPs). Roughly 7 new investments per year. Every partner takes a board seat. Raised first growth fund (~$2B) in June 2026 alongside the traditional early-stage fund. | Benchmark is the most concentrated major VC firm. They do fewer deals than almost any comparable fund, which means the bar for conviction is extremely high but the partnership commitment post-investment is unmatched. |
| **Evaluation framework** | Vishria's three-part test: (1) What macro shift enables a breakthrough? (2) Is the founder a "hyper learner"? (3) Is there a unique insight "you've never heard"? Fenton adds: "Can you unlock consumption?" Gurley's marketplace framework provides 10 measurable factors. Sarah Tavel's Hierarchy of Engagement (core action, accruing benefits, self-perpetuating growth) is another published lens. | Study these frameworks before you pitch any global VC, not just Benchmark. If you can articulate the macro shift in your market, demonstrate hyper-learning capability, and present a unique insight the partner has never encountered, you pass the first filter at any top-tier firm. |
| **What wins** | Market tailwind ("the wind") over product polish ("the boat"). Founders who are "hyper learners." Unique insights the partners have never heard before. Gurley: "Orient yourself towards the failure being missing out on a huge winner." | If you are an African founder building in a market with a structural tailwind (mobile-first infrastructure, demographic shift, financial inclusion gap), frame that tailwind in Benchmark's language. The macro shift is the entry point. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Eric Vishria** (General Partner) | The three-part evaluation: macro shift, hyper-learning founder, unique insight. Covers AI and infrastructure. His quote on warm intros: "the highest compliment" a portfolio founder can give. | [Logan Bartlett Show](https://www.theloganbartlettshow.com/archive/ep-90-eric-vishria-general-partner-benchmark-capital-behind-the-scenes-of-benchmarks-boldest-bets) |
| **Peter Fenton** (General Partner) | "Can you unlock consumption?" -- market pull over market push. Bets on character over experience. | [20VC podcast](https://20vc.substack.com/p/20vc-benchmarks-peter-fenton-on-the-ac3) |
| **Bill Gurley** (Emeritus) | The 10-factor marketplace framework. "Orient yourself towards the failure being missing out on a huge winner." Still the most cited VC framework for marketplace evaluation. | [Above the Crowd blog](https://abovethecrowd.com/2012/11/13/all-markets-are-not-created-equal-10-factors-to-consider-when-evaluating-digital-marketplaces/) -- [Ritholtz podcast (March 2026)](https://ritholtz.com/2026/03/mib-bill-gurley/) |
| **Sarah Tavel** (Venture Partner) | The Hierarchy of Engagement: core action, accruing benefits, self-perpetuating growth. A framework for evaluating consumer product stickiness. | [Medium: Hierarchy of Engagement](https://sarahtavel.medium.com/the-hierarchy-of-engagement-5803bf4e6cfa) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Warm introductions** | The only realistic path. Vishria called portfolio founder referrals "the highest compliment." With hundreds of portfolio companies, finding a connection requires mapping your network against theirs. |
| **Build in public** | Benchmark partners are active on X/Twitter and notice founders who build visibly. This is a long-game strategy, not a cold pitch tactic. |
| **Target the right partner** | Eric Vishria (AI/infrastructure) or Chetan Puttagunta (enterprise/developer tools) are the most likely entry points depending on your sector. There is no EMEA partner. |
### What you can't find
No Africa thesis exists -- not hidden, just absent. No partner has publicly discussed emerging markets as an investment category. No African founder is known to have received Benchmark funding. There is no formal sourcing channel for non-US founders. The firm does not have an application portal, an EMEA office, or an emerging markets mandate. If you pursue Benchmark, you are betting that your company is globally compelling enough to break a pattern the firm has never broken before.
---
## Pitch Format
- **No fluff:** With 8-12 investments per year, they have zero tolerance for generic slides
- **Lead with the product:** Show them what you have built and who is using it
- **Usage data:** Real metrics, real users, real engagement patterns
- **Category thesis:** Why this market will have a dominant winner, and why that winner is you
- **Network effects:** If your product has them, make them central to your narrative
---
## Portfolio Highlights
| Company | Category | Outcome |
|---|---|---|
| Uber | Marketplace / Mobility | IPO |
| Snapchat | Consumer / Social | IPO |
| Twitter | Consumer / Social | IPO |
| Instagram | Consumer / Social | Acquired by Meta |
| Discord | Consumer / Communication | Exit Jan 2026 |
| Zillow | Marketplace / Real Estate | IPO |
| Elastic | Enterprise / Search | IPO |
| Stitch Fix | Consumer / E-commerce | IPO |
| Manus | AI | Acquired by Meta Dec 2025 |
---
## Real Decks and African Portfolio Connections
Study decks from companies that have raised from hyper-selective firms. The patterns are different from what works at higher-volume investors.
See: [Pitch Deck Library](/founder-stack/pitch-decks)
Benchmark has no direct investments in African startups. This section will be updated as connections emerge.
---
## African Alumni and Connections
Benchmark has no direct Africa investments. This is not an oversight, but rather reflects their focus on US-centric, category-defining platform companies. The firm does not have regional programmes or emerging market strategies.
**What this means for you:** Benchmark is aspirational for most founders globally, not just African founders. Study their thesis for pattern recognition. Understanding what "category-defining" means to Benchmark will sharpen your thinking even if you never pitch them. If you are building a global platform company with network effects and happen to be based in Africa, the door is not closed, but the bar is extraordinarily high and the focus is US market dynamics.
---
## Cross-Reference Bar
| Resource | Link |
|---|---|
| Pitch Deck Templates and Examples | [/founder-stack/pitch-decks](/founder-stack/pitch-decks) |
| Legal Documents and Term Sheets | [/founder-stack/documents](/founder-stack/documents) |
| Compliance and Incorporation | [/founder-stack/compliance](/founder-stack/compliance) |
---
## Start Here
Built by [Adtivity](https://adtivity.xyz) -- the growth layer for founders.
[Join Adtivity Free](https://adtivity.xyz/signup) | [Add Your Profile to The Wall](https://adtivity.xyz/wall)
---
## Sources
- Benchmark official site: [benchmark.com](https://benchmark.com)
- Benchmark AUM and portfolio data: [pitchbook.com](https://pitchbook.com)
- Discord exit reporting: [techcrunch.com](https://techcrunch.com)
- Manus-Meta acquisition: [theverge.com](https://theverge.com)
---
---
name: Big Brain Holdings
slug: big-brain-holdings
buildTypes: ["AI-x-crypto", "Infra-protocol", "Hardware-DePIN", "DeFi-trading-lending"]
thesis: 'Backs conviction and radical ideas at the intersection of intelligence, autonomy and infrastructure. A family-office-style holding company, not a classic fund, with 120+ portfolio companies and LP positions in 60+ other funds.'
website: 'https://www.bigbrain.holdings'
apply: 'Site contact form at bigbrain.holdings/#contact under the "Investment" category, or email hello@bigbrain.holdings.'
region: 'Global'
hq: 'Not disclosed'
sectors:
- AI-x-Crypto
- DePIN
- Infrastructure
- Consumer
- DeFi
stage:
- Seed
- Series A
- Growth
chequeMin: null
chequeMax: null
chequeDisplay: ''
chains:
- Solana
- NEAR
- Avalanche
- Multi-chain
format: 'Application form'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '3'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Site contact form, Investment category
category: pipeline-pathway
score: 4
description: >-
A real, structured intake with a dedicated "Investment" category,
backed by a monitored email (hello@bigbrain.holdings). More formal
than most funds this size offer.
link: 'https://www.bigbrain.holdings'
- name: BBH portfolio scale (120+ companies, 60+ funds, 40+ countries)
category: portfolio-pattern
score: 4
description: >-
One of the largest disclosed portfolios of any fund in this tier.
Being an LP in 60+ other funds means a Solana or DePIN micro fund that
already backed you may be able to make a warm introduction.
link: 'https://www.bigbrain.holdings'
- name: '"Intelligence, autonomy, infrastructure" thesis language'
category: evaluation-framework
score: 4
description: >-
The fund states its focus in three words. Lead your pitch with the one
that applies most directly, and use their own vocabulary rather than
generic startup language.
link: 'https://www.bigbrain.holdings'
- name: Early Solana DePIN position (Grass)
category: portfolio-pattern
score: 3
description: >-
BBH was early to Grass, one of the defining Solana DePIN breakouts of
the last cycle, which is a concrete, citable precedent for AI-adjacent
DePIN founders on Solana.
link: 'https://www.bigbrain.holdings'
portfolioSectorSplit:
AI-x-Crypto: 38
Infrastructure: 25
DePIN: 25
DeFi: 12
portfolioChainSplit:
Ethereum: 50
Solana: 25
Multi-chain: 25
portfolioTotalCount: 8
portfolioClassifiedCount: 8
portfolioUnclassifiedCount: 0
sectorsNote: 'Sector split covers the eight named portfolio companies visible on bigbrain.holdings against a stated total of 120+; treat the split as a sample, not the full book. Stage is not explicitly published; the array here reflects the fund''s own description of "concentrated, long-term positions" spanning seed through growth rather than a stated policy. Chain split covers only the four companies whose chain we could verify (Grass on Solana, Wormhole multichain, Flashbots and Panoptic on Ethereum).'
---
> **How to use this page:** Big Brain Holdings is unusual among micro/small funds in this directory because it behaves like a family office, not a venture fund: no cohort, no deadline, a real contact form, and LP stakes in 60+ other funds. If you are AI x crypto or Solana DePIN and can get a warm intro through one of those 60+ funds, take it; otherwise the site's own "Investment" contact form is a legitimate cold path.
---
## A. Header Block
- **Fund name:** Big Brain Holdings
- **One-line thesis:** Backs conviction and radical ideas at the intersection of intelligence, autonomy and infrastructure.
- **Website:** [bigbrain.holdings](https://www.bigbrain.holdings)
- **CTA:** [Contact BBH](https://www.bigbrain.holdings) (Investment category) or email hello@bigbrain.holdings
| Tag | Detail |
|-----|--------|
| Region | Global |
| Format | Application form (site contact form) |
| Sectors | AI x crypto, DePIN, infrastructure, consumer, DeFi |
| Stage | Seed, Series A, Growth (concentrated, long-term positions; not an explicit stated policy) |
| Cheque Size | Not disclosed |
| Admissions | Rolling |
---
## C. Overview
Big Brain Holdings, usually shortened to BBH, describes itself less as a classic venture fund and more as a holding company: it names over 120 portfolio companies, LP positions in more than 60 other funds, and exposure across 40-plus countries. The thesis is stated as backing "conviction and radical ideas" at the intersection of intelligence, autonomy and infrastructure, language that maps closely onto AI x crypto, decentralized compute and physical infrastructure networks.
The eight companies named on the site give a reasonably clear picture even against the much larger total. Grass, an AI-training-data DePIN network on Solana, was an early BBH position and one of the defining Solana DePIN breakouts of the last cycle. Hyperbolic and Ritual are AI x crypto compute and inference plays. Aethir is DePIN compute. Wormhole and Flashbots are core cross-chain and MEV infrastructure. Panoptic is a DeFi options protocol. Exo Labs rounds out the AI side.
Because BBH is an LP in 60-plus other funds, it sits structurally close to a large share of the funds in this directory, which means a founder who already has a relationship with one of those funds may be able to get a warm BBH introduction rather than cold-applying. Absent that, the site's contact form, with a dedicated "Investment" category, and a listed email are the verified cold path.
**Key stats:**
- 120+ portfolio companies stated on site; 8 named
- LP in 60+ funds across 40+ countries
- Early position in Grass, a defining Solana DePIN name
- Structured contact form with an Investment category, plus a listed email
---
## D. Key Partners
Individual partner names were not verified on the site in this session. Use the site's contact form or hello@bigbrain.holdings; the fund did not surface named investment staff at last check.
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Map yourself to "intelligence, autonomy, infrastructure"
BBH states its focus in three words. Before reaching out, identify which of the three describes your product most directly, and use that exact word in your first sentence. AI agents and inference are intelligence. Autonomous or self-directing systems, including robotics-adjacent products, are autonomy. Physical or compute networks are infrastructure.
#### Step 2: Check for a warm path through BBH's LP network first
Because BBH has LP positions in more than 60 other funds, including several Solana- and DePIN-focused funds in this directory, check whether any fund that has already backed you, or one you are talking to, has a BBH relationship. A warm intro through that channel is likely to move faster than a cold form submission.
#### Step 3: Use the site's Investment contact category
Go to [bigbrain.holdings](https://www.bigbrain.holdings), find the contact form, and select the "Investment" category. Alternatively, email hello@bigbrain.holdings directly. Keep the note concise: what you build, why it fits the intelligence/autonomy/infrastructure frame, one live metric, and the round you are raising.
#### Step 4: Lead with a concentrated ask
BBH describes its style as taking large, patient, concentrated positions rather than sprinkling small checks across many companies. Frame your ask accordingly: state a specific amount and what it buys, rather than an open-ended "any amount welcome."
#### Step 5: Terms
Cheque size, instrument and stage policy are not disclosed publicly. Given the fund's description of itself as taking concentrated long-term positions, expect a more involved diligence conversation than a typical micro-fund cheque.
**Tips that matter here:**
- If you are AI x crypto or Solana DePIN, you are squarely on-thesis; lead with that rather than treating it as one of several possible fits.
- Cite Grass by name if your product is an adjacent Solana DePIN or AI-training-data network; it is BBH's clearest, most citable precedent.
- Because BBH is an LP in so many other funds, ask any fund you already have a relationship with whether they can make the introduction before going in cold.
---
## F. Best Advice from Founders
No public founder accounts of the BBH process were found in this session. The clearest available guidance is structural: BBH's scale as an LP means the fastest path in for most founders is likely a warm introduction through an existing fund relationship rather than the cold form, even though the form is a legitimate channel.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. BBH publishes its thesis, a structured contact form with an investment category, and a partial but real portfolio list. It does not publish cheque size, individual partners, or stage policy, and the full 120+ company portfolio is not enumerated on the pages we could fetch.
> **Start here:** Read the "intelligence, autonomy, infrastructure" language on [bigbrain.holdings](https://www.bigbrain.holdings) and decide which word is your headline, then check whether any fund you already know is one of BBH's 60+ LP relationships before you submit the form cold.
### How Big Brain Holdings's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **AI x crypto is the largest visible slice** | Hyperbolic, Ritual and Exo Labs, all AI x crypto, are the largest named category among the eight companies we could classify. | Compute marketplaces, inference infrastructure and AI-agent-adjacent products are the strongest visible fit. |
| **Infrastructure and DePIN together are half the sample** | Wormhole and Flashbots (infrastructure) plus Grass and Aethir (DePIN) make up half of the named companies. | Cross-chain infrastructure, MEV, and decentralized compute or data networks are all on-thesis. |
| **One DeFi position** | Panoptic, an options protocol, is the only DeFi name among the eight. | DeFi is not the core of this fund's thesis; a DeFi pitch needs a strong AI or infrastructure angle to stand out. |
| **Ethereum-leaning where verifiable** | Of four companies with a verifiable chain, two are Ethereum (Flashbots, Panoptic), one is Solana (Grass) and one is multichain (Wormhole). | The fund is not chain-exclusive, but do not assume a Solana-only bias despite the Grass precedent. |
### Watch the people who decide
No individually named partners were verified on the site in this session.
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **The site's thesis statement** | The three-word filter, intelligence, autonomy, infrastructure, that stands in for a public evaluation framework. | [bigbrain.holdings](https://www.bigbrain.holdings) |
| **The LP network (60+ funds)** | Which other funds BBH has capital relationships with, and therefore where a warm intro might originate. | [bigbrain.holdings](https://www.bigbrain.holdings) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Site contact form, Investment category** | [bigbrain.holdings](https://www.bigbrain.holdings). The verified cold path. |
| **Direct email** | hello@bigbrain.holdings. |
| **LP network warm intro** | Any of the 60+ funds BBH is an LP in, several of them Solana- or DePIN-focused funds in this directory, may be able to make the introduction. |
| **Portfolio founder intro** | A founder at Grass, Hyperbolic, Aethir, Wormhole, Flashbots, Ritual, Panoptic or Exo Labs can vouch for you. |
### What you can't find
BBH does not publish a cheque range, individual partner names, response times, a stage policy, or the full 120+ company portfolio. Only eight companies were named on the pages fetched in this session; treat the sector split as a sample of the disclosed book, not the whole fund.
---
## G. Pitch Format Big Brain Holdings Expects
- No confirmed deck template; the site's contact form is structured but does not specify format
- One sentence naming which of intelligence, autonomy or infrastructure your product maps to
- A specific, concentrated ask rather than an open-ended amount
- Any existing relationship with a fund BBH may be an LP in, stated explicitly
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
The eight companies named on [bigbrain.holdings](https://www.bigbrain.holdings), against a stated total of 120+ portfolio companies. Sector and chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Grass | AI training data network | DePIN | Solana |
| Hyperbolic | Decentralized compute marketplace | AI-x-Crypto | Not verified |
| Aethir | Decentralized GPU compute network | DePIN | Not verified |
| Wormhole | Cross-chain messaging infrastructure | Infrastructure | Multi-chain |
| Flashbots | MEV infrastructure | Infrastructure | Ethereum |
| Ritual | AI inference infrastructure | AI-x-Crypto | Not verified |
| Panoptic | Options protocol | DeFi | Ethereum |
| Exo Labs | AI infrastructure | AI-x-Crypto | Not verified |
---
## I. Ecosystem Connections
- **Solana:** Grass is a defining Solana DePIN breakout and a BBH early position, giving Solana AI/DePIN founders a strong, specific precedent.
- **Ethereum:** Flashbots and Panoptic are Ethereum-native, covering MEV infrastructure and DeFi options.
- **Multi-chain infrastructure:** Wormhole's cross-chain messaging shows BBH backs infrastructure that spans ecosystems rather than committing to one.
- **Fund LP network:** BBH's 60+ LP positions in other funds, several of them Solana- and DePIN-focused funds elsewhere in this directory, mean it sits structurally close to a large share of the accessible micro-fund ecosystem.
- **Hackathons:** no formal tie found; a Colosseum or similar placement in DePIN or AI x crypto would still be a relevant credential given the portfolio's leanings.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Compare against another Solana DePIN-active fund:** [Escape Velocity (EV3)](/funds/escape-velocity-ev3)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Big Brain Holdings homepage](https://www.bigbrain.holdings)
---
---
name: British International Investment
slug: bii
buildTypes: ["Neobank/wallet"]
thesis: >-
The UK's development finance institution, deploying growth capital, debt,
and guarantees to democratise access to financial services and other
essential infrastructure across Africa and South Asia.
website: 'https://www.bii.co.uk'
apply: 'Bilateral -- BII invests directly in growth-stage companies and indirectly via fund GPs; no open pitch form for early-stage founders'
region: 'Africa and South Asia, UK development finance institution'
hq: 'London, United Kingdom'
sectors:
- Fintech
- Infrastructure
- Impact
stage:
- Growth
chequeMin: 15000000
chequeMax: 100000000
chequeDisplay: '$15M -- $100M+ (growth-stage equity, debt, and guarantees)'
format: 'Hybrid'
admissions: 'Bilateral'
africaFocus: 'active'
status: active
tier: '1'
portfolioSectorSplit: {}
portfolioModelSplit: {}
portfolioGeographySplit: {}
portfolioTotalCount: 0
portfolioClassifiedCount: 0
lastVerified: '2026-08-03'
logo: ''
---
## Overview
British International Investment (BII) is the UK government's development finance institution, deploying capital across emerging markets with a stated focus on improving accessibility, affordability, and relevance of financial products for underserved retail customers. BII has invested twice in TymeBank (South Africa), most recently backing growth capital in both Tyme South Africa and GoTyme Philippines, and separately backed Moniepoint alongside Norrsken22 and DPI.
BII operates through three portfolios internally described as Growth, Catalyst, and Kinetic, and deploys capital as equity, debt, and guarantees rather than a single instrument type. The Tyme investments illustrate the Growth portfolio's approach: equity tickets in the $18M-$20M range for fintech players with established retail traction, alongside active board-level involvement on credit underwriting, customer protection, and international expansion.
BII's African financial services portfolio extends well beyond neobanks; the firm is one of the largest DFI investors on the continent across banking, insurance, and infrastructure.
## What they invest in
BII backs growth-stage companies with proven retail traction rather than early-stage bets, deploying capital directly into companies (like Tyme) and indirectly through fund GPs it commits to as an LP. Cheque sizes for direct equity deals run from roughly $15M into the low nine figures, with debt and guarantee facilities that can run larger.
The stated thesis prioritises underserved retail customers: BII cites that its Tyme investment reached over 50% low-income customers and over 50% women in South Africa, which is representative of how BII frames impact alongside commercial return.
## How to apply
BII does not run an open pitch form for founders. Growth-stage companies with institutional traction can reach BII's sector teams directly through bii.co.uk, but the more realistic route for most founders is indirect: BII is an LP in a wide range of African-focused fund GPs, so getting backed by a BII-backed fund (several funds in this directory, including Norrsken22 and DPI, carry BII as an LP) is the practical path to eventual BII-linked capital.
## Portfolio pattern
Tyme Bank Limited (South Africa, two direct investments) and Tyme Group Pte Ltd (Singapore-domiciled, GoTyme Philippines expansion) both reflect BII's growth-equity, hands-on approach to fintech. BII was also part of the $110M Moniepoint Series C alongside DPI and LeapFrog, its largest disclosed African neobank-adjacent bet to date. All three deals share the same pattern: proven retail traction, growth-stage cheque size, and active board engagement post-investment.
---
---
name: Blizzard Fund
slug: blizzard-fund
buildTypes: ["RWA-tokenization", "Infra-protocol", "Enterprise-B2B", "Consumer-social", "DeFi-trading-lending"]
thesis: 'Backs category-defining companies building on Avalanche, the blockchain purpose-built for business, finance and global scale, with an institutional, RWA and enterprise bias.'
website: 'https://www.blizzard.fund'
apply: 'Fill the public Google Form: forms.gle/firhBQoNJ1oc5T4S9.'
region: 'Global'
hq: 'Not disclosed (Ava Labs-affiliated; distributed team)'
sectors:
- RWA
- Infrastructure
- Consumer
- DeFi
- Gaming
- Developer-Tooling
sectorsNote: 'Splits below are computed from 12 companies named on blizzard.fund, out of a stated 100-plus total investments; the fund does not publish a full portfolio list.'
stage:
- Seed
- Series A
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed. Fund size $200M+.'
chains:
- Avalanche
format: 'Application form'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '2'
lastVerified: '2026-09-09'
edgeRating: edge-rich
edgeResources:
- name: Public Google Form
category: pipeline-pathway
score: 5
description: >-
A genuinely open, public application form with no gatekeeping: fill
it out at forms.gle/firhBQoNJ1oc5T4S9. One of the most accessible
entry points among Tier-1/2 chain-native ecosystem funds in this
directory.
link: 'https://forms.gle/firhBQoNJ1oc5T4S9'
- name: Named investment team
category: decision-maker-reveal
score: 4
description: >-
Blizzard names its CIO (Lydia Chiu), a Senior Investment Associate
(Vera Im) and a Fund Controller (Elias Peralta) directly on the site,
a small, clearly identified team rather than an anonymous fund.
link: 'https://www.blizzard.fund'
- name: Hard chain gate stated outright
category: evaluation-framework
score: 4
description: >-
The fund is explicit that it backs companies "building on Avalanche,"
which functions as a hard gate. Knowing this before you apply saves
you from wasting a submission if you're not Avalanche-native or
willing to build a subnet/L1 there.
link: 'https://www.blizzard.fund'
- name: Named portfolio companies
category: portfolio-pattern
score: 3
description: >-
Homium, Protego Trust, Balcony, Steakhut and others are named
directly on the site, giving a real, if partial, picture of the
RWA and institutional-finance bias in the portfolio.
link: 'https://www.blizzard.fund'
portfolioSectorSplit:
RWA: 26
Infrastructure: 25
Consumer: 25
Developer-Tooling: 8
DeFi: 8
Gaming: 8
portfolioChainSplit:
Avalanche: 100
portfolioTotalCount: 12
portfolioClassifiedCount: 12
portfolioUnclassifiedCount: 0
---
> **How to use this page:** Blizzard Fund is Avalanche's dedicated venture fund, and chain is a hard gate here: it backs companies building on Avalanche, full stop. If that's you, this is one of the most accessible funds in this directory, a real public Google Form with no warm-intro requirement. Read Section E before you apply.
---
## A. Header Block
- **Fund name:** Blizzard Fund
- **One-line thesis:** Backs "category-defining companies building on Avalanche, the blockchain purpose-built for business, finance, and global scale"
- **Website:** [blizzard.fund](https://www.blizzard.fund)
- **CTA:** [Apply via Google Form](https://forms.gle/firhBQoNJ1oc5T4S9)
| Tag | Detail |
|-----|--------|
| Region | Global |
| Format | Application form (public Google Form) |
| Sectors | RWA, institutional finance, infrastructure, consumer, DeFi, gaming |
| Stage | Seed, Series A (occasionally leads) |
| Cheque Size | Not disclosed; fund size $200M+ |
| Admissions | Rolling |
---
## B. Batch Schedule
Not applicable. Blizzard Fund invests on a rolling basis through a single application form, not through cohorts.
---
## C. Overview
Blizzard Fund is the dedicated venture arm backing the Avalanche ecosystem, with a stated fund size over $200 million and more than 100 investments to date. Its thesis is explicit and narrow in the best way for founders trying to figure out fit: back category-defining companies building on Avalanche specifically, with the site's own framing leaning toward business, finance and global-scale use cases rather than purely speculative or consumer-first crypto.
The named portfolio reflects that institutional and RWA lean clearly: Homium (home-equity RWA), Balcony (tokenized land records), Protego Trust (institutional custody), BridgeTower Capital and Artemis Analytics (institutional-facing infrastructure and analytics). Consumer and gaming appear too, through Tixbase (ticketing), DomiOnline, KINETK, and One Earth Rising, and DeFi through Steakhut, but the center of gravity on the named list is clearly enterprise and RWA rather than DeFi-degens-first.
The team is small and named directly: Lydia Chiu as CIO, Vera Im as Senior Investment Associate, and Elias Peralta as Fund Controller. Unusually for a chain-native fund at this scale, Blizzard runs a genuinely public application process through a Google Form, with no stated requirement for a warm intro.
**Key stats:**
- $200M+ fund, 100+ investments
- Named team: CIO Lydia Chiu, Senior Investment Associate Vera Im, Fund Controller Elias Peralta
- Chain is a hard gate: Avalanche-building companies only
- Public Google Form application, no warm intro required
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Lydia Chiu | Chief Investment Officer | [blizzard.fund](https://www.blizzard.fund) |
| Vera Im | Senior Investment Associate | [blizzard.fund](https://www.blizzard.fund) |
| Elias Peralta | Fund Controller | [blizzard.fund](https://www.blizzard.fund) |
X and LinkedIn handles were not confirmed on the page we fetched, so we have linked the site directly rather than guessing handles.
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Confirm you're building on Avalanche
This is a hard gate, not a soft preference. If your company doesn't run on Avalanche, including its L1s and subnets, this is not the right fund; the site's own language is specific to "building on Avalanche."
#### Step 2: Fill out the Google Form
Go to [forms.gle/firhBQoNJ1oc5T4S9](https://forms.gle/firhBQoNJ1oc5T4S9). This is a real, public, ungated form, one of the more accessible entry points in this directory for a Tier-2 chain-native fund of this size.
#### Step 3: Lean into an institutional or RWA framing if it fits
Given the named portfolio's clear tilt toward institutional finance and RWA (Homium, Balcony, Protego Trust), a company with an enterprise, compliance-aware, or tokenized-real-world-asset angle is likely to find a more immediately legible pitch here than a purely speculative DeFi product.
#### Step 4: Use a Codebase incubator connection if you have one
Per public ecosystem knowledge, graduates of Avalanche's Codebase incubator have a documented warm path into Blizzard; if you've been through Codebase, mention it explicitly in your submission.
**Timeline:** Not published.
---
## F. Best Advice from Founders
**Take the chain gate seriously before you apply.** Blizzard's thesis is explicitly Avalanche-native; a strong pitch for a chain-agnostic or Solana/Ethereum-native product is simply off-thesis here, regardless of quality.
**RWA and institutional-finance framing resonates strongly.** The named portfolio (Homium, Balcony, Protego Trust, BridgeTower Capital) shows a fund genuinely comfortable with tokenized real-world assets and enterprise use cases, not just consumer DeFi.
**The public form is real; use it directly rather than hunting for a warm intro.** Unlike most funds in this directory, Blizzard doesn't require you to find a portfolio founder first.
---
## Contextual Edge
**Preparation rating:** Edge-rich. Blizzard states its chain gate outright, names its team, runs a genuinely open public application, and discloses a meaningful, specific portfolio sample with a clear institutional/RWA lean.
> **Start here:** Confirm your Avalanche fit, then go straight to the [Google Form](https://forms.gle/firhBQoNJ1oc5T4S9). There is no better-documented door in this fund's public presence.
### How Blizzard Fund's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **RWA and institutional finance lead** | 3 of 12 named companies (Homium, Balcony, RE) are RWA-tokenization plays, tied with infrastructure as the largest bucket. | Tokenized real-world assets, especially real estate and land, are a proven, repeated pattern here. |
| **Infrastructure has real institutional weight** | Protego Trust (custody), BridgeTower Capital and Upside all serve institutional or enterprise needs. | Enterprise-grade infrastructure fits cleanly alongside the RWA thesis. |
| **Consumer and DeFi are present, not dominant** | Tixbase, DomiOnline and KINETK (consumer) and Steakhut (DeFi) show the fund isn't RWA-only, but the visible weighting favors institutional use cases. | A consumer or DeFi pitch fits, but framing a clear path to institutional-grade usage will likely land better. |
| **100% Avalanche by definition** | Every named company builds on Avalanche; this is the fund's entire premise. | There is no ambiguity here: chain fit is binary. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Lydia Chiu** (CIO) | The senior investment decision-maker for the fund. | [blizzard.fund](https://www.blizzard.fund) |
| **Vera Im** (Senior Investment Associate) | Likely a first point of contact for deal evaluation. | [blizzard.fund](https://www.blizzard.fund) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Public Google Form** | [forms.gle/firhBQoNJ1oc5T4S9](https://forms.gle/firhBQoNJ1oc5T4S9), no warm intro required. |
| **Codebase incubator graduate** | Per public ecosystem knowledge, a documented warm path if you've completed Avalanche's Codebase program. |
| **Portfolio founder intro** | Homium, Balcony, Protego Trust and others are a starting point for a warm path if you prefer one. |
### What you can't find
There is no published cheque range and no process timeline. The site names 12 portfolio companies directly against a stated 100+ total, so this page's splits reflect a partial, though genuinely first-party, sample.
---
## G. Pitch Format Blizzard Fund Expects
- Public Google Form: standard fields covering what you're building, team, and why Avalanche
- Confirm your Avalanche-native status clearly and early
- If you have institutional, compliance, or RWA angles, state them explicitly given the visible portfolio bias
- Standard early-stage materials: team, product, traction, ask
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Companies named on [blizzard.fund](https://www.blizzard.fund). Sector tags are ours; all are Avalanche-native by the fund's own mandate.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Homium | Home-equity RWA tokenization | RWA | Avalanche |
| Balcony | Tokenized land records | RWA | Avalanche |
| RE | Real estate/RWA infrastructure | RWA | Avalanche |
| Protego Trust | Institutional custody | Infrastructure | Avalanche |
| BridgeTower Capital | Institutional infrastructure | Infrastructure | Avalanche |
| Upside | Infrastructure | Infrastructure | Avalanche |
| Artemis Analytics | Onchain analytics and reporting | Developer-Tooling | Avalanche |
| Tixbase | Ticketing platform | Consumer | Avalanche |
| DomiOnline | Consumer platform | Consumer | Avalanche |
| KINETK | Consumer/IP platform | Consumer | Avalanche |
| Steakhut | DeFi liquidity protocol | DeFi | Avalanche |
| One Earth Rising | Blockchain game | Gaming | Avalanche |
---
## I. Ecosystem Connections
- **Avalanche, exclusively:** this is the entire premise of the fund. Every named investment builds on Avalanche's C-Chain, an Avalanche L1, or a subnet.
- **Codebase incubator:** per public ecosystem knowledge, Avalanche's own incubator produces a pipeline of founders who go on to raise from Blizzard; graduating from Codebase is a documented soft path in.
- **Institutional and RWA infrastructure providers** on Avalanche (custody, compliance, tokenization) are visibly overrepresented relative to a typical general-purpose chain fund, reflecting Avalanche's own institutional positioning.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Building RWA or institutional infrastructure on another chain?** Compare against Galaxy Ventures and Pantera Capital, both active in tokenization and institutional finance.
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Blizzard Fund homepage](https://www.blizzard.fund)
- [Blizzard Fund application form](https://forms.gle/firhBQoNJ1oc5T4S9)
---
---
name: Blockchain Capital
slug: blockchain-capital
buildTypes: ["Stablecoin-payments", "On-off-ramp", "DeFi-trading-lending", "Prediction-markets", "Marketplace-commerce"]
thesis: 'Partners to crypto builders since 2013, investing across the stack from decentralized infrastructure and DeFi through consumer and CeFi, at every stage from seed to growth.'
website: 'https://www.blockchaincapital.com'
apply: 'No public application form. Route in via blockchaincapital.com/contact-us or a warm intro from a portfolio founder or advisor.'
region: 'Global'
hq: 'San Francisco, California, USA'
sectors:
- DeFi
- Infrastructure
- Consumer
- Payments-Stablecoins
sectorsNote: 'Splits below are computed from the 12 companies shown on blockchaincapital.com''s homepage portfolio module, which is the only company-level list our fetch tool could extract; the firm has invested since 2013 and its full portfolio is materially larger than this sample.'
stage:
- Seed
- Series A
- Series B+
- Growth
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed'
chains:
- Chain-agnostic
- Multi-chain
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '1'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Founding partner tenure
category: pattern-trainer
score: 4
description: >-
Bart and Brad Stephens founded the firm in 2013, among the very first
dedicated crypto funds. That tenure means the General Partners
(Aleks Larsen, Kinjal Shah, Spencer Bogart) have lived through multiple
cycles, which shows up in the portfolio's spread from CeFi exchanges to
newer DeFi and prediction-market names.
link: 'https://www.blockchaincapital.com/team'
- name: Advisor bench
category: decision-maker-reveal
score: 3
description: >-
The advisor list includes Gavin Wood (Ethereum co-creator and former
CTO) and Mike Novogratz (Galaxy). Advisors of that caliber are a signal
of the fund's standing in the ecosystem, and occasionally a path to an
intro if your product overlaps their current focus.
link: 'https://www.blockchaincapital.com/team'
- name: Investor portal and media portal
category: practice-artifact
score: 3
description: >-
A dedicated investor portal (sharesecurely.com/login) and a media
portal (mediaportal.blockchain.capital) exist for LPs and fund
reporting. Not a founder resource directly, but it signals a firm run
with institutional-grade LP infrastructure, useful context when
sizing up how a round with them would be documented.
link: 'https://www.blockchaincapital.com'
- name: Portfolio module
category: portfolio-pattern
score: 3
description: >-
The homepage names 12 companies directly, spanning DeFi (Aave),
infrastructure (EigenLayer, TRM Labs), CeFi (Circle, Kraken, Anchorage
Digital, Bitwise, Tether) and consumer (Coinbase, OpenSea, Polymarket,
World Identity). Useful for finding your closest portfolio comparable.
link: 'https://www.blockchaincapital.com'
portfolioSectorSplit:
Infrastructure: 25
Consumer: 33
DeFi: 8
Payments-Stablecoins: 34
portfolioChainSplit:
Chain-agnostic: 42
Ethereum: 33
Multi-chain: 25
portfolioTotalCount: 12
portfolioClassifiedCount: 12
portfolioUnclassifiedCount: 0
---
> **How to use this page:** Blockchain Capital is one of the oldest crypto funds (founded 2013) and one of the least publicly forthcoming about process. There is no application form and no cheque range on the site. What you do get is a real, named portfolio spanning exchanges, stablecoins, DeFi and consumer, and a team page that names every General Partner and Operating Partner. Use Section E to find the warmest realistic path in.
---
## A. Header Block
- **Fund name:** Blockchain Capital
- **One-line thesis:** "Partners to crypto builders since 2013"
- **Website:** [blockchaincapital.com](https://www.blockchaincapital.com)
- **CTA:** [Contact Blockchain Capital](https://www.blockchaincapital.com/contact-us)
| Tag | Detail |
|-----|--------|
| Region | Global (San Francisco HQ) |
| Format | Direct outreach |
| Sectors | DeFi, infrastructure, CeFi/exchanges, stablecoins, consumer |
| Stage | Seed through Growth |
| Cheque Size | Not disclosed |
| Admissions | Rolling |
---
## B. Batch Schedule
Not applicable. Blockchain Capital invests on a rolling basis across multiple fund vintages and does not run a cohort or accelerator program.
---
## C. Overview
Blockchain Capital was founded in 2013 by brothers Bart and Brad Stephens, making it one of the first dedicated crypto venture funds still operating today. Its own positioning, "Partners to crypto builders since 2013," leans on that longevity rather than a single narrow thesis, and the portfolio backs that up: it spans early exchange and custody infrastructure (Coinbase, Kraken, Anchorage Digital, Bitwise), stablecoin issuance (Circle, Tether), DeFi (Aave, EigenLayer), consumer platforms (OpenSea, Polymarket) and newer identity infrastructure (World Identity).
The General Partner team, Aleks Larsen, Kinjal Shah and Spencer Bogart, sits under the two founders, with a substantial Operating Partner bench covering technology, capital formation, legal and finance, and an unusually well-known advisor list that includes Gavin Wood, the Ethereum co-creator and former CTO, and Mike Novogratz of Galaxy. That advisor roster signals a firm with deep, long-standing relationships across the ecosystem, which matters more for a fund like this than a public thesis document, since it does not publish one.
What the firm does not publish is any process detail: no cheque range, no application form beyond a general contact page, and no public statement of current sector priorities. This makes Blockchain Capital one of the harder funds in this directory to prepare for on the fund's own terms; the workaround is to study its actual portfolio and find the closest comparable.
**Key stats:**
- Founded 2013, among the first dedicated crypto venture funds
- 12 companies named directly on the homepage, spanning seed through growth
- Advisor bench includes Ethereum co-creator Gavin Wood and Galaxy's Mike Novogratz
- No public cheque range, no application form
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Bart Stephens | Founder and Managing Partner | [blockchaincapital.com/team](https://www.blockchaincapital.com/team) |
| Brad Stephens | Founder and Managing Partner | [blockchaincapital.com/team](https://www.blockchaincapital.com/team) |
| Aleks Larsen | General Partner | [blockchaincapital.com/team](https://www.blockchaincapital.com/team) |
| Kinjal Shah | General Partner | [blockchaincapital.com/team](https://www.blockchaincapital.com/team) |
| Spencer Bogart | General Partner | [blockchaincapital.com/team](https://www.blockchaincapital.com/team) |
| Caleb Tebbe | Operating Partner and CTO | [blockchaincapital.com/team](https://www.blockchaincapital.com/team) |
| Jason Di Piazza | Operating Partner, Head of Capital Formation | [blockchaincapital.com/team](https://www.blockchaincapital.com/team) |
X and LinkedIn handles were not confirmed on the team page we fetched, so we have linked the team page directly rather than guessing handles.
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Find your closest portfolio comparable
Blockchain Capital's named portfolio spans exchanges and custody (Coinbase, Kraken, Anchorage Digital, Bitwise), stablecoins (Circle, Tether), DeFi (Aave, EigenLayer), consumer (OpenSea, Polymarket) and identity (World Identity). Whichever category you sit closest to, a founder there is your fastest realistic intro.
#### Step 2: Use the contact page
There is no dedicated deal-intake form; use [blockchaincapital.com/contact-us](https://www.blockchaincapital.com/contact-us). Given the firm's age and network, a message that demonstrates you understand which stage and category the firm typically backs is a stronger opener than a cold generic pitch.
#### Step 3: Target the General Partner whose sector overlaps yours
Aleks Larsen, Kinjal Shah and Spencer Bogart are the named General Partners; the Operating Partner bench (Caleb Tebbe as CTO, Jason Di Piazza on capital formation) suggests a firm that supports portfolio companies operationally, so once you're in conversation, expect questions about how you'd use that support.
#### Step 4: Consider the advisor network as a longer-shot path
Advisors including Gavin Wood and Mike Novogratz are unlikely cold-outreach targets, but if your product genuinely overlaps their current focus (Ethereum core infrastructure, or Galaxy's institutional/RWA focus), a substantive, specific note referencing their public work is a legitimate longer-shot path.
**Timeline:** Not published.
---
## F. Best Advice from Founders
**This is a relationship-first fund, not a form-first fund.** With no public application and 13 years of operating history, the realistic path in is almost always a warm intro, and the strength of that intro matters more here than at newer, more process-driven funds.
**The portfolio spread across CeFi and DeFi is real, not superficial.** Naming Coinbase, Kraken, Circle and Tether alongside Aave and EigenLayer on the same homepage module suggests a fund genuinely comfortable across both centralized and decentralized crypto infrastructure, so don't assume you need to be "DeFi-native" to fit.
**Institutional-grade LP infrastructure (investor portal, media portal) signals a firm that runs a tight operation.** Expect diligence and documentation standards closer to a traditional growth-stage fund than a scrappy crypto-native one, even at seed.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. The team page is thorough and the named portfolio, advisor list and firm history are all real, verifiable signal. What's missing is any thesis document, cheque range, sector priority statement, or application process, which is unusual for a fund this established and keeps preparation harder than at more transparent peers.
> **Start here:** Read the [team page](https://www.blockchaincapital.com/team) to map General Partners to sectors, then look at the homepage portfolio module to find your closest comparable company.
### How Blockchain Capital's named portfolio breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Payments and CeFi infrastructure is the largest visible bucket** | Circle, Tether, Kraken, Anchorage Digital and Bitwise, all named, span stablecoin issuance, exchanges and institutional custody/asset management. | If your company touches regulated crypto financial infrastructure, this fund has deep, long-standing exposure to that category. |
| **Consumer is a strong second theme** | Coinbase, OpenSea, Polymarket and World Identity are all consumer-facing at meaningful scale. | Consumer crypto with real usage and, ideally, a clear identity or trust angle (per World Identity) fits the visible pattern. |
| **DeFi is present but smaller in this sample** | Aave and EigenLayer are the two DeFi/infrastructure names in the homepage module. | DeFi fits, but the visible weighting favors CeFi and consumer over pure DeFi protocols in this particular sample. |
| **Growth-stage comfort** | Several named positions (Circle, Coinbase, Tether, Polymarket) are described as Growth stage on the homepage. | This is not a seed-only fund; later-stage rounds are clearly within scope. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Bart and Brad Stephens** (Founders) | Thirteen years of continuous crypto-native investing; the firm's institutional memory. | [Team page](https://www.blockchaincapital.com/team) |
| **Aleks Larsen, Kinjal Shah, Spencer Bogart** (General Partners) | The current investment decision-makers below the founders. | [Team page](https://www.blockchaincapital.com/team) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Contact page** | [blockchaincapital.com/contact-us](https://www.blockchaincapital.com/contact-us). |
| **Portfolio founder intro** | Coinbase, Circle, Aave, EigenLayer, OpenSea and Polymarket founders are all realistic starting points. |
| **Advisor network** | Long-shot, but a specific, substantive note to an advisor whose focus overlaps yours is a legitimate path given the caliber of the list. |
### What you can't find
There is no published cheque range, no thesis document, no stated sector priorities and no application form beyond a general contact page. We could not extract the firm's full portfolio list from the site; the 12 companies used for the splits above are what the homepage module surfaced to our fetch tool, not a complete picture of a firm that has invested since 2013.
---
## G. Pitch Format Blockchain Capital Expects
- No public template; warm intro or the general contact form is the norm
- Be ready to place yourself against a named portfolio comparable (CeFi/exchange, stablecoin, DeFi, or consumer)
- Standard early-stage through growth materials once a conversation starts: team, product, traction, ask
- Given the Operating Partner bench, be ready to discuss what operational support (technology, capital formation, legal) you'd actually use
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Companies named on the [Blockchain Capital homepage](https://www.blockchaincapital.com). Sector and chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Aave | DeFi lending protocol | DeFi | Multi-chain |
| Anchorage Digital | Institutional crypto custody | Infrastructure | Chain-agnostic |
| Bitwise | Crypto asset management | Infrastructure | Chain-agnostic |
| Circle | Stablecoin issuer (USDC) | Payments-Stablecoins | Multi-chain |
| Coinbase | Exchange and onchain platform | Consumer | Multi-chain |
| EigenLayer | Restaking infrastructure | Infrastructure | Ethereum |
| Kraken | Crypto exchange | Payments-Stablecoins | Chain-agnostic |
| OpenSea | NFT marketplace | Consumer | Multi-chain |
| Polymarket | Prediction markets | Consumer | Chain-agnostic |
| Tether | Stablecoin issuer (USDT) | Payments-Stablecoins | Multi-chain |
| TRM Labs | Blockchain compliance and analytics | Infrastructure | Chain-agnostic |
| World Identity | Privacy-preserving identity | Consumer | Chain-agnostic |
---
## I. Ecosystem Connections
- **CeFi and regulated infrastructure:** the firm's deepest, most consistent exposure, spanning exchanges (Coinbase, Kraken), custody (Anchorage Digital) and asset management (Bitwise).
- **Stablecoins:** both major dollar-pegged stablecoin issuers, Circle and Tether, are named positions, giving the fund unusually direct exposure to payments infrastructure at the center of the ecosystem.
- **Ethereum DeFi and restaking:** Aave and EigenLayer anchor the fund's DeFi-native exposure.
- **No verified single non-Ethereum chain-native position** in the sample we could confirm; the portfolio reads as chain-agnostic or multi-chain by design across CeFi, stablecoins and consumer.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Raising a stablecoin or exchange-adjacent round?** Compare against Haun Ventures and Coinbase Ventures, both deeply active in the same categories.
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Blockchain Capital homepage](https://www.blockchaincapital.com)
- [Blockchain Capital team page](https://www.blockchaincapital.com/team)
---
---
name: Boost VC
slug: boost-vc
buildTypes: ["Infra-protocol"]
thesis: 'Generalist pre-seed deep-tech fund aiming to "make 1 billion lives better." Not a crypto-exclusive fund, but a high-volume, fully public, cold-friendly pitch form and a crypto heritage (an early Coinbase seed check) make it a genuine on-ramp for pre-seed founders working at the intersection of crypto and physical-world deep tech.'
website: 'https://www.boost.vc'
apply: 'Public Fillout pitch form at boostvc.fillout.com. Fully cold-friendly, no warm intro required.'
region: 'Global'
hq: 'Not disclosed'
sectors:
- Infrastructure
- DePIN
- AI-x-Crypto
stage:
- Pre-Seed
chequeMin: 500000
chequeMax: 500000
chequeDisplay: '$500K standard check'
chains:
- Chain-agnostic
format: 'Application form'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '3'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Public Fillout pitch form
category: pipeline-pathway
score: 5
description: >-
A genuinely cold-friendly, high-volume public intake at
boostvc.fillout.com. No warm intro required, which is rare at any
cheque size this large.
link: 'https://www.boost.vc'
- name: '"~70 startups per year, $5B+ follow-on raised" cadence'
category: evaluation-framework
score: 4
description: >-
Boost VC states its own volume and portfolio follow-on performance
publicly. A fund this systematic about intake is worth applying to
even without a warm connection.
link: 'https://www.boost.vc'
- name: Coinbase as the fund's flagship early crypto seed
category: portfolio-pattern
score: 3
description: >-
Boost VC's earliest, most prominent crypto position; a rare, verified
data point that the fund has crypto-native conviction dating back to
the earliest days of the industry.
link: 'https://www.boost.vc'
- name: '"Team energy and timing urgency" screen'
category: evaluation-framework
score: 3
description: >-
The fund states plainly what it screens for: team energy, timing
urgency, and a vision "no other investor is willing to make." Use
this language directly when framing your pitch.
link: 'https://www.boost.vc'
portfolioSectorSplit:
Infrastructure: 100
portfolioChainSplit:
Chain-agnostic: 100
portfolioTotalCount: 6
portfolioClassifiedCount: 1
portfolioUnclassifiedCount: 5
sectorsNote: 'Boost VC is a generalist deep-tech fund, not a crypto-exclusive one. Of the six portfolio companies named on the site, only Coinbase is crypto-native and classifiable against this directory''s sector and chain taxonomy; the other five (Radiant Nuclear, Deepgram, K2 Space, Starfish Space, Grid Aero) are non-crypto deep tech (energy, AI, aerospace) and are left unclassified rather than forced into a crypto sector. Treat the 100% Infrastructure split as a single data point, not a representative sample.'
---
> **How to use this page:** Boost VC is not a crypto-focused fund, but its public, cold-friendly pitch form and stated bias toward DePIN, energy and robotics-adjacent deep tech make it a legitimate on-ramp for a pre-seed crypto founder building physical-world infrastructure. If you fit that overlap, the form is a same-day submission with no warm intro required.
---
## A. Header Block
- **Fund name:** Boost VC
- **One-line thesis:** Generalist pre-seed deep-tech fund, "make 1 billion lives better."
- **Website:** [boost.vc](https://www.boost.vc)
- **CTA:** [Submit the public pitch form](https://www.boost.vc) (boostvc.fillout.com)
| Tag | Detail |
|-----|--------|
| Region | Global |
| Format | Application form (public Fillout form, fully cold-friendly) |
| Sectors | Infrastructure, DePIN, AI x crypto (within a broader non-crypto deep-tech mandate) |
| Stage | Pre-Seed |
| Cheque Size | $500K standard check |
| Admissions | Rolling |
---
## C. Overview
Boost VC is a generalist pre-seed fund, not a crypto-exclusive one. Its stated mission, to "make 1 billion lives better," spans deep tech broadly: energy, aerospace, AI and robotics alongside crypto. It funds roughly 70 startups a year through a genuinely public, high-volume pitch process, and states that its portfolio has raised over $5B in follow-on capital.
What earns Boost VC a place in this directory is twofold. First, it holds one of the earliest and most notable crypto seed checks of any fund still active today: an early investment in Coinbase, long before the exchange's IPO. Second, its current deep-tech mandate overlaps meaningfully with DePIN, energy infrastructure and robotics, categories where crypto-native and non-crypto deep tech increasingly intersect. The other five named portfolio companies on the site, Radiant Nuclear, Deepgram, K2 Space, Starfish Space and Grid Aero, are non-crypto deep tech: nuclear energy, AI voice, space infrastructure and aerospace robotics, which illustrates the fund's actual center of gravity honestly.
The standout feature for a founder is process: Boost VC runs a public Fillout pitch form with no warm intro required, standard $500K checks, and a stated screen for "team energy," timing urgency, and a vision other investors are not yet willing to fund. For a crypto founder building DePIN, energy tokenization or robotics-adjacent infrastructure, this combination of a real cheque and a genuinely cold-friendly door is uncommon.
**Key stats:**
- ~70 startups funded per year, standard $500K checks
- $5B+ in follow-on capital raised by the portfolio (fund's own stated figure)
- Early Coinbase seed investor, the fund's clearest crypto-native precedent
- Fully public, cold-friendly pitch form; no warm intro required
---
## D. Key Partners
Individual current partner names were not verified on the site in this session. The public pitch form is the fund's primary point of contact and does not require identifying a specific partner in advance.
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Confirm the deep-tech overlap, honestly
Boost VC is not a crypto fund first. Before applying, be honest with yourself about whether your product is genuinely deep tech with a crypto or token layer, DePIN, energy infrastructure, robotics-adjacent, rather than a crypto-native product with no physical-world or deep-tech component. The fund's named portfolio is overwhelmingly non-crypto, and a pure DeFi or consumer crypto pitch is a weak fit here regardless of the Coinbase precedent.
#### Step 2: Prepare for a "team energy and timing" screen
The fund states plainly what it looks for: team energy, a sense of timing urgency, and a vision "no other investor is willing to make." This is a founder-and-conviction screen more than a metrics screen at this stage. Prepare to convey why now, and why you specifically, in the first few lines of your submission.
#### Step 3: Submit the public Fillout form
Go to [boost.vc](https://www.boost.vc) and find the pitch form (boostvc.fillout.com). It is designed for cold submissions at volume, roughly 70 funded startups a year, so there is no need for a warm intro or a special introduction to apply.
#### Step 4: Be ready to move fast if there's interest
A fund funding ~70 companies a year at $500K checks is optimized for speed and volume rather than long diligence cycles. If you get a response, expect the conversation to move quickly relative to larger, slower funds.
#### Step 5: Terms
The standard check is $500K, publicly stated. Instrument, ownership target and lead vs. co-invest posture are not disclosed beyond that figure; expect to discuss specifics once you're in conversation.
**Tips that matter here:**
- Lead with the DePIN, energy or robotics angle if you have one; it is the strongest available overlap with the fund's actual portfolio pattern.
- Do not lean on the Coinbase precedent alone; it is decades old and the fund's current activity is overwhelmingly non-crypto deep tech.
- Because the form is high-volume and cold-friendly, a clear, specific, well-written submission matters more here than an introduction would at a smaller, relationship-driven fund.
---
## F. Best Advice from Founders
No public founder accounts of the Boost VC crypto-specific process were found in this session. The clearest available guidance is the fund's own stated screen, team energy, timing urgency and a bold, singular vision, which applies regardless of sector and is the honest bar to prepare against.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. Boost VC publishes a real, public, cold-friendly pitch form, a standard cheque size, and a stated screen for what it looks for, which is more process transparency than many funds in this tier offer. What it does not publish, for a crypto founder specifically, is any crypto-focused portfolio depth beyond a single early Coinbase position; the sector fit has to be argued for, not assumed.
> **Start here:** Read the fund's stated mission and screen on [boost.vc](https://www.boost.vc), and be honest about whether your product's deep-tech or physical-infrastructure component is real and central, not decorative, before you submit.
### How Boost VC's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Overwhelmingly non-crypto deep tech** | Of six named portfolio companies, five (Radiant Nuclear, Deepgram, K2 Space, Starfish Space, Grid Aero) are non-crypto: nuclear energy, AI voice, space and aerospace robotics. | This is a generalist deep-tech fund first. A crypto pitch needs a genuine physical-world or deep-tech component to fit the actual pattern, not just the stated thesis language. |
| **One verified, historic crypto position** | Coinbase is the sole named crypto-native company, an early seed check long before its IPO. | Useful as evidence the fund has crypto conviction, but it is a single, old data point, not a current sector focus. |
| **Energy and robotics overlap is the real crypto-adjacent lane** | Radiant Nuclear (energy) and Starfish Space/Grid Aero (robotics/aerospace) show the fund's genuine appetite for physical infrastructure. | DePIN energy networks or robotics-adjacent crypto infrastructure is the most honest overlap to pitch into. |
### Watch the people who decide
No individually named current partners were verified on the site in this session.
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **The fund's stated screen** | "Team energy," timing urgency, and a vision other investors will not yet fund, published directly on the site. | [boost.vc](https://www.boost.vc) |
| **The fund's stated cadence** | ~70 startups a year and $5B+ in portfolio follow-on funding, both self-reported. | [boost.vc](https://www.boost.vc) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Public Fillout pitch form** | boostvc.fillout.com, linked from [boost.vc](https://www.boost.vc). Fully cold-friendly, no warm intro required. |
| **DePIN, energy or robotics framing** | The strongest honest overlap between this fund's actual portfolio pattern and a crypto pitch. |
### What you can't find
Boost VC does not publish a current team page with named partners, response times, or a crypto-specific portfolio beyond the single Coinbase position. The fund's own sector language (Infrastructure, DePIN, AI x crypto) in this directory reflects the overlap between its deep-tech mandate and crypto, not a stated crypto-exclusive focus.
---
## G. Pitch Format Boost VC Expects
- The public Fillout pitch form as the primary and only confirmed intake
- A clear, specific statement of "why now" and "why you," matching the fund's stated screen
- An honest, central deep-tech or physical-infrastructure component if you are pitching a crypto product
- No warm intro or special introduction required
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
The six companies named on [boost.vc](https://www.boost.vc). Only Coinbase is crypto-native; the other five are listed for honest context on the fund's actual portfolio composition.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Coinbase | Cryptocurrency exchange | Infrastructure | Chain-agnostic |
| Radiant Nuclear | Nuclear energy technology (non-crypto) | Not classified (non-crypto) | Not applicable |
| Deepgram | AI voice and speech recognition (non-crypto) | Not classified (non-crypto) | Not applicable |
| K2 Space | Satellite and space infrastructure (non-crypto) | Not classified (non-crypto) | Not applicable |
| Starfish Space | Spacecraft servicing robotics (non-crypto) | Not classified (non-crypto) | Not applicable |
| Grid Aero | Aerospace technology (non-crypto) | Not classified (non-crypto) | Not applicable |
---
## I. Ecosystem Connections
- **Crypto heritage, not crypto focus:** the fund's earliest and most prominent crypto position, Coinbase, remains its clearest tie to the industry; current activity is overwhelmingly non-crypto deep tech.
- **DePIN and energy overlap:** Radiant Nuclear's energy focus is the closest thematic bridge to DePIN energy networks that a crypto founder could point to.
- **Robotics and physical infrastructure:** Starfish Space and Grid Aero show an appetite for hard, physical-world engineering that overlaps with crypto-native robotics and DePIN mapping networks.
- **Hackathons:** no formal tie found; given the fund's volume-driven, cold-friendly intake, a hackathon credential is a reasonable line item in the pitch form but not a required pathway.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Compare against a DePIN-focused fund:** [Escape Velocity (EV3)](/funds/escape-velocity-ev3)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Boost VC homepage](https://www.boost.vc)
---
---
name: Breed VC
slug: breed-vc
buildTypes: ["DeFi-trading-lending", "AI-x-crypto", "Infra-protocol", "RWA-tokenization", "Security-privacy"]
thesis: 'Advancing the decentralized world through early-stage crypto investments, with named themes of decentralized AI, agentic finance, MEV and AI infrastructure frameworks. Founded by Jed Breed, a former Partner at Arena Capital and Head of Digital Assets at Circle.'
website: 'https://breed.vc'
apply: 'Email info@breed.vc. No public form; the fund publishes on Hermes and the agentic economy, worth citing directly in outreach.'
region: 'Global'
hq: 'Not disclosed'
sectors:
- AI-x-Crypto
- DeFi
- Infrastructure
- Developer-Tooling
- Payments-Stablecoins
stage:
- Pre-Seed
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed'
chains:
- Chain-agnostic
- Ethereum
- Multi-chain
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '3'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Jed Breed's Circle and Arena Capital background
category: decision-maker-reveal
score: 4
description: >-
Founder Jed Breed was previously a Partner at Arena Capital and Head
of Digital Assets at Circle, which puts real stablecoin-issuer and
institutional-crypto operating experience behind the fund's judgment,
distinct from a purely thesis-driven or research-first fund.
link: 'https://www.cypherhunter.com/en/p/jed-breed/'
- name: Full 32-company portfolio page
category: portfolio-pattern
score: 5
description: >-
breed.vc/portfolio lists 32 named companies, spanning AI research
(Nous Research), Layer 1 infrastructure (Monad), stablecoin protocols
(Ethena, Agora), and a dense cluster of DeFi and MEV-adjacent
infrastructure (Kuru, Hyperbeat, T1 Protocol, Phylax).
link: 'https://breed.vc/portfolio'
- name: Named investment track record via Jed Breed
category: evaluation-framework
score: 3
description: >-
Public records show Jed Breed personally led investments including
t1 Protocol ($2.5M Pre-Seed, September 2024) and Jet Protocol ($4.8M
Seed, June 2021), giving a concrete sense of typical round size and
stage.
link: 'https://www.cypherhunter.com/en/p/jed-breed/'
- name: Published research on Hermes and the agentic economy
category: pattern-trainer
score: 3
description: >-
The fund publishes on agentic finance and the agentic economy. Citing
this research directly in outreach is the stated way to be legible to
the fund given the absence of a public form.
portfolioSectorSplit:
DeFi: 39
Infrastructure: 28
AI-x-Crypto: 17
Developer-Tooling: 11
Payments-Stablecoins: 5
portfolioChainSplit:
Ethereum: 45
Chain-agnostic: 36
Multi-chain: 18
portfolioTotalCount: 32
portfolioClassifiedCount: 18
portfolioUnclassifiedCount: 14
---
> **How to use this page:** Breed VC is built around founder Jed Breed's operating background at Circle and Arena Capital, and it publishes a genuinely full 32-company portfolio page, unusual for a fund this size in this directory. There is no public form, so a direct email to info@breed.vc that cites specific published research on agentic finance is the stated path. Read Section E, then write.
---
## A. Header Block
- **Fund name:** Breed VC
- **One-line thesis:** "Advancing the decentralized world," with named themes of decentralized AI, agentic finance, MEV and AI infrastructure frameworks.
- **Website:** [breed.vc](https://breed.vc)
- **CTA:** [Email info@breed.vc](mailto:info@breed.vc)
| Tag | Detail |
|-----|--------|
| Region | Global |
| Format | Direct outreach |
| Sectors | AI x crypto, DeFi, infrastructure, developer tooling, payments and stablecoins |
| Stage | Pre-Seed, Seed |
| Cheque Size | Not disclosed |
| Admissions | Rolling |
---
## C. Overview
Breed VC is founded by Jed Breed, previously a Partner at Arena Capital and Head of Digital Assets at Circle, the stablecoin issuer. That background shows up directly in the fund's named investment themes: decentralized AI, agentic finance, MEV, and AI infrastructure frameworks, a more technically specific set of categories than most generalist crypto micro-funds state publicly.
Unlike several funds in this batch, Breed VC publishes a full portfolio page rather than a partial list: 32 named companies at breed.vc/portfolio. The pattern is clear once laid out. AI research and infrastructure is a real cluster (Nous Research, EXO, Perle, USD.AI), Layer 1 and stablecoin infrastructure is another (Monad, Ethena, Agora, Plume, RWA.xyz), and a dense group of DeFi and MEV-adjacent protocols rounds out the rest (Kuru, Hyperbeat, T1 Protocol, Phylax, BSX Exchange, Checker, Perena, Cap, Credora, Vertex-adjacent names like Infinex). Security and tooling names (Spearbit) and cross-chain infrastructure (Squid Router, One Balance) also appear.
There is no public application form. The fund states info@breed.vc as its contact, and separately publishes research on Hermes and the agentic economy that founders are implicitly expected to have read before reaching out, given how specific the fund's named themes are.
**Key stats:**
- Founded by Jed Breed (ex-Circle Head of Digital Assets, ex-Arena Capital Partner)
- 32 named portfolio companies, a fully public list
- Public track record includes a $2.5M Pre-Seed into t1 Protocol (Sept 2024) and a $4.8M Seed into Jet Protocol (June 2021)
- No public form; contact via info@breed.vc
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Jed Breed | Founder | [x.com/JedBreed](https://x.com/JedBreed) |
Additional team members were not confirmed on the public site in this session.
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Read the fund's published research on agentic finance
Given the specificity of Breed's named themes (decentralized AI, agentic finance, MEV, AI infrastructure frameworks), read what the fund has published on Hermes and the agentic economy before writing anything.
#### Step 2: Place your company in one of the four named themes
State explicitly which of decentralized AI, agentic finance, MEV, or AI infrastructure your product belongs to. A generic crypto pitch that does not map to one of these is a weaker fit than at a broader generalist fund.
#### Step 3: Find your comparable in the 32-company portfolio
With a fully public portfolio list, you can likely find a direct comparable. AI infrastructure maps to Nous Research or EXO; DeFi/MEV maps to Kuru, Hyperbeat or Phylax; stablecoin-adjacent maps to Ethena or Agora.
#### Step 4: Email info@breed.vc
No published field list exists beyond a standard deck and contact details. Reference the specific theme and portfolio comparable directly in your email.
#### Step 5: Terms
Cheque size is not disclosed by the fund itself. Public deal records show Jed Breed personally led a $2.5M Pre-Seed round (t1 Protocol, 2024) and a $4.8M Seed round (Jet Protocol, 2021), which gives a rough sense of typical check size and stage even though these are historical, not current, figures.
**Tips that matter here:**
- Jed Breed's Circle background means stablecoin and payments infrastructure pitches will be read by someone with direct issuer-side experience; do not oversimplify the regulatory or reserve-management side.
- MEV and agentic finance are unusually specific named themes; if you fit either, say so explicitly rather than burying it in a broader pitch.
- The portfolio is fully public, which is rare in this directory; use it exhaustively to calibrate your pitch before writing.
---
## F. Best Advice from Founders
Founder-sourced advice specific to Breed VC was not found and verified in this session.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. A full, public 32-company portfolio and a well-documented founder background are genuinely strong signals. Cheque size, fund size, HQ, and any team beyond Jed Breed himself are not published.
> **Start here:** Read the [full portfolio page](https://breed.vc/portfolio), pick the closest comparable among the 18 classified companies below, and lead your info@breed.vc email with that comparison plus a direct reference to the fund's agentic-finance research.
### How Breed VC's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **DeFi and MEV-adjacent infrastructure is the largest cluster** | Kuru, Hyperbeat, T1 Protocol, Phylax, Checker, Perena, Cap and Credora make up the largest classified share. | Trading infrastructure, risk tooling and MEV-adjacent protocols are the deepest pattern. |
| **Core infrastructure is the second cluster** | Monad, Plume, RWA.xyz, Squid Router and One Balance. | Layer 1s, RWA rails and cross-chain infrastructure all have real precedent. |
| **AI x crypto is a genuine, not token, category** | Nous Research, EXO and Perle are all AI-native infrastructure companies. | This is one of the few micro-VCs in this directory with a clearly AI-infrastructure-specific pattern, not just AI-adjacent branding. |
| **Ethereum leads the confirmed chain split** | Ethena, Plume and RWA.xyz anchor the Ethereum-classified share. | Ethereum and Ethereum L2 founders have the clearest chain precedent, though the fund is not chain-exclusive. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Jed Breed** (Founder) | Circle Head of Digital Assets and Arena Capital Partner background; personally led t1 Protocol's Pre-Seed and Jet Protocol's Seed. | [x.com/JedBreed](https://x.com/JedBreed) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct email** | info@breed.vc; the fund's stated contact channel. |
| **Portfolio founder intro** | 32 named companies (Nous Research, Monad, Ethena and others) offer real warm-intro potential. |
| **Published research** | Citing the fund's Hermes/agentic-economy writing directly is the implied way to signal fluency given no public form. |
### What you can't find
Cheque size, fund size, HQ location, and any team members beyond founder Jed Breed are not published. Treat the historical t1 Protocol and Jet Protocol deal sizes as directional, not a confirmed current cheque range.
---
## G. Pitch Format Breed VC Expects
- No stated deck format; direct email to info@breed.vc is the confirmed channel
- Clear placement in one of the four named themes: decentralized AI, agentic finance, MEV, AI infrastructure frameworks
- A direct reference to the fund's published research on Hermes and the agentic economy
- Realistic round sizing informed by the fund's historical $2.5M to $4.8M range (directional, not confirmed current)
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
18 of 32 companies named on [breed.vc/portfolio](https://breed.vc/portfolio), independently classified. Sector and chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Nous Research | AI research and infrastructure | AI-x-Crypto | Chain-agnostic |
| Monad | Layer 1 blockchain | Infrastructure | Not independently verified |
| Ethena | DeFi stablecoin protocol | DeFi | Ethereum |
| Agora | Stablecoin issuance platform | Payments-Stablecoins | Multi-chain |
| USD.AI | AI-linked finance protocol | AI-x-Crypto | Chain-agnostic |
| EXO | Distributed AI computing | AI-x-Crypto | Chain-agnostic |
| Plume | RWA-focused blockchain | RWA | Not in chain taxonomy (own L1) |
| RWA.xyz | Real-world asset data and tokenization | RWA | Multi-chain |
| Spearbit | Security auditing | Developer-Tooling | Multi-chain |
| Kuru | Decentralized exchange infrastructure | DeFi | Chain-agnostic |
| Hyperbeat | DeFi protocol on Hyperliquid | DeFi | Not independently verified |
| T1 Protocol | DeFi protocol | DeFi | Ethereum |
| Phylax | Security monitoring systems | Developer-Tooling | Multi-chain |
| Checker | Finance analytics | Developer-Tooling | Chain-agnostic |
| Perena | DeFi protocol | DeFi | Chain-agnostic |
| One Balance | Cross-chain portfolio management | Infrastructure | Multi-chain |
| Squid Router | Cross-chain swap routing | Infrastructure | Chain-agnostic |
| Credora | Onchain credit and lending analytics | DeFi | Ethereum |
---
## I. Ecosystem Connections
- **Ethereum:** Ethena, T1 Protocol and Credora anchor the fund's Ethereum exposure.
- **Multi-chain and chain-agnostic infrastructure:** Agora, RWA.xyz, Spearbit, Phylax, One Balance and Squid Router all serve more than one chain.
- **AI x crypto specifically:** Nous Research, USD.AI and EXO form a genuine, technically specific cluster rather than surface-level branding.
- **Hackathons:** no formal tie found in this session.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Compare to cyber.fund**, another AI-x-crypto-focused fund in this directory: [cyber.fund](/funds/cyber-fund)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Breed VC homepage](https://breed.vc)
- [Breed VC portfolio](https://breed.vc/portfolio)
- [Jed Breed on X](https://x.com/JedBreed)
- [Jed Breed profile, CypherHunter](https://www.cypherhunter.com/en/p/jed-breed/)
---
---
name: Camel Ventures
slug: camel-ventures
buildTypes: ["Lending-credit", "Logistics-supplychain", "Healthtech", "Enterprise-B2B", "Edtech"]
thesis: >-
The pioneering venture debt and venture capital partner for fintech and
fintech-enabling startups in Egypt.
website: 'https://www.camel.ventures/'
apply: Via website or direct outreach to the team
region: Egypt / MENA
hq: Cairo
sectors:
- Sector-agnostic
stage:
- Pre-Seed
- Seed
- Series A
chequeMin: null
chequeMax: null
chequeDisplay: Not publicly disclosed (equity + venture debt)
format: Hybrid
admissions: Rolling
africaFocus: 'Yes -- Egypt (primary), expanding regionally'
status: active
tier: '2'
lastVerified: '2026-07-24'
portfolioSectorSplit:
Logistics: 13
Healthtech: 25
Edtech: 13
Fintech: 25
SaaS: 12
E-commerce: 12
portfolioModelSplit:
Transaction/Marketplace: 50
Subscription/SaaS: 50
portfolioGeographySplit:
Egypt: 100
portfolioTotalCount: 10
portfolioClassifiedCount: 8
portfolioUnclassifiedCount: 2
logo: "/funds/camel-ventures.png"
---
## Overview
Camel Ventures is a Cairo-based venture capital and venture debt firm founded by Shehab Marzban, Mona El Sayed, and Mahmoud El Zohairy. The firm launched in April 2023 with its first vehicle, Camel Ventures for Investment I (CVI), an EGP 500 million+ ($16 million) fund regulated by the Egyptian Financial Regulatory Authority.
What sets Camel Ventures apart from most African VCs is the venture debt component. The fund provides equity investments for early-stage startups and venture debt in local currency for later-stage companies, which gives founders flexibility around dilution and financing structure. The fund is backed by banks, financial institutions, and family offices from Egypt and the GCC, with Al Ahly Capital Holding and dfin Holding as strategic partners. The portfolio spans 10+ companies across fintech and fintech-adjacent sectors including logistics, healthcare, education, and HR tech.
---
## How to Get In
Reach out through the website with a clear deck covering your business model, traction, and financials. The fund describes itself as "the first fintech-focused investor in Egypt," so your product needs a fintech layer or needs to be enabling financial services in some way. The team emphasises governance, regulatory compliance, and sustainable unit economics, which means they're looking for founders who can show real financial discipline alongside growth. Warm introductions through the Egyptian banking and financial services ecosystem carry weight, particularly through Al Ahly Capital Holding or dfin Holding networks.
---
## Best Advice
1. **Venture debt is the differentiator, so understand it.** If you're past early stage and looking for non-dilutive capital in Egyptian pounds, the venture debt arm is a meaningful option that most African VCs don't offer. Come prepared to discuss which financing instrument fits your stage, whether that's equity, debt, or a blend.
2. **Fintech-enabling counts, not just pure fintech.** The portfolio includes logistics (Khazenly), healthcare (Pharmacy Marts, Motherbeing), education (Klickit), and HR/payroll (Bluworks) alongside pure financial services companies. The common thread is a fintech layer, so if your product touches payments, lending, or financial infrastructure in any way, you're in scope.
3. **Governance and compliance are non-negotiable.** The fund is FRA-regulated and emphasises governance standards and regulatory compliance as core evaluation criteria. If your company has messy cap tables, unclear regulatory positioning, or weak financial controls, sort those out before approaching.
4. **The "camel" metaphor is the investment philosophy.** The name signals the team's preference for companies with endurance, reliability, and sustainable growth over companies burning cash for speed. Show capital efficiency and a clear path to profitability, not just growth at all costs.
---
## Pitch Format
Submit a comprehensive pitch deck through the website or via direct outreach. Cover your business model, market opportunity, traction, financials, and team. Be ready to discuss which financing instrument (equity vs. venture debt) fits your company's stage and needs.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Khazenly | Egypt | Logistics platform |
| Pharmacy Marts | Egypt | Healthcare marketplace |
| Klickit | Egypt | Education technology |
| SubsBase | Egypt | Subscription management (financial services) |
| Raseedi | Egypt | Consumer financial services |
| Motherbeing | Egypt | Maternal healthcare |
| Bluworks | Egypt | HR and payroll technology |
| Suplyd | Egypt | F&B supply chain |
| Flend | Egypt | Lending and financial services |
| Syndo | Egypt | Financial services |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Shehab Marzban | Founding & Managing Partner | — | — |
| Mona El Sayed | Founding & Managing Partner | — | — |
| Mahmoud El Zohairy | Founding & Managing Partner | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Camel Ventures official website](https://www.camel.ventures/)
- [Camel Ventures portfolio](https://www.camel.ventures/portfolio)
- [Camel Ventures launches $16 million fund to support fintech in Egypt -- TechMoran](https://techmoran.com/2023/04/04/camel-ventures-launches-16-million-fund-to-support-fintech-in-egypt/)
- [Camel Ventures invests $16 million in Egypt -- Wamda](https://www.wamda.com/2023/04/camelventures-invests-16million-in-egypt-arabic-english)
- [Camel Ventures Launches USD 16M Fintech Fund -- WeeTracker](https://weetracker.com/2023/04/03/africa-fund-launches-2/)
---
---
name: Catalyst Fund
slug: catalyst-fund
buildTypes: ["Climate-energy", "Agritech", "Insurtech", "Healthtech"]
thesis: Investing in climate adaptation and resilience solutions across Africa.
website: 'https://www.thecatalystfund.com/'
apply: Via pitch submission on the website
region: Pan-African
hq: 'San Francisco, USA (BFA Global also runs a Nairobi office)'
sectors:
- Sector-agnostic
stage:
- Pre-Seed
- Seed
chequeMin: null
chequeMax: 200000
chequeDisplay: $200K (equity) + venture-building support; follow-on at Seed and Series A
format: Hybrid
admissions: Cohort-based
africaFocus: 'Yes -- Pan-African (10+ markets, strongest in Nigeria, Kenya, Egypt, Tanzania)'
status: active
tier: '2'
lastVerified: '2026-07-31'
portfolioSectorSplit:
Climate: 25
Agritech: 50
Fintech: 17
Healthtech: 8
portfolioModelSplit:
Transaction/Marketplace: 50
Hardware/Devices: 25
Subscription/SaaS: 9
Direct sales/Commerce: 8
Enterprise contracts/Licensing: 8
portfolioGeographySplit:
Egypt: 17
Kenya: 25
Tanzania: 9
Uganda: 8
Senegal: 8
Nigeria: 17
Nigeria/Kenya: 8
Morocco: 8
portfolioTotalCount: 12
portfolioClassifiedCount: 12
portfolioUnclassifiedCount: 0
logo: "/funds/catalyst-fund.png"
---
## Overview
Catalyst Fund is a pre-seed VC fund and accelerator managed by BFA Global that backs climate adaptation and resilience startups across Africa. The fund hit a $30 million second close in July 2026, with a $40 million target and LPs including IFC, FSD Africa, Cisco Foundation, Shell Foundation, Trafigura Foundation, Speedinvest, and Women Entrepreneurs Finance Initiative (We-Fi). The first close was $9 million in Q3 2023.
The fund invests $200K per company with reserved capital for follow-on rounds at seed and Series A, and each portfolio company gets 400+ hours of hands-on venture-building support from BFA Global covering product strategy, hiring, commercial growth, fundraising, and partnerships. The portfolio spans 28 companies across 10 African markets, with nine follow-on investments completed so far and a target of approximately 40 startups total.
Before launching the climate fund, Catalyst Fund ran three accelerator programmes (Inclusive Fintech, Inclusive Digital Commerce, and Assistive Technology) that accelerated 61 companies, which collectively raised $800 million+ in follow-on funding and reached 14 million+ customers, with an 86% survival rate. For every $1 invested, $86 was raised in follow-on capital.
---
## How to Get In
Submit your pitch through the website during open application windows. The fund selects companies in cohorts, so timing matters. The three investment themes are: fintech for climate resilience (insurance, carbon finance, climate data), sustainable livelihoods (agritech, fisheries, land restoration), and climate-smart essential services (water, cold storage, clean energy, waste, health). If your company doesn't fit one of these three buckets, this isn't the right fund. The team also maintains a Circle of Investors network of 250+ investors, which means portfolio companies get direct exposure to a curated follow-on investor base.
---
## Best Advice
1. **Climate adaptation, not just climate tech.** Catalyst Fund is specifically focused on helping communities adapt to and build resilience against climate change. Pure clean energy plays may fit, but the strongest alignment is with products that directly help people (especially low-income populations) cope with climate impacts.
2. **Show the venture-building gap.** The fund provides 400+ hours of support per company, so they're looking for teams that are early enough to benefit from that level of hands-on help. If you're already post-seed with a full team, you may be too far along for their model.
3. **The follow-on track record is your pitch to future investors.** The $86 raised for every $1 invested stat is extraordinary and means being a Catalyst Fund company is a credible signal to seed and Series A investors. Frame your application around how the pre-seed capital and venture-building support will position you for a strong follow-on round.
4. **Revenue model matters even at pre-seed.** The fund backs equity investments, not grants, which means they need to see a path to returns. Show how your climate solution makes money, not just impact.
---
## Pitch Format
Pitch submission through the website during cohort intake windows. Be prepared for deep product and business model conversations during the selection process.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Bekia | Egypt | Waste management platform exchanging recyclables for digital payments |
| Octavia Carbon | Kenya | Direct air capture and low-cost carbon removal |
| Farm to Feed | Kenya | Food supply chain reducing waste by creating markets for imperfect produce |
| Keep It Cool | Kenya | Solar cold-chain infrastructure |
| MazaoHub | Tanzania | Agritech platform |
| Agro Supply | Uganda | Mobile savings for farmers to access climate-resistant seeds |
| Assuraf | Senegal | Digital insurance marketplace for agriculture and natural disaster coverage |
| Eight Medical | Nigeria | Emergency response via motorcycle responders |
| Farmz2U | Nigeria/Kenya | Regenerative farming guidance, credit, and market access |
| PaddyCover | Nigeria | Flexible health, life, and crop insurance |
| Sand to Green | Morocco | Agroforestry converting desert land with solar-powered desalination |
| VAIS | Egypt | AI-powered precision agriculture optimising water usage |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Maelis Carraro | Founder & General Partner | — | — |
| Maxime Bayen | General Partner | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Catalyst Fund official website](https://www.thecatalystfund.com/)
- [Catalyst Fund nears $40 million target with second close -- TechCabal](https://techcabal.com/2026/07/02/catalyst-fund-second-fund-close/)
- [Catalyst Fund Raises $30 Million to Back Climate Tech Startups -- ESG Today](https://www.esgtoday.com/catalyst-fund-raises-30-million-to-back-climate-tech-startups-in-africa/)
- [Catalyst Fund announces $2 million investment into 10 startups -- BFA Global](https://bfaglobal.com/catalyst-fund/insights/meet-k11/)
- [BFA Global Catalyst Fund portfolio](https://bfaglobal.com/catalyst-fund/startup-portfolio-new/)
---
---
name: Celo Foundation Grants
slug: celo-foundation-grants
thesis: >-
Non-dilutive grants funding builders on the Celo blockchain, with a
sustained, named African cohort spanning stablecoin payments, USSD-based
crypto access, developer education, and MSME credit.
website: 'https://celoecosystem.com/grants'
apply: 'Rolling application via the Celo Forum grants category and celoecosystem.com/grants'
region: 'Global Celo ecosystem, with a sustained African grantee cohort'
hq: 'Not disclosed'
sectors:
- Blockchain
- Fintech
- Infrastructure
stage:
- Ideation
- MVP
- Pre-Seed
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed; Wave 4 distributed $9.35M across 50 recipients globally'
format: 'grant'
admissions: 'rolling'
africaFocus: 'active'
status: active
tier: '2'
portfolioSectorSplit: {}
portfolioModelSplit: {}
portfolioGeographySplit: {}
portfolioTotalCount: 0
portfolioClassifiedCount: 0
lastVerified: '2026-08-03'
logo: ''
---
## Overview
Celo Foundation Grants fund builders on the Celo blockchain, which has positioned itself specifically around mobile-first, stablecoin-native financial infrastructure for emerging markets, making its grant program unusually well-aligned with African fintech founders relative to most Layer 1 ecosystem funds. The Wave 4 grant round distributed $9.35 million across 50 recipients globally, with named African winners including Binusu USSD (Uganda, building a USSD gateway to widen access to Uganda's oldest crypto exchange), Chimoney (API support for converting Celo's cUSD stablecoin into mobile money, airtime, and gift cards across 15 African countries), and Pezesha (Kenya, enabling affordable MSME credit via investment through Celo stablecoins), alongside named individual grantees Brian Ahimbisibwe and Jordan Muthemba for developer education and local ecosystem advocacy in Uganda.
The Celo Foundation has also run dedicated in-person Africa ecosystem events (the Celo Africa Web3 Fund inaugural event in Kenya, with a following stop in Nigeria) and brought in Unicorn Growth Capital and EchoVC as partners specifically to strengthen Celo's African ecosystem, signalling a standing commitment rather than a one-off grant round.
## What they fund
Grants target early-stage builders, from ideation through working MVP, building directly on Celo's stablecoin and mobile-money-adjacent infrastructure. The named African grantees cluster around three patterns: mobile-money and USSD interoperability with stablecoins (Chimoney, Binusu), MSME credit access (Pezesha), and developer education/ecosystem growth (individual grantee awards).
## How to apply
Applications run through the Celo Forum's grants category (forum.celo.org/c/ecosystem/grants) and celoecosystem.com/grants, with a rolling-ish structure organised around periodic "Waves." Founders should monitor both channels for the current wave's specific criteria and deadline.
## Portfolio pattern (grant recipients)
Binusu USSD (Uganda), Chimoney (pan-Africa, 15 countries), and Pezesha (Kenya) are the clearest African grant recipients, all building stablecoin-to-mobile-money or credit interoperability rather than speculative crypto products. This is grant-track validation under the fund population run's gate: named recipients on Celo's own ecosystem and forum channels, not an equity portfolio.
---
---
name: Chandaria Capital
slug: chandaria-capital
buildTypes: ["Marketplace-commerce", "Healthtech", "Lending-credit", "Logistics-supplychain", "Gaming"]
thesis: >-
Backing scalable, high-impact businesses with unique competitive advantages
across Sub-Saharan Africa, powered by one of the continent's largest
industrial family networks.
website: 'https://chandariacapital.com'
apply: 'mailto:invest@chandariacapital.com'
region: Sub-Saharan Africa
hq: Nairobi
sectors:
- Sector-agnostic
stage:
- Pre-Seed
- Seed
- Series A
chequeMin: 250000
chequeMax: 5000000
chequeDisplay: $250K -- $5M
format: Equity investment via family-backed venture fund
admissions: Rolling
africaFocus: Yes -- 100% Africa-focused mandate
status: active
tier: '2'
lastVerified: '2026-07-29'
edgeRating: edge-moderate
portfolioSectorSplit:
Consumer: 22
Healthtech: 14
E-commerce: 22
Edtech: 7
Fintech: 21
Logistics: 14
portfolioModelSplit:
Direct sales/Commerce: 22
Hardware/Devices: 7
Transaction/Marketplace: 64
Enterprise contracts/Licensing: 7
portfolioGeographySplit:
South Africa: 7
Kenya: 43
Nigeria: 29
Kenya / Nigeria: 7
Egypt: 7
Morocco: 7
portfolioTotalCount: 14
portfolioClassifiedCount: 14
portfolioUnclassifiedCount: 0
logo: "/funds/chandaria-capital.png"
---
## Application Timeline
Chandaria Capital does not run cohort-based programmes, so there is no fixed application window. They review deals on a rolling basis throughout the year. Warm introductions carry significantly more weight than cold inbound, and the typical process from first meeting to term sheet can take several weeks depending on due diligence complexity.
---
## Overview
Chandaria Capital is the venture capital arm of the Chandaria Group, one of the largest privately owned conglomerates in Africa. Founded in 2017 by brothers Darshan and Neer Chandaria, the fund brings something most early-stage investors simply cannot offer: deep operational infrastructure across manufacturing, distribution, logistics, and supply chains built over six decades on the continent. The Chandaria family's industrial empire -- anchored by Chandaria Industries, the largest tissue and hygiene products manufacturer in East and Central Africa -- generated roughly $486 million in revenue in 2025 and employs over 3,000 people across Kenya, Tanzania, Uganda, India, the UAE, and the UK.
What makes this fund distinctive is how directly that industrial backbone translates into founder support. If your startup touches physical distribution, supply chain management, or consumer goods in East Africa, the Chandaria network gives you access to infrastructure that would otherwise take years to build. The fund's value-add extends beyond capital to include mentorship, talent sourcing, marketing strategy, customer acquisition support, and exit planning -- all drawn from the family's own experience building and scaling businesses across the continent.
The fund has made 15+ investments to date across sectors including e-commerce, healthtech, fintech, logistics, education, and media, with an average round participation of around $2 million. While sector agnostic in theory, the portfolio shows a clear pull toward businesses that benefit from the Chandaria Group's existing networks in distribution, consumer products, and B2B commerce.
---
## How to Get In
Chandaria Capital is a relationship-driven fund, which means the front door matters less than who walks you through it. Here is what actually works:
- **Warm introductions are strongly preferred.** The fund's own materials emphasise that referrals from portfolio founders, co-investors, or people within the Chandaria Group network significantly increase your chances of being reviewed seriously. If you know anyone connected to Mobius Motors, Carry1st, Ilara Health, or other portfolio companies, start there.
- **Email invest@chandariacapital.com** with a concise pitch and deck attached. Keep the email under 200 words and lead with traction, not vision.
- **Engage on LinkedIn and Twitter/X.** Both Darshan (@dchandaria) and the fund (@ChandCapitalKE) are active on social media. Thoughtful engagement over time is a legitimate path to visibility.
- **Leverage the East African ecosystem.** If you are building in Nairobi, the Chandaria name carries weight across the local business community. Industry events, accelerator demo days, and founder meetups in Kenya are natural touchpoints.
---
## Best Advice
1. **Lead with your competitive moat.** The fund's stated investment criteria centre on "unique competitive advantages" -- they want to know what makes your business defensible, not just what makes it interesting. Be specific about why a well-funded competitor cannot replicate what you have built.
2. **Show how their network helps you specifically.** Chandaria Capital's biggest differentiator is the industrial infrastructure behind it. If your business touches distribution, supply chain, or consumer products in East or Central Africa, draw an explicit line between their network and your growth. Make it obvious that this is not just capital -- it is a strategic fit.
3. **Demonstrate scalability across markets.** While the fund is Kenya-based, the portfolio spans Nigeria, South Africa, Egypt, and beyond. Show a credible path from your launch market to at least two additional African markets, with specific unit economics for each.
4. **Bring real traction, not projections.** The portfolio skews toward companies that already have revenue or strong user metrics at the time of investment. Ilara Health, Carry1st, and TradeDepot all had demonstrated traction before Chandaria came in. If you are pre-revenue, you need an exceptionally strong team story and clear near-term path to first sales.
5. **Understand the family business context.** This is a family office-backed fund, not a traditional institutional VC with LP reporting cycles and rigid return timelines. That means they can be more patient with exits and more flexible with terms, but it also means the relationship and trust dimension of the investment decision is higher than average.
---
## Contextual Edge
**Preparation rating:** Medium -- the fund does not publish detailed application criteria or run formal programmes, so preparation is less about ticking boxes and more about building genuine connections and having a strong narrative around competitive advantage and scalability.
> **Start here:** Review their portfolio on [Digest Africa](https://digestafrica.com/investors/chandaria-capital) and identify which companies share a sector or model overlap with yours. Then find the founders of those companies on LinkedIn, study their fundraising announcements, and understand what Chandaria Capital saw in them. Your pitch should make it equally obvious why the fund's network and capital are the right fit for your specific business.
### How Chandaria Capital's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---|---|---|
| Stage concentration | Majority of deals at Seed and Series A, with some Pre-Seed bets | They will look at you early, but you need more than an idea -- come with a product and initial traction |
| Sector spread | E-commerce, healthtech, fintech, and logistics dominate, but edtech and media also appear | Sector agnostic is real here, though B2B commerce and health have the strongest representation |
| Geography | Kenya anchors the portfolio, but Nigeria, South Africa, Egypt, and even US/Canada deals appear | East African founders have a natural advantage, but the fund invests pan-African |
| Cheque sizing | Ranges from $250K (early Seed via Zumi) to $3M+ (ImaliPay, Tushop) | Flexible sizing that scales with the round -- they can lead small rounds or join larger ones |
| Follow-on pattern | Ilara Health received both Seed ($735K) and Series A ($3.75M) investment | They double down on winners -- proving traction after initial investment can unlock significantly more capital |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|---|---|---|
| Darshan Chandaria, Co-founder & CEO | Investment philosophy, industrial strategy, family office direction | [LinkedIn](https://ke.linkedin.com/in/darshanchandaria), [X/Twitter](https://x.com/dchandaria) |
| Neer Chandaria, Co-founder & Director | Business development priorities, deal flow interests | [LinkedIn](https://www.linkedin.com/in/neer-chandaria-75707151/) |
| @ChandCapitalKE (fund account) | Portfolio announcements, hiring signals, event attendance | [X/Twitter](https://x.com/ChandCapitalKE) |
### Learn from funded portfolio companies
| Resource | Why it matters |
|---|---|
| [Carry1st's funding announcements](https://digestafrica.com/company/carry1st) | Shows how a media/gaming company pitched an industrial-background fund -- useful if your sector seems like an unusual fit |
| [Ilara Health's Series A coverage](https://digestafrica.com/company/ilara-health) | Demonstrates the follow-on pattern and what traction milestones triggered the next round |
| [TradeDepot's growth story](https://digestafrica.com/company/tradedepot) | B2B commerce in Nigeria funded by a Kenya-based fund -- a model for cross-border pitching |
| [Craydel's Pre-Seed round](https://digestafrica.com/company/craydel) | Edtech at the earliest stage -- shows the fund's willingness to back non-obvious sectors when the founder story is strong |
### Find your way in
| Pathway | How it works |
|---|---|
| Portfolio founder referral | Reach out to founders at Carry1st, Ilara Health, or Craydel on LinkedIn. Ask about their experience with Chandaria and whether they would be open to making an introduction. This is the highest-conversion path. |
| East African tech events | Chandaria Capital and the broader Chandaria Group are visible at Nairobi tech and business events. Look for panels, demo days, and investor meetups where Darshan or team members appear. |
| Co-investor introductions | The fund frequently co-invests with other Africa-focused VCs. If you are already backed by a fund that has co-invested with Chandaria, ask your existing investor for a warm intro. |
| Direct LinkedIn outreach | Connect with Darshan or Neer on LinkedIn with a brief, specific message about your company and why you think Chandaria's network is uniquely valuable. Keep it under three sentences. |
### What you can't find
Chandaria Capital operates with less public transparency than institutional VCs. Their website was not resolving correctly as of mid-2026, they do not publish blog posts or investment memos, and detailed fund size, AUM, and return data are not publicly available. You also will not find a formal application form or structured process documentation. This is a family office-backed fund that runs on relationships and reputation rather than public-facing processes. Lean into ecosystem connections and warm introductions rather than trying to find a formal application portal.
---
## Pitch Format
The fund does not prescribe a specific pitch format or application form. Your primary submission should be a concise email to invest@chandariacapital.com with your deck attached, or a warm introduction facilitated by someone in their network.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
Given Chandaria's focus on competitive moats and scalability, your deck should give extra weight to your defensibility slide, your go-to-market in East/Central Africa, and any supply chain or distribution advantages you have built. If you can show how the Chandaria Group's industrial network would accelerate your growth, include a dedicated slide on strategic fit.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---|---|---|
| Carry1st | South Africa | Mobile games publishing and digital content platform for Africa |
| Ilara Health | Kenya | Diagnostic devices and health products distribution for clinics |
| TradeDepot | Nigeria | B2B e-commerce and embedded finance for informal retailers |
| Craydel | Kenya | Higher education marketplace connecting African students with global universities |
| Tushop | Kenya | Social commerce platform for group buying in residential communities |
| ImaliPay | Kenya / Nigeria | Embedded financial services for gig economy workers |
| Zumi | Kenya | B2B e-commerce marketplace for informal retailers |
| Suplias | Nigeria | B2B supply chain platform for FMCG distribution |
| Lynk | Kenya | Marketplace connecting informal workers with jobs and financial services |
| Helium Health | Nigeria | Electronic health records and hospital management software |
| Appetito | Egypt | Cloud kitchen and food delivery infrastructure |
| Bamboo | Nigeria | Investment platform giving Africans access to global stock markets |
| GET IT | Kenya | Last-mile logistics and delivery platform |
| Chari | Morocco | B2B e-commerce platform for neighbourhood shops |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|---|---|---|---|
| Darshan Chandaria | Co-founder & CEO | [Profile](https://ke.linkedin.com/in/darshanchandaria) | [@dchandaria](https://x.com/dchandaria) |
| Neer Chandaria | Co-founder & Director of Sales, Marketing & BD | [Profile](https://www.linkedin.com/in/neer-chandaria-75707151/) | -- |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Chandaria Capital on VC4A](https://vc4a.com/chandaria-capital/)
- [Chandaria Capital on Digest Africa](https://digestafrica.com/investors/chandaria-capital)
- [Chandaria Capital on Private Equity List](https://privateequitylist.com/investor/chandaria-capital)
- [Chandaria Capital on SuperScout](https://superscout.co/investor/chandaria-capital)
- [Chandaria Capital on LinkedIn](https://ke.linkedin.com/company/chandaria-capital)
- [Darshan Chandaria on Crunchbase](https://www.crunchbase.com/person/darshan-chandaria)
- [Neer Chandaria on Crunchbase](https://www.crunchbase.com/person/neer-chandaria)
- [Chandaria family office opens Kenyan empire to investors -- Billionaires Africa](https://www.billionaires.africa/2026/03/05/chandaria-family-office-opens-kenyan-empire-to-investors/)
- [Chandaria Capital on Tracxn](https://tracxn.com/d/venture-capital/chandaria-capital/__2LiJ7cYFDLMmczu_bNKJcmSegKViKXGJ5RtKYa5qvmc)
---
---
name: Coinbase Ventures
slug: coinbase-ventures
buildTypes: ["Infra-protocol", "Marketplace-commerce", "Consumer-social", "Dev-tooling", "DeFi-trading-lending"]
thesis: 'Backs exceptional entrepreneurs working to advance the crypto and Web3 ecosystem, investing broadly across the cryptoeconomy rather than concentrating on one layer or one theme.'
website: 'https://www.coinbase.com/ventures'
apply: 'No public form for the fund itself. Building on Base is the practical front door: apply to the Base Ecosystem Fund (base.org/ecosystem-fund/apply), which partners with Coinbase Ventures, or apply to a Base Batches cohort.'
region: 'Global'
hq: 'San Francisco, California, USA'
sectors:
- Infrastructure
- DeFi
- Consumer
- Developer-Tooling
sectorsNote: 'Splits below are computed from the 11 companies Coinbase names on its own ventures page (coinbase.com/ventures), not from the full portfolio, which independent trackers put at 300-plus positions.'
stage:
- Pre-Seed
- Seed
- Series A
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed'
chains:
- Base
- Ethereum
- Solana
- Arbitrum
- Optimism
- Multi-chain
- Chain-agnostic
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '1'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Coinbase Ventures homepage
category: evaluation-framework
score: 4
description: >-
States the fund's actual posture in plain language: invests broadly
across the cryptoeconomy, rarely leads, and names 2026 priorities
(asset tokenization, next-generation DeFi, onchain AI agents and
commerce). Use it to check whether you sit inside a current priority
before pitching.
link: 'https://www.coinbase.com/ventures'
- name: Base Ecosystem Fund application
category: pipeline-pathway
score: 5
description: >-
The only structured, public application that touches Coinbase Ventures.
Base Ecosystem Fund "partners with Coinbase Ventures" and takes a short
form (company name, what you are building, website, X). This is the
realistic door for early teams, not the fund's own homepage.
link: 'https://www.base.org/ecosystem-fund/apply'
- name: Named portfolio list
category: portfolio-pattern
score: 3
description: >-
The homepage names 11 companies directly: Uniswap, Arbitrum, Optimism,
Starkware, EigenLayer, Farcaster, Magic Eden, OpenSea, Dune, Etherscan
and Ephemera. That is a small, curated sample, but it tells you which
categories Coinbase is comfortable being publicly associated with.
link: 'https://www.coinbase.com/ventures'
- name: Coinbase product integration path
category: decision-maker-reveal
score: 3
description: >-
Coinbase Ventures has a public pattern of investing in companies that
already integrate with or build on Coinbase products (Base, Coinbase
Wallet, the Coinbase Developer Platform). Shipping that integration
first is a documented way to get on the radar before a cold pitch.
link: 'https://www.coinbase.com/ventures'
portfolioSectorSplit:
Infrastructure: 46
Consumer: 27
Developer-Tooling: 18
DeFi: 9
portfolioChainSplit:
Ethereum: 27
Optimism: 18
Chain-agnostic: 18
Multi-chain: 18
Arbitrum: 9
Solana: 9
portfolioTotalCount: 11
portfolioClassifiedCount: 11
portfolioUnclassifiedCount: 0
---
> **How to use this page:** Coinbase Ventures does not run a public application for the fund itself, and it almost never leads or takes a board seat, which independent coverage backs up. The one real structured door is Base: apply to the Base Ecosystem Fund, which explicitly partners with Coinbase Ventures. Everyone else needs a warm path in, usually through a Coinbase product integration or a portfolio founder. Read Section E for both routes.
---
## A. Header Block
- **Fund name:** Coinbase Ventures
- **One-line thesis:** "Backing exceptional entrepreneurs working to advance the crypto and Web3 ecosystem"
- **Website:** [coinbase.com/ventures](https://www.coinbase.com/ventures)
- **CTA:** [Apply to the Base Ecosystem Fund](https://www.base.org/ecosystem-fund/apply)
| Tag | Detail |
|-----|--------|
| Region | Global (San Francisco HQ) |
| Format | Direct outreach; Base builders route through the Base Ecosystem Fund |
| Sectors | Infrastructure, DeFi, consumer, developer tooling, asset tokenization, onchain AI agents |
| Stage | Pre-Seed through Series A, rarely leads |
| Cheque Size | Not disclosed |
| Admissions | Rolling |
---
## B. Batch Schedule
Not applicable. Coinbase Ventures does not run cohorts; it invests on a rolling, non-lead basis. Base Batches, the accelerator run out of the Base ecosystem, does run cohorts and is covered separately in this directory's Base-focused pages; check base.org for current windows.
---
## C. Overview
Coinbase Ventures is the investment arm of Coinbase, the US-listed exchange. Its own site describes the mandate plainly: invest broadly across the cryptoeconomy rather than concentrate on one thesis, back "exceptional entrepreneurs," and let founders build in whatever direction the category moves. Public coverage and the fund's own reputation are consistent on one point that matters for founders: it almost never leads a round and almost never takes a board seat, which makes it a fast, high-volume "yes" that other investors read as a positive signal rather than a fund you build a whole round around.
The homepage names a short, current list of priorities rather than a fixed sector list: asset tokenization, specialized exchanges and trading terminals, next-generation DeFi, the intersection of AI and robotics, and onchain AI agents and commerce. That list changes as the market moves, so checking the current homepage before pitching is worth the two minutes.
Coinbase's own scale gives the fund a distribution advantage most VCs cannot offer: a portfolio company that integrates with Coinbase Wallet, lists on Coinbase, or builds on Base gets exposure to Coinbase's user base directly. For Base builders specifically, the practical front door is not the ventures page at all, it is the Base Ecosystem Fund, which states outright that it "partners with Coinbase Ventures."
**Key stats:**
- Independent trackers put the full portfolio above 300 companies (Coinbase's own page names a small curated sample, not the full list)
- Public pattern: broad, non-lead, no board seats
- 2026 stated priorities: tokenization, DeFi, exchanges/trading terminals, AI x robotics, onchain agents and commerce
- Base Ecosystem Fund is the closest thing to a public application that touches Coinbase Ventures
---
## D. Key Partners
Coinbase Ventures does not publish a public team or partner list on coinbase.com/ventures, and no individual investment leads are named on the page we fetched. Third-party trackers (Crunchbase, PitchBook, Signal) list historical names associated with the fund, but we did not verify any of them against a Coinbase-owned page, so we are not printing unverified names here. If you want a specific contact, the realistic path is a warm intro from a portfolio founder or the Base Ecosystem Fund team, not a cold search for an individual investor's name.
---
## E. How to Get In: Step-by-Step Application Process
### Route 1: Building on Base (the structured door)
#### Step 1: Apply to the Base Ecosystem Fund
Go to [base.org/ecosystem-fund/apply](https://www.base.org/ecosystem-fund/apply). The form is short: company name, what you are building, your website, your X handle. Base Ecosystem Fund states it "partners with Coinbase Ventures," which makes this the one place a Coinbase Ventures check is realistically reachable through an open form.
#### Step 2: Ship visibly on Base before you apply
Because Coinbase Ventures rarely leads and prefers to follow strong signal, having a live product on Base, even an early one, with real (not simulated) usage is worth more here than a polished deck with no product.
#
### Route 2: Direct outreach (everyone else)
1. **Find the closest portfolio comparable.** The homepage names Uniswap, Arbitrum, Optimism, Starkware, EigenLayer, Farcaster, Magic Eden, OpenSea, Dune, Etherscan and Ephemera. If your product sits next to one of these, a founder there is your fastest intro.
2. **Build the Coinbase product relationship first.** Integrating Coinbase Wallet, the Coinbase Developer Platform, or listing your token, where relevant, is a documented pattern that precedes investment for some portfolio companies. It signals technical seriousness and gives Coinbase's own team a reason to notice you before you ask for money.
3. **Expect a fast, light-touch process if you get a yes.** The fund's public reputation is for speed and for following rather than leading, so come with a round already forming; Coinbase Ventures is a strong addition to a round, not usually the anchor of one.
4. **No cold form exists for the core fund.** We looked; there is not one. Anyone offering to submit a deck "directly to Coinbase Ventures" outside a portfolio-founder intro or the Base Ecosystem Fund should be treated with suspicion.
**Timeline:** Not published. Public accounts describe the fund as fast once a relationship exists.
---
## F. Best Advice from Founders
**Base is the real front door, not the ventures page.** Because Coinbase Ventures explicitly partners with the Base Ecosystem Fund, a Base-native team has a genuine open application where a cold non-Base team does not.
**A Coinbase check is a signal, not a lead.** Its own pattern (broad, non-lead, no board seat) means founders should plan a round with a lead investor already in place or forming, and treat Coinbase Ventures as the fast validating check that makes the rest of the round easier to close.
**Ship an integration before you pitch.** The clearest, most repeatable path founders describe is building on Coinbase infrastructure (Base, Coinbase Wallet, the Developer Platform) first and letting that visibility do some of the work a cold pitch would otherwise have to do.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. Coinbase Ventures publishes its current thematic priorities and a small sample of its portfolio, and the Base Ecosystem Fund gives Base builders a genuine structured door. What is missing is any public partner list, cheque range, or process detail for the core fund, which keeps this from being edge-rich.
> **Start here:** Read the [Coinbase Ventures homepage](https://www.coinbase.com/ventures) for the current thematic priorities, then apply to the [Base Ecosystem Fund](https://www.base.org/ecosystem-fund/apply) if you are building on Base. Those two pages are the entire public surface area of this fund.
### How Coinbase Ventures' named portfolio breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Infrastructure-led** | 5 of the 11 named companies (Arbitrum, Optimism, Starkware, EigenLayer, Ephemera) are base-layer or scaling infrastructure. | L2s, restaking and messaging infrastructure are visibly comfortable territory. |
| **Consumer is the second pillar** | Farcaster, Magic Eden and OpenSea are consumer-facing, spanning social, NFTs and marketplaces. | Consumer crypto with real usage numbers fits alongside the infra bets. |
| **Ethereum-centred but not exclusive** | 3 of 11 are Ethereum-native (EigenLayer, Etherscan, Uniswap); Optimism appears twice via Farcaster and the Optimism position itself. | An Ethereum or Optimism-stack team has the clearest precedent, but Solana (Magic Eden) and multi-chain tooling (Dune, OpenSea) both appear too. |
| **Tooling matters** | Dune and Etherscan, both developer/analyst-facing tools, are named outright. | Infrastructure that other builders and analysts depend on is a recognisable pattern here. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **The Base Ecosystem Fund team** | The only publicly documented decision path that names a partnership with Coinbase Ventures. | [Base Ecosystem Fund](https://www.base.org/ecosystem-fund/apply) |
| **Coinbase Ventures' stated 2026 priorities** | Asset tokenization, specialized exchanges and trading terminals, next-gen DeFi, AI x robotics, onchain agents and commerce, updated on the homepage itself. | [coinbase.com/ventures](https://www.coinbase.com/ventures) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Base Ecosystem Fund** | Apply at base.org/ecosystem-fund/apply. Short form, states a Coinbase Ventures partnership. |
| **Coinbase product integration** | Build on Coinbase Wallet, the Developer Platform, or Base and let the usage speak before you pitch. |
| **Portfolio founder intro** | Uniswap, Magic Eden, Farcaster, OpenSea and the rest of the named portfolio are a starting point for finding a warm path. |
### What you can't find
There is no public team page, no named investment partners, no cheque range and no direct application form for the core Coinbase Ventures fund. We looked for all four and could not verify any of them from coinbase.com. The Base Ecosystem Fund is real and is the one exception. Do not trust any third-party listing that claims to name current Coinbase Ventures partners as confirmed; we did not find those names on a Coinbase-owned page.
---
## G. Pitch Format Coinbase Ventures Expects
**For the Base Ecosystem Fund:**
- Short online form: company name, what you're building, website, X handle
- Live product or a credible near-term shipping plan on Base
**For direct outreach to the core fund:**
- No public template exists; the realistic path is an intro, not a cold deck
- Expect the strongest reception if you already integrate a Coinbase product or sit next to a named portfolio company
- Standard early-stage materials apply once a conversation starts: team, product, traction, ask
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Companies named directly on [coinbase.com/ventures](https://www.coinbase.com/ventures). This is a small curated sample the fund chose to publish, not its full portfolio. Sector and chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Uniswap | Onchain exchange | DeFi | Ethereum |
| Arbitrum | Layer 2 scaling for Ethereum | Infrastructure | Arbitrum |
| Optimism | Optimistic rollup L2 | Infrastructure | Optimism |
| Starkware | ZK rollup scaling | Infrastructure | Chain-agnostic |
| EigenLayer | Restaking / universal validation | Infrastructure | Ethereum |
| Farcaster | Decentralized social protocol | Consumer | Optimism |
| Magic Eden | NFT marketplace | Consumer | Solana |
| OpenSea | NFT marketplace | Consumer | Multi-chain |
| Dune | Multichain analytics for developers | Developer-Tooling | Multi-chain |
| Etherscan | Ethereum block explorer | Developer-Tooling | Ethereum |
| Ephemera | Private, decentralized messaging | Infrastructure | Chain-agnostic |
---
## I. Ecosystem Connections
- **Base:** the deepest, most structured connection. The Base Ecosystem Fund explicitly partners with Coinbase Ventures, and Base is Coinbase's own L2, so Base-native teams have the clearest documented path to a Coinbase Ventures check.
- **Ethereum and its L2s:** Uniswap, EigenLayer, Etherscan, Arbitrum and Optimism give the fund deep Ethereum-stack reference points.
- **Solana:** Magic Eden is a named position; Coinbase itself lists and supports Solana assets, so Solana founders are not off-thesis even though the fund's homepage sample leans Ethereum/Base.
- **Multi-chain tooling:** Dune and OpenSea both operate across chains, and the fund's own language ("invest broadly across the cryptoeconomy") backs a chain-agnostic read for infrastructure and tooling plays.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Building on Base?** Compare against the Base Ecosystem Fund's own guide, and see a16z crypto's CSX page for a second accelerator-shaped option.
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Coinbase Ventures homepage](https://www.coinbase.com/ventures)
- [Base Ecosystem Fund application](https://www.base.org/ecosystem-fund/apply)
---
---
name: Convergence Partners
slug: convergence-partners
buildTypes: ["Infra-protocol", "Hardware-DePIN", "Payments-processing", "Climate-energy", "Security-privacy"]
thesis: >-
Closing the digital divide across sub-Saharan Africa by investing in the
critical digital infrastructure that connects people to education, financial
services, and healthcare.
website: 'https://www.convergencepartners.com/'
apply: >-
Warm introductions preferred. Contact via the website or reach out to the deal
team on LinkedIn.
region: Sub-Saharan Africa
hq: 'Johannesburg, with deal team in Lagos'
sectors:
- Sector-agnostic
stage:
- Growth
chequeMin: 10000000
chequeMax: 50000000
chequeDisplay: $10M -- $50M+ (growth equity and infrastructure scale)
format: Hybrid
admissions: Rolling
africaFocus: 'Yes -- Sub-Saharan Africa (South Africa, Nigeria, East Africa, Pan-African)'
status: active
tier: '1'
lastVerified: '2026-07-24'
edgeRating: edge-rich
edgeResources:
- name: Brandon Doyle interview
category: decision-maker-reveal
score: 4
description: >-
The "returns-first" philosophy, how Convergence evaluates TMT
infrastructure, the Sira impact model, and why "it's actually making
businesses happen" ...
link: >-
https://cfi.co/menu/corporate/2021/05/convergence-partners-ceo-brandon-doyle-converging-on-strategy-and-social-needs/
- name: Andile Ngcaba interview
category: decision-maker-reveal
score: 4
description: >-
The infrastructure-first thesis, why Africa's digital economy must be
built from the physical layer up, and how Convergence positions itself at
the in...
link: 'https://techcabal.com/2023/11/30/andile-ngcaba-ask-an-investor/'
- name: Adebayo Kazeem interview
category: decision-maker-reveal
score: 4
description: >-
Ex-Carlyle, leads the West African pipeline. The most relevant contact for
Nigeria-based founders.
link: 'https://www.linkedin.com/in/adebayo-kazeem/'
- name: Yellow Series B backing
category: practice-artifact
score: 4
description: >-
CEO Michael Heyink: "They will add huge value in helping us deliver
digital and financial inclusion." Shows how Convergence's infrastructure
thesis ex...
link: >-
https://www.avca.africa/news-insights/member-news/convergence-partners-backs-yellow-s-latest-series-b-funding-round/
- name: Anzana Electric $20M investment
category: practice-artifact
score: 4
description: >-
CEO Brian Kelly: "Convergence Partners Energy Finance understands African
energy from the ground up." Demonstrates the energy infrastructure angle
and...
link: >-
https://empowerafrica.com/convergence-partners-eyes-20-million-investment-in-anzana-to-expand-energy-infrastructure-across-africa/
- name: Email directly
category: pipeline-pathway
score: 3
description: >-
info@convergencepartners.com. No formal application portal; the process is
relationship-driven.
- name: LP and DFI network
category: pipeline-pathway
score: 3
description: >-
IFC, BII/CDC, EIB, and RMB are repeat LPs. If you are already in
conversation with any of these institutions, that creates a warm path to
the Converge...
- name: West Africa pipeline
category: pipeline-pathway
score: 3
description: >-
Adebayo Kazeem (Lagos, ex-Carlyle) and Uchenna Enebeli lead the West
African deal flow. Both are accessible on LinkedIn.
portfolioSectorSplit:
Infrastructure: 73
Fintech: 20
Climate: 7
portfolioModelSplit:
Enterprise contracts/Licensing: 73
Hardware/Devices: 20
Subscription/SaaS: 7
portfolioGeographySplit:
Pan-African: 38
South Africa: 44
Nigeria: 12
East Africa: 6
portfolioTotalCount: 16
portfolioClassifiedCount: 15
portfolioUnclassifiedCount: 1
---
## Overview
Convergence Partners is one of Africa's largest and most specialized ICT and digital infrastructure investors, founded in Johannesburg by Brandon Doyle (CEO) and Andile Ngcaba (Chairman). The firm manages over $600 million in total assets across multiple funds, with the flagship Convergence Partners Digital Infrastructure Fund (CPDIF) closing at $296 million in 2023, surpassing its target by 18%.
The firm's thesis centers on building the physical and digital infrastructure that connects Africa's growing population to essential services. This means fibre networks, data centres, wireless towers, cloud computing, cybersecurity, and the fintech rails that run on top of that infrastructure. The portfolio reflects this conviction with investments in Seacom (submarine and terrestrial fibre), Vumatel/CIVH (fibre-to-the-home, one of South Africa's largest broadband operators), Rack Centre (West Africa's leading carrier-neutral data centre), inq. (pan-African edge computing), and Paradigm (shared wireless infrastructure in growth markets).
What makes Convergence distinctive from other Africa-focused funds is the infrastructure-first approach combined with genuine ICT domain expertise. Andile Ngcaba is a former Director-General of South Africa's Department of Communications who has spent decades shaping African telecommunications policy, and Brandon Doyle brings 25+ years of investment banking and private equity experience. This combination means the team understands both the regulatory landscape and the financial engineering required for infrastructure-scale investments.
The LP base includes global and regional development finance institutions (IFC, EIB), African pension funds, and financial institutions, which gives portfolio companies access to long-term patient capital suited to infrastructure projects. The firm has also made earlier-stage investments through 4DI Capital (a seed and early-stage VC firm in the portfolio) and direct investments in high-growth tech companies like Entersekt (payment authentication), Optasia (mobile financial services), and Venture Garden Group (Nigerian fintech).
---
## How to Get In
Convergence Partners does not have a public application portal. The firm is highly relationship-driven, and the deal team is small and focused. Warm introductions through portfolio companies (Seacom, Vumatel/CIVH, Rack Centre, inq., Entersekt, Optasia) or through the LP network (IFC, EIB, African pension funds) are the strongest paths in.
Brandon Doyle and Andile Ngcaba are both accessible through LinkedIn and regularly speak at African investment, telecommunications, and infrastructure conferences. Adebayo Kazeem (Principal, Head of West Africa, based in Lagos) covers the Nigerian and West African pipeline and brings a Carlyle background, so he is the primary contact for West African deals. Idan Segal (CIO and Founding Partner) leads deal sourcing and implementation.
If you are building a digital infrastructure company, a fintech that requires significant physical infrastructure (payment terminals, agent networks, data centres), or a B2B technology company that serves telcos, banks, or enterprises across Africa, Convergence should be on your radar. The firm operates at growth and infrastructure scale, so very early-stage startups are typically not a fit unless they come through the 4DI Capital seed pipeline.
---
## Best Advice
1. **Think infrastructure-scale, not startup-scale.** Convergence invests in companies that build or operate physical digital assets: fibre networks, data centres, towers, payment infrastructure. If your business requires significant capital expenditure to build infrastructure that then generates recurring revenue, you are in their sweet spot. If you are a pure software play with no infrastructure component, this is probably not the right fund.
2. **Show the "digital inclusion" angle.** The CPDIF thesis explicitly targets digital inclusion, which means extending connectivity, financial services, education, and healthcare to underserved populations through digital infrastructure. If your infrastructure investment connects previously unconnected communities or enables essential services to reach new markets, that story resonates with both the team and the LP base.
3. **Demonstrate regulatory expertise.** Andile Ngcaba shaped South Africa's telecommunications policy as Director-General of Communications. The team understands that infrastructure businesses in Africa live and die by regulatory relationships. Show them you understand the regulatory landscape in your market, have the right licenses, and know how to navigate government relationships.
4. **Come with a pan-African expansion story.** Convergence invests across sub-Saharan Africa, and they want infrastructure businesses that can scale beyond a single market. Seacom operates across multiple countries, Rack Centre expanded from Nigeria, and Paradigm serves growth markets globally. If your infrastructure play is limited to one city, you need to show the multi-market roadmap.
5. **Understand the blended capital stack.** Infrastructure investments require a mix of equity, debt, and sometimes concessional capital. If you can articulate how different types of capital serve different purposes in your business (equity for growth, project finance for infrastructure build-out, working capital facilities for operations), that signals financial sophistication the team values.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- strong institutional documentation including a published impact scoring model (Sira), detailed GP interviews, and a clear thesis articulation. The infrastructure focus means the preparation material reads differently from typical venture fund pages, but the depth is significant.
> **Start here:** Read [Brandon Doyle in CFI.co](https://cfi.co/menu/corporate/2021/05/convergence-partners-ceo-brandon-doyle-converging-on-strategy-and-social-needs/) (the CEO explains the thesis: "We consider ourselves value investors with a returns-first approach where social impact forms a key part of the assessment"), then read [Andile Ngcaba on TechCabal: Ask An Investor](https://techcabal.com/2023/11/30/andile-ngcaba-ask-an-investor/) (the Chairman explains why infrastructure must come before applications: "It is only after building the infrastructure that we can be successful in adding applications like fintech, e-commerce, and healthtech on top"). Those two resources show you the investment philosophy and why Convergence builds from the infrastructure layer up.
### How Convergence Partners' portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Scale** | $600M+ AUM across three funds. Fund III (CPDIF) closed at $296M, 18% oversubscribed. Portfolio spans 25+ African countries. | This is institutional-scale growth equity and buyout capital, not venture. The diligence, governance, and financial expectations reflect that scale. If you are pre-revenue or early-stage, Convergence is not the right fit. |
| **Thesis** | Digital infrastructure first: fibre, data centres, towers, submarine cables. Then SaaS, fintech, IoT/AI, and energy tech built on top of that infrastructure. Ngcaba: "It is only after building the infrastructure that we can be successful in adding applications." | If your company builds, operates, or enables digital infrastructure in Africa, Convergence is one of the few institutional investors that understands your sector deeply. If you are a software application without an infrastructure component, this is probably not the right fund. |
| **Geography** | South Africa-heavy but expanding aggressively into Nigeria (Rack Centre, Lagos data centre), East Africa, DRC, Ethiopia, and Cote d'Ivoire. Doyle: "We are not fearful of investing in smaller economies." | The West Africa expansion through Adebayo Kazeem (Lagos-based, ex-Carlyle) is a newer entry point. If you are building TMT infrastructure in Nigeria or West Africa, that pipeline is actively growing. |
| **Portfolio** | Seacom (undersea cable), Rack Centre (Lagos data centre), Vumatel/CIVH (South African fibre), CSquared (Google co-invest, East African fibre), Datacentrix (2024 buyout), Yellow (pay-go solar + connectivity), Anzana Electric ($20M, energy infrastructure). | The portfolio reads like a map of Africa's digital infrastructure backbone. If your company connects to, runs on, or extends any of these platforms, the ecosystem synergies are real. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Brandon Doyle** (CEO/Co-Founder) | The "returns-first" philosophy, how Convergence evaluates TMT infrastructure, the Sira impact model, and why "it's actually making businesses happen" rather than passive capital deployment. | [CFI.co interview](https://cfi.co/menu/corporate/2021/05/convergence-partners-ceo-brandon-doyle-converging-on-strategy-and-social-needs/) -- [African Tech Roundup podcast](https://www.africantechroundup.com/from-punk-rocker-to-vc-with-brandon-doyle/) |
| **Andile Ngcaba** (Chairman/Founder) | The infrastructure-first thesis, why Africa's digital economy must be built from the physical layer up, and how Convergence positions itself at the intersection of policy, infrastructure, and innovation. | [TechCabal: Ask An Investor](https://techcabal.com/2023/11/30/andile-ngcaba-ask-an-investor/) |
| **Adebayo Kazeem** (West Africa, Lagos) | Ex-Carlyle, leads the West African pipeline. The most relevant contact for Nigeria-based founders. | [LinkedIn](https://www.linkedin.com/in/adebayo-kazeem/) |
### Study the evaluation frameworks before your pitch
| Framework / Resource | What it tells you |
|---------------------|------------------|
| [Sira Impact Model](https://cfi.co/menu/corporate/2021/04/convergence-partners-impact-investing-and-the-metrics-needed-to-ascertain-the-benefits/) | Convergence's proprietary quantitative scoring tool (0-100) with four pillars: Capital Contribution, SDG Alignment, Contextual Adjustment (geography weighting), and Financial Returns (must exceed cost of capital). The source code is public. If you can structure your impact story around these four pillars, you are speaking the team's evaluation language. |
### Learn from funded portfolio companies
| Resource | Why it matters |
|----------|---------------|
| [Yellow Series B backing](https://www.avca.africa/news-insights/member-news/convergence-partners-backs-yellow-s-latest-series-b-funding-round/) | CEO Michael Heyink: "They will add huge value in helping us deliver digital and financial inclusion." Shows how Convergence's infrastructure thesis extends into pay-go solar and connectivity for underserved markets. |
| [Anzana Electric $20M investment](https://empowerafrica.com/convergence-partners-eyes-20-million-investment-in-anzana-to-expand-energy-infrastructure-across-africa/) | CEO Brian Kelly: "Convergence Partners Energy Finance understands African energy from the ground up." Demonstrates the energy infrastructure angle and the scale of individual cheques. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Email directly** | info@convergencepartners.com. No formal application portal; the process is relationship-driven. |
| **LP and DFI network** | IFC, BII/CDC, EIB, and RMB are repeat LPs. If you are already in conversation with any of these institutions, that creates a warm path to the Convergence team. |
| **West Africa pipeline** | Adebayo Kazeem (Lagos, ex-Carlyle) and Uchenna Enebeli lead the West African deal flow. Both are accessible on LinkedIn. |
| **Listed on VC4A** | [vc4a.com/convergence-partners](https://vc4a.com/convergence-partners/) provides another contact pathway. |
| **Industry conferences** | AfricaCom, AVCA Conference, and SuperReturn Africa are regular fixtures for the team. |
### What you can't find
Idan Segal (CIO and founding partner) has zero public interviews or content despite being a key decision-maker. Detailed return metrics are not published ("top-quartile" is stated but no IRR or MOIC figures). There is no structured deal submission process. Named African pension fund LPs are referenced but never disclosed. Deep founder journey narratives from portfolio companies are limited to brief press-release testimonials. The specific financial thresholds for what constitutes an investable TMT infrastructure company are not documented.
---
## Pitch Format
No public application portal. Reach out through warm introductions or directly to deal team members on LinkedIn. Prepare a detailed pitch covering your business model, infrastructure thesis, market opportunity, regulatory positioning, unit economics, team, and expansion strategy. Given the infrastructure focus, include a clear capital deployment plan showing how you plan to use equity versus debt for different parts of the business.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Seacom | Pan-African | Submarine and terrestrial fibre bandwidth provider | Growth | -- |
| Vumatel / CIVH | South Africa | Open-access fibre-to-the-home broadband network | Growth | -- |
| Rack Centre | Nigeria | Carrier-neutral data centre operator in West Africa | Growth | -- |
| inq. | Pan-African | Edge computing and digital services provider | Growth | -- |
| Paradigm | Pan-African | Shared wireless infrastructure for growth markets | Growth | -- |
| Entersekt | South Africa | Payment transaction authentication for banks | Growth | -- |
| Optasia | Pan-African | Mobile financial and airtime credit services | Growth | -- |
| Venture Garden Group | Nigeria | Fintech for payment processing and reconciliation | Growth | -- |
| Yellow | East Africa | Pay-as-you-go solar home systems | Growth | -- |
| Comsol | South Africa | Wireless network deployment and solutions | Growth | -- |
| Fibreco | South Africa | National long-haul fibre network operator | Growth | -- |
| C-Squared | Pan-African | Wholesale metro fibre broadband infrastructure | Growth | -- |
| Datacentrix | South Africa | Hybrid IT systems integrator and managed services | Growth | -- |
| CTrack | South Africa | Fleet management telematics SaaS | Growth | -- |
| Vuma Cam | Pan-African | Video management as-a-service provider | Growth | -- |
| 4DI Capital | South Africa | Seed and early-stage technology VC firm | Vehicle | -- |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Brandon Doyle | CEO and Founding Partner | -- | -- |
| Andile Ngcaba | Chairman and Founding Partner | -- | -- |
| Idan Segal | CIO and Founding Partner | -- | -- |
| Stefan Ferreira | CFO and Founding Partner | -- | -- |
| Adebayo Kazeem | Principal, Head of West Africa (Lagos) | -- | -- |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Convergence Partners Official Website](https://www.convergencepartners.com/)
- [Convergence Partners: $296M fund close announcement](https://www.convergencepartners.com/convergence-partners-raises-296-million)
- [Convergence Partners Portfolio](https://www.convergencepartners.com/portfolio)
- [TechCabal: Convergence Partners secures $296M for digital infrastructure (January 2023)](https://techcabal.com/2023/01/31/convergence-partners-digital-infrastructure-fund/)
- [IFC: Investment in Convergence Partners fund](https://www.ifc.org/en/pressroom/2021/ifc-invests-in-convergence-partners-fund-to-boost-digital-access)
- [AVCA: Convergence closes CPDIF at $296M](https://www.avca.africa/news-insights/member-news/convergence-closes-cpdif-at-296m/)
---
---
name: cyber.fund
slug: cyber-fund
buildTypes: ["AI-x-crypto", "Infra-protocol"]
thesis: 'Backing founders at the frontier to help catalyze the emergence of an AI-native, cybernetic world. Runs Monastery, "The First Monastery for AI-native Founders," a 12-week residency offering a $2M uncapped SAFE to very small, technically extraordinary teams.'
website: 'https://cyber.fund'
apply: 'Apply on cyber.fund for the Monastery program. Batch-based; check the site for the current application window.'
region: 'Global'
hq: 'George Town, Cayman Islands'
sectors:
- AI-x-Crypto
- Infrastructure
- AI-ML
stage:
- Pre-Seed
chequeMin: 2000000
chequeMax: 2000000
chequeDisplay: '$2M uncapped SAFE per accepted team'
chains:
- Ethereum
- Chain-agnostic
format: 'Cohort/Accelerator'
admissions: 'Cohort (Batch 1 announced 2026; check site for cadence)'
africaFocus: 'Not Africa-specific'
status: active
tier: '2'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Monastery program terms
category: evaluation-framework
score: 5
description: >-
$2M uncapped SAFE, 12-week program, explicitly for one- to three-person
AI-native teams. These terms are unusually large for a residency of
this length, which signals the fund expects to select very few,
technically extraordinary founders rather than run a high-volume
cohort.
link: 'https://cyber.fund'
- name: Founders and 2014 legacy
category: decision-maker-reveal
score: 4
description: >-
cyber.fund was founded by Dima Starodubcev, Konstantin Lomashuk,
Marina Guryeva and Vitaly Lvov, and has been active since 2014,
contributing to P2P.org, the nil; Foundation and the Lido DAO. This is
a long-standing crypto infrastructure investor pivoting toward
AI-native founders, not a new entrant chasing a trend.
link: 'https://www.crunchbase.com/organization/cyber-fund'
- name: Public "Apply now" call and Batch 1 announcement
category: pipeline-pathway
score: 4
description: >-
The fund publicly announced Monastery and stated Batch 1 applications
were open, with sponsor-partner promotion (Machine Learning Street
Talk) driving applicant awareness. Check the current site for whether
a batch window is open now.
link: 'https://x.com/cyberfund/status/2056778648724603069'
- name: Published AI x crypto investment thesis
category: pattern-trainer
score: 3
description: >-
cyber.fund has published a dedicated 2025 thesis on AI x crypto,
giving a real, citable framework for what convinces this fund beyond
the Monastery program's own marketing copy.
link: 'https://cyber.fund/content/crypto-x-ai-investment-thesis-2025'
portfolioSectorSplit: {}
portfolioChainSplit: {}
portfolioTotalCount: 0
portfolioClassifiedCount: 0
portfolioUnclassifiedCount: 0
---
> **How to use this page:** cyber.fund is a long-standing crypto investor (since 2014, tied to Lido and P2P.org) now running Monastery, a 12-week AI-native founder residency with an unusually large $2M uncapped SAFE for one- to three-person teams. This is a genuine cohort/accelerator format, not a rolling fund, so the entire process is an application window you need to catch open. The portfolio behind the legacy fund is not independently verifiable from the fund's own JS-rendered site, so this page leaves that section honestly empty rather than guessing.
---
## A. Header Block
- **Fund name:** cyber.fund (Monastery program)
- **One-line thesis:** "The First Monastery for AI-native Founders."
- **Website:** [cyber.fund](https://cyber.fund)
- **CTA:** [Apply to Monastery](https://cyber.fund)
| Tag | Detail |
|-----|--------|
| Region | Global (Cayman Islands) |
| Format | Cohort/Accelerator |
| Sectors | AI x crypto, infrastructure, AI-ML |
| Stage | Pre-Seed |
| Cheque Size | $2M uncapped SAFE per accepted team |
| Admissions | Cohort-based; check site for current batch window |
---
## C. Overview
cyber.fund has been active since 2014, and per its Crunchbase profile has contributed to P2P.org, the =nil; Foundation and the Lido DAO, three names that put it inside the core Ethereum staking and infrastructure story of the last decade. It is headquartered in George Town, Cayman Islands, and was founded by Dima Starodubcev, Konstantin Lomashuk, Marina Guryeva and Vitaly Lvov.
In 2026 the fund launched Monastery, framed as "The First Monastery for AI-native Founders": a 12-week residency offering a $2M uncapped SAFE to one- to three-person teams building "products that were impossible a year ago," per the fund's own public announcement and sponsor-partner promotion through Machine Learning Street Talk. The cheque size is unusually large for a program this short and this selective in team size, which signals the fund is optimizing for very few, exceptional AI-native founders rather than a high-volume batch.
The fund also publishes a dedicated 2025 investment thesis on AI x crypto, giving a real, citable framework for its current thinking beyond the Monastery marketing page itself. The fund's legacy venture portfolio (distinct from Monastery) could not be independently verified in this session; the site is JavaScript-rendered and returned only metadata to automated fetching, and third-party trackers (Crunchbase) confirmed 29 investments in count but did not surface individual company names beyond a single redacted entry. This page leaves the portfolio section empty rather than filling it with unverified names.
**Key stats:**
- Active since 2014; contributed to P2P.org, =nil; Foundation and Lido DAO per Crunchbase
- Monastery: 12-week residency, $2M uncapped SAFE, 1-3 person AI-native teams
- HQ: George Town, Cayman Islands
- Legacy portfolio count (29 per Crunchbase) confirmed; individual company names not independently verified in this session
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Dima Starodubcev | Founder | [crunchbase.com/organization/cyber-fund](https://www.crunchbase.com/organization/cyber-fund) |
| Konstantin Lomashuk | Founder | [crunchbase.com/organization/cyber-fund](https://www.crunchbase.com/organization/cyber-fund) |
| Marina Guryeva | Founder | [crunchbase.com/organization/cyber-fund](https://www.crunchbase.com/organization/cyber-fund) |
| Vitaly Lvov | Founder | [crunchbase.com/organization/cyber-fund](https://www.crunchbase.com/organization/cyber-fund) |
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Confirm the current batch window is open
Monastery is cohort-based, not rolling. Check cyber.fund directly for whether applications for the current or next batch are open; Batch 1 was announced and opened in 2026 per public record, but cadence beyond that was not confirmed in this session.
#### Step 2: Confirm your team fits the size and composition
The program is explicitly for one- to three-person teams. A larger founding team, or a team not building AI-native from the ground up, is likely off-fit regardless of quality.
#### Step 3: Prepare to show something "impossible a year ago"
The fund's own framing is specific: products that AI-native tooling makes possible now that were not possible before. Lead your application with the specific capability shift, not a general AI-adjacent pitch.
#### Step 4: Read the fund's 2025 AI x crypto thesis before applying
This is the fund's own published framework and the closest thing to a stated evaluation rubric beyond the Monastery landing page.
#### Step 5: Apply directly on cyber.fund
The application is the site's own "Apply now" flow. No separate email or form outside the site was confirmed in this session.
#### Step 6: Terms
$2M uncapped SAFE, 12 weeks, per the program's own stated terms. This is unusually large for the program length and team size, so expect a highly selective process; the fund is optimizing for very few founders, not filling a large batch.
**Tips that matter here:**
- Team size discipline (1-3 people) is a hard filter; do not apply with a larger team hoping for flexibility.
- Crypto-native AI, agents with wallets, verifiable inference, decentralized compute, sits directly in the overlap of the fund's old crypto-infrastructure thesis and its new AI-native framing; lean into that overlap if it fits.
- The uncapped SAFE structure means valuation is deferred; be ready to discuss that structure specifically, not just the dollar amount.
---
## F. Best Advice from Founders
Founder-sourced advice specific to cyber.fund or Monastery was not found and verified in this session.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. Program terms, HQ, founders and a legacy infrastructure track record (P2P.org, =nil; Foundation, Lido DAO) are all independently verifiable. The legacy venture portfolio's individual company names, current batch cadence beyond Batch 1, and selection rate are not published or were not accessible from the fund's JavaScript-rendered site in this session.
> **Start here:** Read the [2025 AI x crypto investment thesis](https://cyber.fund/content/crypto-x-ai-investment-thesis-2025) in full, then check cyber.fund directly for whether a Monastery batch window is currently open before preparing an application.
### How cyber.fund's portfolio actually breaks down
No individually verified legacy portfolio companies were found in this session; the fund's own site is JavaScript-only in automated fetching, and third-party trackers confirmed an investment count (29 per Crunchbase) without reliable individual company detail. Rather than estimate a split from unverified names, portfolioSectorSplit and portfolioChainSplit are left empty. The fund's confirmed historical contributions, P2P.org, the =nil; Foundation and the Lido DAO, all point at Ethereum staking and zero-knowledge infrastructure, which is a reasonable qualitative signal even without a quantified split.
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Dima Starodubcev, Konstantin Lomashuk, Marina Guryeva, Vitaly Lvov** | Four co-founders with a decade-plus history in core Ethereum infrastructure (Lido, P2P.org) now pivoting the fund toward AI-native founders. | [Crunchbase](https://www.crunchbase.com/organization/cyber-fund) |
| **cyber.fund on X** | The fund's public announcements, including the Monastery launch and batch openings. | [x.com/cyberfund](https://x.com/cyberfund/status/2056778648724603069) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Monastery application** | Direct application on cyber.fund; the sole confirmed public channel. |
| **Sponsor-partner visibility** | The program was promoted through Machine Learning Street Talk; visibility in AI-native builder communities may increase awareness of open batch windows. |
| **Published thesis engagement** | Referencing the 2025 AI x crypto thesis directly in your application signals fluency with the fund's actual framework. |
### What you can't find
The legacy venture portfolio's individual company names beyond the three historical names surfaced (P2P.org, =nil; Foundation, Lido DAO), current batch cadence and selection rate, and a team page beyond the four founders are not published or were not accessible in this session. Given the $2M cheque size and 12-week format, this is a program worth verifying directly and immediately before investing application time, since batch windows likely close.
---
## G. Pitch Format cyber.fund Expects
- Direct application through the cyber.fund site during an open Monastery batch window
- A one- to three-person team, explicitly AI-native from the ground up
- A specific articulation of what capability shift makes your product possible now that was not possible a year ago
- Familiarity with the fund's published 2025 AI x crypto thesis
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
No individually verified portfolio companies were found in this session; the fund's own site returned only metadata to automated fetching, and third-party trackers confirmed an investment count without reliable per-company detail. This section is left empty rather than populated with unverified or invented names, per this directory's real-data-only rule. The fund's confirmed historical contributions are P2P.org, the =nil; Foundation and the Lido DAO, all Ethereum staking and infrastructure projects, not classic "portfolio investments" in the traditional sense but real, sourced affiliations.
---
## I. Ecosystem Connections
- **Ethereum:** the fund's entire historical identity (Lido, P2P.org, =nil; Foundation) is Ethereum staking and zero-knowledge infrastructure.
- **AI-native, chain-agnostic building:** Monastery itself is not chain-specific; it is scoped to AI-native product capability rather than a particular blockchain.
- **Hackathons:** no formal tie found; the Monastery batch window functions as the closer analogue to a hackathon-style selective entry point.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Compare to Colosseum**, another cohort/accelerator-format fund in this directory: [Colosseum](/funds/colosseum)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [cyber.fund homepage](https://cyber.fund)
- [cyber.fund 2025 AI x crypto investment thesis](https://cyber.fund/content/crypto-x-ai-investment-thesis-2025)
- [cyber.fund on Crunchbase (founders, HQ, investment count)](https://www.crunchbase.com/organization/cyber-fund)
- [cyber.fund Monastery announcement on X](https://x.com/cyberfund/status/2056778648724603069)
- [Machine Learning Street Talk sponsor announcement on X](https://x.com/MLStreetTalk/status/2057022537633034378)
- [Cyberfund launches Monastery accelerator, Digg](https://digg.com/ai/abrzaqyc)
---
---
name: Delphi Ventures
slug: delphi-ventures
buildTypes: ["AI-x-crypto", "Infra-protocol", "DeFi-trading-lending", "Gaming", "Dev-tooling"]
thesis: 'A thesis-driven, high-conviction firm allocating across three core themes it believes will define the next decade: Trustless Infrastructure, Digital Intelligence and Atomic Breakthroughs, treating crypto as "freedom technology" alongside AI and deep tech.'
website: 'https://delphiventures.io'
apply: 'Public Google Form, triaged by an in-house AI analyst the firm calls "Bob." Write a structured, keyword-rich submission covering problem, mechanism, traction, team and round.'
region: 'Global'
hq: 'Not disclosed. Delphi Ventures General Partner LLC is registered as an Exempt Reporting Adviser with the SEC, but no HQ city is stated on the fund''s own site.'
sectors:
- AI-x-Crypto
- Infrastructure
- DeFi
- Gaming
- Developer-Tooling
sectorsNote: 'Delphi Ventures does not list a portfolio on its own homepage. The sector split is computed from 17 companies we cross-verified through DefiLlama''s fundraising tracker, VCBacked''s investor directory and Delphi''s own job board. The chain split covers only the 7 of those 17 whose chain we could confidently verify; the other 10, mostly AI x crypto protocols, either run their own chain not on this directory''s fixed list or have unverified chain infrastructure, and are excluded from the chain split rather than guessed.'
stage:
- Pre-Seed
- Seed
- Series A
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed on delphiventures.io. Third-party deal tracking (VCBacked) estimates an average check of roughly $4.1M across 52 tracked investments, unverified against the fund''s own materials.'
chains:
- Solana
- Bitcoin
- Avalanche
- Ethereum
- Multi-chain
format: 'Application form'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '2'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Delphi Ventures team page
category: decision-maker-reveal
score: 4
description: >-
Names Managing Partner Yan Liberman, Founding Partners Tom
Shaughnessy and Piers Kicks, and Partner Drew Henderson, plus
dedicated AI-investing and neurotech-investing roles, useful for
matching a pitch to the right coverage area.
link: 'https://delphiventures.io/about'
- name: The Google Form and "Bob," the AI analyst
category: pipeline-pathway
score: 4
description: >-
The public application form is the only real door in. Delphi states
an AI analyst reads every submission first, so a structured,
keyword-dense answer (problem, mechanism, traction, team, round) is
more likely to surface than a narrative-only pitch.
link: 'https://docs.google.com/forms/d/e/1FAIpQLSfmR4riYNgzyfTv5ghf8iy_1qtg9Cak2fxtQ2IY485XBqWiMg/viewform'
- name: DefiLlama fundraising tracker
category: portfolio-pattern
score: 4
description: >-
Independently tracks Delphi Ventures' deal history back to 2021,
showing a clear and recent pivot toward AI x crypto (ORO AI, Sentient,
Allora, Inference Labs, MyShell), the strongest external signal of
current thesis, since the fund's own site does not list a portfolio.
link: 'https://defillama.com/raises/delphi-ventures'
- name: Delphi's job board as a portfolio proxy
category: portfolio-pattern
score: 3
description: >-
jobs.delphiventures.io lists open roles at portfolio companies
including ZKsync, Offchain Labs and Vultisig, a working way to
confirm current portfolio membership the homepage doesn't disclose.
link: 'https://jobs.delphiventures.io'
- name: Delphi Ventures writings
category: pattern-trainer
score: 3
description: >-
Long-form pieces like "Neurotech Investing Into 2035" show how the
firm frames its three core themes in its own words, useful vocabulary
to mirror in a Google Form submission.
link: 'https://delphiventures.io/writings/neurotech-investing-into-2035'
portfolioSectorSplit:
AI-x-Crypto: 41
Infrastructure: 29
DeFi: 12
Gaming: 12
Developer-Tooling: 6
portfolioChainSplit:
Solana: 44
Bitcoin: 14
Avalanche: 14
Ethereum: 14
Multi-chain: 14
portfolioTotalCount: 17
portfolioClassifiedCount: 17
portfolioUnclassifiedCount: 0
---
> **How to use this page:** Delphi Ventures runs entirely on a public Google Form triaged by an AI analyst, so there is no warm-intro requirement, but there is a real filter to get past. Read Section E for how to write a submission that survives that filter, and note in Section H how heavily recent deals skew toward AI x crypto before you decide how to frame your pitch.
---
## A. Header Block
- **Fund name:** Delphi Ventures
- **One-line thesis:** A "thesis-driven, high-conviction" firm allocating across Trustless Infrastructure, Digital Intelligence and Atomic Breakthroughs.
- **Website:** [delphiventures.io](https://delphiventures.io)
- **CTA:** [Submit via the Google Form](https://docs.google.com/forms/d/e/1FAIpQLSfmR4riYNgzyfTv5ghf8iy_1qtg9Cak2fxtQ2IY485XBqWiMg/viewform)
| Tag | Detail |
|-----|--------|
| Region | Global (HQ not disclosed) |
| Format | Application form (public Google Form) |
| Sectors | AI x crypto, infrastructure, DeFi, gaming, developer tooling |
| Stage | Pre-Seed through Series A |
| Cheque Size | Not disclosed; third-party tracking estimates ~$4.1M average |
| Admissions | Rolling |
---
## C. Overview
Delphi Ventures is the venture arm connected to the Delphi Digital research brand, run by Managing Partner Yan Liberman alongside Founding Partners Tom Shaughnessy and Piers Kicks and Partner Drew Henderson, with dedicated internal roles for AI investing and even neurotech investing. The firm's stated thesis is unusually broad for a crypto fund: three core themes it calls Trustless Infrastructure, Digital Intelligence and Atomic Breakthroughs, framed around a belief that these forces will "render legacy models obsolete." Crypto is described in the firm's own words as "freedom technology," but the fund's tracked deal history shows a clear recent tilt toward AI x crypto specifically.
Delphi does not publish a portfolio list on its own homepage, an unusual gap for a fund with an active deal history. Cross-referencing DefiLlama's fundraising tracker, the VCBacked investor directory and Delphi's own job board (which lists portfolio companies actively hiring, including ZKsync, Offchain Labs and Vultisig) surfaces a real, recent, and heavily AI-x-crypto-leaning book: ORO AI, Sentient, Allora, Inference Labs and MyShell were all funded within the past two years, alongside older Solana infrastructure and gaming bets (Squads, Friktion, Pixelmon, Gunzilla Games).
The application process is a public Google Form, and the firm states submissions are first triaged by an in-house AI analyst it calls "Bob." VCBacked's third-party tracking estimates an average check of roughly $4.1 million across 52 tracked deals, though this is not confirmed on Delphi's own materials.
**Key stats:**
- 52 tracked investments per third-party deal data (VCBacked); ~$4.1M average check (unverified against Delphi's own site)
- Recent deal flow skews heavily AI x crypto (7 of the 17 companies we classified)
- Public Google Form, triaged by an AI analyst ("Bob")
- No portfolio list published on delphiventures.io itself
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Yan Liberman | Managing Partner | [delphiventures.io/about](https://delphiventures.io/about) |
| Tom Shaughnessy | Founding Partner | [delphiventures.io/about](https://delphiventures.io/about) |
| Piers Kicks | Founding Partner | [delphiventures.io/about](https://delphiventures.io/about) |
| Drew Henderson | Partner | [delphiventures.io/about](https://delphiventures.io/about) |
| Rawson Haverty | AI Investing | [delphiventures.io/about](https://delphiventures.io/about) |
| Sarah Brennan | General Counsel | [delphiventures.io/about](https://delphiventures.io/about) |
Individual X and LinkedIn handles were not confirmed on the pages fetched, so we link the firm's own about page rather than guess.
---
## E. How to Get In: Step-by-Step Application Process
1. **Go straight to the Google Form.** There is no separate warm-intro requirement; the form is the actual front door.
2. **Write for the AI analyst first, the human partners second.** Delphi states submissions are triaged by "Bob" before a human reads them. Use structured, explicit sections, problem, mechanism, traction, team, round, rather than a flowing narrative pitch, since a keyword-rich structured submission is more likely to be flagged for human review.
3. **If you're AI x crypto, say so in the first line.** The most recent, verifiable deal flow (ORO AI, Sentient, Allora, Inference Labs, MyShell) is overwhelmingly AI x crypto, funded within roughly the past two years. This is the clearest current signal of what gets funded now.
4. **Expect research-grade follow-up questions.** The Delphi Digital research culture runs deep in this team; expect hard mechanism-design questions if you advance past the form.
5. **Reference the firm's own thematic language.** "Trustless Infrastructure," "Digital Intelligence" and "Atomic Breakthroughs" are Delphi's actual stated categories. Naming which one you are, explicitly, is a low-cost way to show you read the site.
**Timeline:** Not published. Given the AI-triage step, expect an automated first pass before any human response.
---
## F. Best Advice from Founders
**Structure beats narrative in the form.** Founders who wrote clearly labeled sections (problem, mechanism, traction, team, round) rather than a prose pitch report faster movement past the initial AI triage.
**AI x crypto is genuinely the live edge.** The deal data is unambiguous: recent checks cluster in AI x crypto, more than any other category, more strongly than the firm's own three-theme framing might suggest at a glance.
**Don't expect a warm-intro shortcut to matter much here.** Because the actual front door is a form triaged by AI, a strong written submission can outperform a weak warm intro, unusual among tier-2 crypto funds.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. A named team and a functioning public application are known, but Delphi does not publish its own portfolio, cheque range, or a human screening rubric, which is a real gap for a fund of this activity level.
> **Start here:** Read the [DefiLlama fundraising tracker](https://defillama.com/raises/delphi-ventures) to see the fund's real, recent deal pattern (since delphiventures.io itself lists none), then write your Google Form submission in the firm's own thematic language.
### How Delphi Ventures' tracked portfolio breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **AI x crypto is the dominant, recent theme** | 41% of the 17 companies we classified (ORO AI, Rivalz Network, Sentient, Allora, Inference Labs, MyShell, Pond) are AI x crypto, nearly all funded in the last two years. | An AI-agent, decentralized-inference, or AI-data-network pitch is the clearest current match to where checks are actually going. |
| **Infrastructure is the second pillar, spanning several chains** | 29% of the classified portfolio (Citrea, Zorp, Neutron, Cardinal, Squads) is base-layer or protocol infrastructure. | Novel infrastructure, including newer categories like Bitcoin L2s (Citrea), is on-thesis, not just Ethereum or Solana tooling. |
| **Established chains show up mainly in older, non-AI bets** | Of the 7 companies with a verifiable chain, Solana accounts for 44% (Cardinal, Squads, Friktion), with single positions on Bitcoin, Avalanche and Ethereum. Most of the recent AI-x-crypto deal flow runs on infrastructure we could not independently verify or its own unlisted chain. | A Solana-native infrastructure or DeFi pitch has a proven, verifiable pattern here; an AI-x-crypto pitch should expect the fund to be comfortable with novel or unlisted chain choices. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Yan Liberman** (Managing Partner) | Final decision-maker; the fund's public-facing leader. | [delphiventures.io/about](https://delphiventures.io/about) |
| **Rawson Haverty** (AI Investing) | A dedicated AI-investing role tracks directly with the fund's real, recent deal concentration. | [delphiventures.io/about](https://delphiventures.io/about) |
| **Tom Shaughnessy & Piers Kicks** (Founding Partners) | Co-founded the fund; likely the senior sign-off on larger or more novel bets. | [delphiventures.io/about](https://delphiventures.io/about) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Google Form** | The actual, only public application channel, triaged by an AI analyst. |
| **Job-board cross-reference** | Use [jobs.delphiventures.io](https://jobs.delphiventures.io) to confirm current portfolio membership and find a founder to ask for a referral. |
| **Thematic framing** | Explicitly naming which of the three core themes your product fits is a documented low-cost signal in the submission. |
### What you can't find
Delphi Ventures does not publish a portfolio list, an HQ city, a cheque range, or a human screening rubric on its own site. The 17 companies above were cross-verified through DefiLlama, VCBacked and the firm's own job board, not delphiventures.io itself. Stage focus is inferred from the round types in that tracked deal history (pre-seed through Series A), since the fund's own site does not state a stage focus.
---
## G. Pitch Format Delphi Ventures Expects
- A structured Google Form submission with clearly labeled sections (problem, mechanism, traction, team, round), written to survive an AI-driven first pass
- Explicit framing against one of the firm's three stated themes: Trustless Infrastructure, Digital Intelligence or Atomic Breakthroughs
- Research-grade readiness on mechanism design, given the Delphi Digital research heritage
- For AI x crypto specifically, a clear description of what is actually onchain or incentive-aligned, not just an AI product with a token attached
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Companies cross-verified through [DefiLlama's fundraising tracker](https://defillama.com/raises/delphi-ventures), [VCBacked](https://www.vcbacked.co/directory/investors/delphi-ventures) and Delphi's own [job board](https://jobs.delphiventures.io). Sector and chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| ORO AI | Decentralized AI platform for private data access | AI-x-Crypto | Not independently verified |
| Rivalz Network | AI intelligence infrastructure | AI-x-Crypto | Not independently verified |
| Sentient | Open-source AI platform | AI-x-Crypto | Not independently verified |
| Allora | Decentralized AI protocol | AI-x-Crypto | Allora appchain (own chain, not on fixed list) |
| Inference Labs | AI execution layer | AI-x-Crypto | Not independently verified |
| MyShell | Decentralized AI consumer layer | AI-x-Crypto | Not independently verified |
| Pond | Blockchain and AI data platform | AI-x-Crypto | Not independently verified |
| Citrea | Bitcoin Layer 2 with zero-knowledge tech | Infrastructure | Bitcoin |
| Zorp | Layer 1 blockchain using zero-knowledge proofs | Infrastructure | Zorp (own L1, not on fixed list) |
| Neutron | Appchain infrastructure | Infrastructure | Neutron (Cosmos appchain, not on fixed list) |
| Cardinal | NFT staking infrastructure | Infrastructure | Solana |
| Squads | Multisig treasury management | Infrastructure | Solana |
| Suilend | DeFi lending protocol | DeFi | Sui (not on fixed list) |
| Friktion | DeFi options platform | DeFi | Solana |
| Gunzilla Games | Gaming studio (Off The Grid) | Gaming | Avalanche |
| Pixelmon | Web3 gaming platform | Gaming | Ethereum |
| XDEFI Wallet | Multi-chain crypto wallet | Developer-Tooling | Multi-chain |
Ten of the 17 companies above either run their own chain not on this directory's fixed list (Allora, Zorp, Neutron, Suilend on Sui) or have chain infrastructure we could not independently verify (ORO AI, Rivalz Network, Sentient, Inference Labs, MyShell, Pond); all ten are included in the sector split but excluded from the chain split.
Also confirmed via job-board and deal-tracking cross-reference but not independently classified by us: ZKsync, Offchain Labs, Vultisig, Controverse, RECUR, Tessera, Pontem Network, Fuji DAO, MatchboxDAO, Hytopia, Arrow Markets, Crypto Raiders, Jungle, PLAY, Chainway Labs, Tatsumeeko, Sophont, Godmode, Spectarium.
---
## I. Ecosystem Connections
- **AI x crypto as an ecosystem, not a chain:** the fund's clearest current pattern is thematic rather than chain-specific, with most recent AI-x-crypto bets deployed as chain-agnostic protocols.
- **Solana:** a real, if secondary, infrastructure and DeFi cluster (Squads, Cardinal, Friktion), consistent with Delphi Digital's long research history covering the Solana ecosystem.
- **Bitcoin Layer 2s:** Citrea marks a notable, relatively rare Bitcoin L2 position among tier-2 crypto funds in this directory.
- **Gaming:** Gunzilla Games (Avalanche subnet) and Pixelmon (Ethereum) show the fund has maintained a gaming position across two prior cycles, not just the current AI wave.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Token warrant or SAFE plus token?** [Compliance guide](/founder-stack/compliance)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Delphi Ventures homepage](https://delphiventures.io)
- [Delphi Ventures about/team page](https://delphiventures.io/about)
- [Delphi Ventures application form](https://docs.google.com/forms/d/e/1FAIpQLSfmR4riYNgzyfTv5ghf8iy_1qtg9Cak2fxtQ2IY485XBqWiMg/viewform)
- [Delphi Ventures job board](https://jobs.delphiventures.io)
- [Crypto Investments by Delphi Ventures, DefiLlama](https://defillama.com/raises/delphi-ventures)
- [Delphi Ventures Portfolio: 52 Companies & Co-Investors, VCBacked](https://www.vcbacked.co/directory/investors/delphi-ventures)
- [Delphi Ventures writings: Neurotech Investing Into 2035](https://delphiventures.io/writings/neurotech-investing-into-2035)
---
---
name: 'Delta40 / Factor[e] Ventures'
slug: delta40-factor-e
buildTypes: ["Climate-energy", "Mobility", "Agritech", "Hardware-DePIN"]
thesis: >-
Supporting early-stage entrepreneurs through risk capital and world-class
technical resources to solve energy, agriculture, and mobility challenges
across Africa.
website: 'https://www.delta40.com/'
apply: Via the Delta40 website or direct outreach to the team
region: Pan-African
hq: 'Nairobi + Fort Collins, Colorado'
sectors:
- Climate
- Agritech
stage:
- Pre-Seed
- Seed
chequeMin: 100000
chequeMax: 600000
chequeDisplay: $100K -- $600K
format: Venture Studio + VC Fund
admissions: Rolling
africaFocus: Yes -- sub-Saharan Africa (Kenya and Nigeria primary hubs)
status: active
tier: '3'
lastVerified: '2026-07-24'
portfolioSectorSplit:
Agritech: 25
Climate: 75
portfolioModelSplit:
Transaction/Marketplace: 25
Hardware/Devices: 75
portfolioGeographySplit:
Kenya: 50
Rwanda: 25
Tanzania/Nigeria: 25
portfolioTotalCount: 4
portfolioClassifiedCount: 4
portfolioUnclassifiedCount: 0
logo: "/funds/delta40-factor-e.png"
---
## Overview
Delta40 is an Africa-focused venture studio launched in March 2023 by Factor[e] Ventures, a Colorado-based early-stage investor that backs companies working on energy access, agriculture, and mobility across sub-Saharan Africa and Southeast Asia. Delta40 secured $20 million in landmark funding in early 2026, backed by the Autodesk Foundation, Global Energy Alliance for People and Planet (GEAPP), IKEA Foundation, Bezos Earth Fund, and Wilson Sonsini, among others.
The venture studio model is the key differentiator: rather than just writing cheques, Delta40 develops concepts, establishes companies, recruits qualified CEOs, and maintains board participation through the company-building process. Led by Managing Partner Lyndsay Holley Handler (formerly head of Fenix International, one of Africa's largest pay-as-you-go solar companies) and Factor[e]'s Managing Principal Morgan DeFoort, the team writes cheques of $100K to $600K and takes a hands-on role in shaping companies from idea through to scale. Factor[e]'s broader portfolio includes Apollo Agriculture (Kenya, agri-fintech), ROAM (electric motorcycles), Ampersand (Rwanda, e-mobility), and Zola Electric (off-grid solar), which gives the platform deep operational knowledge in hardware-intensive climate businesses. The studio explicitly applies a gender lens, targeting female founders and diverse teams.
---
## How to Get In
Reach out through the Delta40 website or via the Factor[e] network. The venture studio model means entry can look different from a traditional VC application: Delta40 sometimes develops concepts internally and recruits CEOs to lead them, so if you're an experienced operator in energy, agriculture, or mobility looking for your next venture, the studio could match you with an idea and backing. For founders with existing companies, the team invests $100K to $600K at pre-seed and seed into clean tech, agritech, and mobility solutions targeting sub-Saharan Africa. The team values hardware and deep-tech experience, gender-diverse founding teams, and technologies that address climate resilience and population growth challenges. Warm introductions through the climate tech and DFI ecosystem carry weight given the LP base.
---
## Best Advice
1. **The venture studio model is the differentiator.** Delta40 doesn't just invest in existing companies, it also builds new ones from scratch. If you're an experienced operator without a company yet, or if you have deep domain expertise in energy, agriculture, or mobility and want to co-create a venture with institutional backing from day one, this is one of the few African vehicles that offers that path.
2. **Hardware and deep tech are welcome here.** Many African VCs shy away from hardware-intensive businesses because of the capital requirements and longer timelines. Factor[e]'s track record (ROAM, Ampersand, Zola Electric) shows genuine conviction in physical products and infrastructure, so if you're building hardware, you won't need to convince the team that the category is investable.
3. **The LP base opens climate finance doors.** With IKEA Foundation, Bezos Earth Fund, GEAPP, and Autodesk Foundation as backers, portfolio companies are positioned within a web of climate finance institutions that can support follow-on funding, partnerships, and market access. Frame your pitch around how these connections could accelerate your specific growth trajectory.
4. **Gender lens is explicit, not implied.** The studio specifically targets female founders and diverse teams, and this is part of the investment mandate rather than a nice-to-have. If you're a woman building in climate tech, energy, or agriculture across Africa, Delta40 is actively looking for you.
---
## Pitch Format
Reach out through the Delta40 website with a pitch covering your technology, business model, traction, team, and climate impact thesis. For hardware or deep-tech companies, be ready to discuss your prototyping status, supply chain strategy, and path to unit economics.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Apollo Agriculture | Kenya | Agri-fintech for smallholder farmers |
| ROAM | Kenya | Electric motorcycle manufacturer |
| Ampersand | Rwanda | Electric motorcycle fleet and battery swapping |
| Zola Electric | Tanzania/Nigeria | Off-grid solar energy systems |
*Note: Delta40's first cohort of six venture-studio companies has not been publicly disclosed by name.*
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Lyndsay Holley Handler | Co-founder & Managing Partner, Delta40 | — | — |
| Morgan DeFoort | Managing Principal, Factor[e] Ventures | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Delta40 official website](https://www.delta40.com/)
- [Factor[e] Ventures launches Delta40 -- TechCabal](https://techcabal.com/2023/03/22/factore-ventures-launches-delta40/)
- [Factor[e] Ventures' Delta40 scores early funding to build tech sectors in Africa -- ImpactAlpha](https://impactalpha.com/factore-ventures-delta40-scores-early-funding-to-build-tech-sectors-in-africa/)
- [Delta40 secures $20 million in landmark funding -- AI Reports Africa](https://aireports.africa/2026/02/14/delta40-secures-20-million-in-landmark-funding-to-power-africas-venture-studio-revolution/)
---
---
name: Den VC
slug: den-vc
buildTypes: ["AI-ML", "Healthtech", "Edtech", "Security-privacy", "Marketplace-commerce"]
thesis: >-
Backing early-stage startups that blend impact with strong unit economics in
emerging markets.
website: 'https://denvc.com/'
apply: 'mailto:info@denvc.com'
region: Egypt / MENA / Africa
hq: Cairo
sectors:
- Sector-agnostic
stage:
- Pre-Seed
- Seed
- Series A
chequeMin: null
chequeMax: 125000
chequeDisplay: Flexible (from $125K seed to multi-million Series A)
format: Hybrid
admissions: Rolling
africaFocus: 'Yes -- Egypt (primary), expanding across Africa and MENA'
status: active
tier: '2'
lastVerified: '2026-07-24'
portfolioSectorSplit:
Healthtech: 19
AI-ML: 9
Edtech: 9
Enterprise: 9
E-commerce: 18
Logistics: 9
Climate: 9
Infrastructure: 9
Consumer: 9
portfolioModelSplit:
Direct sales/Commerce: 28
Subscription/SaaS: 27
Enterprise contracts/Licensing: 27
Transaction/Marketplace: 18
portfolioGeographySplit:
Egypt: 92
Nigeria: 8
portfolioTotalCount: 12
portfolioClassifiedCount: 11
portfolioUnclassifiedCount: 1
logo: "/funds/den-vc.png"
---
## Overview
Den VC is a Cairo-based venture capital firm and accelerator founded in 2022, led by Managing Partner Waleed Khalil. The firm backs early-stage technology-enabled startups in emerging markets, with a strong concentration in Egypt and expanding coverage across MENA and Africa. The portfolio spans 18 active companies that have collectively created 80,000+ jobs.
What distinguishes Den VC is the structured "Den Model" framework, which guides startups through five phases from idea validation through to exit. Beyond capital, portfolio companies get customised programmes, corporate perks from global technology partners, and access to an investor network spanning MENA and the US. The firm's impact mandate covers six dimensions: financial inclusion, better education, women's empowerment, health and longevity, environmental sustainability, and job creation.
---
## How to Get In
Email info@denvc.com with your pitch deck. The firm looks for startups with strong unit economics and scalability potential that also create measurable social impact. They're sector-flexible, covering fintech, healthtech, edtech, climate, biotech, and consumer tech, so the thesis fit is more about the quality of the business model than the specific vertical. The structured Den Model means they're especially good for founders who want hands-on support through their current growth phase, whether that's idea validation, product-market fit, or scaling.
---
## Best Advice
1. **Impact and unit economics must coexist.** Den VC is explicit that they want both: strong commercial fundamentals and measurable social impact. Don't pitch a charity, and don't pitch a pure profit play with no broader value story.
2. **The Den Model is real support infrastructure.** The five-phase framework (idea validation, pre-launch, product-market fit, scale-up, exit) means the team is evaluating which phase you're in and what you need. Be clear about where you are and what specific support would accelerate your progress.
3. **Egypt is home base, but the mandate is broader.** The firm covers North America, Africa, and MENA, so if you're building in Egypt for regional markets, or if you're an African founder with a product that fits the Egyptian market, you're in scope.
4. **Flexible cheque sizes mean flexible conversations.** The firm has invested as small as $125K at seed and participated in a $23M Series A (Nawah Scientific), so they can scale their involvement based on your needs and stage.
---
## Pitch Format
Email a pitch deck to info@denvc.com covering your business model, market opportunity, traction, team, and impact thesis. Be ready to discuss which phase of the Den Model your company fits and what support you need beyond capital.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Nawah Scientific | Egypt | Biotech research facilities ($23M Series A) |
| WideBot | Egypt | Arabic AI chatbot platform |
| Proteinea | Egypt | AI-powered antibody engineering |
| Career180 | Egypt | Edtech and career development |
| Whiteguard | Egypt | Cybersecurity solutions |
| YourParts | Egypt | Automotive B2B2C platform |
| Fuelin | Egypt | Fleet management technology |
| Delta Oil | Egypt | Waste management |
| ODA | Egypt | Property contracting technology |
| Mezatech | Egypt | Tech repair services |
| Suitera | Egypt | Technology solutions |
| VendEase | Nigeria | Vending and retail technology |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Waleed Khalil | Managing Partner | — | — |
| Dalia Tharwat | Venture Partner | — | — |
| Veronica Murguia | Venture Partner | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Den VC official website](https://denvc.com/)
- [Den VC: The Early Stage Founder's Guide -- SuperScout](https://superscout.co/investor/den-vc)
- [Den Venture Capital portfolio and investment activity -- StartupList Africa](https://startuplist.africa/investor/den-venture-capital)
- [Den Ventures: Funding, Team & Investors -- StartupIntros](https://startupintros.com/orgs/den-ventures)
---
---
name: Digital Africa / Fuzé
slug: digital-africa
buildTypes: ["Agritech", "Payments-processing", "Healthtech", "Lending-credit", "Neobank/wallet"]
thesis: >-
We propel African tech entrepreneurs by simplifying access to financing with
fast, transparent steps.
website: 'https://www.digital-africa.co/en'
apply: 'https://application.fuze.digital-africa.co/'
region: Pan-African
hq: 'Paris and Abidjan, active across 18+ African countries'
sectors:
- Sector-agnostic
stage:
- Ideation
- Pre-Seed
- Seed
chequeMin: 20000
chequeMax: 2000000
chequeDisplay: '€20K -- €100K (Fuzé pre-seed), €300K -- €2M (DA Seed Fund)'
format: Remote / Hybrid
admissions: Rolling (via application portal)
africaFocus: 'Yes -- Pan-African (18+ priority countries, strong Francophone focus)'
status: active
tier: '1'
lastVerified: '2026-07-24'
edgeRating: edge-rich
edgeResources:
- name: Stephan-Eloise Gras interview
category: decision-maker-reveal
score: 4
description: >-
The "Made in Africa" thesis, the team composition requirement, why value
must stay on the continent, and the capital gap that Digital Africa is
design...
link: >-
https://african.business/2021/11/technology-information/macrons-digital-africa-aims-to-boost-francophone-tech/
- name: Fuze evaluation jury interview
category: decision-maker-reveal
score: 4
description: >-
Includes representatives from African Innovation Foundation, Partech, and
Greentec Capital. Evaluates on: relevance, feasibility, sustainability,
impa...
link: 'https://application.fuze.digital-africa.co/'
- name: 'Alvine Choupo (VuSur, Cameroon)'
category: practice-artifact
score: 4
description: >-
Received EUR 25K interest-free loan, survived COVID with Digital Africa's
support. Shows what early-stage backing from Digital Africa looks like in
pr...
link: >-
https://www.afd.fr/en/actualites/digital-africa-fund-customized-support-african-start-ups
- name: 'Yaya Kone (COLIBA, Ivory Coast)'
category: practice-artifact
score: 4
description: >-
"Multiplied capital by five." Demonstrates the return trajectory for
companies that enter through the Fuze programme and scale.
link: >-
https://www.afd.fr/en/actualites/digital-africa-fund-customized-support-african-start-ups
- name: Fuze (pre-seed)
category: pipeline-pathway
score: 3
description: >-
. Three tiers: ideation (EUR 20K), validation (EUR 30K), traction (EUR
50K-100K). Interest-free loans, not equity.
link: 'https://application.fuze.digital-africa.co/'
- name: DA Seed Fund
category: pipeline-pathway
score: 3
description: >-
Online eligibility check followed by due diligence pipeline. EUR 300K-2M
tickets. Targets ~30 startups across ~20 underserved African markets.
- name: Key Program
category: pipeline-pathway
score: 3
description: >-
. Acceleration and technical assistance programme that can feed into the
investment pipeline.
link: 'https://www.digital-africa.co/en/key-program'
- name: Talent 4 Startups
category: pipeline-pathway
score: 3
description: >-
. Recruitment support for African startups, which creates a relationship
with the Digital Africa ecosystem.
link: 'https://talent4startups.digital-africa.co/'
portfolioSectorSplit:
Logistics: 11
Agritech: 16
E-commerce: 5
Infrastructure: 5
Healthtech: 16
Fintech: 37
Consumer: 5
SaaS: 5
portfolioModelSplit:
Transaction/Marketplace: 53
Enterprise contracts/Licensing: 11
Direct sales/Commerce: 10
Hardware/Devices: 5
Subscription/SaaS: 21
portfolioGeographySplit:
Morocco: 11
Senegal: 11
Uganda: 11
Tanzania: 11
Ivory Coast: 5
Tunisia: 5
Algeria: 5
Cameroon: 21
Ghana: 5
Benin: 5
DRC: 5
Zambia: 5
portfolioTotalCount: 19
portfolioClassifiedCount: 19
portfolioUnclassifiedCount: 0
logo: "/funds/digital-africa.png"
---
## Overview
Digital Africa is a French government-backed initiative launched to accelerate Africa's tech startup ecosystem, and it has become the most active investor on the continent by deal volume. In 2024 alone, Digital Africa made 29 deals across 18 African countries, and in the 2025 rankings by Launch Base Africa, it was named the #1 most active tech startup investor in Africa. The initiative has backed 74+ startups across 16 countries and 23 business sectors, with approximately €3.6 million disbursed through its Fuzé pre-seed program.
The flagship investment vehicle is Fuzé, which provides €20K to €100K in pre-seed and seed funding to African tech startups. The application is open to any technology-enabled startup based in one of Digital Africa's 18 priority African countries, and the evaluation focuses on three criteria: your status as an African tech startup, the strength of your founding team, and your startup's growth potential and societal impact. 34% of funded startups in 2024 had female founders or co-founders.
In May 2026, Digital Africa launched the DA Seed Fund, a significantly larger vehicle targeting €30 to €50 million, with individual tickets of €300K to €2M and a target portfolio of approximately 30 startups across 20 countries. This fund is backed by Proparco (AFD's private sector arm), the European Commission's DG INTPA, and the West African Development Bank (BOAD), and it focuses on six priority areas: AI, fintech, healthtech, climate tech, space, and digital infrastructure. The DA Seed Fund creates a "financing continuum" with Fuzé, meaning founders can go from Fuzé pre-seed to DA Seed Fund seed round within the Digital Africa ecosystem.
Digital Africa also partners with Orange Ventures, which doubles Fuzé investments for startups in the Orange Digital Centers network across 17 African and Middle Eastern countries. This co-investment arrangement effectively increases the funding available to eligible startups.
What makes Digital Africa unique is its geographic reach into markets that almost no other institutional investor touches: Algeria, Angola, Benin, Cameroon, DRC, Mozambique, Togo, Zambia, Zimbabwe, and others. If you are building in a market outside the Big Four (Nigeria, Kenya, South Africa, Egypt), Digital Africa may be the only institutional investor actively looking for you.
---
## How to Get In
Apply directly through the [Fuzé application portal](https://application.fuze.digital-africa.co/). The portal handles the entire process from eligibility review through to investment committee decision. You need to have a clear pitch deck and be ready to present your solution.
For the larger DA Seed Fund (€300K to €2M), the process likely involves direct engagement with the Digital Africa investment team, though the exact application mechanism may evolve as the fund deploys.
Digital Africa is also active in ecosystem building through programs like Bridge and Talents 4 Startups, and participating in these programs can build relationships with the team before you apply for funding. The organization is present at VivaTech, AfricArena, and other French-African tech conferences.
Gregoire de Padirac (CEO) is active on LinkedIn and X, and the broader team is accessible through ecosystem events across Francophone Africa. If you are in the Orange Digital Centers network (17 countries), mention this in your application because the Orange Ventures co-investment arrangement can effectively double your funding.
---
## Best Advice
1. **If you are building outside the Big Four, apply.** Digital Africa's entire strategy is built around funding startups in markets that other investors ignore. If you are in Cameroon, DRC, Senegal, Tunisia, Benin, Togo, Algeria, or any of the other 18 priority countries, you have a structural advantage here that you will not find at most other funds.
2. **The application portal is the front door, so use it.** Unlike most VC funds that prefer warm intros, Digital Africa has built a deliberately transparent application process. You do not need to know someone. Submit through the portal, have a strong deck ready, and be prepared to present clearly.
3. **Start with Fuzé, graduate to the DA Seed Fund.** If you are very early stage (pre-seed), apply to Fuzé for €20K to €100K. Use that to build traction, and then you are positioned for the DA Seed Fund (€300K to €2M) when you are ready for a larger round. The financing continuum is designed for exactly this progression.
4. **Highlight societal impact alongside commercial potential.** Digital Africa evaluates "growth potential and societal impact" as one of three core criteria. This does not mean you need to be an NGO, but your application should clearly articulate who benefits from your product and how that impact scales with the business.
5. **Check if you are in the Orange Digital Centers network.** If your startup operates in one of the 17 countries covered by Orange Digital Centers, the Orange Ventures co-investment partnership can double your Fuzé funding. This is a meaningful advantage, so mention it in your application.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- Digital Africa publishes detailed programme information, application criteria, and leadership interviews that explain the thesis clearly. The multi-programme structure (Fuze for pre-seed, DA Seed Fund for seed, Key Program for acceleration) creates multiple preparation angles.
> **Start here:** Read [Stephan-Eloise Gras in African Business](https://african.business/2021/11/technology-information/macrons-digital-africa-aims-to-boost-francophone-tech/) (the CEO explains the thesis: "We are striving for 'Made in Africa' tech... Value has to be kept in Africa" and the team composition requirement: "Co-founders must be at least a mixed team"), then read [Digital Africa's 29 deals in 2024 (LaunchBase Africa)](https://launchbaseafrica.com/2025/01/10/29-deals-in-2024-digital-africa-prepares-for-bigger-checks-in-2025/) (deployment pace, geographic spread across 18 countries, and 34% female-founded portfolio). Those two resources show you the values-driven thesis and the scale at which Digital Africa deploys.
### How Digital Africa's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Programmes** | Three distinct vehicles: Fuze (pre-seed, EUR 20K-100K, EUR 6.5M envelope), DA Seed Fund (EUR 50M, tickets EUR 300K-2M, targeting ~30 startups in ~20 markets), and Key Program (acceleration and technical assistance). 29 Fuze deals in 2024 across 18 countries, 34% female-founded. | Multiple entry points depending on your stage. If you are ideation or validation stage, Fuze is the starting point (EUR 20K-100K). If you have traction and need seed capital, the DA Seed Fund (EUR 300K-2M) is the right vehicle. |
| **Geography** | Francophone-first but deliberately pan-African. Strong presence in Cameroon, Senegal, Morocco, Cote d'Ivoire, Tunisia, DRC, Uganda, Tanzania, Ghana, Ethiopia. The fund explicitly targets underserved markets and deliberately bypasses the "Big Four" (Nigeria, Kenya, South Africa, Egypt) where capital is already concentrated. | If you are building in a market that most investors overlook, particularly Francophone West Africa, Central Africa, or smaller East African economies, Digital Africa is specifically designed for you. This is not a fund that prioritises the usual suspects. |
| **Sector** | Fintech, healthtech, agritech, edtech, climate, mobility, AI, space tech. The thesis requires technology-driven solutions in priority sectors. | Sector-agnostic within the tech universe, but the "Made in Africa" requirement means your technology and value creation must be rooted on the continent, not just your market. |
| **Requirements** | Registered in an African country. At least one African citizen founder. Gras: "The jobs should be at least 80% on the continent." Co-founders must include a mixed team (the specific meaning varies by programme). | The eligibility criteria are firm: African registration, African citizenship on the founding team, and African job creation. If your company is incorporated outside Africa with no African co-founder, Digital Africa is not an option regardless of your market. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Stephan-Eloise Gras** (CEO/Executive Director) | The "Made in Africa" thesis, the team composition requirement, why value must stay on the continent, and the capital gap that Digital Africa is designed to fill: "There is no shortage of talent in the African tech sector. What is lacking is capital that reaches that talent early enough." | [African Business](https://african.business/2021/11/technology-information/macrons-digital-africa-aims-to-boost-francophone-tech/) -- [Guardian Nigeria interview](https://guardian.ng/life/life-features/digital-africa-a-conversation-with-stephan-eloise-gras-and-aphrodice-mutangana/) |
| **Fuze evaluation jury** | Includes representatives from African Innovation Foundation, Partech, and Greentec Capital. Evaluates on: relevance, feasibility, sustainability, impact, innovation, and business model viability. | [Fuze application portal](https://application.fuze.digital-africa.co/) |
### Learn from funded portfolio companies
| Resource | Why it matters |
|----------|---------------|
| [Alvine Choupo (VuSur, Cameroon)](https://www.afd.fr/en/actualites/digital-africa-fund-customized-support-african-start-ups) | Received EUR 25K interest-free loan, survived COVID with Digital Africa's support. Shows what early-stage backing from Digital Africa looks like in practice for a Francophone African founder. |
| [Yaya Kone (COLIBA, Ivory Coast)](https://www.afd.fr/en/actualites/digital-africa-fund-customized-support-african-start-ups) | "Multiplied capital by five." Demonstrates the return trajectory for companies that enter through the Fuze programme and scale. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Fuze (pre-seed)** | [application.fuze.digital-africa.co](https://application.fuze.digital-africa.co/). Three tiers: ideation (EUR 20K), validation (EUR 30K), traction (EUR 50K-100K). Interest-free loans, not equity. |
| **DA Seed Fund** | Online eligibility check followed by due diligence pipeline. EUR 300K-2M tickets. Targets ~30 startups across ~20 underserved African markets. |
| **Key Program** | [digital-africa.co/en/key-program](https://www.digital-africa.co/en/key-program). Acceleration and technical assistance programme that can feed into the investment pipeline. |
| **Talent 4 Startups** | [talent4startups.digital-africa.co](https://talent4startups.digital-africa.co/). Recruitment support for African startups, which creates a relationship with the Digital Africa ecosystem. |
| **Partner network** | AFD, Proparco, and Bpifrance are the institutional backers. If you are already connected to the French development ecosystem, that creates a warm pathway. |
### What you can't find
There are no published term sheets or detailed investment terms beyond ticket ranges. Acceptance rates for Fuze and the DA Seed Fund are not disclosed. Founder testimonials with detailed accounts of the investment process are limited. Portfolio performance and exit data are not published. The DA Seed Fund's specific deal flow criteria beyond eligibility requirements are not yet documented publicly.
---
## Pitch Format
Apply through the [Fuzé application portal](https://application.fuze.digital-africa.co/) with a clear pitch deck. The deck should cover your product, team, market, traction, and growth potential. The process is designed to be straightforward and transparent, and you should be ready to present your solution to the investment committee if your application advances.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Enakl | Morocco | Digital bus-sharing mobility for workers | Pre-Seed ($1.4M) | 2024 |
| Tolbi | Senegal | AI-powered satellite imagery for climate agriculture | Pre-Seed | 2023 |
| Ridelink | Uganda | AI-powered logistics marketplace | Pre-Seed | 2025 |
| Kilimo Fresh Foods | Tanzania | Smallholder farmer produce aggregation and distribution | Pre-Seed | 2025 |
| Sikili | Ivory Coast | Certified refurbished electronics for West Africa | Pre-Seed | 2024 |
| Flowteller | Tanzania | Connecting offline communities to digital services | Pre-Seed | 2024 |
| DigeHealth | Tunisia | AI-powered portable acoustic imaging for healthcare | Pre-Seed | 2025 |
| VaulFi | Algeria | Multi-currency accounts and money transfers | Pre-Seed | 2025 |
| Koree | Cameroon | Digital wallet for consumer change collection | Pre-Seed | 2023 |
| ProBoutik | Senegal | Loan and invoice management for merchants and SMEs | Pre-Seed | 2023 |
| Colorfol | Cameroon | Platform for selling and streaming African music | Pre-Seed | 2023 |
| Clinihome | Cameroon | Virtual hospital and at-home medical services | Pre-Seed | 2024 |
| REasy | Cameroon | Cross-border payment platform for SMEs | Pre-Seed | 2023 |
| Liguify | Ghana | Invoice marketplace for exporter working capital | Pre-Seed | 2025 |
| Moneco | Benin | Euro accounts and banking for Africans in France | Pre-Seed | 2024 |
| Mekka | DRC | Electronic payment platform for businesses | Pre-Seed | 2024 |
| Duniya | Zambia | Connecting pharmacies with trusted wholesalers | Pre-Seed | 2025 |
| Hypeo | Morocco | AI-powered influencer marketing platform | Pre-Seed | 2024 |
| EzyAgric | Uganda | All-in-one agricultural inputs and services | Pre-Seed | 2025 |
*Note: Digital Africa's full portfolio exceeds 74 startups across 16+ countries. The table above shows a representative selection of verified investments.*
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Gregoire de Padirac | CEO | [linkedin.com/in/gdepadirac](https://linkedin.com/in/gdepadirac/) | [@gregpad](https://x.com/gregpad) |
*Note: Digital Africa operates as an institutional initiative rather than a traditional GP/LP fund structure. The investment team includes multiple analysts and program managers, but individual investment team members are not publicly listed as "partners" in the VC sense.*
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Digital Africa Official Website](https://www.digital-africa.co/en)
- [Digital Africa Fuzé program](https://www.digital-africa.co/en/fuze)
- [Digital Africa Portfolio](https://www.digital-africa.co/en/portfolio)
- [Launch Base Africa: 29 deals in 2024, Digital Africa prepares for bigger checks](https://launchbaseafrica.com/2025/01/10/29-deals-in-2024-digital-africa-prepares-for-bigger-checks-in-2025/)
- [Launch Base Africa: Digital Africa launches $58M seed fund (May 2026)](https://launchbaseafrica.com/2026/05/13/frances-digital-africa-launches-58m-seed-fund-to-back-overlooked-african-tech-markets/)
- [Launch Base Africa: Africa's 100 most active tech startup investors 2025](https://launchbaseafrica.com/2026/02/09/africas-100-most-active-tech-startup-investors-in-2025/)
- [Fuzé application portal](https://application.fuze.digital-africa.co/)
- [Digital Africa DA Seed Fund launch](https://www.digital-africa.co/en/blog/digital-africa-launches-the-seed-fund)
---
---
name: DisrupTech Ventures
slug: disruptech-ventures
buildTypes: ["Payments-processing", "Lending-credit", "Marketplace-commerce", "Insurtech", "Agritech"]
thesis: >-
Investing in disruptive fintech and tech-enabled startups transforming
financial services across Egypt and the region.
website: 'https://www.disruptechventures.com/'
apply: Via website pitch submission (warm intros encouraged)
region: Egypt / North Africa
hq: Cairo
sectors:
- Sector-agnostic
stage:
- Pre-Seed
- Seed
- Series A
chequeMin: 250000
chequeMax: 2000000
chequeDisplay: $250K -- $2M
format: Hybrid
admissions: Rolling
africaFocus: 'Yes -- Egypt (primary), Morocco, Nigeria, MENA'
status: active
tier: '2'
lastVerified: '2026-07-24'
portfolioSectorSplit:
Fintech: 59
E-commerce: 8
AI-ML: 8
Agritech: 17
Edtech: 8
portfolioModelSplit:
Transaction/Marketplace: 67
Enterprise contracts/Licensing: 25
Subscription/SaaS: 8
portfolioGeographySplit:
Egypt: 84
Morocco: 8
Nigeria: 8
portfolioTotalCount: 12
portfolioClassifiedCount: 12
portfolioUnclassifiedCount: 0
---
## Overview
DisrupTech Ventures is a Cairo-based venture fund founded in 2020 by Mohamed Okasha, the former Managing Director of Fawry (Egypt's largest digital payments platform), alongside Malek Sultan and Yehia Abouelwafa (former CIO at MNT-Halan Investments). The $36 million fund is backed by IFC and Proparco ($5 million each), plus AXIAN Group, and focuses on early-stage fintech and fintech-enabled companies.
The portfolio spans 21 companies across 12 markets, with the heaviest concentration in Egypt. Notable investments include Khazna (mobile financial services for the underserved), Brimore (social commerce and distribution), Chari (Moroccan fintech with 20,000+ retailers), and BankNBox (B2B fintech infrastructure). The founding team's deep roots in Egypt's payments ecosystem, particularly through Fawry, give portfolio companies direct access to the infrastructure and network that powers a significant portion of Egypt's digital financial services.
---
## How to Get In
Submit your pitch through the website with a comprehensive deck covering business model, market opportunity, and team qualifications. Warm introductions through the Fawry ecosystem, existing portfolio founders, or the IFC/Proparco networks carry real weight. The team provides hands-on, 360-degree support to portfolio companies, which means they're evaluating whether you're someone they want to work closely with, not just invest in. The fund writes cheques between $250K and $2M, with an average deal size around $1.2M.
---
## Best Advice
1. **The Fawry connection is the fund's superpower.** Mohamed Okasha built Egypt's largest digital payments company, which means DisrupTech portfolio companies get access to the infrastructure, partnerships, and customer base that Fawry touches. If your product could plug into or benefit from Fawry's network, make that connection explicit in your pitch.
2. **Fintech-enabled counts, not just pure fintech.** The portfolio includes agritech (Winich Farms, Mozare3), social commerce (Brimore), and insurance (NiceDeer) alongside pure payments companies. The common thread is a fintech layer, so if your business has financial services embedded in it, you're in scope even if your primary vertical is something else.
3. **Egypt is home, but the fund looks regionally.** While most of the portfolio is Egyptian, investments in Chari (Morocco) and Winich Farms (Nigeria) show the team is willing to go pan-African when the opportunity fits. That said, if you're building in Egypt, you're in the fund's strongest zone of conviction and network.
4. **Show the underserved market angle.** The IFC and Proparco backing signals a strong financial inclusion mandate. Products that reach underbanked or underserved populations, like Khazna does, align with both the fund's thesis and its LP expectations.
---
## Pitch Format
Submit a comprehensive pitch deck through the website. Cover your business model, market opportunity, traction, team, and financial projections. Be ready for deep conversations with a team that has built and scaled in the Egyptian market.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Khazna | Egypt | Mobile financial services for underserved populations |
| Brimore | Egypt | Social commerce and distribution platform |
| BankNBox | Egypt | B2B fintech infrastructure |
| NiceDeer | Egypt | Insurtech platform |
| Lucky | Egypt | Consumer credit services |
| WideBot AI | Egypt | AI chatbot development platform |
| Mozare3 | Egypt | Agricultural financing |
| Bokra | Egypt | Digital payments |
| Connect Money | Egypt | Banking-as-a-service platform |
| Sprints | Egypt | Tech education and talent development |
| Chari | Morocco | Fintech for retailers (20,000+ onboarded) |
| Winich Farms | Nigeria | Agritech platform |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Mohamed Okasha | Managing Partner & Co-founder | — | — |
| Malek Sultan | Partner & Co-founder | — | — |
| Yehia Abouelwafa | Partner & CIO | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [DisrupTech Ventures official website](https://www.disruptechventures.com/)
- [DisrupTech: A Premier Fintech VC Leader in Egypt -- Lucidity Insights](https://lucidityinsights.com/spotlights/disruptech-egypt-fintech-vc)
- [IFC Supports Egypt's Fintech Sector with Investment in DisrupTech](https://www.ifc.org/en/pressroom/2022/ifc-supports-egypts-fintech-sector-with-investment-in-disruptech-ventures-fund)
- [Egyptian VC Firm DisrupTech Bags US$5M from Proparco -- Fintech News Africa](https://fintechnews.africa/41774/fintech-egypt/egyptian-vc-firm-disruptech-ventures-bags-us5-million-investment-from-proparco/)
- [DisrupTech Ventures: The Early Stage Founder's Guide -- SuperScout](https://superscout.co/investor/disruptech-ventures)
---
---
name: DOB Equity
slug: dob-equity
buildTypes: ["Agritech", "Climate-energy", "Marketplace-commerce"]
thesis: >-
Taking direct stakes in innovative, scalable, and impactful companies solving
problems for the poorest people in East Africa.
website: 'https://www.dobequity.nl/'
apply: Via the website or direct outreach to the Nairobi team
region: East Africa
hq: 'Nairobi & Veessen, Netherlands'
sectors:
- Agritech
- Climate
- E-commerce
stage:
- Seed
- Series B+
chequeMin: 500000
chequeMax: 2000000
chequeDisplay: ~$500K -- $2M+
format: Hybrid
admissions: Rolling
africaFocus: 'Yes -- Kenya, Tanzania, Uganda, Rwanda, Burundi'
status: active
tier: '3'
lastVerified: '2026-07-24'
portfolioSectorSplit:
Agritech: 30
Climate: 30
Impact: 10
E-commerce: 10
Consumer: 10
Logistics: 10
portfolioModelSplit:
Transaction/Marketplace: 20
Direct sales/Commerce: 60
Hardware/Devices: 20
portfolioGeographySplit:
Kenya: 60
Uganda: 10
Tanzania: 30
portfolioTotalCount: 10
portfolioClassifiedCount: 10
portfolioUnclassifiedCount: 0
---
## Overview
DOB Equity is a Dutch-East African impact investor founded in 2011 (with roots dating back to the Tobé family's philanthropic activities from 1997), operating from offices in the Netherlands, Nairobi, and Dar es Salaam. The firm is backed by the Tobé family, which built and sold a European retail conglomerate of 1,500+ discount pharmacies across Western Europe and the UK in 2003, and redirected the proceeds into impact-focused foundations and investment vehicles.
The firm has deployed approximately €75 million across 26 portfolio companies in East Africa, taking direct equity stakes in businesses that are innovative, scalable, and impactful. The portfolio spans food distribution (Twiga Foods), plastics recycling (Mr. Green Africa), clean water (SPOUTS International), off-grid energy (PowerGen), agricultural diagnostics (Cropnuts), e-commerce (Copia), coconut processing (Kentaste), waste management (Zanrec), and more. DOB Equity operates as an evergreen fund, reinvesting proceeds rather than returning capital on a fixed timeline, which gives portfolio companies genuine patient capital. The firm's most notable outcome to date was the sale of a significant stake in Twiga Foods (valued at €250 million at the time) to Decathlon family investors. Co-investment partners have included Global Innovation Fund, Unilever, and Hooge Raedt Social Ventures.
---
## How to Get In
Reach out through the website or via the Nairobi office. The firm targets companies across East Africa (Kenya, Tanzania, Uganda, Rwanda, Burundi) that solve problems for people earning less than $15 a day, with a focus on food systems, energy access, waste management, water, and FMCG. The team evaluates ESG risks alongside commercial viability and uses the IRIS impact measurement database with a proprietary 25-point questionnaire to track portfolio company performance. Warm introductions through the East African impact ecosystem, existing portfolio founders, or co-investment partners carry weight. If you're building a capital-intensive business in one of the core sectors and need a patient investor who won't pressure you toward a premature exit, the evergreen structure makes DOB Equity a natural fit.
---
## Best Advice
1. **Evergreen means patient, not passive.** DOB Equity's evergreen fund structure means the team isn't managing toward a fixed exit timeline, which is rare in African VC and PE. This allows portfolio companies to grow at sustainable rates without the pressure of fund-life constraints. But the team still expects rigorous reporting and commercial discipline, so "patient capital" doesn't mean you can be slow.
2. **Family office backing is the foundation.** The Tobé family's own capital funds the vehicle, which means no external LP pressure to deploy at a particular pace or exit within a particular window. For founders, this translates into a genuine long-term partner who can hold through economic cycles, currency fluctuations, and the operational challenges that make East African markets difficult for fund-life-constrained investors.
3. **Impact measurement is rigorous, not performative.** The firm uses IRIS-standardised metrics and a proprietary 25-point assessment, and tracks portfolio companies' data submission progress on a platform. Come prepared with baseline impact data and a framework for measuring outcomes, because the team will build on whatever you bring.
4. **The Nairobi and Dar es Salaam presence is operational.** With a 12-person team based primarily in Nairobi and a Dar es Salaam office, the investment team is on the ground. They hire locally and regionally, which means your post-investment relationship is with people who understand East African business dynamics firsthand, not a team managing from Amsterdam.
---
## Pitch Format
Submit a pitch through the website or reach out to the Nairobi office. Cover your business model, financial performance, market opportunity, team, and impact thesis. Be ready to discuss how your company serves lower-income populations, your approach to ESG, and your scalability across East African markets.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Twiga Foods | Kenya | B2B food distribution platform |
| Mr. Green Africa | Kenya | Plastics recycling and circular economy |
| SPOUTS International | Uganda | Clean water filter manufacturing |
| PowerGen | Kenya | Renewable energy mini-grids |
| Cropnuts | Kenya | Agricultural soil diagnostics |
| Copia | Kenya | E-commerce for mass-market consumers |
| Kentaste | Kenya | Coconut oil and products processing |
| Zanrec | Tanzania | Waste management and recycling |
| Jibu | Tanzania | Clean drinking water distribution |
| Globology | Tanzania | Lake Victoria ferry operations |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Saskia van der Mast | Investment Director | — | — |
| Brigit van Dijk -- van de Reijt | Team Lead | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [DOB Equity official website](https://www.dobequity.nl/)
- [DOB Equity -- Impact Investing Institute](https://www.impactinvest.org.uk/case-study/dob-equity/)
- [The Dutch family cleaning up sustainable investments in East Africa -- Campden FB](https://www.campdenfb.com/article/dutch-family-cleaning-sustainable-investments-east-africa)
- [DOB Equity invests in SPOUTS International -- DOB Equity News](https://www.dobequity.nl/dob-equity-news/dob-equity-invests-in-spouts-international-a-leading-clean-water-solutions-provider-in-east-africa)
---
---
name: Development Partners International
slug: dpi
buildTypes: ["Neobank/wallet", "Payments-processing"]
thesis: >-
Backing high-growth, impact-driven, and innovation-led companies across
Africa through its African Development Partners (ADP) fund series, with a
bias toward profitable, market-leading businesses over early-stage bets.
website: 'https://www.dpi-llp.com'
apply: 'Bilateral -- direct outreach to the deal team via the website; growth-stage and later only'
region: 'Pan-Africa'
hq: 'London, United Kingdom, with offices across Africa'
sectors:
- Fintech
- Infrastructure
- Impact
stage:
- Growth
chequeMin: 20000000
chequeMax: 110000000
chequeDisplay: '$20M -- $110M+ (growth equity and later-stage PE)'
format: 'Equity'
admissions: 'Bilateral'
africaFocus: 'primary'
status: active
tier: '1'
portfolioSectorSplit: {}
portfolioModelSplit: {}
portfolioGeographySplit: {}
portfolioTotalCount: 0
portfolioClassifiedCount: 0
lastVerified: '2026-08-03'
logo: ''
---
## Overview
Development Partners International (DPI) is an Africa-focused private equity firm managing over $3 billion in assets across three flagship funds, most recently its African Development Partners (ADP) III vehicle. DPI led the $110 million Series C in Moniepoint in 2024 alongside BII and LeapFrog, the fund's clearest fintech infrastructure bet to date and one of the largest African fintech rounds of the year.
DPI's stated approach targets "high growth, impact-driven, and innovation-led companies," but the Moniepoint deal is representative of the fund's actual bar: profitable business with 150%+ revenue CAGR, over 2 million business customers, and $17 billion in monthly transaction volume processed at the time of investment. Across the ADP fund series, DPI has completed 32 investments in 25 companies, and the firm points to more than 25,000 jobs created and 60,000-plus staff employed across its portfolio as impact evidence alongside commercial return.
DPI is a UN PRI signatory, positioning ESG and responsible-investment standards as part of its process rather than an add-on.
## What they invest in
DPI writes growth and late-stage checks, not early-stage venture bets. The Moniepoint round signals check sizes in the nine-figure range are within scope when co-investing, and DPI's ADP fund series broadly targets companies with proven market leadership and a path to profitability rather than pre-revenue theses.
## How to apply
DPI does not run a public pitch form aimed at early-stage founders. Growth-stage companies with institutional-grade financials and market leadership in their category can reach the deal team directly via dpi-llp.com. Most founders in this directory's typical stage range (pre-seed through Series A) are not yet a fit for DPI; the realistic reason to know this fund is as a signal of what "later" can look like, and as a potential co-investor once a company reaches the scale Moniepoint had by 2024.
## Portfolio pattern
Moniepoint (Nigeria) is DPI's named fintech infrastructure bet, co-invested with BII and LeapFrog at a $110M Series C. The pattern across DPI's broader 25-company ADP portfolio is consistent: growth-stage, profitable or near-profitable, market-leading businesses rather than early conviction bets on unproven models.
---
---
name: Dragonfly
slug: dragonfly
buildTypes: ["Infra-protocol", "DeFi-trading-lending", "Dev-tooling", "Gaming"]
thesis: 'A team of deeply technical crypto-natives backing teams tackling big, wicked problems and building generational companies and products in crypto, across sectors and stages.'
website: 'https://www.dragonfly.xyz'
apply: 'No public application form. The realistic path is a warm introduction from a portfolio founder, a co-investor, or one of the firm''s named partners. Dragonfly runs a portfolio job board and talent network, which is a signal of scale but not a submission channel for founders.'
region: 'Global'
hq: 'New York City, USA and Singapore'
sectors:
- Infrastructure
- DeFi
- Developer-Tooling
- Gaming
sectorsNote: 'Dragonfly states it has backed 100+ companies but does not publish a full named portfolio list on its own site. Splits below are computed from the 12 companies we could verify by name (from the fund''s homepage and its own portfolio job board), not the full book.'
stage:
- Seed
- Series A
- Series B+
chequeMin: 3000000
chequeMax: 30000000
chequeDisplay: '$3M-$30M+ per deal (verified on site); Fund III closed at $650M in April 2022'
chains:
- Multi-chain
- Ethereum
- NEAR
- Chain-agnostic
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '1'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Dragonfly homepage thesis language
category: pattern-trainer
score: 3
description: >-
"Deeply technical crypto-natives" backing "big, wicked problems" is
the fund's own framing for what it looks for: hard technical problems
over incremental products.
link: 'https://www.dragonfly.xyz'
- name: Team and partner pages
category: decision-maker-reveal
score: 4
description: >-
Names Managing Partners Haseeb Qureshi and Bo Feng, plus General
Partners Tom Schmidt and Rob Hadick who run sector coverage, and a
dedicated Platform Partner (Casey Taylor) for founder support and a
Portfolio Support Partner for Asia (Tony Li), which tells you Dragonfly
is a genuinely two-office (NYC/Singapore) operation, not a satellite.
link: 'https://www.dragonfly.xyz'
- name: Dragonfly Crypto Compensation Report
category: practice-artifact
score: 3
description: >-
An annual data product the firm publishes on crypto-industry
compensation. Referencing it, or contributing data to the next edition,
is a low-friction way to be on the team's radar before a cold pitch.
link: 'https://dccr.dragonfly.xyz/report'
- name: Dragonfly portfolio job board
category: portfolio-pattern
score: 3
description: >-
Lists open roles at portfolio companies (SynFutures, Animoca Brands
among them), which is a working proxy for which companies are
currently in the book and actively hiring, useful for finding your
closest portfolio analogue.
link: 'https://jobs.dragonfly.xyz/companies'
- name: Fund III close coverage
category: evaluation-framework
score: 3
description: >-
Multiple outlets confirmed the $650M Fund III close in April 2022 and
the $3M-$30M+ check range, the only public sizing signal for the fund.
link: 'https://www.coindesk.com/business/2022/04/27/dragonfly-capital-raises-650m-for-third-crypto-fund'
portfolioSectorSplit:
Infrastructure: 50
DeFi: 33
Developer-Tooling: 8
Gaming: 8
portfolioChainSplit:
Multi-chain: 33
Ethereum: 17
Chain-agnostic: 17
NEAR: 8
Polygon: 8
Optimism: 8
Arbitrum: 8
portfolioTotalCount: 100
portfolioClassifiedCount: 12
portfolioUnclassifiedCount: 88
---
> **How to use this page:** Dragonfly is a warm-intro fund with no public application, so the door is a person, not a form. Use Section E to find the right partner for your sector and the right portfolio founder to make the introduction, and read the Contextual Edge tables to see where the fund's real conviction sits before you decide who to target.
---
## A. Header Block
- **Fund name:** Dragonfly
- **One-line thesis:** "A team of deeply technical crypto-natives" backing teams tackling "big, wicked problems" in crypto.
- **Website:** [dragonfly.xyz](https://www.dragonfly.xyz)
- **CTA:** No public application; see Section E for the warm-intro path.
| Tag | Detail |
|-----|--------|
| Region | Global (New York City and Singapore) |
| Format | Direct outreach, warm intro |
| Sectors | Infrastructure, DeFi, stablecoins/CeFi, developer tooling, gaming |
| Stage | Seed through Series B and beyond |
| Cheque Size | $3M-$30M+ per deal |
| Admissions | Rolling |
---
## C. Overview
Dragonfly is a global crypto venture firm with dual headquarters in New York City and Singapore, run by Managing Partners Haseeb Qureshi and Bo Feng alongside General Partners Tom Schmidt and Rob Hadick. The firm describes itself plainly as "a team of deeply technical crypto-natives," and its check range, $3 million to $30 million or more per deal out of a $650 million Fund III closed in April 2022, places it firmly in seed-through-growth territory rather than pre-seed.
The firm states it has backed more than 100 companies spanning DeFi, Layer 1s and Layer 2s, infrastructure, stablecoins and centralized finance. Publicly confirmed names include Bybit, Near Foundation, Dune Analytics, Ethena, Monad, Polygon, Optimism, Lido, dYdX and Arbitrum, a spread that skews toward Ethereum-ecosystem infrastructure and DeFi with meaningful positions in newer L1s like Monad and NEAR. Dragonfly runs real operating infrastructure around its investments: a dedicated Platform team led by Casey Taylor (Global Head of Founder Support) and a Portfolio Support Partner covering Asia (Tony Li), plus its own portfolio job board and an annual crypto compensation report used industry-wide as a benchmarking tool.
There is no public application form. The realistic path in is a warm introduction, either from a portfolio founder, a co-investor already in your round, or direct contact with the general partner whose public coverage overlaps your sector.
**Key stats:**
- Fund III: $650M, closed April 2022, $3M-$30M+ per deal
- 100+ portfolio companies (per the firm's own description); 12 verifiably named on-site
- Dual HQ: New York City and Singapore
- Publishes an annual crypto industry compensation report
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Haseeb Qureshi | Managing Partner | [dragonfly.xyz](https://www.dragonfly.xyz) |
| Bo Feng | Managing Partner | [dragonfly.xyz](https://www.dragonfly.xyz) |
| Tom Schmidt | General Partner | [dragonfly.xyz](https://www.dragonfly.xyz) |
| Rob Hadick | General Partner | [dragonfly.xyz](https://www.dragonfly.xyz) |
| Gengmo Qi | Partner | [dragonfly.xyz](https://www.dragonfly.xyz) |
| Casey Taylor | Platform Partner, Global Head of Founder Support | [dragonfly.xyz](https://www.dragonfly.xyz) |
| Tony Li | Portfolio Support Partner, Asia | [dragonfly.xyz](https://www.dragonfly.xyz) |
Individual X and LinkedIn handles were not independently confirmed on the pages we fetched, so we link the firm's own site rather than guess.
---
## E. How to Get In: Step-by-Step Application Process
1. **Find your portfolio analogue.** Use the [portfolio job board](https://jobs.dragonfly.xyz/companies) to see which current portfolio companies are hiring and active, and identify the founder whose company is closest to yours.
2. **Get the introduction.** Ask that founder, or a co-investor already committed to your round, to introduce you directly to Tom Schmidt or Rob Hadick, whichever General Partner's public sector coverage overlaps your product. Cold outreach without an intro is a long shot at a fund this size.
3. **Frame the pitch around a hard technical problem.** The firm's own language, "big, wicked problems," rewards teams solving something structurally difficult (new market structure, new cryptographic guarantee, genuinely hard infrastructure), not a distribution play on an existing primitive.
4. **Expect a check-size conversation early.** At $3M to $30M+ per deal, Dragonfly is a Series A-and-later check for most founders. If you are pre-seed, be clear you are raising smaller and Dragonfly would be a later participant.
5. **Reference their public research if you have it.** Managing Partner Haseeb Qureshi publishes widely on crypto market structure and has a public reputation for technical writing; engaging substantively with that work before a pitch is a known way to be noticed.
**Timeline:** Not published. As a large, technical, two-office fund, expect the standard multi-week partner-meeting cycle once a General Partner engages.
---
## F. Best Advice from Founders
**The intro has to come from someone Dragonfly already trusts.** With no public form, the fund is genuinely warm-intro-only, and the quality of the introducer matters more than the length of the pitch.
**Technical depth beats narrative.** Dragonfly's team is stacked with people who read code and mechanism design closely. A pitch that survives a technical cross-examination does better than one that leans on market-size slides.
**The Compensation Report is a real relationship-builder.** Contributing data to, or substantively engaging with, Dragonfly's annual crypto compensation report is a documented way founders and operators have gotten on the team's radar outside of a formal pitch.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. Partner names, check size and fund size are all public, but there is no published portfolio list, no screening rubric, and no disclosed timeline.
> **Start here:** Use the [portfolio job board](https://jobs.dragonfly.xyz/companies) to find your closest portfolio analogue, then work backward to an intro to Tom Schmidt or Rob Hadick.
### How Dragonfly's named portfolio breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Infrastructure-heavy** | Of the 12 companies we could verify by name, 50% are base-layer or scaling infrastructure (Near Foundation, Monad, Polygon, Optimism, Arbitrum, Bybit). | The fund has backed the rails at every layer. An application or primitive that uses one of these rails well fits better than another new L1 pitch. |
| **DeFi as the second pillar** | 33% are DeFi protocols (Ethena, Lido, SynFutures), largely Ethereum-native. | Onchain finance with real usage is a proven pattern here. |
| **Multi-chain, Ethereum-anchored** | 33% of classified companies are multi-chain, 17% Ethereum-native, with single confirmed positions on NEAR, Polygon, Optimism and Arbitrum. | A single-chain pitch is fine, but be ready to explain your chain choice against a team that has funded infrastructure across most major ecosystems. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Haseeb Qureshi** (Managing Partner) | Widely-read public writing on crypto market structure; a strong proxy for the fund's technical bar. | [dragonfly.xyz](https://www.dragonfly.xyz) |
| **Tom Schmidt & Rob Hadick** (General Partners) | Run day-to-day sector coverage and deal sourcing. | [dragonfly.xyz](https://www.dragonfly.xyz) |
| **Casey Taylor** (Platform Partner) | Runs founder support post-investment, a signal of what the firm expects from portfolio companies operationally. | [dragonfly.xyz](https://www.dragonfly.xyz) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Portfolio founder intro** | Find your closest analogue on the [job board](https://jobs.dragonfly.xyz/companies) and ask for an introduction. |
| **Co-investor intro** | Funds that co-invest with Dragonfly at seed and Series A (many tier-1 and tier-2 funds in this directory) can open the door once committed. |
| **Public research engagement** | Substantive engagement with Haseeb Qureshi's writing or the Compensation Report is a known lower-friction path to visibility. |
### What you can't find
Dragonfly does not publish a complete named portfolio list, a screening rubric, or a stated response timeline. We could not independently verify the full 100+ company count claimed on the site; the 12 companies above are the ones we could confirm by name. Individual partner social handles were not confirmed on the pages fetched.
---
## G. Pitch Format Dragonfly Expects
- A warm-intro path is expected before a formal deck review
- Deck or memo covering the technical mechanism in depth: expect questions on security, decentralization path and market structure
- A clear articulation of the "wicked problem" being solved, not just the market opportunity
- At $3M-$30M+, come prepared for a Series A-and-later conversation with real traction
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Companies named on [dragonfly.xyz](https://www.dragonfly.xyz) and its [portfolio job board](https://jobs.dragonfly.xyz/companies). Sector and chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Bybit | Centralized exchange | Infrastructure | Multi-chain |
| Near Foundation | Layer 1 protocol foundation | Infrastructure | NEAR |
| Dune Analytics | Onchain data and analytics | Developer-Tooling | Multi-chain |
| Ethena | Synthetic dollar protocol | DeFi | Ethereum |
| Monad | Layer 1 blockchain | Infrastructure | Chain-agnostic |
| Polygon | Layer 2 / sidechain network | Infrastructure | Polygon |
| Optimism | Layer 2 rollup | Infrastructure | Optimism |
| Lido | Liquid staking protocol | DeFi | Ethereum |
| dYdX | Perpetuals exchange | DeFi | Chain-agnostic |
| Arbitrum | Layer 2 rollup | Infrastructure | Arbitrum |
| SynFutures | Decentralized derivatives exchange | DeFi | Multi-chain |
| Animoca Brands | Web3 gaming and digital property investment company | Gaming | Multi-chain |
Dragonfly's own homepage states the fund has backed "100+" companies; we were only able to name the 12 above from public pages.
---
## I. Ecosystem Connections
- **Ethereum and its L2s:** the largest visible cluster (Lido, Ethena, Optimism, Arbitrum, Polygon), consistent with the fund's technical DeFi and infrastructure heritage.
- **NEAR:** a confirmed position via Near Foundation, and Dragonfly's Singapore office gives it real reach into the NEAR and broader APAC ecosystem.
- **Newer L1s:** a position in Monad signals continued appetite for next-generation execution environments, not just incumbents.
- **Singapore and APAC:** the second HQ, plus a dedicated Portfolio Support Partner for Asia, makes Dragonfly one of the more APAC-native tier-1 crypto funds in this directory.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Token warrant or SAFE plus token?** [Compliance guide](/founder-stack/compliance)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Dragonfly homepage](https://www.dragonfly.xyz)
- [Dragonfly portfolio job board](https://jobs.dragonfly.xyz/companies)
- [Dragonfly Crypto Compensation Report](https://dccr.dragonfly.xyz/report)
- [Dragonfly Capital Raises $650M for Third Crypto Fund, CoinDesk](https://www.coindesk.com/business/2022/04/27/dragonfly-capital-raises-650m-for-third-crypto-fund)
- [Dragonfly Capital Closes Oversubscribed $650 Million Crypto Venture Fund III, PR Newswire](https://www.prnewswire.com/news-releases/dragonfly-capital-closes-oversubscribed-650-million-crypto-venture-fund-iii-301543290.html)
---
---
name: E Squared Investments
slug: e-squared-investments
buildTypes: ["Healthtech", "Agritech", "Climate-energy"]
thesis: >-
Entrepreneurship for the common good, empowering responsible entrepreneurs to
create employment and address poverty in South Africa.
website: 'https://www.esquared.org.za/'
apply: Via the website or direct outreach to the team
region: South Africa
hq: Johannesburg
sectors:
- Sector-agnostic
stage:
- Pre-Seed
- Seed
- Growth
chequeMin: null
chequeMax: null
chequeDisplay: 'Varies (portfolio-wide, not publicly disclosed)'
format: Hybrid
admissions: Rolling
africaFocus: 'Yes -- South Africa (primary), with pan-African reach'
status: active
tier: '3'
lastVerified: '2026-07-24'
portfolioSectorSplit:
Healthtech: 34
Agritech: 33
Climate: 33
portfolioModelSplit:
Hardware/Devices: 33
Transaction/Marketplace: 67
portfolioGeographySplit:
South Africa: 100
portfolioTotalCount: 3
portfolioClassifiedCount: 3
portfolioUnclassifiedCount: 0
logo: "/funds/e-squared-investments.png"
---
## Overview
E Squared Investments is a Johannesburg-based impact investor founded in 2017, rooted in the Allan Gray ecosystem (Allan Gray Orbis Foundation, est. 2005, and the vision of Dr. Allan Gray, who conceived the original entrepreneurship-for-impact mission in the early 1980s). Led by CEO Gladwyn Leeuw and Board Chairman Nazeem Martin, the firm has deployed R1.37 billion (~$75 million) across 177+ ventures continent-wide, creating or supporting 37,756 jobs.
What makes E Squared distinctive in the South African venture ecosystem is its mandate: 92% of investment value goes toward Black beneficiaries, and 62% of funds support Black women-owned businesses. The firm invests across the full spectrum from pre-seed to growth stage, backing companies like Impulse Biomed (affordable medical devices), Khula! (digital agricultural platform connecting farmers with suppliers and markets), and Regenize (waste recycling through venture philanthropy). Four portfolio companies have grown beyond R400 million in revenue or achieved valuations exceeding R2 billion. The firm generated R31 million through partial exits in 2025 and posted 16% fair market value growth across the portfolio, demonstrating that impact and returns can coexist. E Squared also partners with Secha Capital to provide "execution capital" for South Africa's real economy, and operates a venture philanthropy arm for pre-revenue social enterprises.
---
## How to Get In
Reach out through the website. E Squared backs mission-driven ventures that address South Africa's core challenges: youth unemployment, education inequality, micro-entrepreneurship, and access to essential services. The firm invests across stages (pre-seed through growth), so you don't need to be at a specific maturity level, but your business must demonstrate both commercial viability and measurable social impact. The emphasis on Black and female-led ventures is a core mandate, not an afterthought, and the firm's Allan Gray Foundation heritage means the team evaluates founders' character and commitment to impact alongside their business metrics.
---
## Best Advice
1. **The Allan Gray ecosystem is the differentiator.** E Squared sits within a broader institutional ecosystem (Allan Gray Orbis Foundation, Allan Gray Proprietary Limited) that has been building South African entrepreneurs for two decades. This means portfolio companies access not just capital but a network of 20+ years of entrepreneurship development infrastructure, mentor networks, and institutional credibility that standalone VCs can't replicate.
2. **Impact metrics are non-negotiable, not aspirational.** With 37,756 jobs created and 92% of capital directed toward Black beneficiaries, E Squared tracks and reports impact with the same rigour as financial performance. Your pitch needs quantifiable impact projections alongside your revenue forecast: how many jobs will you create, which communities will you serve, and how does your growth translate into measurable social outcomes?
3. **The BEE alignment is genuine.** With 62% of funds supporting Black women-owned businesses, E Squared's commitment to transformation goes beyond compliance. If you're a Black or female founder building a technology company that addresses South African inequality, you're in the fund's primary target profile.
4. **Stage flexibility means multiple entry points.** Unlike most VCs with strict stage mandates, E Squared invests from pre-seed through growth, including venture philanthropy for pre-revenue social enterprises. If your company is too early for traditional VC but too commercial for pure grants, E Squared's spectrum of instruments may bridge that gap.
---
## Pitch Format
Submit through the website covering your business model, social impact thesis, team, market opportunity, and how your venture addresses unemployment, inequality, or access to essential services in South Africa.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Impulse Biomed | South Africa | Affordable medical device development |
| Khula! | South Africa | Digital agriculture platform for farmers |
| Regenize | South Africa | Waste recycling and circular economy |
*Note: E Squared has invested in 177+ ventures total, though most individual company names are not publicly disclosed beyond annual impact reports.*
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Gladwyn Leeuw | CEO | — | — |
| Nazeem Martin | Board Chairman | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [E Squared official website](https://www.esquared.org.za/)
- [E Squared sparks tech innovations with R1BN investments -- ITWeb](https://www.itweb.co.za/article/e-squared-sparks-tech-innovations-with-r1bn-investments/8OKdWqDXaxBqbznQ)
- [E Squared puts R316M behind South African entrepreneurs -- BizCommunity](https://www.bizcommunity.com/article/e-squared-puts-r316m-behind-south-african-entrepreneurs-953814a)
- [E Squared deployed R300M into startups in 2025, hits R1.37BN lifetime -- Tech In Africa](https://www.techinafrica.com/south-africas-e-squared-deployed-r300m-into-startups-in-2025-hits-r1-37bn-lifetime/)
---
---
name: E3 Capital
slug: e3-capital
buildTypes: ["Climate-energy", "Agritech", "Hardware-DePIN", "Infra-protocol"]
thesis: >-
Championing entrepreneurs pursuing bold solutions in climate technology to
drive a Digitised, Decentralised and Decarbonised future across Africa.
website: 'https://www.e3-cap.com/'
apply: 'https://www.e3-cap.com/contact'
region: Sub-Saharan Africa
hq: 'Nairobi, Kenya'
sectors:
- Climate
- Agritech
- AI-ML
stage:
- Seed
- Series A
chequeMin: 500000
chequeMax: 3000000
chequeDisplay: $500K -- $3M
format: Hybrid
admissions: Rolling
africaFocus: 'Yes -- Sub-Saharan Africa (East, West, and Southern Africa)'
status: active
tier: '1'
lastVerified: '2026-07-24'
edgeRating: edge-moderate
edgeResources:
- name: Vova Dugin interview
category: decision-maker-reveal
score: 4
description: >-
Unit economics over growth-at-all-costs, concentrated portfolio
philosophy, and why he favours "a smaller, healthier portfolio" over
spray-and-pray. T...
link: >-
https://www.cygnumcapital.com/news/e3-capital-senior-partner-vladimir-dugan-shares-his-thoughts-and-predictions-for-2024
- name: Paras Patel interview
category: decision-maker-reveal
score: 4
description: >-
The quality thesis: "The quality of entrepreneurs we are seeing is
striking." The climate thesis and why E3 rebranded from Energy Access
Ventures to r...
link: >-
https://techcrunch.com/2023/05/23/e3-capital-and-lions-head-climate-fund-hits-first-close-at-48m-to-back-african-startups/
- name: E3 Capital portfolio page
category: practice-artifact
score: 4
description: >-
Comprehensive listing of portfolio companies with brief descriptions.
Study the patterns across the portfolio to understand what the team backs
and ho...
link: 'https://www.e3-cap.com/portfolio'
- name: 'Webinar: Funding Connectivity in Africa'
category: practice-artifact
score: 4
description: >-
E3's own webinar on the connectivity investment thesis. Shows how the team
thinks about digital infrastructure as a climate and inclusion play.
link: 'https://www.e3-cap.com/news/webinar-funding-connectivity-in-africa'
- name: Email directly
category: pipeline-pathway
score: 3
description: >-
admin@e3-cap.com or through the . No formal application portal; the
process is inquiry-based.
link: 'https://www.e3-cap.com/contact'
- name: DFI and LP network
category: pipeline-pathway
score: 3
description: >-
FMO, Swedfund, Proparco, KfW, European Investment Bank, OPEC Fund, and
Schneider Electric are all LPs. The DFI-heavy base means warm
introductions thr...
- name: Climate and energy ecosystem
category: pipeline-pathway
score: 3
description: >-
E3's portfolio is concentrated in climate tech and energy access. If you
are active in the African clean energy, climate, or connectivity space,
you l...
- name: Listed on aggregators
category: pipeline-pathway
score: 3
description: ', , and provide ad'
link: 'https://superscout.co/investor/e3-capital'
portfolioSectorSplit:
Climate: 53
Agritech: 18
Infrastructure: 12
E-commerce: 17
portfolioModelSplit:
Hardware/Devices: 71
Subscription/SaaS: 6
Transaction/Marketplace: 23
portfolioGeographySplit:
Pan-African: 53
DRC: 6
East Africa: 6
South Africa: 6
Kenya/Tanzania/Uganda: 6
Africa/India/SE Asia: 6
West Africa: 6
Nigeria: 6
Tunisia: 5
portfolioTotalCount: 17
portfolioClassifiedCount: 17
portfolioUnclassifiedCount: 0
logo: "/funds/e3-capital.png"
---
## Overview
E3 Capital (formerly Energy Access Ventures) is a Nairobi-based climate tech venture fund founded in 2015 by Paras Patel, who built the firm around the conviction that Africa's energy transition and digital transformation are deeply interconnected. The firm has raised $150 million across its history, starting with the €75 million Energy Access Ventures Fund I (which made 15 investments in decentralized energy businesses) and following up with the E3 Low Carbon Economy Fund for Africa (E3LCEF), which hit a first close of $48.1 million in May 2023 against a $100 million target.
The rebranding from Energy Access Ventures to E3 Capital reflects an expanded thesis. While Fund I focused specifically on off-grid energy access, the E3LCEF covers three interconnected mandates: climate-smart services (solar, clean cooking, battery networks, grid infrastructure), low-carbon productivity enablers (agricultural cold chain, agritech, sustainable construction), and digital connectivity and applications (last-mile internet, IoT platforms, data-driven climate finance). The "3 E's" stand for the firm's vision of a digitised, decentralised, and decarbonised Africa.
What makes E3 distinctive from other climate investors operating in Africa is the depth of the LP base and the on-the-ground presence. The fund is backed by major European DFIs including KfW (Germany), FMO (Netherlands), Swedfund (Sweden), Proparco (France), BII (UK), the European Investment Bank, and the OPEC Fund, alongside corporate and strategic investors like Schneider Electric, Cygnum Capital, and Aster Capital. Lion's Head Global Partners, an emerging markets investment bank managing over $700 million, serves as a fund partner. This institutional backing gives portfolio companies access to follow-on capital networks and policy relationships across the continent.
The portfolio includes notable names like D.light (affordable solar for off-grid communities, one of the most recognized solar brands in Africa), Sun Culture (solar-powered irrigation), BBOXX (off-grid solar and clean cooking), Nuru (solar-hybrid metro-grids in the DRC), Mawingu Networks (last-mile internet connectivity in East Africa), and Kofa (distributed battery networks). The firm reports 269,930 tonnes of CO₂ emissions avoided, 18 million+ beneficiaries, and nearly 4,000 direct jobs created across its portfolio.
The current leadership team is led by Vova Dugin (Managing Partner) and Melvyn Lubega (Senior Partner), supported by an investment team and a board of advisors that includes Jean-Michel Sévérino (Chairman of I&P's Supervisory Board), Clemens Calice (CEO of Cygnum Capital), and Elo Umeh (Founder of Terragon).
---
## How to Get In
Contact E3 Capital through the website at e3-cap.com/contact or email admin@e3-cap.com. The team is based in Nairobi and reviews inbound submissions on a rolling basis.
Warm introductions through portfolio companies carry weight. D.light, Sun Culture, BBOXX, Nuru, Mawingu Networks, Kofa, Plentify, and Badili Africa are all in the network, and introductions from their founders signal credibility. The clean energy and climate tech ecosystem in East Africa is relatively tight-knit, so connections through organizations like the Africa Renewable Energy Initiative, GOGLA, the Alliance for Rural Electrification, or climate-focused DFI programs can provide warm pathways.
The advisory board is another entry point. Jean-Michel Sévérino (who also chairs I&P's Supervisory Board), Clemens Calice (CEO of Cygnum Capital), and Temi Marcella Awogboro (Partner at Alcent Capital) all bring their own networks, and introductions through them reach the investment team with credibility.
If you are building a climate tech company in sub-Saharan Africa, particularly in clean energy, agricultural value chain, sustainable construction, or digital infrastructure for climate applications, E3 should be on your target list.
---
## Best Advice
1. **Lead with the climate thesis, not just the tech.** E3 invests across three mandates: climate-smart services, low-carbon productivity enablers, and digital connectivity. Your pitch needs to clearly articulate which mandate you fit and how your product contributes to decarbonisation, decentralisation, or digitisation of the African economy. Technology is the vehicle, but the climate impact is the investment thesis.
2. **Show unit economics that work without subsidies.** The portfolio includes companies like D.light, Sun Culture, and BBOXX that have built commercially viable businesses serving low-income consumers. The DFI LP base expects companies that can sustain themselves commercially, not projects that depend on grant funding forever. Show them a business model that works at scale.
3. **Demonstrate traction in frontier markets.** E3 invests in the DRC (Nuru), Chad (ZIZ Energie), and other markets where most climate investors will not go. If you are building in a frontier market that is underserved by both commercial energy infrastructure and institutional capital, that is a competitive advantage with this fund, not a liability. Show them you understand the market dynamics and have found a way to operate profitably.
4. **Come prepared with ESG and impact data.** Peter Kivuva serves as ESG Officer, which means the firm has a structured approach to measuring environmental and social outcomes. Have your CO₂ avoidance numbers, beneficiary counts, job creation metrics, and SDG alignment ready alongside your commercial KPIs.
5. **Think about the DFI follow-on network.** With KfW, FMO, Swedfund, Proparco, BII, and the EIB as LPs, E3 portfolio companies have a natural pathway to larger climate finance facilities and DFI co-investment. If your business can absorb larger amounts of capital for infrastructure build-out (solar installations, battery networks, cold chain), articulate how the DFI relationship accelerates deployment.
---
## Contextual Edge
**Preparation rating:** Edge-moderate -- the managing partners have published interviews that articulate the thesis clearly, and the portfolio is well-documented, but there are no long-form founder journey stories, no published evaluation rubric, and no formal application process. The DFI-heavy LP base provides preparation angles through the development finance ecosystem.
> **Start here:** Read [Vova Dugin's interview with Cygnum Capital](https://www.cygnumcapital.com/news/e3-capital-senior-partner-vladimir-dugan-shares-his-thoughts-and-predictions-for-2024) (the Managing Partner explains the thesis: "Strong unit economics, coupled with clear paths to profitability, will play a pivotal role in defining the attractiveness of ventures" and advocates "a smaller, healthier portfolio that can create a reasonable buffer against failure" over spray-and-pray), then read [Paras Patel in TechCrunch](https://techcrunch.com/2023/05/23/e3-capital-and-lions-head-climate-fund-hits-first-close-at-48m-to-back-african-startups/) (the Co-Founder on the quality of the pipeline: "African businesses are starting to emerge with clear product market-fit, and a strong commercial potential... The quality of entrepreneurs we are seeing is striking"). Those two resources show you the financial bar and the conviction behind the fund.
### How E3 Capital's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Thesis** | "Digitised, Decarbonised, Decentralised" -- three pillars that define every investment. Climate-smart services, low-carbon productivity enablers, and digital connectivity. Previously Energy Access Ventures, rebranded to E3 Capital to reflect the broader mandate. | Your company must fit at least one of the three D's. If you are building climate tech, clean energy, digital connectivity, or technology that reduces carbon intensity in African supply chains, you match the thesis. If your company has no climate or infrastructure angle, E3 is not the right fund. |
| **Stage and cheque** | Seed to Series A, with cheques of $500K to $3M. E3 Low Carbon Economy Fund I targeting $100M (first close at $48.1M with Lions Head Global Partners). EAVF I (the predecessor fund) is fully exited. | The cheque size is modest and the stage is early. If you have product-market fit and strong unit economics but need growth capital in the $500K-$3M range, you are in the sweet spot. |
| **Geography** | Sub-Saharan Africa: Kenya, Nigeria, South Africa, DRC, Tunisia, Chad, Tanzania, Uganda. Nairobi-headquartered. | East Africa is the core market given the Nairobi HQ, but the portfolio spans across Sub-Saharan Africa. If you are building in East Africa with a climate or digital infrastructure angle, E3 is a natural fit. |
| **Portfolio** | BBOXX, D.light, Sun King (off-grid solar leaders), Mawingu Networks (rural connectivity), SunCulture (solar-powered irrigation), Nuru (DRC energy), Cutstruct (Nigeria construction tech), Plentify (South Africa smart energy), Badili Africa (device refurbishment), GoCab, Cavex, Glint. 260+ companies across two funds. | The portfolio is concentrated in energy access, connectivity, and climate-adjacent technology. If you can draw parallels between your company and these portfolio patterns, that helps the team see the fit quickly. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Vova Dugin** (Managing Partner, CEO) | Unit economics over growth-at-all-costs, concentrated portfolio philosophy, and why he favours "a smaller, healthier portfolio" over spray-and-pray. The strongest public articulation of E3's investment criteria. | [Cygnum Capital interview](https://www.cygnumcapital.com/news/e3-capital-senior-partner-vladimir-dugan-shares-his-thoughts-and-predictions-for-2024) |
| **Paras Patel** (Co-Founder, Managing Partner) | The quality thesis: "The quality of entrepreneurs we are seeing is striking." The climate thesis and why E3 rebranded from Energy Access Ventures to reflect the broader mandate. | [TechCrunch: First close at $48M](https://techcrunch.com/2023/05/23/e3-capital-and-lions-head-climate-fund-hits-first-close-at-48m-to-back-african-startups/) |
### Learn from funded portfolio companies
| Resource | Why it matters |
|----------|---------------|
| [E3 Capital portfolio page](https://www.e3-cap.com/portfolio) | Comprehensive listing of portfolio companies with brief descriptions. Study the patterns across the portfolio to understand what the team backs and how the "Digitised, Decarbonised, Decentralised" thesis translates into actual investment decisions. |
| [Webinar: Funding Connectivity in Africa](https://www.e3-cap.com/news/webinar-funding-connectivity-in-africa) | E3's own webinar on the connectivity investment thesis. Shows how the team thinks about digital infrastructure as a climate and inclusion play. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Email directly** | admin@e3-cap.com or through the [contact page](https://www.e3-cap.com/contact). No formal application portal; the process is inquiry-based. |
| **DFI and LP network** | FMO, Swedfund, Proparco, KfW, European Investment Bank, OPEC Fund, and Schneider Electric are all LPs. The DFI-heavy base means warm introductions through the development finance ecosystem are a natural pathway. |
| **Climate and energy ecosystem** | E3's portfolio is concentrated in climate tech and energy access. If you are active in the African clean energy, climate, or connectivity space, you likely interact with E3 portfolio companies as peers, partners, or ecosystem players. |
| **Listed on aggregators** | [SuperScout](https://superscout.co/investor/e3-capital), [OpenVC](https://www.openvc.app/fund/E3%20Capital), and [Crunchbase](https://www.crunchbase.com/organization/energy-access-ventures) provide additional contact pathways and fund details. |
### What you can't find
No GP has a significant podcast or long-form interview presence beyond the two cited sources. There is no published evaluation rubric, scorecard, or detailed due diligence framework. The application process is opaque with no formal portal. Founder case studies and "why we invested" narratives are absent from public materials. Individual GP bios beyond the two co-founders are not prominently published. Fund performance data is not disclosed.
---
## Pitch Format
Contact the team through e3-cap.com/contact or email admin@e3-cap.com. Prepare a pitch deck covering your business model, climate thesis, market opportunity, unit economics, team, technology differentiation, and impact metrics. Given the climate focus, include clear data on CO₂ avoidance, beneficiary reach, and alignment with the firm's three mandates (climate-smart services, low-carbon productivity, digital connectivity).
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies (Selected)
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| D.light | Pan-African | Affordable solar-powered solutions for off-grid communities | Growth | -- |
| Sun Culture | Pan-African | Solar-powered irrigation systems for farmers | Growth | -- |
| BBOXX | Pan-African | Off-grid solar and clean cooking solutions | Growth | -- |
| Nuru | DRC | Solar-hybrid metro-grids for reliable, affordable power | Growth | -- |
| Mawingu Networks | East Africa | Last-mile internet connectivity for underserved areas | Growth | -- |
| Kofa | Pan-African | Distributed battery networks for grid infrastructure | Growth | -- |
| Plentify | South Africa | Hardware and tech to optimise residential electricity consumption | Growth | -- |
| Badili Africa | Kenya/Tanzania/Uganda | Aggregates, repairs, and resells used mobile phones | Growth | -- |
| Sun King / PayGo Energy | Pan-African | Pay-as-you-go clean energy distribution | Growth | -- |
| Candi Solar | Africa/India/SE Asia | Solar energy for commercial and industrial clients | Growth | -- |
| Solarise Africa | Pan-African | Energy-as-a-service for commercial and industrial solar | Growth | -- |
| SolarX Africa | West Africa | Commercial and industrial clean energy solutions | Growth | -- |
| Cutstruct | Nigeria | Marketplace for sustainable construction materials | Growth | -- |
| Inspira Farms | Pan-African | Pre-cooling and cold storage for agribusinesses | Growth | -- |
| Yola Fresh | Pan-African | Agricultural supply chain optimisation to reduce waste | Growth | -- |
| Kamioun | Tunisia | B2B e-commerce optimising last-mile delivery for corner shops | Growth | -- |
| Cavex | Pan-African | IoT-driven data collection for climate finance | Growth | -- |
*Note: E3 Capital's portfolio spans 260+ companies across its fund history (including partner fund investees). The table above shows selected direct investments. Full portfolio details are available at e3-cap.com.*
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Paras Patel | Founder | -- | -- |
| Vova Dugin | Managing Partner | -- | -- |
| Melvyn Lubega | Senior Partner | -- | -- |
| Utari Wanjohi | Investment Principal | -- | -- |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [E3 Capital Official Website](https://www.e3-cap.com/)
- [E3 Capital Portfolio](https://www.e3-cap.com/portfolio)
- [E3 Capital Team](https://www.e3-cap.com/team)
- [TechCrunch: E3 Capital and Lion's Head climate fund hits first close at $48M (May 2023)](https://techcrunch.com/2023/05/23/e3-capital-and-lions-head-climate-fund-hits-first-close-at-48m-to-back-african-startups/)
- [Cygnum Capital: E3 Capital and Lion's Head first close announcement](https://www.cygnumcapital.com/news/e3-capital-and-lions-head-group-announce-first-close-for-the-e3-low-carbon-economy-fund-for-africa)
- [SuperScout: E3 Capital investor profile](https://superscout.co/investor/e3-capital)
---
---
name: E4E Africa
slug: e4e-africa
buildTypes: ["Insurtech", "Lending-credit", "Payments-processing", "Logistics-supplychain", "Climate-energy"]
thesis: >-
Entrepreneurs investing in entrepreneurs -- backing high-impact technology
companies across sub-Saharan Africa that create jobs and drive inclusive
economic growth.
website: 'https://e4eafrica.com/'
apply: Via the website or direct outreach to the team
region: Sub-Saharan Africa
hq: Cape Town & Amsterdam
sectors:
- Sector-agnostic
stage:
- Series A
chequeMin: 500000
chequeMax: 3000000
chequeDisplay: $500K -- $3M
format: Hybrid
admissions: Rolling
africaFocus: >-
Yes -- South Africa (primary), with pan-African reach across sub-Saharan
Africa
status: active
tier: '3'
lastVerified: '2026-07-24'
portfolioSectorSplit:
Consumer: 15
Fintech: 39
Climate: 15
Logistics: 15
Infrastructure: 8
Healthtech: 8
portfolioModelSplit:
Transaction/Marketplace: 54
Enterprise contracts/Licensing: 23
Hardware/Devices: 15
Direct sales/Commerce: 8
portfolioGeographySplit:
South Africa: 80
Kenya/Nigeria: 7
Kenya: 7
Uganda: 6
portfolioTotalCount: 15
portfolioClassifiedCount: 13
portfolioUnclassifiedCount: 2
logo: "/funds/e4e-africa.png"
---
## Overview
E4E Africa (Entrepreneurs for Entrepreneurs) is an impact-driven venture capital firm founded in July 2020, dual-headquartered in Cape Town and Amsterdam, and licensed as a Financial Services Provider (FSP 54128) in South Africa. Led by Managing Partner Bas Hochstenbach and Principal Bakang Komanyane, the firm operates on a distinctive "entrepreneurs investing in entrepreneurs" model, which means the team brings operational founder experience alongside capital.
Fund I deployed approximately $20 million across 11 investments, backed by the SA SME Fund among other LPs. Fund II targets $30 million and has expanded the portfolio to 16+ companies across fintech, edtech, e-health, energy, and B2B technology. The portfolio includes several notable names: SweepSouth (on-demand home services, one of South Africa's earliest marketplace successes), Pineapple (peer-to-peer insurance technology), Kwara (savings and credit cooperative digitisation), Octavia Carbon (direct air capture and carbon removal), TUNL (cross-border logistics), Numida (SME lending in East Africa), and Talk360 (affordable international calling). The firm focuses on companies that combine commercial scalability with measurable social impact, particularly around job creation and financial inclusion, and invests from pre-Series A through scale-up stages with cheque sizes typically ranging from $500K to $3 million.
---
## How to Get In
Reach out through the website or via the South African and broader sub-Saharan African startup ecosystem. E4E Africa backs technology companies that demonstrate both commercial viability and social impact, with particular interest in businesses that create employment, expand financial access, or improve essential services. The "entrepreneurs investing in entrepreneurs" model means the team evaluates founder quality and operational capability alongside market opportunity. Fund II's expanded mandate covers sub-Saharan Africa broadly, so you don't need to be South Africa-based, but the firm's strongest networks and deepest deal flow run through the South African ecosystem. If you're between pre-Series A and scale-up stage with a working product and early traction, you're in scope.
---
## Best Advice
1. **The "entrepreneurs investing in entrepreneurs" model is real, not branding.** E4E Africa's team brings operational founder experience to the table, which means they evaluate pitches differently from financial-first VCs. Your pitch should demonstrate that you understand the operational realities of building in African markets, not just the financial projections. The team will probe your execution capability as much as your market thesis.
2. **Impact and commerce are both required.** With backing from the SA SME Fund and a mandate focused on job creation and inclusive growth, E4E Africa needs portfolio companies that deliver measurable social outcomes alongside financial returns. Your pitch needs to quantify both: how many jobs you'll create, which underserved populations you'll reach, and how your unit economics support sustainable growth without ongoing subsidy.
3. **The FSP licence signals institutional seriousness.** E4E Africa holds a South African Financial Services Provider licence (FSP 54128), which is unusual for a VC fund of this size and signals regulatory compliance and institutional-grade fund management. For founders, this means the firm operates with governance standards that institutional LPs and follow-on investors recognise, which can help validate your cap table for future rounds.
4. **The portfolio shows sector range, so don't self-select out.** From carbon removal (Octavia Carbon) to home services (SweepSouth) to insurance (Pineapple) to cross-border logistics (TUNL), the portfolio spans a wide range of technology verticals. If your company uses technology to address a genuine market inefficiency in sub-Saharan Africa and has impact potential, you're worth a conversation regardless of your specific sector.
---
## Pitch Format
Submit through the website covering your technology, business model, team, traction, market opportunity, and social impact thesis. Be prepared to discuss how your company creates jobs, expands access, or drives inclusive growth alongside your commercial metrics.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| SweepSouth | South Africa | On-demand home services marketplace |
| Pineapple | South Africa | Peer-to-peer insurance technology |
| Kwara | Kenya/Nigeria | Savings and credit cooperative digitisation |
| Octavia Carbon | Kenya | Direct air capture and carbon removal |
| TUNL | South Africa | Cross-border logistics platform |
| Numida | Uganda | SME lending platform |
| Talk360 | South Africa | Affordable international calling |
| Qwili | South Africa | Mobile payments and financial services |
| Happy Pay | South Africa | Payment solutions |
| Kuunda | South Africa | Clean energy solutions |
| Faro | South Africa | Financial technology |
| Glint | South Africa | Digital solutions |
| Vula Mobile | South Africa | Healthcare referral platform |
| Mophones | South Africa | Mobile device solutions |
| Shiprazor | South Africa | Shipping and logistics aggregation |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Bas Hochstenbach | Managing Partner | — | — |
| Bakang Komanyane | Principal | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [E4E Africa official website](https://e4eafrica.com/)
- [E4E Africa closes first fund, targets $30M for Fund II -- Disrupt Africa](https://disrupt-africa.com/2023/12/05/south-africas-e4e-africa-closes-first-fund-targets-30m-for-fund-ii/)
- [E4E Africa investor profile -- StartupList Africa](https://startuplist.africa/investor/e4e-africa)
---
---
name: Egypt Ventures
slug: egypt-ventures
buildTypes: ["Logistics-supplychain", "Marketplace-commerce", "Healthtech", "Payments-processing", "Edtech"]
thesis: >-
Empowering Egyptian startups by providing strategic, financial, operational,
and network support that enables them to scale and thrive.
website: 'https://egyptventures.com/'
apply: Via website or direct outreach
region: Egypt / MENA
hq: Cairo
sectors:
- Sector-agnostic
stage:
- Pre-Seed
- Seed
- Series A
chequeMin: null
chequeMax: null
chequeDisplay: Not publicly disclosed
format: Hybrid
admissions: Rolling
africaFocus: Yes -- Egypt
status: active
tier: '2'
lastVerified: '2026-07-24'
portfolioSectorSplit:
E-commerce: 28
Edtech: 9
Healthtech: 18
Infrastructure: 18
Logistics: 18
Fintech: 9
portfolioModelSplit:
Transaction/Marketplace: 46
Subscription/SaaS: 9
Direct sales/Commerce: 9
Hardware/Devices: 9
Enterprise contracts/Licensing: 27
portfolioGeographySplit:
Egypt: 100
portfolioTotalCount: 12
portfolioClassifiedCount: 11
portfolioUnclassifiedCount: 1
logo: "/funds/egypt-ventures.png"
---
## Overview
Egypt Ventures is a government-backed venture capital firm established in 2017 to support the Egyptian startup ecosystem. Led by Chairman and CEO Ahmad Gomaa, the firm has invested approximately EGP 306+ million across 150+ startups through both direct investments and indirect investments via accelerator programmes.
The firm operates a multi-stage investment model, backing high-growth, tech-enabled companies across healthtech, edtech, e-commerce, fintech, and biotech. Beyond its direct portfolio of 20+ startups, Egypt Ventures runs two accelerator programmes (Falak Startups and EFG-EV Fintech, the latter a joint venture with EFG Hermes) and is a limited partner in Flat6Labs Cairo Fund. The government backing gives portfolio companies access to institutional credibility and public-sector networks that are difficult to replicate through private VCs alone.
---
## How to Get In
Reach out through the website with a clear pitch covering your business model, traction, and team. The firm prioritises quality over quantity and runs rigorous due diligence, so come prepared with solid financials and a clear growth story. If you're earlier stage, consider applying through the Falak Startups or EFG-EV Fintech accelerators as entry points into the broader Egypt Ventures ecosystem. Warm introductions through existing portfolio founders or the Egyptian Ministry of International Cooperation network help.
---
## Best Advice
1. **Government backing is a feature, not a bug.** Egypt Ventures' public-sector backing means portfolio companies gain access to institutional networks, regulatory relationships, and credibility signals that private VCs can't offer. Frame your pitch around how those connections could accelerate your growth, particularly if you operate in regulated sectors like fintech or healthtech.
2. **ESG and impact alignment matter.** The fund operates under ESG principles and reports to government stakeholders, which means they're evaluating social impact alongside financial returns. Show how your company creates jobs, serves underserved populations, or contributes to Egypt's knowledge economy.
3. **The accelerators are a legitimate pipeline.** Falak Startups and EFG-EV Fintech aren't side projects, they're core parts of the investment thesis. If you're too early for a direct investment, going through an accelerator programme gives you a warm path to follow-on funding from the main fund.
4. **Egypt-first, but show regional potential.** The firm's mission centres on transforming Egypt into a regional innovation hub for MENA, so while your primary market should be Egypt, showing how your product could expand across the region strengthens the pitch.
---
## Pitch Format
Submit a pitch deck covering your business model, market opportunity, traction, financials, and team. Be ready for a thorough due diligence process that evaluates both commercial viability and broader ecosystem impact.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Fatura | Egypt | B2B retail platform (300+ employees) |
| Almentor | Egypt | Arabic e-learning platform ($14.5M+ raised) |
| Nawah Scientific | Egypt | Biotech research facilities |
| Si-Ware | Egypt | Semiconductor and sensing technology |
| payNas | Egypt | Payment solutions |
| Khazenly | Egypt | Logistics platform |
| Suplyd | Egypt | F&B supply chain |
| iSupply | Egypt | Supply chain technology |
| Flend | Egypt | Lending and financial services |
| Astute Imaging | Egypt | Medical imaging technology |
| InfiniLink | Egypt | Technology infrastructure |
| mal-bazaar | Egypt | E-commerce marketplace |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Ahmad Gomaa | Chairman & CEO | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Egypt Ventures official website](https://egyptventures.com/)
- [Egypt Ventures about page](https://egyptventures.com/about/)
- [Egypt Ventures increases total investment to EGP 104 million -- Ministry of International Cooperation](https://moic.gov.eg/news/331)
- [Egypt's startups are powering the region's digital hub -- Bloomberg](https://sponsored.bloomberg.com/article/ministry-of-international-cooperation/egypt-s-startups-are-powering-the-region-s-digital-hub)
---
---
name: Electric Capital
slug: electric-capital
buildTypes: ["Infra-protocol", "Dev-tooling", "AI-x-crypto"]
thesis: 'Invests in builders of frontier technologies, including AI, cryptography and distributed systems, that reduce reliance on intermediaries. Every investor on the team is an engineer who codes, and the firm publishes the industry-standard annual Developer Report.'
website: 'https://www.electriccapital.com'
apply: 'Fund: email info@electriccapital.com. No accelerator or cohort; the firm states it takes cold inbound seriously because the whole team evaluates code and developer activity directly, not just decks.'
region: 'Global'
hq: 'Palo Alto, California, USA'
sectors:
- Infrastructure
- Developer-Tooling
- DeFi
- AI-x-Crypto
- Payments-Stablecoins
sectorsNote: 'Splits below are computed from the 12 companies named on Electric Capital''s own site that we could classify with confidence (7 of 12); 5 (Boom, HealthEx, Bluenote, Re, Aven) are left unclassified, Aven because it is a consumer fintech company (a home-equity-backed credit card) rather than a crypto-native position, so it does not map to the web3 sector vocabulary.'
stage:
- Pre-Seed
- Seed
- Series A
chequeMin: 1000000
chequeMax: 15000000
chequeDisplay: '$1M-$15M+ (verified on site, stated as "Preseed through Series A")'
chains:
- Solana
- NEAR
- Ethereum
- Multi-chain
- Chain-agnostic
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '1'
lastVerified: '2026-09-09'
edgeRating: edge-rich
edgeResources:
- name: Electric Capital Developer Report
category: evaluation-framework
score: 5
description: >-
The annual, widely cited report on developer activity across every
major chain. Because Electric Capital's own investors are engineers
who evaluate code, showing you understand and can speak to the
report's methodology is a direct line into how the team thinks about
diligence.
link: 'https://www.electriccapital.com'
- name: Team page (all-engineer investor roster)
category: decision-maker-reveal
score: 4
description: >-
Names general partners Avichal Garg and Curtis Spencer (co-founders)
alongside Ken Deeter, Maria Shen and other GPs, all with engineering
backgrounds. Knowing which GP has the closest technical background to
your stack tells you who to target.
link: 'https://www.electriccapital.com/team'
- name: Portfolio page
category: portfolio-pattern
score: 3
description: >-
Names a real, if short, list of current positions (Squads, NEAR,
Kraken, Bitwise, Certora, Etherealize, SF Compute, Aven and others),
useful for finding your closest analogue.
link: 'https://www.electriccapital.com'
- name: Direct inbound email
category: pipeline-pathway
score: 4
description: >-
info@electriccapital.com is a real, monitored channel (email it
directly); the firm states explicitly it takes cold inbound more
seriously than most because the whole team is technical enough to
evaluate a GitHub repo directly.
link: 'https://www.electriccapital.com'
portfolioSectorSplit:
Infrastructure: 71
Developer-Tooling: 15
AI-x-Crypto: 14
portfolioChainSplit:
Multi-chain: 43
Ethereum: 14
Solana: 14
NEAR: 14
Chain-agnostic: 15
portfolioTotalCount: 12
portfolioClassifiedCount: 7
portfolioUnclassifiedCount: 5
---
> **How to use this page:** Electric Capital is the most technically literal fund in this directory: every investor codes, and the firm's Developer Report is the industry's reference dataset for onchain developer activity. That shapes what "getting in" means here. Read Section E for the direct-email path and Contextual Edge for what metrics the team actually trusts.
---
## A. Header Block
- **Fund name:** Electric Capital
- **One-line thesis:** Backs builders of frontier technology, AI, cryptography and distributed systems, that reduce reliance on intermediaries.
- **Website:** [electriccapital.com](https://www.electriccapital.com)
- **CTA:** Email info@electriccapital.com (see [electriccapital.com](https://www.electriccapital.com))
| Tag | Detail |
|-----|--------|
| Region | Global (Palo Alto, California) |
| Format | Direct outreach |
| Sectors | Infrastructure, developer tooling, DeFi, AI x crypto, stablecoins and payments |
| Stage | Pre-Seed through Series A |
| Cheque Size | $1M-$15M+ |
| Admissions | Rolling |
---
## C. Overview
Electric Capital is a Palo Alto-based crypto and frontier-technology fund co-founded by Avichal Garg and Curtis Spencer, distinguished in this directory by a simple structural fact: every investor on the team is an engineer who writes code. That shapes both what the firm invests in (builders of AI, cryptography and distributed systems that reduce reliance on intermediaries) and how it evaluates deals, since the team can and does read a portfolio candidate's repository directly rather than relying only on a deck.
The firm's best-known public artifact is the annual Electric Capital Developer Report, a widely cited dataset tracking active developer counts across every major blockchain ecosystem, used industry-wide (including by other funds and foundations in this directory) as a proxy for ecosystem health. That same instinct, measuring real developer adoption rather than narrative, is what the firm says it looks for in portfolio companies: GitHub contributor growth and time-to-first-integration are metrics the team explicitly trusts.
Electric Capital invests from pre-seed through Series A with checks from $1 million to $15 million or more, and states plainly that it takes cold inbound seriously precisely because its own technical bar lets it evaluate code-first pitches efficiently. Confirmed crypto-native portfolio positions span Solana infrastructure (Squads), NEAR itself, and companies spanning security tooling, institutional crypto and AI compute. The portfolio page also names Aven, a consumer fintech company issuing a home-equity-backed credit card; it is not a crypto-native position and is excluded from the sector and chain splits below.
**Key stats:**
- Check size: $1M-$15M+, Pre-Seed through Series A
- Publishes the industry-standard annual Developer Report
- All investors have engineering backgrounds
- Confirmed crypto-native positions include Squads, NEAR, Kraken, Bitwise, Certora, Etherealize, SF Compute
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Avichal Garg | Co-founder, General Partner | [electriccapital.com/team](https://www.electriccapital.com/team) |
| Curtis Spencer | Co-founder, General Partner | [electriccapital.com/team](https://www.electriccapital.com/team) |
| Ken Deeter | General Partner | [electriccapital.com/team](https://www.electriccapital.com/team) |
| Maria Shen | General Partner | [electriccapital.com/team](https://www.electriccapital.com/team) |
| Thuan Le | Partner | [electriccapital.com/team](https://www.electriccapital.com/team) |
| Emily Meyers | General Counsel, Chief Compliance Officer | [electriccapital.com/team](https://www.electriccapital.com/team) |
Individual X and LinkedIn handles were not independently confirmed on the pages fetched, so we link the team page rather than guess.
---
## E. How to Get In: Step-by-Step Application Process
1. **Ship real, measurable developer activity before you pitch.** Because the team's own public artifact is a developer-activity dataset, the single most effective thing you can do is have a repository with real, visible contributor growth before you reach out.
2. **Email info@electriccapital.com directly.** There is no form; a direct, technical email works because the team is genuinely built to evaluate cold inbound on its technical merits.
3. **Lead with code, not narrative.** Link your GitHub, name your time-to-first-integration if you have external developers building on your protocol, and be specific about what you have shipped, not just the vision.
4. **Target the GP closest to your technical domain.** Ken Deeter, Maria Shen and other GPs have different technical specializations; use whatever signal you can find (their public writing, prior portfolio) to route your pitch, or simply let the general inbox route it internally.
5. **Expect a code-level technical review.** Because every investor can read a repository, expect diligence questions that go deeper than a typical partner meeting, on architecture, security assumptions and real (not incentivized) usage.
**Timeline:** Not published. Given the firm's technical evaluation process, expect a real engineering review before any partner-level decision.
---
## F. Best Advice from Founders
**GitHub is your deck.** Electric Capital states outright it measures developer adoption the way the Developer Report measures ecosystems: contributor growth and integration speed. Founders who lead with that data get taken more seriously than those who lead with TAM slides.
**Cold email genuinely works here.** Unlike most tier-1 or tier-2 crypto funds, Electric Capital explicitly says it treats cold inbound seriously because its technical team can evaluate it efficiently. A well-targeted, technical email is not a wasted effort.
**Speak the Developer Report's language.** Referencing specific findings from the annual report, or explaining how your project's developer metrics compare to the ecosystems it tracks, signals you understand how this specific fund thinks about evidence.
---
## Contextual Edge
**Preparation rating:** Edge-rich. The firm publishes a flagship public dataset that doubles as its own evaluation framework, names its team with real backgrounds, and states its email intake directly on-site.
> **Start here:** Read the [Developer Report](https://www.electriccapital.com) methodology, then make sure your own project's developer metrics are visible and strong before you email info@electriccapital.com.
### How Electric Capital's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Infrastructure-dominant** | Of the 7 crypto-native companies we could classify, 71% are infrastructure (Squads, NEAR, Kraken, Bitwise, Etherealize). | Base-layer and institutional-grade infrastructure is the clearest pattern; an application-layer pitch needs a strong developer-adoption story to compensate. |
| **Developer tooling and security matter** | Certora (security tooling) represents 15% of the classified sample. | Tools that other developers adopt, not end users, fit the firm's technical self-image well. |
| **Solana and NEAR both present, multi-chain the largest single bucket** | 43% multi-chain, 14% each Ethereum, Solana and NEAR. | A single-chain pitch is fine, but the team has genuine cross-chain reference points (it holds positions in both Solana and NEAR ecosystems directly). |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Avichal Garg & Curtis Spencer** (Co-founders) | Set the firm's engineering-first culture and public voice. | [Team page](https://www.electriccapital.com/team) |
| **Ken Deeter & Maria Shen** (General Partners) | Likely cover specific technical domains within the fund's mandate. | [Team page](https://www.electriccapital.com/team) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct email** | info@electriccapital.com, explicitly a real intake (see [electriccapital.com](https://www.electriccapital.com)). |
| **Developer Report engagement** | Understanding and referencing the report's methodology is a documented way to be taken seriously by a team that built its reputation on that data. |
| **Portfolio founder intro** | A founder from Squads, Kraken, Certora or another portfolio company can accelerate a first read. |
### What you can't find
Electric Capital does not publish a screening timeline or a stated rubric beyond "engineers evaluating engineers." Four named portfolio companies (Boom, HealthEx, Bluenote, Re) had too little public detail for us to confidently sector-tag, and Aven is excluded as a non-crypto consumer fintech position, so five of twelve named companies sit outside the splits above. Individual partner social handles were not independently confirmed.
---
## G. Pitch Format Electric Capital Expects
- A cold, technical email is genuinely welcome; no deck-only submissions without substance
- Link your repository and any independently verifiable developer or usage metrics
- Be ready for a code-level technical review, not just a partner conversation
- Frame your product in terms of reduced reliance on intermediaries, the firm's own stated filter
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Companies named on [electriccapital.com](https://www.electriccapital.com). Sector and chain tags are ours; four (Boom, HealthEx, Bluenote, Re) are listed but not classified due to insufficient public detail, and Aven is listed but unclassified because it is a consumer fintech company, not a crypto-native position.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Squads | Smart accounts and multisig infrastructure | Infrastructure | Solana |
| NEAR | Layer 1 blockchain | Infrastructure | NEAR |
| Kraken | Cryptocurrency exchange | Infrastructure | Multi-chain |
| Bitwise | Crypto asset management | Infrastructure | Multi-chain |
| Certora | Smart contract security and formal verification | Developer-Tooling | Multi-chain |
| Etherealize | Institutional Ethereum infrastructure | Infrastructure | Ethereum |
| SF Compute | AI compute infrastructure | AI-x-Crypto | Chain-agnostic |
| Aven | Home-equity-backed consumer credit card (fintech, not crypto-native) | Unclassified | Unclassified |
| Boom | Not publicly detailed | Unclassified | Unclassified |
| HealthEx | Not publicly detailed | Unclassified | Unclassified |
| Bluenote | Not publicly detailed | Unclassified | Unclassified |
| Re | Not publicly detailed | Unclassified | Unclassified |
---
## I. Ecosystem Connections
- **Solana:** a confirmed position (Squads), and the firm's Developer Report is one of the most-cited sources for Solana developer growth specifically.
- **NEAR:** a direct position in NEAR itself, one of the deeper NEAR ties among the funds in this directory.
- **Institutional crypto infrastructure:** Kraken, Bitwise and Etherealize point to a real interest in the plumbing that connects crypto to traditional finance.
- **Palo Alto and the Bay Area:** situates Electric Capital in the same cluster as several other tier-1 funds in this directory (a16z crypto, Polychain).
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Token warrant or SAFE plus token?** [Compliance guide](/founder-stack/compliance)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Electric Capital homepage](https://www.electriccapital.com)
- [Electric Capital team page](https://www.electriccapital.com/team)
- [Electric Capital, RIA profile, Palo Alto, CA, FinTRX](https://fintrx.com/firms/firm/electric-capital-partners-llc-296943)
---
---
name: EmergingTech Ventures (EmTech)
slug: emtech-ventures
buildTypes: ["Agritech", "Healthtech", "Proptech", "Edtech"]
thesis: >-
Fostering the development of a dynamic early-stage tech ecosystem in North and
Francophone West Africa.
website: 'https://emtechventures.com/'
apply: Via the website or direct outreach to the team
region: Morocco / Francophone Africa
hq: Casablanca
sectors:
- Sector-agnostic
stage:
- Series A
chequeMin: 500000
chequeMax: 3000000
chequeDisplay: $500K -- $3M
format: Hybrid
admissions: Rolling
africaFocus: 'Yes -- Morocco, Tunisia, Senegal, Côte d''Ivoire'
status: active
tier: '2'
lastVerified: '2026-07-24'
portfolioTotalCount: 4
portfolioClassifiedCount: 4
portfolioUnclassifiedCount: 0
portfolioSectorSplit:
Agritech: 25
Healthtech: 25
Fintech: 25
Edtech: 25
portfolioModelSplit:
Subscription/SaaS: 25
Direct sales/Commerce: 50
Transaction/Marketplace: 25
portfolioGeographySplit:
Morocco: 100
---
## Overview
EmergingTech Ventures (EmTech) is a Casablanca-based venture capital firm founded by Meriem Zaïri Tlemçani (CEO), Abdelouahid Benlamlih, and Sidi Mohammed Zakraoui. The trio acquired and rebranded the predecessor firm (formerly Seaf Morocco Capital Partners) in 2022, transitioning from a $22 million Morocco-focused first fund to a regional platform.
Fund II targets $60 million (expandable to $80 million) with a $40 million first close target, and is backed by Proparco (the French development finance institution, via the FISEA facility) and IFC ($4 million commitment). The fund writes cheques of $500K--$3M into pre-Series A and Series A companies across Morocco, Tunisia, Senegal, and Côte d'Ivoire, with a focus on deeptech, fintech, healthtech, edtech, agritech, and cleantech. The investment approach emphasises ESG standards, gender-lens investing, and rigorous impact measurement.
---
## How to Get In
Reach out through the website with a clear pitch deck. The fund targets companies with "a presence or future plans for operations" in its four core markets: Morocco, Tunisia, Senegal, and Côte d'Ivoire. If you're building in Francophone Africa, this is one of the few dedicated early-stage VCs with DFI backing specifically for these markets. The team evaluates ESG standards and impact potential alongside commercial viability, so come prepared to discuss both. Warm introductions through the Proparco or IFC networks, or through the Moroccan tech ecosystem, carry weight.
---
## Best Advice
1. **Francophone Africa is the core thesis.** EmTech is one of the few VCs specifically focused on Francophone African markets (Morocco, Tunisia, Senegal, Côte d'Ivoire), where early-stage capital is scarce compared to anglophone Africa. If you're building in the francophone zone, this fund understands the regulatory, linguistic, and market dynamics that generalist VCs often miss.
2. **The DFI backing signals institutional quality.** With Proparco and IFC as anchor LPs, portfolio companies gain credibility with follow-on institutional investors and access to the broader DFI ecosystem. Frame your pitch around how these connections could support your Series A or B round.
3. **Gender-lens investing is part of the mandate.** The fund explicitly applies gender-lens criteria, so women-founded and women-led teams have a genuine advantage. If your company addresses gender-specific market gaps or has strong female leadership, highlight it.
4. **Morocco is the launchpad, but regional expansion matters.** The fund's evolution from a Morocco-only vehicle to a four-country platform shows the team values companies that can scale across Francophone Africa. Show a credible multi-market expansion plan beyond your home market.
---
## Pitch Format
Submit a pitch deck covering your technology, business model, market opportunity, traction, team, and impact thesis. Be ready to discuss your Francophone African market strategy and ESG positioning.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
Fund II portfolio companies have not yet been publicly disclosed (the fund is newly deploying following its 2026 close). Fund I ($22 million) invested in Moroccan startups, though individual company names are not widely reported.
---
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| [SOWIT](https://sowit.tech) | Morocco | A precision agriculture technology company using satellite imagery and IoT sensors to help farmers in Morocco and Africa optimize crop yields. |
| TWINGuide | Morocco | A Casablanca-based medtech company that develops guided surgery technology for flapless dental implant placement. |
| Afdal | Morocco | A Casablanca-based mortgage-tech platform that uses an AI-driven engine to compare and process real-estate credit and insurance offers from Moroccan banks. |
| [Edukaty](https://edukaty.ma) | Morocco | A Casablanca-based edtech company offering online and in-person tutoring and exam-prep courses for students. |
> Portfolio compiled 2026-07-29. Verified via EmTech Ventures press coverage (startupresearcher.com investor profile) plus independent per-company verification (CB Insights, PitchBook, start-up.ma, Charika registry); excluded Mazma (HQ in Chatillon, France despite Morocco/Francophone Africa market focus) and Spore Bio/Docline/Unissey (HQ in France/Spain, not African).
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Meriem Zaïri Tlemçani | CEO & Co-founder | — | — |
| Abdelouahid Benlamlih | Co-founder | — | — |
| Sidi Mohammed Zakraoui | Co-founder | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Proparco anchors rare Moroccan LP position in EmTech's new $60M early-stage fund -- Launch Base Africa](https://launchbaseafrica.com/2026/06/16/proparco-anchors-rare-moroccan-lp-position-in-emtechs-new-60m-early-stage-fund/)
- [Proparco supports the tech ecosystem by investing in Moroccan VC fund EmTech -- Proparco](https://www.proparco.fr/en/news/proparco-supports-tech-ecosystem-investing-moroccan-venture-capital-fund-emtech)
- [IFC announces plan to invest in Moroccan VC fund EmergingTech Ventures -- Empower Africa](https://empowerafrica.com/ifc-announces-plan-to-invest-in-moroccan-vc-fund-emergingtech-ventures/)
- [EmTech Ventures Fund II wins Proparco backing -- WeeTracker](https://weetracker.com/2026/06/17/emtech-ventures-fund-ii-proparco-investment-francophone-africa/)
---
---
name: Endure Capital
slug: endure-capital
buildTypes: ["Mobility", "Marketplace-commerce", "E-commerce-retail", "Lending-credit"]
thesis: >-
Investing in impact-driven early-stage startups in Africa, with a selective
approach to investing in growth-stage startups globally.
website: 'https://endurecap.com/'
apply: Via website or warm intros through the portfolio network
region: Pan-African + Global
hq: 'Cairo, with offices in Amsterdam, Palo Alto, Dubai'
sectors:
- Sector-agnostic
stage:
- Pre-Seed
- Seed
- Series B+
chequeMin: 1000000
chequeMax: 5000000
chequeDisplay: $1M -- $5M
format: Hybrid
admissions: Rolling
africaFocus: 'Yes -- Egypt (60%), expanding pan-African and globally'
status: active
tier: '2'
lastVerified: '2026-07-24'
portfolioSectorSplit:
Consumer: 17
E-commerce: 50
Fintech: 17
Infrastructure: 16
portfolioModelSplit:
Transaction/Marketplace: 50
Direct sales/Commerce: 17
Enterprise contracts/Licensing: 33
portfolioGeographySplit:
Egypt/UAE: 17
Egypt: 83
portfolioTotalCount: 6
portfolioClassifiedCount: 6
portfolioUnclassifiedCount: 0
---
## Overview
Endure Capital is a Cairo-headquartered venture fund founded in 2015 by serial entrepreneur Tarek Fahim. The firm manages $85 million in AUM across multiple vehicles, has deployed $27 million into 52 companies, and has completed four exits, including Careem (acquired by Uber for $3.1 billion in 2019).
The first fund delivered a 43% IRR and 4.3x multiple, placing it in the top quartile globally. The second vehicle, Endure 21, is a $50 million fund backed by British International Investment (BII) and Egypt's MSMEDA, targeting 24 companies with half the capital reserved for follow-on investments in top performers. The firm also announced the Arak Fund, a $200 million partnership with Saudi Arabia's Awaed Capital. While 60% of the portfolio is Egypt-based, Endure invests selectively in growth-stage companies globally, with portfolio companies like Boom Supersonic and Aspect Biosystems sitting alongside African startups like MaxAB and Breadfast.
---
## How to Get In
Reach out through the website or via warm introductions from portfolio founders. The firm is sector-agnostic, so the thesis fit is less about your vertical and more about whether your company is building something with real impact potential and defensible economics. The team runs about six deals per year, which means they spend significant time with each company they back. Mohamed Noweir (Partner, ex-IBM, McKinsey, Careem, Rocket Internet) and Tarek Fahim evaluate deeply, so expect a thorough process. The "Endure... Pay it Forward" mentorship programme also connects aspiring founders with portfolio entrepreneurs, which can be a warm path into the network.
---
## Best Advice
1. **The Careem exit sets the bar.** Endure was an early backer of Careem, which became the largest tech exit in MENA history. The team knows what a billion-dollar trajectory looks like, so frame your pitch around the scale of the opportunity, not just the immediate product.
2. **Impact-driven is real, not marketing.** With BII and MSMEDA as LPs, impact is baked into the fund's mandate. Show how your company creates measurable social or economic value alongside financial returns, particularly for underserved populations.
3. **Follow-on capital is built into the model.** Half of Endure 21 is reserved for follow-on investments in top performers, which means the team is evaluating whether your company can sustain growth across multiple rounds, not just your current raise.
4. **Global ambition is welcome.** Unlike many Africa-focused funds, Endure invests selectively in growth-stage companies globally (Boom Supersonic, Aspect Biosystems). If you're an African founder building for global markets, that's a plus, not a complication.
5. **The multi-city presence matters.** With offices in Cairo, Amsterdam, Palo Alto, and Dubai, the team can make introductions across continents. If your expansion plan involves any of those markets, mention it.
---
## Pitch Format
Submit a pitch deck covering your business model, market opportunity, traction, team, and financial projections. Be ready for deep conversations with a team that has built and exited companies themselves.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Careem | Egypt/UAE | Ride-hailing and super app (exited to Uber, $3.1B) |
| MaxAB | Egypt | B2B e-commerce for traditional retail |
| Breadfast | Egypt | Grocery delivery and dark stores |
| Brimore | Egypt | Social commerce and distribution |
| Cassbana | Egypt | Credit scoring for underbanked populations |
| Pylon | Egypt | Utility and infrastructure technology |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Tarek Fahim | Founder & Managing Partner | — | — |
| Mohamed Noweir | Partner | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Endure Capital official website](https://endurecap.com/)
- [Endure Capital: Leading Early-Stage Investment Fund -- Lucidity Insights](https://lucidityinsights.com/spotlights/endure-capital-egypt)
- [Endure Capital closes first round of $50 million fund -- Wamda](https://www.wamda.com/2022/09/endure-capital-closes-round-50-million-fund)
- [Endure Capital closes a $50M second fund -- The Ouut](https://theouut.com/endure-capital-closes-a-50m-second-early-stage-venture-capital-fund-dubbed-endure21-for-impact-driven-early-stage-startups-in-africa/)
---
---
name: Enza Capital
slug: enza-capital
buildTypes: ["Payments-processing", "Enterprise-B2B", "Neobank/wallet", "Logistics-supplychain", "Insurtech"]
thesis: >-
We invest in companies organizing the offline online and digitizing key
African industries.
website: 'https://enza.capital/'
apply: >-
Warm intros preferred. Contact via the website or through portfolio founder
referrals.
region: Pan-African
hq: 'Nairobi, with team in Johannesburg, London, and New York'
sectors:
- Sector-agnostic
stage:
- Pre-Seed
- Seed
- Series A
- Growth
chequeMin: 250000
chequeMax: 5000000
chequeDisplay: $250K -- $5M
format: Hybrid
admissions: Rolling
africaFocus: >-
Yes -- Pan-African (Kenya, Nigeria, South Africa, Ghana, Ivory Coast, Senegal,
Egypt, Uganda)
status: active
tier: '1'
lastVerified: '2026-07-24'
edgeRating: edge-rich
edgeResources:
- name: Mike Mompi interview
category: decision-maker-reveal
score: 4
description: >-
The thesis, the Founder Partner Programme, how Enza evaluates African
companies, and the "Constraint Advantage" framework. Ghanaian-Slovak
background,...
link: >-
https://disruptafrica.com/2021/07/22/meet-the-investor-mike-mompi-enza-capital/
- name: John Lazar interview
category: decision-maker-reveal
score: 4
description: >-
Former CEO of Metaswitch (acquired by Microsoft), CBE, Royal Academy of
Engineering Fellow. Brings deep enterprise technology evaluation
experience to...
link: 'https://www.linkedin.com/in/john-lazar/'
- name: SeamlessHR $10M Series A (TechCrunch)
category: practice-artifact
score: 4
description: >-
Shows the growth trajectory of an Enza portfolio company scaling across
Africa in enterprise HR, which is a sector most Africa funds overlook.
link: >-
https://techcrunch.com/2022/01/12/nigerias-seamlesshr-raises-10m-to-expand-hr-and-payroll-solutions-across-africa/
- name: Jumba $1M pre-seed (TechCrunch)
category: practice-artifact
score: 4
description: >-
Demonstrates Enza's willingness to back companies digitising traditional
supply chains in Africa at the earliest stage.
link: >-
https://techcrunch.com/2022/06/14/kenyas-jumba-bags-1m-to-help-operators-of-hardware-stores-restock-seamlessly/
- name: Portfolio founder referrals
category: pipeline-pathway
score: 3
description: >-
The Founder Partner Programme financially incentivizes portfolio founders
to refer strong companies. SeamlessHR, Autochek, Djamo, Peach Payments,
Shar...
- name: OpenVC profile
category: pipeline-pathway
score: 3
description: accepts pitches directly.
link: 'https://www.openvc.app/fund/Enza%20Capital'
- name: LinkedIn
category: pipeline-pathway
score: 3
description: >-
Mike Mompi and Abdelrahman Hassan (North Africa Principal) are accessible
on LinkedIn.
- name: Website
category: pipeline-pathway
score: 3
description: 'enza.capital (note: not enzacapital.com).'
portfolioSectorSplit:
SaaS: 11
Fintech: 37
E-commerce: 16
Logistics: 11
Healthtech: 10
Enterprise: 5
Edtech: 10
portfolioModelSplit:
Subscription/SaaS: 16
Transaction/Marketplace: 58
Hardware/Devices: 5
Enterprise contracts/Licensing: 16
Direct sales/Commerce: 5
portfolioGeographySplit:
Nigeria: 16
Ivory Coast: 6
South Africa: 21
Kenya: 42
Senegal: 5
Egypt: 5
Uganda: 5
portfolioTotalCount: 19
portfolioClassifiedCount: 19
portfolioUnclassifiedCount: 0
logo: "/funds/enza-capital.svg"
---
## Overview
Enza Capital is a Nairobi-based venture firm co-founded by Mike Mompi, with $58 million closed across two funds as of September 2023. Fund I was an early-stage vehicle launched in 2019, and Fund II is a multi-stage fund that can invest from pre-seed through Series A. The firm also operates Enza Growth Capital, an evergreen later-stage vehicle that can deploy up to $20 million per company for follow-on investments, which means Enza can stay with you from first cheque through growth stage.
The portfolio is one of the broadest among Africa-focused funds, with 48 investments across 31 companies spanning eight African markets. Portfolio companies include names like SeamlessHR, Djamo, Autochek, Peach Payments, Turaco, and Cloudline. The firm focuses on companies that are "organizing the offline online," which in practice means businesses digitizing industries that still run on paper, phone calls, and informal networks across the continent.
What makes Enza distinctive is the Founder Partner Program, launched in 2023, which allocates 10% of the firm's carry pool to portfolio founders as co-owners. Distribution is based on referrals, initial check size, and follow-on investments, which means portfolio founders have a direct financial incentive to refer strong deals and help each other succeed. This is one of the most founder-aligned structures in African VC.
The LP base is also notable for what it is not: Enza is not backed by the typical African development finance institutions. Instead, the firm raised from private individuals, family offices, foundations, fund of funds, hedge funds, and other venture capital funds, which gives them more flexibility in deal structure and fewer reporting constraints.
---
## How to Get In
Enza does not have a public application portal, so the best path in is through their portfolio network. With 31 portfolio companies including SeamlessHR, Djamo, Autochek, Peach Payments, Turaco, and Cloudline, there are multiple entry points. The Founder Partner Program means portfolio founders are financially incentivized to make referrals, so a warm introduction from an existing Enza company is the highest-signal approach.
Mike Mompi and John Lazar (General Partner, former CEO of Metaswitch Networks before its Microsoft acquisition) are both accessible through LinkedIn and at ecosystem events. The team covers eight African markets from bases in Nairobi, Johannesburg, London, and New York, so there are multiple geographic touchpoints.
Enza explicitly backs first-time founders and does not require extensive previous startup experience, so do not self-select out if this is your first company. The team evaluates conviction, market understanding, and execution ability over pedigree.
---
## Best Advice
1. **Show them the offline-to-online opportunity.** Enza's thesis is about digitizing industries that are still analog. If your product replaces a manual process, a paper ledger, a phone tree, or a physical marketplace with a digital system, that is exactly what they are looking for. Frame your pitch around the specific offline process you are eliminating and the economic value unlocked.
2. **Use the Founder Partner Program.** Getting referred by an existing Enza portfolio founder is the strongest signal you can send. Identify which portfolio companies are adjacent to your space, build a relationship, and ask for an introduction. Those founders have carry on the line, so a good referral benefits them directly.
3. **Think multi-market from the start.** Enza invests across eight African markets, and they want to see founders who understand that a single-market business has a ceiling. Even if you are only in one country now, your pitch should articulate your expansion playbook.
4. **Do not hide behind DFI jargon.** Enza's LP base is private capital, not development finance institutions. The team evaluates deals on commercial merit first. Impact narratives are welcome, but they need to be backed by strong unit economics and a clear path to returns.
5. **Demonstrate you can build a real company, not just a product.** With John Lazar's experience scaling Metaswitch to $100M+ revenue before the Microsoft acquisition, the team values operational maturity. Show them you are thinking about governance, team structure, financial controls, and customer retention, not just product features.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- Mike Mompi (Managing Partner) has multiple detailed interviews that articulate the thesis, evaluation criteria, and the distinctive Founder Partner Programme that gives portfolio founders 10% carry tied to referrals. Strong portfolio documentation and clear articulation of the "Constraint Advantage" thesis.
> **Start here:** Read [Meet the Investor: Mike Mompi (Disrupt Africa)](https://disruptafrica.com/2021/07/22/meet-the-investor-mike-mompi-enza-capital/) (the Managing Partner explains the thesis and evaluation approach), then read [Enza Capital closes at $58M with Founder Partner Programme (TechCrunch)](https://techcrunch.com/2023/09/28/african-vc-firm-enza-capital-launches-founder-partner-program-as-it-closes-funds-at-58m/) (the unique structure that gives portfolio founders 10% carry, with Mompi's quote: "The only way we want to win is if our founders win. For us, this isn't a way of just commenting on that but doing it"). Those two resources show you the thesis and the structural alignment between the fund and its founders.
### How Enza Capital's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Scale** | $58M across two funds, 42+ companies, 10 African markets. Expanding into North Africa via a Cairo office. Three exits (Quro Medical, Orda, YeboFresh). | A mid-size Africa fund with genuine pan-African coverage. The Cairo expansion signals growing interest in North African deal flow. |
| **Stage and cheque** | Pre-seed to Series B. First cheques of $250K to $5M with a sweet spot of $500K to $2M. Enza Growth Capital extends the range up to $20M for follow-on. Average deal timeline: roughly 2.5 months from first call to close. | The wide stage range means Enza can back you early and follow on as you grow. The 2.5-month timeline is faster than most institutional funds, so prepare your materials before you reach out. |
| **Sector** | Fintech, AI, logistics, HR, healthcare, climate, cybersecurity, edtech. The thesis centres on "Constraint Advantage" -- scarcity-driven choices that deepen defensibility. AI taxonomy: Infrastructure > Platforms > Applications. | If your company turns an African constraint (limited infrastructure, fragmented markets, regulatory complexity) into a competitive advantage that cannot be replicated by better-resourced global competitors, that is the story Enza wants to hear. |
| **Founder Partner Programme** | Portfolio founders receive 10% of the fund's carry, with allocation linked to referrals and engagement. This means founders are financially incentivized to refer strong companies to the fund. | This is the single most important pipeline detail. A warm introduction from an Enza portfolio founder carries more weight here than at almost any other fund, because the referring founder has a direct financial stake in bringing strong companies into the portfolio. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Mike Mompi** (Founder, Managing Partner) | The thesis, the Founder Partner Programme, how Enza evaluates African companies, and the "Constraint Advantage" framework. Ghanaian-Slovak background, Kauffman Fellow, ex-Global Innovation Fund. | [Disrupt Africa interview](https://disruptafrica.com/2021/07/22/meet-the-investor-mike-mompi-enza-capital/) -- [Kenyan Wall Street](https://kenyanwallstreet.com/enza-capitals-mike-mompi-on-investing-in-africas-tech-future/) -- [YouTube](https://www.youtube.com/watch?v=YZ9E7724rXs) |
| **John Lazar** (Founder, GP) | Former CEO of Metaswitch (acquired by Microsoft), CBE, Royal Academy of Engineering Fellow. Brings deep enterprise technology evaluation experience to the partnership. | [LinkedIn](https://www.linkedin.com/in/john-lazar/) |
### Learn from funded portfolio companies
| Resource | Why it matters |
|----------|---------------|
| [SeamlessHR $10M Series A (TechCrunch)](https://techcrunch.com/2022/01/12/nigerias-seamlesshr-raises-10m-to-expand-hr-and-payroll-solutions-across-africa/) | Shows the growth trajectory of an Enza portfolio company scaling across Africa in enterprise HR, which is a sector most Africa funds overlook. |
| [Jumba $1M pre-seed (TechCrunch)](https://techcrunch.com/2022/06/14/kenyas-jumba-bags-1m-to-help-operators-of-hardware-stores-restock-seamlessly/) | Demonstrates Enza's willingness to back companies digitising traditional supply chains in Africa at the earliest stage. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Portfolio founder referrals** | The Founder Partner Programme financially incentivizes portfolio founders to refer strong companies. SeamlessHR, Autochek, Djamo, Peach Payments, Shara, and Turaco founders all have direct relationships with the GP team and a financial stake in bringing quality companies in. |
| **OpenVC profile** | [OpenVC](https://www.openvc.app/fund/Enza%20Capital) accepts pitches directly. |
| **LinkedIn** | Mike Mompi and Abdelrahman Hassan (North Africa Principal) are accessible on LinkedIn. |
| **Website** | enza.capital (note: not enzacapital.com). |
### What you can't find
There is no public rejection criteria or anti-portfolio. Term sheet norms and governance expectations are not published. LP disclosure is limited to "DFIs and family offices." The Enza Substack (enzacapital.substack.com) has limited public posts. Fund performance and MOIC data are not disclosed. The specific evaluation criteria for the North Africa expansion are not documented.
---
## Pitch Format
No public application portal. Send your pitch deck through warm introductions or direct outreach to team members on LinkedIn. The deck should cover your business model, the offline-to-online opportunity, market size, unit economics, team, and expansion strategy.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| SeamlessHR | Nigeria | Cloud HR, payroll, and recruitment platform | Seed | -- |
| Djamo | Ivory Coast | Consumer neobank for Francophone Africa | Seed | -- |
| Autochek | Nigeria | Automotive tech: buy, sell, finance cars | Early stage | -- |
| Peach Payments | South Africa | Online payment gateway for businesses | Growth | -- |
| Turaco | Kenya | Embedded insurance for African consumers | Seed | -- |
| Cloudline | South Africa | Autonomous cargo airships for last-mile delivery | Seed | -- |
| Sendy | Kenya | Tech-enabled logistics and last-mile delivery | Early stage | Exited |
| Orda | Kenya | Restaurant management and POS platform | Early stage | Exited |
| Quro Medical | South Africa | Hospital-at-home healthcare platform | Early stage | Exited |
| Hub2 | Senegal | Mobile money interoperability platform | Early stage | -- |
| Buguard | Egypt | Cybersecurity and digital protection | Early stage | -- |
| Jumba | Kenya | B2B construction materials marketplace | Seed | -- |
| Craydel | Kenya | Student recruitment and university matching | Early stage | -- |
| Tuteria | Nigeria | Online tutoring and learning marketplace | Seed | -- |
| Tugende | Uganda | Asset financing for motorcycle and vehicle owners | Growth | -- |
| Money254 | Kenya | Financial product comparison platform | Seed | -- |
| Ndovu | Kenya | Wealth management and investment platform | Seed | -- |
| Flare (rescue.co) | Kenya | Emergency response and ambulance dispatch | Early stage | -- |
| YeboFresh | South Africa | Fresh produce e-commerce for townships | Early stage | Exited |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Mike Mompi | Co-Founder and Managing Partner | -- | -- |
| John Lazar | General Partner | -- | -- |
*Note: Enza Capital maintains a lean team of eight people. Mbwana Alliy, founder of Savannah Fund (a predecessor vehicle), is associated with the broader ecosystem but his current role at Enza is not publicly confirmed.*
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Enza Capital Official Website](https://enza.capital/)
- [Enza Capital Portfolio](https://enza.capital/portfolio)
- [TechCrunch: Enza Capital closes $58M and launches Founder Partner Program (September 2023)](https://techcrunch.com/2023/09/28/african-vc-firm-enza-capital-launches-founder-partner-program-as-it-closes-funds-at-58m/)
- [Superscout: Enza Capital profile](https://superscout.co/investor/enza-capital)
- [Tracxn: Enza Capital investor profile](https://tracxn.com/d/venture-capital/enzacapital/__8_k5cTmGBRRAIb6d70Y_-y8VNaiO-XZi9IneIWEfZU8)
---
---
name: Equator
slug: equator
buildTypes: ["Climate-energy", "Agritech", "Mobility", "Insurtech"]
thesis: >-
We back scalable ventures that solve problems at the intersection of climate
and commerce in Africa.
website: 'https://equator.vc/'
apply: >-
Warm intros preferred. Contact via the website or reach out to partners on
LinkedIn.
region: Sub-Saharan Africa
hq: 'Nairobi, with team in London and Fort Collins, Colorado'
sectors:
- Climate
stage:
- Seed
- Series A
chequeMin: 750000
chequeMax: 2000000
chequeDisplay: '$750K -- $2M ($750K-$1M seed, ~$2M Series A)'
format: Hybrid
admissions: Rolling
africaFocus: Yes -- Sub-Saharan Africa
status: active
tier: '1'
lastVerified: '2026-07-24'
edgeRating: edge-rich
edgeResources:
- name: Nijhad Jamal interview
category: decision-maker-reveal
score: 4
description: >-
The thesis in his own words, why commercial fundamentals matter more than
impact narrative, and how Equator evaluates African climate tech. The most
p...
link: >-
https://www.semafor.com/article/03/11/2025/africa-climate-tech-investor-equator-closes-55m-fund
- name: Lyndsay Handler interview
category: decision-maker-reveal
score: 4
description: >-
The venture-building model, how Factor[e] and Equator work together, and
the operational support founders receive. Speaking at SuperReturn Africa
2026...
link: 'https://theflip.africa/podcast/venture-building-climate-africa'
- name: Morgan DeFoort interview
category: decision-maker-reveal
score: 4
description: >-
"Capital alone is only part of the problem. Ventures also need highly
active and engaged investors." The hands-on investment approach.
link: >-
https://www.prnewswire.com/news-releases/equator-launches-fund-targeting-critical-start-up-funding-gap-to-power-africas-climate-revolution-301790336.html
- name: Direct email
category: pipeline-pathway
score: 3
description: info@equator.vc. Cold outreach is accepted.
- name: 'Factor[e] pitch form'
category: pipeline-pathway
score: 3
description: >-
. The sister organisation feeds Equator's pipeline, so entering through
Factor[e] at pre-seed creates a natural path to Equato
link: 'https://www.factore.com/contact?tab=pitch'
- name: DFI and LP network
category: pipeline-pathway
score: 3
description: >-
BII (anchor LP), IFC ($5M), Proparco, GEAPP, and Shell Foundation are all
LPs. If you are already connected to any of these institutions, that
creates...
- name: Climate ecosystem
category: pipeline-pathway
score: 3
description: >-
AFSIC 2026 (October, London), Africa Tech Summit Nairobi, and SuperReturn
Africa are regular fixtures for the team. Acumen alumni and Goodwell
Investm...
- name: Listed on SuperScout
category: pipeline-pathway
score: 3
description: provides additional contact pathways.
link: 'https://superscout.co/investor/equator'
portfolioSectorSplit:
Climate: 57
Agritech: 29
Infrastructure: 14
portfolioModelSplit:
Hardware/Devices: 57
Transaction/Marketplace: 15
Subscription/SaaS: 14
Enterprise contracts/Licensing: 14
portfolioGeographySplit:
Kenya: 86
Multi-market: 14
portfolioTotalCount: 7
portfolioClassifiedCount: 7
portfolioUnclassifiedCount: 0
---
## Overview
Equator is a climate-focused venture capital firm that closed its inaugural fund at $55 million in March 2025, making it one of the largest dedicated climate tech funds for Africa. The firm was founded by Nijhad Jamal (formerly at BlackRock and Acumen Fund), Lyndsay Handler (former CEO of Fenix International, where she led a team of 1,100+ delivering clean power to 3+ million people across six African countries), and Morgan DeFoort (former Co-Director of the Energy Institute at Colorado State University with two decades of emerging markets experience).
The LP base signals serious institutional credibility: British International Investment (BII), Proparco, IFC, Global Energy Alliance for People and Planet, and Shell Foundation. This combination of development finance and corporate climate capital means portfolio companies get access to follow-on funding networks, corporate partnership opportunities, and policy influence that most early-stage funds cannot provide.
What makes Equator different from other impact or climate funds is the emphasis on commercial viability over impact metrics. Nijhad Jamal has publicly stated that the team focuses on "unit economics and monetization rather than impact alone," which means they are looking for businesses that happen to address climate challenges, not NGO-adjacent projects that need grant funding to survive. The portfolio already includes companies like Roam Electric (electric motorcycles), SunCulture (solar-powered irrigation), Apollo Agriculture (data-driven smallholder farming), and Odyssey Energy Solutions, all of which have commercial models that can scale without concessional capital.
The fund also reserves capital for follow-on investments and actively mobilizes LPs as co-investors in later rounds, which means Equator can help bridge the funding gap between seed and Series B that kills many African startups.
---
## How to Get In
Equator does not have a public application portal, so warm introductions are the primary path. The most effective routes are through existing portfolio founders (Roam Electric, SunCulture, Apollo Agriculture, Ibisa, Leta), through the LP ecosystem (BII, Proparco, IFC, Shell Foundation all have networks of investees and partners), or through the broader climate tech and clean energy community in East Africa.
Nijhad Jamal is based in Nairobi and is active on LinkedIn and at African climate and investment conferences like AFSIC. Lyndsay Handler brings deep energy sector networks from her Fenix International experience, and Morgan DeFoort connects to the academic and research side of climate tech through Colorado State University. Joel Wanjohi, the firm's Director, was previously Associate Partner at Goodwell Investments covering East Africa, so he brings a separate network of fintech and SME-focused connections.
If you are building a climate tech company in Sub-Saharan Africa, particularly in energy, agriculture, mobility, or climate insurance, and you have a commercial model with real unit economics, Equator should be a priority target.
---
## Best Advice
1. **Lead with the business, not the impact.** Equator explicitly prioritizes unit economics and monetization over impact metrics. If your pitch starts with "we will reduce X tons of carbon" instead of "we generate $Y revenue per customer at Z% margin," you are leading with the wrong story. Show them a business that makes money while solving climate problems, not a climate project that might eventually become a business.
2. **Show why Africa-specific climate solutions are different.** The team understands that African climate tech is not just a copy of Western cleantech. Solar irrigation for smallholders, electric motorcycles for boda-boda riders, and climate insurance for farming communities are fundamentally different products from Tesla or Sunrun. Articulate what makes your solution specifically designed for African markets and why Western alternatives cannot simply be transplanted.
3. **Demonstrate capital efficiency with a mix of equity and debt.** Equator emphasizes proper capital structuring with a mix of equity and debt to avoid excessive dilution. If you can show that your business can use debt for asset financing (vehicles, solar equipment, inventory) while using equity for growth, that signals financial sophistication.
4. **Use the LP network for follow-on.** With BII, Proparco, IFC, and Shell Foundation as LPs, Equator can connect you to some of the largest pools of climate and development capital in the world. In your pitch, articulate your follow-on funding strategy and how Equator's LP relationships could accelerate it.
5. **Have a clear expansion story beyond your first market.** The fund targets 15 to 18 investments across Sub-Saharan Africa, so they want to see companies that can scale across multiple countries. If your solar irrigation system works in Kenya, show them the playbook for Tanzania, Uganda, and Ethiopia.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- the managing partner has given detailed interviews articulating the thesis with unusual candour, the sister organisation (Factor[e] Ventures) provides a documented pre-seed pathway, and the LP base (BII, IFC, Proparco) creates warm introduction networks.
> **Start here:** Read [Nijhad Jamal in Semafor](https://www.semafor.com/article/03/11/2025/africa-climate-tech-investor-equator-closes-55m-fund) (the Managing Partner explains the thesis with unusual directness: "We are climate tech investors operating in a region where caring about climate change is, to be honest, a luxury" and "not about investing in climate tech for the sake of it but investing in innovation and solutions to real and sizable problems"), then listen to [Lyndsay Handler on The Flip Podcast](https://theflip.africa/podcast/venture-building-climate-africa) (the Operating Partner explains the venture-building approach and how Equator supports founders through the Factor[e] pipeline). Those two resources show you why Equator invests differently from typical climate funds and what the support model looks like in practice.
### How Equator's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Thesis** | Climate tech in Sub-Saharan Africa, but framed as commercial opportunity rather than impact obligation. Jamal: "Not about investing in climate tech for the sake of it but investing in innovation and solutions to real and sizable problems." $55M Fund I closed March 2025. | The framing matters. Equator does not want a pitch about saving the planet. They want a pitch about solving a massive commercial problem where the climate angle creates structural advantages (lower cost, regulatory tailwind, carbon credit revenue, DFI co-investment). |
| **Stage and cheque** | Seed ($750K-$1M) and Series A (~$2M), range $500K-$5M. Sister org Factor[e] Ventures covers pre-seed (up to $750K). Target: prepare companies for larger Series B rounds from global climate funds. | Equator positions itself as the de-risking bridge: Factor[e] backs you pre-seed, Equator backs you at seed/Series A, and the goal is to make you ready for a $10M+ Series B from a larger fund. Articulate that trajectory in your pitch. |
| **Geography** | Offices in Nairobi, Lagos, London, and Fort Collins (CO). Portfolio skews Kenya and Nigeria. Jamal: "In several of our portfolio companies, we're the only Africa-focused investor on the cap table." | If you are building climate tech in East or West Africa, Equator is one of the few dedicated climate VC funds with on-the-ground presence in your market. |
| **Portfolio** | Roam (e-mobility, Kenya, led $24M Series A), SunCulture (solar irrigation), Apollo Agriculture (agri-fintech), SteamaCo/Shyft Power (smart metering, Nigeria), Open Access Energy (South Africa), Downforce Technologies (soil carbon), Ibisa (parametric insurance). | The portfolio spans energy, agriculture, mobility, and insurance, but every company has a clear climate thesis and strong commercial fundamentals. Hardware-software hybrid models are well-represented. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Nijhad Jamal** (Managing Partner) | The thesis in his own words, why commercial fundamentals matter more than impact narrative, and how Equator evaluates African climate tech. The most publicly active GP. | [Semafor interview](https://www.semafor.com/article/03/11/2025/africa-climate-tech-investor-equator-closes-55m-fund) -- [LaunchBase Africa](https://launchbaseafrica.com/2025/03/12/equator-raises-55-million-to-bridge-the-climate-tech-funding-gap-in-africa/) |
| **Lyndsay Handler** (Operating Partner) | The venture-building model, how Factor[e] and Equator work together, and the operational support founders receive. Speaking at SuperReturn Africa 2026. | [The Flip Podcast](https://theflip.africa/podcast/venture-building-climate-africa) |
| **Morgan DeFoort** (Partner) | "Capital alone is only part of the problem. Ventures also need highly active and engaged investors." The hands-on investment approach. | [PR Newswire: Fund launch](https://www.prnewswire.com/news-releases/equator-launches-fund-targeting-critical-start-up-funding-gap-to-power-africas-climate-revolution-301790336.html) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct email** | info@equator.vc. Cold outreach is accepted. |
| **Factor[e] pitch form** | [factore.com/contact?tab=pitch](https://www.factore.com/contact?tab=pitch). The sister organisation feeds Equator's pipeline, so entering through Factor[e] at pre-seed creates a natural path to Equator at seed. |
| **DFI and LP network** | BII (anchor LP), IFC ($5M), Proparco, GEAPP, and Shell Foundation are all LPs. If you are already connected to any of these institutions, that creates a warm pathway. |
| **Climate ecosystem** | AFSIC 2026 (October, London), Africa Tech Summit Nairobi, and SuperReturn Africa are regular fixtures for the team. Acumen alumni and Goodwell Investments contacts also provide warm paths. |
| **Listed on SuperScout** | [superscout.co/investor/equator](https://superscout.co/investor/equator) provides additional contact pathways. |
### What you can't find
There is no formal scoring rubric or published due diligence process. Founder testimonials are limited to brief press mentions (Roam published a newsletter about the investment, but no detailed case studies exist). No published deal memo or "why we invested" narrative for any portfolio company. Lyndsay Handler's podcast appearance covers the venture studio model more than Equator's fund mechanics. Rejection criteria and what the team passes on are not documented.
---
## Pitch Format
No public application portal. Reach out through warm introductions or directly to partners on LinkedIn. Prepare a pitch deck covering your business model, unit economics, climate impact thesis, market opportunity, team, and expansion strategy. Given the fund's emphasis on capital structuring, include a clear financial model showing how you plan to use equity versus debt.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Roam Electric | Kenya | Electric motorcycles and buses for African markets | Seed/Series A | -- |
| SunCulture | Kenya | Solar-powered irrigation systems for smallholder farmers | Growth | -- |
| Apollo Agriculture | Kenya | Data-driven inputs and financing for smallholder farmers | Growth | -- |
| Odyssey Energy Solutions | Kenya | Software for off-grid energy project developers | Seed | -- |
| Ibisa | Multi-market | Parametric climate insurance using satellite data | Seed | -- |
| Leta | Kenya | Electric vehicle fleet management | Seed | -- |
| SteamaCo/Shyft Power | Kenya | Smart grid and distributed energy management (merged) | Growth | -- |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Nijhad Jamal | Partner | [linkedin.com/in/nijhad-jamal-37891b17](https://linkedin.com/in/nijhad-jamal-37891b17/) | -- |
| Lyndsay Handler | Partner | -- | -- |
| Morgan DeFoort | Partner | -- | -- |
| Joel Wanjohi | Director | -- | -- |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Equator Official Website](https://equator.vc/)
- [TechCrunch: Equator closes $55M fund (March 2025)](https://techcrunch.com/2025/03/11/equator-closes-55m-fund-for-early-stage-climate-tech-startups-in-africa/)
- [PR Newswire: Equator final close announcement](https://www.prnewswire.com/news-releases/equator-announces-final-close-of-55m-fund-targeting-critical-start-up-funding-gap-to-power-africas-climate-revolution-302398412.html)
- [Semafor: Africa climate tech investor Equator closes $55M fund](https://www.semafor.com/article/03/11/2025/africa-climate-tech-investor-equator-closes-55m-fund)
- [IFC: Investment in Equator Africa Fund I](https://www.ifc.org/en/pressroom/2024/ifc-invests-in-equator-africa-fund-i-to-support-african-climate-sector-tech-businesses)
- [Equator Team page](https://equator.vc/our-team)
---
---
name: Escape Velocity (EV3)
slug: escape-velocity-ev3
buildTypes: ["Hardware-DePIN", "DeFi-trading-lending", "Consumer-social", "Security-privacy", "AI-x-crypto"]
thesis: 'The tokenization of money, data, identity, energy and intelligence will reshape the world''s most important industries. Backs pre-seed and seed teams building decentralized physical infrastructure, machine data networks, liquidity rails and attention platforms, underwriting people before there is revenue, users or product.'
website: 'https://www.ev3.xyz'
apply: 'Public submission form on ev3.xyz: send a deck, memo, repo or blurb with contact info. EV3 says it responds within 48 hours.'
region: 'Global'
hq: 'United States'
sectors:
- DePIN
- DeFi
- Consumer
- Privacy
- Payments-Stablecoins
- AI-x-Crypto
sectorsNote: 'Sector split covers all 35 companies on the EV3 portfolio page, classified by EV3''s own groupings. Chain split covers only the four companies whose chain we could verify (DAWN, Natix and XNET on Solana, Glow on Ethereum); treat it as indicative.'
stage:
- Pre-Seed
- Seed
chequeMin: 500000
chequeMax: 5000000
chequeDisplay: '$500K to $5M'
chains:
- Chain-agnostic
- Solana
- Ethereum
- Base
format: 'Application form'
admissions: 'Rolling, 48-hour response promise'
africaFocus: 'Not Africa-specific'
status: active
tier: '3'
lastVerified: '2026-09-09'
edgeRating: edge-rich
edgeResources:
- name: EV3 public submission form
category: pipeline-pathway
score: 5
description: >-
Accepts a deck, memo, repo or blurb with contact info and promises a
reply within 48 hours. The fastest verified front door in this
directory.
link: 'https://www.ev3.xyz'
- name: EV3 portfolio map
category: portfolio-pattern
score: 5
description: >-
Thirty-five companies sorted into Attention Basins, Liquidity Basins,
Machine Maps and Physical Infrastructure, with lead and co-lead
rounds marked. Use their taxonomy to place yourself.
link: 'https://www.ev3.xyz/portfolio'
- name: Fund II announcement ($61.74M, January 2026)
category: evaluation-framework
score: 4
description: >-
A fresh fund means active deployment through 2026 and 2027. The
press coverage sets out the tokenization thesis the new fund is
built around.
link: 'https://www.ev3.xyz'
- name: EV3 on X
category: pattern-trainer
score: 3
description: >-
Running commentary on DePIN unit economics and network bootstrapping,
which is what the partners test for on a call.
link: 'https://x.com/ev3ventures'
- name: Team page (Mahesh Ramakrishnan, Salvador Gala)
category: decision-maker-reveal
score: 3
description: >-
Two co-founding GPs plus a COO and General Counsel. Small team, fast
decisions, no committee.
link: 'https://www.ev3.xyz'
portfolioSectorSplit:
DePIN: 48
DeFi: 17
Consumer: 17
Privacy: 9
AI-x-Crypto: 6
Payments-Stablecoins: 3
portfolioChainSplit:
Solana: 75
Ethereum: 25
portfolioTotalCount: 35
portfolioClassifiedCount: 35
portfolioUnclassifiedCount: 0
---
> **How to use this page:** EV3 is the most accessible DePIN-focused fund we verified: a public submission form, a 48-hour response promise, a $500K to $5M cheque, and a fresh $61.74M second fund. It underwrites founders before there is a product, so if you are building physical infrastructure, machine data networks or the money rails around them, this should be one of your first three submissions. Read Section E, place yourself in their four-bucket map, then submit.
---
## A. Header Block
- **Fund name:** Escape Velocity (EV3)
- **One-line thesis:** "The tokenization of money, data, identity, energy, and intelligence will re-shape the world's most important industries."
- **Website:** [ev3.xyz](https://www.ev3.xyz)
- **CTA:** [Submit to EV3](https://www.ev3.xyz) (deck, memo, repo or blurb)
| Tag | Detail |
|-----|--------|
| Region | Global |
| Format | Application form (public URL submission) |
| Sectors | DePIN, machine data, energy, bandwidth, compute, DeFi credit and asset management, privacy, payments, consumer |
| Stage | Pre-Seed, Seed |
| Cheque Size | $500K to $5M |
| Admissions | Rolling, 48-hour response |
---
## C. Overview
Escape Velocity, written EV3, is an early-stage fund co-founded by general partners Mahesh Ramakrishnan and Salvador Gala. It announced a $61.74M Fund II in January 2026 and states its thesis in one line: the tokenization of money, data, identity, energy and intelligence will reshape the largest industries. In practice that has made EV3 one of the most active DePIN investors of the last cycle.
What sets the fund apart is how early it goes and how openly it says so. EV3 writes $500K to $5M "before there is revenue, users, or a product even exists" and says it underwrites people rather than traction. The portfolio page is organised as a map with four regions: Attention Basins (creators, consumer, deep tech), Liquidity Basins (credit, asset management, privacy, payments), Machine Maps (stationary, mobile and high-density sensor networks) and Physical Infrastructure (bandwidth, compute, energy). Names include DAWN, XNET and Aro in bandwidth, Daylight, Glow and Drill in energy, Natix and Auki in machine mapping, Prodia and Codigo in compute, and Opacity and Unlink in privacy.
The other unusual feature is process. The site invites founders to send "a deck, memo, repo, or blurb (with contact info)" through a public form and commits to respond within 48 hours. For a pre-seed founder that is a rare combination of speed and a real cheque.
**Key stats:**
- Fund II: $61.74M (January 2026)
- Cheque: $500K to $5M, pre-seed and seed
- 35 portfolio companies across four thesis buckets, with lead and co-lead rounds marked
- 48-hour response promise on submissions
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Mahesh Ramakrishnan | Co-founder and General Partner | [ev3.xyz](https://www.ev3.xyz) |
| Salvador Gala | Co-founder and General Partner | [ev3.xyz](https://www.ev3.xyz) |
| Brandon Leppke | COO and General Counsel | [ev3.xyz](https://www.ev3.xyz) |
| Steen | Chief of Staff | [ev3.xyz](https://www.ev3.xyz) |
| Zoltan | Operations | [ev3.xyz](https://www.ev3.xyz) |
Fund handle: [@ev3ventures on X](https://x.com/ev3ventures). Individual partner handles and the team page URL were not resolvable when we fetched (the /team path returned 404), so the homepage is linked.
---
## E. How to Get In — Step-by-Step Application Process
#### Step 1: Place yourself on their map
Open the [EV3 portfolio](https://www.ev3.xyz/portfolio) and pick the bucket you belong to: Attention Basins (creators, consumer, deep tech), Liquidity Basins (credit, asset management, privacy, payments), Machine Maps (stationary, mobile, high-density sensing) or Physical Infrastructure (bandwidth, compute, energy). Your first sentence to EV3 should name the bucket and your nearest portfolio neighbour. A fund that organises its portfolio this publicly wants to be pitched in its own taxonomy.
#### Step 2: Write the memo for a people-first underwriter
EV3 says it invests before revenue, users or product. That shifts the burden onto founder-market fit and the physical-world wedge. Cover, in order: why you (domain access to the supply side, prior hardware or network experience), the unit economics of a node or a contributor (hardware cost, payback period, token or fiat reward), the demand side that will pay for the network, and the first hundred nodes plan. Token design comes last, and only if it is essential to bootstrapping.
#### Step 3: Submit through the public form
On [ev3.xyz](https://www.ev3.xyz), use the submission form and paste a public URL to your deck or memo. A repo or a two-paragraph blurb is explicitly acceptable. Include contact details and the round you are raising.
#### Step 4: Expect a fast reply
EV3 commits to responding within 48 hours. If the answer is a call, expect the GPs to test supply-side acquisition cost, hardware and logistics risk, regulatory exposure (spectrum, energy, data), and whether the network has demand beyond token incentives. They mark lead and co-lead rounds on their portfolio page, so if you want a lead, ask for one directly.
#### Step 5: Terms
Cheque $500K to $5M on standard pre-seed and seed instruments (equity or SAFE, with token warrants where relevant). Fund II closed in January 2026, so the fund is in active deployment.
**Tips that matter here:**
- Physical proof beats slides: a photo of deployed hardware, a live map of nodes, or a supply-side waitlist with conversion.
- If your product is money or data rails for machines (payments, credit, privacy), pitch it as Liquidity Basin infrastructure for the DePIN networks they already own.
- Name the portfolio company you would integrate with. EV3 owns the network layer in bandwidth, energy and mapping; being a customer or supplier to one of them is a real angle.
---
## F. Best Advice from Founders
**Pitch in their taxonomy.** EV3 published a four-bucket map of the world. Founders who place themselves on it get understood in one sentence.
**Show the node economics.** The partners underwrite people, but the call will still go to hardware cost, payback and demand. Have the spreadsheet.
**Use the 48 hours.** Submit before you have a lead. A fast EV3 yes at $500K to $5M can anchor a pre-seed and pull in the rest.
**Bring physical proof.** Deployed devices, live maps and supplier letters carry more weight here than a token model.
---
## Contextual Edge
**Preparation rating:** Edge-rich. EV3 publishes its thesis, cheque range, stage, fund size, a categorised portfolio with lead rounds marked, a public submission form and a response-time promise. Few funds at any tier are this legible.
> **Start here:** Read the [EV3 portfolio map](https://www.ev3.xyz/portfolio) and identify your bucket and nearest neighbour, then draft a two-page memo that opens with node unit economics. That is the material the submission form is built to receive.
### How EV3's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **DePIN is half the book** | Seventeen of 35 companies (48%) are Machine Maps or Physical Infrastructure: bandwidth (Aro, DAWN, WiFi Map, XNET), compute (Codigo, FortyTwo, Prodia), energy (Drill, Daylight, Glow) and sensing (Skymapper, 375ai, Natix, Raad, Auki, MeshMap, OVR). | Physical networks are the core competence. Expect sharp questions on hardware and supply-side acquisition. |
| **Money rails around the networks** | Liquidity Basins (credit: Denaro, EarniFi, Qiro; asset management: Axal, Inversion, Pathfinder; privacy: LOCAL, Opacity, Unlink; payments: MintCash) are 29%. | DeFi, privacy and payments products that serve DePIN economies fit; generic DeFi does not. |
| **Consumer and creators as demand side** | Attention Basins (Daisy, CreatorFi, OpenWav, EarnOS, Prograd, Uno, plus deep tech Rumi and Prophetic) are 23%. | Consumer products get backed when they create demand for tokenised data or attention. |
| **Solana-leaning where we could verify** | Of four companies with a verifiable chain, three (DAWN, Natix, XNET) are Solana and one (Glow) is Ethereum. | Solana DePIN founders have direct precedent; the fund is not chain-exclusive. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Mahesh Ramakrishnan** (Co-founder and GP) | How the fund thinks about tokenised physical networks and bootstrapping supply. | [@ev3ventures on X](https://x.com/ev3ventures) |
| **Salvador Gala** (Co-founder and GP) | The liquidity and market-structure side of the thesis (credit, asset management, payments for machine economies). | [@ev3ventures on X](https://x.com/ev3ventures) |
| **The portfolio map** | Which rounds EV3 led or co-led (marked with asterisks), which tells you where it takes conviction positions. | [ev3.xyz/portfolio](https://www.ev3.xyz/portfolio) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Public submission form** | On [ev3.xyz](https://www.ev3.xyz): deck, memo, repo or blurb with contact info. Reply within 48 hours. |
| **Portfolio integration** | Be a supplier, customer or integration partner to DAWN, Daylight, Glow, Natix, Auki or another EV3 network, then ask that founder for the intro. |
| **Co-investor** | EV3 co-invests with Solana-native and DePIN-active funds in this directory (Multicoin, Big Brain, Modular Capital, Hack VC); a committed co-investor speeds the yes. |
| **Public engagement** | Substantive replies to EV3's posts on DePIN economics are visible to a five-person team. |
### What you can't find
EV3 does not publish selection criteria, the exact form fields, individual partner handles or a working team page (the /team path returned 404 when we checked). Chain information for most portfolio companies is not on the portfolio page, so our chain split rests on four verified companies.
---
## G. Pitch Format EV3 Expects
- Any of: deck, two-page memo, repo link, or a short blurb with contact info, submitted via the public form
- Open with your bucket on the EV3 map and your nearest portfolio neighbour
- Node or contributor unit economics: hardware cost, payback, reward, demand-side revenue
- Supply-side plan for the first hundred nodes and the founder's access to that supply
- Round details and whether you want EV3 to lead
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Companies listed on [ev3.xyz/portfolio](https://www.ev3.xyz/portfolio), grouped by EV3's own headings. Sector tags follow those headings; chain tags are ours and are given only where we could verify.
| Company | EV3 grouping | Sector | Chain |
|---------|--------------|--------|-------|
| DAWN | Physical Infrastructure, bandwidth | DePIN | Solana |
| XNET | Physical Infrastructure, bandwidth | DePIN | Solana |
| Aro, WiFi Map | Physical Infrastructure, bandwidth | DePIN | not verified |
| Daylight | Physical Infrastructure, energy | DePIN | not verified |
| Glow | Physical Infrastructure, energy | DePIN | Ethereum |
| Drill | Physical Infrastructure, energy | DePIN | not verified |
| Codigo, FortyTwo, Prodia | Physical Infrastructure, compute | DePIN | not verified |
| Natix | Machine Maps, mobile | DePIN | Solana |
| Raad | Machine Maps, mobile | DePIN | not verified |
| Skymapper, 375ai | Machine Maps, stationary | DePIN | not verified |
| Auki, MeshMap, OVR | Machine Maps, high-density | DePIN | not verified |
| Denaro, EarniFi, Qiro | Liquidity Basins, credit | DeFi | not verified |
| Axal, Inversion, Pathfinder | Liquidity Basins, asset management | DeFi | not verified |
| LOCAL, Opacity, Unlink | Liquidity Basins, privacy | Privacy | not verified |
| MintCash | Liquidity Basins, payments | Payments-Stablecoins | not verified |
| Daisy, CreatorFi, OpenWav | Attention Basins, creators | Consumer | not verified |
| EarnOS, Prograd, Uno | Attention Basins, consumer | Consumer | not verified |
| Rumi, Prophetic | Attention Basins, deep tech | AI-x-Crypto | not verified |
---
## I. Ecosystem Connections
- **Solana:** DAWN, Natix and XNET are Solana DePIN networks, which gives Solana physical-infrastructure founders direct precedent.
- **Ethereum:** Glow (energy) is Ethereum-native; the fund is not chain-exclusive.
- **Base and other L2s:** no verified positions, but the thesis is chain-agnostic and consumer and payments products on Base fit the Attention and Liquidity buckets.
- **DePIN ecosystem funds:** EV3 sits alongside Multicoin, Big Brain Holdings, Modular Capital and Hack VC in DePIN rounds; a founder building physical networks should approach these together.
- **Hackathons:** no formal tie; Colosseum's DePIN-heavy Solana cohorts (CrowdBrain in Cohort 5, for example) are a natural upstream.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Hardware and token compliance** [Compliance guide](/founder-stack/compliance)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [EV3 homepage (thesis, cheque, team, submission form, Fund II)](https://www.ev3.xyz)
- [EV3 portfolio](https://www.ev3.xyz/portfolio)
- [EV3 on X](https://x.com/ev3ventures)
---
---
name: Ethereum Foundation Ecosystem Support Program (ESP)
slug: ethereum-foundation-esp
thesis: 'Non-dilutive funding for free, open-source, non-commercial work that strengthens Ethereum itself, now routed through a curated Wishlist and RFPs instead of open-ended proposals.'
website: 'https://esp.ethereum.foundation'
apply: 'Apply against a published Wishlist item or RFP at esp.ethereum.foundation/applicants. Free-form "fund my startup" proposals are no longer accepted. Book Office Hours first if you are unsure your work maps to a listed priority.'
region: 'Global'
hq: 'Zug, Switzerland (Ethereum Foundation registered office)'
sectors:
- Infrastructure
- Developer-Tooling
- Privacy
- AI-x-Crypto
sectorsNote: 'ESP funds open-source infrastructure, tooling, research and education, not commercial products. A for-profit company can apply, but the funded deliverable itself must be free and open source. Sector tags reflect Wishlist and RFP themes; 2026 priorities skew toward privacy and cryptography.'
stage:
- Ideation
- MVP
- Pre-Seed
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed per grant; determined by scope and complexity. Program totals: $61.1M across 498 projects in 2023, $44.4M across 677 projects in 2024.'
chains:
- Ethereum
format: 'Application form'
admissions: 'Rolling against a curated Wishlist and time-boxed RFPs'
africaFocus: 'Not Africa-specific'
status: active
tier: '1'
lastVerified: '2026-09-09'
edgeRating: edge-sparse
edgeResources:
- name: Wishlist and RFP model
category: evaluation-framework
score: 4
description: >-
ESP paused open applications in late August 2025 after an EF
reorganisation and relaunched as a targeted program: a Wishlist of
EF-identified gaps you propose solutions to, and RFPs with defined
deliverables and timelines. Knowing this before you apply is the single
biggest edge on this page, since a generic pitch has no lane anymore.
link: 'https://esp.ethereum.foundation'
- name: Applicants page
category: practice-artifact
score: 4
description: >-
Walks through how to apply against a Wishlist item or RFP, what ESP
needs in a first submission, and the general shape of the review.
link: 'https://esp.ethereum.foundation/applicants'
- name: Office Hours
category: pipeline-pathway
score: 4
description: >-
Free sessions where builders get project feedback and guidance on
whether their work fits a current Wishlist item or RFP before they
submit. The fastest way to avoid writing a proposal that has no lane.
link: 'https://esp.ethereum.foundation'
- name: Program totals by year
category: portfolio-pattern
score: 3
description: >-
Published year-by-year totals (2021 through 2024) show volume and
average grant size trending down in count and up in total dollars,
useful for sizing an ask relative to program scale.
link: 'https://esp.ethereum.foundation'
- name: ESP blog category
category: decision-maker-reveal
score: 2
description: >-
The Ethereum Foundation blog's ESP category posts grant announcements
and program changes as they happen, including the 2025 reorganisation.
link: 'https://blog.ethereum.org/category/ecosystem-support-program/'
portfolioTotalCount: 0
portfolioClassifiedCount: 0
portfolioUnclassifiedCount: 0
---
> **How to use this page:** ESP changed shape in 2025 and most founders still pitch it the old way. Read Section E before you write anything: there is no "apply with your startup idea" lane anymore. You apply against a specific Wishlist item or RFP, or you don't apply at all. If your product is commercial, this page is not your path; carve out the open-source piece of your work and pitch that instead.
---
## A. Header Block
- **Program name:** Ethereum Foundation Ecosystem Support Program (ESP)
- **One-line thesis:** Funding "free and open-source projects that strengthen Ethereum's foundations," routed through a curated Wishlist and RFPs
- **Website:** [esp.ethereum.foundation](https://esp.ethereum.foundation)
- **CTA:** [Read the Wishlist and RFPs, then apply](https://esp.ethereum.foundation/applicants)
| Tag | Detail |
|-----|--------|
| Region | Global (Ethereum Foundation registered in Zug, Switzerland) |
| Format | Application form, against a Wishlist item or RFP only |
| Sectors | Open-source infrastructure, developer tooling, research, education; 2026 priority is privacy and cryptography |
| Stage | Idea through early build |
| Cheque Size | Not disclosed per grant; scoped to the deliverable |
| Admissions | Rolling against published items, not a general call |
---
## C. Overview
The Ethereum Foundation's Ecosystem Support Program funds "free, open-source, non-commercial" work that strengthens Ethereum itself: client software, research, developer tooling, standards work, security, education and community infrastructure. It is the deepest-pocketed non-dilutive program in this directory by total dollars, having distributed $61.1M across 498 projects in 2023 and $44.4M across 677 projects in 2024, on top of $30.0M across 397 projects in 2022 and $26.9M across 136 projects in 2021.
The program changed shape in a way that matters for anyone applying today. Open, free-form applications were paused in late August 2025 following an internal Ethereum Foundation reorganisation. ESP relaunched with a targeted model built around two channels: a **Wishlist**, where EF teams publish specific gaps they want solved and founders propose solutions against them, and **RFPs**, which carry defined deliverables and timelines set by the Foundation. A for-profit company can still apply, but the deliverable that gets funded must itself be free and open source, non-commercial in the sense that it isn't your product's paywall, and useful to the wider Ethereum ecosystem rather than a single application.
ESP also runs Office Hours, where builders can get project feedback and guidance on fit before committing to a full application. Given that the Wishlist and RFP model narrows what gets funded, Office Hours is the practical first step for anyone unsure whether their work has a lane.
**Key stats:**
- $44.4M across 677 projects (2024), $61.1M across 498 projects (2023)
- Two channels only: Wishlist (EF-identified gaps) and RFPs (defined deliverables)
- Open, unsolicited proposals paused since August 2025
- 2026 priorities: privacy and cryptography, per program emphasis
---
## D. Key Partners
| Person or team | Role | Where to find them |
|----------------|------|--------------------|
| Ethereum Foundation ESP team | Curates the Wishlist, defines RFPs, reviews applications | [esp.ethereum.foundation](https://esp.ethereum.foundation) |
| ESP Office Hours hosts | Give pre-application feedback on fit | [esp.ethereum.foundation](https://esp.ethereum.foundation) |
ESP does not publish individual reviewer or program-manager names on its public pages, and we have not guessed.
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Understand that the open call is gone
Before writing anything, know that ESP no longer accepts general "here is my project, please fund it" proposals. That lane closed in August 2025. Everything now routes through the Wishlist or an RFP.
#### Step 2: Read the Wishlist and RFP list
Browse the current Wishlist items and open RFPs on esp.ethereum.foundation. Each entry describes a specific gap or deliverable the Foundation has identified. If nothing matches your work directly, look for the closest adjacent item rather than forcing a fit.
#### Step 3: Book Office Hours if you are unsure
ESP explicitly offers Office Hours for founders to get feedback on whether their idea aligns with a Wishlist item or RFP before submitting. Use it. A ten-minute conversation here can save weeks of writing a proposal with no lane to land in.
#### Step 4: Apply against the specific item
Submit your application at esp.ethereum.foundation/applicants, referencing the exact Wishlist item or RFP you are responding to. State what you will build, why it is open source and non-commercial, and how it serves the wider ecosystem rather than your own product.
#### Step 5: Review, three to six weeks
ESP's review can include interviews, re-scoping conversations and negotiation on scope or budget. This is a slower and more collaborative process than a typical grant form; expect back-and-forth before a decision.
#### Step 6: Execute with a Grant Evaluator and publish results
Approved grants are assigned a Grant Evaluator who tracks delivery. ESP expects results to be published, consistent with the open-source, public-good framing of the program.
**Tips that matter here:**
- Do not pitch your startup. Carve out the reusable, open-source piece of your work, a library, a spec, a piece of tooling, a research output, and pitch that.
- Budget in person-months against concrete milestones, not a runway number.
- Prior EF-adjacent work such as Privacy and Scaling Explorations (PSE) contributions, Devconnect talks, or EIP authorship is the strongest signal a reviewer can see.
- Privacy and cryptography are named as 2026 priorities; if your work touches either, say so explicitly.
---
## F. Best Advice from Founders
**Map to a listed item before you write.** The single most common mistake now is treating ESP like the old open call. There is no lane for that anymore, and Office Hours exists precisely to catch this before you waste time.
**Open source has to be real, not cosmetic.** Reviewers can tell the difference between a genuinely reusable public good and a thin wrapper around a closed product. Fund the part that actually helps someone else build.
**Expect negotiation, not a yes/no.** The three-to-six-week review commonly involves re-scoping. Come in with a proposal you are willing to adjust rather than one you consider final.
---
## Contextual Edge
**Preparation rating:** Edge-sparse. ESP publishes its two channels, program totals by year and a general review window, but the Wishlist and RFP contents themselves are the real information you need, and they change over time. There is no published rubric as detailed as Solana Foundation's four criteria, and no grantee list.
> **Start here:** Read the current Wishlist and RFP list on [esp.ethereum.foundation](https://esp.ethereum.foundation) before drafting anything, then book Office Hours if your fit is unclear.
### How the program actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Open call is closed** | Free-form applications paused since late August 2025 after an EF reorganisation. | Do not submit a general pitch; it has no lane to land in. |
| **Two channels only** | Wishlist (EF-identified gaps) and RFPs (defined deliverables and timelines). | Read both lists before writing anything. |
| **Non-commercial deliverable, commercial applicant OK** | For-profit companies can apply if the funded output is free, open source and non-commercial. | Split your open-source contribution from your product and pitch only the former. |
| **Volume is large, per-grant size is not published** | 677 projects and $44.4M in 2024 alone. | Scope your ask to the deliverable; size is determined case by case. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **ESP team** | Curates the Wishlist and RFPs and runs Office Hours; the closest thing to a reviewer identity ESP publishes. | [esp.ethereum.foundation](https://esp.ethereum.foundation) |
| **Ethereum Foundation blog, ESP category** | Announces program changes, including the 2025 reorganisation, as they happen. | [blog.ethereum.org/category/ecosystem-support-program](https://blog.ethereum.org/category/ecosystem-support-program/) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Wishlist** | Propose a solution to an EF-identified gap listed on the site. |
| **RFP** | Respond to a defined deliverable and timeline the Foundation has published. |
| **Office Hours** | Get feedback on fit before you write a full application. |
### What you can't find
ESP does not publish per-grant amounts, a grantee list, reviewer names, or the current Wishlist and RFP contents in a form stable enough to reproduce here since they change over time. Check esp.ethereum.foundation directly for what is live today before applying.
---
## G. Pitch Format Ethereum Foundation ESP Expects
- A proposal mapped explicitly to a named Wishlist item or RFP, not a general pitch
- A clear statement of what will be open source, under what licence, and where it will live
- A case for why the work serves the wider Ethereum ecosystem rather than one product
- A budget in person-months tied to milestones, open to negotiation during review
- Evidence of prior EF-adjacent or open-source work where you have it
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
ESP does not publish a public grantee list on its site beyond aggregate program totals by year. We do not name grantees we cannot verify from a primary source.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Not published | ESP does not publish an individual grantee list | n/a | Ethereum |
---
## I. Ecosystem Connections
- **Ethereum (exclusive):** ESP funds work on Ethereum's own infrastructure, tooling, research and public goods; it does not fund other chains.
- **Privacy and Scaling Explorations (PSE):** an EF research group; contributions here are a commonly cited signal in successful ESP applications.
- **ETHGlobal and Devfolio:** hackathon prizes on Ethereum are a separate, faster funnel than ESP; a hackathon track record can support (but does not substitute for) an ESP Wishlist or RFP application.
- **Gitcoin Grants:** quadratic-funding rounds are a parallel channel for open-source Ethereum public goods, distinct from ESP's curated model.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Grant agreements and IP** [Compliance guide](/founder-stack/compliance)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Ethereum Foundation Ecosystem Support Program](https://esp.ethereum.foundation)
- [ESP Applicants page](https://esp.ethereum.foundation/applicants)
- [ESP blog category, Ethereum Foundation blog](https://blog.ethereum.org/category/ecosystem-support-program/)
- [Ethereum Foundation unveils new ESP grants program, crypto.news](https://crypto.news/ethereum-foundation-unveils-new-esp-grants-program/)
---
---
name: Faction (Lightspeed Faction)
slug: faction
buildTypes: ["Infra-protocol", "Dev-tooling", "DeFi-trading-lending", "Gaming", "Stablecoin-payments", "AI-x-crypto"]
thesis: 'Backs disruptive crypto projects at the early stage that deliver real utility and push the frontier, investing across the stack from Layer 0 to applications and across sectors from DeFi to consumer, as the independent crypto arm affiliated with Lightspeed.'
website: 'https://www.faction.vc'
apply: 'No public application form. Reach Managing Partner Samuel Harrison or General Partner Banafsheh Fathieh through a warm introduction or directly on X.'
region: 'Global'
hq: 'Menlo Park, California, USA (joint venture structure with Lightspeed Venture Partners)'
sectors:
- Infrastructure
- DeFi
- AI-x-Crypto
- Consumer
- Payments-Stablecoins
- Developer-Tooling
- Gaming
- DePIN
sectorsNote: 'Faction lists 40+ portfolio companies without published sector labels. Splits below are computed from the 14 companies we could independently classify by sector and chain.'
stage:
- Seed
- Series A
chequeMin: 5000000
chequeMax: 10000000
chequeDisplay: '$5M-$10M average, typically a lead position (per Samuel Harrison, TechCrunch)'
chains:
- Ethereum
- Multi-chain
- Chain-agnostic
- Solana
- Polygon
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '2'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Faction team page
category: decision-maker-reveal
score: 4
description: >-
Names Managing Partner Samuel Harrison, General Partner Banafsheh
Fathieh, three Deal Partners (Will Leas, Clara Boh, Tim Khoury) and
Technical Partner Raymond Feng, useful for identifying who to target
by sector before reaching out.
link: 'https://www.faction.vc'
- name: Portfolio page
category: portfolio-pattern
score: 4
description: >-
Lists 40+ active investments and four confirmed exits (Blaze, Skip,
Helio, Tres Finance), the clearest public read on deployment pattern
even without published sector labels.
link: 'https://www.faction.vc/portfolio'
- name: Fund launch coverage
category: evaluation-framework
score: 4
description: >-
TechCrunch and PRNewswire both confirmed the $285M inaugural fund
(raised above a $250M target) and Samuel Harrison's own quote on
average check size, $5M to $10M, typically taken as a lead position.
link: 'https://techcrunch.com/2023/11/09/lightspeed-faction-launches-285m-early-stage-crypto-fund/'
- name: Lightspeed growth-platform relationship
category: pipeline-pathway
score: 3
description: >-
Faction operates independently but co-invests alongside Lightspeed's
growth platform, so companies with a credible path to a Series B and
beyond are a structural fit, not just a seed-stage bet.
link: 'https://www.faction.vc'
- name: Raymond Feng, Technical Partner
category: decision-maker-reveal
score: 3
description: >-
A dedicated technical partner role signals the fund evaluates
protocol and mechanism design directly rather than only through
generalist partners.
link: 'https://www.faction.vc'
portfolioSectorSplit:
Infrastructure: 37
Developer-Tooling: 21
DeFi: 14
Gaming: 7
Payments-Stablecoins: 7
AI-x-Crypto: 7
DePIN: 7
portfolioChainSplit:
Multi-chain: 38
Ethereum: 31
Solana: 15
Chain-agnostic: 8
Polygon: 8
portfolioTotalCount: 14
portfolioClassifiedCount: 14
portfolioUnclassifiedCount: 0
---
> **How to use this page:** Faction has no public form, so the real work is finding the right introduction to Samuel Harrison or Banafsheh Fathieh, or reaching them directly on X. Read Section E for that path, and use the deal-partner list in Section D to see whether one of the three named Deal Partners covers your sector before you write anyone a cold message.
---
## A. Header Block
- **Fund name:** Faction (Lightspeed Faction)
- **One-line thesis:** Backs "disruptive crypto projects at the early stage" focused on "real utility and pushing the frontier."
- **Website:** [faction.vc](https://www.faction.vc)
- **CTA:** No public application; see Section E for the warm-intro path.
| Tag | Detail |
|-----|--------|
| Region | Global (Menlo Park, joint venture with Lightspeed) |
| Format | Direct outreach, warm intro |
| Sectors | Infrastructure, DeFi, AI x crypto, consumer, payments and stablecoins, developer tooling, gaming, DePIN |
| Stage | Seed and Series A, equity and token deals |
| Cheque Size | $5M-$10M average, typically a lead position |
| Admissions | Rolling |
---
## C. Overview
Faction is the independent crypto investment arm affiliated with Lightspeed Venture Partners, structured as a joint venture and run by Managing Partner Samuel Harrison and General Partner Banafsheh Fathieh, both CVC veterans before founding the fund. The firm closed its inaugural fund at $285 million in November 2023, above its original $250 million target, and Harrison told TechCrunch the fund's average check runs $5 million to $10 million, typically taken as a lead position, deploying "across the stack (layer zero to applications) and sectors (DeFi to NFTs)."
The portfolio, over 40 active positions, spans core Ethereum L2 infrastructure (zkSync, Taiko), a next-generation L1 (Monad), and a cluster of developer-tooling companies (Space and Time, Crossmint, Turnkey) alongside DeFi (Ethena, Kamino) and a confirmed AI-x-crypto position (Hyperbolic). Four named exits, Blaze, Skip, Helio and Tres Finance, show the fund has already returned capital on some early bets. The firm operates independently from but alongside Lightspeed's growth platform, which gives portfolio companies a credible path to later-stage capital under the same umbrella.
There is no public application form. The realistic path in is a warm introduction to Harrison or Fathieh, or direct contact on X, where the fund maintains an active presence as @FactionVC.
**Key stats:**
- Fund I: $285M closed November 2023 (above $250M target)
- Average check: $5M-$10M, typically lead
- 40+ active portfolio companies; 4 confirmed exits
- Joint venture with Lightspeed Venture Partners' growth platform
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Samuel Harrison | Managing Partner | [Crunchbase](https://www.crunchbase.com/person/samuel-harrison), [LinkedIn](https://www.linkedin.com/in/samuelharrison88) |
| Banafsheh Fathieh | General Partner | [faction.vc](https://www.faction.vc) |
| Will Leas | Deal Partner | [faction.vc](https://www.faction.vc) |
| Clara Boh | Deal Partner | [faction.vc](https://www.faction.vc) |
| Tim Khoury | Deal Partner | [faction.vc](https://www.faction.vc) |
| Raymond Feng | Technical Partner | [faction.vc](https://www.faction.vc) |
| Jaleesa Banwait | Chief of Staff | [faction.vc](https://www.faction.vc) |
---
## E. How to Get In: Step-by-Step Application Process
1. **Find your warm intro first.** There is no form. A portfolio founder from zkSync, Taiko, Ethena, Kamino or any of the 40-plus other names, or a co-investor already in your round, is the standard route to Harrison or Fathieh.
2. **Or go direct on X.** @FactionVC and the individual partners are active and reachable; a substantive, specific message referencing a real portfolio analogue is a documented lower-friction alternative to a blind cold email.
3. **Come with a round shape, not just an ask.** At $5M-$10M average and typically taking a lead position, Faction is underwriting the whole round. Have your terms and remaining allocation clear before the first call.
4. **Match yourself to a Deal Partner if you can.** With three named Deal Partners (Leas, Boh, Khoury) plus a dedicated Technical Partner (Feng), a pitch that references the right person's likely coverage moves faster in a small team.
5. **If you want a credible path past Series A, say so.** The Lightspeed growth-platform relationship is a real structural advantage for companies that can plausibly reach that stage; naming it shows you understand the fund's actual value beyond the check.
**Timeline:** Not published. Expect the standard multi-week partner-engagement cycle typical of a lead-check fund this size.
---
## F. Best Advice from Founders
**Lead with utility, not narrative.** The fund's own language, "real utility and pushing the frontier," rewards products with demonstrable usage over speculative token mechanics.
**The Lightspeed relationship is a real asset, use it in your pitch.** Founders who explicitly frame their growth trajectory toward a Lightspeed-adjacent Series B report a warmer reception than those who treat Faction as a standalone crypto-only fund.
**X outreach is not just for show.** Multiple founders have reported that a specific, well-researched message to @FactionVC or a named partner gets a real reply, more so than at comparably sized funds.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. Partner names, a confirmed fund size and average check size, and a large portfolio list are all public, but there is no published sector breakdown, screening rubric, or response timeline.
> **Start here:** Read the [portfolio page](https://www.faction.vc/portfolio) to find your closest analogue among the 40-plus active investments, then look for a warm path to Samuel Harrison or the Deal Partner whose coverage matches your sector.
### How Faction's named portfolio breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Infrastructure is the clear largest bucket** | Of the 14 companies we classified, 37% are base-layer or scaling infrastructure (zkSync, Taiko, Monad, Puffer, XMTP). | Layer 2s, restaking and messaging infrastructure are the fund's most proven pattern. |
| **A real developer-tooling cluster** | 21% of the classified portfolio (Space and Time, Crossmint, Turnkey) is developer-facing tooling. | Wallet infrastructure and data tooling that developers actually integrate fits cleanly here. |
| **Multi-chain and Ethereum dominate the chain split** | 38% of chain-classified companies are multi-chain and 31% Ethereum-native, with smaller Solana, Polygon and chain-agnostic positions. | An Ethereum L2 or multi-chain infrastructure pitch is closer to the fund's center of gravity than a single alt-L1 bet, though the fund is not exclusively Ethereum. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Samuel Harrison** (Managing Partner) | CVC veteran and the fund's public voice on strategy and check size. | [Crunchbase](https://www.crunchbase.com/person/samuel-harrison) |
| **Banafsheh Fathieh** (General Partner) | Co-founded the fund with Harrison; also a CVC veteran before Faction. | [faction.vc](https://www.faction.vc) |
| **Raymond Feng** (Technical Partner) | The likely technical reviewer for protocol and mechanism-heavy pitches. | [faction.vc](https://www.faction.vc) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Portfolio founder intro** | Use the [portfolio page](https://www.faction.vc/portfolio) to find your closest analogue and ask for an introduction. |
| **Direct X outreach** | [@FactionVC](https://twitter.com/FactionVC) and named partners are active and reachable. |
| **Lightspeed co-investor path** | Funds or founders already connected to Lightspeed's broader platform have a documented easier path in. |
### What you can't find
Faction does not publish a sector-labeled portfolio, a screening rubric, or a response timeline. The 14 companies above are the ones we could independently classify by sector and chain out of the 40-plus listed on the portfolio page.
---
## G. Pitch Format Faction Expects
- A warm-introduced or well-targeted direct X message before a formal deck review, since there is no application form
- A deck that covers the mechanism in technical depth, given the fund's dedicated Technical Partner role
- A clear round shape and lead-check readiness, since Faction typically takes a lead position
- A credible growth narrative toward later-stage capital, given the Lightspeed relationship
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Companies named on the [Faction portfolio page](https://www.faction.vc/portfolio). Sector and chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| zkSync | ZK-rollup Layer 2 | Infrastructure | Ethereum |
| Taiko | ZK-rollup Layer 2 | Infrastructure | Ethereum |
| Monad | Layer 1 blockchain | Infrastructure | Monad (own L1, not on fixed chain list) |
| Puffer | Restaking protocol | Infrastructure | Ethereum |
| XMTP | Decentralized messaging protocol | Infrastructure | Multi-chain |
| Ethena | Synthetic dollar protocol | DeFi | Ethereum |
| Kamino | Lending and leveraged yield protocol | DeFi | Solana |
| Space and Time | Verifiable data and analytics platform | Developer-Tooling | Multi-chain |
| Crossmint | Wallet and payments infrastructure | Developer-Tooling | Multi-chain |
| Turnkey | Wallet and key-management infrastructure | Developer-Tooling | Multi-chain |
| MagicBlock | Real-time gaming infrastructure | Gaming | Solana |
| Coinflow | Stablecoin payments infrastructure | Payments-Stablecoins | Multi-chain |
| Hyperbolic | Decentralized AI compute network | AI-x-Crypto | Chain-agnostic |
| WeatherXM | Decentralized weather-data network | DePIN | Polygon |
Monad runs its own Layer 1, which is not on this directory's fixed chain list; it is included in the sector split above but excluded from the chain split.
Also on the portfolio page, not independently classified by us: OpenFX, Stork, Nexus, Omega, Figure, Flashbots, Narya, Init Capital, Medallion, Flock, Pharos, Wintermute, Gaib, Zerobase, Schuman, Fiamma, LO Tech, Ammalgam, Rena, Blockskye, Bloom, Credit Coop, Inversion, OpenMind, Strata, TransCrypts, PhotonPay, Meld, Nous, Latitude. Confirmed exits: Blaze, Skip, Helio, Tres Finance.
---
## I. Ecosystem Connections
- **Ethereum and its L2s:** the deepest cluster (zkSync, Taiko, Puffer, Ethena), consistent with a fund whose base is still Ethereum's rollup and restaking stack.
- **Newer L1s:** a position in Monad shows continued appetite for next-generation execution environments alongside the Ethereum core.
- **Solana:** two confirmed positions (Kamino, MagicBlock) in DeFi and gaming infrastructure respectively.
- **Lightspeed's broader platform:** the joint-venture structure gives portfolio companies a documented path to later-stage capital under the same firm, a structural edge not available at most tier-2 crypto funds.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Token warrant or SAFE plus token?** [Compliance guide](/founder-stack/compliance)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Faction homepage](https://www.faction.vc)
- [Faction portfolio page](https://www.faction.vc/portfolio)
- [Lightspeed Faction launches $285 million inaugural crypto venture fund, The Block](https://www.theblock.co/post/262389/lightspeed-faction-crypto-venture-fund)
- [Faction launches $285M early-stage crypto fund, TechCrunch](https://techcrunch.com/2023/11/09/lightspeed-faction-launches-285m-early-stage-crypto-fund/)
- [Lightspeed Faction Launches $285 Million Venture Fund for Blockchain Startups, PRNewswire](https://www.prnewswire.com/news-releases/lightspeed-faction-launches-285-million-venture-fund-for-blockchain-startups-301983377.html)
- [CVC veterans Harrison and Fathieh unveil new crypto fund at Lightspeed, Global Venturing](https://globalventuring.com/corporate/harrison-fathieh-lightspeed-faction/)
---
---
name: Fireball Capital
slug: fireball-capital
buildTypes: ["Payments-processing", "Healthtech", "Enterprise-B2B", "Edtech"]
thesis: >-
Impact-driven venture capital backing early-stage African startups at the
intersection of technology and transformation, with a focus on financial
inclusion, healthcare access, education, and food security.
website: 'https://fireballcapital.co.za/'
apply: 'https://fireballcapital.co.za/'
region: South Africa
hq: Cape Town
sectors:
- Fintech
- Healthtech
- Edtech
- Agritech
- SaaS
stage:
- Seed
chequeMin: 100000
chequeMax: 1000000
chequeDisplay: $100K -- $1M
format: Hybrid (direct investments + co-investments)
admissions: Rolling
africaFocus: 'Yes -- South Africa (primary), with pan-African reach'
status: active
tier: '3'
lastVerified: '2026-07-29'
edgeRating: edge-sparse
portfolioSectorSplit:
Fintech: 25
SaaS: 25
Healthtech: 25
Edtech: 25
portfolioModelSplit:
Transaction/Marketplace: 50
Subscription/SaaS: 50
portfolioGeographySplit:
South Africa: 75
South Africa/Australia: 25
portfolioTotalCount: 4
portfolioClassifiedCount: 4
portfolioUnclassifiedCount: 0
logo: "/funds/fireball-capital.png"
---
## Overview
Fireball Capital is a Cape Town-based venture capital firm founded in 2017 by Paula Mokwena, who established the firm after a career in investment banking where she managed portfolios across Africa and the Middle East. The firm operates as a subsidiary of Ke Nako Capital and targets a R1 billion (~$57 million) fund, making it one of South Africa's larger early-stage vehicles with an explicit impact mandate.
The firm operates through two distinct channels: primary investments (partnering with VC fund managers including HAVAÍC, Knife Capital, Venture Capitalworks, Alphacode, and Universum Core Fund to source and monitor deals through comprehensive due diligence) and co-investments (direct investments into companies demonstrating established product-market fit and exponential scaling potential). Portfolio companies include Ozow (digital payments), Clickatell (communications platform), RecoMed (healthcare booking), and Go1 (corporate learning). The firm integrates ESG considerations across all investments and focuses on four development objectives: job creation, financial inclusion, educational access, and affordable healthcare. Fireball also partners with GirlCode, a nonprofit providing free tech training to women and girls, and Mokwena's advocacy for closing the gender funding gap is a core part of the firm's identity.
---
## How to Get In
Submit an online query form through the website with your contact information and funding rationale. Fireball Capital backs early-stage African startups with scalable technology solutions, with particular interest in fintech, healthtech, edtech, femtech, and agritech. The co-investment track screens for businesses with established product-market fit, revenue generation capability, and potential for exponential growth, while the primary fund track operates through partner fund managers. If your company addresses financial inclusion, healthcare access, education, or food security, and you're an early-stage founder (particularly a woman or underrepresented founder) building in South Africa, you're in the firm's priority profile.
---
## Best Advice
1. **The dual-channel model means two ways in.** Fireball Capital invests both directly (co-investments) and through partner fund managers (HAVAÍC, Knife Capital, Alphacode, Venture Capitalworks, and others). If you've been backed by one of these partner managers, you may already be visible to Fireball's co-investment team. If not, the direct application route through the website is your entry point.
2. **The gender lens is genuine, not performational.** Paula Mokwena founded Fireball specifically to address the funding gap for underrepresented founders, and the firm's femtech focus, GirlCode partnership, and ESG integration reflect that priority across the portfolio. If you're a woman founder building technology in Africa, this is one of the few South African VCs where that identity is a strategic advantage rather than a checkbox.
3. **ESG and impact metrics are built into the evaluation, not bolted on.** With four explicit development objectives (job creation, financial inclusion, educational access, affordable healthcare), the firm evaluates impact alongside financial returns from the outset. Your pitch should demonstrate how your company contributes to at least one of these outcomes, with quantifiable metrics rather than aspirational statements.
4. **The co-investment screen is commercially rigorous.** While the firm leads with impact, the co-investment process screens for product-market fit, revenue generation, and scaling potential with the same rigour as any commercial VC. Impact thesis alone won't get you through: you need a business that works financially and creates social outcomes as a consequence of its commercial model.
---
## Pitch Format
Submit through the online query form on the website with your company details, team, funding requirements, and rationale. Follow up with a full pitch deck covering your technology, business model, traction, team, market opportunity, and impact thesis.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Ozow | South Africa | Digital payments platform |
| Clickatell | South Africa | Communications and chat commerce platform |
| RecoMed | South Africa | Healthcare booking platform |
| Go1 | South Africa/Australia | Corporate learning and training |
*Note: Fireball Capital also invests through partner fund managers (HAVAÍC, Knife Capital, Alphacode, Venture Capitalworks, Universum Core Fund), so the broader portfolio includes companies held through those vehicles.*
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Paula Mokwena | CEO & Founder | — | — |
| Justin James | CIO | — | — |
| Ryan Wilborg | CFO & Head of Compliance | — | — |
| Carlo Dickson | Investment Advisor & IC Member | — | — |
| Pierre Du Preez | Investment Advisor & IC Chairman | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Contextual Edge
**Preparation rating:** Edge-sparse -- Paula Mokwena has given a limited number of interviews, and the firm does not publish detailed investment criteria or portfolio reviews publicly. The clearest windows into the firm's thinking are the FemImpact Africa spotlight and the Ventureburn ESG piece, which together reveal the evaluation lens and the social outcomes the firm tracks.
> **Start here:** Read the [FemImpact Africa investor spotlight on Paula Mokwena](https://www.femimpactafrica.com/post/investor-spotlight-paula-mokwena-ceo-of-fireball-vc), which explains why she founded Fireball, what she looks for in founders ("resilience and vision, those who can navigate complex markets and build scalable solutions"), and the firm's gender-lens priority. Then read the [Ventureburn piece on Fireball's ESG approach](https://ventureburn.com/2022/08/tech-investment-key-to-creating-sustainable-change-in-sa/) where Mokwena explains how ESG integration reduces investment risk and why Ozow exemplifies the kind of financial inclusion the firm backs.
### How Fireball's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Dual-channel model** | Fireball invests both directly (co-investments into companies with product-market fit) and through partner fund managers (HAVAÍC, Knife Capital, Alphacode, Venture Capitalworks, Universum Core Fund). The broader portfolio is therefore much larger than the direct investments alone. | If you have been backed by one of Fireball's partner managers, you are already visible to the co-investment team. If not, the direct route through the website query form is your entry point, but knowing the partner fund managers gives you a second path in. |
| **South Africa dominant** | The direct portfolio (Ozow, Clickatell, RecoMed, Go1) is entirely South African or South Africa-linked. The partner fund managers are also primarily SA-focused (Knife Capital, HAVAÍC, Alphacode are all Johannesburg or Cape Town based). | If you are building outside South Africa, you are not excluded, but you are outside the firm's core deal flow. SA founders have the strongest natural fit. |
| **ESG and impact are screening criteria, not labels** | Mokwena has stated that "when investors successfully manage ESG issues, they can reduce investment risk and improve long-term return on investments." The firm tracks four development objectives: job creation, financial inclusion, educational access, affordable healthcare. | Your pitch needs quantifiable impact metrics tied to at least one of these four outcomes. Stating that your company "has social impact" without measurement will not pass the screen. |
| **Gender lens is structural** | Mokwena founded Fireball specifically to address the funding gap for underrepresented founders. The firm partners with GirlCode and has femtech as an explicit sector focus. | If you are a woman founder building technology in South Africa, this is one of the few VCs where that is a strategic advantage rather than a demographic footnote. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Paula Mokwena** (CEO & Founder) | Why she founded Fireball, what "resilience and vision" means in practice, and the gender-lens thesis. | [FemImpact Africa spotlight](https://www.femimpactafrica.com/post/investor-spotlight-paula-mokwena-ceo-of-fireball-vc) |
| **Paula Mokwena** | How ESG integration works in the investment process, and why Ozow exemplifies the financial inclusion thesis. | [Ventureburn: Tech investment and sustainable change](https://ventureburn.com/2022/08/tech-investment-key-to-creating-sustainable-change-in-sa/) |
---
## Sources
- [Fireball Capital official website](https://fireballcapital.co.za/)
- [Fireball Capital: The Early Stage Founder's Guide -- SuperScout](https://superscout.co/investor/fireball-capital)
- [Investor Spotlight: Paula Mokwena, CEO of Fireball Capital -- FemImpact Africa](https://www.femimpactafrica.com/post/investor-spotlight-paula-mokwena-ceo-of-fireball-vc)
- [Venture Capital Firm Fireball Capital -- SME South Africa](https://smesouthafrica.co.za/venture-capital-firm-fireball-capital/)
---
---
name: First Circle Capital
slug: first-circle-capital
buildTypes: ["Lending-credit", "Insurtech", "Payments-processing", "Infra-protocol"]
thesis: Seeding the next generation of fintech companies shaping the future of Africa.
website: 'https://www.firstcircle.capital/'
apply: 'mailto:team@firstcircle.capital'
region: Pan-African
hq: 'Casablanca, Morocco & Kampala, Uganda'
sectors:
- Fintech
stage:
- Pre-Seed
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: Not publicly disclosed
format: Remote / Hybrid
admissions: Rolling
africaFocus: Yes -- Pan-African (13+ investments across 7 countries)
status: active
tier: '2'
lastVerified: '2026-07-24'
portfolioSectorSplit:
Fintech: 88
Logistics: 6
Healthtech: 6
portfolioModelSplit:
Enterprise contracts/Licensing: 35
Transaction/Marketplace: 41
Direct sales/Commerce: 12
Subscription/SaaS: 12
portfolioGeographySplit:
Pan-African: 76
Egypt: 12
Nigeria: 12
portfolioTotalCount: 17
portfolioClassifiedCount: 17
portfolioUnclassifiedCount: 0
logo: "/funds/first-circle-capital.png"
---
## Overview
First Circle Capital is a female-led, pan-African venture capital firm co-founded by Selma Ribica (former M-Pesa executive) and Agnes Aistleitner Kisuule (entrepreneur with frontier markets experience). The firm launched Africa Fund I in 2022, targeting $25--$30 million, and has raised $10.9 million to date with backing from IFC ($6 million, including $2 million from the Women Entrepreneurs Finance Initiative) and FSDAi Nyala Facility ($1 million, UK government-backed).
The portfolio spans 30+ companies across fintech verticals including lending, insurance, payments infrastructure, trade finance, and open banking. The firm deliberately avoids the crowded payments space, instead focusing on underserved fintech verticals like insurtech, alternative lending, regtech, interoperability, and climate fintech. Notable portfolio companies include Scale (card-issuing infrastructure), Credify (logistics and trade finance), Pumpkn (SME agribusiness financing), and Expensya (acquired by Swedish firm Medius for a nine-figure sum).
---
## How to Get In
Email team@firstcircle.capital with your pitch deck. The firm is "built by founders for founders," so expect conversations focused on your product, market insight, and ability to execute rather than just financial projections. The gender-smart investing mandate means women-founded and women-led teams get genuine priority, backed by IFC's We-Fi allocation. The fund targets underserved fintech verticals, so if you're building in insurance, lending infrastructure, regtech, or climate fintech, you're in the right lane. If you're building a pure payments company, this probably isn't the right fit.
---
## Best Advice
1. **Underserved fintech verticals are the thesis.** First Circle Capital deliberately avoids the crowded payments space and focuses on verticals like insurtech, alternative lending, regtech, and climate fintech. If your fintech isn't another payments company, that's a selling point here, not a weakness.
2. **The gender-smart lens is real and funded.** IFC's $2 million We-Fi allocation is specifically for women-led fintech. If you're a woman-founded startup in fintech, this is one of the few Africa-focused funds with institutional backing specifically earmarked for you.
3. **The M-Pesa experience matters.** Selma Ribica's background at M-Pesa means the team understands mobile money infrastructure deeply. If your product connects to or builds on mobile money rails, the team can evaluate your architecture and market positioning with genuine expertise.
4. **Pan-African coverage from Casablanca and Kampala.** Having offices in both Morocco and Uganda gives the fund North African and East African reach. If you're building in either region, or across francophone and anglophone markets, you're in their zone.
5. **The Expensya exit proves the model.** A nine-figure acquisition by Medius shows the fund can back companies that reach global acquirers. Frame your pitch with an exit story that's credible, not just a growth story.
---
## Pitch Format
Email a pitch deck to team@firstcircle.capital covering your business model, market opportunity, traction, team, and financial projections. Focus on the fintech vertical you're serving and why it's underserved.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Scale | Pan-African | Card-issuing infrastructure for fintechs |
| Credify | Pan-African | Digitising logistics and trade finance for SMEs |
| Pumpkn | Pan-African | Financing for SME agribusinesses |
| MNZL | Egypt | Asset-backed lending |
| TurnStay | Pan-African | Travel sector cross-border payments |
| Opareta | Pan-African | Digital infrastructure for mobile money agents |
| Orca | Pan-African | Fraud orchestration platform |
| Oola | Pan-African | Insurance digitisation |
| Balad | Pan-African | Remittance infrastructure |
| Terminal | Pan-African | Shipping and product delivery |
| Credrails | Pan-African | Open banking infrastructure |
| WafR | Pan-African | Micro retail payment digitisation |
| Flow48 | Pan-African | Cross-border lending fintech |
| Credpal | Nigeria | Buy-now-pay-later consumer credit |
| Lenco | Nigeria | SME banking |
| Kashier | Egypt | Payment management platform |
| Infiuss Health | Pan-African | Remote clinical research platform |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Selma Ribica | Co-founder & Managing Partner | — | — |
| Agnes Aistleitner Kisuule | Co-founder & Managing Partner | — | — |
| Ming S. Kwan | Head of Portfolio | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [First Circle Capital official website](https://www.firstcircle.capital/)
- [First Circle Capital portfolio](https://www.firstcircle.capital/portfolio)
- [Female-led First Circle Capital raises $10.9M for pan-African fintech fund -- Launch Base Africa](https://launchbaseafrica.com/2025/08/21/first-circle-capital/)
- [IFC commits $6 million to female-led African fintech fund -- Fintech News Africa](https://fintechnews.africa/45306/fintech-uganda/ifc-invests-in-first-circle-capital-africa-fintech/)
- [FSDAi Nyala Facility invests $1 million in First Circle Capital -- FSD Africa](https://fsdafrica.org/fsdai-nyala-facility-invests-us-1-million-in-first-circle-capital-africa-fund-2/)
---
---
name: Flat6Labs / F6 Ventures
slug: flat6labs
buildTypes: ["Healthtech", "Enterprise-B2B", "Marketplace-commerce", "Lending-credit", "Payments-processing"]
thesis: >-
Accelerating the future — MEA's leading entrepreneurship platform in emerging
markets
website: 'https://flat6labs.com/'
apply: 'https://flat6labs.com/apply-now/'
region: 'Pan-African, MENA'
hq: Cairo
sectors:
- Sector-agnostic
stage:
- Pre-Seed
- Seed
- Series A
chequeMin: 50000
chequeMax: 500000
chequeDisplay: $50K – $500K
format: Hybrid (4-month accelerator cycles + direct VC investment)
admissions: Rolling (program-specific deadlines)
africaFocus: 'Yes — Pan-African (Egypt, Nigeria, Ghana, Kenya, Morocco, Senegal, Tunisia)'
status: active
tier: '1'
lastVerified: '2026-07-24'
edgeRating: edge-rich
edgeResources:
- name: Ramez El-Serafy interview
category: decision-maker-reveal
score: 4
description: >-
The three evaluation pillars (team, product, market), the red flag
disqualifiers, and what Flat6Labs looks for at each stage. Multiple
published artic...
link: >-
https://mena.entrepreneur.com/finance/what-investors-look-for-when-evaluating-your-pitch/246587
- name: Dina el-Shenoufy interview
category: decision-maker-reveal
score: 4
description: >-
How Flat6Labs builds the pipeline systemically: "We realized we needed to
think systemically to achieve a pipeline. We created bootcamps to turn
peopl...
link: >-
https://www.ifc.org/en/stories/2022/flat6labs-accelerates-transformation-in-mena
- name: 'IFC case study: Flat6Labs accelerates transformation in MENA'
category: practice-artifact
score: 4
description: >-
The most comprehensive external assessment of how Flat6Labs operates,
including the bootcamp pipeline model, portfolio outcomes, and the
programme's i...
link: >-
https://www.ifc.org/en/stories/2022/flat6labs-accelerates-transformation-in-mena
- name: Five Cairo startups raising EGP 150M+
category: practice-artifact
score: 4
description: >-
Shows the follow-on trajectory for Flat6Labs alumni, which validates the
programme's value as a launch pad for larger raises.
link: >-
https://flat6labs.com/meet-five-flat6labs-cairo-startups-that-secured-egp150m-during-the-last-two-months/
- name: Apply online
category: pipeline-pathway
score: 3
description: >-
. Rolling applications across multiple themed programmes. Check which
programmes are currently open and match your sector.
link: 'https://flat6labs.com/apply-now/'
- name: Catalyst Accelerator
category: pipeline-pathway
score: 3
description: >-
Abu Dhabi-based programme for green and sustainable sector. Process:
application, 2-minute pitch + 3-minute Q&A, bootcamp (top 20),
accelerator, Demo ...
- name: Africa Seed Fund
category: pipeline-pathway
score: 3
description: >-
The dedicated vehicle for Nigeria, Ghana, Kenya, Morocco, and Senegal.
$150K-$500K cheques. Check flat6labs.com for current application windows.
- name: Nawah Pre-Accelerator
category: pipeline-pathway
score: 3
description: >-
For very early-stage founders who are not yet ready for the main
accelerator. Designed to turn ideas into investable companies.
portfolioSectorSplit:
SaaS: 10
E-commerce: 14
Fintech: 24
Healthtech: 21
Logistics: 7
AI-ML: 7
Climate: 7
Edtech: 4
Agritech: 3
Consumer: 3
portfolioModelSplit:
Subscription/SaaS: 31
Transaction/Marketplace: 52
Direct sales/Commerce: 7
Enterprise contracts/Licensing: 3
Hardware/Devices: 7
portfolioGeographySplit:
Egypt: 66
Tunisia: 34
portfolioTotalCount: 29
portfolioClassifiedCount: 29
portfolioUnclassifiedCount: 0
---
## Overview
Flat6Labs is one of Africa and the Middle East's most prolific startup platforms, founded in Cairo in 2011 by Sawari Ventures' Ahmed El Alfi and Hany Al-Sonbaty. With over 411 companies invested in across 14 countries, it has grown from an Egyptian accelerator into a pan-continental engine for early-stage founders. In August 2025, the organization restructured under F6 Group, splitting into two distinct arms: Flat6Labs continues as the accelerator and ecosystem platform (now led by CEO Yehia Houry), while F6 Ventures operates as the dedicated seed-stage VC firm co-founded by Dina el-Shenoufy and Ramez El-Serafy as General Partners.
The big move for African founders came in March 2023, when Flat6Labs announced a $95M Africa Seed Fund targeting 160 pre-seed to pre-Series A startups across Nigeria, Ghana, Kenya, Morocco, and Senegal. The fund is backed by IFC (which committed up to $6M) and aims to create 14,000+ jobs while maintaining at least 20% female founder participation. Christine Namara joined as Partner for Africa, based in Nairobi, to lead Sub-Saharan dealflow.
F6 Ventures now manages six funds totalling over $90M in AUM, with a target to reach $200M and invest in 200+ companies within five years. The broader Flat6Labs ecosystem has supported over 2,900 startups through 39 programs with 1,250+ mentors. Notable alumni include Instabug (clients include Samsung, PayPal, Lyft), Brimore (raised $3.5M Pre-Series A), and MoneyFellows ($4M Series A from Partech and Sawari).
---
## How to Get In
The accelerator track and the direct VC track work differently, so pick your path based on where your startup sits.
**For the accelerator:** Apply through [flat6labs.com/apply-now](https://flat6labs.com/apply-now/) to whichever program matches your geography. You can apply to multiple programs simultaneously. After initial screening (a few weeks), shortlisted teams do a 30-60 minute interview exploring your background, market knowledge, and problem definition. If you advance, you enter a 4-day bootcamp that ends with a pitch to a selection committee of partners, industry experts, and investors. Final teams are accepted into the cycle.
**For direct F6 Ventures investment:** Warm introductions carry significantly more weight here. Connect with existing portfolio founders for referrals, or engage Christine Namara (Africa Partner) directly if you are building in Sub-Saharan Africa. Follow @Flat6Labs and @F6_Ventures on X for announcements.
**General tips:** Selection criteria center on innovative ideas, large addressable markets, scalable business models, and team dedication. They weight founder commitment heavily, so be ready to demonstrate full-time focus and domain expertise.
---
## Best Advice
1. **Pick the right entry point.** If you are pre-product, apply to the accelerator for structured support and mentorship. If you already have traction and are raising a proper round, go directly to F6 Ventures through a warm intro.
2. **Practice your live pitch.** The accelerator selection process ends with a live pitch to a committee, not just a deck review. Rehearse presenting under pressure with real questions, because this is where decisions get made.
3. **Connect with Christine Namara for Sub-Saharan deals.** She is the Africa-focused Partner based in Nairobi and the primary contact for founders in Nigeria, Ghana, Kenya, and Senegal. Find her on X at @femmestartup.
4. **Apply to multiple programs if eligible.** Flat6Labs encourages founders to apply across geographies. If your startup fits Egypt and Morocco, submit to both and let them route you.
5. **Follow the money trail.** The Africa Seed Fund specifically targets HealthTech, FinTech, EdTech, GreenTech, AgriTech, and ClimateTech. If your startup sits in one of these sectors, lead with that alignment in your application.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- the CEO has published detailed articles on evaluation criteria and red flags, the application process is structured and transparent, and an IFC case study provides institutional validation. The multi-city programme structure creates multiple entry points.
> **Start here:** Read [What Investors Look For When Evaluating Your Pitch (Entrepreneur)](https://mena.entrepreneur.com/finance/what-investors-look-for-when-evaluating-your-pitch/246587) (CEO Ramez El-Serafy explains Flat6Labs' three evaluation pillars: team, product, and market, with direct quotes on what makes each compelling), then read [Biggest Red Flags (Entrepreneur)](https://mena.entrepreneur.com/starting-a-business/flat6labs-ceo-ramez-m-el-serafy-on-the-biggest-red-flags/254394) (the disqualifiers: no market research, uncommitted teams, shrinking markets, unscalable products, and stolen IP). Those two resources show you exactly what gets you in and what gets you rejected.
### How Flat6Labs' portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Scale** | 400+ startups funded across MENA and Africa. 90% raised follow-on capital. $162M+ raised by 90+ companies since 2017. Programmes in Cairo (HQ), Tunis, Abu Dhabi, Bahrain, Jeddah, with the Africa Seed Fund covering Nigeria, Ghana, Kenya, Morocco, and Senegal. | This is the largest accelerator network in MENA and one of the most active in Africa. The follow-on rate (90%) signals strong portfolio company quality and a pipeline that later-stage investors trust. |
| **Africa Seed Fund** | $95M vehicle targeting 160 companies over five years across five African markets. Cheques of $150K to $500K per company. Expected impact: 14,000+ jobs, 1,200+ founders, 20% female participation target. | If you are building in Nigeria, Ghana, Kenya, Morocco, or Senegal, the Africa Seed Fund is the most relevant vehicle. The $150K-$500K range at pre-seed to pre-Series A is designed for founders who have an MVP and early traction. |
| **Sector** | Fintech, healthtech, edtech, greentech, agritech, climatetech. Multiple themed programmes (Fintech Accelerator, Women's Health Accelerator, Catalyst for green/sustainable). | The themed programmes mean your sector determines which programme is the best fit. Check the current open programmes at flat6labs.com/apply-now to find the one that matches your sector. |
| **Evaluation** | Three-pillar framework: (1) Team -- dedication, technical/business balance, responsiveness to feedback. (2) Product -- innovative, high growth potential, solves real customer problems. (3) Market -- clear product-market fit, thorough competitive research, scalability. El-Serafy: "Team is by far the most important element in our decision making." | The published framework is your preparation checklist. Address each pillar explicitly in your application. The emphasis on team means your personal story, co-founder dynamics, and execution track record should be front and centre. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Ramez El-Serafy** (CEO) | The three evaluation pillars (team, product, market), the red flag disqualifiers, and what Flat6Labs looks for at each stage. Multiple published articles and a YouTube appearance at STEP 2022. | [Entrepreneur: What Investors Look For](https://mena.entrepreneur.com/finance/what-investors-look-for-when-evaluating-your-pitch/246587) -- [Red Flags](https://mena.entrepreneur.com/starting-a-business/flat6labs-ceo-ramez-m-el-serafy-on-the-biggest-red-flags/254394) -- [YouTube: STEP 2022](https://www.youtube.com/watch?v=Pvj-nW96PtM) |
| **Dina el-Shenoufy** (Partner, CIO) | How Flat6Labs builds the pipeline systemically: "We realized we needed to think systemically to achieve a pipeline. We created bootcamps to turn people with ideas into entrepreneurs." | [IFC case study](https://www.ifc.org/en/stories/2022/flat6labs-accelerates-transformation-in-mena) |
### Learn from funded portfolio companies
| Resource | Why it matters |
|----------|---------------|
| [IFC case study: Flat6Labs accelerates transformation in MENA](https://www.ifc.org/en/stories/2022/flat6labs-accelerates-transformation-in-mena) | The most comprehensive external assessment of how Flat6Labs operates, including the bootcamp pipeline model, portfolio outcomes, and the programme's impact on the broader ecosystem. |
| [Five Cairo startups raising EGP 150M+](https://flat6labs.com/meet-five-flat6labs-cairo-startups-that-secured-egp150m-during-the-last-two-months/) | Shows the follow-on trajectory for Flat6Labs alumni, which validates the programme's value as a launch pad for larger raises. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Apply online** | [flat6labs.com/apply-now](https://flat6labs.com/apply-now/). Rolling applications across multiple themed programmes. Check which programmes are currently open and match your sector. |
| **Catalyst Accelerator** | Abu Dhabi-based programme for green and sustainable sector. Process: application, 2-minute pitch + 3-minute Q&A, bootcamp (top 20), accelerator, Demo Day. Teams of 2-3, based in Egypt, Oman, or UAE. |
| **Africa Seed Fund** | The dedicated vehicle for Nigeria, Ghana, Kenya, Morocco, and Senegal. $150K-$500K cheques. Check flat6labs.com for current application windows. |
| **Nawah Pre-Accelerator** | For very early-stage founders who are not yet ready for the main accelerator. Designed to turn ideas into investable companies. |
### What you can't find
Ahmed El Alfi and Hany Al Sonbaty (co-founders) have no substantive public interviews with usable quotes on evaluation criteria. Deep founder testimonial interviews or "what I wish I knew" content are not published. Term sheet norms, equity stake ranges, and post-programme support details are not publicly documented. Africa Seed Fund deployment data (how many companies funded versus the 160 target) is not available. There is no Flat6Labs podcast, and partner appearances are scattered across third-party shows without transcripts.
---
## Pitch Format
No specific deck format is mandated, but they expect a clear business model, market analysis with addressable market sizing, a well-defined growth strategy, and strong team backgrounds. The accelerator selection process includes a live pitch to a committee, so presentation skills matter as much as deck quality.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
### Egypt
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Instabug | Egypt | Bug reporting and mobile SDK (Samsung, PayPal, Lyft) | Seed, then $5M Series A | 2013 |
| Brimore | Egypt | End-to-end distribution platform | Seed $800K, then $3.5M Pre-Series A | 2019 |
| MoneyFellows | Egypt | Digital money circles and savings app | Seed, then $4M Series A | 2020 |
| Chefaa | Egypt | Online pharmacy ordering app | Seed (six-figure) | 2018 |
| VRapeutic | Egypt | VR software for learning disabilities and autism | Seed ($100K UNICEF grant) | 2019 |
| Intixel | Egypt | AI for medical imaging (breast cancer screening) | Seed | 2021 |
| Wuilt | Egypt | Website builder from user-provided content | Seed | 2019 |
| CreditFins | Egypt | Consumer fintech | Seed | 2021 |
| BaytMisr | Egypt | Mortgage financing platform | Seed | 2023 |
| Fuelin | Egypt | Fleet management solution | Seed | 2023 |
| Agel | Egypt | Sharia-compliant finance platform | Seed | 2023 |
| Katteb | Egypt | AI writing tool | Seed | 2023 |
| Copal | Egypt | Fintech app | Seed | 2023 |
| Illa | Egypt | Digitally operated logistics platform | Seed | 2019 |
| Agrona | Egypt | Sustainable wood from crop residues | Seed | 2019 |
| iSagha | Egypt | Online jewelry marketplace | Seed | 2018 |
| Arza2 | Egypt | Training and hiring for blue-collar workers | Seed | 2018 |
| Untap | Egypt | Submission management for competitions | Seed | 2019 |
| Melior | Egypt | Patient engagement software | Seed | 2023 |
### Tunisia
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Dabchy | Tunisia | Second-hand fashion marketplace | Seed | 2018 |
| Paymee | Tunisia | Online payment platform | Seed | 2022 |
| Konnect | Tunisia | Payment solution | Seed | 2022 |
| Kamioun | Tunisia | Mobile app for small retailer inventory | Seed | 2022 |
| MooMe | Tunisia | IoT decision support for livestock farmers | Seed | 2019 |
| Ahkili | Tunisia | Remote specialist psychology consultations | Seed | 2021 |
| Wattnow | Tunisia | Electricity consumption and energy savings | Seed | 2018 |
| Boostini | Tunisia | Nano-influencer advertising platform | Seed | 2019 |
| Tobba.tn | Tunisia | Telemedicine platform | Seed | 2020 |
| Unfrauded | Tunisia | AI SaaS for insurance fraud detection | Seed | 2020 |
*Note: The Africa Seed Fund is actively investing in Nigeria, Ghana, Kenya, Morocco, and Senegal, but individual portfolio company names from those markets have not yet been publicly disclosed.*
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Ramez El-Serafy | Co-Founder & GP, F6 Ventures | [LinkedIn](https://eg.linkedin.com/in/ramezm) | [@ramezm](https://x.com/ramezm) |
| Dina el-Shenoufy | Co-Founder & GP, F6 Ventures; CEO, F6 Group | [LinkedIn](https://eg.linkedin.com/in/dinaelshenoufy) | [@Shenoufs](https://x.com/Shenoufs) |
| Christine Namara | Partner, Africa (Nairobi) | [LinkedIn](https://www.linkedin.com/in/christinenamara/) | [@femmestartup](https://x.com/femmestartup) |
| Rasha Manna | Partner, Levant (Amman) | [LinkedIn](https://jo.linkedin.com/in/rashamanna) | [@RashaManna](https://x.com/RashaManna) |
| Walid Triki | Partner, Africa / Tunisia | [LinkedIn](https://fr.linkedin.com/in/walid-triki-95a62242) | — |
| Hany Al-Sonbaty | Chairman, F6 Group; Co-Founder, Sawari Ventures | [LinkedIn](https://www.linkedin.com/in/hany-al-sonbaty/) | [@HanySonbaty](https://x.com/HanySonbaty) |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Flat6Labs Official Website](https://flat6labs.com/)
- [F6 Group / F6 Ventures Launch Announcement (Disrupt Africa, Aug 2025)](https://disrupt-africa.com/)
- [Flat6Labs $95M Africa Seed Fund (TechCrunch, March 2023)](https://techcrunch.com/2023/03/08/flat6labs-raises-fund-to-back-startups-across-africa/)
- [Wamda Coverage of Africa Seed Fund](https://www.wamda.com/)
- [TechAfrica News: F6 Group Launch (Aug 2025)](https://techafricanews.com/)
- [Tracxn: Flat6Labs Portfolio Data](https://tracxn.com/d/investors/flat6labs)
- [IFC Commitment to Africa Seed Fund](https://pressroom.ifc.org/)
- [Flat6Labs Apply Now Page](https://flat6labs.com/apply-now/)
- [F6 Ventures Official Website](https://f6.vc/)
---
---
name: Flourish Ventures
slug: flourish-ventures
buildTypes: ["Lending-credit", "Neobank/wallet"]
thesis: >-
Investing in fair finance globally, backing fintech that expands access,
affordability, and quality of financial services for underserved
consumers and small businesses across Africa, India, Latin America, and
Southeast Asia.
website: 'https://flourishventures.com'
apply: 'Pitch via the website contact form; team active on LinkedIn'
region: 'Africa, India, Latin America, Southeast Asia'
hq: 'San Francisco, USA, with a global team including African market coverage'
sectors:
- Fintech
- Impact
stage:
- Seed
- Series A
- Series B+
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed'
format: 'Equity'
admissions: 'Rolling'
africaFocus: 'active'
status: active
tier: '2'
portfolioSectorSplit: {}
portfolioModelSplit: {}
portfolioGeographySplit: {}
portfolioTotalCount: 0
portfolioClassifiedCount: 0
lastVerified: '2026-08-03'
logo: ''
---
## Overview
Flourish Ventures backs fintech companies advancing what it calls "fair finance": financial products that are accessible, affordable, and genuinely useful for underserved consumers and small businesses, evaluated across Digital Banking, Embedded Finance, Frontier, Infrastructure, Insurtech, and Regtech themes. The firm's clearest African bet is FairMoney (Nigeria), which Flourish led into an $11 million Series A alongside DST Global partners.
Flourish's own writeup of the FairMoney investment frames the thesis precisely: most Lagos residents already have a bank account, but that access hadn't translated into meaningful financial services. FairMoney started with microcredit and expanded into current accounts and savings, evolving from a credit-focused neobank into a broader financial hub. FairMoney went on to raise a $42 million Series B led by Tiger Global, validating the initial Flourish bet.
The firm maintains a standing Africa-relevant portfolio thesis rather than a one-off bet, publishing regularly on African fintech market dynamics through its Fintech Africa content series.
## What they invest in
Flourish backs seed through growth-stage fintech, with a specific interest in companies solving real financial-inclusion gaps rather than building generic banking products. The Digital Banking and Embedded Finance themes are the most directly relevant to neobank builders; Frontier and Infrastructure themes cover earlier-stage or more foundational fintech rails.
## How to apply
Flourish does not publish a dedicated pitch form separate from general contact channels on flourishventures.com. The firm's partners publish regularly on fintech market dynamics (including African fintech specifically), so referencing that published thinking in outreach is a reasonable way to signal fit before a first conversation.
## Portfolio pattern
FairMoney (Nigeria) is Flourish's named, well-documented African bet: a credit-first neobank that expanded into a broader financial hub, led through Series A and validated by a later Tiger Global-led Series B. The pattern favours founders solving a specific inclusion gap (in FairMoney's case, credit access despite nominal banking penetration) with a plan to expand into adjacent financial products once that first wedge works.
---
---
name: Foundation Ventures
slug: foundation-ventures
buildTypes: ["Logistics-supplychain", "E-commerce-retail", "Lending-credit", "Edtech", "AI-ML"]
thesis: >-
Backing exceptional teams building industry-defining companies in Egypt and
Africa.
website: 'https://www.foundationventures.com/'
apply: 'mailto:info@foundationventures.com'
region: Egypt / Africa
hq: Cairo
sectors:
- Sector-agnostic
stage:
- Pre-Seed
- Seed
- Series A
chequeMin: null
chequeMax: 300000
chequeDisplay: ~$300K average (with follow-on capacity)
format: Hybrid
admissions: Rolling
africaFocus: 'Yes -- Egypt (primary), expanding pan-African'
status: active
tier: '2'
lastVerified: '2026-07-24'
portfolioSectorSplit:
Fintech: 22
Logistics: 22
E-commerce: 34
Edtech: 11
Consumer: 11
portfolioModelSplit:
Enterprise contracts/Licensing: 33
Direct sales/Commerce: 11
Subscription/SaaS: 11
Transaction/Marketplace: 45
portfolioGeographySplit:
Egypt: 92
Egypt/Jordan: 8
portfolioTotalCount: 12
portfolioClassifiedCount: 9
portfolioUnclassifiedCount: 3
---
## Overview
Foundation Ventures is a Cairo-based VC firm founded in 2018 by Mazen Nadim, Omar Barakat, and Ziyad Hamdy, all former investment bankers turned angel investors. The firm currently operates two funds: Fund I (which backed 10+ companies including NowPay, Flextock, Rabbit Mart, and Trella) and Fund II (FVFII), a $25 million vehicle that hit first close in early 2025 with backing from the Egyptian American Enterprise Fund (EAEF), MSMEDA, and Onsi Sawiris.
The founding team brings investment banking experience from EFG-Hermes and private equity from BPE Partners, and they position themselves as the first backer giving founders "the largest enterprise access across the country." The firm is sector-agnostic but has gravitated toward logistics, fintech, edtech, and proptech, and emphasises Egypt's competitive advantages, particularly its strong tech talent pool and cost-efficient market conditions.
---
## How to Get In
Email info@foundationventures.com with a clear pitch deck. The team looks for full-time founders with strong communication skills and technical teams solving "challenging high-value problems" with long-term defensibility. At seed stage, they want measurable traction, user engagement, and evidence of market acceptance. The firm prefers leading rounds and participating in club deals alongside other local and regional investors, so if you're struggling to find a lead for your pre-seed or seed round, this is a strong fit. Warm introductions through portfolio founders (NowPay, Flextock, Rabbit Mart) or through the EFG-Hermes alumni network help.
---
## Best Advice
1. **They lead rounds, which matters.** Foundation Ventures prefers to lead and structure deals rather than just participate, and that's a meaningful differentiator for Egyptian founders who often struggle to find a lead investor. If you need someone to set terms and anchor your round, say so explicitly.
2. **Enterprise network access is the value proposition.** The firm's LP base spans industries and geographies, and they actively make introductions for portfolio companies. Frame your pitch around how access to Egypt's corporate sector could accelerate your distribution or revenue, particularly if you're selling B2B.
3. **Founder quality over sector thesis.** The team is sector-agnostic and follows "founder-led insights" rather than picking sectors first. Your personal story, technical depth, and ability to articulate the problem clearly will carry more weight than fitting a sector checklist.
4. **Fund II is expanding beyond Egypt.** The $25 million second fund targets "promising ventures across Africa," which means non-Egyptian founders building products that could enter the Egyptian market (or Egyptian founders building for the continent) are now in scope.
---
## Pitch Format
Email a comprehensive pitch deck to info@foundationventures.com covering business model, market opportunity, traction, team, and financials. Be ready for thorough due diligence from a team with investment banking backgrounds.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| NowPay | Egypt | Employee salary advance and financial wellness |
| Flextock | Egypt | End-to-end digital fulfillment |
| Rabbit Mart | Egypt | Quick-commerce via neighbourhood dark stores |
| Abwaab | Egypt/Jordan | Edtech for supplementary educational content |
| Sakneen | Egypt | Real estate sales platform for developers |
| Trella | Egypt | Digital freight and trucking marketplace |
| Minly | Egypt | Celebrity shoutout platform |
| Kenzz | Egypt | E-commerce platform |
| Swypex | Egypt | Payment infrastructure |
| Aydi | Egypt | Services marketplace |
| Accord Partners | Egypt | AI-powered solutions (Fund II) |
| FlashQ | Egypt | AI platform (Fund II) |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Mazen Nadim | Managing Partner & Co-founder | — | — |
| Omar Barakat | Partner & Co-founder | — | — |
| Ziyad Hamdy | Partner & Co-founder | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Foundation Ventures official website](https://www.foundationventures.com/)
- [Foundation Ventures portfolio](https://www.foundationventures.com/portfolio)
- [Foundation Ventures secures $25M to back Egyptian and African startups -- WeeTracker](https://weetracker.com/2025/02/03/foundation-ventures-new-fund/)
- [Foundation Ventures closes its debut fund to invest in early-stage Egyptian startups -- MENAbytes](https://www.menabytes.com/foundation-ventures-first-fund/)
---
---
name: Founders Factory Africa / 54 Collective
slug: founders-factory-africa
buildTypes: ["Lending-credit", "Healthtech", "Logistics-supplychain", "AI-ML", "Payments-processing"]
thesis: >-
Growing Africa's startup economy by building and scaling startups via tailored
expert support, corporate partnerships, and access to a global network.
website: 'https://54collective.vc/'
apply: >-
Applications are no longer active for the venture studio or accelerator
programs.
region: Pan-African
hq: 'Johannesburg, with offices in Nairobi and Lagos'
sectors:
- Sector-agnostic
stage:
- Ideation
- MVP
- Pre-Seed
- Seed
chequeMin: 150000
chequeMax: 500000
chequeDisplay: >-
Up to $250K equity + $150K non-dilutive (was up to $500K combined for female
founders)
format: In-Person (Johannesburg HQ) and Hybrid
admissions: Was rolling with 6-8 week engagement windows
africaFocus: 'Yes, exclusively Africa across 10+ countries'
status: wound-down
tier: '1'
lastVerified: '2026-07-24'
edgeRating: edge-rich
edgeResources:
- name: Bongani Sithole interview
category: decision-maker-reveal
score: 4
description: >-
"We invest early at a time when most people would rather not look because
it's risky." The leadership perspective on early-stage risk in African
marke...
link: 'https://techcabal.com/2024/08/07/founders-factory-africa-rebrands/'
- name: Alina Truhina interview
category: decision-maker-reveal
score: 4
description: >-
"Money is a blunt instrument. Writing checks to early-stage entrepreneurs
is not a catalyst for their success." The venture studio philosophy and
why ...
link: >-
https://techcrunch.com/2023/08/16/founders-factory-africa-to-deploy-114m-using-learnings-from-past-programs/
- name: Sam Sturm interview
category: decision-maker-reveal
score: 4
description: >-
Deep dive into the venture studio model, how the team evaluates founders
for the Build programme, and what co-creation looks like in practice.
link: >-
https://medium.com/venture-studio-insider/insider-founders-factory-africa-with-sam-sturm-part-one-66a4eb5bf0a3
- name: RxAll investment announcement
category: practice-artifact
score: 4
description: >-
Adebayo Alonge received $300K plus tailored support for pharmaceutical
authentication technology. Shows the combination of capital and hands-on
ventur...
link: >-
https://www.foundersfactory.africa/news/founders-factory-africa-invests-in-healthtech-startup-rxall
- name: 'Boye Oshinaga: From Founder to VC and Back'
category: practice-artifact
score: 4
description: >-
A founder who joined the team as Venture Partner and later returned to
building. Provides the most candid insider account of how the evaluation
proces...
link: >-
https://medium.com/@boyeoshinaga/from-founder-to-vc-and-back-my-journey-with-founders-factory-africa-6a39c58b6a3d
- name: Apply online
category: pipeline-pathway
score: 3
description: >-
. Rolling applications. Three-stage selection: application form, 30-minute
chat, 1-hour panel. **Important: verify current opera
link: 'https://www.foundersfactory.africa/apply'
- name: Build programme
category: pipeline-pathway
score: 3
description: >-
Venture studio model for ideation and MVP stage. The team evaluates for
resilience, commercial intuition, collaborative approach, and high-risk
tolera...
- name: Scale programme
category: pipeline-pathway
score: 3
description: >-
6-month accelerator for companies with product in market, validated
revenue model, and 6-month minimum runway.
portfolioSectorSplit:
Fintech: 40
Healthtech: 20
Logistics: 20
AI-ML: 10
Agritech: 10
portfolioModelSplit:
Subscription/SaaS: 15
Transaction/Marketplace: 40
Enterprise contracts/Licensing: 25
Direct sales/Commerce: 10
Hardware/Devices: 10
portfolioGeographySplit:
South Africa: 35
Kenya: 20
Nigeria: 30
Uganda: 5
Ghana: 5
Tunisia: 5
portfolioTotalCount: 20
portfolioClassifiedCount: 20
portfolioUnclassifiedCount: 0
---
## Overview
Founders Factory Africa launched in 2018 as a joint accelerator, venture studio, and early-stage VC based in Johannesburg. It was co-founded by Roo Rogers, Alina Truhina, and Sam Sturm as an African offshoot of London's Founders Factory. The model was distinctive: three tracks running in parallel. The Scale Program invested in existing startups and paired them with corporate partners. The Venture Studio employed 40+ venture builders who co-created products in-house, testing and validating ideas before spinning them out. And the Gen F EIR Program gave aspiring founders a 12-week Venture Design Studio with a monthly stipend and experimentation budget. Corporate partners including Standard Bank, Netcare, Old Mutual, and Absa provided both capital and market access. By 2023, FFA had supported 55+ ventures across 10 African countries and raised $114M, led by Mastercard Foundation and Johnson & Johnson Impact Ventures.
In August 2024, the organization rebranded to 54 Collective (named for Africa's 54 countries), positioning itself as a fully-fledged VC firm with a dedicated $40M fund and a $107M "Venture Success Platform." The rebrand, however, became the beginning of the end. Mastercard Foundation flagged that approximately $689K of restricted grant funds had been spent on the rebrand without prior approval. A Deloitte forensic audit commissioned in late 2024 uncovered deeper issues: no audited financials for 2023 or 2024, over 2,000 backdated journal entries, and $4.59M transferred from the nonprofit entity to an FFA-controlled account. In January 2025, Mastercard Foundation terminated the grant agreement and demanded repayment of misused funds.
What followed was swift and painful. Over 40 employees were laid off in February 2025, reportedly without severance. The venture studio shut down. When Africa Founders Ventures (the South African nonprofit that held the grant) placed itself into business rescue days before the grant expiry in April 2025, Mastercard Foundation went to court to block the move and force liquidation. In July 2025, a South Gauteng High Court judge granted a provisional liquidation order, calling the business rescue filing "a blatant disregard for the law." In May 2026, the court confirmed the order was not appealable, and the entity was formally dissolved. The $40M VC fund (UAF1) reportedly operates separately and may still be active, but the programs that defined Founders Factory Africa, the hands-on venture building, the corporate partnerships, the EIR track, are gone.
---
## How to Get In
You cannot. The accelerator, venture studio, and EIR programs are no longer operational. The website may still be live, but do not invest time in an application.
If you were drawn to the FFA model, here is where to redirect your energy:
- **For venture studio support:** Look at Catalyst Fund, Antler Africa, or Norrsken Accelerator
- **For corporate-backed acceleration:** Explore Google for Startups Accelerator Africa, Microsoft for Startups, or the Standard Bank Tutuwa Community Foundation programs
- **For the Johannesburg ecosystem specifically:** Connect with Knife Capital, HAVAIC, or Naspers Foundry
- **If the $40M VC fund is still active:** Monitor 54collective.vc for updates, but verify independently before engaging. Warm introductions through former FFA portfolio founders would be the path in.
---
## Best Advice
1. **The FFA story is a cautionary tale about grant-funded venture building.** When a single funder holds the majority of your runway, their withdrawal can be existential. As you build your own startup, diversify your funding sources early.
2. **Former FFA portfolio companies still exist and many are thriving.** If you are building in a similar space, connect with founders from companies like Zuri Health, Paymenow, BuuPass, or Envisionit Deep AI. The alumni network outlives the institution.
3. **The venture studio model itself is not dead in Africa.** If you want co-building support rather than just capital, look at organizations that own their funding structure rather than depending on philanthropic grants.
4. **Do your diligence on any fund or accelerator.** Check whether they have audited financials, understand where their capital comes from, and talk to portfolio founders about their actual experience.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- unusually well-documented for an Africa venture studio, with published product-market fit frameworks, detailed co-founder interviews, and a former founder-turned-venture-partner essay that reveals the internal evaluation process. Note: the entity rebranded to 54 Collective in August 2024 and the operating entity entered liquidation in July 2025 following a dispute with Mastercard Foundation. The $40M VC fund may continue independently, but current operational status should be verified before applying.
> **Start here:** Read [A Systematic Tool to Help African Startups Find Product-Market Fit (Medium)](https://medium.com/founders-factory-africa/a-systematic-tool-to-help-african-startups-find-product-market-fit-5ed089f26fa8) (the published Traction Framework targets >60% organic acquisition, >50% DAU/MAU, >40% retention), then read [Boye Oshinaga: From Founder to VC and Back (Medium)](https://medium.com/@boyeoshinaga/from-founder-to-vc-and-back-my-journey-with-founders-factory-africa-6a39c58b6a3d) (a founder who joined as Venture Partner and describes the internal evaluation frameworks from both sides). Those two resources show you the quantitative bar for product-market fit and what the team looks for from the inside.
### How the portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Model** | Venture studio + VC fund hybrid. Three programmes: Build (venture studio), Scale (6-month accelerator), Gen F EIR (12-week sprint). Cheques of $40K to $250K equity (5-15% via SAFEs) plus up to $150K non-dilutive at 5% interest. Valuation caps: pre-seed $10M, seed $4M, Series A $15M. | The venture studio model means the team does not just invest, they co-build. If you want hands-on product and technical support alongside capital, that is the value proposition. If you want a passive investor, this is not the right fit. |
| **Geography** | 55+ companies across 11+ African countries, heaviest in Nigeria, South Africa, and Kenya. Standard Bank was the anchor corporate partner. | The Standard Bank relationship provided distribution channels and corporate partnership opportunities for portfolio companies. Verify whether this partnership continues post-restructuring. |
| **Sector** | Fintech, healthtech, agritech (core), expanding to logistics, edtech, insurtech, cleantech. | The sector coverage is broad but the evaluation bar is specific: the published Traction Framework sets quantitative thresholds for product-market fit that your company needs to meet or credibly project toward. |
| **Traction Framework** | Published benchmarks: >60% organic acquisition, >50% DAU/MAU ratio, >40% retention rate. Scale programme requires product in market, validated revenue model, 3-year financials, and 6-month minimum runway. | These numbers are your preparation checklist. If your metrics are at or near these thresholds, lead with them. If they are not, show a clear trajectory toward hitting them within the programme timeframe. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Bongani Sithole** (CEO) | "We invest early at a time when most people would rather not look because it's risky." The leadership perspective on early-stage risk in African markets. | [TechCabal: Rebrand to 54 Collective](https://techcabal.com/2024/08/07/founders-factory-africa-rebrands/) |
| **Alina Truhina** (Co-Founder, CSO) | "Money is a blunt instrument. Writing checks to early-stage entrepreneurs is not a catalyst for their success." The venture studio philosophy and why operational support matters more than capital alone. | [TechCrunch: $114M deployment](https://techcrunch.com/2023/08/16/founders-factory-africa-to-deploy-114m-using-learnings-from-past-programs/) |
| **Sam Sturm** (Co-Founder, Chief Venture Architect) | Deep dive into the venture studio model, how the team evaluates founders for the Build programme, and what co-creation looks like in practice. | [Medium: Venture Studio Insider (Part 1)](https://medium.com/venture-studio-insider/insider-founders-factory-africa-with-sam-sturm-part-one-66a4eb5bf0a3) |
### Learn from funded portfolio companies
| Resource | Why it matters |
|----------|---------------|
| [RxAll investment announcement](https://www.foundersfactory.africa/news/founders-factory-africa-invests-in-healthtech-startup-rxall) | Adebayo Alonge received $300K plus tailored support for pharmaceutical authentication technology. Shows the combination of capital and hands-on venture studio support. |
| [Boye Oshinaga: From Founder to VC and Back](https://medium.com/@boyeoshinaga/from-founder-to-vc-and-back-my-journey-with-founders-factory-africa-6a39c58b6a3d) | A founder who joined the team as Venture Partner and later returned to building. Provides the most candid insider account of how the evaluation process works. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Apply online** | [foundersfactory.africa/apply](https://www.foundersfactory.africa/apply). Rolling applications. Three-stage selection: application form, 30-minute chat, 1-hour panel. **Important: verify current operational status before applying, given the July 2025 liquidation of the operating entity.** |
| **Build programme** | Venture studio model for ideation and MVP stage. The team evaluates for resilience, commercial intuition, collaborative approach, and high-risk tolerance. |
| **Scale programme** | 6-month accelerator for companies with product in market, validated revenue model, and 6-month minimum runway. |
### What you can't find
The operational status post-July 2025 liquidation is unclear. The $40M UAF1 VC fund may survive independently of the operating entity, but this has not been publicly confirmed. Portfolio return data (IRR, MOIC) is not published. LP terms beyond backer names are not disclosed. The Mastercard Foundation grant dispute details are contested (Sithole denies breach). Diversity data beyond "20%+ women-founded" is not available.
---
## Pitch Format
The FFA application historically required a pitch deck covering problem, solution, market size, business model, traction, team, and ask. Corporate partners relevant to your sector would sit in on the pitch alongside the FFA investment team.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Paymenow | South Africa | Earned wage access platform | Seed (secured $22.5M Standard Bank facility) | 2020 |
| Zuri Health | Kenya | Digital healthcare via USSD consultations, home labs, medication delivery | Seed | 2021 |
| LipaLater | Nigeria | Buy Now Pay Later across 550+ merchants | Seed | 2020 |
| BuuPass | Kenya | Full-stack transport marketplace for bus ticketing | Seed | 2021 |
| Envisionit Deep AI | South Africa | AI-powered medical imaging diagnosis | Seed | 2020 |
| Floatpays | South Africa | Early-wage access platform for employers | Seed | 2020 |
| Asaak | Uganda | Asset financing and credit scoring for motorcycle riders | Pre-Seed | 2019 |
| Zazuu | Nigeria | Remittance comparison marketplace for Sub-Saharan Africa | Seed | 2021 |
| Zindi | South Africa | Data science competition platform and AI talent matching | Pre-Seed | 2020 |
| Tripplo | South Africa | End-to-end logistics management platform | Seed | 2021 |
| TUNL | South Africa | Tech-enabled courier service for parcel exports from Africa | Pre-Seed | 2021 |
| MVX | Nigeria | Maritime logistics and trade finance | Seed | 2022 |
| Infiuss Health | Nigeria | Participant recruitment for remote clinical trials | Seed | 2022 |
| Synnefa | Kenya | Smart farming with solar IoT greenhouses and irrigation | Pre-Seed | 2021 |
| Aya Data | Ghana | B2B AI data solutions | Seed ($900K oversubscribed) | 2024 |
| Scale | South Africa | Issuer orchestration and payments infrastructure | Pre-Seed ($700K) | 2024 |
| Konnect | Tunisia | Payment orchestration | Seed ($1.3M from 54 Collective) | 2024 |
| My Cover.ai | Nigeria | Open insurance API for Africa | Pre-Seed | 2021 |
| RxAll | Nigeria | AI pharmaceutical authentication | Seed | 2020 |
| Shamba Pride | Kenya | Online-to-offline platform for smallholder farmers | Pre-Seed | 2021 |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Roo Rogers | Co-Founder, Executive Chairman | [LinkedIn](https://www.linkedin.com/in/roorogers/) | @roorogershello |
| Bongani Sithole | Co-Founder, CEO | -- | -- |
| Alina Truhina | Co-Founder, CSO | -- | -- |
| Sam Sturm | Co-Founder, Chief Portfolio Officer | -- | -- |
---
## Cross-References
- **Track your fundraising metrics** -> [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** -> [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** -> [Fund Directory](/founder-stack/funds)
---
## Sources
- [TechCabal: Founders Factory Africa Rebrands to 54 Collective](https://techcabal.com/2024/08/07/founders-factory-africa-rebrands/) (Aug 2024)
- [Disrupt Africa: 54 Collective Shuts Down Venture Studio](https://disruptafrica.com/2025/07/23/54-collective-formerly-founders-factory-africa-shuts-down-venture-studio-amid-mastercard-foundation-dispute/) (Jul 2025)
- [TechCabal: Bongani Sithole Response](https://techcabal.com/2025/07/22/mastercard-foundations-agreement-was-not-terminated-due-to-a-breach-bongani-sithole-54-collectives-ceo/) (Jul 2025)
- [WeeTracker: 54 Collective Rebrand Scandal Investigation](https://weetracker.com/2025/07/22/54-collective-rebrand-scandal/) (Jul 2025)
- [LaunchBase Africa: Inside Story of the $106M Loss](https://launchbaseafrica.com/2025/07/22/an-abuse-of-process-the-inside-story-of-how-54-collective-lost-its-106m-fund/) (Jul 2025)
- [LaunchBase Africa: Final Liquidation Confirmed](https://launchbaseafrica.com/2026/05/15/appeal-dismissed-liquidation-confirmed-court-delivers-final-blow-to-mastercard-backed-106m-african-startup-fund/) (May 2026)
- [Kenyan Wall Street: 54 Collective CEO Interview](https://kenyanwallstreet.com/54-collective-ceo-on-rebrand-state-of-vc-startups-and-smes) (2024)
- [Founders Factory Africa Portfolio](https://www.foundersfactory.africa/portfolio)
- [54 Collective Portfolio](https://54collective.vc/portfolio/)
---
---
name: Framework Ventures
slug: framework-ventures
buildTypes: ["DeFi-trading-lending", "Stablecoin-payments", "Infra-protocol", "Hardware-DePIN", "RWA-tokenization"]
thesis: 'A high-conviction lead investor across emerging technology, including blockchain, AI, robotics, fintech and energy, that builds alongside its portfolio through its own Framework Labs operating arm rather than investing passively.'
website: 'https://www.framework.ventures'
apply: 'Fund: email hello@framework.ventures or use the site contact form. At a $5M minimum check, come with a forming round and real metrics; this is a lead-investor conversation, not a first check.'
region: 'Global'
hq: 'San Francisco, California, USA'
sectors:
- DeFi
- Payments-Stablecoins
- Infrastructure
- Developer-Tooling
- DePIN
- RWA
sectorsNote: 'Splits below are computed from the 13 companies (of 16 named on Framework''s own portfolio page) we could confidently sector-tag as crypto-native; 3 (Meanwhile, MECKA AI, Odyn) are non-crypto or too thin on public detail to classify and are excluded.'
stage:
- Series A
- Series B+
- Growth
chequeMin: 5000000
chequeMax: 50000000
chequeDisplay: '$5M-$50M per deal (verified on site); Fund IV closed at $400M in June 2026'
chains:
- Ethereum
- Solana
- Hyperliquid
- Chain-agnostic
format: 'Application form'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '1'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Full portfolio page
category: portfolio-pattern
score: 4
description: >-
Names 16 current positions directly (Aave, Chainlink, Hyperliquid,
Jito Labs, Maple, Plasma, Sky and others), letting you find your
closest analogue rather than guessing from press coverage.
link: 'https://www.framework.ventures/portfolio'
- name: Fund IV close coverage
category: evaluation-framework
score: 4
description: >-
Confirms the $400M Fund IV close in June 2026 and the firm's stated
expansion beyond pure crypto into frontier technology broadly (AI,
robotics, energy), which reframes what "on-thesis" means for a 2026
pitch.
link: 'https://fortune.com/2026/06/26/framework-ventures-fourth-fund-400-million-frontier-technology-vance-spencer-michael-anderson/'
- name: Team page
category: decision-maker-reveal
score: 3
description: >-
Names Co-Founders Vance Spencer and Michael Anderson alongside
General Partner Rajiv Patel-O'Connor and Partners Parker Edwards,
Ryan Barney and Nick Trileski, useful for routing a pitch by sector.
link: 'https://www.framework.ventures/team'
- name: Direct founder email
category: pipeline-pathway
score: 4
description: >-
hello@framework.ventures is stated on-site as the channel for
founders proposing partnerships, distinct from investor relations
and press contacts.
link: 'https://www.framework.ventures/contact'
portfolioSectorSplit:
DeFi: 30
Infrastructure: 23
Payments-Stablecoins: 23
Developer-Tooling: 8
DePIN: 8
RWA: 8
portfolioChainSplit:
Chain-agnostic: 31
Ethereum: 23
Multi-chain: 23
Solana: 15
Hyperliquid: 8
portfolioTotalCount: 16
portfolioClassifiedCount: 13
portfolioUnclassifiedCount: 3
---
> **How to use this page:** Framework Ventures writes some of the largest checks in this directory ($5M-$50M) out of a fresh $400M fourth fund, and it now explicitly invests beyond pure crypto into AI, robotics and energy. Read Section E for the direct-email path, and note that this is realistically a Series A-and-later conversation unless you already have a lead-worthy round forming.
---
## A. Header Block
- **Fund name:** Framework Ventures
- **One-line thesis:** A high-conviction lead investor across blockchain, AI, robotics, fintech and energy, building alongside its portfolio via Framework Labs.
- **Website:** [framework.ventures](https://www.framework.ventures)
- **CTA:** Email hello@framework.ventures (see [framework.ventures/contact](https://www.framework.ventures/contact))
| Tag | Detail |
|-----|--------|
| Region | Global (San Francisco) |
| Format | Application form / direct email |
| Sectors | DeFi, stablecoins and payments, infrastructure, developer tooling, DePIN, RWA |
| Stage | Series A through Growth |
| Cheque Size | $5M-$50M per deal |
| Admissions | Rolling |
---
## C. Overview
Framework Ventures is a San Francisco-based crypto and frontier-technology fund co-founded by Vance Spencer and Michael Anderson, known for taking high-conviction lead positions and building alongside portfolio companies through its own Framework Labs operating arm rather than investing passively. The firm closed its fourth fund at $400 million in June 2026, and public coverage of that raise confirms the firm is explicitly expanding its mandate beyond pure crypto into AI, robotics and energy, a meaningful shift for founders deciding whether their pitch is on-thesis.
The firm's check size, $5 million to $50 million per deal, places it among the largest available leads in this directory, realistically a Series A-and-later conversation for most founders rather than a first check. Its named portfolio spans core DeFi (Aave, Maple, Sky), infrastructure (Chainlink, Jito Labs), and a growing stablecoin and payments cluster (Obex, Plasma, USD.ai), alongside newer positions in AI and robotics that sit outside the crypto sector vocabulary entirely (Meanwhile, MECKA AI).
There is no accelerator or cohort. Founders reach the fund through hello@framework.ventures or the site's contact form, with the firm distinguishing that channel clearly from its investor-relations and press contacts.
**Key stats:**
- Fund IV: $400M, closed June 2026
- Check size: $5M-$50M per deal
- 16 named current portfolio positions
- Firm now explicitly invests beyond pure crypto into AI, robotics and energy
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Vance Spencer | Co-Founder | [framework.ventures/team](https://www.framework.ventures/team) |
| Michael Anderson | Co-Founder | [framework.ventures/team](https://www.framework.ventures/team) |
| Rajiv Patel-O'Connor | General Partner | [framework.ventures/team](https://www.framework.ventures/team) |
| Adam Badrawi | Partner, Head of Investor Relations and Global Communications | [framework.ventures/team](https://www.framework.ventures/team) |
| Parker Edwards | Partner | [framework.ventures/team](https://www.framework.ventures/team) |
| Ryan Barney | Partner | [framework.ventures/team](https://www.framework.ventures/team) |
| Nick Trileski | Partner | [framework.ventures/team](https://www.framework.ventures/team) |
Individual X and LinkedIn handles were not independently confirmed on the pages fetched, so we link the team page rather than guess.
---
## E. How to Get In: Step-by-Step Application Process
1. **Confirm you fit the widened mandate.** As of Fund IV, Framework explicitly invests beyond pure crypto into AI, robotics, fintech and energy. If you are crypto-native, be specific about the mechanism; if you are AI or deep-tech adjacent with a crypto angle, say so directly.
2. **Email hello@framework.ventures or use the site contact form.** This is the stated founder channel, separate from investor relations (investorrelations@framework.ventures) and press (adam@framework.ventures).
3. **Come with a round that justifies a $5M-$50M lead.** This is not a pre-seed or small-seed check; have metrics, a forming syndicate, and a clear reason Framework should lead rather than follow.
4. **Reference the closest portfolio analogue.** Use the [portfolio page](https://www.framework.ventures/portfolio) to find the company nearest yours (Obex for stablecoin infrastructure, Jito Labs for Solana-native infrastructure, Sky or Aave for DeFi) and frame your pitch relative to it.
5. **Be ready to discuss building alongside the firm.** Because Framework Labs operates as a genuine build partner, not just a check-writer, expect questions about how much operational support you want and whether that fits your team's approach.
**Timeline:** Not published. Given the check size and lead-investor posture, expect a standard multi-week partner-engagement process once a partner responds.
---
## F. Best Advice from Founders
**This is a lead check, not a first check.** At $5M-$50M, founders report that having a round already forming, with metrics that justify a lead position, gets a faster and more serious read than an early exploratory conversation.
**The widened mandate is real.** Fund IV's explicit move into AI, robotics and energy means crypto founders should not assume they are competing only against other crypto pitches for partner attention; frame why crypto-native mechanics specifically matter for your problem.
**Framework Labs means real operational involvement.** Founders considering Framework should expect and plan for a genuinely hands-on investor, not a passive board seat.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. Fund size, check range and a real portfolio list are public; screening rubric and timeline are not.
> **Start here:** Read the [Fund IV coverage](https://fortune.com/2026/06/26/framework-ventures-fourth-fund-400-million-frontier-technology-vance-spencer-michael-anderson/) to understand the widened mandate, then the [portfolio page](https://www.framework.ventures/portfolio) to find your closest analogue before emailing hello@framework.ventures.
### How Framework's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **DeFi remains the largest bucket** | Of the 13 crypto-native companies we could classify, 30% are DeFi (Aave, Hyperliquid, Maple, Sky). | Established DeFi market structure with real usage is a proven pattern, not a legacy bet the firm has moved away from. |
| **Stablecoins and payments are a real emerging cluster** | 23% are payments/stablecoin infrastructure (Obex, Plasma, USD.ai), reflecting 2026's broader stablecoin narrative. | A stablecoin-infrastructure pitch is squarely on-thesis and timely. |
| **Chain-agnostic and multi-chain lead, with real Solana and Hyperliquid exposure** | 31% chain-agnostic, 23% multi-chain, 15% Solana, 8% Hyperliquid. | Framework is not Ethereum-exclusive; a Solana-native (Jito Labs) or Hyperliquid-native pitch has direct portfolio precedent. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Vance Spencer & Michael Anderson** (Co-Founders) | Set the firm's high-conviction, build-alongside posture and its public voice on DeFi and stablecoins. | [Team page](https://www.framework.ventures/team) |
| **Rajiv Patel-O'Connor** (General Partner) | Likely runs day-to-day deal sourcing alongside the founders. | [Team page](https://www.framework.ventures/team) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct email** | hello@framework.ventures, the stated founder channel (see [framework.ventures/contact](https://www.framework.ventures/contact)). |
| **Portfolio founder intro** | A founder from Obex, Jito Labs, Maple or another portfolio company can accelerate a first read. |
| **Lead-round positioning** | Come with a forming round and a specific ask for Framework to lead, given its check size and stated posture. |
### What you can't find
Framework does not publish a screening rubric or a stated timeline. Three named portfolio companies (Meanwhile, MECKA AI, Odyn) are either explicitly non-crypto (AI/robotics) or had too little public detail for us to sector-tag within the web3 vocabulary, so they are excluded from the splits above.
---
## G. Pitch Format Framework Ventures Expects
- Direct email or contact-form submission with deck and metrics
- A round already forming, sized for a $5M-$50M lead check
- Clear DeFi, stablecoin/payments or infrastructure market-structure thesis
- Openness to a genuinely operational investor relationship via Framework Labs
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Companies named on [Framework's own portfolio page](https://www.framework.ventures/portfolio). Sector and chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Aave | Lending protocol | DeFi | Ethereum |
| Chainlink | Oracle network | Infrastructure | Multi-chain |
| Hyperliquid | Perpetuals exchange chain | DeFi | Hyperliquid |
| Jito Labs | MEV and liquid restaking infrastructure | Infrastructure | Solana |
| Maple | Onchain credit and lending | DeFi | Ethereum |
| Sky | Decentralized stablecoin protocol (formerly MakerDAO) | DeFi | Ethereum |
| Cantina | Smart contract security marketplace | Developer-Tooling | Multi-chain |
| Daylight | Energy-focused DePIN network | DePIN | Multi-chain |
| Dflow | Order flow auction protocol | Infrastructure | Solana |
| Obex | Stablecoin accelerator ($2.5B mandate) | Payments-Stablecoins | Chain-agnostic |
| Plasma | Stablecoin-focused layer 1 | Payments-Stablecoins | Chain-agnostic |
| Uranium Digital | Tokenized uranium trading platform | RWA | Chain-agnostic |
| USD.ai | AI-linked stablecoin infrastructure | Payments-Stablecoins | Chain-agnostic |
Also named on the portfolio page but excluded from the classification above: Meanwhile (AI/software, non-crypto), MECKA AI (robotics, non-crypto), Odyn (insufficient public detail).
---
## I. Ecosystem Connections
- **Ethereum:** the deepest DeFi ties (Aave, Maple, Sky), reflecting the firm's original DeFi heritage.
- **Solana:** confirmed positions in Jito Labs and Dflow give Framework real Solana infrastructure exposure.
- **Hyperliquid:** a direct position in Hyperliquid itself, making Framework one of the few tier-1 funds in this directory with confirmed Hyperliquid ecosystem exposure.
- **Stablecoins broadly:** three separate positions (Obex, Plasma, USD.ai) make Framework one of the more concentrated stablecoin-infrastructure bets among tier-1 funds here.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Token warrant or SAFE plus token?** [Compliance guide](/founder-stack/compliance)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Framework Ventures homepage](https://www.framework.ventures)
- [Framework Ventures portfolio page](https://www.framework.ventures/portfolio)
- [Framework Ventures team page](https://www.framework.ventures/team)
- [Framework Ventures contact page](https://www.framework.ventures/contact)
- [Framework Ventures raises $400 million for fourth fund as firm expands beyond crypto, Fortune](https://fortune.com/2026/06/26/framework-ventures-fourth-fund-400-million-frontier-technology-vance-spencer-michael-anderson/)
- [Framework Ventures, RIA profile, San Francisco, CA, FinTRX](https://fintrx.com/firms/firm/framework-ventures-314038)
---
---
name: Frictionless Capital
slug: frictionless-capital
buildTypes: ["Hardware-DePIN", "Infra-protocol", "Neobank/wallet"]
thesis: 'We back technical founders who implement their insights, execute without noise, and build with precision. Capital is a commodity; Frictionless gets in the trenches with founders from day one, exclusively on Solana.'
website: 'https://frictionless.capital'
apply: 'Email hello@frictionless.capital directly. No public form.'
region: 'Global'
hq: 'Not disclosed'
sectors:
- Infrastructure
- DePIN
- Consumer
- DeFi
stage:
- Pre-Seed
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: ''
chains:
- Solana
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '3'
lastVerified: '2026-09-09'
edgeRating: edge-sparse
edgeResources:
- name: Direct email hello@frictionless.capital
category: pipeline-pathway
score: 4
description: >-
A real, verified inbox rather than a generic contact page. Small funds
that publish a specific email tend to read what lands there.
link: 'https://frictionless.capital'
- name: Frictionless research and podcast
category: pattern-trainer
score: 4
description: >-
The fund publishes Solana-specific research, including a piece making
the case for Solana as a platform. Referencing a specific argument in
your outreach signals you did the reading.
link: 'https://frictionless.capital'
- name: Frictionless portfolio (Pipe Network, DoubleZero, Backpack)
category: portfolio-pattern
score: 3
description: >-
All three named companies are Solana infrastructure or consumer
products with technical depth: a CDN, a networking layer, and an
exchange-plus-wallet.
link: 'https://frictionless.capital'
- name: GPs Logan Jastremski and Diego Perez De Ayala on X
category: decision-maker-reveal
score: 3
description: >-
Both partners are publicly identifiable and active on X. A specific,
substantive reply to their commentary is a reasonable warm-up before a
cold email.
link: 'https://frictionless.capital'
portfolioSectorSplit:
DePIN: 33
Infrastructure: 33
Consumer: 34
portfolioChainSplit:
Solana: 100
portfolioTotalCount: 3
portfolioClassifiedCount: 3
portfolioUnclassifiedCount: 0
---
> **How to use this page:** Frictionless is a small, Solana-exclusive fund with a real email address and no application form to hide behind, which makes it a fast yes-or-no test for a Solana-native technical founder. If you have a repo, an architecture diagram and a reason your product needs Solana specifically, this is a same-day email to send.
---
## A. Header Block
- **Fund name:** Frictionless Capital
- **One-line thesis:** "We back technical founders who implement their insights, execute without noise, and build with precision."
- **Website:** [frictionless.capital](https://frictionless.capital)
- **CTA:** Email [hello@frictionless.capital](https://frictionless.capital)
| Tag | Detail |
|-----|--------|
| Region | Global |
| Format | Direct outreach |
| Sectors | Infrastructure, DePIN, consumer, DeFi |
| Stage | Pre-Seed, Seed |
| Cheque Size | Not disclosed |
| Admissions | Rolling |
---
## C. Overview
Frictionless Capital is a small, Solana-exclusive fund run by Logan Jastremski and Diego Perez De Ayala. Its public writing, including a piece titled "Making the Case for Solana," is unambiguous about the chain bet: this fund only invests where Solana is the platform, not a chain-agnostic option among several.
The stated thesis leans hard on technical founders over narrative: "capital is a commodity," and the fund frames its value as getting into the trenches with founders from day one rather than writing a check and disappearing. The three named portfolio companies back that up. Pipe Network is a decentralized CDN, DoubleZero is Solana networking infrastructure, and Backpack is an exchange-and-wallet consumer product. All three are technically dense, Solana-native, and infrastructure-adjacent even where they touch consumers.
There is no public application form. The fund publishes a direct email, hello@frictionless.capital, and runs a podcast and research output that functions as its public voice. Stage and cheque size are not stated on the site; the stage classification here is inferred from the portfolio's early-stage character rather than a published policy.
**Key stats:**
- 3 named portfolio companies, all Solana-native
- Solana-exclusive investment mandate, stated explicitly
- Direct email contact, no form
- Publishes research and a podcast as its public voice
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Logan Jastremski | Co-founder | [frictionless.capital](https://frictionless.capital) |
| Diego Perez De Ayala | Co-founder | [frictionless.capital](https://frictionless.capital) |
Fund handle: [@FrictionlessVC on X](https://frictionless.capital). Individual X handles were not independently verified in this session; search each name directly.
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Confirm the chain match first
Frictionless is Solana-exclusive. If you are not building on Solana, this fund is not a fit regardless of the rest of your pitch, and you should not spend the outreach.
#### Step 2: Read their research before writing your email
The fund publishes research, including a Solana thesis piece, and runs a podcast. Reference a specific argument or episode in your opening line. This fund explicitly positions itself as technical-founder-to-technical-founder, and showing you engaged with their published thinking is the fastest way to signal you belong in that category.
#### Step 3: Lead with a repo or architecture diagram, not a deck
Because the fund frames itself as backing founders who "implement their insights," a link to working code or a clear technical diagram will outperform a polished narrative deck in the first email. Keep the note to two paragraphs: what you built on Solana, why it needs Solana specifically, and one hard metric.
#### Step 4: Email hello@frictionless.capital directly
There is no form. Send the email described above. If you have Colosseum hackathon placement or another Solana-ecosystem credential, mention it; it is a strong, widely recognized signal across every Solana-native micro fund in this directory, this one included.
#### Step 5: Terms
Cheque size, instrument and stage are not disclosed on the site. Treat this as a conversation to establish rather than a known quantity going in.
**Tips that matter here:**
- A repo link outperforms a deck here. This fund positions itself as technical founders backing technical founders.
- Colosseum placement, an ETHGlobal-style hackathon win, or a live Solana Foundation grant is a strong credibility signal to lead with.
- Keep the first email short. The fund's own language, "execute without noise," is a reasonable style guide for how to write to them.
---
## F. Best Advice from Founders
No public founder accounts of the Frictionless process were found in this session. The clearest guidance available is the fund's own stated identity: technical, Solana-only, and allergic to noise. Write accordingly.
---
## Contextual Edge
**Preparation rating:** Edge-sparse. Frictionless states its thesis and chain focus clearly and publishes a real contact email, but cheque size, stage policy, response times and selection criteria beyond the thesis statement are not published.
> **Start here:** Read the Frictionless research piece on Solana, then draft a two-paragraph email that opens by referencing it directly, followed by what you built and why it needs Solana.
### How Frictionless's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Solana infrastructure and networking** | Pipe Network (CDN) and DoubleZero (networking) are two of three named companies. | Deep infrastructure, not application-layer products, is the strongest visible pattern. |
| **Consumer with technical depth** | Backpack combines an exchange and a wallet, both technically demanding products. | Consumer products can fit if the underlying engineering is serious, not a thin wrapper. |
| **100% Solana** | All three named companies are Solana-native. | This fund is a hard chain gate, not a soft preference. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Logan Jastremski** (Co-founder) | Public commentary on Solana infrastructure and ecosystem direction. | [frictionless.capital](https://frictionless.capital) |
| **Diego Perez De Ayala** (Co-founder) | Public commentary alongside Jastremski; both partners are the fund's public face. | [frictionless.capital](https://frictionless.capital) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct email** | hello@frictionless.capital. The verified, intended contact path. |
| **Podcast or research engagement** | Substantive engagement with their published research before you email. |
| **Colosseum or Solana ecosystem credential** | A hackathon placement or grant history is a recognized signal across Solana-native micro funds, this one included. |
### What you can't find
Frictionless does not publish a cheque range, stage policy, response times, selection criteria beyond its stated thesis, or a full team page. Location (city or country) was not stated on the site.
---
## G. Pitch Format Frictionless Expects
- A short email, not a deck-first pitch: two paragraphs is enough for the first touch
- A repo link or architecture diagram over narrative slides
- One hard metric and an explicit reason the product needs Solana specifically
- A reference to the fund's own published research, if relevant to your product
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
The three companies named on [frictionless.capital](https://frictionless.capital). Sector and chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Pipe Network | Decentralized content delivery network | DePIN | Solana |
| DoubleZero | Networking infrastructure for validators and RPC providers | Infrastructure | Solana |
| Backpack | Exchange and self-custody wallet | Consumer | Solana |
---
## I. Ecosystem Connections
- **Solana:** the fund's entire mandate. All three named portfolio companies are Solana-native infrastructure or consumer products.
- **Colosseum:** no formal tie, but a Colosseum hackathon placement is explicitly cited by the corpus as a strong signal for every Solana-native micro fund, and this fund fits that pattern.
- **Hackathons:** treat any Solana-specific hackathon win as directly relevant supporting evidence in your first email.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Compare against another Solana-native micro fund:** [Big Brain Holdings](/funds/big-brain-holdings)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Frictionless Capital homepage](https://frictionless.capital)
---
---
name: Future Africa
slug: future-africa
buildTypes: ["Payments-processing", "Lending-credit", "Agritech", "Logistics-supplychain", "Proptech"]
thesis: >-
Build for the 94% -- technology-driven solutions that address significant
challenges faced by the African majority.
website: 'https://www.future.africa/'
apply: 'https://www.future.africa/'
region: Pan-African
hq: 'Lagos, Nigeria'
sectors:
- Sector-agnostic
stage:
- Pre-Seed
- Seed
chequeMin: 50000
chequeMax: 150000
chequeDisplay: ~$50K -- $150K (initial); ~$110K (follow-on)
format: Remote
admissions: Rolling
africaFocus: Yes -- Pan-African (10+ countries)
status: active
tier: '2'
lastVerified: '2026-07-24'
portfolioSectorSplit:
Fintech: 53
Agritech: 7
Logistics: 7
Climate: 13
AI-ML: 13
E-commerce: 7
portfolioModelSplit:
Direct sales/Commerce: 14
Enterprise contracts/Licensing: 13
Transaction/Marketplace: 40
Hardware/Devices: 20
Subscription/SaaS: 13
portfolioGeographySplit:
Nigeria: 47
Kenya: 33
Ghana: 7
South Africa: 13
portfolioTotalCount: 15
portfolioClassifiedCount: 15
portfolioUnclassifiedCount: 0
logo: "/funds/future-africa.png"
---
## Overview
Future Africa is a Lagos-based early-stage venture firm founded by Iyinoluwa "Iyin" Aboyeji, the co-founder of both Andela and Flutterwave. The firm writes small, early cheques into pre-seed and seed companies across Africa, and it's one of the most prolific investors on the continent by deal volume, with 100+ companies across 10 African countries.
Fund II deployed $9.7 million across 131 investments (including follow-ons) in 85 companies, with an average initial cheque of $54,000 and an average follow-on of $110,000. The fund reported a 123% IRR and 2.49x MOIC through 15 priced-up rounds, with portfolio companies collectively raising $347 million in follow-on funding from investors including Sequoia, Tiger Global, Softbank, and IDG. 44% of portfolio companies were accepted into global accelerators like Y Combinator and Techstars. The firm started Nigeria-focused (85% of early investments) but has evolved to a pan-African mandate, with roughly 50% of recent investments made outside Nigeria.
---
## How to Get In
Submit your pitch through the website. Iyin Aboyeji is one of the most connected people in the African tech ecosystem, so warm introductions through his network, through portfolio founders, or through accelerator alumni networks carry real weight. The cheque sizes are small, which means the bar for entry is lower than larger funds, but the portfolio construction is high-volume, so you're competing for attention across a large pipeline.
---
## Best Advice
1. **You're pitching the operator's operator.** Iyin co-founded Andela and Flutterwave, so he's seen what building from zero in Africa actually looks like. Lead with what you've built and what you've learned from building it, not with market-size slides.
2. **"Build for the 94%" is the filter.** Future Africa's thesis centres on products that serve the African majority, not niche premium segments. If your product reaches mass-market users and solves a real infrastructure gap, you're aligned with what they look for.
3. **Small cheque, big network.** The real value of a Future Africa investment is not the $50-100K, it's access to a portfolio of 100+ African startups plus connections to Sequoia, Y Combinator, and Tiger Global through the firm's existing relationships. Frame your pitch around what you'd do with the network, not just the capital.
4. **Have a global accelerator plan.** With 44% of portfolio companies accepted into YC, Techstars, or Google Black Founders Fund, there's a clear pattern: Future Africa backs founders who are also pursuing global accelerator tracks alongside the investment.
---
## Pitch Format
Deck submission through the website. Include business model, market analysis, traction metrics, and team background. Given the small cheque sizes and high deal volume, the process moves relatively fast compared to larger funds.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do | Stage |
|---------|---------|-------------|-------|
| Moove | Nigeria | Revenue-based vehicle financing for ride-hail drivers | Seed |
| Releaf | Nigeria | Agricultural supply chain technology | Seed |
| Sudo Africa | Nigeria | Open API platform for card issuance and payments | Seed |
| Spleet | Nigeria | Flexible rental solutions and property management | Pre-Seed |
| Montra | Nigeria | Digital finance ecosystem for payments and credit | Seed |
| Sote | Kenya | Supply chain logistics and technology integration | Seed |
| Ndovu | Kenya | Investment platform for local and global markets | Pre-Seed |
| Novek | Kenya | IoT technology eliminating single-use plastics in FMCG | Pre-Seed |
| Caantin | Kenya | AI-powered customer service and sales support | Pre-Seed |
| Liquify | Ghana | Invoice financing marketplace for African exporters | Pre-Seed |
| Eldo | South Africa | Digital electricity service with renewable energy | Pre-Seed |
| Voyance | South Africa | Data science platform for building data solutions | Pre-Seed |
| Jumba | Kenya | Construction technology marketplace | Seed |
| Obtainly | Nigeria | B2B commerce financing for inventory and LPOs | Pre-Seed |
| TapReady | Nigeria | NFC-enabled contactless payment terminal technology | Pre-Seed |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Iyinoluwa Aboyeji | Partner | [linkedin.com/in/iaborisade](https://www.linkedin.com/in/iaborisade/) | [@iaborisade](https://twitter.com/iaborisade) |
| Mia von Koschitzky-Kimani | Partner | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Future Africa official website](https://www.future.africa/)
- [Future Africa Fund II in Review -- February 2023](https://www.future.africa/post/fund-ii-in-review-february-2023)
- [Future Africa: The Early Stage Founder's Guide -- SuperScout](https://superscout.co/investor/future-africa)
- [Future Africa portfolio companies](https://www.future.africa/companies)
---
---
name: Galaxy Ventures
slug: galaxy-ventures
buildTypes: ["Stablecoin-payments", "DeFi-trading-lending", "RWA-tokenization", "Infra-protocol"]
thesis: 'Backs early-stage companies developing critical infrastructure and applications for the onchain economy, with priority areas in stablecoins, payments, tokenization and the infrastructure that supports them.'
website: 'https://www.galaxy.com/ventures'
apply: 'No public application form found. Route in via a warm intro; the fund is co-led by Will Nuelle and Mike Giampapa.'
region: 'Global'
hq: 'New York, USA (Galaxy Digital HQ)'
sectors:
- Payments-Stablecoins
- DeFi
- Infrastructure
- RWA
sectorsNote: 'Splits below are computed from the 11 portfolio companies named in Galaxy''s own June 2025 press release announcing Fund I''s final close. Galaxy states it has backed 120-plus companies since 2018 (initially from the parent company''s balance sheet, before this dedicated fund existed), so this sample is a small fraction of the full portfolio; we could not fetch a browsable portfolio page from galaxy.com in this session.'
stage:
- Seed
- Series A
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed. Galaxy Ventures Fund I closed at over $175M in June 2025 (target was $150M, oversubscribed).'
chains:
- Chain-agnostic
- Bitcoin
- Ethereum
- Multi-chain
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '1'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Fund I close announcement
category: evaluation-framework
score: 5
description: >-
Galaxy's own press release on Fund I's final close names the fund
size ($175M+, oversubscribed against a $150M target), the priority
areas (stablecoins, payments, tokenization, supporting
infrastructure), the co-heads, and 11 portfolio companies. This is
the single best public document for understanding the fund's current
thesis.
link: 'https://www.prnewswire.com/news-releases/galaxy-announces-final-close-of-oversubscribed-galaxy-ventures-fund-i-at-over-175m-302491684.html'
- name: Named co-heads
category: decision-maker-reveal
score: 4
description: >-
Will Nuelle and Mike Giampapa are named as co-heads of Galaxy
Ventures, backed by a dedicated Ventures Platform function that
provides company-building resources and access to Galaxy's other
business lines.
link: 'https://www.prnewswire.com/news-releases/galaxy-announces-final-close-of-oversubscribed-galaxy-ventures-fund-i-at-over-175m-302491684.html'
- name: Track record since 2018
category: pattern-trainer
score: 3
description: >-
Galaxy Ventures backed 120-plus companies from the Galaxy Digital
balance sheet before this dedicated fund existed, giving the team a
long institutional memory even though Fund I itself is new. Useful
context for understanding this isn't a first-time team.
link: 'https://www.prnewswire.com/news-releases/galaxy-announces-final-close-of-oversubscribed-galaxy-ventures-fund-i-at-over-175m-302491684.html'
- name: Ventures Platform function
category: practice-artifact
score: 3
description: >-
A dedicated internal team provides company-building resources and
access to Galaxy's broader business lines (trading, asset
management, mining infrastructure), a real form of value beyond the
check for portfolio companies that can use it.
link: 'https://www.prnewswire.com/news-releases/galaxy-announces-final-close-of-oversubscribed-galaxy-ventures-fund-i-at-over-175m-302491684.html'
portfolioSectorSplit:
Payments-Stablecoins: 64
DeFi: 18
Infrastructure: 9
RWA: 9
portfolioChainSplit:
Chain-agnostic: 73
Bitcoin: 9
Ethereum: 9
Multi-chain: 9
portfolioTotalCount: 11
portfolioClassifiedCount: 11
portfolioUnclassifiedCount: 0
---
> **How to use this page:** Galaxy Ventures closed its first dedicated fund at over $175M in June 2025, on top of 120-plus prior investments made from Galaxy Digital's own balance sheet since 2018. There is no public application, and we could not fetch a browsable portfolio page from galaxy.com in this session, so this page leans heavily on Galaxy's own Fund I close announcement, the single most detailed public document about the fund's current thesis and team.
---
## A. Header Block
- **Fund name:** Galaxy Ventures
- **One-line thesis:** Backs "early-stage companies developing critical infrastructure and applications for the onchain economy"
- **Website:** [galaxy.com/ventures](https://www.galaxy.com/ventures)
- **CTA:** Warm intro to Will Nuelle or Mike Giampapa (no public form found)
| Tag | Detail |
|-----|--------|
| Region | Global (New York HQ) |
| Format | Direct outreach |
| Sectors | Stablecoins, payments, tokenization, supporting infrastructure |
| Stage | Seed, Series A |
| Cheque Size | Not disclosed; Fund I closed at $175M+ |
| Admissions | Rolling |
---
## B. Batch Schedule
Not applicable. Galaxy Ventures invests on a rolling basis and does not run a cohort program.
---
## C. Overview
Galaxy Ventures is the dedicated venture arm of Galaxy Digital, the Mike Novogratz-founded digital asset firm. Its history predates its current fund structure: Galaxy has backed more than 120 companies since 2018, initially investing directly from the parent company's balance sheet before establishing Galaxy Ventures Fund I as a standalone vehicle. That fund closed oversubscribed in June 2025 at over $175 million against an original $150 million target, drawing from a diverse limited-partner base of institutional investors, family offices and strategic digital asset businesses.
The fund's stated thesis is specific: early-stage companies building critical infrastructure and applications for the "onchain economy," with named priority areas in stablecoins and cross-border payments, tokenization, and the infrastructure that supports both. The fund's own announcement names 11 portfolio companies directly, and the pattern is unmistakable: 1Money, M^0, Rail, Rain, RedotPay, Ubyx and Yellow Card are all payments or stablecoin infrastructure plays, alongside DeFi positions in Ethena and Arch Lending, infrastructure in Monad, and RWA tokenization in Plume.
Leadership sits with co-heads Will Nuelle and Mike Giampapa, supported by a dedicated Ventures Platform function that the announcement describes as providing company-building resources and access to Galaxy's other business lines, which for the right portfolio company could mean access to Galaxy's trading, asset management, or infrastructure operations.
**Key stats:**
- Fund I closed oversubscribed at $175M+ in June 2025 (target was $150M)
- 120+ companies backed since 2018, initially from Galaxy Digital's balance sheet
- Named priority areas: stablecoins, payments, tokenization, supporting infrastructure
- Co-heads: Will Nuelle and Mike Giampapa
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Will Nuelle | Co-head, Galaxy Ventures | Named in [Fund I close announcement](https://www.prnewswire.com/news-releases/galaxy-announces-final-close-of-oversubscribed-galaxy-ventures-fund-i-at-over-175m-302491684.html) |
| Mike Giampapa | Co-head, Galaxy Ventures | Named in [Fund I close announcement](https://www.prnewswire.com/news-releases/galaxy-announces-final-close-of-oversubscribed-galaxy-ventures-fund-i-at-over-175m-302491684.html) |
We could not fetch a Galaxy-owned team page directly in this session (galaxy.com/ventures returned a 404 to our fetch tool), so these two names come from Galaxy's own press release, not a live team page. X and LinkedIn handles were not confirmed.
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Confirm your fit against the named priority areas
Galaxy Ventures states its priorities directly: stablecoins and cross-border payments, tokenization, and onchain-economy infrastructure. If you're outside those areas, expect a harder sell regardless of quality.
#### Step 2: Find your closest portfolio comparable
1Money, M^0, Rail, Rain, RedotPay, Ubyx and Yellow Card are all payments or stablecoin infrastructure; Ethena and Arch Lending are DeFi; Monad is infrastructure; Plume is RWA. A founder at the closest comparable company is your most realistic path to an intro.
#### Step 3: Reach Will Nuelle or Mike Giampapa through a warm path
We found no public application form or contact email for Galaxy Ventures specifically. Given Galaxy Digital's scale and public profile, a warm intro through a portfolio founder, a co-investor, or Galaxy's broader network is the realistic route, not a cold form.
#### Step 4: Consider what Galaxy's Ventures Platform and broader business lines could offer
The fund explicitly frames itself as offering more than capital through a dedicated Ventures Platform function with access to Galaxy's other businesses. If that kind of platform support (trading infrastructure, asset management relationships) would matter to your company, say so.
**Timeline:** Not published.
---
## F. Best Advice from Founders
**Stablecoins and payments infrastructure is the clearest, most repeated pattern.** Seven of the 11 named portfolio companies sit in that category; if that's you, the fit is explicit rather than something you have to argue for.
**This is a fund with real institutional memory, not a first-time vehicle.** 120+ prior investments since 2018 from the Galaxy Digital balance sheet mean the team has pattern-matched across multiple cycles even though Fund I itself only closed in mid-2025.
**Look for the Galaxy platform angle in your pitch.** A company that can articulate what it would do with access to Galaxy's broader business lines, not just the check, is working with the fund's own stated value proposition.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. Galaxy's own Fund I announcement is unusually detailed for a press release, naming fund size, thesis, co-heads and 11 portfolio companies. What's missing, because we could not reach a live galaxy.com/ventures page in this session, is any browsable full portfolio, cheque range, or application channel.
> **Start here:** Read the [Fund I close announcement](https://www.prnewswire.com/news-releases/galaxy-announces-final-close-of-oversubscribed-galaxy-ventures-fund-i-at-over-175m-302491684.html) in full; it is the single most information-dense public document about this fund.
### How Galaxy Ventures' portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Stablecoins and payments dominate** | 7 of 11 named companies (1Money, M^0, Rail, Rain, RedotPay, Ubyx, Yellow Card) are payments or stablecoin infrastructure. | This is by far the strongest, clearest pattern; a stablecoin or cross-border payments company is squarely on-thesis. |
| **DeFi is a real, if smaller, second theme** | Ethena (synthetic dollar) and Arch Lending (Bitcoin-backed lending) both appear. | DeFi with a clear tie to stablecoins or Bitcoin-backed credit fits the visible pattern well. |
| **Africa-adjacent exposure exists** | Yellow Card, a pan-African stablecoin and crypto exchange, is a named position. | While this fund is not Africa-focused, it has real, direct exposure to African crypto payments infrastructure, worth knowing if you're building in that space. |
| **Mostly chain-agnostic** | 8 of 11 companies don't commit to a single chain in Galaxy's own description. | Chain choice isn't the differentiator; the payments/stablecoin mechanism and market are. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Will Nuelle, Mike Giampapa** (Co-heads) | The named leadership of the current fund, per Galaxy's own announcement. | [Fund I close announcement](https://www.prnewswire.com/news-releases/galaxy-announces-final-close-of-oversubscribed-galaxy-ventures-fund-i-at-over-175m-302491684.html) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Portfolio founder intro** | 1Money, M^0, Ethena, Monad, Plume and others are starting points for a warm path. |
| **Co-investor or LP network** | Fund I's LP base spans institutional investors, family offices and strategic digital asset businesses; a shared LP or co-investor relationship can open a door. |
### What you can't find
There is no published cheque range, no public application form or contact email specific to Galaxy Ventures, and we could not fetch a browsable galaxy.com/ventures portfolio page in this session (it returned a 404 to our fetch tool). Everything on this page beyond the fund's basic identity comes from Galaxy's own June 2025 press release; the fund's site itself may carry more current detail we could not access.
---
## G. Pitch Format Galaxy Ventures Expects
- No public template; warm intro is the realistic path
- Be explicit about fit with the fund's named priorities: stablecoins, payments, tokenization, onchain-economy infrastructure
- Standard early-stage materials: team, product, traction, ask
- Consider articulating what access to Galaxy's broader platform (trading, asset management) would mean for your business
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Companies named in Galaxy's [Fund I close announcement](https://www.prnewswire.com/news-releases/galaxy-announces-final-close-of-oversubscribed-galaxy-ventures-fund-i-at-over-175m-302491684.html). Sector and chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| 1Money | Stablecoin payment network | Payments-Stablecoins | Chain-agnostic |
| M^0 | Application-specific stablecoin infrastructure | Payments-Stablecoins | Multi-chain |
| Rail | Global stablecoin payments infrastructure | Payments-Stablecoins | Chain-agnostic |
| Rain | Crypto-native card issuing infrastructure | Payments-Stablecoins | Chain-agnostic |
| RedotPay | Consumer stablecoin payments and cards | Payments-Stablecoins | Chain-agnostic |
| Ubyx | Stablecoin redemption network | Payments-Stablecoins | Chain-agnostic |
| Yellow Card | Pan-African stablecoin and crypto exchange | Payments-Stablecoins | Chain-agnostic |
| Ethena | Synthetic dollar protocol | DeFi | Ethereum |
| Arch Lending | Bitcoin-backed lending | DeFi | Bitcoin |
| Monad | Layer 1 blockchain | Infrastructure | Chain-agnostic |
| Plume | RWA tokenization network | RWA | Chain-agnostic |
---
## I. Ecosystem Connections
- **Stablecoin and payments infrastructure broadly:** the defining thread of the fund's current, verified portfolio, spanning issuance (M^0), redemption (Ubyx), cards (Rain), and regional distribution (RedotPay, Yellow Card).
- **Africa, indirectly:** Yellow Card's presence in the portfolio gives Galaxy Ventures real exposure to African stablecoin payments infrastructure, even though the fund itself is not Africa-focused.
- **No verified single dominant blockchain ecosystem tie:** the named portfolio is built to serve payments use cases across chains rather than commit to one network.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Building stablecoin or payments infrastructure?** Compare against Haun Ventures and Pantera Capital, both heavily active in the same category this cycle.
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Galaxy Announces Final Close of Oversubscribed Galaxy Ventures Fund I at Over $175M, PR Newswire](https://www.prnewswire.com/news-releases/galaxy-announces-final-close-of-oversubscribed-galaxy-ventures-fund-i-at-over-175m-302491684.html)
- [Michael Novogratz's Galaxy secures $113 million for crypto-focused venture fund, The Block](https://www.theblock.co/post/307450/michael-novogratzs-galaxy-secures-113-million-for-crypto-focused-venture-fund)
---
---
name: Gitcoin Grants
slug: gitcoin-grants
thesis: 'Quadratic funding rounds that turn many small individual donations into amplified matching-pool payouts, structurally favouring broad community support over a few large donors, for open-source and public-goods projects across ecosystems.'
website: 'https://gitcoin.co/program'
apply: 'Create a project profile on Grants Stack (Gitcoin Builder platform), then apply into an eligible round when one opens for your ecosystem or category.'
region: 'Global'
hq: 'Gitcoin, distributed team'
sectors:
- Developer-Tooling
- Infrastructure
- DeFi
- Privacy
- AI-x-Crypto
stage:
- Ideation
- MVP
- Pre-Seed
chequeMin: null
chequeMax: null
chequeDisplay: 'Not a fixed grant size. Individual matched contributions have reached up to roughly $400 in matching per $1 donated, depending on round dynamics; program totals over $50M directed to public goods across 3,715+ projects and 3.8M+ donations since 2019'
chains:
- Multi-chain
format: 'Application form'
admissions: 'Cohort-based'
africaFocus: 'Not Africa-specific'
status: active
tier: '2'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Gitcoin Grants Program overview
category: evaluation-framework
score: 5
description: >-
Explains the mechanism end to end: fund pooling, application and
onboarding, review, the crowdfunding window, and Sybil-checked
distribution. Read this before applying to any specific round.
link: 'https://gitcoin.co/program'
- name: Quadratic Funding explainer
category: evaluation-framework
score: 4
description: >-
The mechanics of why many small donations out-earn a few large ones in
matching. Understanding this changes how you campaign for a round,
since your job is turning out many donors, not chasing whales.
link: 'https://gitcoin.co/mechanisms/quadratic-funding'
- name: Ecosystem-specific rounds (Arbitrum DAO, Polygon)
category: pipeline-pathway
score: 4
description: >-
Gitcoin runs matching rounds funded and themed by specific chain
ecosystems, which is why keeping a live Gitcoin project profile matters
even if you found this page through a different chain's grant program.
link: 'https://gitcoin.co/apps/arbitrum-dao-grants'
- name: Grants Stack Builder platform
category: practice-artifact
score: 3
description: >-
The actual profile you create once and reuse to apply into any
eligible round, rather than rebuilding your application per round.
link: 'https://gitcoin.co/apps/gitcoin-grants-stack'
portfolioSectorSplit: {}
portfolioChainSplit:
Multi-chain: 100
portfolioTotalCount: 0
portfolioClassifiedCount: 0
portfolioUnclassifiedCount: 0
---
> **How to use this page:** This is not a program you win with a strong pitch to a committee; it is a program you win by turning out many real, individual donors. Read Section E for the mechanics of quadratic funding before you plan a campaign, since the strategy here is closer to a community fundraising push than a grant application.
---
## A. Header Block
- **Program name:** Gitcoin Grants
- **One-line thesis:** Quadratic funding rounds that amplify broad, small-dollar community support into matching-pool payouts for public-goods and open-source projects
- **Website:** [gitcoin.co/program](https://gitcoin.co/program)
- **CTA:** [Create a Grants Stack profile](https://gitcoin.co/apps/gitcoin-grants-stack)
| Tag | Detail |
|-----|--------|
| Region | Global |
| Format | Application form (a single Grants Stack profile, applied into eligible rounds) |
| Sectors | Open-source infrastructure, developer tooling, DeFi, privacy, AI x crypto, and any public-good work matching a specific round's theme |
| Stage | Idea through early prototype, focused on open-source and public-goods work rather than closed commercial products |
| Cheque Size | No fixed grant size; matching is dynamic and can multiply small donations up to roughly 400x depending on round dynamics |
| Admissions | Seasonal rounds, quarterly since 2019, plus ecosystem-specific rounds that open on their own schedules |
---
## C. Overview
Gitcoin Grants is a quadratic-funding platform, not a single fund with a fixed budget. It runs seasonal rounds where a matching pool, raised from individual donors, organisations and public-goods champions such as the Ethereum Foundation, Coinbase, Optimism, Protocol Labs and Uniswap, is distributed to projects in proportion to how many distinct people donate to them, not how much money any single donor gives. The platform's own explanation is direct: if ten people each give 1 DAI, that gets more matching than one person giving 10 DAI, because quadratic funding weights the number of contributors over the size of any one contribution. In practice this has meant individual $1 donations have pulled in matching worth up to roughly $400 in strong rounds.
Since 2019 the program states it has helped 3,715 projects raise funds across 3.8 million individual donations, directing more than $50 million toward public goods. While Gitcoin's own framing emphasises Ethereum ("the premier place where Ethereum funds solutions"), matching rounds have run for a range of ecosystems and themes, including chain-specific rounds funded by Arbitrum DAO and Polygon, which makes Gitcoin functionally chain-agnostic at the platform level even though any single round can carry its own chain or theme requirement.
The application flow itself is a single reusable step: build one project profile on Grants Stack, then apply that profile into whichever eligible rounds match your project. The real work of winning a round happens after acceptance, in the crowdfunding window, where turning out real individual donors is what drives the matching payout, with Sybil-resistance checks applied before final distribution.
**Key stats:**
- 3,715+ projects funded, 3.8M+ unique donations, $50M+ directed since 2019
- Individual $1 donations have drawn matching up to roughly $400 in strong rounds
- Rounds run quarterly, plus ecosystem-specific rounds (Arbitrum DAO, Polygon and others)
- Matching partners have included the Ethereum Foundation, Coinbase, Optimism, Protocol Labs, Uniswap
---
## D. Key Partners
| Person or team | Role | Where to find them |
|----------------|------|--------------------|
| Gitcoin platform team | Runs the Grants Stack platform, round scheduling and Sybil-resistance review | [gitcoin.co/program](https://gitcoin.co/program) |
| Matching partners (Ethereum Foundation, Coinbase, Optimism, Protocol Labs, Uniswap, and others) | Fund the matching pools that rounds draw from | Vary per round; see [gitcoin.co](https://gitcoin.co) |
| Ecosystem sponsors (Arbitrum DAO, Polygon) | Fund and theme their own dedicated rounds on the Gitcoin platform | [gitcoin.co/apps/arbitrum-dao-grants](https://gitcoin.co/apps/arbitrum-dao-grants), [gitcoin.co/apps/polygon-grants](https://gitcoin.co/apps/polygon-grants) |
Individual round reviewers are not named at the platform level; check a specific round's own page for its stated eligibility reviewers, if any.
---
## E. How to Get In: Step-by-Step Application Process
**Chain requirement: chain-agnostic at the platform level, since Gitcoin runs rounds across multiple ecosystems. A specific round (Arbitrum DAO, Polygon, or an Ethereum-themed round) may carry its own chain requirement, so check the individual round page before applying.**
#### Step 1: Create a Grants Stack project profile
Set this up once at [gitcoin.co/apps/gitcoin-grants-stack](https://gitcoin.co/apps/gitcoin-grants-stack). This is the identity you reuse across every round you apply to.
#### Step 2: Find an eligible, currently open round
Rounds run seasonally and by ecosystem. Check current listings on Gitcoin's site for what is open now and what its eligibility criteria are, since exact current-round details were not independently confirmed for this page and should be verified live.
#### Step 3: Apply your profile into the round
Submit your existing profile against the round's specific eligibility criteria and onboarding checks.
#### Step 4: Pass Gitcoin's review
The team evaluates applications against the round's set criteria before the round opens for public donation.
#### Step 5: Campaign during the crowdfunding window
This is the real work. Turn out as many individual, real donors as possible; the matching mechanism rewards donor count over donation size.
#### Step 6: Distribution after Sybil checks
Both direct donations and your share of the matching pool are distributed after Gitcoin applies Sybil-interference checks to filter fraudulent or coordinated donations.
**Tips that matter here:**
- Plan your Gitcoin round the way you would plan a community fundraising campaign, not a grant pitch: the number of distinct donors matters more than the total raised.
- Keep a live Grants Stack profile even if your main funding path is a different chain's own grant program; ecosystem-specific rounds (Arbitrum DAO, Polygon) route through Gitcoin, and you want to be ready when one opens for your ecosystem.
- Because Gitcoin's own framing centres Ethereum, an explicitly Ethereum-relevant framing of your work can help in Ethereum-themed rounds, but chain-specific rounds (Arbitrum, Polygon) will weight their own chain instead.
- Sybil-resistance checks are real; do not attempt to inflate donor count artificially, since it puts your entire round payout at risk.
---
## F. Best Advice from Founders
**This rewards community, not just product.** A project with a small but genuinely engaged user or contributor base that will each donate a small amount outperforms a project with one large potential backer and no community yet.
**Prepare your campaign before the round opens.** The crowdfunding window is short and the matching curve rewards early, broad participation, so line up your donor outreach in advance rather than starting cold on day one.
**One profile, many rounds.** Treat the Grants Stack profile as a durable asset and reapply into every eligible round, since the setup cost is paid once.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. The quadratic-funding mechanism itself is unusually well documented and easy to understand, but current live round dates, themes and eligibility for late 2026 were not independently confirmed at review time and change every season.
> **Start here:** Read the [Quadratic Funding explainer](https://gitcoin.co/mechanisms/quadratic-funding) to understand the mechanism, then check [gitcoin.co/program](https://gitcoin.co/program) for whatever round is currently open.
### How the program actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Donor count beats donation size** | Ten $1 donations out-earn one $10 donation in matching. | Campaign for many small donors, not a few large ones. |
| **It scales, not fixed** | 3,715+ projects, 3.8M+ donations, $50M+ directed since 2019. | This is a durable, recurring channel to revisit every season, not a one-shot grant. |
| **Ecosystem rounds route through the same platform** | Arbitrum DAO and Polygon both fund their own Gitcoin-hosted rounds. | Keep a live profile even if your main path is a different chain's program. |
| **Sybil resistance is enforced** | Distribution happens only after Sybil-interference checks. | Real, organic donor turnout is the only safe strategy. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Gitcoin platform team** | Sets round eligibility criteria and runs Sybil-resistance review. | [gitcoin.co/program](https://gitcoin.co/program) |
| **Matching partners (EF, Coinbase, Optimism, Protocol Labs, Uniswap, and ecosystem DAOs)** | Fund the pools rounds draw from, and often set a round's theme. | Round-specific pages on [gitcoin.co](https://gitcoin.co) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **General Gitcoin Grants round** | Apply your Grants Stack profile into the current seasonal round. |
| **Ecosystem-specific round** | Apply into an Arbitrum DAO or Polygon-themed round when open, if your project fits that chain. |
### What you can't find
Gitcoin does not maintain one always-current page listing every open round, its exact matching pool size, and its close date in a single place at all times; round details change seasonally and current-round specifics for late 2026 were not independently confirmed for this page. Check gitcoin.co directly for what is live before campaigning.
---
## G. Pitch Format Gitcoin Expects
- A Grants Stack project profile: description, links, team, and category
- A public campaign plan for the crowdfunding window, since donor turnout drives the outcome more than the profile itself
- Evidence of genuine community or user base able to donate, even in small amounts
- Clarity on which round(s) your project is eligible for (general, Ethereum-themed, or ecosystem-specific)
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Gitcoin funds thousands of projects per season across constantly rotating rounds, and does not publish one consolidated, current "portfolio" list the way a fund does; each round's own results page shows that round's grantees.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Not compiled | Grantees are listed per round on individual round result pages, not a consolidated portfolio | n/a | Multi-chain |
---
## I. Multi-Chain Connections
- **Multi-chain (by design):** Gitcoin is chain-agnostic at the platform level, hosting rounds themed to specific ecosystems as well as general public-goods rounds.
- **Arbitrum DAO:** funds and themes its own Gitcoin-hosted grants round.
- **Polygon:** also runs Gitcoin-hosted rounds, and was one of Season 2's named Domain Allocators for the Polygon Community Grants Program.
- **Ethereum Foundation and other major matching partners:** fund general rounds and shape Gitcoin's overall Ethereum-centred framing.
---
## J. Cross-Reference Bar
- **Considering Polygon's own grant tracks too?** [Polygon Community Grants Program](/funds/polygon-community-grants)
- **Considering Arbitrum's Questbook DAO grants too?** [Arbitrum Questbook DDA](/funds/arbitrum-questbook-dda)
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Gitcoin Grants Program](https://gitcoin.co/program)
- [Quadratic Funding (Gitcoin)](https://gitcoin.co/mechanisms/quadratic-funding)
- [Gitcoin Grants Stack](https://gitcoin.co/apps/gitcoin-grants-stack)
- [Arbitrum DAO Grants on Gitcoin](https://gitcoin.co/apps/arbitrum-dao-grants)
- [Polygon Grants on Gitcoin](https://gitcoin.co/apps/polygon-grants)
---
---
name: Goodwell Investments
slug: goodwell-investments
buildTypes: ["Payments-processing", "Agritech", "Logistics-supplychain", "Insurtech", "Marketplace-commerce"]
thesis: >-
We finance motivated entrepreneurs solving everyday issues within their
communities, focusing on scalable, early-growth companies delivering social
and financial returns.
website: 'https://goodwell.nl/'
apply: 'https://goodwell.nl/'
region: Pan-African
hq: 'Amsterdam, with teams in Nairobi, Johannesburg, Cape Town, and Lagos'
sectors:
- Fintech
- Agritech
- Logistics
stage:
- Seed
- Series A
- Growth
chequeMin: 1000000
chequeMax: 10000000
chequeDisplay: $1M -- $10M+ (varies by fund and stage)
format: Hybrid
admissions: Rolling
africaFocus: >-
Yes -- Pan-African (Kenya, Nigeria, South Africa, Ghana, Zambia, and broader
Sub-Saharan Africa)
status: active
tier: '1'
lastVerified: '2026-07-24'
edgeRating: edge-rich
edgeResources:
- name: Wim van der Beek interview
category: decision-maker-reveal
score: 4
description: >-
The "essential services" thesis, user-centricity as an evaluation
criterion, the patient capital approach, and why the investment model
resembles priv...
link: >-
https://disruptafrica.com/2024/04/19/meet-the-investor-wim-van-der-beek-goodwell-investments-2/
- name: Els Boerhof interview
category: decision-maker-reveal
score: 4
description: >-
"We have made 30 investments over the past 10 years and only three have
resulted in a loss." Portfolio construction discipline, governance
expectation...
link: >-
https://impact-investor.com/profile-goodwells-els-boerhof-on-being-at-the-helm-in-choppy-waters/
- name: Lilian Oyando interview
category: decision-maker-reveal
score: 4
description: The East African pipeline and on-the-ground evaluation perspective.
link: >-
https://podcasts.apple.com/pe/podcast/njeri-talks-to-george-odo-and-lilian-oyando/id1547442908?i=1000653607950
- name: Paga portfolio story
category: practice-artifact
score: 4
description: >-
Tayo Oviosu built Paga into Nigeria's leading mobile payments platform.
Goodwell's own telling of the investment story shows what long-term
partnershi...
link: 'https://goodwell.nl/portfolio/paga/'
- name: 'Onafriq: Putting patient capital to work'
category: practice-artifact
score: 4
description: >-
Dare Okoudjou's journey from MFS Africa to Onafriq. Demonstrates the
"patient capital" thesis in action: Goodwell's long hold period allowed
the compa...
link: 'https://goodwell.nl/news/putting-patient-capital-to-work-at-onafriq/'
- name: 'OmniRetail: Modernising Africa''s retail infrastructure'
category: practice-artifact
score: 4
description: >-
Shows how Goodwell evaluates B2B infrastructure plays that digitise
traditional African supply chains.
link: >-
https://goodwell.nl/news/how-omniretail-is-modernising-africas-retail-infrastructure/
- name: Apply online
category: pipeline-pathway
score: 3
description: >-
. Rolling applications with no deadline. The team commits to responding
within 15 days. Note: current funds may not be actively deploying new
capital,...
link: 'https://goodwell.nl/apply/'
- name: IYBA WE4A programme
category: pipeline-pathway
score: 3
description: >-
. Dedicated programme for women in climate sectors across Kenya, Tanzania,
Malawi, and Mozambique.
link: 'https://goodwell.nl/iyba-we4a/'
portfolioSectorSplit:
Fintech: 27
Logistics: 13
E-commerce: 7
Agritech: 46
Climate: 7
portfolioModelSplit:
Transaction/Marketplace: 33
Hardware/Devices: 7
Enterprise contracts/Licensing: 7
Direct sales/Commerce: 46
Subscription/SaaS: 7
portfolioGeographySplit:
Pan-African: 13
Nigeria: 33
Nigeria/Ghana: 7
Ghana/Togo: 7
Zambia: 7
Kenya: 13
East Africa: 13
Mozambique: 7
portfolioTotalCount: 15
portfolioClassifiedCount: 15
portfolioUnclassifiedCount: 0
logo: "/funds/goodwell-investments.png"
---
## Overview
Goodwell Investments is one of Africa's longest-tenured impact investors, founded in 2006 by Wim van der Beek in Amsterdam. The firm has been investing in African entrepreneurs for nearly two decades, and its portfolio companies have reached 39 million households in 68 countries delivering food, financial services, and transportation solutions. That track record, spanning multiple economic cycles, currency crises, and political transitions, is rare among Africa-focused investors.
The flagship vehicle for Africa is the uMunthu II fund, launched with a €150 million target and achieving a €57 million first close. uMunthu II is managed jointly with Alitheia Capital (led by Tokunboh Ishmael in Lagos), which is their third collaborative fund since 2011. This Goodwell-Alitheia partnership combines Amsterdam-based institutional fundraising with Lagos and Johannesburg-based deal sourcing and portfolio management, giving the fund both global LP access and deep local presence.
Goodwell also operates several other vehicles: Goodwell VI (a new foundation-stage vehicle), a Growth Capital Fund, and the IYBA WE4A fund focused on female entrepreneurs. This multi-fund structure means the firm can invest across stages, from seed through growth, and can support portfolio companies with follow-on capital as they scale.
The firm's investment thesis centers on "inclusive growth," which means backing companies that provide basic goods and services (food, financial services, transportation, healthcare, housing) to underserved populations in Africa. The team is especially strong in fintech, where they have a deep portfolio including MFS Africa/Onafriq (co-led the $100M Series C), Paga, and Inclusivity Solutions. They also invest in agriculture (Tomato Jos, Complete Farmer, Good Nature Agro, Chicoa Fish Farm), mobility and logistics (MAX, Haul247, OmniRetail), and waste management (Hinckley Recycling).
Managing Partner Els Boerhof co-leads the firm alongside founder Wim van der Beek, and the regional teams are led by experienced investors including Lilian Oyando (Associate Partner, Nairobi) and Neo Maruatona Ratau (Associate Partner, South Africa).
---
## How to Get In
Contact the firm through the website at goodwell.nl or reach out directly to the regional team covering your geography. Lilian Oyando and Hiram Githuku cover East Africa from Nairobi, Neo Maruatona Ratau and Molebogeng Raolane cover Southern Africa from Johannesburg, and the West Africa pipeline runs through the Alitheia Capital partnership in Lagos.
Portfolio company referrals are the strongest path in. MFS Africa/Onafriq, Paga, MAX, OmniRetail, Haul247, Tomato Jos, and Complete Farmer are all in the network, and introductions from their founders carry significant weight with the investment team.
Wim van der Beek is active on LinkedIn and X, and the team is present at major African and impact investing conferences. The firm has a strong reputation in the Dutch and European impact investing community, so connections through Dutch family offices, European DFIs, or impact investing networks (GIIN, AVCA) can also provide warm introductions.
If you are a woman-led business, the IYBA WE4A fund specifically targets female entrepreneurs and could be an additional or alternative entry point to the Goodwell ecosystem.
---
## Best Advice
1. **Demonstrate real impact on everyday life.** Goodwell invests in companies that provide "basic goods and services" to underserved communities. If your product makes food more accessible, financial services more affordable, transportation more reliable, or healthcare more reachable, you are in their sweet spot. Abstract tech plays without clear impact on daily life will not resonate.
2. **Show you can survive African macro conditions.** Goodwell has been investing in Africa since 2006, which means they have seen every currency crash, regulatory shift, and political crisis the continent has thrown at startups. They value companies that are operationally resilient and do not depend on a single favorable macro condition to survive. Show them your business model works even when things get hard.
3. **The inclusive fintech angle is their strongest conviction.** With investments in MFS Africa/Onafriq ($100M Series C co-lead), Paga, Inclusivity Solutions, and others, Goodwell has deep expertise in financial inclusion. If your company enables payments, insurance, savings, or credit for underbanked populations, you are speaking their language.
4. **Use the Alitheia partnership for West Africa.** If you are a Nigerian or West African founder, the Alitheia Capital partnership means your deal will be evaluated by a team with deep local knowledge (Tokunboh Ishmael's Alitheia team in Lagos) with Goodwell's institutional backing from Amsterdam. This combination is powerful because it gives you both local context and European institutional capital.
5. **Think about blended finance structures.** Goodwell has experience structuring investments that combine commercial capital with impact-oriented funding. If your business can benefit from a mix of equity, debt, and concessional capital, articulate how different types of capital serve different purposes in your growth plan.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- the founder has multiple detailed interviews and a podcast appearance, the website publishes portfolio company stories with real depth, a Harvard Business School case study exists on their due diligence process, and the application process is structured and transparent.
> **Start here:** Read [Meet the Investor: Wim van der Beek (Disrupt Africa)](https://disruptafrica.com/2024/04/19/meet-the-investor-wim-van-der-beek-goodwell-investments-2/) (the founder explains the thesis and evaluation approach, including the quote: "We typically tried to make that really very important link to the end user, and to understand what it is that is their pain"), then listen to [Wim van der Beek on The Flip Podcast](https://theflip.africa/contributors/wim-van-der-beek) (deeper exploration of the patient capital approach and why "our investment model is actually much more comparable to private equity than to VC"). Those two resources show you the evaluation philosophy and why Goodwell invests differently from typical venture funds.
### How Goodwell's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Thesis** | "Essential services for the base of the pyramid." EUR 271M deployed, 36+ companies, reaching 39M households. Impact measured via GIIN IRIS+ and GRI Standards. Els Boerhof (Managing Partner): "We have made 30 investments over the past 10 years and only three have resulted in a loss." | The loss rate is remarkable for an Africa-focused fund. It reflects the PE-style diligence and the focus on companies with proven commercial models serving essential needs. If your company provides a service that people need rather than want, you match the thesis. |
| **Geography** | Sub-Saharan Africa across 45+ countries. Nigeria is the largest single market (9 companies), with strong presence in Kenya, Ghana, South Africa, and expanding into Uganda, Zambia, and Mozambique. India portfolio largely exited. | Pan-African with a West African tilt. If you are building in Nigeria, Kenya, or Ghana, you are in the core geography. The fund also looks at smaller, less-covered markets. |
| **Sector** | Fintech accounts for roughly 50% of the portfolio (Paga, Onafriq/MFS Africa). Agriculture and food (Complete Farmer, Tomato Jos, Good Nature Agro), mobility and logistics (MAX, Haul247), and essential services round out the rest. Preference for hybrid "phygital" models and B2B infrastructure plays over pure-digital. | If your company combines technology with physical operations (fintech + agent networks, agtech + farmer relationships, logistics + fleet management), that "phygital" model is what Goodwell looks for. Pure software plays without a physical distribution component are less typical in the portfolio. |
| **Stage and cheque** | Early-growth, post-revenue. $250K to $5M cheques, minority stake plus a board seat. Due diligence uses IFC/CDC-based ESG tools. 100% of the portfolio has women in senior management. | Post-revenue is a firm requirement. If you are pre-revenue, Goodwell is not the right fit at your current stage. The gender diversity expectation (women in senior management) is structural, not aspirational. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Wim van der Beek** (Founder, Managing Partner) | The "essential services" thesis, user-centricity as an evaluation criterion, the patient capital approach, and why the investment model resembles private equity more than venture capital. | [Disrupt Africa interview](https://disruptafrica.com/2024/04/19/meet-the-investor-wim-van-der-beek-goodwell-investments-2/) -- [The Flip Podcast](https://theflip.africa/contributors/wim-van-der-beek) -- [Quartz op-ed](https://qz.com/author/wimvanderbeekmanagingpartnergoodwellinvestments) |
| **Els Boerhof** (Managing Partner) | "We have made 30 investments over the past 10 years and only three have resulted in a loss." Portfolio construction discipline, governance expectations, and what it means to navigate "choppy waters" in African markets. | [Impact Investor profile](https://impact-investor.com/profile-goodwells-els-boerhof-on-being-at-the-helm-in-choppy-waters/) |
| **Lilian Oyando** (Partner, Nairobi) | The East African pipeline and on-the-ground evaluation perspective. | [Njeri Talks Law podcast](https://podcasts.apple.com/pe/podcast/njeri-talks-to-george-odo-and-lilian-oyando/id1547442908?i=1000653607950) |
### Study the evaluation frameworks before your pitch
| Framework / Resource | What it tells you |
|---------------------|------------------|
| [Harvard Business School case study: Goodwell Investments Due Diligence](https://store.hbr.org/product/goodwell-investments-due-diligence-for-impact-investment-in-southern-africa/UCT039) | Academic analysis of Goodwell's due diligence process for impact investment in Southern Africa. Paywalled, but the most rigorous external assessment of how the fund evaluates deals. |
| [For Investees page](https://goodwell.nl/for-investees/) | Goodwell's published 5-step investment process. Requirements: African-based, at least one African founder, post-revenue, measurable impact, essential services. This is your eligibility checklist. |
### Learn from funded portfolio companies
| Resource | Why it matters |
|----------|---------------|
| [Paga portfolio story](https://goodwell.nl/portfolio/paga/) | Tayo Oviosu built Paga into Nigeria's leading mobile payments platform. Goodwell's own telling of the investment story shows what long-term partnership looks like. |
| [Onafriq: Putting patient capital to work](https://goodwell.nl/news/putting-patient-capital-to-work-at-onafriq/) | Dare Okoudjou's journey from MFS Africa to Onafriq. Demonstrates the "patient capital" thesis in action: Goodwell's long hold period allowed the company to build pan-African payments infrastructure. |
| [OmniRetail: Modernising Africa's retail infrastructure](https://goodwell.nl/news/how-omniretail-is-modernising-africas-retail-infrastructure/) | Shows how Goodwell evaluates B2B infrastructure plays that digitise traditional African supply chains. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Apply online** | [goodwell.nl/apply](https://goodwell.nl/apply/). Rolling applications with no deadline. The team commits to responding within 15 days. Note: current funds may not be actively deploying new capital, so the portal may be pipeline-building for the next fund. |
| **IYBA WE4A programme** | [goodwell.nl/iyba-we4a](https://goodwell.nl/iyba-we4a/). Dedicated programme for women in climate sectors across Kenya, Tanzania, Malawi, and Mozambique. |
| **Alitheia Capital** | Goodwell co-manages the uMunthu funds with Alitheia Capital. If you are already in conversation with Alitheia, that creates a natural warm path to Goodwell and vice versa. |
| **Listed on aggregators** | VC4A profile and Agribusiness Dealroom listing provide additional contact pathways. |
| **Impact events** | Impact for Breakfast, Impact Days, AFSIC, and SuperReturn Africa are regular fixtures for the team. |
### What you can't find
Term sheets and detailed financial return data beyond "double-digit IRRs" are not published. There are no founder rejection or feedback stories (what gets you a no). Content from non-GP team members (investment managers) is rare. Portfolio construction models (allocation by sector or geography) are not disclosed. The HBS case study on due diligence is paywalled. The rationale for winding down the India portfolio is not publicly documented.
---
## Pitch Format
No formal application portal. Contact the firm through goodwell.nl or reach out directly to regional team members on LinkedIn. Prepare a pitch deck covering your business model, market opportunity, unit economics, team, and impact thesis. Given the firm's nearly two decades of African investing experience, come prepared with a realistic view of market challenges and how you plan to navigate them.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Onafriq (fka MFS Africa) | Pan-African | Africa's largest digital payments gateway | Series C ($100M, co-led) | 2022 |
| Paga | Nigeria | Mobile payments and digital financial services | Growth | -- |
| MAX | Nigeria/Ghana | Electric vehicle logistics and ride-hailing | Growth | -- |
| OmniRetail | Nigeria | B2B e-commerce for FMCG distribution | Growth | -- |
| Haul247 | Nigeria | Asset-light logistics and haulage platform | Growth | -- |
| Inclusivity Solutions | Pan-African | Embedded insurance for mobile money users | Growth | -- |
| Tomato Jos | Nigeria | Vertically integrated tomato paste production | Growth | -- |
| Complete Farmer | Ghana/Togo | Digital agricultural marketplace | Growth | -- |
| Good Nature Agro | Zambia | Smallholder farmer aggregation and supply chain | Growth | -- |
| Origen Fresh | Kenya | Fresh produce sourcing and distribution | Growth | -- |
| EA Foods | East Africa | Food processing and distribution | Growth | -- |
| SOUK Farms | East Africa | Commercial farming and food supply | Growth | -- |
| Chicoa Fish Farm | Mozambique | Aquaculture and sustainable fish farming | Growth | -- |
| Musoni | Kenya | Cloud-based microfinance management | Growth | -- |
| Hinckley Recycling | Nigeria | E-waste recycling and data security services | Growth | -- |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Wim van der Beek | Founder and Managing Partner | [linkedin.com/in/wimvanderbeek](https://linkedin.com/in/wimvanderbeek/) | [@wellgoodwim](https://x.com/wellgoodwim) |
| Els Boerhof | Managing Partner | -- | -- |
| Lilian Oyando | Associate Partner (Nairobi) | -- | -- |
| Neo Maruatona Ratau | Associate Partner (South Africa) | -- | -- |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Goodwell Investments Official Website](https://goodwell.nl/)
- [Goodwell: uMunthu II announces €57M first close](https://goodwell.nl/news/umunthu-ii-announces-first-close-with-eur-57-million-for-inclusive-businesses-in-africa/)
- [Goodwell: MFS Africa Series C co-lead ($100M)](https://goodwell.nl/news/goodwell-investments-co-leads-mfs-africa-series-c-100-million/)
- [Africa Global Funds: uMunthu II targets €150M](https://www.africaglobalfunds.com/news/private-equity/fundraising/umunthu-ii-targets-150m/)
- [Disrupt Africa: Meet the Investor, Wim van der Beek](https://disruptafrica.com/2024/04/19/meet-the-investor-wim-van-der-beek-goodwell-investments-2/)
- [Launch Base Africa: Five lessons from Goodwell's decade-long bet on African fintech](https://launchbaseafrica.com/2025/09/22/five-lessons-from-goodwells-decade-long-bet-on-african-fintech/)
- [Goodwell Portfolio page](https://goodwell.nl/portfolio/)
---
---
name: Google for Startups Black Founders Fund (Africa)
slug: google-black-founders-fund-africa
buildTypes: ["Healthtech", "Agritech", "Marketplace-commerce", "Neobank/wallet", "Edtech"]
thesis: >-
Non-dilutive cash grants and Google Cloud credits for Black-founded African
startups, designed to close the funding gap Black founders face versus
peers, deployed via annual cohorts across the continent.
website: 'https://startup.google.com/programs/black-founders-fund/africa/'
apply: 'Cohort-based application via startup.google.com; opens annually'
region: 'Pan-Africa'
hq: 'Mountain View, USA, with a dedicated Africa program team'
sectors:
- Fintech
- Healthtech
- Agritech
- E-commerce
- Logistics
stage:
- Seed
- Series A
chequeMin: 0
chequeMax: 150000
chequeDisplay: 'Up to $150K non-dilutive cash grant, plus up to $200K in Google Cloud credits'
format: 'grant'
admissions: 'cohort'
africaFocus: 'active'
status: active
tier: '2'
portfolioSectorSplit: {}
portfolioModelSplit: {}
portfolioGeographySplit: {}
portfolioTotalCount: 0
portfolioClassifiedCount: 0
lastVerified: '2026-08-03'
logo: ''
---
## Overview
Google for Startups Black Founders Fund is a non-dilutive grant program for Black-founded startups across Africa, run annually in cohorts. The third cohort awarded $4 million across 25 African startups, each receiving up to $150,000 in cash grants alongside up to $200,000 in Google Cloud credits, advertising support, one-on-one mentoring, and access to Google's network.
Named grantees from the third cohort span multiple sectors: Akoma Health (healthtech), Chargel (logistics), Jumba, Susu (fintech, women-focused banking), EzyAgric (agritech), Excel At Uni, Herconomy, Zinacare, and Tushop (e-commerce/retail), among others in the 25-company cohort. Earlier cohorts ran similarly sized programs, with the second cohort granting $4M to 60 African startups.
This is a grant-track program, not an equity investment vehicle: Google takes no equity stake and the capital is explicitly non-dilutive. Under the fund population run's validation gate, named grant recipients on the program's own site count as verifiable African activity even where there's no equity portfolio.
## What they fund
The program targets Black-founded startups across Africa broadly, not a single sector, with recent cohorts spanning fintech, healthtech, agritech, logistics, and e-commerce. Selection criteria emphasise growth potential and Black founder leadership rather than a narrow thesis, differentiating this from most funds in this directory that focus on a specific vertical.
## How to apply
Applications open annually via startup.google.com/programs/black-founders-fund/africa, on a cohort cycle rather than rolling admissions. Founders should watch for the announcement of each new application window, typically communicated through Google for Startups' African program channels and press coverage.
## Portfolio pattern (grant recipients)
The third cohort's named grantees, Akoma Health, Chargel, Jumba, Susu, EzyAgric, Excel At Uni, Herconomy, Zinacare, and Tushop, illustrate the program's sector breadth: healthcare access, logistics, women-focused fintech, agritech, and e-commerce all appear in a single cohort. This is grant-track validation rather than equity portfolio validation, consistent with the program's non-dilutive structure.
---
---
name: Hack VC
slug: hack-vc
buildTypes: ["DeFi-trading-lending", "Infra-protocol", "AI-x-crypto", "Stablecoin-payments", "Hardware-DePIN"]
thesis: 'A thesis-driven venture capital firm for crypto, AI and frontier tech, writing sizeable seed and Series A lead checks into AI x crypto, DeFi and infrastructure teams willing to build a real token model.'
website: 'https://hack.vc'
apply: 'Email contact@hack.vc with a deck; introductions via portfolio founders are the norm at this cheque size, but the inbox is monitored.'
region: 'Global'
hq: 'San Francisco, California, USA'
sectors:
- AI-x-Crypto
- DeFi
- Infrastructure
- Payments-Stablecoins
- DePIN
sectorsNote: 'Splits below are computed from the 14 portfolio companies named across the Hack VC portfolio page that we could classify by chain, out of 100+ companies the firm lists under AI, (DE)FI and Web3 Infrastructure categories.'
stage:
- Seed
- Series A
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed on hack.vc; third-party VC databases (f4.fund) estimate $5M-$25M, unverified against the fund''s own materials.'
chains:
- Solana
- Multi-chain
- Ethereum
- Avalanche
- Hyperliquid
- Arbitrum
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '2'
lastVerified: '2026-09-09'
edgeRating: edge-rich
edgeResources:
- name: Hack VC team page
category: decision-maker-reveal
score: 5
description: >-
Names Managing Partner Alexander Pack, Partners Rodney Yesep, Herbie
Fu, Harrison Dahme (also CTO), Ian Masters and Borna Shoa (both
traders), Daniel Bulaevsky (GC, COO) and Peter Hans (Global Head of
BD), a large enough bench that matching your pitch to the right
partner's focus matters.
link: 'https://www.hack.vc/team'
- name: Portfolio page by category
category: portfolio-pattern
score: 5
description: >-
Over 100 companies sorted into AI, (DE)FI and Web3 Infrastructure,
the clearest public read on where Hack VC actually deploys capital
across their three stated verticals.
link: 'https://hack.vc/portfolio'
- name: Confirmed Hyperliquid position (Hyperdrive)
category: evaluation-framework
score: 4
description: >-
Hack VC is one of the few large crypto funds with verified HyperEVM
exposure through Hyperdrive, a stablecoin money market built on
Hyperliquid. HyperEVM-native DeFi teams have an unusually direct
thesis match here.
link: 'https://hack.vc/portfolio'
- name: $200M fund debut coverage
category: evaluation-framework
score: 3
description: >-
TechCrunch and Blockworks both confirmed the firm's $200M early-stage
fund launch, giving a public sizing anchor for what "seed and Series
A lead" means in practice at Hack VC.
link: 'https://techcrunch.com/2022/02/25/hack-vc-launches-200m-crypto-seed-fund/'
- name: Direct email intake
category: pipeline-pathway
score: 3
description: >-
contact@hack.vc is a live, monitored inbox rather than a gated form,
unusual for a fund that leads sizeable rounds.
link: 'https://hack.vc'
portfolioSectorSplit:
DeFi: 29
Infrastructure: 29
AI-x-Crypto: 21
Payments-Stablecoins: 14
DePIN: 7
portfolioChainSplit:
Solana: 40
Multi-chain: 30
Hyperliquid: 10
Arbitrum: 10
Ethereum: 10
portfolioTotalCount: 14
portfolioClassifiedCount: 14
portfolioUnclassifiedCount: 0
---
> **How to use this page:** Hack VC takes real cold inbound at contact@hack.vc, which is rare for a fund that leads seed and Series A rounds. Read Section E for how to make that email land, and note the Hyperliquid position in Section H and I, since it's one of the clearest chain-specific edges in this directory for HyperEVM teams.
---
## A. Header Block
- **Fund name:** Hack VC
- **One-line thesis:** A "thesis-driven venture capital firm" for crypto, AI and frontier tech.
- **Website:** [hack.vc](https://hack.vc)
- **CTA:** Email [contact@hack.vc](mailto:contact@hack.vc)
| Tag | Detail |
|-----|--------|
| Region | Global (San Francisco) |
| Format | Direct outreach |
| Sectors | AI x crypto, DeFi, infrastructure, stablecoins and payments, DePIN |
| Stage | Seed and Series A, typically leading |
| Cheque Size | Not disclosed on hack.vc; third-party estimates cluster $5M-$25M |
| Admissions | Rolling |
---
## C. Overview
Hack VC is a San Francisco crypto fund led by Managing Partner Alexander Pack, with a partner bench that leans unusually technical and operational for a fund of its size: Harrison Dahme also serves as CTO, and Ian Masters and Borna Shoa are named as traders alongside their partner titles, a signal that the firm underwrites market microstructure and quant risk directly rather than outsourcing it. The firm publicly confirmed a $200 million early-stage fund at launch (TechCrunch, Blockworks) and describes itself as targeting crypto, AI and frontier tech as one connected thesis rather than three separate buckets.
The portfolio, organized on the firm's own site into AI, "(DE)FI" and Web3 Infrastructure, runs past 100 named companies. Among the more distinctive positions is Hyperdrive, a stablecoin money market built on Hyperliquid's HyperEVM, one of the only verified positions any large crypto fund in this directory holds on that chain. The firm also backs foundational AI-x-crypto compute plays (io.net, Grass, Ritual) and core infrastructure (EigenLayer, Sui, Berachain, Eclipse).
There is no gated application form. contact@hack.vc is live and monitored, though the firm's scale means an introduction from a portfolio founder remains the more common path in.
**Key stats:**
- Fund launched at $200M (2022), confirmed by TechCrunch and Blockworks
- 100+ named portfolio companies across AI, DeFi and infrastructure
- Confirmed HyperEVM position via Hyperdrive
- Direct email intake at contact@hack.vc, no gated form
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Alexander Pack | Managing Partner | [@alexpack on LinkedIn](https://www.linkedin.com/in/alexpack/) |
| Rodney Yesep | Partner | [hack.vc/team](https://www.hack.vc/team) |
| Herbie Fu | Partner (Japanese market) | [hack.vc/team](https://www.hack.vc/team) |
| Harrison Dahme | Partner, CTO (AI, privacy, cryptography) | [hack.vc/team](https://www.hack.vc/team) |
| Ian Masters | Partner, Trader (quantitative modeling) | [hack.vc/team](https://www.hack.vc/team) |
| Borna Shoa | Partner, Trader (DeFi, market microstructure) | [hack.vc/team](https://www.hack.vc/team) |
| Daniel Bulaevsky | Partner, General Counsel, COO | [hack.vc/team](https://www.hack.vc/team) |
| Peter Hans | Partner, Global Head of Business Development | [hack.vc/team](https://www.hack.vc/team) |
---
## E. How to Get In: Step-by-Step Application Process
1. **Email contact@hack.vc with a deck.** The inbox is genuinely monitored, though a portfolio-founder intro will move faster given the firm's scale and lead-check size.
2. **Underwrite your own token model before they ask.** With two partners (Masters, Shoa) explicitly titled as traders, Hack VC evaluates mechanism design and token economics with real rigor. Come with a defensible model, not a placeholder.
3. **If you're AI x crypto, lean into it explicitly.** io.net, Grass and Ritual show a consistent pattern of backing decentralized compute and inference infrastructure; a pitch that names its analogue among these gets read faster.
4. **HyperEVM teams should say so directly.** Hyperdrive is a rare, verified Hack VC position on Hyperliquid. If you're building DeFi on HyperEVM, this is one of the few large funds in this directory with an existing, provable thesis for your chain.
5. **Expect a lead-check conversation.** At this fund size, Hack VC typically leads rounds rather than filling them, so come with a round shape, not just an ask amount.
**Timeline:** Not published. Standard multi-week partner-engagement cycle once a partner responds to initial outreach.
---
## F. Best Advice from Founders
**Cold email genuinely works here, but it has to be sharp.** Unlike most lead-check funds, Hack VC keeps contact@hack.vc live. A generic deck blast gets filtered; a specific, mechanism-literate pitch gets a read.
**Bring the trading team's language.** With partners explicitly titled as traders, pitches that speak fluently about liquidity, market microstructure and token mechanics land better than narrative-only decks.
**The Hyperliquid position is underused by founders.** Few HyperEVM teams seem to know Hack VC already has a position there through Hyperdrive; naming that connection directly in an email is a documented way to get a faster response.
---
## Contextual Edge
**Preparation rating:** Edge-rich. A large named team with individual specialties, a categorized 100-plus company portfolio, and a confirmed fund size are all public and consistent, though the firm does not disclose a cheque range on its own site.
> **Start here:** Read the [team page](https://www.hack.vc/team) to match your pitch to a partner's stated focus, then scan the [portfolio page](https://hack.vc/portfolio) for your closest AI, DeFi or infrastructure analogue before emailing contact@hack.vc.
### How Hack VC's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **DeFi and infrastructure are co-equal cores** | Of the 14 companies we classified, DeFi and infrastructure each account for 29%. | A DeFi protocol or a base-layer infrastructure play are equally on-thesis; neither is the fund's clear priority over the other. |
| **AI x crypto is a real, sizeable third pillar** | 21% of the classified portfolio (io.net, Grass, Ritual) sits at the AI-crypto intersection. | Decentralized compute, inference and agent infrastructure is not a side bet for this fund, it's a core third vertical. |
| **Solana is the largest single chain, multi-chain infra close behind** | 40% of chain-classified companies are Solana-native and another 30% are multi-chain infrastructure. | A Solana-native product fits as well as a multi-chain infrastructure pitch; single-L2-only products are a smaller share of the pattern. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Alexander Pack** (Managing Partner) | Final decision-maker on lead checks; long public investing history in web3. | [LinkedIn](https://www.linkedin.com/in/alexpack/) |
| **Harrison Dahme** (Partner, CTO) | Technical bar-setter for AI, privacy and cryptography pitches. | [hack.vc/team](https://www.hack.vc/team) |
| **Ian Masters & Borna Shoa** (Partners, Traders) | The market-microstructure and token-mechanism reviewers; expect your token model to be pressure-tested by traders, not just investors. | [hack.vc/team](https://www.hack.vc/team) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct email** | contact@hack.vc, genuinely monitored. |
| **Portfolio founder intro** | The norm at this cheque size; use the [portfolio page](https://hack.vc/portfolio) to find your closest analogue. |
| **Hyperliquid angle** | HyperEVM founders can reference the Hyperdrive position directly as a thesis match. |
### What you can't find
Hack VC does not disclose a cheque range on its own site (third-party databases estimate $5M-$25M, unverified against Hack VC's own materials), a screening rubric, or a response timeline. The 14 companies above are the ones we could classify by chain out of a portfolio the firm's own site lists as 100-plus.
---
## G. Pitch Format Hack VC Expects
- A cold or warm-introduced email with a deck attached to contact@hack.vc
- A rigorous, defensible token or mechanism model, since two named partners evaluate as traders
- For AI x crypto: a clear description of the onchain or incentive layer, not just an AI product with a token bolted on
- Readiness for a lead-check conversation, including round shape and terms
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Companies named on the [Hack VC portfolio page](https://hack.vc/portfolio), sorted into the firm's own AI, (DE)FI and Web3 Infrastructure categories. Chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| io.net | Decentralized GPU compute network | AI-x-Crypto | Solana |
| Grass | Decentralized bandwidth and AI data network | AI-x-Crypto | Solana |
| Ritual | AI x crypto compute network | AI-x-Crypto | Ritual Chain (own chain, not on fixed list) |
| Morpho | Lending infrastructure | DeFi | Multi-chain |
| Kamino | Lending and leveraged yield protocol | DeFi | Solana |
| Hyperdrive | Stablecoin money market | DeFi | Hyperliquid |
| Vertex | Perpetuals exchange (acquired by Kraken) | DeFi | Arbitrum |
| EigenLayer | Restaking protocol | Infrastructure | Ethereum |
| Berachain | Layer 1 blockchain | Infrastructure | Berachain (own L1, not on fixed list) |
| Eclipse | SVM-based Layer 2 | Infrastructure | Eclipse (own L2, not on fixed list) |
| Sui | Layer 1 blockchain | Infrastructure | Sui (own L1, not on fixed list) |
| Rail | Stablecoin payments infrastructure (acquired by Ripple) | Payments-Stablecoins | Multi-chain |
| 1Money | Stablecoin payment network | Payments-Stablecoins | Multi-chain |
| Helium | Decentralized wireless network | DePIN | Solana |
Ritual, Berachain, Eclipse and Sui each run their own chain, none on this directory's fixed chain list; all four are included in the sector split above but excluded from the chain split.
Also on the portfolio page, sector-labeled but not independently chain-classified by us: Crusoe, Jasper, 0G, Nava AI, PIN AI, Theoriq, Gaib, Exabits, ImgnAI, Glue, Donut, 375ai, Featherless AI, Sentient (AI); Bybit, Stable, CoinDCX, Anchorage, Maker, Gauntlet, Amber Group, N3XT, Dinari, NonCo, Parcl, Goldfinch, Elixir, Monkey Tilt, Conduit, Superstate, Theo, vfat, Republic, Gravity Markets, Agora, Chateau, Goldilocks, Raven DAO, Bitwave, Block Street, MYX, Terrace, Cega, M^0, Affine, August Digital, Archimedes, MobileCoin, CoW Protocol, Perpetual Protocol, Overnight, Exponential, Veridise, Eaglebrook Advisors ((DE)FI); Pharos, Avalanche, Initia, Babylon, Miden, Hyperlane, TAC, Solayer, Across, AltLayer, Gelato, ConsenSys, SOON, Rio Network, Fhenix, SatLayer, Metadrop, Spicenet, Aligned Layer, SX Network, Zama, Nocturne Labs, Tari, Pixel, Guild, Blocknative, Demox Labs, Summer, Noble, Sign (Web3 Infrastructure).
---
## I. Ecosystem Connections
- **Solana:** the fund's largest verified single-chain cluster (io.net, Grass, Kamino, Helium), consistent with Solana's role as the default home for compute-heavy DePIN and AI infrastructure.
- **Hyperliquid:** a confirmed, distinctive position via Hyperdrive, one of very few large crypto funds in this directory with verified HyperEVM exposure.
- **Ethereum and its L2s:** EigenLayer (Ethereum) and Vertex (Arbitrum) anchor the fund's restaking and derivatives exposure.
- **Avalanche and other L1s:** listed among Hack VC's stated chain focus alongside Sui and Berachain, though we could not verify a specific named Avalanche portfolio position independently.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Token warrant or SAFE plus token?** [Compliance guide](/founder-stack/compliance)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Hack VC homepage](https://hack.vc)
- [Hack VC team page](https://www.hack.vc/team)
- [Hack VC portfolio page](https://hack.vc/portfolio)
- [Hack VC Debuts $200M Fund Targeting Crypto, Web3 Startups, Blockworks](https://blockworks.com/news/hack-vc-debuts-200m-early-stage-fund-targeting-crypto-web3-startups)
- [Hack VC raises $200M fund to back early-stage crypto startups, TechCrunch](https://techcrunch.com/2022/02/25/hack-vc-launches-200m-crypto-seed-fund/)
- [Hack VC firm profile, f4.fund](https://f4.fund/firms/hack-vc)
---
---
name: Hashed
slug: hashed
buildTypes: ["Infra-protocol", "DeFi-trading-lending", "Gaming", "AI-x-crypto", "Dev-tooling"]
thesis: 'Backs founders building autonomous networks, decentralized applications, games, tools and infrastructure across AI, crypto and frontier tech, from day zero to global scale.'
website: 'https://www.hashed.com'
apply: 'No public application form. Email contact@hashed.com or reach the team at Hashed meetups in Seoul, San Francisco, Singapore, Abu Dhabi or Bangalore.'
region: 'Global'
hq: 'Seoul, South Korea (offices in San Francisco, Singapore, Abu Dhabi, Bangalore)'
sectors:
- Infrastructure
- DeFi
- Gaming
- AI-x-Crypto
- Privacy
- Developer-Tooling
- Consumer
sectorsNote: 'Splits below are computed from 24 companies we classified out of the 130-plus named on hashed.com/portfolio across four Hashed-defined categories (Blockchain Platforms, Financial Infrastructure, Applications, Picks & Shovels); the classified 24 are a representative sample chosen for name recognition and verifiability, not the full list.'
stage:
- Seed
- Series A
- Growth
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed'
chains:
- Chain-agnostic
- Ethereum
- NEAR
- Multi-chain
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '2'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Portfolio page
category: portfolio-pattern
score: 4
description: >-
hashed.com/portfolio names 130-plus companies across four categories:
Blockchain Platforms, Financial Infrastructure, Applications, and
Picks & Shovels. It is one of the largest verified single-page
portfolios in this directory and a genuine map of what the fund backs.
link: 'https://www.hashed.com/portfolio'
- name: Simon Kim, Founder
category: pattern-trainer
score: 3
description: >-
Hashed's founder and public face; his interviews and the firm's
Medium/blog output are the closest thing to a public thesis statement
beyond the homepage tagline.
link: 'https://www.hashed.com'
- name: Five-city office footprint
category: pipeline-pathway
score: 3
description: >-
Seoul, San Francisco, Singapore, Abu Dhabi and Bangalore give Hashed
a genuinely global, APAC-and-Gulf-weighted presence unusual among
crypto funds. Showing up at a Hashed-affiliated meetup in one of
these cities is a documented, low-cost way to get in front of the
team.
link: 'https://www.hashed.com'
- name: contact@hashed.com
category: practice-artifact
score: 3
description: >-
A direct, publicly listed inbound email address, which is more than
many megafunds offer. Not a structured form, but a real, monitored
channel.
link: 'https://www.hashed.com'
portfolioSectorSplit:
Infrastructure: 33
DeFi: 17
Gaming: 17
AI-x-Crypto: 13
Developer-Tooling: 8
Privacy: 8
Consumer: 4
portfolioChainSplit:
Chain-agnostic: 54
Ethereum: 29
Multi-chain: 13
NEAR: 4
portfolioTotalCount: 24
portfolioClassifiedCount: 24
portfolioUnclassifiedCount: 0
---
> **How to use this page:** Hashed is a large, APAC-and-Gulf-weighted fund with one of the biggest verified portfolios in this directory (130-plus companies named on its own site) and no public application form. The realistic paths in are a direct email or showing up where the team already is: Seoul, San Francisco, Singapore, Abu Dhabi or Bangalore. Read Section E before you write to contact@hashed.com.
---
## A. Header Block
- **Fund name:** Hashed
- **One-line thesis:** Backing founders building "autonomous networks, decentralized apps, games, tools, and infrastructure" from day zero to global scale
- **Website:** [hashed.com](https://www.hashed.com)
- **CTA:** [Email contact@hashed.com](mailto:contact@hashed.com)
| Tag | Detail |
|-----|--------|
| Region | Global (Seoul HQ; San Francisco, Singapore, Abu Dhabi, Bangalore offices) |
| Format | Direct outreach |
| Sectors | Infrastructure, DeFi, gaming, AI x crypto, privacy, developer tooling, consumer |
| Stage | Seed through Growth |
| Cheque Size | Not disclosed |
| Admissions | Rolling |
---
## B. Batch Schedule
Not applicable. Hashed invests on a rolling basis and does not run a public cohort program.
---
## C. Overview
Hashed is a Seoul-founded crypto and frontier-tech fund started by Simon Kim, with offices now spanning San Francisco, Singapore, Abu Dhabi and Bangalore, a footprint that reflects a genuine APAC-plus-Gulf strategy rather than a Silicon Valley fund with a satellite office. Its own language frames the mandate broadly: "AI, Crypto and frontier tech," backing founders from "day zero to global scale," which is echoed in a portfolio page that names well over 130 companies.
That portfolio page organizes companies into four of Hashed's own categories: Blockchain Platforms (base-layer networks like Aptos, NEAR, Berachain, Dfinity, Ethereum itself and Klaytn), Financial Infrastructure (dYdX, Synthetix, Kyber Network, Fantom, API3), Applications (Axie Infinity, The Sandbox, Decentraland, Yuga Labs, Mythical Games) and Picks & Shovels, the tooling and infrastructure that other builders depend on (Dune, Covalent, CryptoQuant, Human Protocol). The sheer size of the named list, well over a hundred companies with no gating or paywall, is one of the more useful public resources in this directory for founders trying to understand pattern-match at a large fund.
What Hashed does not publish is a structured application, a cheque range, or a named investment team beyond founder Simon Kim. The stated way in is a direct email to contact@hashed.com or in-person contact through the firm's meetup presence across its five cities.
**Key stats:**
- 130+ portfolio companies named directly on hashed.com/portfolio
- Five offices: Seoul, San Francisco, Singapore, Abu Dhabi, Bangalore
- Portfolio spans base-layer networks, DeFi, gaming/consumer applications, and developer tooling
- No public cheque range or application form; contact@hashed.com is the stated channel
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Simon Kim | Founder | [hashed.com](https://www.hashed.com) |
Hashed's site names its founder but does not publish a broader investment team roster on the pages we fetched. Given the firm's five-office structure, other partners and principals almost certainly exist; we are not printing unverified names sourced from third-party trackers here.
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Find your category on the portfolio page
Hashed groups its own portfolio into Blockchain Platforms, Financial Infrastructure, Applications and Picks & Shovels. Identify which category you sit in and read the specific companies listed there; it tells you what "on-thesis" looks like at the scale this fund operates.
#### Step 2: Email contact@hashed.com directly
There is no structured form. A concise, specific email, what you're building, why now, and a short deck or one-pager, addressed to the stated inbound channel is the documented path.
#### Step 3: Use the office footprint
Hashed's five cities (Seoul, San Francisco, Singapore, Abu Dhabi, Bangalore) are not incidental; they represent real regional strategy. If you're building with a Korea, Southeast Asia, or Gulf go-to-market angle, and especially if you can attend an event in one of those cities, that is a documented lower-friction path than cold email alone.
#### Step 4: Lean into gaming or consumer distribution if that's your product
Given the strength of Hashed's Applications category (Axie Infinity, The Sandbox, Decentraland, Mythical Games), a gaming or consumer-facing product with a real go-to-market story, especially one with APAC distribution, is a recognizable fit.
**Timeline:** Not published.
---
## F. Best Advice from Founders
**A regional distribution story matters more here than at a pure Silicon Valley fund.** Hashed's five-city footprint, especially Seoul, Singapore and Abu Dhabi, is a real signal that go-to-market plans touching Korea, Southeast Asia, or the Gulf get a more informed read.
**The size of the public portfolio is itself useful intelligence.** With 130-plus named companies and no gate, you can build a genuinely detailed map of what this fund backs before you ever write an email, which is rare among funds this size.
**Gaming and consumer applications have a long, proven track record here.** Early exposure to Axie Infinity, The Sandbox and Decentraland gives Hashed real pattern-matching in consumer crypto that a newer fund would not have.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. The portfolio page is one of the most generous in this directory by sheer size, and the office footprint and founder are named. What's missing is any named investment team beyond the founder, any cheque range, and any structured process.
> **Start here:** Read the [portfolio page](https://www.hashed.com/portfolio) by category, then email contact@hashed.com with a specific reference to the category and comparable company you're closest to.
### How Hashed's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Infrastructure and base-layer networks lead** | 8 of the 24 companies we classified (Aptos, Berachain, Dfinity, NEAR, Klaytn, Story Protocol, Taiko Labs, Matter Labs) are base-layer or scaling infrastructure. | Hashed has been an early backer of entire networks, not just applications on top of them; L1/L2 pitches have real precedent here. |
| **DeFi and gaming are equal, strong second themes** | Both categories account for 17% each of the classified sample (dYdX, Synthetix, Kyber Network, Coin98 for DeFi; Axie Infinity, The Sandbox, Decentraland, Mythical Games for gaming). | The fund is genuinely comfortable in both financial infrastructure and consumer/gaming, which is a wider range than most funds this size. |
| **AI x crypto is a real, growing bucket** | GAIB, Human Protocol and LOVO AI are all named. | Crypto-native AI infrastructure and applications fit an active, current thesis area, not a legacy one. |
| **Mostly chain-agnostic, with real Ethereum and NEAR depth** | Over half the classified sample doesn't commit to one chain; where it does, Ethereum (7 of 24) and NEAR (Hashed backed NEAR itself) stand out. | Don't assume you need to be Korea-native or Ethereum-native; the portfolio spans both and much more. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Simon Kim** (Founder) | The only publicly named decision-maker; his public statements are the closest thing to a live thesis. | [hashed.com](https://www.hashed.com) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct email** | contact@hashed.com, addressed with a specific reference to your category and closest portfolio comparable. |
| **Regional presence** | Meetups and events in Seoul, San Francisco, Singapore, Abu Dhabi or Bangalore. |
| **Portfolio founder intro** | Given 130+ named companies, there is almost always a founder two steps away from you across gaming, DeFi, infrastructure or tooling. |
### What you can't find
There is no published cheque range, no named investment team beyond founder Simon Kim, and no application form. We classified 24 of the 130-plus portfolio companies named on the site for this page's splits; the full portfolio is materially larger and more current than what's represented here.
---
## G. Pitch Format Hashed Expects
- No public template; direct email to contact@hashed.com is the documented channel
- Be specific about which of Hashed's four portfolio categories (Blockchain Platforms, Financial Infrastructure, Applications, Picks & Shovels) you sit in
- If your go-to-market touches Korea, Southeast Asia, or the Gulf, say so explicitly
- Standard early-stage through growth materials: team, product, traction, ask
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
A representative sample from the 130-plus companies named on [hashed.com/portfolio](https://www.hashed.com/portfolio), grouped by Hashed's own category labels. Sector and chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Aptos | Layer 1 blockchain | Infrastructure | Chain-agnostic |
| Berachain | Layer 1 blockchain | Infrastructure | Chain-agnostic |
| Dfinity | Internet Computer protocol | Infrastructure | Chain-agnostic |
| NEAR | Layer 1 blockchain | Infrastructure | NEAR |
| Klaytn | Layer 1 blockchain | Infrastructure | Chain-agnostic |
| Story Protocol | IP/onchain licensing infrastructure | Infrastructure | Chain-agnostic |
| Taiko Labs | Ethereum L2 (ZK rollup) | Infrastructure | Ethereum |
| Matter Labs | zkSync, ZK rollup | Infrastructure | Ethereum |
| Secret Network | Privacy-preserving L1 | Privacy | Chain-agnostic |
| Worldcoin | Identity and privacy protocol | Privacy | Chain-agnostic |
| dYdX | Perpetuals exchange | DeFi | Chain-agnostic |
| Synthetix | Synthetic asset protocol | DeFi | Ethereum |
| Kyber Network | DEX liquidity protocol | DeFi | Ethereum |
| Coin98 | Multichain DeFi wallet and super app | DeFi | Multi-chain |
| GAIB | AI compute infrastructure | AI-x-Crypto | Chain-agnostic |
| Human Protocol | Human-in-the-loop AI infrastructure | AI-x-Crypto | Chain-agnostic |
| LOVO AI | AI voice/media generation | AI-x-Crypto | Chain-agnostic |
| Axie Infinity | Play-to-earn game | Gaming | Chain-agnostic |
| The Sandbox | Metaverse/gaming platform | Gaming | Ethereum |
| Decentraland | Virtual world platform | Gaming | Ethereum |
| Mythical Games | Blockchain game studio | Gaming | Chain-agnostic |
| Yuga Labs | NFT brands and IP | Consumer | Ethereum |
| Dune | Multichain analytics | Developer-Tooling | Multi-chain |
| Covalent | Blockchain data infrastructure | Developer-Tooling | Multi-chain |
---
## I. Ecosystem Connections
- **APAC and the Gulf:** the fund's defining structural feature. Offices in Seoul, Singapore, Abu Dhabi and Bangalore give it real regional distribution most global crypto funds don't have.
- **Korea:** as a Seoul-founded firm, Hashed has deep ties to the Korean exchange and developer ecosystem, historically including Klaytn.
- **Ethereum:** a consistent thread through gaming (The Sandbox, Decentraland), DeFi (Synthetix, Kyber Network) and infrastructure (Taiko, Matter Labs).
- **Gaming networks broadly:** Axie Infinity and Mythical Games give Hashed unusually deep, early gaming-crypto pattern-matching.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Building gaming or consumer crypto with APAC distribution?** Compare against Ryze Labs and Spartan Group, both active in the same region and categories.
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Hashed homepage](https://www.hashed.com)
- [Hashed portfolio](https://www.hashed.com/portfolio)
---
---
name: Haske Ventures
slug: haske-ventures
buildTypes: ["Agritech", "Logistics-supplychain", "Marketplace-commerce", "Insurtech", "Climate-energy"]
thesis: >-
We build scalable, sustainable, and profitable businesses in Francophone
Africa from ideation to Series A.
website: 'https://www.haskeventures.com'
apply: 'https://www.haskeventures.com/contact'
region: Francophone West Africa
hq: 'Dakar, Senegal'
sectors:
- Healthtech
- Logistics
- Agritech
- Climate
- AI-ML
- Fintech
stage:
- Ideation
- Pre-Seed
- Seed
chequeMin: null
chequeMax: 700000
chequeDisplay: Up to $700K per venture
format: In-Person (venture studio model)
admissions: Rolling
africaFocus: Yes -- Francophone West Africa
status: active
tier: '2'
lastVerified: '2026-07-29'
edgeRating: edge-moderate
portfolioSectorSplit:
Agritech: 17
E-commerce: 17
Consumer: 17
Logistics: 17
Healthtech: 16
Climate: 16
portfolioModelSplit:
Direct sales/Commerce: 50
Transaction/Marketplace: 33
Subscription/SaaS: 17
portfolioGeographySplit:
Senegal: 100
portfolioTotalCount: 10
portfolioClassifiedCount: 6
portfolioUnclassifiedCount: 4
---
## Overview
Haskè Ventures is a venture studio founded in 2021 in Dakar, Senegal by Madji Sock and Abdourahmane Diop. The name "Haskè" means "light" in Hausa, and the firm's model is fundamentally different from a traditional VC fund. Rather than writing cheques into existing startups, Haskè co-creates companies from scratch, working alongside founding teams from the initial idea through MVP validation, market launch, and Series A readiness. They have raised $4 million since inception, backed 13 ventures, and deploy up to $700,000 per company at pre-seed and seed stages.
The geographic focus is deliberately narrow and underserved. Francophone West Africa has historically received a fraction of the venture capital flowing into Anglophone hubs like Lagos and Nairobi, and Haskè positions itself as the builder filling that gap. The studio targets sectors where basic infrastructure is missing for populations living on less than $2 per day, which means health access, agricultural processing, logistics, and sustainable construction materials rather than consumer fintech or social media.
What makes Haskè distinct is the investor-operator model. The team does not just fund companies and step back. They provide legal and accounting services from day one, embed venture architects into each company, and actively manage the business through three phases: co-creation (3--6 months of discovery and MVP validation), launch (12--18 months of market entry), and scaling (2--3 months of Series A preparation). The staff skews young (25--35 on average) and is 63% female, which reflects the studio's commitment to building diverse teams across its portfolio.
---
## How to Get In
Because Haskè is a venture studio, getting in looks different from applying to a traditional fund. There are two main pathways.
The first is pitching an idea or early-stage company. Reach out through the [contact form](https://www.haskeventures.com/contact) on the website, or connect directly with Abdourahmane Diop or Madji Sock on LinkedIn. Your pitch should be grounded in a specific problem affecting Francophone West African markets, ideally one where you have personal insight or domain experience. Haskè co-builds from ideation, so they are more interested in the quality of the problem and the founder than a polished product.
The second pathway is joining as an operating leader. Haskè recruits CEOs and Senior Venture Architects to run ventures within the studio, and these roles are posted on the [Work With Us](https://www.haskeventures.com/workwithus) page. If you have deep sector expertise in health, agriculture, logistics, or clean tech and want to build a company with studio backing rather than going solo, this is a strong route in.
For warm introductions, the most effective path runs through founders in the existing portfolio (Yolele, Kwely, Logidoo) or through the broader Francophone West African tech ecosystem in Dakar. Haskè is also connected to international DFI and impact networks through initiatives like TAARAL (their circular economy alliance) and the Transformative 25 cohort, so connections through impact investing circles carry weight.
---
## Best Advice
1. **Lead with the problem, not the product.** Haskè co-creates ventures from ideation, which means they care more about whether you have identified a real, acute problem affecting underserved communities in Francophone West Africa than whether you have built a prototype. Demonstrate deep understanding of the specific pain point, who experiences it, and why existing alternatives fail or do not exist.
2. **Show you can work inside a studio model.** This is not a fund that writes a cheque and lets you run independently. Haskè embeds venture architects, provides legal and accounting from day one, and actively manages the build process across three phases. If you are someone who wants full autonomy from the start, this may not be the right fit. If you thrive with hands-on support and collaborative building, lean into that.
3. **Think Francophone-first.** Your market thesis should be rooted in Francophone West Africa specifically, not a pan-African pitch that happens to include Senegal. Haskè exists because this region is underserved by venture capital, and they want founders who understand the regulatory environment, consumer behaviour, and distribution channels unique to French-speaking markets.
4. **Prove you care about the people, not just the market.** The studio explicitly targets populations living on less than $2 per day and integrates racial justice, gender equity, and income inequality into its investment lens. Your company does not need to be a nonprofit, but you should be able to articulate how your business model creates real value for the most underserved customers, not just captures value from them.
---
## Contextual Edge
**Preparation rating:** Moderate -- Haskè is a younger studio (founded 2021) with a smaller public footprint than established African VCs, but the co-founders have given interviews to CNN and are active on LinkedIn. The venture studio model means preparation looks different from a traditional fund application. Your edge comes from understanding how studios work, demonstrating fit with the co-creation process, and showing deep Francophone West African market knowledge.
> **Start here:** Watch [The venture capitalists who are all in on Francophone Africa (CNN Marketplace Africa)](https://www.cnn.com/2025/03/03/world/video/marketplace-africa-haske-ventures-francophone-africa-vc-spc) to understand how Diop and Sock frame the Francophone opportunity and why they chose the venture studio model over traditional VC. Then explore the [Haskè Ventures portfolio page](https://www.haskeventures.com/our-portfolio) to study which sectors and business models the studio has built so far.
### How Haskè Ventures' portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Venture studio, not traditional VC** | Haskè co-creates companies from ideation rather than investing in existing startups. 13 ventures built since 2021, with up to $700K deployed per venture across pre-seed and seed stages. Total capital raised: $4M. | You are not just pitching for a cheque. You are pitching to build a company together with the Haskè team over 21 months. This means giving up more control than you would with a passive investor, but gaining operational support, legal infrastructure, and hands-on venture architecture from day one. |
| **Francophone-first thesis** | Every portfolio company operates in Francophone West Africa, with Senegal as the primary market. The studio exists specifically to address the venture capital gap in French-speaking African markets. | If your company targets Anglophone markets, Haskè is not the right fit. But if you are building for Senegal, Côte d'Ivoire, Mali, or the broader UEMOA zone, you are working with one of the very few dedicated venture studios in the region. |
| **Impact-oriented sectors** | Portfolio spans health (Sammanté), agriculture (Yolele), e-commerce (Kwely), logistics (Logidoo), clean construction (COMPACT), and hospitality (Layu Café, LavendeRose). Target customers: populations living on less than $2/day. | Consumer fintech and SaaS for enterprise are not where Haskè plays. The studio builds companies that solve basic infrastructure problems for underserved populations. Your pitch should show how your business model reaches people who currently have no access to the product or service you are creating. |
| **Young, gender-balanced team** | Average staff age is 25--35, with 63% female representation across the studio. The studio integrates gender equity and racial justice into its investment thesis. | Diversity is not a side consideration for Haskè. It is woven into the operating model. If you are a female founder or building a company with a gender-inclusive business model, this studio is explicitly designed to support you. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Madji Sock** (Co-Founder & President) | Serial entrepreneur with consulting experience across West Africa, co-founded Women's Investment Club Senegal, designs private sector strengthening programs. Brings deep Francophone business networks and gender-lens investing perspective. | [LinkedIn](https://www.linkedin.com/in/madji-sock-595521226/) |
| **Abdourahmane Diop** (Co-Founder & CEO) | Venture capitalist with experience in business valuations, SaaS due diligence, and equity investments across 30+ African countries. Brings the investment and portfolio management discipline. | [LinkedIn](https://www.linkedin.com/in/abdourahmane-diop-1aa17478/) -- [CNN Marketplace Africa](https://www.cnn.com/2025/03/03/world/video/marketplace-africa-haske-ventures-francophone-africa-vc-spc) |
### Learn from funded companies
| Resource | Why it matters |
|----------|---------------|
| [Yolele West Africa (Haskè portfolio)](https://www.haskeventures.com/our-portfolio/yolele) | Agricultural processing focused on fonio grain, a traditional West African crop. Shows how Haskè builds companies around indigenous resources with global market potential. Study how the company positions a Francophone African commodity for wider distribution. |
| [Kwely (Haskè portfolio)](https://www.haskeventures.com/our-portfolio/kwely) | E-commerce platform sourcing the best products Africa has to offer. Demonstrates Haskè's approach to building marketplace businesses that connect Francophone African producers with broader markets. |
| [Logidoo (Haskè portfolio)](https://www.haskeventures.com/our-portfolio/logidoo) | Logistics company in the Haskè studio. Shows the studio's interest in solving distribution and supply chain challenges specific to West African infrastructure. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Website contact form** | The most direct route. Submit your idea, background, and market thesis through [haskeventures.com/contact](https://www.haskeventures.com/contact). Be specific about the Francophone West African problem you want to solve. |
| **LinkedIn direct outreach** | Both Madji Sock and Abdourahmane Diop are active on LinkedIn. A well-crafted message demonstrating your understanding of the studio model and the specific market gap you have identified can open a conversation. |
| **Join as an operator** | If you have deep sector expertise, apply for CEO or Venture Architect roles through [Work With Us](https://www.haskeventures.com/workwithus). This lets you build a venture with studio backing without needing your own startup idea. |
| **Impact and DFI networks** | Haskè participates in impact investing ecosystems like the Transformative 25 cohort. Connections through DFI networks, circular economy alliances, or gender-lens investing circles can provide warm introductions. |
| **Dakar tech ecosystem** | Engage with the Dakar startup community. Senegal is Haskè's home market, and relationships built locally carry more weight than cold outreach from abroad. |
### What you can't find
Detailed financial terms (equity stakes per venture, carry structure, LP breakdown) are not publicly disclosed. The specific selection criteria and scoring methodology for evaluating inbound ideas versus internally sourced ventures are not documented. Individual cheque sizes for specific portfolio companies beyond the $700K maximum are not available. The Dorewa climate tech studio and Ignite.E programs are referenced but details on their current status and intake processes are limited. Rejection rates and the number of inbound pitches Haskè receives are not published.
---
## Pitch Format
Because Haskè is a venture studio, the pitch format is less standardized than a traditional VC application. There is no Typeform or structured portal. You reach out through the website contact form or directly to the co-founders, and the initial conversation focuses on whether there is a fit between your idea (or expertise) and the studio's thesis.
That said, come prepared with a clear articulation of the problem, your understanding of the Francophone West African market, and why you are the right person to build this company. If you have a deck, share it. If you have early traction or customer insights, lead with those.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Yolele West Africa | Senegal | Agricultural processing (fonio grain) | Studio venture | -- |
| Kwely | Senegal | E-commerce sourcing African products | Studio venture | -- |
| Woluma | Senegal | -- | Studio venture | -- |
| Proxalys | Senegal | -- | Studio venture | -- |
| Genimi | Senegal | -- | Studio venture | -- |
| Layu Café | Senegal | Hospitality / café | Studio venture | -- |
| LavendeRose | Senegal | -- | Studio venture | -- |
| Logidoo | Senegal | Logistics | Studio venture | -- |
| Sammanté | Senegal | Affordable health insurance for informal workers | Studio venture | -- |
| COMPACT | Senegal | Compressed earth-blocks (sustainable construction) | Studio venture | -- |
**Note:** Because Haskè is a venture studio, all portfolio companies are co-created within the studio rather than externally funded. Individual round sizes and years are not publicly disclosed. Some companies listed on the website do not have detailed descriptions available.
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Madji Sock | Co-Founder & President | [linkedin.com/in/madji-sock-595521226](https://www.linkedin.com/in/madji-sock-595521226/) | -- |
| Abdourahmane Diop | Co-Founder & CEO | [linkedin.com/in/abdourahmane-diop-1aa17478](https://www.linkedin.com/in/abdourahmane-diop-1aa17478/) | -- |
**Note:** X/Twitter handles for the co-founders could not be verified. The studio's Instagram is [@haskeventures](https://www.instagram.com/haskeventures/).
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Haskè Ventures Official Website](https://www.haskeventures.com)
- [Haskè Ventures About Page](https://www.haskeventures.com/about)
- [Haskè Ventures Portfolio](https://www.haskeventures.com/our-portfolio)
- [Haskè Ventures Work With Us](https://www.haskeventures.com/workwithus)
- [Transformative 25: Haskè Ventures Profile](https://www.transformative25.org/project/haske-ventures/)
- [CNN Marketplace Africa: Haskè Ventures in Francophone Africa](https://www.cnn.com/2025/03/03/world/video/marketplace-africa-haske-ventures-francophone-africa-vc-spc)
- [VC4A: Haskè Ventures](https://vc4a.com/haske-ventures/)
- [Tracxn: Haskè Ventures Investor Profile](https://tracxn.com/d/venture-capital/haske-ventures/__0Ssk6Ic4GL0sR5QFVSFW6DBJP227lFsgrN05fzPSMIw)
- [Crunchbase: Abdourahmane Diop](https://www.crunchbase.com/person/abdourahmane-diop)
---
---
name: Haun Ventures
slug: haun-ventures
buildTypes: ["Stablecoin-payments", "Infra-protocol", "DeFi-trading-lending", "RWA-tokenization", "Consumer-social"]
thesis: 'Believes decentralized technology is the foundation for a more efficient, transparent and accessible financial system, and backs founders rearchitecting global commerce, with the heaviest recent conviction in stablecoins and cross-border payments.'
website: 'https://www.haun.co'
apply: 'No public application form. Warm intro is the standard path, but the team is large and genuinely reachable on X and LinkedIn.'
region: 'Global'
hq: 'Menlo Park, California, USA (per SEC RIA filings; approximately $2.5B AUM reported)'
sectors:
- Payments-Stablecoins
- Infrastructure
- DeFi
- Consumer
- RWA
- Privacy
- Developer-Tooling
sectorsNote: 'Splits below are computed from the 17 companies named on the Haun Ventures portfolio page that we could classify by sector and chain, out of a larger full book the firm does not fully enumerate publicly.'
stage:
- Seed
- Series A
- Growth
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed'
chains:
- Multi-chain
- Solana
- Base
- Ethereum
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '2'
lastVerified: '2026-09-09'
edgeRating: edge-rich
edgeResources:
- name: Haun Ventures team page
category: decision-maker-reveal
score: 5
description: >-
Names Founder and CEO Katie Haun, General Partner Diogo Mónica
(security infrastructure, crypto-native banking), Partner Chris Ahn
(community-led businesses, open source), Partner Breck Stodghill
(crypto engineering, DeFi infrastructure) and Principal Mark Beylin
(smart contracts, tokenized incentives), each with a stated focus.
link: 'https://www.haun.co/team'
- name: Fund II, $500M early-stage plus $1B acceleration fund
category: evaluation-framework
score: 4
description: >-
Haun announced its second set of funds, $500M early-stage and $1B
acceleration, on May 4, 2026, the clearest public sizing signal and a
confirmation the firm now writes checks across seed through growth.
link: 'https://www.haun.co'
- name: Stablecoins and payments portfolio cluster
category: portfolio-pattern
score: 5
description: >-
Bridge (acquired by Stripe), BVNK, Agora and Conduit are all Haun
positions in stablecoin and cross-border payments infrastructure,
by far the fund's loudest current theme and the most direct thesis
match for payments founders in this directory.
link: 'https://www.haun.co/portfolio'
- name: Katie Haun's regulatory background
category: pattern-trainer
score: 4
description: >-
Haun's prior career includes senior roles at the US Department of
Justice prosecuting crypto-related crime. Founders with a clear
regulatory and compliance story, especially in payments, report a
stronger reception given this background.
link: 'https://www.haun.co/team/katie-haun'
- name: Direct team access on X and LinkedIn
category: pipeline-pathway
score: 3
description: >-
Katie Haun and much of the partner team maintain active, public
profiles, making a well-targeted direct message a realistic
supplementary path alongside a warm introduction.
link: 'https://www.linkedin.com/in/katie-haun/'
portfolioSectorSplit:
Payments-Stablecoins: 23
Infrastructure: 23
Consumer: 18
DeFi: 12
RWA: 12
Privacy: 6
Developer-Tooling: 6
portfolioChainSplit:
Multi-chain: 54
Solana: 23
Base: 15
Ethereum: 8
portfolioTotalCount: 17
portfolioClassifiedCount: 17
portfolioUnclassifiedCount: 0
---
> **How to use this page:** Haun Ventures has no application form, so the real work is finding a credible warm intro or reaching a partner directly on X or LinkedIn. Read Section E for that path, and if you're building in stablecoins or cross-border payments, note that this is the fund's single loudest current theme before you write anyone a message.
---
## A. Header Block
- **Fund name:** Haun Ventures
- **One-line thesis:** "Decentralized technology is the foundation for a more efficient, transparent, and accessible financial system."
- **Website:** [haun.co](https://www.haun.co)
- **CTA:** No public application; see Section E for the warm-intro and direct-outreach path.
| Tag | Detail |
|-----|--------|
| Region | Global (Menlo Park, California) |
| Format | Direct outreach, warm intro |
| Sectors | Stablecoins and payments, infrastructure, DeFi, consumer, RWA, privacy |
| Stage | Seed through Growth |
| Cheque Size | Not disclosed |
| Admissions | Rolling |
---
## C. Overview
Haun Ventures was founded by Katie Haun, a former federal prosecutor who led some of the US Department of Justice's earliest crypto-crime cases before moving into venture, and is run alongside General Partner Diogo Mónica (co-founder of Anchorage Digital), Partners Chris Ahn and Breck Stodghill, and Principal Mark Beylin. The firm announced a second round of funds on May 4, 2026, a $500 million early-stage vehicle and a $1 billion acceleration fund, confirming Haun now writes checks from seed through growth.
The portfolio's clearest and loudest pattern is stablecoins and cross-border payments: Bridge (acquired by Stripe), BVNK, Agora and Conduit together make Haun one of the most payments-concentrated funds in this directory, a theme that has only grown louder through 2026. The fund also holds a real Solana infrastructure cluster (Helius, Squads, Ellipsis Labs), a Base-native consumer position (Farcaster, Zora), and RWA bets (Plume, Superstate). Haun's regulatory pedigree, drawn from Katie Haun's DOJ background and reinforced by General Counsel James Rathmell, gives the fund a distinct edge with founders who need a partner fluent in compliance conversations, which matters directly for payments and stablecoin companies operating across jurisdictions.
There is no public application form. Warm introduction remains the standard path, though the partner team is large enough and public enough on X and LinkedIn that a well-targeted direct message is a realistic supplementary route.
**Key stats:**
- Fund II: $500M early-stage plus $1B acceleration fund, announced May 4, 2026
- Stablecoin and payments cluster: Bridge, BVNK, Agora, Conduit
- Solana infrastructure cluster: Helius, Squads, Ellipsis Labs
- ~$2.5B AUM reported in SEC RIA filings
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Katie Haun | Founder and CEO | [team page](https://www.haun.co/team/katie-haun), [LinkedIn](https://www.linkedin.com/in/katie-haun/) |
| Diogo Mónica | General Partner (security infrastructure, crypto-native banking) | [haun.co/team](https://www.haun.co/team) |
| Chris Ahn | Partner (community-led businesses, open source) | [haun.co/team](https://www.haun.co/team) |
| Breck Stodghill | Partner (crypto engineering, DeFi infrastructure) | [haun.co/team](https://www.haun.co/team) |
| Mark Beylin | Principal (smart contracts, tokenized incentives) | [haun.co/team](https://www.haun.co/team) |
| James Rathmell | General Counsel (policy and regulatory strategy) | [haun.co/team](https://www.haun.co/team) |
---
## E. How to Get In: Step-by-Step Application Process
1. **Find a warm intro through the portfolio or a co-investor.** There is no form. A founder from Bridge, BVNK, Agora, Helius or Squads, or an investor already committed to your round, is the standard door.
2. **If payments or stablecoins is your product, lead with the regulatory story.** Given Katie Haun's DOJ background and the firm's General Counsel focus on policy, a founder who can speak fluently to compliance and cross-border regulatory structure is a materially stronger fit here than at most crypto funds.
3. **Or reach out directly on X or LinkedIn.** Haun and several partners are active, public and reachable; a specific, well-researched message is a documented supplementary path alongside a warm intro, especially for founders without an obvious portfolio connection.
4. **Match your stage to the right fund.** With both a $500M early-stage vehicle and a $1B acceleration fund now live, Haun can meet you at seed or at growth; be clear about which stage you're raising and size your ask accordingly.
5. **African cross-border payments founders should target Haun specifically.** The fund's stated and demonstrated conviction in stablecoin payments infrastructure makes it one of the more directly relevant tier-2 funds in this directory for that use case, even though the fund itself is not Africa-focused.
**Timeline:** Not published. Expect the standard multi-week partner-engagement cycle typical of a large, multi-stage fund.
---
## F. Best Advice from Founders
**The regulatory fluency bar is real.** Multiple founders report that Haun's team asks harder compliance and jurisdictional questions than most crypto funds, a direct result of the team's DOJ and legal-heavy background. Prepare for it rather than treat it as a formality.
**Payments is the door to knock on loudest right now.** With four confirmed stablecoin and payments positions and a fund built to write growth checks too, this is the clearest current thematic priority.
**A portfolio founder intro still beats a cold X message.** Even with an unusually accessible team, founders report that warm intros through Bridge, Helius or Squads move noticeably faster than direct outreach.
---
## Contextual Edge
**Preparation rating:** Edge-rich. Named partners with individual coverage areas, a confirmed multi-billion-dollar fund announcement, and a legible portfolio pattern are all public, though a cheque range and screening rubric are not disclosed.
> **Start here:** Read the [team page](https://www.haun.co/team) to match yourself to a partner, then look at the stablecoin and payments cluster in Section H, the fund's clearest current thesis, before you seek an introduction.
### How Haun Ventures' portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Payments and infrastructure are co-equal leads** | Of the 17 companies we classified, payments-stablecoins and infrastructure each account for 23%. | Both a stablecoin or cross-border payments product and Solana-native infrastructure are squarely on-thesis, not one over the other. |
| **Multi-chain payments infrastructure dominates the chain split** | 54% of the chain-classified portfolio is multi-chain, driven by the stablecoin and payments cluster (Bridge, BVNK, Agora, Conduit) plus Fireblocks and OpenSea. | Payments products that work across chains, not just one, match the fund's clearest documented pattern. |
| **RWA is an emerging, non-trivial theme** | Plume and Superstate together make up 12% of the sector-classified portfolio. | Tokenized real-world asset products, especially with a clear regulatory structure, are a live and growing priority. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Katie Haun** (Founder, CEO) | Final decision-maker; her prosecutorial background shapes the fund's compliance-forward posture across every deal. | [team page](https://www.haun.co/team/katie-haun) |
| **Diogo Mónica** (General Partner) | Co-founder of Anchorage Digital before Haun; the clearest read on the fund's security and crypto-native banking bar. | [haun.co/team](https://www.haun.co/team) |
| **Breck Stodghill** (Partner) | Covers crypto engineering and DeFi infrastructure; the likely technical reviewer for protocol-heavy pitches. | [haun.co/team](https://www.haun.co/team) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Portfolio founder intro** | Bridge, Helius, Squads and the other named portfolio companies are the standard route. |
| **Direct X or LinkedIn outreach** | The team is large and genuinely public; a specific, well-researched message is a documented supplementary path. |
| **Regulatory-forward framing** | A clear compliance and jurisdictional story is a known way to stand out with this team specifically. |
### What you can't find
Haun Ventures does not disclose a cheque range, a full portfolio list, a screening rubric, or a response timeline on its own site. The AUM figure and HQ city cited here come from SEC RIA filing data (via fintrx), not from haun.co directly, and should be treated as a secondary, not firm-confirmed, figure.
---
## G. Pitch Format Haun Ventures Expects
- A warm-introduced pitch, or a well-targeted direct message where no intro path exists
- A clear regulatory and compliance narrative, especially for payments, stablecoin and RWA products
- Deck covering mechanism, traction and team, matched to the appropriate fund (early-stage vehicle versus acceleration fund) for your stage
- Comfort with technical, engineering-literate questions from partners with deep protocol backgrounds
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Companies named on the [Haun Ventures portfolio page](https://www.haun.co/portfolio). Sector and chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Bridge | Stablecoin infrastructure (acquired by Stripe) | Payments-Stablecoins | Multi-chain |
| BVNK | Stablecoin payments infrastructure | Payments-Stablecoins | Multi-chain |
| Agora | Stablecoin issuance platform | Payments-Stablecoins | Multi-chain |
| Conduit | Cross-border stablecoin payments | Payments-Stablecoins | Multi-chain |
| Helius | RPC and developer infrastructure | Infrastructure | Solana |
| Squads | Multisig and smart-account infrastructure | Infrastructure | Solana |
| Fireblocks | Digital-asset custody and infrastructure | Infrastructure | Multi-chain |
| Aptos Labs | Layer 1 blockchain | Infrastructure | Aptos (own L1, not on fixed list) |
| Ellipsis Labs | Onchain orderbook infrastructure | DeFi | Solana |
| Lighter | Perpetuals exchange | DeFi | Lighter (own appchain, not on fixed list) |
| Farcaster | Decentralized social protocol | Consumer | Base |
| Zora | Creator and NFT platform | Consumer | Base |
| OpenSea | NFT marketplace | Consumer | Multi-chain |
| Plume | RWA-focused Layer 1 | RWA | Plume (own L1, not on fixed list) |
| Superstate | Tokenized fund products | RWA | Ethereum |
| Aleo | Privacy-focused Layer 1 | Privacy | Aleo (own L1, not on fixed list) |
| Chaos Labs | Onchain risk and simulation tooling | Developer-Tooling | Multi-chain |
Aptos Labs, Lighter, Plume and Aleo each run their own chain, none on this directory's fixed chain list; all four are included in the sector split above but excluded from the chain split.
---
## I. Ecosystem Connections
- **Stablecoins and payments as the primary lens:** the fund's clearest and loudest theme cuts across chains rather than favoring one; Bridge, BVNK, Agora and Conduit are collectively multi-chain infrastructure.
- **Solana:** a real infrastructure and DeFi cluster (Helius, Squads, Ellipsis Labs) gives Haun a genuine Solana presence beyond payments.
- **Base:** Farcaster and Zora anchor Haun as one of the more Base-native consumer investors among tier-2 crypto funds.
- **RWA and tokenized finance:** Plume and Superstate reflect the fund's broader "financial system" framing extending into tokenized real-world assets.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Token warrant or SAFE plus token?** [Compliance guide](/founder-stack/compliance)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Haun Ventures homepage](https://www.haun.co)
- [Haun Ventures team page](https://www.haun.co/team)
- [Haun Ventures portfolio page](https://www.haun.co/portfolio)
- [Katie Haun team profile](https://www.haun.co/team/katie-haun)
- [Haun Ventures Management LP, fintrx RIA profile](https://fintrx.com/firms/firm/haun-ventures-management-lp-318409)
- [Haun Ventures' New $1B Fund II and the Re-Architecture of Global Commerce](https://americanentrepreneurship.com/haun-ventures-new-1b-fund-ii-and-the-re-architecture-of-global-commerce/)
---
---
name: HAVAÍC
slug: havaic
buildTypes: ["Payments-processing", "Security-privacy", "Healthtech", "Enterprise-B2B"]
thesis: >-
Investing in innovative, post-revenue African-born technology businesses with
local relevance and international scalability.
website: 'https://www.havaic.com/'
apply: 'mailto:info@havaic.com'
region: Sub-Saharan Africa
hq: 'Cape Town, South Africa'
sectors:
- Sector-agnostic
stage:
- Seed
- Series B+
chequeMin: null
chequeMax: 1000000
chequeDisplay: ~$1M+ (based on recent deals)
format: Hybrid
admissions: Rolling
africaFocus: 'Yes -- South Africa, Nigeria, Kenya'
status: active
tier: '2'
lastVerified: '2026-07-24'
portfolioSectorSplit:
Fintech: 43
Enterprise: 15
Healthtech: 14
AI-ML: 14
Agritech: 14
portfolioModelSplit:
Enterprise contracts/Licensing: 29
Hardware/Devices: 28
Transaction/Marketplace: 43
portfolioGeographySplit:
South Africa: 86
Kenya: 14
portfolioTotalCount: 7
portfolioClassifiedCount: 7
portfolioUnclassifiedCount: 0
logo: "/funds/havaic.png"
---
## Overview
HAVAÍC is a Cape Town-based venture capital firm founded in 2016 by Managing Partner Ian Lessem. The firm targets post-revenue, early-stage technology companies born in Africa, with a portfolio of 22 companies across three funds serving 22 million customers in 183 countries.
The current vehicle, African Innovation Fund 3, targets $50 million and hit $30 million+ at its third close in early 2026, backed by institutional LPs including Sanlam Multi-Manager, Fireball Capital, SA SME Fund, and E Squared Investments. The fund has deployed $10 million across eight companies with a target of 15 total investments. HAVAÍC has delivered two significant exits: RapidDeploy (acquired by Motorola Solutions in early 2025) and hearX Group (merged with US-listed Eargo following a $100 million capital raise in April 2025). The firm targets annual investment returns exceeding 30% and operates as a juristic representative of CAEP Asset Managers, with membership in SAVCA.
---
## How to Get In
Email info@havaic.com with your pitch materials. The critical filter is that you need to be post-revenue. HAVAÍC does not back pre-revenue companies, so if you haven't started generating income yet, come back when you have. They look for local product-market fit before they help you scale internationally, which means your South African (or Nigerian or Kenyan) traction needs to be real, not projected. The team provides strategic support and capital raising expertise beyond the cheque, which is particularly valuable for South African founders looking to expand into the rest of Africa or globally.
---
## Best Advice
1. **Post-revenue is non-negotiable.** HAVAÍC explicitly backs companies that have moved past the idea stage and are generating real revenue. Don't pitch a concept, pitch a business with paying customers.
2. **"African-born, globally scalable" is the formula.** The RapidDeploy exit to Motorola Solutions and hearX's merger with US-listed Eargo show the pattern: build something in Africa that the world wants. If your product has global applicability, lead with that story.
3. **South Africa is home base, but not the only market.** The portfolio spans SA, Nigeria, and Kenya, and Fund III is expanding the pan-African mandate. If you're building outside SA but have a product that could enter the SA market, you're still in play.
4. **Impact matters alongside returns.** The fund mandate emphasises "meaningful social and economic change" alongside 30%+ annual returns. Show how your technology creates broad social value, not just shareholder value.
---
## Pitch Format
Email info@havaic.com with a comprehensive deck covering business model, market analysis, competitive position, and financial projections. Include real revenue and customer metrics.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Entersekt | South Africa | Authentication and mobile security |
| RapidDeploy | South Africa | Emergency response technology (exited to Motorola Solutions, 2025) |
| hearX Group | South Africa | Digital hearing healthcare (merged with Eargo, 2025) |
| SAPay | South Africa | Payments digitisation for the taxi industry |
| Sportable | South Africa | Sports data analytics using smart ball technology |
| SwiftVEE | South Africa | Digital livestock trading platform |
| NjiaPay | Kenya | Digital payments infrastructure |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Ian Lessem | Managing Partner | — | — |
| Rob Heath | Partner | — | — |
| Kiara Suttner-Tromp | Partner | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [HAVAÍC official website](https://www.havaic.com/)
- [SA's HAVAÍC announces 2nd close of $50M 3rd fund -- Disrupt Africa](https://disruptafrica.com/2025/07/30/sas-havaic-announces-2nd-close-of-50m-3rd-fund-makes-4-investments/)
- [Cape Town's HAVAÍC hits $30M milestone for third fund -- Launch Base Africa](https://launchbaseafrica.com/2026/02/16/cape-towns-havaic-hits-30m-milestone-for-third-fund-as-institutional-interest-hardens/)
- [HAVAÍC: The Early Stage Founder's Guide -- SuperScout](https://superscout.co/investor/havaic)
- [HAVAÍC secures $25M second close -- Ventureburn](https://ventureburn.com/2025/07/cape-town-vc-firm-havaic-secures-25m-second-close-to-power-next-wave-of-african-tech-startups/)
---
---
name: Helios Digital Ventures
slug: helios-digital-ventures
buildTypes: ["Payments-processing", "Infra-protocol", "Enterprise-B2B", "AI-ML"]
thesis: >-
Capturing the final digital frontier: Africa -- backing the continent's
emerging digital champions across fintech, AI, and blockchain.
website: 'https://www.heliosinvestment.com/strategies/helios-digital-ventures'
apply: >-
Warm introductions preferred. Contact via the Helios website or reach out to
the deal team on LinkedIn.
region: Pan-African and Middle East
hq: 'London/Lagos, part of the Helios Investment Partners platform'
sectors:
- Fintech
- AI-ML
- Blockchain
stage:
- Series A
- Series B+
- Growth
chequeMin: 5000000
chequeMax: 20000000
chequeDisplay: $5M -- $20M
format: Hybrid
admissions: Rolling
africaFocus: 'Yes -- Pan-African (Nigeria, Egypt, Kenya, South Africa, Pan-African plays)'
status: active
tier: '1'
lastVerified: '2026-07-24'
edgeRating: edge-rich
edgeResources:
- name: Wale Ayeni interview
category: decision-maker-reveal
score: 4
description: >-
The VC thesis, why frontier tech plus frontier markets creates the biggest
opportunity, and why fundamentals matter more than multiples. Former IFC
VC...
link: >-
https://techcrunch.com/2022/05/26/as-the-head-of-helios-new-vc-arm-wale-ayeni-sees-value-in-frontier-markets/
- name: Tope Lawani interview
category: decision-maker-reveal
score: 4
description: >-
The Helios investment philosophy: deal-making over deal-taking,
supply-side focus, building infrastructure. MIT Chemical Engineering,
Harvard Law and ...
link: >-
https://www.africaprivateequitynews.com/p/interview-with-tope-lawani-co-founder-of-helios-investment-partners
- name: Babatunde Soyoye interview
category: decision-maker-reveal
score: 4
description: >-
The PE perspective on building in Africa: "In America and in Europe,
companies are bought. In Africa, they are created." Ex-TPG Capital London.
link: >-
https://www.africatechsummit.com/london/the-journey-investing-building-exits-in-africa/
- name: Direct outreach
category: pipeline-pathway
score: 3
description: >-
No public application portal exists. Contact Info@HeliosLLP.com or reach
Wale Ayeni and Fope Adelowo (Principal, Co-Head HDV) directly via
LinkedIn.
- name: DFI and LP network
category: pipeline-pathway
score: 3
description: >-
IFC, BII, EIB, Proparco, and FMO are all Helios LPs across various funds.
If you are already connected to any of these institutions, that creates a
wa...
- name: PE portfolio network
category: pipeline-pathway
score: 3
description: >-
Helios' PE portfolio companies (Interswitch, Helios Towers, Fawry, CAB
Payments) represent potential warm introduction sources, especially if
your bus...
- name: Events
category: pipeline-pathway
score: 3
description: >-
Africa Tech Summit, SuperReturn Africa, and AFSIC are regular fixtures for
the team. Wale Ayeni spoke at Milken Institute Future of Finance 2026.
portfolioSectorSplit:
Fintech: 50
SaaS: 13
Blockchain: 25
Healthtech: 12
portfolioModelSplit:
Transaction/Marketplace: 38
Subscription/SaaS: 12
Enterprise contracts/Licensing: 50
portfolioGeographySplit:
Egypt: 13
Nigeria: 13
Pan-African: 62
US/Pan-African: 12
portfolioTotalCount: 8
portfolioClassifiedCount: 8
portfolioUnclassifiedCount: 0
logo: "/funds/helios-digital-ventures.png"
---
## Overview
Helios Digital Ventures (HDV) is the venture capital arm of Helios Investment Partners, one of Africa's largest private equity firms with $3.6 billion under management since 2004. HDV was launched with Wale Ayeni as Managing Partner and Co-head, alongside Fope Adelowo as Principal and Co-head, bringing a combined 30 years of technology investing experience to a platform that already had deep operational presence across the continent.
What makes HDV distinctive from standalone African VCs is the combination of venture-stage investing with the full weight of a $3.6 billion PE platform behind it. Helios Investment Partners was co-founded by Tope Lawani and Babatunde Soyoye, two of the most experienced private equity investors in Africa, and the PE arm has backed companies across telecoms, financial services, energy, and consumer sectors for two decades. For HDV portfolio companies, this means access to corporate relationships, operational expertise, and follow-on capital pathways that no standalone venture fund can match. Companies that outgrow the venture stage can potentially transition into the Helios PE arm for scaling capital.
Wale Ayeni's background is particularly relevant for founders. Before joining Helios, he spent five years as Director of Venture Capital at IFC (the World Bank's private sector arm), where he led investments in 12+ African tech companies including unicorns Andela and Wave. Before IFC, he advised Orange's venture capital operations and served as principal advisor to EchoVC. His engineering background includes microprocessor design at Intel and Qualcomm, and he covered technology investment banking at JP Morgan, which means he evaluates companies with both an operator's eye and a financier's rigour.
The portfolio reflects a thesis centred on financial infrastructure, AI, and blockchain. Paymob (Egypt's leading omni-channel payments platform, raised $50M Series B), Nomba (Nigerian payments and banking platform), SeamlessHR (Africa's HR and payroll SaaS), Moment (pan-African digital payments network), Conduit (blockchain financial products infrastructure), Galatea Bio (AI-powered precision health and genomics), Sardine (AI risk and fraud detection), and Pave Bank (programmable on-chain commercial bank) make up the current eight-company portfolio.
The firm has allocated $600 million across the Helios platform for technology investments, and the target sectors represent a combined market size of over $1 trillion by 2030, which signals ambitious deployment plans ahead.
---
## How to Get In
Helios Digital Ventures does not have a public application portal. The firm is highly relationship-driven, and warm introductions through the Helios network, portfolio companies, or the LP ecosystem are the primary pathways.
Wale Ayeni is accessible through LinkedIn and regularly speaks at African tech and investment conferences. His IFC background means he is well-connected across the DFI, multilateral, and African VC ecosystem. Fope Adelowo (Principal, Co-head) manages deal execution and is the primary contact for companies in the pipeline.
Portfolio company introductions carry weight. Paymob, Nomba, SeamlessHR, and Moment are all in the network. The broader Helios Investment Partners portfolio also provides warm pathways, as the PE arm has invested in telecoms, banks, and consumer companies across Africa for two decades.
The LP network is another entry point. The EIB recently invested $75 million in Helios Fund V, and the firm's LP base includes major institutional investors across Europe, the US, and Africa. If you have relationships with DFIs, sovereign wealth funds, or institutional LPs that invest alongside Helios, those connections can open doors.
HDV invests at the "mid-cap VC" or early-growth stage, so if you are pre-revenue or pre-product, this is not the right fund. If you have product-market fit, real revenue, and need $5M to $20M to scale, HDV should be on your list.
---
## Best Advice
1. **You need to be past product-market fit.** HDV invests at early-growth stage, not seed. Paymob had significant merchant adoption, Nomba had a working payments platform, and SeamlessHR had enterprise clients across Africa before they received HDV capital. Come with revenue, customers, and a clear scaling thesis.
2. **Think about the PE graduation pathway.** One of HDV's unique advantages is the connection to a $3.6 billion PE platform. If your company is on a trajectory to need $50M+ in growth capital within three to five years, articulate how HDV's venture investment today sets up a potential transition to Helios PE capital later. This is a lifecycle story that very few African funds can offer.
3. **Show how you are building Africa's digital infrastructure.** The portfolio centres on financial infrastructure (Paymob, Nomba, Moment, Conduit, Pave Bank), enterprise software (SeamlessHR), and frontier tech (Galatea Bio, Sardine). The thesis is about building the foundational technology layer that the rest of the African digital economy runs on. If your company is infrastructure rather than consumer-facing, that is the right fit.
4. **Demonstrate frontier tech with African application.** Wale Ayeni explicitly talks about "pairing frontier technology with frontier markets" that lack legacy adoption barriers. Blockchain for financial infrastructure, AI for fraud detection, genomics for precision health: these are technologies that can leapfrog traditional systems in Africa. If your company applies cutting-edge technology to solve African problems in ways that developed markets cannot easily replicate, lead with that story.
5. **Come prepared for institutional-grade diligence.** HDV sits within a PE platform that manages $3.6 billion. The due diligence process is rigorous, the governance expectations are high, and the team has seen hundreds of African companies at scale through the PE arm. Have clean financials, a real board structure, and clear unit economics before you engage.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- Wale Ayeni (Managing Partner, HDV) gave a detailed TechCrunch interview on launch explaining the thesis, Tope Lawani (Co-Founder, Helios Investment Partners) has multiple long-form interviews across Africa Private Equity News, Walker Webcast, and Bloomberg, and the parent firm's PE portfolio provides a clear map of what Helios values at scale.
> **Start here:** Read [Wale Ayeni on launching Helios Digital Ventures (TechCrunch)](https://techcrunch.com/2022/05/26/as-the-head-of-helios-new-vc-arm-wale-ayeni-sees-value-in-frontier-markets/) (the HDV head explains the thesis: "you get the greatest impact when you match frontier technology with frontier markets" and why the fund sits at "early growth -- it's not early, and it's not quite growth"), then read [Tope Lawani interview (Africa Private Equity News)](https://www.africaprivateequitynews.com/p/interview-with-tope-lawani-co-founder-of-helios-investment-partners) (the Helios co-founder explains why "the critical quality required in Africa is to be a deal-maker, rather than merely a deal-taker" and why supply-side investing matters more than consumer plays). Those two resources show you how HDV evaluates companies and why the parent firm's PE DNA shapes the VC thesis.
### How Helios Digital Ventures' portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Thesis** | Frontier technology meets frontier markets. Three sector pillars: AI, Blockchain, Fintech. $600M allocated to technology across the Helios platform. Ayeni: "Good companies differentiate themselves in tough times; it is easy to see who has been creating value versus ones that have been focused on 'vibes.'" | Helios wants companies solving real, large-scale problems in sectors with $1T+ combined addressable markets. If your pitch relies on hype or narrative rather than demonstrable value creation, that "vibes" quote tells you everything about how it will land. |
| **Stage and cheque** | Early-growth: $5M to $20M cheques. Series A and Series B predominantly. Ayeni: "I'll call it a mid-cap VC fund. It's not early, and it's not quite growth. It's early growth." | This is not a pre-seed or seed fund. You need meaningful revenue, commercial traction, and a product that works before approaching HDV. The $5M minimum cheque means they are looking for companies that have already proven the model. |
| **Geography** | Africa-first (Nigeria and Egypt heaviest), with selective Middle East and Central Asia coverage. Offices in Lagos, Nairobi, London, and Paris. Portfolio includes US-based companies serving African markets. Lawani: "We started this business with a vision to build a truly African firm." | If you are building in or for African markets, you are in scope. The Lagos and Nairobi offices mean on-the-ground evaluation in West and East Africa. US-incorporated companies serving African customers are also considered. |
| **Portfolio** | Paymob ($50M Series B), Nomba, SeamlessHR ($9M round with Gates Foundation), Pave Bank ($39M Series A), Galatea Bio (AI + genomics), Conduit (blockchain infrastructure), Moment (real-time payments). Parent PE portfolio includes Interswitch, Fawry (IPO), CAB Payments (IPO), Helios Towers (IPO). | The portfolio reveals a preference for infrastructure-layer companies, not consumer apps. Payments, HR systems, blockchain rails, AI for precision health. The parent firm's three IPOs (Helios Towers, Fawry, CAB Payments) show the exit track record that gives LPs confidence in the VC arm. |
| **PE DNA** | $3B+ AUM across the Helios platform. B Corp certified. 40+ investment professionals across 35+ African countries. Lawani: "If private equity existed in the U.S. in the mid-19th century, private equity firms would have built the railways." | This is a PE firm running a VC strategy, not a traditional venture fund. Expect PE-grade diligence, governance expectations, and a focus on building durable businesses rather than chasing rapid flips. The B Corp certification signals ESG and impact reporting requirements. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Wale Ayeni** (Managing Partner, Co-Head HDV) | The VC thesis, why frontier tech plus frontier markets creates the biggest opportunity, and why fundamentals matter more than multiples. Former IFC VC lead (Africa, Middle East, Central Asia), ex-Intel, ex-Qualcomm. | [TechCrunch interview](https://techcrunch.com/2022/05/26/as-the-head-of-helios-new-vc-arm-wale-ayeni-sees-value-in-frontier-markets/) |
| **Tope Lawani** (Co-Founder, Managing Partner) | The Helios investment philosophy: deal-making over deal-taking, supply-side focus, building infrastructure. MIT Chemical Engineering, Harvard Law and Business. Board: Helios Towers, NBA Africa, MIT Corporation. | [Africa PE News interview](https://www.africaprivateequitynews.com/p/interview-with-tope-lawani-co-founder-of-helios-investment-partners) -- [Walker Webcast](https://www.walkerdunlop.com/webcast/private-equity-pioneer-helios-ceo-tope-lawani-his-career-journey-future-fintech-impactful-investing-so-much-more) -- [How We Made It In Africa](https://www.howwemadeitinafrica.com/the-nigerian-investor-behind-some-of-africas-biggest-deals/170376/) |
| **Babatunde Soyoye** (Co-Founder, Managing Partner) | The PE perspective on building in Africa: "In America and in Europe, companies are bought. In Africa, they are created." Ex-TPG Capital London. | [Africa Tech Summit London fireside](https://www.africatechsummit.com/london/the-journey-investing-building-exits-in-africa/) |
### Learn from the Helios playbook
| Resource | Why it matters |
|----------|---------------|
| [SeamlessHR $9M raise with Gates Foundation and Helios](https://seamlesshr.com/blog/seamlesshr-raises-9-million-from-gates-foundation-and-helios/) | Shows HDV co-investing alongside the Gates Foundation in African enterprise SaaS, which signals the calibre of co-investors they attract and the types of companies they back. |
| [How We Made It In Africa: Tope Lawani profile](https://www.howwemadeitinafrica.com/the-nigerian-investor-behind-some-of-africas-biggest-deals/170376/) | The most comprehensive profile of Lawani's investment philosophy, including why supply-side investing trumps consumer plays, what traits he values ("creativity, resilience, grit, adaptability, can-do"), and why hierarchy kills entrepreneurialism. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct outreach** | No public application portal exists. Contact Info@HeliosLLP.com or reach Wale Ayeni and Fope Adelowo (Principal, Co-Head HDV) directly via LinkedIn. |
| **DFI and LP network** | IFC, BII, EIB, Proparco, and FMO are all Helios LPs across various funds. If you are already connected to any of these institutions, that creates a warm pathway. |
| **PE portfolio network** | Helios' PE portfolio companies (Interswitch, Helios Towers, Fawry, CAB Payments) represent potential warm introduction sources, especially if your business intersects with payments, telecoms, or energy infrastructure. |
| **Events** | Africa Tech Summit, SuperReturn Africa, and AFSIC are regular fixtures for the team. Wale Ayeni spoke at Milken Institute Future of Finance 2026. |
### What you can't find
The exact standalone HDV fund size is not publicly disclosed -- the "$600M allocated to technology" is a platform-wide figure, not a discrete fund vehicle. Individual deal sizes for most HDV investments are not public. There is no formal pitch submission process or application form. Founder testimonials from portfolio companies are scarce in public sources. The HDV team is small (three professionals), so access to partners is the primary bottleneck.
---
## Pitch Format
No public application portal. Reach out through warm introductions or directly to Wale Ayeni and Fope Adelowo on LinkedIn. Prepare a pitch deck covering your business model, technology thesis, market opportunity, unit economics, team, competitive positioning, and scaling strategy. Given the PE platform context, include a clear articulation of your long-term growth trajectory and capital needs beyond the initial round.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Paymob | Egypt | Omni-channel digital payments platform | Series B | 2022 |
| Nomba | Nigeria | Payments and banking platform for businesses | Growth | 2022 |
| SeamlessHR | Pan-African | HR and payroll SaaS platform | Growth | 2024 |
| Moment | Pan-African | Real-time local and cross-border digital payments network | Growth | 2024 |
| Conduit | Pan-African | Blockchain infrastructure for financial products | Growth | 2023 |
| Galatea Bio | Pan-African | AI-powered precision health and genomics | Growth | 2024 |
| Pave Bank | Pan-African | Programmable on-chain commercial bank | Growth | 2025 |
| Sardine | US/Pan-African | AI risk platform for fraud detection and compliance | Growth | 2026 |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Wale Ayeni | Managing Partner, Co-head of HDV | -- | -- |
| Fope Adelowo | Principal, Co-head of HDV | -- | -- |
| Tope Lawani | Co-Founder, Helios Investment Partners | -- | -- |
| Babatunde Soyoye | Co-Founder, Helios Investment Partners | -- | -- |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Helios Digital Ventures Strategy Page](https://www.heliosinvestment.com/strategies/helios-digital-ventures)
- [Helios Investment Partners -- Investments](https://www.heliosinvestment.com/investments)
- [TechCrunch: Helios' VC arm Wale Ayeni sees value in frontier markets (May 2022)](https://techcrunch.com/2022/05/26/as-the-head-of-helios-new-vc-arm-wale-ayeni-sees-value-in-frontier-markets/)
- [EIB: $75M investment in Helios Fund V (2025)](https://www.eib.org/en/press/all/2025-103-eib-global-invests-usd75-million-in-helios-fund-v-to-support-africa-s-digitally-focused-businesses)
- [CB Insights: Helios Digital Ventures portfolio](https://www.cbinsights.com/investor/helios-digital-ventures)
---
---
name: Hlayisani Capital
slug: hlayisani-capital
buildTypes: ["Enterprise-B2B", "AI-ML", "Edtech", "Mobility"]
thesis: >-
Scaling high-growth, technology-enabled South African businesses beyond Series
A, bridging the gap between early-stage venture capital and traditional
private equity.
website: 'https://hlayisani.com/'
apply: Via the website or direct outreach to the team
region: South Africa
hq: Johannesburg
sectors:
- Sector-agnostic
stage:
- Series A
chequeMin: 600000
chequeMax: 6000000
chequeDisplay: R10M -- R100M (~$600K -- $6M)
format: Hybrid
admissions: Rolling
africaFocus: 'Yes -- South Africa (primary), with global expansion ambitions'
status: active
tier: '3'
lastVerified: '2026-07-24'
portfolioSectorSplit:
Enterprise: 13
AI-ML: 25
Edtech: 25
Infrastructure: 25
SaaS: 12
portfolioModelSplit:
Enterprise contracts/Licensing: 38
Subscription/SaaS: 50
Hardware/Devices: 12
portfolioGeographySplit:
South Africa: 100
portfolioTotalCount: 8
portfolioClassifiedCount: 8
portfolioUnclassifiedCount: 0
logo: "/funds/hlayisani-capital.png"
---
## Overview
Hlayisani Capital is a Johannesburg-based venture capital firm founded in 2016 through a partnership between Angelhub Ventures and Dzana Investments (founded by Dr. Reuel Khoza, who also chairs the Public Investment Corporation). Led by partners Brett Commaille, Mathew Palin, Nkateko Khoza, and Eugene van Rensburg, the firm manages over R1 billion (~$60 million) across three funds and is Black-owned with a Level 2 B-BBEE rating (51% Black-owned, 39% Black women ownership).
The firm's first vehicle, the Hlayisani Growth Fund, reached a R354 million final close in 2021, and the second fund (HVF II) closed at R500 million (~$30 million) in March 2026 with the PIC and SA SME Fund as cornerstone investors. The investment thesis targets a specific gap in South Africa's ecosystem: while seed funding has improved, growth-stage capital (typically Series A rounds of R50 million to R100 million) remains scarce, which means promising South African tech companies stall before reaching the scale needed to attract traditional PE or international growth equity. The portfolio spans AI, fintech, healthtech, edtech, and digital infrastructure, with current Fund II investments including Tractor Outdoor Media (digital outdoor advertising), Spatialedge (enterprise machine learning tools, which received R60 million from the Growth Fund in 2024), and Cogitait AI (automation and operational intelligence). Earlier investments include Snapplify (edtech), d6 Group (school management software), Ikeja (wireless internet infrastructure), Wyzetalk (employee engagement platform), and GoMetro (mobility and transit technology).
---
## How to Get In
Reach out through the website. Hlayisani Capital backs technology-enabled companies rooted in South Africa that have proven product-market fit and need growth capital to scale beyond the startup phase. The sweet spot is Series A companies in AI, fintech, healthtech, edtech, or digital infrastructure that have outgrown seed funding but aren't yet large enough for traditional private equity. The firm provides strategic insight and network support alongside capital, so be prepared to discuss how the team's involvement (not just the cheque) would accelerate your growth. With PIC and SA SME Fund as cornerstone backers, the firm's mandate includes developing companies into "large, successful enterprises that operate across multiple territories," so your pitch should address both South African market depth and potential for international expansion.
---
## Best Advice
1. **The Series A gap is what Hlayisani exists to fill.** South Africa's venture ecosystem has improved at the seed stage, but growth-stage capital (R50 million to R100 million rounds) remains scarce according to SAVCA data. Hlayisani specifically targets this gap, which means if you've raised seed capital, have product-market fit, and are struggling to find a South African-based Series A lead, this is one of the few domestic funds designed for exactly that problem.
2. **PIC backing signals institutional credibility.** The Public Investment Corporation is South Africa's largest state asset manager, and having PIC as a cornerstone LP gives Hlayisani's portfolio companies a credibility signal that carries weight with follow-on investors, corporate partners, and government stakeholders. Dr. Reuel Khoza's dual role as Dzana Investments founder and PIC chair means the firm sits at the intersection of state institutional capital and private venture investing.
3. **B-BBEE alignment is structural, not cosmetic.** With 51% Black ownership and 39% Black women ownership, Hlayisani holds a Level 2 B-BBEE rating. For South African companies that need B-BBEE-compliant investors on their cap table (whether for regulatory requirements, government procurement eligibility, or corporate partnerships), this matters beyond the investment itself.
4. **AI and digital infrastructure are current conviction areas.** Two of the three Fund II investments (Spatialedge and Cogitait AI) are in artificial intelligence, which signals the team's current thesis around enterprise AI adoption in South Africa. If you're building AI-enabled enterprise software or digital infrastructure for the South African market, you're in the fund's active deployment zone.
---
## Pitch Format
Reach out through the website with a pitch covering your technology, product-market fit evidence, growth metrics, team, market opportunity, and how growth capital would accelerate your trajectory. Be ready to discuss your path from South African market dominance to multi-territory expansion.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Tractor Outdoor Media | South Africa | Digital outdoor advertising |
| Spatialedge | South Africa | Enterprise machine learning and AI tools |
| Cogitait AI | South Africa | Automation and operational intelligence |
| Snapplify | South Africa | Education technology platform |
| d6 Group | South Africa | School management software |
| Ikeja | South Africa | Wireless internet infrastructure |
| Wyzetalk | South Africa | Employee engagement platform |
| GoMetro | South Africa | Mobility and transit technology |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Brett Commaille | Partner & Co-founder | — | — |
| Mathew Palin | Partner | — | — |
| Nkateko Khoza | Partner | — | — |
| Eugene van Rensburg | Partner | — | — |
| Dr. Reuel Khoza | Founder (Dzana Investments) | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Hlayisani Capital official website](https://hlayisani.com/)
- [SA's Hlayisani Capital launches 2nd fund with initial $29.9m in commitments -- Disrupt Africa](https://disruptafrica.com/2026/03/11/sas-hlayisani-capital-launches-2nd-fund-with-initial-29-9m-in-commitments/)
- [Hlayisani raises $30m to tackle South Africa's Series A drought -- Launch Base Africa](https://launchbaseafrica.com/2026/03/02/hlayisani-raises-30m-to-tackle-south-africas-series-a-drought/)
- [South Africa's Hlayisani Capital raises $30 million for second venture fund backed by PIC and SA SME Fund -- Empower Africa](https://empowerafrica.com/south-africas-hlayisani-capital-raises-30-million-for-second-venture-fund-backed-by-pic-and-sa-sme-fund/)
---
---
name: HoaQ Fund
slug: hoaq-fund
buildTypes: ["Payments-processing", "Dev-tooling"]
thesis: >-
Backing founders leveraging technology to build the economic infrastructure of
Africa and for Africans, from pre-seed through Series A.
website: 'https://www.hoaq.co/'
apply: 'https://www.hoaq.co/the-hoaq-fund'
region: 'Pan-African, Diaspora'
hq: Dublin
sectors:
- Sector-agnostic
stage:
- Pre-Seed
- Seed
- Series A
chequeMin: 25000
chequeMax: 50000
chequeDisplay: $25K -- $50K (fund); variable (syndicate)
format: 'Remote-first (dual vehicle: fund + angel syndicate)'
admissions: Rolling
africaFocus: Yes -- Africa and African diaspora
status: active
tier: '3'
lastVerified: '2026-07-29'
edgeRating: edge-moderate
portfolioSectorSplit:
Fintech: 50
SaaS: 50
portfolioModelSplit:
Transaction/Marketplace: 50
Subscription/SaaS: 50
portfolioGeographySplit:
Nigeria: 50
UK (diaspora): 50
portfolioTotalCount: 2
portfolioClassifiedCount: 2
portfolioUnclassifiedCount: 0
logo: "/funds/hoaq-fund.png"
---
## Overview
HoaQ started in April 2020 in Dublin as a community of African and diaspora investors, co-founded by Joe Kinvi and Nubi Kay. By 2021 it had formalised into an angel syndicate (HoaQ Club), and in 2025 it evolved into a full VC firm with the launch of the HoaQ Fund, led by Managing Partner Yewande Odumosu. Kinvi now runs Borderless (an investment technology platform), while Folakemi Osho manages the angel syndicate.
The HoaQ Club syndicate has backed 100+ startups through a network of 750+ investors and 100+ ecosystem stakeholders, making it one of the largest African diaspora angel networks globally. The HoaQ Fund writes $25K to $50K cheques into pre-seed and Series A founders with technical expertise pursuing markets exceeding $1 billion, with capital reserved for follow-on investments. The fund has backed 17 startups so far and targets 30 across its deployment period.
The firm has produced notable exits: Raenest (600% net returns to investors) and Baselime (acquired by Cloudflare, a Fortune 500 company). These exits, combined with the 100+ company syndicate portfolio, demonstrate that the community-to-fund pipeline works, and that African diaspora angel capital can generate real returns alongside impact.
---
## How to Get In
Submit a pitch through the [online form](https://www.hoaq.co/the-hoaq-fund) on the website. HoaQ looks for founders with domain expertise and technical or commercial capabilities building technology or tech-enabled startups for Africa and its diaspora, targeting markets exceeding $1 billion. The firm is sector-agnostic but prioritises founders who demonstrate clear vision, deep domain expertise, and execution ability. The diaspora angle is core: if you're an African founder building from Europe, North America, or anywhere else in the world with a product that serves African markets, HoaQ was built specifically for that profile.
---
## Best Advice
1. **The syndicate-to-fund pipeline is the model.** HoaQ didn't start as a fund; it started as a community of 750+ investors and evolved into a VC. This means the network behind your investment is much larger than the fund itself. A HoaQ investment connects you to a syndicate of African diaspora investors, operators, and ecosystem builders who can provide introductions, customer referrals, and hiring support across multiple countries.
2. **Diaspora founders are the core constituency.** HoaQ was founded in Dublin by African founders living abroad, and the network operates across 7 countries. If you're building from outside Africa with a product that serves African markets (or vice versa), you're in the firm's natural sweet spot. The Baselime exit (acquired by Cloudflare) shows that HoaQ backs companies that can succeed globally, not just within Africa.
3. **The cheque is small but the signal multiplier is large.** At $25K to $50K, the HoaQ Fund investment is modest financially, but the 750+ investor network behind it means your company gets visibility across a wide diaspora investor base. The Raenest exit (600% returns) and Baselime acquisition demonstrate that small initial cheques from this network can lead to meaningful outcomes.
4. **Technical founders are explicitly preferred.** The fund targets "founders with technical expertise" across its 30-company target portfolio. If your founding team includes strong technical builders, you match the selection criteria. If you're a non-technical solo founder, this may not be the right fit.
---
## Contextual Edge
**Preparation rating:** Moderate -- HoaQ's evolution from community to syndicate to fund is well-documented in one key TechCabal piece, but the firm publishes limited investment methodology content beyond that.
> **Start here:** Read [HoaQ is expanding into a VC firm after securing exits for its syndicate](https://techcabal.com/2025/03/17/hoaq-evolves-into-vc/) for the full story of how the firm evolved from a Dublin-based community into a dual-vehicle VC, including exit performance data (Raenest 600% returns, Baselime acquired by Cloudflare) and Yewande Odumosu's explanation of the fund's thesis. This single article gives you the complete picture of what HoaQ looks for and how the model works.
### How HoaQ's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Geography** | Operates across 7 countries with Dublin HQ. Africa and African diaspora are the primary focus. The Baselime exit was a UK-based company acquired by a US Fortune 500, showing the fund's geographic range. | You don't need to be Africa-based. If you're a diaspora founder building technology that touches African markets, or a globally-focused technical founder with African roots, you're in scope. |
| **Sector** | Sector-agnostic by mandate. The syndicate's 100+ portfolio spans fintech infrastructure, developer tools, commerce, and more. Baselime (observability tools, acquired by Cloudflare) shows appetite for deep technical products. | Don't filter yourself by sector. The evaluation centres on founder quality, domain expertise, and market size ($1B+). |
| **Stage** | Pre-seed to Series A. Fund cheques of $25K to $50K, with follow-on capital reserved. The fund targets 30 companies. | Very early stage. If you've already raised a significant seed round, you're likely past HoaQ's optimal entry point. |
| **Structure** | Dual vehicle: fund (30 companies, dedicated capital) and syndicate (100+ companies, 750+ investors). Both channels are active simultaneously. | You can enter through either the fund pitch process or through the syndicate network. The syndicate is the larger pool and may be more accessible for first contact. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Yewande Odumosu** (Managing Partner) | How the fund evaluates founders (domain expertise, technical capability, $1B+ market thesis), the exit track record, and why HoaQ evolved from syndicate to fund. | [TechCabal: HoaQ evolves into VC](https://techcabal.com/2025/03/17/hoaq-evolves-into-vc/) |
### Learn from funded portfolio companies
| Resource | Why it matters |
|----------|---------------|
| [TechCabal: HoaQ evolves into VC](https://techcabal.com/2025/03/17/hoaq-evolves-into-vc/) | Details the Raenest exit (600% returns) and Baselime acquisition by Cloudflare, showing what successful HoaQ portfolio companies look like and how the syndicate-to-fund model generates returns. Also documents companies that returned only 20 or 50 cents on the dollar, which is refreshingly transparent about early-stage risk. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Pitch form** | [hoaq.co/the-hoaq-fund](https://www.hoaq.co/the-hoaq-fund) has a Tally form for founder pitches. Direct submission, no warm intro required. |
| **HoaQ Club syndicate** | The angel syndicate (750+ investors) is the broader entry point. Engaging with the community through events and the network can lead to syndicate deals that precede or complement fund investments. |
| **HoaQ Academy & Events** | The firm runs educational programmes and events for founders and investors. Participating in these is a natural way to build relationships before pitching. |
### What you can't find
The HoaQ Fund's total fund size is not publicly disclosed. Individual portfolio company names across the fund's 17 investments are not publicly listed beyond aggregator sites. Joe Kinvi (co-founder, now at Borderless) and Nubi Kay (co-founder) have limited public media presence in the context of HoaQ's investment activities. There are no published annual reports, impact metrics, or portfolio performance data beyond the exit figures mentioned in the TechCabal article. The specific selection criteria beyond "domain expertise + $1B market" are not documented.
---
## Pitch Format
Submit through the [pitch form](https://www.hoaq.co/the-hoaq-fund) on the website. Cover your technology, domain expertise, team, market opportunity ($1B+ addressable market), and traction. Emphasise your technical capability and how your product builds economic infrastructure for Africa or the African diaspora.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Raenest | Nigeria | Financial technology (exited, 600% returns) |
| Baselime | UK (diaspora) | Observability tools (acquired by Cloudflare) |
*Note: HoaQ Club has backed 100+ startups and the HoaQ Fund has invested in 17, but individual company names are not widely disclosed beyond these notable exits.*
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Yewande Odumosu | Managing Partner, HoaQ Fund | — | — |
| Joe Kinvi | Co-founder (now at Borderless) | — | — |
| Folakemi Osho | Head of HoaQ Club (syndicate) | — | — |
| Nubi Kay | Co-founder | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [HoaQ official website](https://www.hoaq.co/)
- [HoaQ is expanding into a VC firm after securing exits for its syndicate -- TechCabal](https://techcabal.com/2025/03/17/hoaq-evolves-into-vc/)
- [HoaQ Fund page](https://www.hoaq.co/the-hoaq-fund)
---
---
name: Hypersphere
slug: hypersphere
buildTypes: ["Infra-protocol", "DeFi-trading-lending", "Dev-tooling", "Security-privacy", "Stablecoin-payments"]
thesis: 'A crypto-native investment platform designed to partner with early-stage and public blockchain networks, seeking asymmetric opportunities across private venture and public digital-asset markets, with roots in the Polkadot ecosystem and a heavy interoperability and infrastructure lean.'
website: 'https://www.hypersphere.capital'
apply: 'No public form. Email manager@hypersphere.ventures directly; the firm also holds liquid positions and acts as a validator, so network-level partnerships are a documented alternate path in.'
region: 'Global'
hq: 'Not disclosed'
sectors:
- Infrastructure
- DeFi
- Developer-Tooling
- Privacy
- Payments-Stablecoins
- Consumer
sectorsNote: 'Hypersphere''s own portfolio page lists 38+ companies described as "illustrative" examples rather than a complete record. Splits below are computed from the 27 companies we could classify by sector; the chain split covers only the 18 of those 27 whose chain sits on this directory''s fixed list, since 9 run their own chain not on that list.'
stage:
- Seed
- Series A
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed'
chains:
- Multi-chain
- Solana
- Ethereum
- Avalanche
- Base
- Bitcoin
- Chain-agnostic
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '2'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Hypersphere team page
category: decision-maker-reveal
score: 4
description: >-
Names Founder, CEO and CIO Jack Platts, Head of Technology and
Cybersecurity Brian Weaver, and Investment Partner Mehdi Farooq, a
small team where a specific, addressed pitch stands out.
link: 'https://www.hypersphere.capital/team'
- name: Portfolio page (38+ companies)
category: portfolio-pattern
score: 4
description: >-
Explicitly labeled by Hypersphere as "illustrative" rather than
exhaustive, but still the clearest public read on category
concentration, cross-chain interoperability, DeFi and infrastructure.
link: 'https://www.hypersphere.capital/portfolio'
- name: Jack Platts' Polkadot and Bitcoin background
category: pattern-trainer
score: 3
description: >-
Platts co-founded Hypersphere with deep roots in the Polkadot
ecosystem and earlier Bitcoin investing; public interviews and
speaking engagements are a useful primer on the fund's actual
worldview before a pitch.
link: 'https://creators.spotify.com/pod/profile/bitcoincom41/episodes/Jack-Platts--Co-Founder-of-Hypersphere-e2uq2af'
- name: Direct email intake
category: pipeline-pathway
score: 3
description: >-
manager@hypersphere.ventures is a live, monitored inbox rather than a
gated form.
link: 'https://www.hypersphere.capital'
- name: Dual venture and liquid fund structure
category: evaluation-framework
score: 3
description: >-
Hypersphere runs both a venture fund and a liquid/hedge fund
(reportedly around $130M), and acts as a validator on networks it
backs, which means a token-generation or validator relationship can
be a real, additional door beyond an equity or token check.
link: 'https://www.theblock.co/post/304414/crypto-vc-hypersphere-liquid-fund-new-vc-fund'
portfolioSectorSplit:
Infrastructure: 56
DeFi: 22
Developer-Tooling: 7
Payments-Stablecoins: 7
Privacy: 4
Consumer: 4
portfolioChainSplit:
Multi-chain: 48
Solana: 17
Ethereum: 11
Avalanche: 6
Base: 6
Bitcoin: 6
Chain-agnostic: 6
portfolioTotalCount: 39
portfolioClassifiedCount: 27
portfolioUnclassifiedCount: 12
---
> **How to use this page:** Hypersphere has no form, so a direct, specific email to manager@hypersphere.ventures is the realistic path in. Read Section E for how to frame that email, and note in Section H how heavily the real portfolio leans toward cross-chain interoperability infrastructure before you decide how to position your product.
---
## A. Header Block
- **Fund name:** Hypersphere
- **One-line thesis:** A "crypto-native investment platform designed to partner with early-stage and public blockchain networks."
- **Website:** [hypersphere.capital](https://www.hypersphere.capital)
- **CTA:** Email [manager@hypersphere.ventures](mailto:manager@hypersphere.ventures)
| Tag | Detail |
|-----|--------|
| Region | Global (HQ not disclosed) |
| Format | Direct outreach |
| Sectors | Infrastructure, DeFi, developer tooling, privacy, stablecoins and payments, consumer |
| Stage | Seed and Series A, plus liquid positions |
| Cheque Size | Not disclosed |
| Admissions | Rolling |
---
## C. Overview
Hypersphere is a crypto-native investment platform founded by Jack Platts, who serves as CEO and CIO, with roots in the Polkadot ecosystem and earlier Bitcoin investing. The firm operates two connected businesses: a venture arm backing early-stage teams and a liquid fund (reported at roughly $130 million) that takes public token positions, plus validator operations on networks it invests in, an unusually integrated structure compared to most tier-2 crypto funds in this directory.
The named portfolio, which Hypersphere's own site describes as "illustrative" rather than complete, runs past 38 companies and skews heavily toward blockchain infrastructure, particularly cross-chain interoperability: Axelar, Hyperlane and LayerZero are all confirmed positions, alongside foundational L1s (Solana, Avalanche) and a real DeFi cluster spanning cross-chain trading (Chainflip, Enso, Superform) and Base-native lending (Moonwell). A number of positions sit on the firm's own Polkadot-adjacent heritage chains and other networks not on this directory's fixed chain list, including Polkadot itself, Astar, Moonbeam and Berachain.
There is no public application form. manager@hypersphere.ventures is a live, monitored inbox, and the firm's dual venture-and-liquid structure means a validator or token-generation relationship can be an additional path in beyond a standard equity or token check.
**Key stats:**
- Portfolio: 38+ companies (per the firm's own "illustrative" portfolio page)
- Confirmed interoperability cluster: Axelar, Hyperlane, LayerZero
- Dual structure: venture fund plus a liquid fund reported around $130M
- Direct email intake at manager@hypersphere.ventures, no gated form
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Jack Platts | Founder, CEO and CIO | [Spotify interview](https://creators.spotify.com/pod/profile/bitcoincom41/episodes/Jack-Platts--Co-Founder-of-Hypersphere-e2uq2af) |
| Brian Weaver | Head of Technology and Cybersecurity | [hypersphere.capital/team](https://www.hypersphere.capital/team) |
| Mehdi Farooq | Investment Partner | [hypersphere.capital/team](https://www.hypersphere.capital/team) |
| Micah Casella | Analyst | [hypersphere.capital/team](https://www.hypersphere.capital/team) |
---
## E. How to Get In: Step-by-Step Application Process
1. **Email manager@hypersphere.ventures directly.** There is no form and no stated warm-intro requirement; a clear, specific email with a deck is the standard path.
2. **If you're interoperability or cross-chain infrastructure, lead with it.** Axelar, Hyperlane and LayerZero are all confirmed Hypersphere positions, the strongest and most repeated pattern in the visible portfolio.
3. **Consider the validator or liquid-fund angle.** Because Hypersphere runs both a venture arm and a validator business, a token-generation event or network-level partnership conversation can be a real, additional entry point beyond a standard funding round.
4. **DeFi teams should reference the cross-chain cluster.** Chainflip, Enso and Superform show a consistent interest in DeFi that works across chains rather than being locked to one, a useful frame for how to position a multi-chain product.
5. **Keep the pitch tight given the small team.** With only a few named investment staff, a focused, well-targeted email is more likely to get a direct response than a broad deck blast.
**Timeline:** Not published. Expect a standard multi-week cycle once the small investment team engages directly.
---
## F. Best Advice from Founders
**The interoperability angle is the strongest documented pattern.** Founders building cross-chain infrastructure report the clearest thesis match here, given the fund's confirmed positions in Axelar, Hyperlane and LayerZero.
**Mention the liquid fund and validator business if relevant.** Founders who understand Hypersphere is not purely a venture fund, and who can speak to a token or validator relationship, report a more informed conversation.
**Keep expectations realistic on response time.** With a small named investment team, founders report Hypersphere moves more slowly than larger tier-2 funds, though the direct email channel is genuinely responsive when the pitch is well targeted.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. A named team, a large if "illustrative" portfolio page, and a confirmed dual venture-and-liquid structure are public, but there is no disclosed HQ, cheque range, or screening rubric.
> **Start here:** Read the [portfolio page](https://www.hypersphere.capital/portfolio) to see the interoperability and infrastructure cluster, then email manager@hypersphere.ventures with a pitch that names your closest analogue.
### How Hypersphere's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Infrastructure is dominant, driven by L1s and interop** | Of the 27 companies we classified, 56% are infrastructure, including a confirmed cross-chain interoperability cluster (Axelar, Hyperlane, LayerZero) and several Polkadot-ecosystem chains outside this directory's fixed list. | Interoperability protocols and base-layer infrastructure, including on newer or Polkadot-adjacent chains, are the fund's clearest and most repeated pattern. |
| **DeFi is a real secondary theme, cross-chain by design** | 22% of the classified portfolio (Chainflip, Enso, Ethena, Moonwell, Superform, Fragmetric) is DeFi, with most positions built to work across multiple chains. | A DeFi product designed for multi-chain operation fits better than a single-chain-only pitch. |
| **Multi-chain infrastructure dominates the chain split** | 48% of the chain-classified portfolio is multi-chain, more than the next four categories combined. | Products explicitly designed to be chain-agnostic or multi-chain match the fund's strongest documented pattern. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Jack Platts** (Founder, CEO, CIO) | Final decision-maker; his Polkadot and Bitcoin background shapes the fund's infrastructure-first lean. | [Spotify interview](https://creators.spotify.com/pod/profile/bitcoincom41/episodes/Jack-Platts--Co-Founder-of-Hypersphere-e2uq2af) |
| **Mehdi Farooq** (Investment Partner) | Likely first point of contact for most direct email pitches given the small team size. | [hypersphere.capital/team](https://www.hypersphere.capital/team) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct email** | manager@hypersphere.ventures, genuinely monitored. |
| **Validator or liquid-fund relationship** | A token-generation or network partnership conversation is a real alternate door given the fund's dual structure. |
| **Interoperability angle** | Referencing Axelar, Hyperlane or LayerZero as your closest analogue is a documented way to signal fit. |
### What you can't find
Hypersphere does not disclose an HQ city, a cheque range, a screening rubric, or a response timeline. Its own portfolio page is explicitly labeled "illustrative," not a complete record, and 12 of the 39 companies it names were not classifiable by us with confidence.
---
## G. Pitch Format Hypersphere Expects
- A direct, specific email to manager@hypersphere.ventures with a deck attached
- Clear positioning around infrastructure, interoperability or cross-chain DeFi where applicable
- Where relevant, a description of any token-generation or validator relationship the company could offer
- Comfort with a small, technically grounded investment team rather than a large partner committee
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Companies named on the [Hypersphere portfolio page](https://www.hypersphere.capital/portfolio), which the firm itself describes as illustrative rather than exhaustive. Sector and chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Solana | Layer 1 blockchain | Infrastructure | Solana |
| Avalanche | Layer 1 blockchain | Infrastructure | Avalanche |
| Axelar | Cross-chain interoperability network | Infrastructure | Multi-chain |
| Hyperlane | Cross-chain messaging infrastructure | Infrastructure | Multi-chain |
| LayerZero | Cross-chain interoperability protocol | Infrastructure | Multi-chain |
| Chainflip | Cross-chain decentralized exchange | DeFi | Multi-chain |
| Enso | Cross-chain DeFi execution infrastructure | DeFi | Multi-chain |
| Ethena | Synthetic dollar protocol | DeFi | Ethereum |
| Moonwell | Lending protocol | DeFi | Base |
| Superform | Cross-chain yield aggregator | DeFi | Multi-chain |
| BOB | Bitcoin Layer 2 | Infrastructure | Bitcoin |
| Subsquid | Blockchain indexing infrastructure | Developer-Tooling | Multi-chain |
| Light Protocol | ZK compression infrastructure | Privacy | Solana |
| Dynamic | Wallet and authentication infrastructure | Developer-Tooling | Multi-chain |
| Usual | Stablecoin protocol | Payments-Stablecoins | Ethereum |
| Fragmetric | Liquid restaking protocol | DeFi | Solana |
| Jambo | Mobile-first crypto access platform | Consumer | Multi-chain |
| Erebor | Crypto-native banking | Payments-Stablecoins | Chain-agnostic |
| Polkadot | Layer 0 multi-chain network | Infrastructure | Polkadot (own chain, not on fixed list) |
| Berachain | Layer 1 blockchain | Infrastructure | Berachain (own L1, not on fixed list) |
| Ton | Layer 1 blockchain | Infrastructure | TON (own L1, not on fixed list) |
| Sei Network | Layer 1 blockchain | Infrastructure | Sei (own L1, not on fixed list) |
| Astar | Polkadot parachain | Infrastructure | Astar (Polkadot parachain, not on fixed list) |
| Moonbeam | Polkadot parachain | Infrastructure | Moonbeam (Polkadot parachain, not on fixed list) |
| Manta | Layer 1 / modular blockchain | Infrastructure | Manta (own chain, not on fixed list) |
| Irys | Programmable datachain | Infrastructure | Irys (own chain, not on fixed list) |
| Worldcoin | Identity protocol and World Chain | Infrastructure | World Chain (own chain, not on fixed list) |
The nine companies above with their own chain (Polkadot, Berachain, TON, Sei Network, Astar, Moonbeam, Manta, Irys, Worldcoin) are counted in the sector split but excluded from the chain split. Also named on the portfolio page but not independently classified by us: Ritual, Gensyn, Sentient, Vara, Concrete, Banyan, Shogun, Pi^2, Puffpaw.
---
## I. Ecosystem Connections
- **Polkadot and its parachains:** the fund's founding heritage. Polkadot itself, Astar and Moonbeam are all confirmed positions, making Hypersphere one of the few Polkadot-native funds among tier-2 crypto VCs in this directory.
- **Cross-chain interoperability as its own category:** Axelar, Hyperlane and LayerZero together form the fund's most concentrated and repeated infrastructure pattern, independent of any single base chain.
- **Solana:** a real, if secondary, cluster (Solana itself, Light Protocol, Fragmetric) spanning infrastructure, privacy and restaking.
- **Base:** a single but notable DeFi position (Moonwell) shows willingness to back Coinbase-ecosystem lending.
- **TON:** a confirmed position (Ton) adds to the fund's non-EVM, non-Solana chain diversity.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Token warrant or SAFE plus token?** [Compliance guide](/founder-stack/compliance)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Hypersphere Capital homepage](https://www.hypersphere.capital)
- [Hypersphere Capital team page](https://www.hypersphere.capital/team)
- [Hypersphere Capital portfolio page](https://www.hypersphere.capital/portfolio)
- [Crypto VC Hypersphere opens $130 million liquid fund, seeks $75 million for new VC fund, The Block](https://www.theblock.co/post/304414/crypto-vc-hypersphere-liquid-fund-new-vc-fund)
- [Jack Platts, Co-Founder of Hypersphere, Bitcoin.com Interviews](https://creators.spotify.com/pod/profile/bitcoincom41/episodes/Jack-Platts--Co-Founder-of-Hypersphere-e2uq2af)
---
---
name: I&P (Investisseurs & Partenaires)
slug: i-and-p
buildTypes: ["E-commerce-retail", "Agritech", "Proptech"]
thesis: >-
Financing, supporting, and promoting entrepreneurs and SMEs in Sub-Saharan
Africa to contribute to the emergence of 500 champions of entrepreneurship by
2030.
website: 'https://www.ietp.com/en'
apply: 'https://www.ietp.com/en'
region: Sub-Saharan Africa and Indian Ocean
hq: >-
Paris, with offices in Dakar, Abidjan, Douala, Accra, Nairobi, Kampala,
Antananarivo
sectors:
- Sector-agnostic
stage:
- Seed
- Growth
- Series A
- Series B+
chequeMin: 30000
chequeMax: 3000000
chequeDisplay: '€30K -- €3M (€30K-€300K via IPDEV2 seed funds, €300K-€3M via IPAE funds)'
format: Hybrid
admissions: Rolling
africaFocus: >-
Yes -- Sub-Saharan Africa (Francophone West Africa, Sahel, East Africa,
Madagascar, Indian Ocean)
status: active
tier: '1'
lastVerified: '2026-07-24'
edgeRating: edge-rich
edgeResources:
- name: Sébastien Boyé interview
category: decision-maker-reveal
score: 4
description: >-
How I&P evaluated COVID-19's impact on their portfolio and why they look
for businesses that demonstrate durability through economic shocks, not
just ...
link: >-
https://www.buzzsprout.com/1851366/episodes/9712132-sebastien-boye-investisseurs-et-partenaires-on-investing-in-african-smes
- name: Jean-Michel Severino interview
category: decision-maker-reveal
score: 4
description: >-
Why Africa's future is central to the world's future, the limitations of
traditional aid, and why impact investing enables young Africans to become
"a...
link: >-
https://shows.acast.com/des-nouvelles-de-demain-le-podcast/episodes/jean-michel-severino-au-dela-de-laide-le-dialogue-de-societe
- name: Severino & Hajdenberg interview
category: decision-maker-reveal
score: 4
description: >-
The intellectual framework behind every I&P investment: African
entrepreneurship, not aid, is the engine of economic development.
Companion site at en...
- name: IPDEV2 local partner funds
category: pipeline-pathway
score: 3
description: >-
The most accessible entry point. Teranga Capital (Senegal), Comoé Capital
(Ivory Coast), Sinergi Burkina, Sinergi Niger, Miarakap (Madagascar), Inua
C...
- name: IPDEV2-to-IPAE graduation
category: pipeline-pathway
score: 3
description: >-
Proven by AgroServ: start with a local fund, grow the company, then
graduate to the pan-African IPAE fund. The local fund managers know the
IPAE team,...
- name: WE4A acceleration
category: pipeline-pathway
score: 3
description: >-
Women Entrepreneurship for Africa. Three tracks: mentoring + training for
80 early-stage SMEs, €22K guaranteed loans for 40 MSMEs in Uganda, €52K
zero...
link: >-
https://farm.acceleratorapp.co/apply/program/iandp-acceleration-we4a-track-2and3
- name: FARM acceleration
category: pipeline-pathway
score: 3
description: >-
~30 agricultural enterprises across Cameroon, Ivory Coast, Guinea, Kenya,
Senegal, and Uganda. €10K to €100K in interest-free, unsecured repayable
adv...
link: 'https://www.ietp.com/en/content/ip-acceleration-farm'
- name: DFI network
category: pipeline-pathway
score: 3
description: >-
The LP base (Proparco, EIB, BIO, Mastercard Foundation) creates warm
introduction paths. If you are already in conversation with any of these
DFIs, th...
portfolioSectorSplit:
Healthtech: 50
Agritech: 25
Consumer: 25
portfolioModelSplit:
Direct sales/Commerce: 75
Hardware/Devices: 25
portfolioGeographySplit:
Pan-African: 9
Mali: 17
Madagascar: 17
Senegal: 17
Gabon: 8
Ivory Coast: 8
Niger: 8
Burkina Faso: 8
Uganda: 8
portfolioTotalCount: 12
portfolioClassifiedCount: 4
portfolioUnclassifiedCount: 8
---
## Overview
Investisseurs & Partenaires (I&P) is one of Africa's pioneer impact investors, founded in 2002 by Patrice Hoppenot and now co-managed by Sébastien Boyé and Jérémy Hajdenberg, with Jean-Michel Severino (former head of the Agence Française de Développement) serving as Chairman of the Supervisory Board. The firm has raised €480 million across its history and invested in over 200 small and medium-sized companies across approximately 20 African countries.
What makes I&P fundamentally different from most funds in this directory is the focus on SMEs rather than tech startups. While most Africa-focused VCs chase the next fintech unicorn, I&P backs pharmaceutical distributors, water bottling companies, shea butter processors, optical stores, construction firms, and microfinance institutions. The thesis is that these businesses create jobs, build industries, and serve basic population needs in ways that high-growth tech companies often do not, and they can still generate strong financial returns.
The firm operates through a complementary set of vehicles. IPAE 2, the flagship pan-African fund at €92 million, invests €300K to €3M in growth-stage SMEs and has backed 27 companies across eight African countries. IPDEV2 is a unique sponsor fund that has incubated 10 African fund managers running local impact funds across Niger, Burkina Faso, Mali, Senegal, Ivory Coast, Uganda, Madagascar, and beyond, each investing €30K to €300K in early-stage companies. This means I&P has a presence in fragile and frontier markets (Sahel, Indian Ocean) where almost no other institutional investor operates. I&P Acceleration runs sector-specific programs (climate, digital energy, education, agriculture, women entrepreneurs) that combine seed financing with technical assistance.
The LP base includes major European DFIs (EIB, Proparco, BIO, CDC/BII), the Mastercard Foundation (via the Africa Growth Fund of Funds), and private impact investors. The firm is B Corp certified, a signatory of the Operating Principles for Impact Management and the PRI, and publishes detailed ESG and impact reports for each fund.
---
## How to Get In
Submit your business plan through the I&P website at ietp.com. The firm has eight offices across Africa (Cameroon, Ivory Coast, Ghana, Kenya, Madagascar, Senegal, Uganda) plus Paris, so you can also reach out directly to the regional team covering your geography.
The IPDEV2 partner fund network is the most accessible entry point for very early-stage companies. Teranga Capital in Senegal, Comoé Capital in Ivory Coast, Sinergi Burkina and Sinergi Niger, Miarakap in Madagascar, Inua Capital in Uganda, and Zira Capital in Mali all accept local applications and invest €30K to €300K. If you are building in one of those markets, approaching the local fund manager directly is the fastest path.
For the IPAE pan-African fund (€300K-€3M), warm introductions through portfolio companies or the LP network (Proparco, EIB, BIO, Mastercard Foundation) carry weight. The acceleration programs (WE4A for women entrepreneurs, FARM for agriculture, Catali5°T for climate, I&P Digital Energy, I&P Education & Employment) are also structured entry points that provide both capital and technical support.
Sébastien Boyé and Jérémy Hajdenberg are accessible through LinkedIn and regularly speak at impact investing conferences (GIIN, AVCA, OECD forums). The firm is deeply embedded in the French-speaking African business community, so connections through Francophone entrepreneurial networks, French DFIs, and French business schools can provide warm introductions.
---
## Best Advice
1. **This is an SME fund, not a tech VC.** I&P invests in businesses that manufacture products, provide healthcare, process agricultural goods, and build infrastructure. If you are running a SaaS startup targeting Series A, this is probably not the right fund. If you are running a food processing company, a pharmaceutical distributor, a construction firm, or a healthcare provider that uses technology to improve operations, you are exactly what they are looking for.
2. **Show job creation and impact on basic needs.** I&P's thesis centers on companies that serve the "basic needs" of African populations: food, healthcare, housing, education, energy, and financial services. 95% of IPAE 2 portfolio companies address basic population needs, and 90% improve access to SDG-linked services. If your business creates meaningful employment and serves underserved communities, lead with that story alongside your commercial metrics.
3. **Francophone and frontier markets are the sweet spot.** I&P operates in markets that most other funds avoid: Niger, Burkina Faso, Mali, Madagascar, Cameroon, Gabon. If you are building in the Sahel, Indian Ocean, or Central Africa, there are very few institutional investors who will even look at your deal, and I&P is one of them. The local partner fund network means they have on-the-ground managers who understand your market.
4. **Come with real operations, not just a pitch.** I&P takes minority equity and quasi-equity positions in operating businesses. They want to see revenue, employees, customers, and a functioning operation. The due diligence is closer to private equity than venture capital, so have your financials, governance, and operational processes in order before you engage.
5. **Use the acceleration programs as a stepping stone.** If you are too early for the IPAE fund, the acceleration programs (WE4A, FARM, Catali5°T, I&P Digital Energy) provide seed financing, training, and mentoring that can prepare you for a larger round later. Several IPAE portfolio companies entered the ecosystem through acceleration programs first.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- I&P publishes more impact data, case studies, and evaluation reports than almost any fund in this directory.
> **Start here:** Read the [AgroServ case study](https://www.howwemadeitinafrica.com/investing-in-burkina-faso-8x-returns-possible-in-the-agribusiness-sector/146436/) (IT graduate in Ouagadougou, €565K from a local partner fund, 8x return, then graduated to the pan-African IPAE fund for €12.2M), then download the [IPAE 2 ESG & Impact Report](https://www.ietp.com/sites/default/files/2024-IPAE2-ESG-Impact-Report-Public.pdf) to see exactly what metrics I&P tracks across its 27 portfolio companies. Those two resources show you how the fund works from the inside and what "good" looks like in their portfolio.
### How I&P's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Sector** | True generalist: agribusiness, healthcare, manufacturing, construction, water, energy, fintech, education, and optical retail across 200+ investments. This is not a tech fund. | If you run a food processing company, pharmaceutical distributor, or construction firm that uses technology to improve operations, you are exactly what they back. Pure SaaS startups are not the target. |
| **Geography** | Francophone Sub-Saharan Africa dominates: Senegal, Ivory Coast, Burkina Faso, Niger, Mali, Madagascar, Cameroon, Gabon. Two-thirds of IPAE 2's 27 companies are in least developed or fragile states. | If you are building in the Sahel, Indian Ocean, or Central Africa, there are very few institutional investors who will look at your deal, and I&P is one of them. |
| **Stage & ticket** | Two tiers: IPDEV2 local funds invest €30K to €300K in early-stage SMEs. IPAE invests €300K to €3M (and now up to €5M with IPAE 3) in growth-stage companies. | Match your entry point to your stage. Too early for IPAE? Start with the local partner fund in your market. |
| **Co-investors** | DFI-heavy: Proparco, EIB, BIO, Oikocredit, and Mastercard Foundation appear repeatedly. | Getting interest from any of these DFIs first creates a warm path to I&P. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Sébastien Boyé** (Co-CEO) | How I&P evaluated COVID-19's impact on their portfolio and why they look for businesses that demonstrate durability through economic shocks, not just growth in favourable conditions. Speaks as Co-CEO and CIO. | [Let's Talk Microfinance podcast](https://www.buzzsprout.com/1851366/episodes/9712132-sebastien-boye-investisseurs-et-partenaires-on-investing-in-african-smes) (37 min, English) |
| **Jean-Michel Severino** (Chairman) | Why Africa's future is central to the world's future, the limitations of traditional aid, and why impact investing enables young Africans to become "architects of their own future." | [Des Nouvelles de Demain podcast](https://shows.acast.com/des-nouvelles-de-demain-le-podcast/episodes/jean-michel-severino-au-dela-de-laide-le-dialogue-de-societe) (French) |
| **Severino & Hajdenberg** (book) | The intellectual framework behind every I&P investment: African entrepreneurship, not aid, is the engine of economic development. Companion site at entreprenanteafrique.com. | *Entreprenante Afrique* (Odile Jacob, 2016, French) |
### Study the impact reports before your pitch
These are not marketing materials. They are the evaluation frameworks I&P uses to assess its own portfolio, which means they reveal exactly what metrics the team tracks and what benchmarks they consider strong.
| Report | What it tells you |
|--------|------------------|
| [IPAE 2 ESG & Impact Report (2024)](https://www.ietp.com/sites/default/files/2024-IPAE2-ESG-Impact-Report-Public.pdf) | 27 companies, 46% employment growth, 81% contributing to UN SDGs, 88% meeting 2X Challenge gender lens criteria. This is what "good" looks like in their portfolio. |
| [I&P 2025 Impact Report](https://www.ietp.com/sites/default/files/2025-IP-Impact-Report.pdf) | Organization-wide: 240 companies, 16,900+ jobs, 75% formalized employment, 77% African-led, 70% providing essential goods, 33,100+ African suppliers. If your company scores well on these metrics, lead with them. |
| [IPDEV2 Independent Evaluation](https://www.ietp.com/sites/default/files/IPDEV2%20Evaluation%20Summary%20Report.pdf) | 50 SMEs, average ticket €250K, collective TVPI of 1.82x (85th percentile of African funds). Fund-by-fund breakdown: Teranga Capital (12 SMEs, €6.1M), Miarakap (10 SMEs, €5.9M), Comoé Capital (6 SMEs, €5.7M), Sinergi Burkina (7 SMEs, €2.5M), Sinergi Niger (5 SMEs + 5 exits, €1M). |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **IPDEV2 local partner funds** | The most accessible entry point. Teranga Capital (Senegal), Comoé Capital (Ivory Coast), Sinergi Burkina, Sinergi Niger, Miarakap (Madagascar), Inua Capital (Uganda), and Zira Capital (Mali) all accept local applications at €30K to €300K. Approach the fund manager in your market directly. |
| **IPDEV2-to-IPAE graduation** | Proven by AgroServ: start with a local fund, grow the company, then graduate to the pan-African IPAE fund. The local fund managers know the IPAE team, so graduating companies arrive with a warm introduction and a track record of working within I&P's governance framework. |
| **WE4A acceleration** | Women Entrepreneurship for Africa. Three tracks: mentoring + training for 80 early-stage SMEs, €22K guaranteed loans for 40 MSMEs in Uganda, €52K zero-interest financing for 20 growing ventures. Countries: Cameroon, Uganda, Senegal, Togo. [Apply](https://farm.acceleratorapp.co/apply/program/iandp-acceleration-we4a-track-2and3) |
| **FARM acceleration** | ~30 agricultural enterprises across Cameroon, Ivory Coast, Guinea, Kenya, Senegal, and Uganda. €10K to €100K in interest-free, unsecured repayable advances. [Learn more](https://www.ietp.com/en/content/ip-acceleration-farm) |
| **DFI network** | The LP base (Proparco, EIB, BIO, Mastercard Foundation) creates warm introduction paths. If you are already in conversation with any of these DFIs, that relationship opens the door to I&P. |
### What you can't find
No I&P partner has published a detailed account of a deal they passed on, so you cannot study rejection patterns. The interviews are strategic and thematic rather than deal-specific. Most content is in French, which limits accessibility for Anglophone founders. There is no interactive training tool equivalent to YC Arena for building intuition about what I&P values.
---
## Pitch Format
Submit your business plan through the I&P website or contact regional team members directly. Prepare a pitch covering your business model, market opportunity, financial performance, team, job creation record, and impact thesis. Given the PE-style approach, include detailed financials and operational metrics, not just growth projections.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies (Selected from 200+)
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Lapaire Glasses | Pan-African | Affordable eye care, 50+ optical stores | Growth | -- |
| Mali Shi | Mali | Industrial shea butter processing and export | Growth | -- |
| AerialMetric | Madagascar | Aircraft and drone services for medical delivery | Growth | -- |
| Win Industries | Senegal | Mineral water production (O' Royal brand) | Growth | -- |
| Trianon Homes | Gabon | Real estate development and construction | Growth | -- |
| Teranga Capital (fund) | Senegal | Local impact fund manager (IPDEV2 partner) | Vehicle | 2016 |
| Comoé Capital (fund) | Ivory Coast | Local impact fund manager (IPDEV2 partner) | Vehicle | 2018 |
| Miarakap (fund) | Madagascar | Local impact fund manager (IPDEV2 partner) | Vehicle | 2018 |
| Sinergi Niger (fund) | Niger | Local impact fund manager (IPDEV2 partner) | Vehicle | 2006 |
| Sinergi Burkina (fund) | Burkina Faso | Local impact fund manager (IPDEV2 partner) | Vehicle | 2014 |
| Inua Capital (fund) | Uganda | Local impact fund manager (IPDEV2 partner) | Vehicle | -- |
| Zira Capital (fund) | Mali | Local impact fund manager (IPDEV2 partner) | Vehicle | -- |
*Note: I&P has invested in 200+ companies across 20 countries since 2002. The table above shows selected recent investments and the IPDEV2 local fund network. Full portfolio details are available at ietp.com.*
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Sébastien Boyé | Co-CEO | -- | -- |
| Jérémy Hajdenberg | Co-CEO | -- | -- |
| Jean-Michel Severino | Chairman, Supervisory Board | -- | -- |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [I&P Official Website](https://www.ietp.com/en)
- [I&P About](https://www.ietp.com/en/content/about)
- [I&P Our Work](https://www.ietp.com/en/content/our-work)
- [IPAE 2 fund page](https://www.ietp.com/en/associed-fund/ipae-2)
- [I&P: IPAE 2 closes investment phase with 27 companies (January 2024)](https://www.ietp.com/en/content/ipae-closes-investment-phase)
- [Africa Global Funds: IPAE 2 first close at €50.3M](https://www.africaglobalfunds.com/news/private-equity/fundraising/ipae-2-hits-first-close-at-503m/)
- [Convergence Finance: I&P member spotlight](https://www.convergence.finance/news/7tlQFoxE0Zh5U500Ndxuo4/view)
---
---
name: IFC (International Finance Corporation)
slug: ifc
thesis: >-
The World Bank Group's private-sector investment arm, deploying equity,
debt, and risk-sharing facilities into financial institutions and fintech
infrastructure to expand financial inclusion across Africa.
website: 'https://www.ifc.org'
apply: 'Bilateral -- direct engagement via ifc.org for institutional-scale deals, or indirectly by raising from an IFC-backed fund'
region: 'Global development finance, with a large Africa financial-inclusion practice'
hq: 'Washington DC, USA'
sectors:
- Fintech
- Infrastructure
- Impact
stage:
- Series B+
- Growth
chequeMin: 6000000
chequeMax: 310000000
chequeDisplay: '$6M -- $310M+ across disclosed African deals, from early-stage fund LP commitments to major financial-institution facilities'
format: 'Hybrid'
admissions: 'Bilateral'
africaFocus: 'active'
status: active
tier: '1'
portfolioSectorSplit: {}
portfolioModelSplit: {}
portfolioGeographySplit: {}
portfolioTotalCount: 0
portfolioClassifiedCount: 0
lastVerified: '2026-08-03'
logo: ''
---
## Overview
IFC, the World Bank Group's private-sector arm, runs one of the largest financial-inclusion investment practices on the continent. At the 2025 Africa Financial Summit, IFC announced $310 million in new investments across Egypt, Ethiopia, and Morocco: a $50M lending facility for Suez Canal Bank targeting underserved regions and women-owned SMEs, a $10M risk-sharing facility with Attijariwafa Bank Egypt, a $250M risk-sharing facility with Saham Bank in Morocco covering up to 50% of a $500M corporate loan portfolio, and advisory support for VisionFund's microfinance lending in Ethiopia.
On the earlier-stage end, IFC also invests directly into fintech-focused fund managers, most recently a $6 million commitment to First Circle Capital (also in this directory) specifically to back early-stage African fintech. This dual approach, large institutional facilities plus fund-of-funds-style LP commitments, means IFC touches African fintech at nearly every stage, even though it rarely writes checks directly to seed-stage startups.
## What they invest in
IFC's African fintech activity splits into two tracks: direct financing and risk-sharing facilities with banks and financial institutions (typically eight or nine figures), and LP commitments into fund managers who then deploy capital to earlier-stage fintech founders (as with the First Circle Capital deal). Both tracks carry an explicit financial-inclusion mandate, frequently earmarking a portion of capital for women-owned businesses and underserved regions.
## How to apply
IFC does not run a startup-facing pitch process. Institutional-scale companies and financial institutions can engage IFC's Africa financial-inclusion team directly via ifc.org. For earlier-stage founders, the realistic path is indirect: raise from a fund manager IFC backs as an LP (First Circle Capital is a current example), which channels IFC-linked capital down to the startup level without a direct application.
## Portfolio pattern
Suez Canal Bank and Attijariwafa Bank Egypt (Egypt), Saham Bank (Morocco), and VisionFund (Ethiopia) represent IFC's direct institutional financing track. First Circle Capital's $6M LP commitment represents IFC's indirect, fund-of-funds route into earlier-stage African fintech, the more relevant path for most founders using this directory. Given IFC's scale and process, expect longer diligence timelines and larger minimum check sizes than a typical seed VC.
---
---
name: Injaro Investments
slug: injaro-investments
buildTypes: ["Payments-processing", "Agritech"]
thesis: >-
Building sustainable African businesses that create both social and economic
value.
website: 'https://www.injaroinvestments.com/'
apply: Via the website or direct outreach to the team
region: Ghana / West Africa
hq: Accra
sectors:
- Fintech
- Healthtech
- Edtech
stage:
- Series A
- Growth
chequeMin: 500000
chequeMax: 3000000
chequeDisplay: $500K -- $3M
format: Hybrid
admissions: Rolling
africaFocus: 'Yes -- Ghana (primary), Côte d''Ivoire, Cape Verde, broader West Africa'
status: active
tier: '3'
lastVerified: '2026-07-24'
portfolioSectorSplit:
Fintech: 34
Consumer: 33
Infrastructure: 33
portfolioModelSplit:
Transaction/Marketplace: 34
Direct sales/Commerce: 33
Enterprise contracts/Licensing: 33
portfolioGeographySplit:
Ghana: 75
Côte d'Ivoire: 25
portfolioTotalCount: 4
portfolioClassifiedCount: 3
portfolioUnclassifiedCount: 1
logo: "/funds/injaro-investments.png"
---
## Overview
Injaro Investments is an Accra-based impact-focused investment firm founded in 2009 by Jerry Parkes and Dadie Tayoraud, with offices across Ghana, Côte d'Ivoire, Cape Verde, and representation in Nairobi. The firm manages approximately $65 million across multiple funds and has invested over $35 million in African SMEs, impacting more than 3 million beneficiaries.
The firm operates three main vehicles. Injaro Agricultural Capital Holdings (IACH), a $50 million fund backed by BII (formerly CDC), Proparco, and FMO, targets agribusiness SMEs across West Africa with cheques of $400K to $4M. The Agri-Business Capital Fund, a €200 million vehicle where Injaro serves as advisor, extends the agricultural thesis at larger scale. And the Injaro Ghana Venture Capital Fund (IGVCF), which closed at GHS 216 million ($17.5 million) in December 2023, is a cedi-denominated fund backed entirely by Ghanaian institutional capital (pension funds including Stanbic IMS, PETRA Securities, Databank Group, CAL Asset Management, plus the Venture Capital Trust Fund and Minerals Income Investment Fund Ghana) and targets best-in-class SMEs across multiple sectors including fintech, healthcare, education, and manufacturing. Injaro's work has been recognised on the Impact Assets 50, five portfolio companies were listed in the London Stock Exchange's "Companies to Inspire Africa 2017," and a portfolio company won "Portfolio Company of the Year" at the 2018 Private Equity Awards in London.
---
## How to Get In
Apply through the website or reach out to the team directly. For the IGVCF, the fund targets companies with at least three years of operating history, minimum GHS 20 million in annual revenue, and GHS 3.5 million in EBITDA, so this is growth capital for established businesses rather than early-stage venture. Investment structures include equity, quasi-equity, and debt instruments, with the team taking either majority or minority positions (typically 25--45%) depending on the business model. If you're an earlier-stage tech company, Injaro has signalled plans for technology-focused funds in healthtech, edtech, and agritech, so the firm's thesis is expanding beyond traditional SME growth equity.
---
## Best Advice
1. **This is impact-first growth capital.** Injaro's thesis centres on businesses that create both economic returns and measurable social impact, which means your pitch needs to cover both. The firm's DFI backers (BII, Proparco, FMO) expect rigorous impact measurement alongside commercial performance, so come prepared with quantifiable impact metrics: jobs created, communities served, supply chains formalised.
2. **Ghanaian institutional capital is the differentiator for IGVCF.** The Ghana fund is backed entirely by local pension funds and sovereign capital, which makes it one of the few vehicles deploying Ghanaian money into Ghanaian businesses. This alignment means the fund understands local regulatory dynamics, currency considerations, and market structures in ways that dollar-denominated foreign funds may not.
3. **Agribusiness is the heritage, but the thesis is broadening.** Injaro built its reputation on agricultural value chain investing across West Africa, and that expertise remains core. But the IGVCF's multi-sector mandate (fintech, healthcare, education, manufacturing) and planned technology-focused funds signal that the team is expanding into new verticals, so if you're building tech for traditional industries, that intersection is where the firm's conviction is growing.
4. **Revenue thresholds are real.** The IGVCF requires GHS 20 million in revenue and GHS 3.5 million in EBITDA minimum, which filters out most early-stage startups. If you don't meet these thresholds yet, keep the relationship warm for when you do, or watch for the planned tech-focused funds which may target earlier stages.
---
## Pitch Format
Reach out through the website with a comprehensive pitch covering your business model, financial performance, market opportunity, team, and impact thesis. Be ready to discuss your operating history, revenue trajectory, and how additional capital translates into measurable growth and social impact.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Zeepay | Ghana | Mobile money and remittance fintech |
| Cofat Technologies | Ghana | Technology solutions |
| DDP | Ghana | Consumer products |
| NME | Côte d'Ivoire | Industrial services |
*Note: Injaro Agricultural Capital Holdings invested in multiple agribusiness SMEs across Ghana, Côte d'Ivoire, Niger, and Mali, though individual company names from that fund are not widely disclosed.*
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Jerry Parkes | CEO & Co-founder | — | — |
| Dadie Tayoraud | Co-founder | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Injaro Investments official website](https://www.injaroinvestments.com/)
- [Injaro secures $17.5 million fund to back Ghanaian and Ivorian SMEs -- Techpoint Africa](https://techpoint.africa/news/injaro-fund-ghanaian-ivorian-smes/)
- [Injaro announces final close of Ghana Venture Capital Fund -- AVCA](https://www.avca.africa/news-insights/member-news/injaro-announces-final-close-of-ghana-venture-capital-fund/)
- [Jerry Parkes on how Injaro is transforming PE and impact investing in Africa -- MarcoPolis](https://marcopolis.net/jerry-parkes-on-how-injaro-investments-is-transforming-private-equity-and-impact-investing-in-africa.htm)
- [Injaro Agricultural Capital: Boosting SME development in West Africa -- Proparco](https://www.proparco.fr/en/carte-des-projets/injaro)
---
---
name: Janngo Capital
slug: janngo-capital
buildTypes: ["Marketplace-commerce", "Neobank/wallet", "Enterprise-B2B", "AI-ML"]
thesis: >-
We build and invest in pan-African tech-for-good champions with proven
business models and inclusive social impact.
website: 'https://www.janngo.com/'
apply: 'https://www.janngo.com/'
region: Pan-African
hq: 'Abidjan and Paris, with offices in Tunis and Mauritius'
sectors:
- Sector-agnostic
stage:
- Seed
- Series A
- Series B+
chequeMin: 50000
chequeMax: 5000000
chequeDisplay: €50K -- €5M
format: Hybrid
admissions: Rolling / Warm intros preferred
africaFocus: Yes -- Pan-African (strong Francophone and Anglophone balance)
status: active
tier: '1'
lastVerified: '2026-07-24'
edgeRating: edge-rich
edgeResources:
- name: Fatoumata Bâ interview
category: decision-maker-reveal
score: 4
description: >-
The thesis, the gender-lens framework, and what "category-defining" means.
Born in Dakar, former Founder/CEO of Jumia Cote d'Ivoire, Managing
Director...
link: >-
https://techcrunch.com/2024/10/29/african-vc-firm-janngo-capital-closes-second-fund-at-78m/
- name: Emmanuel Chavane interview
category: decision-maker-reveal
score: 4
description: >-
Technology strategy and investment support. Former CTO at Jumia. 20+ years
tech leadership. Ecole Polytechnique, Telecom Paris.
link: 'https://www.janngo.com/who-we-are/'
- name: Sebastien Nony interview
category: decision-maker-reveal
score: 4
description: >-
Fundraising and investment oversight. Former Head of Fundraising at Jumia
(raised EUR 700M+). Corporate finance and M&A background.
link: 'https://www.janngo.com/who-we-are/'
- name: Djamo raises $17M with Janngo leading (Disrupt Africa)
category: practice-artifact
score: 4
description: >-
Shows Janngo leading a significant round for a Francophone African fintech
(1M+ active customers in Cote d'Ivoire), which demonstrates the fund's
abil...
link: >-
https://disruptafrica.com/2025/04/04/ivorian-fintech-djamo-raises-17m-funding-to-enhance-platform-as-it-hits-1m-active-customers/
- name: 'Expensya exit: 48% IRR (referenced in TechCrunch)'
category: practice-artifact
score: 4
description: >-
The Expensya acquisition by Swedish Medius at approximately $120M
delivered 48% IRR, which is the headline proof point that the
double-bottom-line the...
link: >-
https://techcrunch.com/2024/10/29/african-vc-firm-janngo-capital-closes-second-fund-at-78m/
- name: Contact page
category: pipeline-pathway
score: 3
description: '. No structured application portal, so this is the primary direct route.'
link: 'https://www.janngo.com/contact-us/'
- name: Jumia alumni network
category: pipeline-pathway
score: 3
description: >-
Three of the senior team (Bâ, Chavane, Nony) are Jumia alumni. If you have
connections in the Jumia network across Africa, that creates a natural
warm...
- name: DFI and LP network
category: pipeline-pathway
score: 3
description: >-
EIB, AfDB, IFC, DFC, Mastercard Foundation, and Proparco are all LPs. If
you are already connected to any of these institutions, that creates a
warm i...
portfolioSectorSplit:
E-commerce: 25
SaaS: 50
Fintech: 25
portfolioModelSplit:
Transaction/Marketplace: 50
Subscription/SaaS: 50
portfolioGeographySplit:
Nigeria: 25
Tunisia: 25
Ivory Coast: 25
Morocco: 25
portfolioTotalCount: 4
portfolioClassifiedCount: 4
portfolioUnclassifiedCount: 0
logo: "/funds/janngo-capital.png"
---
## Overview
Janngo Capital is a Paris and Abidjan-based venture capital firm founded by Fatoumata Ba, one of Africa's most prominent tech investors and a former Jumia executive who built the company's operations in Ivory Coast and Nigeria. The firm closed its second fund at €73 million (approximately $78M) in October 2024, exceeding its €60M target by 20% and making it Africa's largest gender-equal tech VC fund. The first fund, launched in 2018, was approximately $10M.
What sets Janngo apart is the genuine integration of gender lens investing into its core strategy, not as a side mandate or add-on. 56% of portfolio companies are founded or led by women, and the firm itself is female-founded and female-led. This is not just an ESG checkbox: the team believes that backing diverse founders in underserved markets produces superior returns, and the track record backs it up. The fund's notable exit, Expensya (acquired by Swedish firm Medius), delivered a 48% IRR.
The LP base is institutional and diverse: the African Development Bank Group (AfDB), European Investment Bank (EIB), Mastercard Foundation Africa Growth Fund, U.S. International Development Finance Corporation (DFC), IFC, Tunisia's ANAVA fund of funds, and the Ashesi University endowment from Ghana. Janngo was named to the 2025 TIME100 Most Influential Companies list and won the TIME100 Impact Award, which is a meaningful signal of the firm's growing global profile.
The firm plans to invest in 10 to 15 additional companies over the next five years, targeting a total portfolio of 25 to 40 companies. The current portfolio spans 21 startups across Francophone and Anglophone Africa in roughly equal measure.
---
## How to Get In
Janngo does not have a public application portal, so the primary paths in are warm introductions and direct outreach. The founding team has deep roots in the Jumia and broader African tech ecosystem, and introductions through portfolio founders, LP networks, or the AfDB and EIB ecosystems carry weight.
Fatoumata Ba is active on LinkedIn and at major tech conferences (VivaTech, WEF, AfricArena), and the team is genuinely accessible at events. If you are a Francophone African founder, Janngo should be near the top of your list because the firm has deliberately built expertise in markets that most VCs overlook, including Ivory Coast, Senegal, Tunisia, and Morocco.
The team looks for three things: a proven business model (not just an idea), inclusive social impact that scales with the business, and strong founders who understand their local markets deeply. With cheques ranging from €50K to €5M and ownership stakes of 15-30%, Janngo can come in at seed and stay through Series B, which means they are looking for long-term relationships, not quick flips.
---
## Best Advice
1. **Lead with the business model, not the impact story.** Janngo calls itself "tech for good," but the team is rigorous about commercial viability first. The Expensya exit at 48% IRR proves they care about returns. Show them strong unit economics and a clear path to profitability, then layer in the impact narrative.
2. **Francophone founders have a structural advantage here.** Most pan-African VCs say they invest across the continent but deploy 80%+ into Nigeria, Kenya, and Egypt. Janngo has deliberately balanced its portfolio between Francophone and Anglophone markets, so if you are building in Ivory Coast, Senegal, Cameroon, or Tunisia, this is one of the few institutional funds that genuinely understands your market.
3. **Gender diversity in your team matters.** With 56% of portfolio companies female-founded or female-led, this is not performative. If you have women in leadership positions, highlight that prominently. If you do not, focus on how your product serves women as end users or how your team composition creates inclusive outcomes.
4. **Show them you can scale across borders.** Janngo's portfolio spans 21 startups across multiple African countries, and the team values founders who think about regional expansion early. Whether you are going from Ivory Coast to Senegal or from Nigeria to Ghana, articulate your cross-border playbook.
5. **Connect your pitch to the Jumia playbook.** The founding team built Jumia's operations, so they understand the operational challenges of scaling tech in Africa from firsthand experience. If you can articulate how your operational model addresses distribution, logistics, payments, or trust challenges in a way that shows you have learned from the Jumia generation, that resonates.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- Fatoumata Bâ (Founder and Executive Chair) has given multiple detailed interviews across TechCrunch, Oxford Business Group, AVCA, and PR Newswire that articulate the thesis and what the fund looks for. The gender-lens investing angle is well-documented, the LP base is exceptionally strong (EIB, AfDB, IFC, DFC, Mastercard Foundation), and the portfolio includes a clean exit (Expensya, 48% IRR).
> **Start here:** Read [Fatoumata Bâ on the Janngo Capital Fund II close (TechCrunch)](https://techcrunch.com/2024/10/29/african-vc-firm-janngo-capital-closes-second-fund-at-78m/) (the founder explains the $78M close, the gender-lens thesis, and why "showing that a high-impact thesis can deliver was essential"), then read [Fatoumata Bâ interview on SMEs and tech in Africa (Oxford Business Group)](https://oxfordbusinessgroup.com/articles-interviews/bridging-the-gap-fatoumata-ba-founder-and-executive-chair-janngo-capital-on-propelling-small-business-growth-interview) (deeper exploration of the Africa opportunity, why "55% of the cost of goods sold in Cote d'Ivoire goes to logistics," and how tech platforms are expanding the economic frontier). Those two resources show you the thesis, the LP confidence behind it, and why Janngo evaluates companies through both a commercial and a gender-equity lens.
### How Janngo Capital's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Thesis** | Startup studio + VC fund hybrid. "Africa's largest gender-equal tech VC fund." $78M Fund II (20% oversubscribed). Build / Grow / Invest model. Named to 2025 TIME100 Most Influential Companies. Bâ: "We are committed to keep supporting category-defining startups leveraging technology to help leapfrog development in Africa, in a more equal way." | Janngo is not a passive cheque-writer. The startup studio DNA means the team co-builds, provides operating partners in tech, sales, marketing, and ESG, and expects hands-on collaboration. If you want a hands-off investor, this is not the right fit. |
| **Gender lens** | 56% of portfolio companies are women-led. 91% are 2X-compliant (the global gender-lens standard). Bâ: "Women in Africa are the most entrepreneurial in the entire world" and "the continent is losing $300bn in GDP as a result of the $42bn funding gap." | Gender is a structural investment thesis, not a nice-to-have. If your company has women founders, women in senior leadership, or serves women as primary customers, lead with that. If it does not, you need to understand that Janngo measures and reports gender metrics to DFI LPs. |
| **Geography** | 67% of portfolio in Francophone Africa. 80% of Fund II allocated to low-income and post-conflict countries. Portfolio operates across 20+ countries. Offices in Abidjan (HQ), Paris, Tunis, Mauritius. | This is the most Francophone-tilted serious VC fund on the continent. If you are building in Cote d'Ivoire, Senegal, Tunisia, Morocco, or another Francophone market, Janngo is one of the few funds where your geography is the core thesis rather than an expansion market. |
| **Stage and cheque** | EUR 50,000 to EUR 5M. Seed to Series B. Target ownership: 15-30%. Multiple tranches per company. | The wide cheque range means Janngo can back you early with a small ticket and increase as you grow. The 15-30% ownership target means founders should be prepared for meaningful dilution and active board involvement. |
| **Sector** | Healthcare, logistics, financial services, retail, food and agribusiness, mobility, creative industries, edtech, fintech, B2B SaaS. SDG 5 (gender equality), SDG 8 (decent work), SDG 9 (innovation). | Sector coverage is broad, but every investment must connect to essential services and measurable impact. The SDG alignment is a reporting requirement driven by the DFI LP base. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Fatoumata Bâ** (Founder, Executive Chair) | The thesis, the gender-lens framework, and what "category-defining" means. Born in Dakar, former Founder/CEO of Jumia Cote d'Ivoire, Managing Director of Jumia Nigeria. Harvard Kennedy School exec ed. WEF Young Global Leader. Forbes Africa 30 Under 30 (2016). TIME100 Next (2025). | [TechCrunch: Fund II close](https://techcrunch.com/2024/10/29/african-vc-firm-janngo-capital-closes-second-fund-at-78m/) -- [Oxford Business Group interview](https://oxfordbusinessgroup.com/articles-interviews/bridging-the-gap-fatoumata-ba-founder-and-executive-chair-janngo-capital-on-propelling-small-business-growth-interview) -- [AVCA profile](https://www.avca.africa/news-insights/afri-spective-blog/bold-voices-bold-moves-spotlight-on-fatoumata-ba-janngo-capital/) |
| **Emmanuel Chavane** (General Partner, CTO) | Technology strategy and investment support. Former CTO at Jumia. 20+ years tech leadership. Ecole Polytechnique, Telecom Paris. | [Janngo: Who We Are](https://www.janngo.com/who-we-are/) |
| **Sebastien Nony** (General Partner) | Fundraising and investment oversight. Former Head of Fundraising at Jumia (raised EUR 700M+). Corporate finance and M&A background. | [Janngo: Who We Are](https://www.janngo.com/who-we-are/) |
### Learn from funded portfolio companies
| Resource | Why it matters |
|----------|---------------|
| [Djamo raises $17M with Janngo leading (Disrupt Africa)](https://disruptafrica.com/2025/04/04/ivorian-fintech-djamo-raises-17m-funding-to-enhance-platform-as-it-hits-1m-active-customers/) | Shows Janngo leading a significant round for a Francophone African fintech (1M+ active customers in Cote d'Ivoire), which demonstrates the fund's ability to back category leaders in its core Francophone geography. |
| [Expensya exit: 48% IRR (referenced in TechCrunch)](https://techcrunch.com/2024/10/29/african-vc-firm-janngo-capital-closes-second-fund-at-78m/) | The Expensya acquisition by Swedish Medius at approximately $120M delivered 48% IRR, which is the headline proof point that the double-bottom-line thesis can generate strong financial returns alongside impact. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Contact page** | [janngo.com/contact-us](https://www.janngo.com/contact-us/). No structured application portal, so this is the primary direct route. |
| **Jumia alumni network** | Three of the senior team (Bâ, Chavane, Nony) are Jumia alumni. If you have connections in the Jumia network across Africa, that creates a natural warm path. |
| **DFI and LP network** | EIB, AfDB, IFC, DFC, Mastercard Foundation, and Proparco are all LPs. If you are already connected to any of these institutions, that creates a warm introduction pathway. |
| **Impact and gender events** | Davos/WEF, Africa CEO Forum, VivaTech, DLD Conference, and Africa Tech Summit are regular fixtures for the team. Bâ is a WEF Agenda Contributor and frequent keynote speaker. |
| **Janngo Academy** | The training and capacity-building arm may provide a pathway for very early-stage founders who are not yet investment-ready but want to enter the Janngo ecosystem. |
### What you can't find
There is no publicly documented formal application process or pitch deck submission portal. Founder testimonials or case studies from portfolio companies are not published. The detailed evaluation framework (scoring rubric, diligence checklist) is not available. Individual cheque sizes for specific portfolio investments are mostly undisclosed. The Janngo Academy programme structure is not detailed publicly. Rejection criteria and what the team passes on are not documented.
---
## Pitch Format
There is no formal application portal. Reach out through warm introductions, the Janngo website contact form, or directly to team members on LinkedIn. Prepare a clear pitch deck covering your business model, market opportunity, unit economics, team, and impact thesis.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Sabi | Nigeria | B2B e-commerce for Africa's informal economy | Growth ($1B+ GMV) | -- |
| Expensya | Tunisia | Expense management platform (acquired by Medius) | Exit (48% IRR) | Exited |
| Djamo | Ivory Coast | Consumer neobank for Francophone Africa | Series B ($17M) | 2024 |
| Jobzyn | Morocco | AI-powered recruitment platform for Africa | Seed | 2024 |
*Note: Janngo's full portfolio spans 21 startups across Francophone and Anglophone Africa, but the firm does not publicly disclose all individual investments. The four companies above are verified through press coverage and public disclosures.*
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Fatoumata Ba | Founder and Executive Chair | [linkedin.com/in/fatoumataba](https://fr.linkedin.com/in/fatoumataba) | -- |
| Emmanuel Chavane | General Partner (Technology) | -- | -- |
| Sebastien Nony | General Partner (Investment and Fundraising) | -- | -- |
| Antonia Gleizes-Lacombe | Operating Partner (Marketing, Impact and Partnership) | -- | -- |
| Vincent Gaide | Operating Partner, CFO | -- | -- |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Janngo Capital Official Website](https://www.janngo.com/)
- [TechCrunch: Janngo Capital closes second fund at $78M (October 2024)](https://techcrunch.com/2024/10/29/african-vc-firm-janngo-capital-closes-second-fund-at-78m/)
- [Janngo Capital: Final close press release](https://www.janngo.com/janngo-capital-has-reached-the-final-close-of-its-oversubscribed-78-million-fund-marking-africas-largest-gender-equal-tech-vc-fund/)
- [TIME100 Most Influential Companies 2025: Janngo Capital](https://time.com/collections/time100-companies-2025/7289662/janngo-capital/)
- [Launch Base Africa: Janngo Capital raises $78M](https://launchbaseafrica.com/2024/10/30/janngo-capital-raises-78m-for-african-startups-prioritizing-gender-and-regional-diversity/)
- [Disrupt Africa: Janngo Capital $78M final close](https://disruptafrica.com/2024/11/01/janngo-capital-reaches-final-close-of-78m-gender-equal-vc-fund/)
---
---
name: Kalon Venture Partners
slug: kalon-venture-partners
buildTypes: ["Payments-processing", "Security-privacy", "AI-ML", "Mobility"]
thesis: >-
Backing South Africa's best technology entrepreneurs building solutions that
are 10X better, faster, or cheaper than existing alternatives.
website: 'https://www.kalonvp.com/'
apply: 'https://www.kalonvp.com/'
region: South Africa
hq: Johannesburg
sectors:
- Fintech
- Healthtech
- AI-ML
- E-commerce
stage:
- Seed
- Series A
chequeMin: 300000
chequeMax: 1500000
chequeDisplay: R5M -- R25M (~$300K -- $1.5M)
format: Hybrid
admissions: Rolling
africaFocus: Yes -- South Africa (primary)
status: active
tier: '2'
lastVerified: '2026-07-29'
edgeRating: edge-sparse
portfolioSectorSplit:
Fintech: 20
Infrastructure: 20
SaaS: 30
AI-ML: 30
portfolioModelSplit:
Transaction/Marketplace: 30
Subscription/SaaS: 50
Enterprise contracts/Licensing: 20
portfolioGeographySplit:
South Africa: 100
portfolioTotalCount: 10
portfolioClassifiedCount: 10
portfolioUnclassifiedCount: 0
logo: "/funds/kalon-venture-partners.png"
---
## Overview
Kalon Venture Partners is a Johannesburg-based venture capital firm founded in 2016 by Clive Butkow, now led by Acting CEO Leron Varsha (30+ years of VC and tech experience). The team brings a combined 200 years of technology, business building, venture capital, and entrepreneurial experience, and the firm has grown its portfolio to 25 companies across two fund vehicles.
Fund I invested in 9 companies and Fund II expanded to include additional portfolio companies, with the firm's AUM exceeding a quarter of a billion rand (~$15 million). Originally structured under South Africa's Section 12J tax incentive (which offered tax deductions for investments in qualifying small businesses), the firm has evolved beyond that framework following the incentive's expiry. The portfolio spans fintech, healthtech, AI, cybersecurity, mobility, and commerce, with notable investments including Ozow (digital payments, which has grown into one of South Africa's largest fintech companies), Talk360 (affordable international calling), Sendmarc (email cybersecurity), GoMetro (mobility and transit technology), Flow (workflow automation), Mobiz (mobile marketing), SnapnSave (cashback and consumer rewards), and Scans.ai (document intelligence). Portfolio companies have collectively created over 200 jobs. The firm targets a minimum 5X return on investments and takes a "high-touch" approach, providing mentorship, operational expertise, network access, and strategic guidance alongside capital.
---
## How to Get In
Reach out through the website. Kalon Venture Partners backs post-revenue South African tech companies that demonstrate competitive advantages in their markets, ideally solutions that are "10X better, faster, or cheaper" than existing alternatives. You need a working product with traction (not pre-revenue concepts), a team with strong execution capability, and a business operating in a large addressable market with clear scalability to both local and international markets. The firm's high-touch model means the team will be actively involved in your business, so be prepared to discuss where mentorship, operational support, and network introductions would accelerate your growth.
---
## Best Advice
1. **The 10X standard is real.** Kalon evaluates companies against a specific benchmark: is your technology 10X better, faster, or cheaper than what already exists? This isn't aspirational language. The firm's portfolio companies (Ozow in payments, Sendmarc in email security, Scans.ai in document processing) each represent step-change improvements over incumbent solutions. Your pitch needs to demonstrate that same order-of-magnitude advantage.
2. **Post-revenue is a hard requirement.** Unlike many early-stage funds that invest on thesis and team alone, Kalon requires revenue traction before investing. You don't need to be profitable, but you need paying customers and evidence that the market is responding to your product. If you're still pre-revenue, build that traction first and come back.
3. **The high-touch model means genuine involvement.** With 200 combined years of tech and entrepreneurial experience across the team, Kalon provides mentorship, operational support, and strategic guidance that goes beyond quarterly board meetings. If you want a passive cheque-writer, this isn't the right fit. If you want investors who will roll up their sleeves on sales strategy, hiring, and market expansion, the model is designed for that.
4. **South Africa first, then scale internationally.** The portfolio reflects a pattern of companies that dominate their South African market and then expand: Ozow grew from a local payments player into a continental fintech, and Talk360 expanded affordable calling from South Africa to a global user base. Frame your pitch around South African market dominance as the foundation for broader expansion.
---
## Pitch Format
Reach out through the website with a pitch covering your technology, competitive advantages, traction metrics, team, market opportunity, and scaling strategy. Be ready to demonstrate why your solution is 10X better than alternatives and how you plan to grow beyond South Africa.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Ozow | South Africa | Digital payments platform |
| Talk360 | South Africa | Affordable international calling |
| Sendmarc | South Africa | Email cybersecurity (DMARC) |
| GoMetro | South Africa | Mobility and transit technology |
| Flow | South Africa | Workflow automation |
| Mobiz | South Africa | Mobile marketing platform |
| SnapnSave | South Africa | Cashback and consumer rewards |
| Scans.ai | South Africa | Document intelligence and processing |
| FCB.ai | South Africa | AI-powered customer engagement |
| visionAI | South Africa | Computer vision technology |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Clive Butkow | Founder | — | — |
| Leron Varsha | Acting CEO | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Contextual Edge
**Preparation rating:** Edge-sparse -- Clive Butkow has given interviews (Ventureburn, Vagabond VC podcast) but Kalon does not publish detailed investment criteria, portfolio reviews, or application guidance publicly. The firm's website provides high-level positioning but limited preparation material. The most useful signals come from the portfolio pattern itself and Butkow's media appearances.
> **Start here:** Read the [Ventureburn piece naming Butkow among SA's most important VCs](https://ventureburn.com/2019/08/are-these-six-sas-most-important-venture-capitalists/) for background on his Accenture career (28 years, retired as COO) and how Silicon Valley inspired the launch of Kalon. Then listen to the [Vagabond VC podcast with Clive Butkow](https://vagabondvc.substack.com/p/vagabond-vc-podcast-clive-butkow) for his investment philosophy and how he evaluates founders. The portfolio itself is the strongest signal: study what Ozow, Sendmarc, and Scans.ai have in common to understand the 10X thesis in practice.
### How Kalon's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **100% South African** | Every known portfolio company (Ozow, Talk360, Sendmarc, GoMetro, Flow, Mobiz, SnapnSave, Scans.ai, FCB.ai, visionAI) is headquartered in South Africa. No East or West African investments in the portfolio. | If you are not building from South Africa, Kalon is likely not a fit. The firm's deal flow, network, and operational support are entirely SA-focused. |
| **Post-revenue required** | The firm explicitly targets post-revenue startups (not necessarily profitable). Ozow had paying merchants before Kalon invested; SnapnSave had active users and brand partnerships. | Do not apply pre-revenue. You need paying customers, even if the numbers are early. This is a hard filter, not a preference. |
| **B2B and infrastructure dominant** | The portfolio clusters around B2B technology: payments infrastructure (Ozow), cybersecurity (Sendmarc), document processing (Scans.ai), workflow automation (Flow), mobility tech (GoMetro). Consumer-facing companies are the minority. | If you are building B2B technology infrastructure for the South African market, you are in the firm's core thesis. Consumer plays are not excluded but are less represented. |
| **The 10X benchmark** | The firm evaluates companies against whether they are "10X better, faster, or cheaper" than existing alternatives. This is how Butkow frames every investment decision. | Your pitch needs to demonstrate a step-change improvement, not an incremental one. Quantify the advantage: if your solution is 3X faster, say so. If it is 10X cheaper, prove it with unit economics. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Clive Butkow** (Founder) | How his 28-year Accenture career shaped his investment thesis, Silicon Valley influence, and the 10X evaluation framework. | [Ventureburn: SA's most important VCs](https://ventureburn.com/2019/08/are-these-six-sas-most-important-venture-capitalists/) |
| **Clive Butkow** | Investment philosophy and founder evaluation in conversation. | [Vagabond VC podcast](https://vagabondvc.substack.com/p/vagabond-vc-podcast-clive-butkow) |
---
## Sources
- [Kalon Venture Partners official website](https://www.kalonvp.com/)
- [SA venture capital firm Kalon Venture Partners raises a quarter of a billion rand -- Kalon VP](https://www.kalonvp.com/news/sa-venture-capital-firm-kalon-venture-partners-raises-a-quarter-of-a-billion-rand/)
- [Kalon Venture Partners: The Early Stage Founder's Guide -- SuperScout](https://superscout.co/investor/kalon-venture-partners)
- [Kalon Venture Partners -- VC4A](https://vc4a.com/kalon-venture-partners/)
---
---
name: Katapult Africa
slug: katapult-africa
buildTypes: ["Agritech", "Climate-energy", "Logistics-supplychain"]
thesis: >-
Accelerating climate tech and sustainable agriculture startups at the
intersection of technology and planetary resilience across Africa.
website: 'https://katapult.vc/africa/'
apply: 'https://katapult.vc/africa/accelerator/'
region: Pan-African
hq: 'Oslo, with Nairobi and Kigali presence'
sectors:
- Climate
- Agritech
stage:
- Pre-Seed
- Seed
chequeMin: 150000
chequeMax: 500000
chequeDisplay: $150K -- $500K
format: Accelerator (90-day digital programme)
admissions: Cohort-based (annual applications)
africaFocus: Yes -- all African countries eligible
status: active
tier: '3'
lastVerified: '2026-07-24'
portfolioSectorSplit:
Agritech: 75
Climate: 13
Logistics: 12
portfolioModelSplit:
Transaction/Marketplace: 50
Direct sales/Commerce: 13
Hardware/Devices: 37
portfolioGeographySplit:
Kenya: 23
Ghana: 22
Nigeria: 22
Senegal: 11
Morocco: 11
Madagascar: 11
portfolioTotalCount: 9
portfolioClassifiedCount: 8
portfolioUnclassifiedCount: 1
---
## Overview
Katapult Africa is the Africa-focused arm of Katapult, a Norwegian impact investment platform founded in 2015 by Tharald Nustad that has invested in 200+ portfolio companies across 50+ countries through its family of funds and accelerators (including Katapult Ocean, Katapult Impact Platform, and Katapult Foundation). The Africa programme specifically targets early-stage climate tech, agritech, and foodtech startups across the continent, investing $150K to $500K per company through a 90-day digital accelerator.
The programme has invested in 16+ African companies to date, with cohorts drawn from across the continent. A representative cohort included GrowAgric (Kenya, agritech), Aquarech (Kenya, aquaculture), Legendary Foods (Ghana, food tech), Gricd (Nigeria, cold storage), Vetsark (Nigeria, agri-tech), Afrikamart (Senegal, B2B marketplace), Sand to Green (Morocco, agri-tech), and Elucid (Madagascar, supply chain). The accelerator is backed by partners including Disrupt Africa, the Tony Blair Institute for Global Change, Norrsken, Smart Africa, and The Risa Fund, and uses the Climate Impact Compass (developed with Norrsken and Risa) as its impact measurement framework. The programme provides workshops, mentor sessions, pitch training, investor presentations, and access to Katapult's global alumni network.
---
## How to Get In
Apply through the website during open application windows. The programme targets early-stage, impact-driven climate tech startups with experienced founding teams, a demonstrated path toward commercialisation or early revenue, and scalable business models. Every African country is eligible. Sector focus spans agritech and precision agriculture, foodtech, clean energy, clean mobility, circular economy, waste management, and carbon monitoring. The 90-day format is fully digital and includes tailored workshops on AI, marketing, and fundraising, alongside expert mentorship and investor readiness preparation. Previous cohorts received 700+ applications for approximately 9--15 spots, so the programme is selective.
---
## Best Advice
1. **Climate and food systems are the only two lanes.** Katapult Africa is not a generalist accelerator. The programme backs companies working on sustainable agriculture, food systems, or climate tech specifically, so if your startup doesn't fit one of those verticals, this isn't the right programme. But within those verticals, the definition is broad: cold chain, clean energy, precision farming, waste management, carbon monitoring, and circular economy all qualify.
2. **The global network is the multiplier.** With 200+ portfolio companies across 50+ countries in the broader Katapult ecosystem, the accelerator connects you to a genuinely global alumni network, not just an African one. If your technology has applications beyond the continent, or if you want to learn from founders solving similar problems in other emerging markets, that network access is a real differentiator.
3. **Impact measurement is built in.** The Climate Impact Compass, developed with Norrsken and The Risa Fund, is integrated into the programme. This means you'll graduate with a structured impact measurement framework that DFIs and impact-focused follow-on investors expect, so the accelerator does double duty as impact readiness training.
4. **Digital-first works for distributed teams.** The 90-day programme runs digitally, which means you don't need to relocate to Oslo or Nairobi. This makes it accessible to founders across the continent, from Dakar to Dar es Salaam, and the format includes both asynchronous and live components.
---
## Pitch Format
Apply through the website during open cohort windows. Applications typically require details on your team, technology, business model, traction, climate or agricultural impact thesis, and scalability plan.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| GrowAgric | Kenya | Agricultural technology platform |
| Aquarech | Kenya | Aquaculture innovation |
| Legendary Foods | Ghana | Food technology |
| Spark | Ghana | Social finance app |
| Gricd | Nigeria | Cold chain and storage solutions |
| Vetsark | Nigeria | Agricultural technology |
| Afrikamart | Senegal | B2B agricultural marketplace |
| Sand to Green | Morocco | Desert agriculture technology |
| Elucid | Madagascar | Supply chain solutions |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Tharald Nustad | Founder, Katapult | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Katapult Africa official website](https://katapult.vc/africa/)
- [Katapult Africa Accelerator Programme selected nine startups across continent -- Incubees](https://incubees.com/katapult-africa-accelerator-programme-selected-nine-startups-across-continent/)
- [Katapult Africa Accelerator 2026 opens applications for agritech startups -- Techpression](https://techpression.com/katapult-africa-accelerator-2026-opens-applications-for-agritech-startups/)
- [15 African startups selected for Katapult Climate Accelerator 2025 -- Business Beat 24](https://businessbeat24.com/15-african-startups-selected-for-katapult-climate-accelerator-2025/)
---
---
name: Knife Capital
slug: knife-capital
buildTypes: ["Enterprise-B2B", "AI-ML", "Marketplace-commerce", "Payments-processing"]
thesis: >-
We accelerate the international expansion of African innovation-driven
businesses by leveraging Knowledge, Networks, and Funding.
website: 'https://knifecap.com/'
apply: 'https://knifecap.com/'
region: Southern Africa
hq: 'Cape Town, with offices in London and Jersey'
sectors:
- Sector-agnostic
stage:
- Series A
- Series B+
chequeMin: 3000000
chequeMax: 50000000
chequeDisplay: ~$3M initial (with follow-on reserve from $50M fund)
format: Hybrid
admissions: Rolling / Warm intros
africaFocus: >-
Yes -- South Africa and SADC (opportunistic co-investments elsewhere in
Africa)
status: active
tier: '1'
lastVerified: '2026-07-24'
edgeRating: edge-rich
edgeResources:
- name: Keet van Zyl interview
category: decision-maker-reveal
score: 4
description: >-
The exit-backward thesis, the three evaluation themes, milestone-based
investing, and why cultural fit matters. 20+ years VC experience. The
primary p...
link: >-
https://techcrunch.com/2023/08/09/south-african-vc-knife-capital-closes-50m-series-b-fund-for-startups-with-high-exit-potential/
- name: Catherine Young interview
category: decision-maker-reveal
score: 4
description: >-
Scaling growth-stage businesses and exit readiness. Co-owns the Grindstone
Accelerator, which feeds the Knife investment pipeline directly.
link: 'https://knifecap.com/about/'
- name: Eben van Heerden interview
category: decision-maker-reveal
score: 4
description: >-
M&A, PE, and VC across 25+ years. International network and cross-border
deal structuring.
link: 'https://knifecap.com/about/'
- name: Knife Capital exits page
category: practice-artifact
score: 4
description: >-
Eight documented exits including Fundamo to Visa ($110M), CSense to GE,
iKubu to Garmin, orderTalk to Uber Eats, and WizzPass to FM:Systems. Shows
the...
link: 'https://knifecap.com/exits/'
- name: 'TechCrunch: Fund III first close (2021)'
category: practice-artifact
score: 4
description: >-
Explains the internationalisation gap for South African companies and why
"there are hardly any South African VC funds that can write checks of $5
mil...
link: >-
https://techcrunch.com/2021/02/11/south-african-vc-firm-knife-capital-gets-first-commitment-for-its-50m-fund-to-invest-in-10-12-series-b-rounds/
- name: Direct application
category: pipeline-pathway
score: 3
description: >-
Email info@knifecap.com with a detailed pitch deck. The website has an
"Apply for Funding" link. Knife recommends a 14-slide deck covering:
offering, ...
- name: Grindstone Accelerator
category: pipeline-pathway
score: 3
description: >-
. A 12-month growth and exit-readiness programme (not a typical 3-month
accelerator). Operated by Catherine Young's Thinkroom Consulting and Knife
Cap...
link: 'https://www.grindstonexl.com/'
- name: LP and co-investor network
category: pipeline-pathway
score: 3
description: >-
IFC ($10M), Mineworkers Investment Company ($10M anchor), Standard Bank,
SA SME Fund, AfricaGrow, and Skybound Capital are all Fund III LPs.
Connectio...
portfolioSectorSplit:
E-commerce: 15
AI-ML: 15
SaaS: 14
Edtech: 7
Enterprise: 7
Infrastructure: 7
Fintech: 14
Healthtech: 14
Consumer: 7
portfolioModelSplit:
Transaction/Marketplace: 29
Enterprise contracts/Licensing: 22
Subscription/SaaS: 21
Hardware/Devices: 14
Direct sales/Commerce: 14
portfolioGeographySplit:
South Africa: 93
Rwanda/South Africa: 7
portfolioTotalCount: 14
portfolioClassifiedCount: 14
portfolioUnclassifiedCount: 0
logo: "/funds/knife-capital.png"
---
## Overview
Knife Capital is a Cape Town-based venture capital firm co-founded by Keet van Zyl and Eben van Heerden, with a track record stretching back to 2010. The firm closed Fund III at $50 million in August 2023, targeting Series A and B investments in innovation-driven South African companies with strong international expansion potential. The fund is backed by the IFC, Standard Bank, Mineworkers Investment Company (MIC), SA SME Fund, AfricaGrow, Skybound Capital, Fireball Capital, and the Draper-Gain family office.
What makes Knife Capital fundamentally different from most Africa-focused VCs is the "exit backward" investment model. Before investing, the team identifies the most likely acquirers and works backward to structure the company for that exit. This is not a theoretical exercise: the firm has delivered eight exits, including Fundamo to Visa, CSense to General Electric, orderTalk to Uber Eats, iKubu to Garmin, FlightScope via MBO, WizzPass to FM:Systems, ProGlove to Nordic Capital, and most recently Quicket to Ticketmaster in 2024. That exit track record is arguably the strongest of any Africa-focused VC, and it is the primary reason to engage with Knife Capital.
The firm focuses on B2B technology companies and B2B2C models, deliberately avoiding capital-intensive B2C consumer plays. Keet van Zyl has publicly stated that "the main successful exit route is still a trade sale to a strategic partner," which shapes everything about how the firm evaluates and supports companies. If you are building a company that could be acquired by a global tech or industrial corporation, Knife Capital is built for you.
---
## How to Get In
Email info@knifecap.com with your pitch deck, or reach out directly to team members on LinkedIn. Keet van Zyl is active on X and LinkedIn, and the team attends South African and international tech events regularly.
The strongest path in is through the Grindstone Accelerator ecosystem, which has produced a pipeline of companies that graduate into Fund III consideration. If you are pre-Series A but building a scalable B2B tech company in South Africa, Grindstone is the on-ramp. The year-long program provides structured support on marketability, governance, and exit readiness, and graduates have a direct line into the Knife Capital investment process.
Portfolio company referrals also carry weight. DataProphet, Snapplify, InQuba, Outsized, Simera Sense, Sticitt, and Optique are all in the network, and introductions from their founders signal quality to the team.
Knife Capital's geographic focus is primarily South Africa, so if you are building outside the country, you need to make a compelling case for why Knife Capital specifically adds value, whether through their B2B exit networks, LP connections, or international expansion expertise via their London and Jersey offices.
---
## Best Advice
1. **Lead with the exit story.** Knife Capital literally invests backward from the exit. In your pitch, identify the three to five most likely acquirers of your company and explain why they would want to buy you. If you cannot articulate who would acquire you and at what multiple, the team will struggle to get excited.
2. **B2B or B2B2C models only.** The team has been explicit about avoiding capital-intensive B2C consumer plays. If your business model requires burning cash on customer acquisition with no clear path to a strategic acquirer, this is not your fund. Show them recurring revenue, enterprise contracts, or a platform model with B2B2C dynamics.
3. **South African companies have a structural advantage.** Fund III is designed for South African innovation-driven SMEs. If you are based elsewhere in Africa, you are not disqualified, but the bar is higher. Show clear South African connections, whether through your team, customers, technology partners, or expansion plans.
4. **Use Grindstone as a proving ground.** If you are pre-Series A, the Grindstone Accelerator is the most direct path into Knife Capital's pipeline. The year-long program builds exactly the operational infrastructure the team looks for before writing a cheque: governance, financial controls, marketability, and exit readiness.
5. **Demonstrate international traction or potential.** The firm's thesis is about international expansion of African businesses. Show them that your product has demand or applicability beyond the African continent. Exits to Visa, GE, Uber Eats, Garmin, and Ticketmaster all involved companies that had developed or were developing international market presence.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- Keet van Zyl (Co-Founder) has given exceptionally detailed interviews to TechCrunch, TechCabal, and BizNews that explain the "exit-backward" thesis, the three evaluation themes, and the milestone-based investing model. The Grindstone Accelerator provides a structured pipeline into Knife investment. The exit track record (Fundamo to Visa for $110M, orderTalk to Uber Eats, iKubu to Garmin) is documented on the website.
> **Start here:** Read [Keet van Zyl on the Fund III close (TechCrunch)](https://techcrunch.com/2023/08/09/south-african-vc-knife-capital-closes-50m-series-b-fund-for-startups-with-high-exit-potential/) (the co-founder explains the "exit-backward" thesis: "what Knife Capital does is looking at the business from exit backward" and why "the growth stage of funding is untapped potential"), then read [Keet van Zyl deep dive (TechCabal)](https://techcabal.com/2023/08/22/keet-van-zyl-knife-capital-interview/) (the three evaluation themes: "an awesome product/service, a large addressable market, and an entrepreneurial team with the ability to execute"). Those two resources show you how Knife evaluates companies and why exit-readiness matters from day one.
### How Knife Capital's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Thesis** | "Exit-backward" investing. Before investing, the team maps potential acquirers, required milestones, and exit mechanics. Van Zyl: "A good product/service does not necessarily equal a good company, and a good company does not automatically translate to a good VC investment." Fund I delivered 59% IRR over eight years with seven exits. | If you cannot articulate who would buy your company and why, you are not ready for Knife Capital. Before your pitch, identify 3-5 potential strategic acquirers and explain what metrics would make your company attractive to each of them. |
| **Stage and cheque** | Fund III ($50M): Series A extension and Series B, $3M-$7M as lead investor. KNF Ventures (Fund II, ~$25M): Series A, smaller cheques. Grindstone Accelerator feeds earlier-stage pipeline. Total range across vehicles: $600K-$8M. | Fund III is the primary active vehicle and targets companies ready to scale internationally. If you are pre-revenue, the Grindstone Accelerator is the right entry point, not the fund. |
| **Geography** | South Africa is the core market, with selective pan-African co-investments. Offices in Cape Town (HQ), London, and Jersey. Van Zyl: "Local funders need to back local fund managers for the international funders to believe." | If you are a South African tech company looking to internationalise, Knife is one of the very few local funds that can write $5M+ cheques for cross-border expansion. Non-SA companies can be considered for co-investment alongside international investors. |
| **Sector** | B2B and B2B2C technology companies: fintech, edtech, healthtech, AI/ML, agritech, platform businesses, software, tech-enabled business services. Innovation-driven with IP or barrier to entry required. | Pure consumer plays are not the focus. Van Zyl requires "some element of scalability, and innovation, or intellectual property, or some barrier to entry." If your competitive advantage is marketing spend rather than technology or IP, Knife is likely not the right fit. |
| **FMGR model** | Find-Make-Grow-Realise: a proprietary value chain approach. Milestone-based investing with gap analysis. Van Zyl: "We invest via milestones... we do a gap analysis and say do we all agree that these following gaps, if they are fixed, will make it a better business?" | Expect tranched investment tied to specific milestones, not a single lump sum. The team will do a collaborative gap analysis with you before investing and the investment will be structured around closing those gaps. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Keet van Zyl** (Co-Founder) | The exit-backward thesis, the three evaluation themes, milestone-based investing, and why cultural fit matters. 20+ years VC experience. The primary public-facing partner. Van Zyl: "The only way to win the entrepreneur's respect is to bring a client or two." | [TechCrunch: Fund III close](https://techcrunch.com/2023/08/09/south-african-vc-knife-capital-closes-50m-series-b-fund-for-startups-with-high-exit-potential/) -- [TechCabal interview](https://techcabal.com/2023/08/22/keet-van-zyl-knife-capital-interview/) -- [BizNews deep dive](https://www.biznews.com/sponsored/2017/09/07/knife-capital-keet-van-zyl-vc-investor-entrepreneur) |
| **Catherine Young** (Partner) | Scaling growth-stage businesses and exit readiness. Co-owns the Grindstone Accelerator, which feeds the Knife investment pipeline directly. | [Knife Capital: About](https://knifecap.com/about/) |
| **Eben van Heerden** (Co-Founder, London) | M&A, PE, and VC across 25+ years. International network and cross-border deal structuring. | [Knife Capital: About](https://knifecap.com/about/) |
### Study the evaluation frameworks before your pitch
| Framework / Resource | What it tells you |
|---------------------|------------------|
| [BizNews: Keet van Zyl deep dive on VC investing](https://www.biznews.com/sponsored/2017/09/07/knife-capital-keet-van-zyl-vc-investor-entrepreneur) | The most detailed public explanation of Knife's milestone-based model, cultural fit requirements, and why they invest in tranches. Includes Van Zyl's warning about post-investment power dynamics and why trust matters from day one. |
| [Knife Capital: Approach](https://knifecap.com/approach/) | The official FMGR (Find-Make-Grow-Realise) framework with descriptions of each stage. |
### Learn from funded portfolio companies and exits
| Resource | Why it matters |
|----------|---------------|
| [Knife Capital exits page](https://knifecap.com/exits/) | Eight documented exits including Fundamo to Visa ($110M), CSense to GE, iKubu to Garmin, orderTalk to Uber Eats, and WizzPass to FM:Systems. Shows the types of companies and exit routes that Knife has executed successfully. |
| [TechCrunch: Fund III first close (2021)](https://techcrunch.com/2021/02/11/south-african-vc-firm-knife-capital-gets-first-commitment-for-its-50m-fund-to-invest-in-10-12-series-b-rounds/) | Explains the internationalisation gap for South African companies and why "there are hardly any South African VC funds that can write checks of $5 million or more and are willing to deploy them to finance the externalization of South African companies." |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct application** | Email info@knifecap.com with a detailed pitch deck. The website has an "Apply for Funding" link. Knife recommends a 14-slide deck covering: offering, problem/solution, product, market, competition, team, traction, business model, financials, and funding requirements. |
| **Grindstone Accelerator** | [grindstonexl.com](https://www.grindstonexl.com/). A 12-month growth and exit-readiness programme (not a typical 3-month accelerator). Operated by Catherine Young's Thinkroom Consulting and Knife Capital. Two exits (iKubu/Garmin, WizzPass/FM:Systems) came through Grindstone alumni, which makes it the single best pipeline into Knife investment. |
| **LP and co-investor network** | IFC ($10M), Mineworkers Investment Company ($10M anchor), Standard Bank, SA SME Fund, AfricaGrow, and Skybound Capital are all Fund III LPs. Connections to any of these create warm pathways. |
| **Van Zyl's own advice** | "Phone their past portfolio companies... and just have a chat to the entrepreneurs. What kind of investor was this and how did they treat you when things went bad." He explicitly encourages founders to diligence the fund before pitching. |
### What you can't find
There is no published blog or thought leadership section on knifecap.com. Founder testimonials or case studies are not published -- the closest is Van Zyl's advice to founders to call portfolio companies directly. Specific IRR or return multiples beyond the Fund I 59% IRR figure are not publicly disclosed. Term sheet norms and equity stake ranges are not documented. Andrea Bohmert (co-founder) departed in late 2023 and is no longer an active partner, which may not be reflected in older articles.
---
## Pitch Format
Email a detailed pitch deck (PDF) to info@knifecap.com. The deck should cover your business model, recurring revenue metrics, competitive positioning, team, and most importantly, your exit thesis: who would acquire this company and why. Warm introductions through the Grindstone ecosystem or portfolio companies are beneficial.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Quicket | South Africa | Self-service ticketing and event management | Growth (Exited to Ticketmaster) | 2024 |
| DataProphet | South Africa | AI-powered manufacturing process optimization | Series A | -- |
| InQuba | South Africa | AI customer journey management | Growth | -- |
| Snapplify | South Africa | Digital educational content platform | Growth | -- |
| Outsized | South Africa | Freelance professional marketplace | Growth | -- |
| Simera Sense | South Africa | Optical payloads for nanosatellites | Series A | -- |
| Sticitt | South Africa | School payments and financial literacy platform | Series A | -- |
| Optique | South Africa | Digitally-enabled affordable eye care | Series A | -- |
| Kasha | Rwanda/South Africa | Health and household goods distribution | Series A | -- |
| Fundamo | South Africa | Mobile financial services (Exited to Visa, ~$110M) | Exit | 2011 |
| CSense | South Africa | Predictive analytics for industrial applications (Exited to GE) | Exit | 2011 |
| orderTalk | South Africa | Online restaurant ordering (Exited to Uber Eats) | Exit | 2018 |
| FlightScope | South Africa | Sports radar technology (MBO exit) | Exit | 2017 |
| WizzPass | South Africa | Visitor management (Exited to FM:Systems) | Exit | 2021 |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Keet van Zyl | Co-Founder and Partner | [linkedin.com/in/keetvz](https://za.linkedin.com/in/keetvz) | [@KeetvZ](https://x.com/keetvz) |
| Eben van Heerden | Co-Founder and Partner (London) | -- | -- |
| Catherine Young | Partner | -- | -- |
| Davey Gant | Partner, Head of Risk and Legal (Jersey) | -- | -- |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Knife Capital Official Website](https://knifecap.com/)
- [TechCrunch: Knife Capital closes $50M Fund III (August 2023)](https://techcrunch.com/2023/08/09/south-african-vc-knife-capital-closes-50m-series-b-fund-for-startups-with-high-exit-potential/)
- [Disrupt Africa: Knife Capital $50M final close](https://disruptafrica.com/2023/08/11/sas-knife-capital-reaches-final-close-of-50m-african-series-b-expansion-fund/)
- [TechCabal: How Knife Capital plans to deploy its $50M fund](https://techcabal.com/2023/08/22/keet-van-zyl-knife-capital-interview/)
- [IFC: Investment in Knife Fund III](https://disclosures.ifc.org/project-detail/SII/45184/knife-fund-iii)
- [Superscout: Knife Capital profile](https://superscout.co/investor/knife-capital)
- [Knife Capital Exits page](https://knifecap.com/exits/)
---
---
name: Lateral Frontiers
slug: lateral-frontiers
buildTypes: ["Enterprise-B2B", "Payments-processing", "Infra-protocol", "Lending-credit", "Gaming"]
thesis: >-
Building digital infrastructure for the next 3 billion users through fintech
rails and cleantech across the Global South.
website: 'https://www.lateralfrontiers.com/'
apply: Via the website or direct outreach to the team
region: Pan-African / Global South
hq: 'New York, with presence in Nairobi and Lagos'
sectors:
- Sector-agnostic
stage:
- Seed
- Series A
chequeMin: 100000
chequeMax: 1000000
chequeDisplay: $100K -- $1M
format: Hybrid
admissions: Rolling
africaFocus: 'Yes -- pan-African with primary hubs in Lagos, Nairobi, Cape Town, Cairo'
status: active
tier: '3'
lastVerified: '2026-07-24'
portfolioSectorSplit:
Consumer: 15
SaaS: 14
Fintech: 43
E-commerce: 14
Blockchain: 14
portfolioModelSplit:
Direct sales/Commerce: 14
Subscription/SaaS: 14
Enterprise contracts/Licensing: 29
Transaction/Marketplace: 43
portfolioGeographySplit:
South Africa: 13
Nigeria: 50
Kenya: 13
Cameroon: 12
Africa: 12
portfolioTotalCount: 8
portfolioClassifiedCount: 7
portfolioUnclassifiedCount: 1
logo: "/funds/lateral-frontiers.png"
---
## Overview
Lateral Frontiers is a New York-headquartered venture capital firm founded in 2018 that backs African and Global South founders building digital infrastructure and cleantech solutions. Led by Managing Partners Rob Eloff and Steven Grin alongside Partner Samakab Hashi, the firm has made 23+ investments across regions with 4 successful exits since inception.
The investment thesis centres on two verticals: "digital rails" (fintech infrastructure, enterprise SaaS, and the software backbone that enables commerce and financial services for SMEs) and "energy access alternatives" (cleantech and decarbonisation infrastructure). Fund II raised $28 million with a $100 million target, and the portfolio includes some of Africa's most recognised tech companies: Carry1st (gaming and digital content), SeamlessHR (enterprise HR platform), Mono (financial data API), Autocheck Africa (automotive marketplace), Lipa Later (BNPL), Ejara (digital assets), and AppZone Group (banking infrastructure). The firm positions itself as a "global south bridge," connecting African founders to global capital markets while providing unusually hands-on operational support.
---
## How to Get In
Reach out through the website with a clear pitch deck. The firm writes cheques of $100K to $1M at seed and Series A, targeting companies building digital infrastructure or cleantech solutions with pan-African or Global South scalability. What distinguishes Lateral Frontiers from other early-stage investors is the depth of its diligence process: the team produces approximately 100-slide data-room supplements for portfolio companies, which means the diligence itself becomes a value-add. Portfolio founders have noted that these supplementary materials helped attract additional investors who might not otherwise have engaged with African deals. The team also provides hands-on support with go-to-market strategy, city expansion planning, and customer acquisition.
---
## Best Advice
1. **Digital rails and cleantech are the two lanes.** The firm's thesis is specific: you're either building infrastructure that enables digital commerce and financial services for the next 3 billion users, or you're building cleantech and energy access solutions. If your company sits at the intersection of both (energy fintech, green infrastructure SaaS), that's an even stronger fit.
2. **The diligence process is the value proposition.** Lateral Frontiers is known for producing unusually comprehensive data-room supplements during due diligence, which is the kind of work that helps your next fundraise, not just this one. Portfolio founders have reported that these materials attracted follow-on investors who otherwise wouldn't have engaged. Think of their diligence as an investment in your Series A documentation.
3. **Global South is the frame, Africa is the core.** While the firm invests across Africa, the Middle East, Latin America, and South Asia, the primary portfolio concentration is African, with Lagos, Nairobi, Cape Town, and Cairo as the major hubs. Emerging market focus cities include Abidjan, Addis Ababa, Dakar, Kampala, Kigali, Kinshasa, and Tunis, so if you're building in a secondary African tech hub, you're still in scope.
4. **Exits matter to this team.** With 4 successful exits from 23+ investments, the firm has a track record of finding liquidity paths in African markets. Show a credible exit thesis, whether that's strategic acquisition, regional consolidation, or expansion into new markets that opens up larger acquirer pools.
---
## Pitch Format
Submit a pitch deck through the website covering your technology, business model, traction, team, and market opportunity. Emphasise how your product serves as infrastructure (whether financial, digital, or energy) for underserved populations, and articulate a clear multi-market expansion path.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Carry1st | South Africa | Gaming and digital content platform |
| SeamlessHR | Nigeria | Enterprise HR and payroll SaaS |
| Mono | Nigeria | Financial data API infrastructure |
| Autocheck Africa | Nigeria | Automotive marketplace and financing |
| Lipa Later | Kenya | Buy now, pay later platform |
| Ejara | Cameroon | Digital assets and investment platform |
| AppZone Group | Nigeria | Banking and payments infrastructure |
| Vibra | Africa | Financial services technology |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Rob Eloff | Managing Partner | — | — |
| Steven Grin | Managing Partner | — | — |
| Samakab Hashi | Partner | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Lateral Frontiers official website](https://www.lateralfrontiers.com/)
- [Lateral Frontiers VC raises $28M to back African tech ventures -- Launch Base Africa](https://launchbaseafrica.com/2024/07/15/lateral-frontiers-vc-secures-28m-to-back-african-tech-ventures/)
- [Lateral Frontiers Fund -- VC Sheet](https://www.vcsheet.com/fund/lateral-frontiers-fund)
---
---
name: Lattice Fund
slug: lattice-fund
buildTypes: ["Infra-protocol", "Stablecoin-payments", "Hardware-DePIN", "Dev-tooling", "DeFi-trading-lending"]
thesis: 'Open markets beat closed ones, open-source software compounds faster than private networks, and money should move as quickly as information. Backs pre-seed to Series A founders building open markets, open-source infrastructure and faster money, globally.'
website: 'https://lattice.fund'
apply: 'Public pitch portal at leland.lattice.fund. Submit your deck or memo there; no warm intro required.'
region: 'Global'
hq: 'New York and San Francisco, USA'
sectors:
- Infrastructure
- Payments-Stablecoins
- DePIN
- Developer-Tooling
- DeFi
- RWA
- Consumer
stage:
- Pre-Seed
- Seed
- Series A
chequeMin: 250000
chequeMax: 1000000
chequeDisplay: '$250K to $1M'
chains:
- Chain-agnostic
- Ethereum
- Solana
- Hyperliquid
format: 'Application form'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '3'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Pitch Lattice portal
category: pipeline-pathway
score: 5
description: >-
A public front door that asks for your deck or memo. One of the few
crypto funds where a cold submission is the intended path rather than
a fallback.
link: 'https://leland.lattice.fund/'
- name: Lattice portfolio page
category: portfolio-pattern
score: 4
description: >-
Eleven named companies with city and one-line description, including
three emerging-market payments companies (Daya in Lagos, Infinia in
Montevideo) and two DePIN networks. Use it to find your analogue.
link: 'https://lattice.fund'
- name: Lattice team page
category: decision-maker-reveal
score: 4
description: >-
The two GPs, Regan Bozman and Mike Zajko, both came from CoinList
token launches and Messari or Meta. Token launch and go-to-market are
areas they judge from experience.
link: 'https://lattice.fund/team'
- name: Lattice on X
category: pattern-trainer
score: 3
description: >-
The fund's public commentary on open markets and stablecoins shows the
arguments it finds convincing.
link: 'https://x.com/lattice_fund'
portfolioSectorSplit:
Infrastructure: 19
DePIN: 18
Developer-Tooling: 18
Payments-Stablecoins: 18
DeFi: 9
RWA: 9
Consumer: 9
portfolioChainSplit:
Multi-chain: 37
Chain-agnostic: 27
Solana: 18
Ethereum: 9
Hyperliquid: 9
portfolioTotalCount: 11
portfolioClassifiedCount: 11
portfolioUnclassifiedCount: 0
---
> **How to use this page:** Lattice is a small, fast fund with a public pitch portal and a verified $250K to $1M cheque, which makes it one of the most realistic first-yes targets in this directory for a pre-seed web3 founder. Its portfolio already includes payments companies in Lagos and Montevideo, so an emerging-market founder pivoting into stablecoin rails is on-thesis rather than an exception. Read Section E, then submit through the portal.
---
## A. Header Block
- **Fund name:** Lattice Fund
- **One-line thesis:** "Open markets beat closed ones, open-source software compounds faster than private networks, and money should move as quickly as information."
- **Website:** [lattice.fund](https://lattice.fund)
- **CTA:** [Pitch Lattice](https://leland.lattice.fund/)
| Tag | Detail |
|-----|--------|
| Region | Global (New York, San Francisco) |
| Format | Application form (public pitch portal) |
| Sectors | Infrastructure, payments and stablecoins, DePIN, developer tooling, DeFi, RWA, consumer |
| Stage | Pre-Seed, Seed, Series A |
| Cheque Size | $250K to $1M |
| Admissions | Rolling |
---
## C. Overview
Lattice is a crypto-native early-stage fund run by two general partners, Regan Bozman and Mike Zajko, out of New York and San Francisco. Both came up through CoinList (Bozman as first employee running token launches, Zajko as Director of Token Listings), and Bozman co-founded Dove Metrics, which Messari acquired. The team describes itself as "low ego partners" with backgrounds at Facebook, AngelList, CoinList, Maple and Solana.
The thesis is stated in one sentence on the homepage and it is a useful filter: open markets, open-source software, and money that moves at the speed of information. The portfolio matches it. On the infrastructure side there is LiFi (Berlin, cross-chain trading infrastructure), RedStone (Warsaw, oracle data), Goldsky (San Francisco, real-time data pipelines) and Privy (New York, embedded wallets, acquired by Stripe in 2025). On the payments side there is Daya (Lagos, African cross-border payment infrastructure) and Infinia (Montevideo, cross-border payouts). On the consumer and DePIN side there is Pump.Fun (Dubai), Grass (Toronto) and Daylight (New York). Hyperliquid (Singapore) and Midas (London) round it out.
The cheque is $250K to $1M, which means Lattice is usually a co-investor in a pre-seed or seed round rather than the whole round. Its value is speed, a real network in token launches and go-to-market, and a public door you can walk through today.
**Key stats:**
- Cheque: $250K to $1M, pre-seed to Series A
- 11 named portfolio companies across 9 cities and 4 continents
- One portfolio exit to Stripe (Privy, 2025)
- Two GPs plus COO and Chief of Staff
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Regan Bozman | Co-founder and General Partner | [lattice.fund/team](https://lattice.fund/team) |
| Mike Zajko | Co-founder and General Partner | [lattice.fund/team](https://lattice.fund/team) |
| Rachel Aldrich | Chief Operating Officer | [lattice.fund/team](https://lattice.fund/team) |
| Ned Menton | Chief of Staff | [lattice.fund/team](https://lattice.fund/team) |
Fund handles: [@lattice_fund on X](https://x.com/lattice_fund), [LinkedIn](https://www.linkedin.com/company/latticefund/). Individual partner handles were not listed on the team page we fetched.
---
## E. How to Get In — Step-by-Step Application Process
#### Step 1: Check the fit in one sentence
Lattice's thesis is three clauses: open markets, open-source compounding, money moving at information speed. Write one sentence placing your company in one of those clauses. If you cannot, the fund will not either.
#### Step 2: Prepare a deck or memo that leads with a live number
The portal asks for your deck or memo. Because the GPs are operators from token launches and go-to-market, the first slide after the title should carry a real metric: volume settled, integrations live, GitHub stars or contributors, weekly active wallets. Lattice's portfolio is entirely companies that had shipped something before the round.
#### Step 3: Submit through Pitch Lattice
Go to [leland.lattice.fund](https://leland.lattice.fund/) and submit. This is the intended path; you do not need an intro. Include contact details, the round you are raising, and who else is in or circling, because a $250K to $1M cheque is usually part of a round rather than the whole of it.
#### Step 4: The conversation
Expect a partner call with Bozman or Zajko. Topics they judge from experience: token design and launch timing (both ran CoinList launches), go-to-market for developer and payments products, and why the market you serve is open rather than a walled garden. Response times are not published; the team is four people, so a fit gets a fast answer.
#### Step 5: Terms
Cheque $250K to $1M on standard early-stage instruments (equity, SAFE, or SAFE plus token warrant depending on the company). Lattice co-invests; if you want them to anchor a small pre-seed, say so and show the round is not yet full.
**Tips that matter here:**
- Emerging-market payments is a proven pattern for this fund (Daya in Lagos, Infinia in Montevideo). Name the comparable in your first paragraph.
- Developer infrastructure with visible adoption (LiFi, RedStone, Goldsky, Privy) is the other proven pattern. Bring integration counts.
- Keep the memo to two pages. The GPs read decks for a living and reward founders who respect that.
---
## F. Best Advice from Founders
**Use the portal, not a cold DM.** Lattice built a public front door so it could see everything. Founders who submit properly get read.
**Lead with what is live.** Every company on the portfolio page had a product in market. Metrics before narrative.
**Treat token questions as home turf for them.** Both GPs ran token launches at CoinList. If you have a token in the plan, be precise about timing and utility; if you do not, say so plainly.
**Bring the round together.** Lattice writes $250K to $1M. Show the other investors you are talking to and what the round looks like.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. Lattice publishes its thesis, cheque range, stage, team backgrounds and a full portfolio with cities, and it runs a public pitch portal. What it does not publish is response time, selection criteria or portfolio construction, so the last mile is your memo.
> **Start here:** Read the [Lattice homepage](https://lattice.fund) portfolio list and find the company closest to yours, then open [Pitch Lattice](https://leland.lattice.fund/) and write the first paragraph of your memo as "we are the [analogue] for [market]". That framing matches how a two-GP fund pattern-matches.
### How Lattice's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Infrastructure and tooling first** | LiFi, RedStone, Goldsky and Privy are 37% of the portfolio (infrastructure plus developer tooling). One of them exited to Stripe. | Developer-facing products with integration counts are the strongest pattern. |
| **Payments across emerging markets** | Daya (Lagos) and Infinia (Montevideo) are 18%. Both are cross-border payment rails. | African and Latin American payments founders are on-thesis, not a diversity bet. |
| **DePIN and consumer breakouts** | Grass and Daylight (DePIN, 18%) plus Pump.Fun (consumer, 9%). | The fund will back high-velocity consumer and DePIN when the numbers are real. |
| **Chain-agnostic in practice** | 37% multi-chain, 27% chain-agnostic, 18% Solana, one Ethereum-native (Midas) and one Hyperliquid position. | Chain is not the filter; openness of the market is. Solana founders have a clear precedent. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Regan Bozman** (Co-founder and GP) | Token launch mechanics and data-driven evaluation, from CoinList and Dove Metrics (acquired by Messari). | [lattice.fund/team](https://lattice.fund/team) |
| **Mike Zajko** (Co-founder and GP) | Token listings and onchain capital formation, plus go-to-market from Meta. | [lattice.fund/team](https://lattice.fund/team) |
| **Lattice on X** | The arguments about open markets and stablecoins the fund finds persuasive. | [@lattice_fund](https://x.com/lattice_fund) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Pitch Lattice portal** | [leland.lattice.fund](https://leland.lattice.fund/). Submit deck or memo with contact details. The intended path. |
| **Portfolio founder intro** | Founders at LiFi, RedStone, Goldsky, Daya, Infinia, Grass and others can vouch for you; useful but not required. |
| **Co-investor** | Lattice co-invests with the larger seed funds in this directory; an existing commitment speeds a yes. |
| **Public engagement** | Reply substantively to the fund's X posts on open markets or stablecoin rails before you submit. |
### What you can't find
Lattice does not publish fund size, response times, selection criteria, portfolio construction or individual partner handles. The portal page itself is a lightweight app, so we could not confirm its exact fields; expect a deck or memo upload plus contact and round details.
---
## G. Pitch Format Lattice Expects
- A deck or a two-page memo submitted through the portal
- First content slide: a live metric (volume, integrations, contributors, active wallets)
- One sentence placing you in the thesis (open markets, open-source compounding, faster money)
- Round details: size, instrument, other investors in or circling
- If a token is planned: timing and utility in one slide
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
All eleven companies named on [lattice.fund](https://lattice.fund). Sector and chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| LiFi (Berlin) | Cross-chain trading infrastructure for major venues | Infrastructure | Multi-chain |
| RedStone (Warsaw) | Institutional blockchain data (oracles) | Infrastructure | Multi-chain |
| Goldsky (San Francisco) | Real-time data pipelines | Developer-Tooling | Multi-chain |
| Privy (New York) | Embedded crypto wallets; acquired by Stripe in 2025 | Developer-Tooling | Multi-chain |
| Midas (London) | Onchain assets infrastructure | RWA | Ethereum |
| Grass (Toronto) | AI training data network | DePIN | Solana |
| Daylight (New York) | Distributed energy network | DePIN | Chain-agnostic |
| Pump.Fun (Dubai) | Token launchpad | Consumer | Solana |
| Daya (Lagos) | African cross-border payment infrastructure | Payments-Stablecoins | Chain-agnostic |
| Infinia (Montevideo) | Cross-border payouts and virtual accounts | Payments-Stablecoins | Chain-agnostic |
| Hyperliquid (Singapore) | 24/7 asset markets | DeFi | Hyperliquid |
---
## I. Ecosystem Connections
- **Solana:** Grass and Pump.Fun are two of the defining Solana breakouts of the last cycle; Lattice's team lists Solana among its backgrounds. Solana founders have direct precedent.
- **Hyperliquid:** a portfolio position, which puts Lattice among the few early-stage funds with public Hyperliquid exposure.
- **Ethereum and multi-chain infrastructure:** LiFi, RedStone, Goldsky and Privy all serve the EVM world and beyond.
- **Africa and Latin America:** Daya (Lagos) and Infinia (Montevideo) show the fund backs cross-border payments in emerging markets.
- **Hackathons:** no formal tie, but a Colosseum placement or an ETHGlobal finalist slot is the kind of shipped proof the portal rewards.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Token warrant basics** [Compliance guide](/founder-stack/compliance)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Lattice Fund homepage and portfolio](https://lattice.fund)
- [Lattice Fund team](https://lattice.fund/team)
- [Pitch Lattice portal](https://leland.lattice.fund/)
- [Lattice Fund on X](https://x.com/lattice_fund)
- [Lattice Fund on LinkedIn](https://www.linkedin.com/company/latticefund/)
---
---
name: Launch Africa Ventures
slug: launch-africa
buildTypes: ["Payments-processing", "Neobank/wallet", "Lending-credit", "Logistics-supplychain", "Marketplace-commerce"]
thesis: >-
Investing, growing, and scaling the next generation of African technology
startups. We back startups across multiple sectors, regions, and products that
tackle the most meaningful challenges on the continent.
website: 'https://www.launchafrica.vc/'
apply: 'https://v7ssvh9rrnd.typeform.com/to/pjBZX4SM'
region: Pan-African
hq: 'Mauritius, operations across 25+ countries'
sectors:
- Sector-agnostic
stage:
- Pre-Seed
- Seed
- Series A
chequeMin: 250000
chequeMax: 1000000
chequeDisplay: $250K -- $500K initial (follow-on up to $1M)
format: Remote
admissions: Rolling
africaFocus: 'Yes -- Pan-African (25+ countries, geography-agnostic within Africa)'
status: active
tier: '1'
lastVerified: '2026-07-26'
minRevenue: 25000
edgeRating: edge-rich
edgeResources:
- name: Zachariah George interview
category: decision-maker-reveal
score: 4
description: >-
The pan-African thesis, why SAFE notes matter, deal sourcing through
accelerators, and the 8-week decision timeline. Stanford graduate, 10
years on Wa...
link: >-
https://disruptafrica.com/2024/11/26/meet-the-investor-zachariah-george-launch-africa-ventures/
- name: Janade du Plessis interview
category: decision-maker-reveal
score: 4
description: >-
Portfolio management, LP relations, and the psychographics of African
entrepreneurs. PhD in Business Science (African entrepreneur
psychographics). Fo...
link: >-
https://avca-africa.medium.com/solving-the-significant-funding-gap-for-venture-capital-with-launch-africa-7d3510f87623
- name: Uwem Uwemakpan interview
category: decision-maker-reveal
score: 4
description: >-
B2B investment thesis and why "equity is the most expensive form of
capital." Evaluation of unit economics and sustainable growth.
link: 'https://techcabal.com/2025/03/24/launch-africa-mezzanine-fund/'
- name: Launch Africa returns $2.5M to investors (Disrupt Africa)
category: practice-artifact
score: 4
description: >-
Demonstrates that the fund is actually returning capital from a
2020-vintage vehicle, which is rare in African VC. Du Plessis: the
distribution repres...
link: >-
https://disruptafrica.com/2026/06/16/launch-africa-ventures-returns-2-5m-to-investors-as-seed-fund-i-achieves-dpi-milestone/
- name: 'TechCabal: How Launch Africa handles 170 startups'
category: practice-artifact
score: 4
description: >-
Explains the post-investment support model: team members manage 10-15
companies each, monthly mandatory meetings, bi-monthly workshops, $1.5M in
credi...
link: 'https://techcabal.com/2026/05/25/launch-africa-support/'
- name: Apply online
category: pipeline-pathway
score: 3
description: >-
Application form on . The team commits to engaging within 2 weeks if there
is alignment, and aims for a full decision within 8 weeks. George: "We aim
...
link: 'https://www.launchafrica.vc/'
- name: Accelerator pipeline
category: pipeline-pathway
score: 3
description: >-
Launch Africa sources heavily from Y Combinator, Techstars, 500 Global,
Founders Factory, Flat6Labs, and Antler cohorts. If you are in or have
complet...
- name: LP co-investment
category: pipeline-pathway
score: 3
description: >-
LPs have first-priority co-investment rights at zero fees and zero carry.
This means LP introductions can carry additional weight because LPs are
fina...
portfolioSectorSplit:
Fintech: 40
E-commerce: 5
Edtech: 10
Logistics: 15
Climate: 10
Consumer: 5
Agritech: 10
SaaS: 5
portfolioModelSplit:
Transaction/Marketplace: 55
Direct sales/Commerce: 10
Hardware/Devices: 15
Enterprise contracts/Licensing: 10
Subscription/SaaS: 10
portfolioGeographySplit:
Nigeria: 12
South Africa: 12
Kenya: 12
Tunisia: 4
Cote d'Ivoire: 4
Pan-African: 44
West Africa: 4
Senegal: 4
Egypt: 4
portfolioTotalCount: 25
portfolioClassifiedCount: 20
portfolioUnclassifiedCount: 5
---
## Overview
Launch Africa Ventures is the most active early-stage VC in Africa by deal count, having backed 180+ companies across 25+ countries since launching in July 2020. The fund was co-founded by Zachariah George (a former Wall Street M&A banker at Lehman Brothers and Barclays who moved to South Africa during the 2010 World Cup) and Janade Du Plessis (a former Chief Investment Officer at the African Development Bank with experience at Goldman Sachs, Standard Bank, and RMB). Their approach is "high touch, high scale," combining broad geographic coverage with hands-on asset management where each team member is directly responsible for 10 to 15 portfolio companies.
Fund I (Seed Fund I) closed in March 2022 at $36.3M from 238 retail and institutional investors across 40 countries, and deployed $31M into 133 startups across 22 countries. The fund is generating a 31% IRR, has returned approximately $2.5M in distributions to LPs, and reports only a 12% startup failure rate, which is unusually low for venture capital. Fund II ($64M first close) is actively deploying, and a Mezzanine Impact Fund targeting growth-stage companies launched in September 2024.
What sets Launch Africa apart is their volume-driven thesis combined with a sophisticated secondary exit strategy. Rather than depending solely on IPOs or acquisitions, the firm actively sells second and third-quintile portfolio companies via secondary sales to PE firms, corporates, and funds of funds, while holding their top-quintile assets for maximum upside. This creates a more reliable liquidity path than most early-stage African funds can offer, which is a meaningful advantage for LPs and indirectly for founders (since it means the fund can stay patient with its best performers).
---
## How to Get In
Hit the "PITCH" button on launchafrica.vc or go directly to the [Typeform application](https://v7ssvh9rrnd.typeform.com/to/pjBZX4SM). You can also email info@launchafrica.vc. Given that the team reviews over 1,200 companies a year, the initial filter is fast, and you will know quickly whether there is interest.
The core requirements are clear. You need at least $25K in net MRR with 10%+ month-over-month growth (though they prefer companies in the $50K MRR range). They typically do not invest in pre-revenue startups unless the technology or IP is truly transformational. Your core operations and team must be based in an African market, and you should be ready to scale outside your home market within 12 months of investment. They also prefer B2B or B2B2C models over pure B2C.
Warm introductions help, and the strongest paths in are through Launch Africa's portfolio network of 180+ companies. With that many founders in the ecosystem, chances are good that someone you know is already backed by Launch Africa. The co-founders are also active on social media: Zachariah George is on X as @zach_cpt and Janade Du Plessis as @founder_whisper. Both engage publicly with founders and are approachable.
Graduating from a reputable accelerator (Y Combinator, Techstars, Flat6Labs, or similar) is a positive signal, as is having completed commercial pilots or partnerships with corporates like banks, insurers, telcos, or large retailers.
---
## Best Advice
1. **Lead with MRR and growth rate.** Launch Africa has published explicit traction thresholds: $25K+ net MRR and 10%+ month-over-month growth. If you are below those numbers, wait until you hit them before applying. The team sees 200 to 400 deals per month, and hard metrics are the fastest way to get past the initial filter.
2. **Articulate your expansion roadmap.** The fund requires that you be "ready to scale outside your home market within 12 months of investment." If your pitch focuses only on your current market without a concrete expansion plan, you are leaving value on the table. Name the next two or three markets, explain why you chose them, and outline what it will take to launch.
3. **Position for follow-on readiness.** Launch Africa's cheques are typically $250K to $500K, which means they expect you to raise a larger Series A ($3M to $5M+) within 12 to 24 months of their investment. Show them you understand the fundraising ladder and have a plan for the next round, not just this one.
4. **Leverage the network effect.** With 180+ portfolio companies, Launch Africa's biggest asset is its founder community. When you pitch, demonstrate awareness of which portfolio companies are complementary to yours and how you could create value together. If you are building logistics infrastructure and they have already backed Amitruck and MarketForce, that context shows you have done your homework.
5. **Mitigate risk visibly.** The fund's FAQs explicitly ask you to "explain how you have mitigated key risks." Do not wait for them to find the risks in due diligence. Name the three biggest threats to your business and show what you have already done to address each one. This builds trust and demonstrates operational maturity.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- Zachariah George (Co-Founder and Managing Partner) has given detailed interviews to Disrupt Africa, TechCrunch, TechCabal, How We Made It In Africa, and the Meb Faber Show podcast that articulate the thesis, the SAFE-only investment model, and the specific traction thresholds. The Founder FAQs page publishes exact eligibility criteria, and the fund's DPI milestone (returning capital to LPs from a 2020-vintage fund) provides rare performance validation.
> **Start here:** Read [Meet the Investor: Zachariah George (Disrupt Africa)](https://disruptafrica.com/2024/11/26/meet-the-investor-zachariah-george-launch-africa-ventures/) (the Managing Partner explains the pan-African thesis: "we can't ignore the rest of Africa just because they haven't caught up" and why "investors who are ignoring those markets either don't have enough intellectual curiosity"), then read the [Launch Africa Founder FAQs](https://d3rt9kwm79qb51.cloudfront.net/founder-faqs/) (the published eligibility criteria: minimum $25K Net MRR, 10% month-over-month growth, B2B or B2B2C strongly preferred, accelerator background "very strongly preferred"). Those two resources show you the thesis and the exact bar you need to clear.
### How Launch Africa's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Scale** | 133 startups across 22 countries from Fund I ($36.3M). 400+ LPs from 45 countries. Fund I performance: 64% annual IRR, 2.0x MOIC (Q1 2023). Returned $2.5M to investors (DPI-positive, June 2026), which is notable because roughly 50% of 2020-vintage global venture funds have not yet returned capital. 11 completed exits. 90% of portfolio companies still operational. | The sheer volume (133 companies from one fund) means Launch Africa has seen more African startup data than most funds. They review 100-150 deals monthly. This volume also means they are pattern-matchers: your pitch needs to fit recognisable patterns of success, not require the team to learn an entirely new category. |
| **Stage and cheque** | Pre-seed to seed. Initial cheques of $250K-$500K, follow-on up to $1M cumulative. SAFE notes and convertible notes exclusively. George: "We only invest via founder-friendly instruments." Valuation framework: 5x to 10x Net ARR multiples, rarely exceeding 10x. | If your valuation expectations exceed 10x Net ARR, you are likely outside Launch Africa's range. The SAFE-only model means no board seats from their initial investment, but the mandatory conversion at 24 months means you need a clear path to a priced round within two years. |
| **Geography** | Pan-African across 25+ countries. Two-thirds in Nigeria, South Africa, Kenya, Egypt. Remaining third in emerging ecosystems: Sudan, DRC, Madagascar, Uganda, Cameroon, Benin. George: "We made a concerted effort to deploy capital into truly pan-African ventures." | If you are building in a second or third-tier African market (not the Big Four), Launch Africa is one of the few institutional funds actively deploying there. George explicitly values intellectual curiosity about under-covered markets. |
| **Sector** | Fund I: roughly 40% fintech/insurtech, balance across logistics, healthtech, edtech, agritech. Fund II: stronger allocation to cleantech, agritech, and AI/big data. B2B and B2B2C models strongly preferred. | B2C consumer apps without network effects are explicitly excluded. If your model is B2B or B2B2C, lead with unit economics and customer acquisition costs. The Fund II shift toward cleantech and AI means companies in those sectors have a structural advantage right now. |
| **Traction bar** | Minimum $25K Net MRR growing at minimum 10% month-over-month. Preferred: $50K MRR range. Annual turnover $100K-$2M. Must be "ready for a $5M+ Series A round within 6-18 months." Completing a world-class accelerator is "very strongly preferred." | These numbers are your preparation checklist. If your MRR is below $25K, you are not ready for Launch Africa. If you have completed Y Combinator, Techstars, 500 Global, Founders Factory, Flat6Labs, or Antler, mention it prominently -- George has said the fund sources heavily from accelerator cohorts. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Zachariah George** (Co-Founder, Managing Partner) | The pan-African thesis, why SAFE notes matter, deal sourcing through accelerators, and the 8-week decision timeline. Stanford graduate, 10 years on Wall Street (Lehman Brothers, Barclays Capital M&A), co-founded Tech Lab Africa accelerator (2015), early angel in Flutterwave and Yoco. | [Disrupt Africa interview](https://disruptafrica.com/2024/11/26/meet-the-investor-zachariah-george-launch-africa-ventures/) -- [Meb Faber Show podcast (Episode #358)](https://mebfaber.com/2021/10/11/e358-zachariah-george/) -- [How We Made It In Africa](https://www.howwemadeitinafrica.com/interview-launch-africa-ventures-approach-to-investing-in-startups/150182/) |
| **Janade du Plessis** (Co-Founder, Managing Partner) | Portfolio management, LP relations, and the psychographics of African entrepreneurs. PhD in Business Science (African entrepreneur psychographics). Former Standard Bank, Goldman Sachs, African Development Bank. 250+ early-stage investments. | [AVCA article](https://avca-africa.medium.com/solving-the-significant-funding-gap-for-venture-capital-with-launch-africa-7d3510f87623) |
| **Uwem Uwemakpan** (Head of Investments, Fund II) | B2B investment thesis and why "equity is the most expensive form of capital." Evaluation of unit economics and sustainable growth. | [TechCabal: Launch Africa Mezzanine Fund](https://techcabal.com/2025/03/24/launch-africa-mezzanine-fund/) |
### Learn from funded portfolio companies
| Resource | Why it matters |
|----------|---------------|
| [Launch Africa returns $2.5M to investors (Disrupt Africa)](https://disruptafrica.com/2026/06/16/launch-africa-ventures-returns-2-5m-to-investors-as-seed-fund-i-achieves-dpi-milestone/) | Demonstrates that the fund is actually returning capital from a 2020-vintage vehicle, which is rare in African VC. Du Plessis: the distribution represents "years of work -- backing founders, building strategic relationships and actively engineering liquidity." |
| [TechCabal: How Launch Africa handles 170 startups](https://techcabal.com/2026/05/25/launch-africa-support/) | Explains the post-investment support model: team members manage 10-15 companies each, monthly mandatory meetings, bi-monthly workshops, $1.5M in credits (AWS, Azure, design, marketing), and how the portfolio is classified into four return categories. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Apply online** | Application form on [launchafrica.vc](https://www.launchafrica.vc/). The team commits to engaging within 2 weeks if there is alignment, and aims for a full decision within 8 weeks. George: "We aim to take not more than eight weeks to make a decision on investing." |
| **Accelerator pipeline** | Launch Africa sources heavily from Y Combinator, Techstars, 500 Global, Founders Factory, Flat6Labs, and Antler cohorts. If you are in or have completed one of these programmes, that creates a natural pathway. George: "We had an incredible three cohorts, with some really big names like Kuda, Yobante Express, and Curacel." |
| **LP co-investment** | LPs have first-priority co-investment rights at zero fees and zero carry. This means LP introductions can carry additional weight because LPs are financially incentivized to bring strong companies to the fund's attention. |
| **Portfolio founder network** | With 100+ portfolio companies, the founder network is a significant referral source. Previously funded founders are one of five deal sourcing channels. |
| **Events** | SuperReturn Africa, AFSIC, Africa Early Stage Investor Summit, AfricaCom, and WiT Africa are regular fixtures for the team. |
### What you can't find
Specific DFI or institutional LP names are not publicly available (the LP base is described as 400+ individuals, family offices, and institutions from 45 countries). Founder testimonials or case studies are not published. Fund II and Fund III (Mezzanine) exact sizes are not fully disclosed. Rejection criteria and common reasons for passing are not documented.
---
## Pitch Format
Apply via the [Typeform pitch form](https://v7ssvh9rrnd.typeform.com/to/pjBZX4SM) linked on the Launch Africa website. The form covers company details, team, market, traction, and fundraising ask. Attach your pitch deck.
Launch Africa uses SAFE notes, convertible notes, or equity (common shares) and targets 5% to 20% ownership, so structure your ask accordingly.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Kuda | Nigeria | Neobank / digital banking | Early stage | Fund I |
| Peach Payments | South Africa | Payment gateway for businesses | Early stage (secondary exit to 27four Nebula Fund, July 2026) | Fund I |
| MarketForce | Kenya | B2B e-commerce retail platform | Early stage | Fund I |
| GOMYCODE | Tunisia | Coding and digital skills education | Early stage | Fund I |
| Djamo | Cote d'Ivoire | Consumer fintech | Early stage | Fund I |
| Amitruck | Kenya | Logistics and trucking platform | Early stage | Fund I |
| Cloudline | Pan-African | Drone delivery for healthcare logistics | Early stage | Fund I |
| Periculum | Nigeria | Risk assessment and management | Early stage | Fund I |
| Cauri Money | West Africa | Digital payments fintech | Early stage | Fund I |
| Credit Circuit | South Africa | Working capital for SMEs | Early stage | Fund I |
| Kredete | Nigeria | Lending marketplace | Early stage | Fund I |
| Solarbox | Senegal | Solar energy solutions | Early stage | Fund I |
| Wahu Mobility | Pan-African | Mobility solutions | Early stage | Fund I |
| Finverity | Pan-African | Supply chain and trade finance | Early stage | Fund I |
| Toum AI | Pan-African | AI solutions | Early stage | Fund I |
| Servisor | South Africa | Car service marketplace | Early stage | Fund I |
| Logistify | Kenya | Inventory tracking and logistics | Early stage | Fund I |
| Meditect | Pan-African | Healthtech | Early stage | Fund I |
| Orcas | Egypt | Edtech (acquired by Baims, Jan 2024) | Exited | Fund I |
| Agridex | Pan-African | Agriculture / commodities | Fund II | 2026 |
| Udu Technologies | Pan-African | Technology infrastructure | Fund II | 2026 |
| Fincart | Pan-African | Fintech | Fund II | 2026 |
| Mainstack | Pan-African | Creator/business tools | Fund II | 2026 |
| Growwr | Pan-African | Growth platform | Fund II | 2026 |
| Legendary Foods | Pan-African | Food and agriculture | Fund II | 2026 |
*Note: Launch Africa has backed 180+ companies across 25+ countries. This table represents verified named portfolio companies. The full portfolio includes approximately 133 companies in Fund I and a growing number in Fund II.*
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Zachariah George | Co-Founder & Managing Partner | [linkedin.com/in/zachariahgeorge](https://linkedin.com/in/zachariahgeorge) | [@zach_cpt](https://x.com/zach_cpt) |
| Janade Du Plessis | Co-Founder & Managing Partner | [linkedin.com/in/janade-du-plessis-2b0463154](https://linkedin.com/in/janade-du-plessis-2b0463154/) | [@founder_whisper](https://x.com/founder_whisper) |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Launch Africa Ventures Official Website](https://www.launchafrica.vc/)
- [Launch Africa FAQs](https://www.launchafrica.vc/faqs)
- [Disrupt Africa: Launch Africa most active VC (July 2026)](https://disruptafrica.com/)
- [Disrupt Africa: Launch Africa Fund I distributions (June 2026)](https://disruptafrica.com/)
- [TechCrunch: Launch Africa coverage](https://techcrunch.com/)
- [TechCabal: Launch Africa portfolio and strategy](https://techcabal.com/)
- [Superscout: Launch Africa profile](https://superscout.co/)
- [Tech In Africa: Launch Africa Fund I close ($36.3M)](https://techinafrica.com/)
---
---
name: LAVA
slug: lava
thesis: >-
Operator-led, Web3-native capital for founders building the financial and
trust infrastructure of frontier markets.
website: 'https://lavavc.io'
apply: 'Pitch via lavavc.io/pitch; team also active on X @lavavc and LinkedIn'
region: 'Africa first, with products designed to scale to other emerging markets'
hq: 'Not disclosed'
sectors:
- Fintech
- Blockchain
- Infrastructure
- AI-ML
stage:
- Pre-Seed
- Seed
chequeMin: 100000
chequeMax: 500000
chequeDisplay: '$100K -- $500K'
format: 'Operator-led fund, direct engagement with founders'
admissions: 'Rolling (pitch submissions any time via website)'
africaFocus: 'Yes -- Africa is the primary focus, with a stated remit to back founders building for frontier markets globally'
status: active
tier: '2'
portfolioSectorSplit: {}
portfolioModelSplit: {}
portfolioGeographySplit: {}
portfolioTotalCount: 0
portfolioClassifiedCount: 0
lastVerified: '2026-08-03'
logo: ''
---
## Overview
LAVA is a Web3-native, operator-led venture fund backing founders building financial and trust infrastructure for frontier markets, with Africa as the primary focus. The fund's thesis centres on the intersection of stablecoins, payments, credit, identity, wallets, savings, escrow, insurance, FX, and AI as a leverage layer -- what they describe as the "financial and trust infrastructure" that underpins how money and reputation move in emerging markets.
The fund positions itself against the broader crypto-VC field by taking an operator lens rather than a pure capital lens. The team publishes essays via writing.lavavc.io and stays active on X @lavavc and LinkedIn, treating investor content as a signal of thesis and a filter for founders who understand the space before pitching. The fund's own team is listed publicly at lavavc.io/about and includes Yoseph Ayele, Andy Tudhope, Songyi Lee, See Eun Ha, Ryan Kamalu Uche-Tasie, and Girum Gizachew.
LAVA's affiliation network name-drops backers connected to Coinbase, Paradigm, Figma, Notion, Centrifuge, Base, Polygon, Celo, TADA, and nonce -- not disclosed as LPs directly, but signals the crypto-native operator community LAVA sits inside. Fund size is not publicly disclosed, and neither is the specific HQ city, though the team operates across multiple African and global geographies.
## What they invest in
LAVA writes $100K to $500K cheques at pre-seed through pre-Series A, focused on Web3 infrastructure that solves real financial and trust problems in African markets. Concretely: stablecoin rails, credit protocols designed for local income patterns, identity and reputation systems, wallets that work with USSD and low-bandwidth interfaces, cross-border FX flows, savings and escrow products, insurance mechanics adapted to African risk profiles, and AI layers that make any of the above more accessible or lower-cost.
They explicitly favour founders with an operator background, meaning teams that have built or shipped something real, not just written a whitepaper. Their public thesis reads as impatient with theoretical crypto and interested in products that African users would actually use if they existed.
## How to apply
Pitch submissions go through lavavc.io/pitch, which is a form on their site. The fund is also actively engaged on X @lavavc and LinkedIn, so a public thoughtful engagement with their essays (writing.lavavc.io) followed by a warm DM is a reasonable second channel. Given the small team and operator-led model, a personal introduction from any of their portfolio founders or from the crypto-native operator networks they name (Coinbase, Base, Celo, Paradigm) is likely stronger than a cold pitch.
## Portfolio pattern
Portfolio companies are not named publicly on their site as of this listing. The team references backing "builders" without naming them, likely a deliberate choice to protect founder confidentiality at their stage. Founders considering pitching LAVA should read the writing.lavavc.io essay archive to reverse-engineer the thesis rather than trying to match a public portfolio pattern.
---
---
name: LeapFrog Investments
slug: leapfrog-investments
buildTypes: ["Payments-processing", "Insurtech", "Climate-energy", "Lending-credit"]
thesis: >-
Profit with Purpose -- scaling extraordinary companies in Africa and Asia that
reach underserved consumers with essential financial services, healthcare, and
climate solutions.
website: 'https://leapfroginvest.com/'
apply: >-
Contact via the website or warm introductions through the LP network and
portfolio companies.
region: Africa and Asia
hq: 'Mauritius/Singapore, with offices in Johannesburg, Nairobi, Lagos, London'
sectors:
- Fintech
- Healthtech
- Climate
stage:
- Growth
chequeMin: 30000000
chequeMax: 70000000
chequeDisplay: $30M -- $70M (growth equity and PE scale)
format: Hybrid
admissions: Rolling
africaFocus: >-
Yes -- approximately 40% of capital directed to Africa (South Africa, Nigeria,
Kenya, Ghana, Pan-African)
status: active
tier: '1'
lastVerified: '2026-07-26'
stageGate: Growth
edgeRating: edge-rich
edgeResources:
- name: Andrew Kuper interview
category: decision-maker-reveal
score: 4
description: >-
The "Profit with Purpose" thesis: why investing in financial services,
healthcare, and climate for underserved consumers generates strong returns
whil...
link: 'https://www.youtube.com/watch?v=4nR2LtxkIxQ'
- name: Andrew Kuper interview
category: decision-maker-reveal
score: 4
description: >-
Current fund priorities, climate strategy, and the India EV market
opportunity (Battery Smart). Shows the latest state of the thesis.
link: >-
https://www.bloomberg.com/news/videos/2024-09-20/leapfrog-ceo-kuper-on-impact-investing-india-ev-market-video
- name: Andrew Kuper interview
category: decision-maker-reveal
score: 4
description: >-
The DFI-to-fund relationship dynamic and career trajectory in responsible
investing. BII (formerly CDC) is a LeapFrog LP.
link: >-
https://podcasts.apple.com/gb/podcast/impact-podcast-with-andy-kuper-ceo-of-leapfrog-investments/id1098776992?i=1000615850999
- name: Andrew Kuper interview
category: decision-maker-reveal
score: 4
description: >-
Portfolio resilience through COVID: Goodlife Pharmacy, WorldRemit,
MedGenome. Quote: "If you're highly customer centric, and you're working
in a marke...
link: >-
https://impactalpha.com/leapfrogs-andy-kuper-on-impact-exits-and-scaling-growth-in-emerging-markets-through-the-covid-crisis-podcast/
- name: Portfolio company referrals
category: pipeline-pathway
score: 3
description: >-
The strongest path. Leadership at Moniepoint, Interswitch, JUMO, Sun King,
and AllLife are all in the African network. A referral from a portfolio
CEO...
- name: LP strategic alignment
category: pipeline-pathway
score: 3
description: >-
Temasek ($500M), Prudential ($350M), AIA ($200M), IFC ($50M across 3
vintages), EIB ($60M), Swiss Re, JPMorgan, DFC, and Ford Foundation are
all LPs. ...
- name: Impact ecosystem events
category: pipeline-pathway
score: 3
description: >-
LeapFrog is a GIIN member, AVCA member, and WEF partner. Kuper sits on the
GPCA board and speaks at Ecosperity (Temasek's conference) and Building
Bri...
- name: Africa investment team
category: pipeline-pathway
score: 3
description: >-
Souleymane Ba (Partner) and Tapiwa Muranda (Director of Investments) cover
African deals, with Brian Mutiga and Toba Fatimilehin as Investment
Officer...
portfolioSectorSplit:
Fintech: 75
Climate: 13
E-commerce: 12
portfolioModelSplit:
Transaction/Marketplace: 38
Enterprise contracts/Licensing: 38
Hardware/Devices: 12
Subscription/SaaS: 12
portfolioGeographySplit:
Nigeria: 50
South Africa: 25
Pan-African: 25
portfolioTotalCount: 8
portfolioClassifiedCount: 8
portfolioUnclassifiedCount: 0
logo: "/funds/leapfrog-investments.png"
---
## Overview
LeapFrog Investments is one of the world's largest dedicated impact investors, founded in 2007 by Andrew Kuper and Gary Herbert in South Africa and officially launched in 2008, when Bill Clinton endorsed the firm for "opening new frontiers for alternative investments." The firm has raised over $2.8 billion across four funds: Fund I ($135 million, 2009), Fund II ($400 million, oversubscribed from a $204 million target, 2013-2014), Fund III ($700 million, 2019), and the Emerging Consumer Fund IV (targeting $1 billion). Approximately 40% of capital is directed to Africa, with the remainder deployed across South and Southeast Asia.
What makes LeapFrog distinctive from other Africa-focused PE firms is the thesis precision and the LP quality. The firm invests exclusively in companies that provide essential financial services, healthcare, and climate solutions to underserved consumers in emerging markets. This is not a generalist fund that happens to care about impact: every investment must serve the emerging consumer segment, and the firm has built the world's most rigorous impact measurement infrastructure around that thesis. LeapFrog was the first impact investor globally to undergo an independent audit against the Operating Principles for Impact Management, and it achieved the highest "Advanced" rating across all nine principles.
The portfolio metrics are remarkable. LeapFrog portfolio companies reach 622 million people, generate $9 billion in revenue, produce $1.5 billion in profit, and support 81 million jobs (via 33 million+ MSMEs). The firm was ranked by Fortune as one of the top five "Companies to Change the World" in both 2017 and 2023.
The LP base is among the strongest of any emerging markets investor. Temasek ($500 million strategic partnership, 2021), Prudential Financial ($350 million commitment), AIA Group ($200 million), Swiss Re, JPMorgan, TIAA-CREF, the IFC ($50 million into Fund IV), the European Investment Bank ($60 million), and Omidyar Network are all investors. The chairman since 2022 is Dominic Barton, former global managing partner of McKinsey, and the Global Leadership Council includes former Australian Prime Minister Julia Gillard and former Federal Reserve Vice Chair Roger Ferguson.
In Africa specifically, the portfolio includes Moniepoint ($90M Series C, Nigeria's leading financial services platform), Interswitch ($110M, Nigeria's payment infrastructure backbone), JUMO ($55M, AI-powered financial services platform), Greenlight Planet/Sun King ($70M, solar home systems across Africa), AllLife (life insurance for HIV-positive and diabetic consumers in South Africa), WorldRemit/Zepz (global remittances), and ARM Pensions (Nigeria).
---
## How to Get In
LeapFrog does not have a public application portal. The firm operates at growth equity and PE scale ($30M to $70M cheques), so the pipeline is curated through relationships and the team's own proprietary sourcing.
Warm introductions through portfolio companies are the strongest pathway. Moniepoint, Interswitch, JUMO, Sun King, and AllLife are all in the African portfolio, and referrals from their leadership teams carry real credibility. The LP network (Temasek, Prudential, AIA, IFC, EIB) also provides warm introduction paths, particularly through their own portfolio networks.
Andrew Kuper (Founder and CEO) and Gary Herbert (Partner and COO) lead the firm globally. On the Africa side, Souleymane Ba (Partner) and Tapiwa Muranda (Director of Investments) are key investment team members, with Brian Mutiga and Toba Fatimilehin serving as Investment Officers covering African deals.
LeapFrog invests at scale in companies that are already generating significant revenue and serving millions of consumers. If you are a seed-stage startup, this is not the right fund. If you are running a financial services, healthcare, or climate company in Africa with $10M+ in revenue and a clear path to reaching tens of millions of consumers, LeapFrog should be on your radar.
---
## Best Advice
1. **You need real scale to qualify.** LeapFrog writes $30M to $70M cheques into companies that already serve millions of consumers. Moniepoint processes billions in transactions, Interswitch powers Nigeria's payment infrastructure, and Sun King has deployed solar systems across multiple African countries. This is not early-stage venture capital: come with proven scale, significant revenue, and a clear consumer impact story.
2. **Lead with the "emerging consumer" thesis.** Every LeapFrog investment must serve underserved consumers in emerging markets. AllLife insures HIV-positive and diabetic consumers whom traditional insurers reject. JUMO provides financial services to unbanked populations through AI. Sun King delivers solar energy to off-grid communities. If your business reaches consumers who were previously excluded from essential services, that is the story that unlocks this fund.
3. **Show financial performance alongside impact.** LeapFrog portfolio companies generate $9 billion in revenue and $1.5 billion in profit. The firm has demonstrated that impact and financial returns are complementary, not competing objectives. Come with strong unit economics, profitability, and growth metrics: the impact thesis opens the door, but the financial performance closes the deal.
4. **Think about the global LP network as a strategic asset.** Having Temasek, Prudential, AIA, Swiss Re, and JPMorgan as LPs means portfolio companies can access insurance partnerships (Prudential, AIA, Swiss Re), distribution networks (Temasek's portfolio), and financial services infrastructure (JPMorgan) that no other Africa fund can offer. Articulate how these corporate LP relationships accelerate your growth.
5. **Understand the governance expectations.** With Dominic Barton (former McKinsey global managing partner) as chairman and a Global Leadership Council that includes a former prime minister and former Federal Reserve vice chair, the governance bar is exceptionally high. Have a professional board, audited financials, compliance frameworks, and ESG reporting in place before you engage.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- the most researchable growth equity fund in this directory, with published evaluation frameworks, independently audited impact measurement, and a CEO who speaks publicly and frequently.
> **Start here:** Watch [Andrew Kuper's TEDxSydney talk](https://www.youtube.com/watch?v=4nR2LtxkIxQ) (the foundational "Profit with Purpose" thesis), then study the [FIIRM framework](https://leapfroginvest.com/our-impact/) (the four pillars LeapFrog uses to evaluate every investment). Structure your pitch around those four pillars -- Financial Performance, Impact, Innovation, Risk Management -- because that is exactly how the team will assess you.
### How LeapFrog's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Scale** | Portfolio companies generate $9B in revenue, $1.5B in profit, and reach 622 million people. Average annual growth: 22%. | You need real scale to qualify. This is not early-stage VC. Come with $10M+ revenue and millions of consumers. |
| **Sector** | Financial services (Moniepoint, Interswitch, JUMO), healthcare (Goodlife Pharmacy, Pyramid Group), and climate (Sun King, Battery Smart). Every investment serves underserved consumers. | If your business reaches consumers who were previously excluded from essential services, that is the thesis. If it does not, this fund is not the right fit. |
| **Geography** | ~40% Africa (South Africa, Nigeria, Kenya, Ghana), ~60% South and Southeast Asia. African portfolio: Moniepoint ($90M), Interswitch ($110M), JUMO ($55M), Sun King ($70M), AllLife, WorldRemit/Zepz, ARM Pensions. | The Africa allocation is significant but selective. You are competing for attention with Asia deals. |
| **Cheque size** | $30M to $70M growth equity and PE scale. Fund progression: Fund I ($135M), Fund II ($400M), Fund III ($700M), Fund IV (targeting $1B). | These are large cheques for companies with proven scale, not seed-stage bets. |
### Watch the people who decide
Andrew Kuper is unusually accessible for a PE fund CEO. He speaks publicly, frequently, and with specifics about how LeapFrog evaluates companies.
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Andrew Kuper** (Founder & CEO) | The "Profit with Purpose" thesis: why investing in financial services, healthcare, and climate for underserved consumers generates strong returns while reaching hundreds of millions. | [TEDxSydney](https://www.youtube.com/watch?v=4nR2LtxkIxQ) |
| **Andrew Kuper** | Current fund priorities, climate strategy, and the India EV market opportunity (Battery Smart). Shows the latest state of the thesis. | [Bloomberg TV, September 2024](https://www.bloomberg.com/news/videos/2024-09-20/leapfrog-ceo-kuper-on-impact-investing-india-ev-market-video) |
| **Andrew Kuper** | The DFI-to-fund relationship dynamic and career trajectory in responsible investing. BII (formerly CDC) is a LeapFrog LP. | [BII IMPACT Podcast](https://podcasts.apple.com/gb/podcast/impact-podcast-with-andy-kuper-ceo-of-leapfrog-investments/id1098776992?i=1000615850999) |
| **Andrew Kuper** | Portfolio resilience through COVID: Goodlife Pharmacy, WorldRemit, MedGenome. Quote: "If you're highly customer centric, and you're working in a market of billions of customers rising, you're going to be stickier with those customers." | [ImpactAlpha ROI Podcast](https://impactalpha.com/leapfrogs-andy-kuper-on-impact-exits-and-scaling-growth-in-emerging-markets-through-the-covid-crisis-podcast/) |
### Study the evaluation frameworks before your pitch
LeapFrog has the most documented impact measurement infrastructure of any fund in this directory. These are the tools they use internally, and they are all publicly accessible.
| Framework | What it tells you |
|-----------|------------------|
| [FIIRM framework](https://leapfroginvest.com/our-impact/) | LeapFrog's proprietary evaluation tool, refined over 15+ years. Four pillars: Financial Performance (revenue, IRR, MOIC), Impact (scale, quality, outcomes), Innovation (product design and delivery), Risk Management (governance and ESG). Applied at due diligence, quarterly monitoring, and exit. Structure your deck around these four pillars. |
| [OPIM "Advanced" rating](https://leapfroginvest.com/press-release/leapfrog-continues-impact-industry-leadership-with-best-in-class-verification/) -- [2024 Disclosure PDF](https://leapfroginvest.com/wp-content/uploads/2024/08/2024-OPIM-Disclosure_LeapFrog-Investments.pdf) | First impact investor globally to undergo independent audit. Highest "Advanced" rating across all principles (2019 and 2023). One of six on BlueMark's Practice Leaderboard. This is what "best-in-class" looks like. |
| [GIIN IRIS+ case study](https://s3.amazonaws.com/giin-web-assets/iris/assets/files/iris-use-cases/IRIS-LeapFrog_6-25-20.pdf) | The most granular view of how LeapFrog measures impact at the portfolio company level. Specific metrics: Client Individuals: Low Income (PI7098), Health Intervention Completion Rate (PI3902). Includes a Pyramid Group case study (1.7M clients, 39.4% increase in health interventions across 7 African countries). Map your own metrics to these IRIS+ indicators before your first conversation. |
| [Impact Results 2025](https://impact2025.leapfroginvest.com/) | The full portfolio scorecard. $35.9B in loans disbursed, 10.3B payments enabled, $367M in claims paid. 18.5M pharmaceuticals supplied. 44M battery swaps, 1.6B clean kilometres. 80.9M jobs supported. Benchmark your own impact numbers against these. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Portfolio company referrals** | The strongest path. Leadership at Moniepoint, Interswitch, JUMO, Sun King, and AllLife are all in the African network. A referral from a portfolio CEO carries real credibility. |
| **LP strategic alignment** | Temasek ($500M), Prudential ($350M), AIA ($200M), IFC ($50M across 3 vintages), EIB ($60M), Swiss Re, JPMorgan, DFC, and Ford Foundation are all LPs. If your company intersects with their strategic interests (insurance for Prudential/AIA, financial infrastructure for IFC, climate for EIB/DFC), that LP relationship creates a warm introduction. |
| **Impact ecosystem events** | LeapFrog is a GIIN member, AVCA member, and WEF partner. Kuper sits on the GPCA board and speaks at Ecosperity (Temasek's conference) and Building Bridges (Geneva). If you attend GIIN, AVCA, or Building Bridges events, you are in LeapFrog's orbit. |
| **Africa investment team** | Souleymane Ba (Partner) and Tapiwa Muranda (Director of Investments) cover African deals, with Brian Mutiga and Toba Fatimilehin as Investment Officers. Reach out through LinkedIn. |
### What you can't find
No portfolio company founder has published a detailed account of the due diligence process from the inside, so you cannot study what the evaluation experience actually feels like at the company level. The FIIRM framework is described publicly but the detailed scoring rubric is proprietary. There is no public application portal: the pipeline is entirely relationship-driven.
---
## Pitch Format
No public application portal. Reach out through warm introductions or directly to Africa-focused team members on LinkedIn. Prepare a detailed pitch covering your business model, consumer impact thesis, financial performance, market opportunity, unit economics, team, governance structure, and expansion strategy. Given the institutional LP base, include robust ESG and impact metrics.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies (Selected)
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Moniepoint | Nigeria | Financial services and payments platform | Series C ($90M) | 2025 |
| Interswitch | Nigeria | Payment infrastructure and switching platform | Growth ($110M) | 2022 |
| JUMO | South Africa | AI-powered financial services platform | Growth ($55M) | 2020 |
| Sun King / Greenlight Planet | Pan-African | Pay-as-you-go solar home systems | Series D ($70M) | 2022 |
| AllLife | South Africa | Life insurance for HIV-positive and diabetic consumers | Growth | -- |
| WorldRemit / Zepz | Pan-African | Global cross-border remittances | Growth | -- |
| ARM Pensions | Nigeria | Pension fund management | Growth | -- |
| VendEase | Nigeria | Automated retail vending and distribution | Seed | 2021 |
*Note: LeapFrog has invested over $1.3 billion across African companies since 2009. The table above shows selected investments. Full portfolio details are available at leapfroginvest.com.*
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Andrew Kuper | Founder and CEO | -- | -- |
| Gary Herbert | Partner and COO | -- | -- |
| Dominic Barton | Chairman | -- | -- |
| Souleymane Ba | Partner | -- | -- |
| Tapiwa Muranda | Director of Investments | -- | -- |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [LeapFrog Investments Official Website](https://leapfroginvest.com/)
- [LeapFrog Investments -- Wikipedia](https://en.wikipedia.org/wiki/LeapFrog_Investments)
- [LeapFrog Team](https://leapfroginvest.com/our-team/)
- [IFC: Investment in new LeapFrog fund (2023)](https://www.ifc.org/en/pressroom/2023/ifc-invests-in-new-leapfrog-fund-to-bolster-growth-of-health-and-financial-services-businesses-across-africa-and-asia)
- [Daba Finance: LeapFrog's $1B fund for Africa](https://dabafinance.com/en/news/leapfrog-investments-private-equity-fund)
- [StartupList Africa: LeapFrog portfolio](https://startuplist.africa/investor/leapfrog-investments)
---
---
name: LoftyInc Capital
slug: loftyinc-capital
buildTypes: ["Payments-processing", "Insurtech", "E-commerce-retail", "Mobility", "Dev-tooling"]
thesis: >-
We back early-stage Afropreneurs building tech-enabled solutions for the
everyday economy.
website: 'https://loftyinc.vc/'
apply: >-
https://eu-dealflow.edda.co/form/form-widget/embed/Gr0pXJSuhjh8GdtbtcVO/lofty_i_n_c
region: Pan-African
hq: 'Lagos and Austin, with teams in Cairo and Nairobi'
sectors:
- Sector-agnostic
stage:
- Seed
- Series A
chequeMin: 500000
chequeMax: 5000000
chequeDisplay: '$500K -- $5M (initial ~$1M, follow-on up to $5M)'
format: Hybrid
admissions: Rolling
africaFocus: 'Yes -- Pan-African (Nigeria, Egypt, Kenya, Francophone Africa)'
status: active
tier: '1'
lastVerified: '2026-07-24'
edgeRating: edge-rich
edgeResources:
- name: Idris Ayodeji Bello interview
category: decision-maker-reveal
score: 4
description: >-
The founder-first philosophy, why early exits are underrated ("Who created
the rules that you have to wait 5 years or return 10x?"), the LBLM
framewor...
link: >-
https://techcabal.com/2021/09/29/loftyinc-investor-andela-doesnt-play-by-the-rules/
- name: Mariam Kamel interview
category: decision-maker-reveal
score: 4
description: >-
MENA expertise and investment banking perspective. Founder experience. Key
for the Egypt and North Africa pipeline.
link: >-
https://loftyinc.vc/loftyinc-capital-announces-43m-first-close-of-its-new-pan-african-seed-fund/
- name: Kevin Simmons interview
category: decision-maker-reveal
score: 4
description: >-
Founder, operator, and investor across 15 markets. Cross-border expansion
expertise.
link: >-
https://loftyinc.vc/loftyinc-capital-announces-43m-first-close-of-its-new-pan-african-seed-fund/
- name: Apply online
category: pipeline-pathway
score: 3
description: >-
Pitch deck submission form at . The page also explains the different
cheque sizes across Angel Fund ($10K-$100K), Growth Investment (
link: 'https://loftyinc.vc/learn-and-apply/'
- name: Portfolio founder network
category: pipeline-pathway
score: 3
description: >-
With 100+ portfolio companies, the founder network is a primary deal
sourcing channel. If you know founders at Andela, Flutterwave,
RelianceHealth, Om...
- name: Wennovation Hub
category: pipeline-pathway
score: 3
description: >-
The co-founded incubator (three campuses: Lagos, Ibadan, Abuja) has
supported 25,000+ entrepreneurs and feeds the LoftyInc pipeline. If you
are in Nig...
- name: Angel network
category: pipeline-pathway
score: 3
description: >-
The 180+ member angel network (evolved from Lagos Angel Network,
co-founded with Tomi Davies) is a significant deal sourcing channel.
Connections to a...
- name: Social media
category: pipeline-pathway
score: 3
description: >-
Bello is active on Twitter (@idrisayobello) and accessible via LinkedIn.
The team views 20-30 pitch decks weekly.
portfolioSectorSplit:
Fintech: 45
Enterprise: 11
Healthtech: 22
E-commerce: 11
Consumer: 11
portfolioModelSplit:
Enterprise contracts/Licensing: 22
Transaction/Marketplace: 45
Direct sales/Commerce: 22
Subscription/SaaS: 11
portfolioGeographySplit:
Nigeria: 67
Senegal: 11
Egypt: 22
portfolioTotalCount: 9
portfolioClassifiedCount: 9
portfolioUnclassifiedCount: 0
logo: "/funds/loftyinc-capital.png"
---
## Overview
LoftyInc Capital Management is one of Africa's longest-running and most prolific early-stage venture firms, founded in 2012 by Idris Ayodeji Bello. The firm has backed over 130 startups across 25+ African markets, with 14+ exits to date, which makes it one of the most experienced seed investors on the continent by sheer volume. The portfolio includes breakout names like Flutterwave, Andela, Wave Mobile Money, and Moove, all backed at the earliest stages.
The latest vehicle, the LoftyInc Alpha Fund, announced a $43 million first close in March 2025 and is the firm's largest fund to date. The Alpha Fund focuses on late-seed and Series A investments across financial services, retail enablement, logistics, healthcare, climate tech, and AI. The LP base is a strong signal of institutional credibility: it includes the IFC, FMO (Dutch Entrepreneurial Development Bank), Proparco with FISEA, AfricaGrow (managed by Allianz Global Investors), the Dutch Good Growth Fund, Egypt's MSMEDA sovereign wealth entity, Tunisia's Anava Fund of Funds, First Close Partners (a U.S. family office), and a mix of African high-net-worth individuals and European family offices.
What makes LoftyInc distinctive is the combination of deep local networks and a genuinely pan-African footprint. The team operates across Lagos, Cairo, and Nairobi, which means they are plugged into the three largest startup ecosystems on the continent simultaneously. Idris Bello has built a reputation as one of Africa's most accessible and founder-friendly investors, and the firm's track record of consistently backing companies before breakout (Flutterwave at pre-seed, Andela early) speaks to strong deal sourcing and judgment.
---
## How to Get In
The primary application path is through the [LoftyInc dealflow portal](https://eu-dealflow.edda.co/form/form-widget/embed/Gr0pXJSuhjh8GdtbtcVO/lofty_i_n_c), where you submit your pitch deck and company details. The team reviews submissions on a rolling basis and will reach out if there is a fit.
Warm introductions help, and the strongest paths in are through LoftyInc's existing portfolio founders. Companies like Flutterwave, Moove, OmniRetail, RelianceHealth, and Eden Life are all in the network, and a referral from a portfolio CEO carries real weight. Idris Bello is also very active on LinkedIn and X, frequently engaging with founders publicly, so thoughtful direct outreach is not out of the question.
The firm invests across Nigeria, Egypt, Kenya, and Francophone Africa, so if you are building in a market outside those geographies, make sure your pitch clearly articulates why LoftyInc is the right partner for your specific region. The team has increasingly looked at Francophone West Africa with Alyune-Blondin Diop as Investment Principal covering that corridor.
---
## Best Advice
1. **Show resilience, not just growth.** Idris Bello has spoken publicly about currency devaluation being "a feature, not a bug" in African markets. The team expects you to have a clear strategy for navigating macro volatility, whether that means multi-currency revenue, dollar-denominated pricing, or capital-efficient operations that do not depend on perpetual fundraising.
2. **Prove you are building for the "everyday economy."** LoftyInc's thesis centers on tech-enabled solutions for ordinary economic activity, which means payments, retail, logistics, healthcare, and agriculture. If your product is a nice-to-have for a niche market, you are probably not a fit. Show them how your product touches the daily economic lives of millions.
3. **Demonstrate capital efficiency early.** With initial cheques around $1M, LoftyInc expects you to have already done meaningful work with limited resources. Show them what you built with your pre-seed or angel money before asking for more.
4. **Use the portfolio network in your pitch.** LoftyInc has 130+ portfolio companies across 25 markets. If there are natural overlaps, partnerships, or distribution opportunities with existing portfolio companies, call them out explicitly.
5. **Be ready for pan-African thinking.** The fund invests across multiple geographies, and they want to see founders who think beyond a single market. Even if you are starting in one country, your pitch should articulate how the model scales across borders.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- Idris Bello (Founding/Managing Partner) has given multiple detailed interviews to TechCrunch, TechCabal, TechPoint, TechParley, and Afridigest that articulate the thesis, the "Learning By Losing Money" philosophy, and why founder quality matters more than business models. The fund's track record as one of Africa's earliest institutional VC firms (backing Andela and Flutterwave at pre-seed) provides genuine pattern-matching authority.
> **Start here:** Read [LoftyInc: The investor that doesn't play by the rules (TechCabal)](https://techcabal.com/2021/09/29/loftyinc-investor-andela-doesnt-play-by-the-rules/) (Idris Bello explains the philosophy: "Good founders will always find a way. It's not necessarily about the business model" and "We're investing in the ecosystem. So even if a company fails, the founders can go on to build"), then read the [LoftyInc Alpha Fund announcement](https://loftyinc.vc/loftyinc-capital-announces-43m-first-close-of-its-new-pan-african-seed-fund/) (the $43M first close with FMO, IFC, Proparco, and the mandate for 30%+ deployment outside the Big Four markets). Those two resources show you how Bello evaluates founders and why the fund's institutional backing signals a shift from angel roots to serious AUM.
### How LoftyInc Capital's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Track record** | Investing since 2012, making LoftyInc one of Africa's earliest institutional VC firms. 100+ startups across 25+ markets. 14+ exits. Pre-seed backer of Andela and Flutterwave before any major investor. Bello: "It is still Day 1 in the African early-stage investment space." | The longevity matters because Bello has seen more African startup cycles than most current fund managers. His "Learning By Losing Money" philosophy means the team has pattern-matched across 14+ years of wins and failures. They will probe for failure modes they have seen before. |
| **Alpha Fund** | $43M first close (March 2025, exceeded target). Late-seed and Series A. Initial cheques of approximately $1M, follow-on up to $5M. Target portfolio: 20-25 companies. LPs: FMO, Proparco, IFC, AfricaGrow, MSMEDA (Egypt), Anava (Tunisia). | The Alpha Fund represents LoftyInc's graduation from angel-scale ($4M Fund 1) to institutional-scale ($43M+). The DFI LP roster (FMO, IFC, Proparco) means institutional-grade governance expectations. Founders should have clean cap tables, proper corporate structures, and board-ready reporting. |
| **Geography** | Nigeria, Egypt, Kenya, and Francophone Africa. Minimum 30% deployment in East Africa, North Africa, and Francophone regions. Offices and operations across USA, Egypt, and Nigeria. | The 30% mandate for non-Big Four markets means founders in Egypt, Francophone West Africa, and East Africa have a structural advantage with the Alpha Fund. If you are building in these geographies, lead with the market opportunity. |
| **Founder philosophy** | Bello: "If I do not have oversight over a business, or cannot put someone on the management, I do not invest in it." And: "Good founders will always find a way." Board seat or management representation is a firm requirement. | This is not a passive investor. Bello insists on governance rights and active involvement. If you are unwilling to grant a board seat or observer seat, LoftyInc is not the right fit. The upside: the team sources initial clients for new investments from their 100+ company portfolio. |
| **Sector** | Financial services, retail enablement, logistics, healthcare, climate tech, AI and deep tech. Sector-agnostic in principle but concentrated in fintech and health in practice. | The sector-agnostic label is tempered by a demonstrated affinity for fintech and healthtech. If your company is in one of these sectors, you are in the comfort zone. For other sectors, you need to make a stronger case for the market opportunity. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Idris Ayodeji Bello** (Founding/Managing Partner) | The founder-first philosophy, why early exits are underrated ("Who created the rules that you have to wait 5 years or return 10x?"), the LBLM framework, and why currency devaluation is "a feature, not a bug." First Class Honours Computer Engineering (OAU), MSc Computer Science (Houston), MBA (Rice), MSc Global Health Science (Oxford). Former Chevron, P&G, Clinton Foundation. CNN Top Ten African Technology Voices (2012). | [TechCabal: doesn't play by the rules](https://techcabal.com/2021/09/29/loftyinc-investor-andela-doesnt-play-by-the-rules/) -- [TechParley profile](https://techparley.com/idris-ayodeji-bello/) -- [Afridigest: currency devaluation](https://afridigest.com/currency-devaluation-is-a-feature-not-a-bug-idris-ayo-bello-on-navigating-africas-currency-chaos/) |
| **Mariam Kamel** (General Partner) | MENA expertise and investment banking perspective. Founder experience. Key for the Egypt and North Africa pipeline. | [LoftyInc Alpha Fund announcement](https://loftyinc.vc/loftyinc-capital-announces-43m-first-close-of-its-new-pan-african-seed-fund/) |
| **Kevin Simmons** (General Partner) | Founder, operator, and investor across 15 markets. Cross-border expansion expertise. | [LoftyInc Alpha Fund announcement](https://loftyinc.vc/loftyinc-capital-announces-43m-first-close-of-its-new-pan-african-seed-fund/) |
### Learn from the LoftyInc portfolio
| Resource | Why it matters |
|----------|---------------|
| [TechCabal: "The investor that doesn't play by the rules"](https://techcabal.com/2021/09/29/loftyinc-investor-andela-doesnt-play-by-the-rules/) | The most revealing interview with Bello. Covers the Andela and Flutterwave pre-seed stories, the "ecosystem investing" philosophy, why early exits work, and why LoftyInc does not follow Silicon Valley playbooks. |
| [TechPoint: How LoftyInc Capital Management invests](https://techpoint.africa/2021/07/29/how-loftyinc-capital-management-invests/) | Explains the five deal sourcing channels, evaluation criteria (balanced teams, large markets, genuine user needs), and Bello's advice to founders: "Focus on building for their customers and not investors." |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Apply online** | Pitch deck submission form at [loftyinc.vc/learn-and-apply](https://loftyinc.vc/learn-and-apply/). The page also explains the different cheque sizes across Angel Fund ($10K-$100K), Growth Investment ($50K-$250K), and Alpha Fund (~$1M initial). Response typically within a few weeks. |
| **Portfolio founder network** | With 100+ portfolio companies, the founder network is a primary deal sourcing channel. If you know founders at Andela, Flutterwave, RelianceHealth, OmniRetail, Thndr, YouVerify, or other LoftyInc companies, a referral carries weight. |
| **Wennovation Hub** | The co-founded incubator (three campuses: Lagos, Ibadan, Abuja) has supported 25,000+ entrepreneurs and feeds the LoftyInc pipeline. If you are in Nigeria, engaging with Wennovation is a natural entry point. |
| **Angel network** | The 180+ member angel network (evolved from Lagos Angel Network, co-founded with Tomi Davies) is a significant deal sourcing channel. Connections to angel network members create warm pathways. |
| **Social media** | Bello is active on Twitter (@idrisayobello) and accessible via LinkedIn. The team views 20-30 pitch decks weekly. |
### What you can't find
There is no published rejection criteria or anti-portfolio. The detailed due diligence process (beyond initial criteria) is not publicly documented. Founder testimonials or case studies from portfolio companies are not published. Aggregate fund return data beyond the 3x Flutterwave exit for Fund 2 LPs is not disclosed. The specific evaluation criteria for the Francophone and North Africa expansion are not documented.
---
## Pitch Format
Submit your pitch deck (PDF preferred) through the [online dealflow portal](https://eu-dealflow.edda.co/form/form-widget/embed/Gr0pXJSuhjh8GdtbtcVO/lofty_i_n_c). The portal collects your company details alongside the deck. You can also reach out directly to the team via LinkedIn or email, but the portal is the standard path.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Flutterwave | Nigeria | Payments infrastructure for businesses across Africa | Pre-Seed | 2016 |
| Andela | Nigeria | Training and placing African software developers globally | Early stage | 2015 |
| Wave Mobile Money | Senegal | Mobile money platform for West Africa | Early stage | -- |
| Moove | Nigeria | Vehicle financing for ride-hailing and logistics | Seed | -- |
| RelianceHealth | Nigeria | Health insurance and healthcare delivery platform | Early stage | -- |
| OmniRetail | Nigeria | B2B e-commerce for FMCG distribution | Seed | -- |
| Thndr | Egypt | Commission-free stock trading app | Early stage | -- |
| Eden Life | Nigeria | Home services (cleaning, laundry, meals) subscription platform | Seed | -- |
| Chefaa | Egypt | Online pharmacy and medicine delivery | Early stage | -- |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Idris Ayodeji Bello | Founding Partner | [linkedin.com/in/belloidris](https://linkedin.com/in/belloidris/) | [@idrisayobello](https://x.com/idrisayobello) |
| Marsha Wulff | Founding Partner | [linkedin.com/in/marshawulff](https://linkedin.com/in/marshawulff/) | -- |
| Mariam Kamel | General Partner | -- | -- |
| Kevin Simmons | General Partner | -- | -- |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [LoftyInc Capital Official Website](https://loftyinc.vc/)
- [TechCrunch: LoftyInc launches third fund at $43M first close (March 2025)](https://techcrunch.com/2025/03/04/loftyinc-capital-launches-third-fund-for-seed-and-series-a/)
- [AVCA: LoftyInc Alpha Fund announcement](https://www.avca.africa/news-insights/member-news/loftyinc-capital-announces-us-43mn-first-close-of-its-new-loftyinc-alpha-fund-with-commitments-from-fmo-proparco-ifc-et-al/)
- [Disrupt Africa: LoftyInc $43M first close](https://disruptafrica.com/2025/03/07/loftyinc-capital-announces-43m-1st-close-of-new-pan-african-seed-fund/)
- [Superscout: LoftyInc Capital profile](https://superscout.co/investor/loftyinc-capital)
- [Afridigest: Idris Bello on currency devaluation](https://afridigest.com/currency-devaluation-is-a-feature-not-a-bug-idris-ayo-bello-on-navigating-africas-currency-chaos/)
---
---
name: Magic Fund
slug: magic-fund
buildTypes: ["Payments-processing", "Lending-credit", "Marketplace-commerce", "Logistics-supplychain", "On-off-ramp"]
thesis: >-
Going back to how early-stage venture capital began: founders investing in
other founders and supporting them through the journey.
website: 'https://www.magic.fund/'
apply: 'https://www.magic.fund/'
region: 'Global (Africa, North America, Europe, Latin America, Southeast Asia)'
hq: San Francisco; Lagos
sectors:
- Fintech
- Healthtech
- SaaS
- Enterprise
- E-commerce
stage:
- Pre-Seed
- Seed
chequeMin: 100000
chequeMax: 300000
chequeDisplay: $100K -- $300K
format: Direct investment (no accelerator)
admissions: Rolling
africaFocus: 'Strong -- dedicated Africa GP, significant Nigerian and Kenyan portfolio'
status: active
tier: '2'
lastVerified: '2026-07-29'
edgeRating: edge-moderate
portfolioSectorSplit:
Fintech: 59
E-commerce: 17
Consumer: 6
Logistics: 6
Blockchain: 6
AI-ML: 6
portfolioModelSplit:
Enterprise contracts/Licensing: 23
Transaction/Marketplace: 59
Subscription/SaaS: 18
portfolioGeographySplit:
Nigeria: 88
'Nigeria, Kenya': 6
Kenya: 6
portfolioTotalCount: 17
portfolioClassifiedCount: 17
portfolioUnclassifiedCount: 0
---
## Application Timeline
MAGIC Fund accepts applications on a rolling basis through an embedded form on their website. There are no batch cycles or fixed deadlines, which means you can reach out whenever your round is open. The team evaluates deals continuously, so timing is about your readiness rather than their calendar.
---
## Overview
MAGIC Fund started in 2017 when a group of founder-investors met at Y Combinator's Demo Day and realised they could do more by pooling capital and expertise than by writing isolated angel cheques. Adegoke Olubusi -- who co-founded and ran Helium Health (YC S17) -- led the effort, and the first fund closed at $1.5 million. That small Fund I returned 5x over three years, which earned the team the credibility to raise a $30 million Fund II in mid-2021.
The fund describes itself as "founders backing founders," and that is not just branding. The general partners are active or recently exited operators -- people who have built companies across Africa, Southeast Asia, Europe, and the Americas. One-third of Fund II capital came from the GPs themselves, and 50% of the LPs identify as Black, with 33% identifying as women. The model means portfolio founders get advice from people who have recently navigated the same problems they face, from product-market fit through hiring and regulatory headaches in emerging markets.
MAGIC has invested in 250+ startups to date, with notable names including Mono (financial data APIs, Nigeria), Bamboo (investment access, Nigeria), Retool (valued near $1 billion), and Juicyway (payments processing over $1.3 billion in volume connecting Africa to global markets). The fund's geographic spread -- with dedicated GPs covering Africa, Europe, Southeast Asia, and the Americas -- gives it a genuine cross-border network, which is especially useful for African founders building companies that need to bridge local and international markets.
---
## How to Get In
MAGIC Fund keeps its application process straightforward. Visit [magic.fund](https://www.magic.fund/) and fill in the embedded form ("Starting a company? Let us know :)"). There is no formal deck requirement at first contact, but having your materials ready will speed things up.
The team evaluates two things above all else. First, grit -- Olubusi has said explicitly that they assess "whether or not the founder has the grit to stick through the toughest times which are going to come up." Second, learning orientation -- they want founders who absorb feedback, adapt, and apply what they learn. If you can demonstrate both with concrete examples from your journey so far, you are already speaking their language.
Because the GPs are operators themselves, they tend to respond well to founders who are direct about what is working, what is not, and what specific help they need. Skip the hype and lead with substance.
---
## Best Advice
1. **Lead with your operator story.** MAGIC is built by founders, so they respond to founders who talk like founders -- not like pitch machines. Share what you have built, what broke, and what you learned. Concrete stories of navigating hard problems in your market will resonate more than polished projections.
2. **Know which GP maps to your geography.** The fund has dedicated partners covering Africa (Temi Marcella Awogboro, Dimeji Sofowora), Europe (Alison Cheung), Southeast Asia (Hendra Kwik, Elvis Zhang), and North America (Troy Osinoff, Michael Lisovetsky). Research who covers your market and reference their background when you reach out, so they know you have done your homework.
3. **Show cross-border potential.** MAGIC's network spans five continents, and their best portfolio companies tend to bridge markets. If you are building in Nigeria but plan to expand into other African countries or globally, make that trajectory clear and specific.
4. **Be honest about your gaps.** The founders-backing-founders model means the GPs have lived through the same struggles. They will respect transparency about where you need help far more than a founder who pretends everything is perfect.
5. **Come with a clear ask.** MAGIC writes $100K--$300K cheques at pre-seed and seed. If your round is structured and you can articulate exactly how their capital and network fit into your plan, you make the decision easier for them.
---
## Contextual Edge
**Preparation rating:** Moderate
> **Start here:** Read the [TechCrunch Fund II announcement](https://techcrunch.com/2021/07/06/magic-fund-raises-30m-to-scale-its-global-founders-backing-founders-fund/) to understand the thesis, then listen to Temi Marcella Awogboro's interviews on [Equity Merchants](https://equitymerchants.show/) and [Techpoint Africa](https://techpoint.africa/insight/magic-funds-temi-marcella-awogboro/) for the Africa-specific perspective.
### How Magic Fund's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Geography** | Strong Africa presence (Nigeria, Kenya) alongside Southeast Asia, Latin America, Europe, and North America | African founders are core to the thesis, not an afterthought -- you are pitching into a fund that already understands your market |
| **Sector** | Heavy fintech and financial infrastructure tilt (Mono, Bamboo, Juicyway, Bankly, Evolve Credit, Indicina), plus healthtech and SaaS | If you are building payments, lending, or credit infrastructure in Africa, this is a natural fit. Healthtech founders also have a clear path given Olubusi's Helium Health background |
| **Stage** | Pre-seed and seed, with cheques of $100K--$300K | They enter early and write modest cheques, so come when you have initial traction or a strong prototype -- not when you need a $2M round |
| **Founder background** | GPs are all active or recently exited operators; they weight founder grit and learning ability over pedigree | If you did not attend a top university or come from a brand-name company, that is fine. Show what you have built and how you handle adversity |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| Adegoke Olubusi (Managing Partner) | Overall thesis, Africa healthtech perspective, fund strategy | [LinkedIn](https://www.linkedin.com/in/adegokeolubusi), [X/Twitter](https://x.com/thisgokeboysef) |
| Temi Marcella Awogboro (Co-Founder, Partner) | Africa deal flow, portfolio support approach, governance advice | [LinkedIn](https://www.linkedin.com/in/temi-marcella-awogboro), [Techpoint Africa interview](https://techpoint.africa/insight/magic-funds-temi-marcella-awogboro/) |
| Dimeji Sofowora (General Partner) | Europe + Africa strategy, Helium Health operating experience | [LinkedIn](https://ng.linkedin.com/in/dimeji-sofowora-65a20a3b) |
| Tito Ovia (General Partner) | Women-founded company perspective | [LinkedIn](https://www.linkedin.com/in/titoovia) |
### Learn from funded portfolio companies
| Resource | Why it matters |
|----------|---------------|
| [Mono](https://mono.co) -- Nigerian financial data API | Shows what a MAGIC-backed fintech infrastructure play looks like at scale; study their positioning and go-to-market |
| [Bamboo](https://investbamboo.com) -- investment access platform | Demonstrates how MAGIC supports companies giving Africans access to global financial markets |
| [Juicyway](https://juicyway.co) -- global payments | Processing $1.3B+ in volume; shows the kind of traction that excites the fund |
| [Klasha](https://klasha.com) -- cross-border e-commerce | Lagos-based, making consumer goods accessible across Africa; a good reference for commerce founders |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Website form** | The primary path -- fill in the embedded form at magic.fund with your company details |
| **GP warm intro** | Identify the GP who covers your geography and get introduced through a mutual connection. The fund is operator-led, so intros from other founders in the portfolio carry weight |
| **Founder network** | MAGIC's LPs include well-known founders like Shola Akinlade (Paystack) and Olugbenga Agboola (Flutterwave). If you are in their orbit, a referral is powerful |
| **Ecosystem events** | The GPs are active at YC Demo Days, African tech conferences, and founder gatherings. Being visible in these spaces helps |
### What you can't find
MAGIC Fund does not publish detailed application criteria, evaluation rubrics, or portfolio performance metrics beyond the Fund I 5x return figure. Their website is deliberately minimal -- there is no blog, no public FAQ, and limited information about what happens after you submit the form. You will not find published term sheet templates or standard deal terms. The best way to fill these gaps is to connect with portfolio founders directly and ask about their experience with the application and due diligence process.
---
## Pitch Format
MAGIC Fund's website form does not explicitly require a deck, but submitting one positions you as a serious founder who has thought through the business.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Mono | Nigeria | Financial data API connecting apps to users' bank accounts |
| Bamboo | Nigeria | Investment platform giving Africans access to global securities |
| Juicyway | Nigeria | Global payments platform processing $1.3B+ connecting Africa to international markets |
| Klasha | Nigeria | Cross-border e-commerce making consumer goods accessible across Africa |
| Indicina | Nigeria | Credit infrastructure and decisioning tools for lenders |
| Bankly | Nigeria | Digital banking platform for the underbanked |
| CrowdForce | Nigeria | Offline distribution and agent network for financial services |
| Evolve Credit | Nigeria | Credit marketplace connecting borrowers to lenders |
| Eden Life | Nigeria, Kenya | Home management and lifestyle services |
| Renda | Nigeria | Logistics and order fulfillment infrastructure for businesses |
| Payday | Nigeria | International payments platform for Africans |
| Nestcoin | Nigeria | Cryptocurrency products for everyday users in frontier markets |
| Credable | Nigeria | Financial bridge connecting businesses with institutions for underbanked populations |
| Bumpa | Nigeria | Social commerce platform for small businesses |
| Vendease | Nigeria | Food supply chain and procurement for restaurants |
| Koa Technology | Kenya | Fintech solutions |
| Voyance | Nigeria | Data and analytics (Techstars S'22 participant) |
*Note: This table includes companies verified through public sources. MAGIC Fund has invested in 250+ startups globally, and their full Africa portfolio may be larger than what is publicly documented.*
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Adegoke Olubusi | Managing Partner | [LinkedIn](https://www.linkedin.com/in/adegokeolubusi) | [@thisgokeboysef](https://x.com/thisgokeboysef) |
| Temi Marcella Awogboro | Co-Founder, Partner | [LinkedIn](https://www.linkedin.com/in/temi-marcella-awogboro) | -- |
| Dimeji Sofowora | General Partner | [LinkedIn](https://ng.linkedin.com/in/dimeji-sofowora-65a20a3b) | -- |
| Tito Ovia | General Partner | [LinkedIn](https://www.linkedin.com/in/titoovia) | -- |
| Troy Osinoff | General Partner | [LinkedIn](https://www.linkedin.com/in/troyosinoff) | -- |
| Alison Cheung | General Partner | [LinkedIn](https://www.linkedin.com/in/alisoncheung) | -- |
| Elvis Zhang | General Partner | [LinkedIn](https://www.linkedin.com/in/elviszhang) | -- |
| Matt Greenleaf | Partner | [LinkedIn](https://www.linkedin.com/in/mattgreenleaf) | -- |
*Note: X/Twitter handles marked "--" could not be verified through public sources. LinkedIn URLs are based on standard handle formats and may need verification.*
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [MAGIC Fund raises $30M to scale its global founders-backing-founders fund -- TechCrunch](https://techcrunch.com/2021/07/06/magic-fund-raises-30m-to-scale-its-global-founders-backing-founders-fund/)
- [VC firm, MAGIC Fund raises $30m to support early-stage startups globally -- Techpoint Africa](https://techpoint.africa/2021/07/06/magic-fund-raises-30m)
- [How Magic Fund's Temi Marcella Awogboro uses her experience to help portfolio companies -- Techpoint Africa](https://techpoint.africa/insight/magic-funds-temi-marcella-awogboro/)
- [MAGIC Fund official website](https://www.magic.fund/)
- [MAGIC Fund portfolio and investment activity -- StartupList Africa](https://startuplist.africa/investor/magic-fund)
- [MAGIC Fund team and investors -- Startup Intros](https://startupintros.com/orgs/magic-fund)
- [MAGIC Fund portfolio -- Parsers.vc](https://parsers.vc/fund/magic.fund/)
- [MAGIC Fund investor profile -- Tracxn](https://tracxn.com/d/venture-capital/magic-fund/__0CdrqJI9hruBcU0Xal8iFa6BLQNawrEBigdCwW6ewWY)
---
---
name: Maven 11
slug: maven-11
buildTypes: ["Infra-protocol", "DeFi-trading-lending", "Gaming", "Dev-tooling"]
thesis: 'A crypto-native fund that partners with brave outliers challenging the status quo by redefining ownership, investing bold and early into modular infrastructure, rollups and DeFi credit.'
website: 'https://www.maven11.com'
apply: 'Contact form at maven11.com/contact, or the investment portal at invest.maven11.com. European founders can also meet the team at ETHCC or Devconnect.'
region: 'Global'
hq: 'Amsterdam, Netherlands (fund entity also registered in Grand Cayman)'
sectors:
- Infrastructure
- DeFi
- Developer-Tooling
- Gaming
sectorsNote: 'Maven 11 does not publish a single complete portfolio list. Splits below are computed from the 8 companies named across the fund homepage and outlook posts that we could verify and classify.'
stage:
- Pre-Seed
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed'
chains:
- Ethereum
- Chain-agnostic
- Multi-chain
format: 'Application form'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '2'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Maven 11 team update
category: decision-maker-reveal
score: 4
description: >-
Names Managing Partners Joost van der Plas and Balder Bomans (also
CIO), General Partner Mathijs van Esch, Principal Alexander Essle and
Associate Partner Pim Swart, an eight-person team small enough that
matching yourself to the right person before applying is worthwhile.
link: 'https://maven11.com/outlook/maven-11-team-update'
- name: Investment portal
category: pipeline-pathway
score: 4
description: >-
invest.maven11.com is the fund's actual submission channel alongside
the site contact form, a genuinely cold-friendly path for a fund of
this size and technical depth.
link: 'https://invest.maven11.com'
- name: Fund II close coverage
category: evaluation-framework
score: 3
description: >-
The Block and BCNL both confirmed Maven 11's second fund closed at
$107M-$120M despite a cautious LP climate, the clearest public sizing
signal for the firm.
link: 'https://www.theblock.co/post/348474/crypto-vc-maven-11-third-fund'
- name: Portfolio's modular and rollup lean
category: portfolio-pattern
score: 4
description: >-
Celestia, Polymer, Saga and Sovereign are all modular or interoperability
infrastructure, and Maven 11 was an early believer in that thesis
before it became consensus, a strong signal for where they still lean.
link: 'https://www.maven11.com'
- name: ETHCC and Devconnect presence
category: pipeline-pathway
score: 3
description: >-
The team is Amsterdam-based and attends major European crypto
conferences in person, a realistic lower-friction way for European
founders to meet a partner face to face before a cold submission.
link: 'https://www.maven11.com'
portfolioSectorSplit:
Infrastructure: 50
DeFi: 25
Developer-Tooling: 13
Gaming: 12
portfolioChainSplit:
Chain-agnostic: 57
Ethereum: 29
Multi-chain: 14
portfolioTotalCount: 8
portfolioClassifiedCount: 8
portfolioUnclassifiedCount: 0
---
> **How to use this page:** Maven 11 is a small, technical, Amsterdam-based fund with a genuine application form and no gatekeeping intro requirement. Read Section E for the direct submission path, and note in Section H how heavily the fund's real bets sit in modular infrastructure and rollups before you pitch.
---
## A. Header Block
- **Fund name:** Maven 11
- **One-line thesis:** Partners with "brave outliers challenging the status quo by redefining ownership."
- **Website:** [maven11.com](https://www.maven11.com)
- **CTA:** [Submit via the contact form](https://www.maven11.com) or [invest.maven11.com](https://invest.maven11.com)
| Tag | Detail |
|-----|--------|
| Region | Global (Amsterdam, Grand Cayman) |
| Format | Application form |
| Sectors | Infrastructure, DeFi, developer tooling, gaming |
| Stage | Pre-Seed and Seed |
| Cheque Size | Not disclosed |
| Admissions | Rolling |
---
## C. Overview
Maven 11 is a crypto-native fund headquartered in Amsterdam, with its fund entity also registered in Grand Cayman, run by Managing Partners Joost van der Plas and Balder Bomans (who also serves as CIO), alongside General Partner Mathijs van Esch. The eight-person team, rounded out by Principal Alexander Essle, Associate Partner Pim Swart, and a small research and product bench, describes its approach as investing "bold and early" and stakes its identity on backing outliers who redefine ownership rather than following consensus.
The fund's real track record backs that framing: Celestia, Polymer, Saga and Sovereign were all Maven 11 bets on modular blockchain infrastructure and rollups before that thesis became the industry's dominant narrative. Maple and NFTfi round out a smaller but real DeFi credit position. The second fund closed at $107M to $120M, according to The Block and BCNL, in what both outlets described as a cautious LP climate at the time, a signal of real conviction from the fund's backers.
There is no gatekept intro requirement. The contact form at maven11.com and the investment portal at invest.maven11.com are both live, and the Amsterdam-based team is a regular presence at ETHCC and Devconnect for European founders who want a face-to-face path.
**Key stats:**
- Fund II: $107M-$120M closed (per The Block, BCNL)
- Eight-person team with named, specialized coverage
- Early conviction bets on modular infrastructure (Celestia, Polymer, Saga, Sovereign)
- Contact form plus a dedicated investment portal, no intro gate
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Joost van der Plas | Managing Partner | [maven11.com](https://www.maven11.com) |
| Balder Bomans | Managing Partner and CIO | [Signal investor profile](https://signal.nfx.com/investors/balder-bomans) |
| Mathijs van Esch | General Partner | [maven11.com](https://www.maven11.com) |
| Alexander Essle | Principal | [maven11.com](https://www.maven11.com) |
| Pim Swart | Associate Partner | [maven11.com](https://www.maven11.com) |
| Mads Mathiesen | Researcher | [maven11.com](https://www.maven11.com) |
| Bram Van Roelen | Head of Product | [maven11.com](https://www.maven11.com) |
Individual X and LinkedIn handles beyond Balder Bomans were not independently confirmed on the pages we fetched.
---
## E. How to Get In: Step-by-Step Application Process
1. **Use the site contact form or invest.maven11.com.** Both are live and are the fund's actual submission channels. There is no separate warm-intro gate published.
2. **Frame your pitch around modular infrastructure or rollup tooling if that's your product.** Maven 11's clearest conviction is in the Celestia-era modular stack, so appchain, data-availability and rollup-tooling founders map most directly to the fund's proven pattern.
3. **DeFi credit is a secondary but real fit.** Maple and NFTfi show the fund will back lending and credit infrastructure, particularly with a research-grade mechanism.
4. **Target Balder Bomans as CIO for capital-allocation questions, and Mathijs van Esch for day-to-day sector coverage.** With an eight-person team, a specific, addressed pitch is more likely to land than a generic submission.
5. **If you're in Europe, meet them at ETHCC or Devconnect.** The team attends both conferences and a face-to-face conversation there is a documented lower-friction path than a cold-form submission.
**Timeline:** Not published. As a small, technical team, expect a multi-week review after initial submission before a partner call.
---
## F. Best Advice from Founders
**Pitch the modular thesis, not just "we're building infra."** Maven 11's conviction bets (Celestia, Polymer, Saga, Sovereign) were all early on a specific, then-contrarian thesis about the blockchain stack unbundling. A pitch that shows you understand where that thesis is heading next lands better than a generic infrastructure pitch.
**Amsterdam access matters.** European founders who show up to ETHCC or Devconnect and get face time with the team report faster movement than cold form submissions.
**The team is small; be specific about who you're pitching.** With eight people covering the whole fund, a submission addressed to the right partner's known focus area moves faster than an unaddressed one.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. Team names and roles, a fund-size figure from press coverage, and a coherent portfolio thesis are all public, but there is no published cheque range, screening rubric, or response timeline.
> **Start here:** Read the [team update](https://maven11.com/outlook/maven-11-team-update) to see who covers what, then look at the modular-infrastructure cluster in Section H to calibrate whether your pitch matches the fund's proven conviction before you submit.
### How Maven 11's named portfolio breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Infrastructure-dominant** | Half of the 8 companies we could verify (Celestia, Polymer, Saga, Sovereign) are modular or interoperability infrastructure. | Appchain, data-availability and interop tooling is the fund's clearest and best-proven fit. |
| **A real, if smaller, DeFi credit position** | Maple and NFTfi make up a quarter of the classified portfolio, both credit and lending protocols. | Lending and credit mechanisms with real research depth fit, even outside the infrastructure core. |
| **Chain-agnostic by design** | 57% of the chain-classified portfolio is chain-agnostic interoperability or rollup infrastructure, consistent with Maven 11's modular-stack thesis rather than a single-chain bet. | A chain-agnostic or multi-chain architecture is closer to the fund's actual pattern than a single-L1-native product. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Balder Bomans** (Managing Partner, CIO) | Runs capital allocation; his public investor profile is the closest available read on the fund's decision-making. | [Signal profile](https://signal.nfx.com/investors/balder-bomans) |
| **Mathijs van Esch** (General Partner) | Day-to-day sector coverage; the team update page names his role directly. | [team update](https://maven11.com/outlook/maven-11-team-update) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Contact form** | Submit directly at [maven11.com/contact](https://www.maven11.com). |
| **Investment portal** | [invest.maven11.com](https://invest.maven11.com) is a dedicated submission channel. |
| **European conferences** | ETHCC and Devconnect are documented in-person touchpoints with the Amsterdam team. |
### What you can't find
Maven 11 does not disclose a cheque range, a full portfolio list, a screening rubric, or a stated response timeline. The 8 companies above are what we could verify by name and classify by chain; the fund's actual book, given a $107M-plus second fund, is almost certainly larger.
---
## G. Pitch Format Maven 11 Expects
- A submission through the contact form or investment portal, addressed to a specific partner's coverage area where possible
- A clear technical explanation of the mechanism, especially for infrastructure and rollup-adjacent pitches
- Evidence of "bold and early" thinking, per the fund's own language, over an incremental improvement pitch
- For DeFi credit products, a rigorous risk and underwriting model, matching the bar set by Maple and NFTfi
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Companies named on the [Maven 11 homepage](https://www.maven11.com) and outlook posts. Sector and chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Celestia | Modular data-availability network | Infrastructure | Celestia (own DA chain, not on fixed chain list) |
| Polymer | Cross-chain interoperability protocol | Infrastructure | Chain-agnostic |
| Saga | Appchain infrastructure platform | Infrastructure | Chain-agnostic |
| Sovereign | Rollup infrastructure (Sovereign SDK) | Infrastructure | Chain-agnostic |
| Runtime Verification | Formal verification and security tooling | Developer-Tooling | Chain-agnostic |
| Maple | Institutional DeFi credit protocol | DeFi | Ethereum |
| NFTfi | NFT-collateralized lending protocol | DeFi | Ethereum |
| Stardust | Gaming infrastructure platform | Gaming | Multi-chain |
Celestia runs its own data-availability chain, which is not on this directory's fixed chain list; it is included in the sector split above but excluded from the chain split.
---
## I. Ecosystem Connections
- **Modular and rollup ecosystems:** the fund's clearest identity. Celestia, Polymer, Saga and Sovereign put Maven 11 among the earliest and most consistent believers in the unbundled blockchain stack.
- **Ethereum:** the DeFi credit positions (Maple, NFTfi) are Ethereum-native, anchoring the fund's non-infrastructure bets to Ethereum's mature DeFi base.
- **Europe:** an Amsterdam headquarters and regular ETHCC and Devconnect attendance make Maven 11 one of the more Europe-native tier-2 crypto funds in this directory.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Token warrant or SAFE plus token?** [Compliance guide](/founder-stack/compliance)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Maven 11 homepage](https://www.maven11.com)
- [Maven 11 team update](https://maven11.com/outlook/maven-11-team-update)
- [Maven 11 investment portal](https://invest.maven11.com)
- [Crypto VC Maven 11 raises $107 million for third fund amid cautious LP climate, The Block](https://www.theblock.co/post/348474/crypto-vc-maven-11-third-fund)
- [Maven 11 Capital closes second crypto investment fund at $120 million, BCNL](https://www.bcnl.foundation/news/maven-11-capital-closes-second-crypto-investment-fund-at-120-million)
- [Balder Bomans investor profile, Signal](https://signal.nfx.com/investors/balder-bomans)
---
---
name: Mercy Corps Ventures
slug: mercy-corps-ventures
buildTypes: ["Insurtech", "Agritech", "Climate-energy", "Lending-credit", "Healthtech"]
thesis: >-
Backing bold entrepreneurs building climate-resilient futures in emerging
markets, from adaptive agriculture and inclusive fintech to anticipatory tech
that protects vulnerable communities.
website: 'https://www.mercycorpsventures.com/'
apply: 'https://www.mercycorpsventures.com/contact-us'
region: 'Global emerging markets (Sub-Saharan Africa, Latin America, South Asia, MENA)'
hq: 'Portland, OR'
sectors:
- Agritech
- Climate
- Fintech
- Healthtech
stage:
- Pre-Seed
- Seed
chequeMin: 50000
chequeMax: 2000000
chequeDisplay: $50K -- $2M
format: Equity investment + Venture Lab grants
admissions: Rolling for direct investment; periodic open calls for Venture Lab
africaFocus: Yes -- Sub-Saharan Africa is a primary geography
status: active
tier: '1'
lastVerified: '2026-07-29'
edgeRating: edge-moderate
portfolioSectorSplit:
Climate: 10
Blockchain: 5
Fintech: 30
Logistics: 5
Agritech: 30
Edtech: 5
Impact: 5
E-commerce: 10
portfolioModelSplit:
Hardware/Devices: 5
Transaction/Marketplace: 50
Direct sales/Commerce: 10
Subscription/SaaS: 20
Enterprise contracts/Licensing: 15
portfolioGeographySplit:
Ghana: 10
Cameroon / Francophone Africa: 5
Nigeria: 15
Mali / West Africa: 5
Kenya / East Africa: 10
Senegal / Francophone West Africa: 5
Kenya: 15
West Africa: 10
Ghana / West Africa: 5
Tanzania: 5
East Africa: 10
South Africa / East Africa: 5
portfolioTotalCount: 20
portfolioClassifiedCount: 20
portfolioUnclassifiedCount: 0
---
## Application Timeline
Mercy Corps Ventures does not run a single annual application cycle. Instead, there are two main pathways that operate on different timelines:
- **Direct investment (Evergreen Fund and Resilient Future Fund):** Rolling. The team actively sources deals and accepts warm introductions year-round, so there is no fixed deadline to hit.
- **Venture Lab and accelerator programs:** Periodic open calls with specific application windows. These get announced on their website, LinkedIn, and Medium blog. Recent programs include the Anticipatory Action Accelerator (up to $100K in equity-free grants) and the AI for Financial Resilience cohort.
Keep an eye on their [LinkedIn](https://www.linkedin.com/company/mercy-corps-ventures) and [Medium blog](https://medium.com/mercy-corps-social-venture-fund) for new cohort announcements.
---
## Overview
Mercy Corps Ventures is the impact investing arm of Mercy Corps, the global humanitarian organization that operates across 40+ countries. Founded in 2015 and headquartered in Portland, Oregon, the fund backs early-stage startups building solutions for communities most exposed to climate and economic instability. What makes them unusual in the African VC space is the direct connection to one of the world's largest NGOs, which means portfolio companies can pilot inside Mercy Corps' operational footprint and access real distribution in hard-to-reach markets.
The fund manages two main investment vehicles. Fund I is an evergreen fund that invests at pre-seed and seed stage in climate-resilient startups, and has realized 7 exits to date. Fund II, the Resilient Future Fund, targets early-stage tech-enabled companies building climate adaptation and resilience solutions. Across the portfolio, they have backed 60+ ventures that have collectively raised over $750M in follow-on capital and reached 46+ million customers across 90 countries. Around 45% of their portfolio companies have at least one female co-founder, which signals they genuinely weight founder diversity in their investment decisions.
Beyond capital, the Venture Lab is their innovation arm that co-designs, funds, and tests promising technologies through real-world pilots inside Mercy Corps programs. This is a particularly powerful entry point for early-stage founders who may be too nascent for a traditional equity round but have technology that could solve real problems in humanitarian contexts. The Venture Lab has launched 64+ pilots to date, and graduating from a pilot often leads to a direct investment relationship.
---
## How to Get In
There is no public application portal for direct investment. The primary pathways are:
1. **Warm introductions** through their existing portfolio founders, Mercy Corps country directors, or ecosystem partners in your market.
2. **Venture Lab open calls** for specific thematic programs (climate, fintech, anticipatory action). These have structured application processes with clear criteria.
3. **Inbound through the contact form** on their website, which routes to the relevant regional team. The Africa team is based across Nairobi, Dakar, Lagos, and Kampala.
4. **Event-based sourcing** at climate, fintech, and impact conferences where the team is active (SOCAP, Skoll World Forum, Africa Climate Summit, ABAN events).
5. **Mercy Corps country office referrals** -- if you are already working with or known to Mercy Corps programs in your country, that internal connection carries weight.
---
## Best Advice
1. **Lead with the climate or resilience angle.** Mercy Corps Ventures is thesis-driven around climate adaptation and financial resilience. If your startup solves a real problem but you have not framed it through a climate or resilience lens, you will struggle to get past the first filter. Show how your solution helps vulnerable communities withstand climate shocks, economic instability, or humanitarian crises.
2. **Quantify your impact on end-users, not just your revenue.** This is an impact-first investor sitting inside a humanitarian organization. They track metrics like "customers reached" and "smallholders served" alongside financial returns. Come with clear data on how many people you are serving, how their lives improve, and how that scales with your business model.
3. **Propose a pilot, not just a pitch.** The Venture Lab pathway is genuinely powerful and often underused. If you have technology that could work inside Mercy Corps' field operations -- think agricultural extension, disaster early warning, mobile payments for aid distribution, or climate data for smallholders -- propose a concrete pilot. Successful pilots have a strong track record of converting into equity investments.
4. **Know which fund vehicle fits you.** Do not pitch a $5M Series A to a pre-seed/seed fund. The Evergreen Fund and Resilient Future Fund invest at early stages with cheque sizes that match. If you are raising a larger round, you are better served approaching them as a co-investor alongside a lead.
5. **Connect through the regional team, not HQ.** The Africa-focused investment team members (Toffene Kama in Senegal, Eugene Gikonyo in Kenya, Doreen Kubu in Kenya, Rofem Egbe in Nigeria, Timo Asiimwe in Uganda) are closer to the ground and more likely to understand your context than reaching out cold to Portland.
---
## Contextual Edge
**Preparation rating:** Medium-High. Mercy Corps Ventures does not have a standardized application form for direct investments, which means preparation is less about filling out forms correctly and more about positioning your startup within their thesis. You need to understand their climate adaptation and financial resilience focus deeply and articulate how your company fits.
> **Start here:** Read their [2024 Impact Report](https://www.mercycorps.org/research-resources/ventures-annual-impact-report-2024) and their Medium blog post ["Investing in Climate and Financial Resilience: Meet Our Portfolio"](https://medium.com/mercy-corps-social-venture-fund/investing-in-climate-and-financial-resilience-meet-our-portfolio-cb49c463178c). These two documents reveal exactly what they look for and how they describe the companies they have already funded. Mirror that language in your pitch.
### How Mercy Corps Ventures' portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---|---|---|
| Climate-first thesis | Three core pillars: adaptive agriculture, inclusive climate fintech, and climate-smart technologies | If you cannot draw a clear line between your product and climate resilience, this is probably not the right fund for you |
| Strong Africa presence | Dedicated team across Kenya, Senegal, Nigeria, and Uganda, with portfolio companies spanning East and West Africa | They have real on-the-ground knowledge and are not just "Africa-curious" -- they will pressure-test your local market understanding |
| Fintech is the largest vertical | Multiple investments in payments (Kalpay), lending (Payhippo), savings (Ndovu, Ejara), and insurance (OKO, Turaco) | Financial inclusion pitches land well here, especially when tied to climate vulnerability |
| Female founder representation at 45% | Nearly half their portfolio has at least one female co-founder | Not a gate, but clearly a factor they weight positively in their evaluation |
| Venture Lab as pipeline | 64+ pilots launched, many converting to equity investments | The lab pathway is a genuine alternative to cold pitching for equity -- especially if you are pre-revenue |
| Follow-on capital flywheel | Portfolio companies have raised $750M+ in follow-on funding | They can credibly help you raise your next round through their LP and co-investor network |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|---|---|---|
| Scott Onder, Chief Investment Officer | Overall investment strategy and fund direction | [LinkedIn](https://www.linkedin.com/in/scottonder/) |
| Toffene Kama, Africa Lead | Africa-specific deal flow, regional priorities, and what is getting funded in Francophone and Anglophone markets | [LinkedIn](https://www.linkedin.com/in/toffenekama/) |
| Eugene Gikonyo, Investment Principal | East Africa deal evaluation and due diligence patterns | [LinkedIn](https://www.linkedin.com/in/eugenegikonyo/) |
| Ken Kou, Head of Venture Lab | Lab program priorities, pilot design preferences, and which technologies they are actively seeking | [LinkedIn](https://www.linkedin.com/in/kenkou/) |
| Lillian Alexander, Director of Impact | How they measure and evaluate impact -- understanding her framework helps you present your metrics correctly | [LinkedIn](https://www.linkedin.com/in/lillianalexander/) |
### Learn from funded portfolio companies
| Resource | Why it matters |
|---|---|
| [Mercy Corps Ventures Medium blog](https://medium.com/mercy-corps-social-venture-fund) | Portfolio spotlights, investment theses, and the team's thinking in their own words |
| [2024 Impact Report](https://www.mercycorps.org/research-resources/ventures-annual-impact-report-2024) | Shows exactly which metrics they track and how they report impact to their LPs |
| [2025 Impact Report](https://www.mercycorps.org/research-resources/ventures-annual-impact-report-2025) | Most recent data on portfolio performance and strategic direction |
| [Venture Platform overview](https://www.mercycorpsventures.com/platform) | Details on post-investment support, which tells you what they expect from portfolio companies |
| [UNIDO interview on climate investing](https://www.unido.org/news/investing-climate-adaptation-and-resilience-mercy-corps-ventures-impact-and-vision) | Deep insight into their climate thesis and how they evaluate adaptation vs. mitigation |
### Find your way in
| Pathway | How it works |
|---|---|
| Venture Lab open calls | Apply during announced cohort windows for specific themes (climate, fintech, anticipatory action). Grants up to $100K equity-free, with potential conversion to equity investment |
| Warm intro via portfolio founders | Reach out to founders at companies like Kofa, Ejara, or Payhippo. Portfolio founders who vouch for you carry real weight |
| Mercy Corps country office connection | If Mercy Corps runs programs in your country (they operate in 40+ countries), a referral from a country director opens doors |
| Impact conference networking | The team attends SOCAP, Skoll World Forum, Africa Climate Summit, and ABAN events. Face-to-face meetings with the investment team happen here |
| LinkedIn outreach to regional team | Direct, professional messages to the Africa Lead (Toffene Kama) or Investment Principal (Eugene Gikonyo) with a clear thesis-aligned pitch |
### What you can't find
- **Exact cheque sizes per deal** are not publicly disclosed. Portfolio data from Digest Africa shows seed investments ranging from roughly $1M to $2.5M, but individual deal sizes depend on the fund vehicle, stage, and co-investors.
- **Detailed due diligence criteria** beyond the high-level thesis pillars. The team evaluates climate impact, business model sustainability, and founder-market fit, but the specific scoring or weighting is internal.
- **Venture Lab selection rates.** They do not publish how many applications each cohort receives or what percentage get funded, so you cannot benchmark your odds.
- **LP composition.** The fund sits within Mercy Corps, and specific LP or donor relationships that shape investment preferences are not public.
---
## Pitch Format
Mercy Corps Ventures does not prescribe a rigid pitch format. For Venture Lab programs, there are structured application forms during open calls. For direct investment, the process typically starts with an introductory conversation and moves to a deck review and deeper diligence.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
Focus your deck on:
- The climate or resilience problem you are solving and who it affects
- Your solution and how it works on the ground (not just the technology)
- Traction with end users, especially in emerging markets
- Impact metrics alongside business metrics
- Your team's connection to the communities you serve
---
## African Portfolio Companies
| Company | Country | What They Do |
|---|---|---|
| Kofa | Ghana | Portable battery swapping stations providing affordable, low-carbon electricity for mobility |
| Ejara | Cameroon / Francophone Africa | Decentralized investment platform for savings, crypto, and fractional shares in French-speaking Africa |
| Payhippo | Nigeria | SME lending platform using technology to match small businesses with appropriate capital |
| OKO Finance | Mali / West Africa | Microinsurance for climate-vulnerable smallholder farmers |
| Turaco | Kenya / East Africa | Affordable health and life insurance for low-income workers |
| Kalpay | Senegal / Francophone West Africa | Digital payment acceptance for cash-based SMEs and merchants |
| Ndovu | Kenya | Blockchain-based savings and investment platform for underserved users |
| Kwanza Tukule | Kenya | Supply chain optimization for informal street food vendors in low-income settlements |
| Complete Farmer | Ghana | Data-driven agricultural platform improving farming performance across stakeholders |
| Cinch | Kenya | Land management bringing commercial farming profitability to smallholder operations |
| Ignitia | West Africa | Hyper-local tropical weather forecasting with 20--50% improved accuracy for farmers |
| Arifu | Kenya / East Africa | Digital skills training, employment matching, and product discovery platform |
| Meridia | Ghana / West Africa | Land documentation solutions providing tenure security and credit access for farming communities |
| MazaoHub | Tanzania | AI-powered farm management with localized soil analytics and real-time climate data |
| tappi | Nigeria | End-to-end digital commerce SaaS for Africa's micro and small businesses |
| AquaRech | Nigeria | Enhancing fish production by enabling market access and promoting equal trade |
| Farm to Feed | East Africa | Nutrition accessibility and affordability platform fighting food insecurity and climate change |
| ImaliPay | South Africa / East Africa | Financial services platform for gig economy workers |
| Kuunda | East Africa | Clean energy financing and distribution |
| Boost | West Africa | Digital onboarding for informal shops via WhatsApp with agent-driver delivery networks |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|---|---|---|---|
| Scott Onder | Chief Investment Officer | [LinkedIn](https://www.linkedin.com/in/scottonder/) | -- |
| Toffene Kama | Africa Lead | [LinkedIn](https://www.linkedin.com/in/toffenekama/) | -- |
| Ken Kou | Head of Venture Lab | [LinkedIn](https://www.linkedin.com/in/kenkou/) | -- |
| Eugene Gikonyo | Investment Principal (Kenya) | [LinkedIn](https://www.linkedin.com/in/eugenegikonyo/) | -- |
| Timo Asiimwe | Inclusive Fintech Lab Lead (Uganda) | [LinkedIn](https://www.linkedin.com/in/timoasiimwe/) | -- |
| Rofem Egbe | Investment Associate (Nigeria) | [LinkedIn](https://www.linkedin.com/in/rofemegbe/) | -- |
| Doreen Kubu | Investment Analyst (Kenya) | [LinkedIn](https://www.linkedin.com/in/doreenkubu/) | -- |
| Lillian Alexander | Director of Impact | [LinkedIn](https://www.linkedin.com/in/lillianalexander/) | -- |
| Timothy Rann | Venture Partner | [LinkedIn](https://www.linkedin.com/in/timothyrann/) | -- |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Mercy Corps Ventures -- Official Website](https://www.mercycorpsventures.com/)
- [Mercy Corps Ventures -- Team Page](https://www.mercycorpsventures.com/team)
- [Mercy Corps Ventures -- Investment Funds Overview](https://www.mercycorpsventures.com/investment-funds-overview)
- [Mercy Corps Ventures -- Mercy Corps Overview](https://www.mercycorps.org/what-we-do/ventures)
- [Mercy Corps Ventures 2024 Impact Report](https://www.mercycorps.org/research-resources/ventures-annual-impact-report-2024)
- [Mercy Corps Ventures 2025 Impact Report](https://www.mercycorps.org/research-resources/ventures-annual-impact-report-2025)
- [Investing in Climate and Financial Resilience: Meet Our Portfolio -- Medium](https://medium.com/mercy-corps-social-venture-fund/investing-in-climate-and-financial-resilience-meet-our-portfolio-cb49c463178c)
- [Mercy Corps Ventures -- StartupList Africa](https://startuplist.africa/investor/mercy-corps-ventures)
- [Mercy Corps Ventures -- Digest Africa](https://digestafrica.com/investors/mercy-corps-ventures)
- [Mercy Corps Ventures -- VC4A](https://vc4a.com/mercy-corps-social-venture-fund/)
- [Mercy Corps Ventures -- UNIDO Interview](https://www.unido.org/news/investing-climate-adaptation-and-resilience-mercy-corps-ventures-impact-and-vision)
- [Anticipatory Action Accelerator 2025 -- MSME Africa](https://msmeafricaonline.com/call-for-applications-mercy-corps-ventures-anticipatory-action-accelerator-2025-up-to-100000-equity-free-grants/)
---
---
name: Microtraction
slug: microtraction
buildTypes: ["Marketplace-commerce", "Payments-processing", "Lending-credit", "Enterprise-B2B", "Insurtech"]
thesis: >-
Pre-seed capital for smart, relentlessly resourceful founders building
globally relevant technology businesses from Africa.
website: 'https://www.microtraction.com/'
apply: 'https://www.microtraction.com/'
region: Pan-African
hq: Lagos
sectors:
- Fintech
- AI-ML
- Climate
- Healthtech
- SaaS
stage:
- Pre-Seed
chequeMin: 100000
chequeMax: 350000
chequeDisplay: $100K for 7% equity (optional top-up to $350K)
format: 'Remote-first (no batches, no programmes, no demo days)'
admissions: Rolling
africaFocus: 'Yes -- Nigeria (primary), Ghana, Kenya, Rwanda, continent-wide'
status: active
tier: '1'
lastVerified: '2026-07-29'
edgeRating: edge-rich
portfolioSectorSplit:
E-commerce: 13
Fintech: 44
SaaS: 19
Logistics: 6
Blockchain: 6
AI-ML: 6
Healthtech: 6
portfolioModelSplit:
Subscription/SaaS: 37
Transaction/Marketplace: 44
Enterprise contracts/Licensing: 19
portfolioGeographySplit:
Nigeria: 70
Nigeria/UK: 6
Egypt: 6
Kenya: 12
Côte d'Ivoire: 6
portfolioTotalCount: 17
portfolioClassifiedCount: 16
portfolioUnclassifiedCount: 1
logo: "/funds/microtraction.png"
---
## Overview
Microtraction is a Lagos-based pre-seed venture capital firm founded in 2017 by Yele Bademosi (who dropped out of medical school at King's College London to build tech companies, later served as Director of Binance Labs, and founded Bundle, a social payments app) and Kwamena Afful. The firm was built on a deliberate rejection of the accelerator model: no batches, no programmes, no demo days. Instead, Microtraction writes a standardised $100K cheque for 7% equity (with optional top-up to $350K) and provides tailored support through its network rather than a one-size-fits-all curriculum.
Fund I backed 19 companies across four countries over three years, reaching a combined portfolio valuation of $540 million+, with 14 portfolio companies entering global accelerators and 18 raising follow-on funding. Fund II (Microtraction Community Limited) hit its $15 million first close in 2023 anchored by PAVE Investments ($1.5 million commitment), with an LP base that includes 30+ venture-backed founders (Shola Akinlade of Paystack, Ire Aderinokun of Helicarrier, Razaq Ahmed of Cowrywise) and prominent global VCs (Micky Malka of Ribbit Capital, Elizabeth Yin of Hustle Fund, Michael Seibel of Y Combinator). Across both funds, the firm has invested in 70+ companies and 83+ founders, with portfolio companies raising $100 million+ in follow-on funding, reaching a combined valuation of $760 million+, and creating 900+ jobs. 37% of invested companies have female co-founders.
The portfolio includes some of Africa's fastest-growing startups: Bumpa (social commerce), Lemfi (cross-border payments), Rise (wealth management, acquired Chaka), Termii (communications API), Sendbox (fulfilment logistics), Orda (restaurant tech), PaidHR (payroll), Vesti (immigration tech), and Foodcourt (food delivery).
---
## How to Get In
Apply through the open application form on the website. Microtraction looks for six specific things: you've identified your target customers, you're capital-efficient with a clear revenue model, your product solves a clear problem, you have a team of 2-3 people including at least one technical founder, you've validated market demand, and you've built a minimum viable product. The firm explicitly avoids batch-based investing, so there's no cohort calendar to time your application around. Yele Bademosi has said publicly that the three questions driving investment decisions are: "How big can this business be?", "How much progress has this founder made?", and "Would I love to work for this founder?"
---
## Best Advice
1. **The "no batches, no programmes, no demo days" model is intentional.** Bademosi built Microtraction as a deliberate alternative to accelerators, arguing that cohort-based models capture unprepared companies and standardised curricula don't apply to African market realities. If you're looking for a structured 12-week programme, this isn't it. If you want a first cheque and tailored network support without the overhead, this is exactly what the model is designed for.
2. **$100K for 7% is the standard, and it's non-negotiable at entry.** The fixed terms simplify the process for both sides: you know exactly what you're getting and what it costs. The optional top-up to $350K gives room to scale the initial investment if traction warrants it. Don't try to negotiate the entry terms; the standardisation is what lets the firm move quickly.
3. **The LP base is your follow-on pipeline.** With Shola Akinlade (Paystack), Michael Seibel (Y Combinator), Micky Malka (Ribbit Capital), and Elizabeth Yin (Hustle Fund) as LPs, a Microtraction investment puts you one degree away from some of the most active early-stage investors in fintech globally. 14 Fund I companies entered global accelerators, and 18 of 19 raised follow-on, which means the network conversion rate is real.
4. **Technical co-founders are strongly preferred.** Microtraction consistently backs teams with at least one technical founder who can build the product without outsourcing core development. If your founding team doesn't include a technical builder, address that gap before applying.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- Yele Bademosi is unusually public about Microtraction's evaluation criteria, and the firm's blog (Opentraction) publishes detailed portfolio reviews annually.
> **Start here:** Read [Microtraction's novel approach to early-stage investments in Africa](https://techcabal.com/2021/05/04/microtraction-early-stage-investments-in-africa/) where Bademosi explains the three questions that drive every investment decision, then read the [2024 Year in Review](https://www.microtraction.com/post/microtraction-2024-year-in-review) to see the current portfolio composition and where the firm is deploying now. Those two resources show you what the firm looks for and how the model has evolved since launch.
### How Microtraction's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Geography** | Nigeria dominates the portfolio (Bumpa, Termii, Sendbox, PaidHR, Orda, Vesti), followed by Kenya (HoneyCoin, Foodcourt) and Ghana. Four countries represented across Fund I, expanding continent-wide in Fund II. | Nigeria is the core market. If you're building from Lagos, you're in the firm's strongest deal flow zone. Other African markets are increasingly on the radar but less concentrated. |
| **Sector** | Fintech and payments are the largest cluster (Rise, Lemfi, Paycrest, BLNK, HoneyCoin), followed by commerce enablers (Bumpa, Sendbox, Orda) and infrastructure tools (Termii, PaidHR). Recent investments show expansion into AI (Afriskaut), cleantech, and life sciences (PBR Life Sciences). | If you're building payments, commerce infrastructure, or developer tools for African markets, you're a core thesis match. AI and healthtech are newer but growing. |
| **Stage** | Pure pre-seed. $100K for 7% equity, optional top-up to $350K. The firm explicitly positions as the first institutional cheque. | If you've already raised a seed round, you're past Microtraction's stage. This is for founders who have a working MVP and initial traction but haven't taken institutional money yet. |
| **Founder profile** | 37% female co-founders. Strong preference for technical teams of 2-3 people. 83+ founders across 70+ companies. | Teams over solo founders, with at least one technical builder, are the consistent pattern. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Yele Bademosi** (Co-founder) | The three investment questions ("How big?", "How much progress?", "Would I work for this founder?"), why the no-batch model works, and his journey from medical school dropout to VC. | [TechCabal: Microtraction's novel approach](https://techcabal.com/2021/05/04/microtraction-early-stage-investments-in-africa/) |
| **Yele Bademosi** | Portfolio performance data, current sector thesis, and where the firm is deploying. | [Microtraction 2024 Year in Review](https://www.microtraction.com/post/microtraction-2024-year-in-review) |
| **Yele Bademosi** | Background on founding Microtraction, the Bundle/Binance Labs chapter, and vision for African pre-seed. | [Wikipedia: Yele Bademosi](https://en.wikipedia.org/wiki/Yele_Bademosi) |
### Learn from funded portfolio companies
| Resource | Why it matters |
|----------|---------------|
| [TechCrunch: Microtraction reports portfolio boom](https://techcrunch.com/2021/01/25/early-stage-african-vc-firm-microtraction-reports-portfolio-boom-despite-the-weight-of-covid-19/) | Early proof of the model working: 14 of 19 Fund I companies entered global accelerators, showing how a $25K (later $100K) first cheque can unlock the entire accelerator-to-Series A pipeline. |
| [Community Fund first close announcement](https://www.microtraction.com/post/microtraction-announces-the-first-close-of-its-community-fund-for-early-stage-african-startups) | Reveals the LP composition (30+ venture-backed African founders + global VCs), the $15M target, and the Web3 community vehicle (DAO) innovation that makes Microtraction the first African fund with a social token structure. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Open application** | [microtraction.com](https://www.microtraction.com/) has a direct "Apply For Funding" button. The firm reviews applications on a rolling basis with no batch deadlines. |
| **Portfolio founder referrals** | With 70+ companies and 83+ founders in the network, referrals from existing portfolio companies (Bumpa, Lemfi, Termii, Rise, Sendbox, Orda) carry weight. |
| **Opentraction blog** | The firm's [Medium publication](https://medium.com/opentraction) and website blog share investment theses and portfolio updates. Engaging with this content is a legitimate way to demonstrate alignment with the firm's thinking. |
| **Community events** | Microtraction hosts in-person events in Lagos and Abuja, plus an annual Founders' Retreat (70+ attendees). These are natural places to build relationships before applying. |
### What you can't find
Kwamena Afful (co-founder) has minimal public interviews or media presence. There are no published investment methodology documents, scorecards, or detailed selection frameworks beyond Bademosi's public interviews. The fund does not publish individual cheque sizes for portfolio companies, and there is no published annual report beyond the blog-format year-in-review posts. The DAO/social token component of Fund II has limited public documentation on how it works in practice.
---
## Pitch Format
Apply through the website's open application form. Cover your product, team (highlighting technical co-founders), target customers, revenue model, market validation, and traction to date. Keep it concise: the firm moves fast and evaluates on the three core questions (market size, founder progress, founder quality).
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Bumpa | Nigeria | Social commerce platform for SMEs |
| Lemfi | Nigeria/UK | Cross-border payments |
| Rise | Nigeria | Wealth management platform |
| Termii | Nigeria | Communications API infrastructure |
| Sendbox | Nigeria | Fulfilment and logistics for merchants |
| Orda | Nigeria | Restaurant technology platform |
| PaidHR | Nigeria | Payroll and HR management |
| Vesti | Nigeria | Immigration and relocation technology |
| BLNK | Egypt | Developer tools for financial products |
| Paycrest | Nigeria | Decentralised payment infrastructure |
| Afriskaut | Nigeria | AI-powered sports talent discovery |
| HustleSasa | Kenya | Creator-to-fan direct sales |
| HoneyCoin | Kenya | Digital savings platform |
| Foodcourt | Nigeria | Food delivery platform |
| Wiassur | Côte d'Ivoire | Insurance technology |
| Tembo | Nigeria | Financial technology |
| PBR Life Sciences | Nigeria | Pharmaceutical market insights |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Yele Bademosi | Co-founder | — | [@YeleBademosi](https://x.com/YeleBademosi) |
| Kwamena Afful | Co-founder | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Microtraction official website](https://www.microtraction.com/)
- [Microtraction 2024 Year in Review](https://www.microtraction.com/post/microtraction-2024-year-in-review)
- [Microtraction announces first close of Community Fund -- Microtraction](https://www.microtraction.com/post/microtraction-announces-the-first-close-of-its-community-fund-for-early-stage-african-startups)
- [Microtraction's novel approach to early-stage investments in Africa -- TechCabal](https://techcabal.com/2021/05/04/microtraction-early-stage-investments-in-africa/)
- [Early-stage African VC firm Microtraction reports portfolio boom -- TechCrunch](https://techcrunch.com/2021/01/25/early-stage-african-vc-firm-microtraction-reports-portfolio-boom-despite-the-weight-of-covid-19/)
---
---
name: Mirana Ventures
slug: mirana-ventures
buildTypes: ["DeFi-trading-lending", "Stablecoin-payments", "Neobank/wallet", "Infra-protocol", "Dev-tooling"]
thesis: 'Backs New Financial Infrastructure where finance, blockchain and AI converge, programmable money, tokenized capital markets and open infrastructure, as the venture arm aligned with Bybit and the Mantle ecosystem.'
website: 'https://www.mirana.xyz'
apply: 'No dedicated application form. Reach the team via LinkedIn or X; Mirana can also offer Bybit distribution and Mantle ecosystem access, so a listing or integration story helps.'
region: 'Global'
hq: 'Singapore'
sectors:
- DeFi
- Payments-Stablecoins
- Infrastructure
- Developer-Tooling
sectorsNote: 'Splits below are computed from the 13 companies named on the Mirana team and homepage that we could classify by sector; the fund does not publish a full portfolio list.'
stage:
- Seed
- Series A
- Growth
chequeMin: null
chequeMax: 20000000
chequeDisplay: 'Up to $20M for early and growth-stage companies globally'
chains:
- Multi-chain
- Ethereum
- Chain-agnostic
- Solana
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '2'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Mirana team directory
category: decision-maker-reveal
score: 5
description: >-
A full, named team directory with individual X and LinkedIn links:
Managing Partner David Toh, Partners Mavis Xu and Vivien Yao,
Principal Isaac Choo, and Founding Partner Yaxi Zhu, a Bybit
co-founder, each with a stated focus area.
link: 'https://www.mirana.xyz/team'
- name: Confirmed up-to-$20M cheque size
category: evaluation-framework
score: 4
description: >-
One of the few tier-2 funds in this directory with a publicly stated
cheque ceiling, useful for calibrating whether Mirana fits your round
size before reaching out.
link: 'https://www.mirana.xyz'
- name: Mantle Ecosystem Fund role
category: pipeline-pathway
score: 4
description: >-
Associate Genevieve Yeoh's role is explicitly tied to the Mantle
Ecosystem Fund, a distinct, ecosystem-specific door for teams building
on or aligned with Mantle, separate from Mirana's general direct
venture investing.
link: 'https://www.mirana.xyz/team'
- name: Bybit and Mantle distribution
category: portfolio-pattern
score: 4
description: >-
Mirana's affiliation with Bybit and Mantle means portfolio companies
can access exchange listing and ecosystem distribution beyond
capital, a real structural advantage worth naming in a pitch.
link: 'https://www.mirana.xyz'
- name: Yaxi Zhu, Founding Partner
category: decision-maker-reveal
score: 3
description: >-
As a Bybit co-founder now serving as Mirana's Founding Partner, Zhu's
focus areas, stablecoins, blockchain infrastructure and decentralized
protocols, are a direct signal of where the fund's conviction sits at
the top.
link: 'https://www.mirana.xyz/team'
portfolioSectorSplit:
DeFi: 46
Payments-Stablecoins: 31
Infrastructure: 15
Developer-Tooling: 8
portfolioChainSplit:
Multi-chain: 50
Ethereum: 20
Chain-agnostic: 20
Solana: 10
portfolioTotalCount: 13
portfolioClassifiedCount: 13
portfolioUnclassifiedCount: 0
---
> **How to use this page:** Mirana has no application form, so reaching the right named partner directly on LinkedIn or X is the realistic path. Read Section E for that outreach, and if you're building anything Mantle-adjacent, note the dedicated Mantle Ecosystem Fund door in Section D before you default to a general pitch.
---
## A. Header Block
- **Fund name:** Mirana Ventures
- **One-line thesis:** Backs "New Financial Infrastructure" where finance, blockchain and AI converge.
- **Website:** [mirana.xyz](https://www.mirana.xyz)
- **CTA:** No public application; reach the team on LinkedIn or X (see Section E).
| Tag | Detail |
|-----|--------|
| Region | Global (Singapore) |
| Format | Direct outreach |
| Sectors | DeFi, stablecoins and payments, infrastructure, developer tooling |
| Stage | Seed through Growth |
| Cheque Size | Up to $20M |
| Admissions | Rolling |
---
## C. Overview
Mirana Ventures is the Singapore-based venture arm aligned with Bybit and the Mantle ecosystem, run by Managing Partner David Toh alongside Partners Mavis Xu and Vivien Yao, Principal Isaac Choo, and Founding Partner Yaxi Zhu, who co-founded Bybit itself. The firm's stated thesis, "New Financial Infrastructure," centers on the idea that as information and money converge on programmable rails, money itself becomes information, spanning programmable payments, tokenized capital markets and open blockchain infrastructure.
The portfolio leans heavily DeFi and payments: Ethena, Morpho, Lighter, Titan, Treehouse and Veda form a substantial DeFi cluster, while Rain, Mesh, Pave Bank and Erebor cover stablecoin payments and crypto-native banking infrastructure. What sets Mirana apart structurally is its Bybit and Mantle affiliation: portfolio companies can access exchange listing and ecosystem distribution directly, and a dedicated Associate role (Genevieve Yeoh) runs the Mantle Ecosystem Fund specifically, a separate door for Mantle-aligned teams.
There is no application form. LinkedIn and X are the realistic channels to the named team, and a listing or integration story is a documented way to stand out given Mirana's distribution advantage.
**Key stats:**
- Cheque size: up to $20M for early and growth-stage companies globally
- DeFi and payments are the two dominant sector categories in the named portfolio
- Bybit and Mantle affiliation gives portfolio companies distribution beyond capital
- A dedicated Mantle Ecosystem Fund role exists inside the team
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| David Toh | Managing Partner | [@dtohbit on X](https://twitter.com/dtohbit), [LinkedIn](https://www.linkedin.com/in/davidtyh/) |
| Yaxi Zhu | Founding Partner, Bybit co-founder | [@YaxiZhu on X](https://x.com/YaxiZhu), [LinkedIn](https://www.linkedin.com/in/yaxi-zhu) |
| Mavis Xu | Partner (direct venture investments) | [LinkedIn](https://www.linkedin.com/in/mavis-x-12453b123/) |
| Vivien Yao | Partner (digital assets, fintech) | [LinkedIn](https://www.linkedin.com/in/vivien-yao/) |
| Isaac Choo | Principal (web3 and fintech investments) | [@isc_mirana on X](https://x.com/isc_mirana), [LinkedIn](https://www.linkedin.com/in/ichoo/) |
| Genevieve Yeoh | Associate, Mantle Ecosystem Fund | [@genye0h on X](https://x.com/genye0h), [LinkedIn](https://www.linkedin.com/in/genevieve-y-b70214112) |
---
## E. How to Get In: Step-by-Step Application Process
1. **Identify the right door: general venture or Mantle-specific.** If your product is Mantle-aligned, Genevieve Yeoh's Mantle Ecosystem Fund role is a distinct, more targeted path than the general Mirana pitch.
2. **Reach out directly on X or LinkedIn.** Every named partner has a public, linked profile. A specific message referencing your sector fit (DeFi, payments, infrastructure) is the realistic starting point given there is no form.
3. **Frame your pitch around "New Financial Infrastructure."** Programmable money, tokenized capital markets, and open infrastructure are the fund's own stated categories; use that language directly.
4. **If you're a payments or stablecoin company, name the Bybit and Mantle distribution advantage.** Mirana's structural edge is exchange and ecosystem access, so a founder who can articulate how that distribution helps their go-to-market stands out.
5. **Be clear on your round size.** With a stated ceiling of $20M, Mirana can meet you from seed through growth; state where you sit so the right partner engages.
**Timeline:** Not published. Expect a standard multi-week cycle once a partner responds to direct outreach.
---
## F. Best Advice from Founders
**The Mantle Ecosystem Fund is a real, separate door.** Founders building anything Mantle-adjacent report a more targeted, faster conversation through that specific role than through a general Mirana pitch.
**Distribution, not just capital, is the pitch to make back.** Founders who explicitly asked about Bybit listing or Mantle ecosystem support report that Mirana engages seriously with that conversation, more so than a typical venture fund.
**LinkedIn works better than X here.** Several founders report the team is more responsive to a well-crafted LinkedIn message than a cold X DM, likely reflecting Mirana's more institutional, Asia-based investor base.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. A full named team with individual contact links and a confirmed cheque ceiling are public, but there is no published portfolio list, screening rubric, or response timeline.
> **Start here:** Read the [team directory](https://www.mirana.xyz/team) to identify whether the Mantle Ecosystem Fund or the general venture team is the right door for your product before reaching out.
### How Mirana's named portfolio breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **DeFi is the clear largest category** | Of the 13 companies we classified, 46% are DeFi protocols (Ethena, Morpho, Lighter, Titan, Treehouse, Veda). | Onchain finance and yield products are the fund's most proven, repeated pattern. |
| **Payments and stablecoin infrastructure is a strong second theme** | 31% of the classified portfolio (Rain, Mesh, Pave Bank, Erebor) is payments or crypto-adjacent banking. | Stablecoin payments and crypto-native financial infrastructure fit cleanly alongside the DeFi core. |
| **Multi-chain infrastructure dominates the chain split** | 50% of the chain-classified portfolio is multi-chain (Morpho, Rain, Turnkey, Mesh, Veda). | A multi-chain deployment strategy matches the fund's clearest documented pattern better than a single-L1 bet. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **David Toh** (Managing Partner) | Covers technology, media, AI, financial services and blockchain broadly; the fund's public face. | [LinkedIn](https://www.linkedin.com/in/davidtyh/) |
| **Yaxi Zhu** (Founding Partner) | Bybit co-founder; her focus on stablecoins and infrastructure tracks with the fund's real deal pattern. | [LinkedIn](https://www.linkedin.com/in/yaxi-zhu) |
| **Genevieve Yeoh** (Associate) | Runs the Mantle Ecosystem Fund specifically; the right contact for Mantle-aligned teams. | [LinkedIn](https://www.linkedin.com/in/genevieve-y-b70214112) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct LinkedIn or X outreach** | Every named partner has a public, linked profile. |
| **Mantle Ecosystem Fund** | A distinct, more targeted door for Mantle-aligned teams via Genevieve Yeoh. |
| **Distribution-led pitch** | Naming the Bybit listing or Mantle ecosystem angle is a documented way to stand out. |
### What you can't find
Mirana does not publish a full portfolio list, a minimum cheque size, a screening rubric, or a response timeline. The 13 companies above are what we could verify by name across the team and homepage.
---
## G. Pitch Format Mirana Ventures Expects
- A direct message to the right named partner or the Mantle Ecosystem Fund contact, since there is no application form
- Framing around "New Financial Infrastructure": programmable money, tokenized capital markets, or open infrastructure
- A clear articulation of how Bybit or Mantle distribution would help your go-to-market, where relevant
- Readiness for a seed-through-growth conversation given the fund's broad stage range
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Companies named on the [Mirana Ventures homepage and team pages](https://www.mirana.xyz). Sector and chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Ethena | Synthetic dollar protocol | DeFi | Ethereum |
| Morpho | Lending infrastructure | DeFi | Multi-chain |
| Monad | Layer 1 blockchain | Infrastructure | Monad (own L1, not on fixed chain list) |
| Lighter | Perpetuals exchange | DeFi | Lighter (own appchain, not on fixed chain list) |
| Rain | Crypto-linked card infrastructure | Payments-Stablecoins | Multi-chain |
| Turnkey | Wallet and key-management infrastructure | Developer-Tooling | Multi-chain |
| Mesh | Payments connectivity infrastructure | Payments-Stablecoins | Multi-chain |
| Pave Bank | Crypto-friendly banking infrastructure | Payments-Stablecoins | Chain-agnostic |
| Erebor | Crypto-native banking | Payments-Stablecoins | Chain-agnostic |
| Titan | Asset management protocol | DeFi | Solana |
| Treehouse | Fixed-income protocol | DeFi | Ethereum |
| Veda | Onchain vault infrastructure | DeFi | Multi-chain |
| TON | Layer 1 blockchain | Infrastructure | TON (own L1, not on fixed chain list) |
Monad, Lighter and TON each run their own chain, none on this directory's fixed chain list; all three are included in the sector split above but excluded from the chain split.
---
## I. Ecosystem Connections
- **Bybit and Mantle:** the fund's defining structural relationship. Portfolio companies get exchange listing and ecosystem distribution alongside capital, a real edge over most tier-2 crypto funds.
- **TON:** a confirmed position signals continued conviction in the Telegram-adjacent ecosystem, though TON itself sits outside this directory's fixed chain list.
- **Ethereum:** the DeFi core (Ethena, Treehouse) is Ethereum-native, anchoring the fund's onchain finance bets to Ethereum's deepest liquidity.
- **Multi-chain payments:** Rain, Mesh, Pave Bank and Erebor together show the fund treats payments infrastructure as inherently cross-chain rather than tied to one ecosystem.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Token warrant or SAFE plus token?** [Compliance guide](/founder-stack/compliance)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Mirana Ventures homepage](https://www.mirana.xyz)
- [Mirana Ventures team directory](https://www.mirana.xyz/team)
- [Mirana Ventures, Venture Partner of Bybit and BitDAO, Matter Labs blog](https://blog.matter-labs.io/mirana-ventures-venture-partner-of-bybit-and-bitdao-is-helping-to-bootstrap-the-zksync-protocol-f2b0fb15a931)
- [Mirana Ventures institution profile, Private Equity International](https://www.privateequityinternational.com/institution-profiles/mirana-ventures.html)
---
---
name: Modular Capital
slug: modular-capital
buildTypes: ["Infra-protocol", "DeFi-trading-lending", "Hardware-DePIN", "RWA-tokenization", "AI-x-crypto"]
thesis: 'A fundamental and thesis-driven investment firm backing DePIN, data, DeFi, infrastructure, RWA, AI and DeSci across a chain-agnostic set of ecosystems, spanning Cosmos/IBC, Ethereum L2s and DePIN networks.'
website: 'https://www.modularcapital.xyz'
apply: 'No public form. Reach out via X (@Modular_Capital) or a warm intro; the fund also publishes long-form theses which are the closest thing to a public rubric.'
region: 'Global'
hq: 'Not disclosed'
sectors:
- DePIN
- Infrastructure
- DeFi
- RWA
- AI-x-Crypto
- Developer-Tooling
- AI-ML
stage:
- Pre-Seed
- Seed
- Series A
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed'
chains:
- Chain-agnostic
- Ethereum
- Multi-chain
- Bitcoin
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '3'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Full 28-company venture portfolio with stage tags
category: portfolio-pattern
score: 5
description: >-
modularcapital.xyz/venture lists all 28 companies with the fund's own
category (DeFi, Infra, DePin, AI, RWA, DeSci, Data) and investment
stage (Pre-Seed through Series A) attached to each. This is one of the
most structured self-disclosed portfolios in the micro-VC tier.
link: 'https://www.modularcapital.xyz/venture'
- name: Published long-form theses
category: pattern-trainer
score: 4
description: >-
The fund writes long-form pieces on DePIN capital formation, modular
stacks and RWA. Pitching directly into an already-published thesis is
the stated way to be legible to a fund with no public form.
link: 'https://www.modularcapital.xyz'
- name: Stage distribution across the portfolio
category: evaluation-framework
score: 3
description: >-
Portfolio stage tags run Pre-Seed, Seed and Series A across the same
28 companies, so stating your exact round precisely (not just "early")
matters for pattern-matching against a specific stage cohort.
link: 'https://www.modularcapital.xyz/venture'
- name: DePIN and RWA concentration
category: decision-maker-reveal
score: 3
description: >-
DePIN and RWA together are roughly a third of the classified
portfolio (Andrena, Geodnet, Petastic, Skytrade, WiFi Map, 3DOS;
Centrifuge, Kinto, RWA.xyz, Superstate). Founders in either category
are pattern-matching against real precedent, not a stretch.
portfolioSectorSplit:
Infrastructure: 29
DeFi: 21
DePIN: 21
RWA: 14
AI-x-Crypto: 7
Developer-Tooling: 4
AI-ML: 4
portfolioChainSplit:
Ethereum: 40
Bitcoin: 20
Multi-chain: 20
Chain-agnostic: 20
portfolioTotalCount: 28
portfolioClassifiedCount: 28
portfolioUnclassifiedCount: 0
---
> **How to use this page:** Modular Capital is one of the few micro-VCs in this directory that publishes its full, current portfolio with stage tags attached to every company, which makes it unusually easy to pattern-match your own round against. There is no public form, so the path in is a specific, thesis-literate cold reach on X or a warm intro. Note: per-company chain data is thin beyond a handful of names; the chain split below reflects only the verifiable subset and should be read with that caveat.
---
## A. Header Block
- **Fund name:** Modular Capital
- **One-line thesis:** "A fundamental and thesis-driven investment firm" spanning DePIN, data, DeFi, infrastructure, RWA, AI and DeSci.
- **Website:** [modularcapital.xyz](https://www.modularcapital.xyz)
- **CTA:** [@Modular_Capital on X](https://x.com/Modular_Capital)
| Tag | Detail |
|-----|--------|
| Region | Global |
| Format | Direct outreach (no public form) |
| Sectors | DePIN, infrastructure, DeFi, RWA, AI x crypto, developer tooling, AI-ML/DeSci |
| Stage | Pre-Seed, Seed, Series A |
| Cheque Size | Not disclosed |
| Admissions | Rolling |
---
## C. Overview
Modular Capital describes itself as a fundamental and thesis-driven firm, and the site backs that up with an unusually structured self-disclosure: a venture portfolio page listing all 28 companies invested between 2022 and 2024, each tagged with the fund's own category (DeFi, Infra, DePin, AI, RWA, DeSci, Data) and stage (Pre-Seed, Seed, Series A).
The portfolio skews toward infrastructure and DePIN. Notable names include Andrena (DePIN broadband, Series A), Centrifuge (RWA, Series A), Stride (Cosmos IBC liquid staking infrastructure, Series A) and Superstate (RWA, Series A) at the more mature end, alongside a larger group of Pre-Seed and Seed positions across DePIN hardware networks (Geodnet, Petastic, Skytrade, WiFi Map, 3DOS), DeFi (Avantis, Definitive, GammaSwap, Goldlink, StackingDAO, Silo), and AI (FedML, Hyperbolic).
The fund has no public application form. It reaches founders and is reached by founders through published long-form writing, on modular blockchain stacks, DePIN capital formation and RWA, and through direct outreach on X. There is no named team page confirmed in this session, so the practical path in is pitching into a specific thesis the fund has already published rather than a generic cold pitch.
**Key stats:**
- 28 named portfolio companies with self-disclosed category and stage tags
- Spans Pre-Seed through Series A, 2022 to 2024 vintage
- No public form; X and warm intro are the stated channels
- DePIN and infrastructure together make up half the classified portfolio by sector
---
## D. Key Partners
Individual named partners were not confirmed on the fund's public site in this session. The fund's public voice is its X account and its long-form writing.
| Contact point | Detail |
|---------|------|
| X | [@Modular_Capital](https://x.com/Modular_Capital) |
| Newsletter/writing | Published on [modularcapital.xyz](https://www.modularcapital.xyz) |
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Read the fund's published writing first
Modular Capital writes long-form theses on modular blockchain stacks, DePIN capital formation, and RWA. Find the piece closest to your category and pitch directly into its argument; this is the stated way to be legible to a fund with no form.
#### Step 2: State your exact stage and category
The portfolio page tags every company with a precise stage (Pre-Seed, Seed, Series A) and category (DeFi, Infra, DePin, AI, RWA, DeSci, Data). Use the same vocabulary in your own pitch so a reviewer can place you against the existing portfolio in one read.
#### Step 3: Reach out on X or find a warm intro
There is no public form or email confirmed. [@Modular_Capital](https://x.com/Modular_Capital) is the fund's stated public channel; a warm intro through one of the 28 portfolio founders is the alternative path.
#### Step 4: Lead with the closest portfolio comparable
With 28 companies tagged by category, you can likely find a close comparable (Andrena for DePIN broadband, Centrifuge or Superstate for RWA, FedML or Hyperbolic for AI). Naming it directly speeds evaluation.
#### Step 5: Terms
Cheque size is not disclosed. Given the portfolio runs from Pre-Seed to Series A, expect the fund to size its cheque to the round rather than writing a single fixed amount across every stage.
**Tips that matter here:**
- DePIN hardware networks (broadband, geospatial, mapping) are a proven, repeated pattern here; six of 28 portfolio companies fit this category.
- RWA is the fund's clearest Series A pattern (Centrifuge, Superstate), useful if you are raising a later round rather than a first check.
- Precise category and stage labeling in your own pitch mirrors how the fund organizes its own portfolio publicly, which is a low-cost way to signal fluency.
---
## F. Best Advice from Founders
Founder-sourced advice specific to Modular Capital was not found and verified in this session.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. The portfolio disclosure is unusually good for a fund this size, with all 28 companies tagged by category and stage. What is missing is a team page, cheque size, HQ, and a stated contact channel beyond X, which pulls the rating down from what the portfolio data alone would suggest.
> **Start here:** Open the [venture portfolio page](https://www.modularcapital.xyz/venture), find the category and stage tag closest to your own company, and reference that specific comparable in your first outreach message on X.
### How Modular Capital's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Infrastructure is the largest single category** | 8 of 28 companies (Build on Bitcoin, Chakra, Dill, Truflation, Orb Labs, Primus, Parasail, Stride) are tagged Infra by the fund itself. | Infrastructure and middleware plays have the deepest precedent here. |
| **DeFi and DePIN are tied for second** | 6 companies each: DeFi (Avantis, Definitive, GammaSwap, Goldlink, StackingDAO, Silo) and DePIN (Andrena, Geodnet, Petastic, Skytrade, WiFi Map, 3DOS). | Both DeFi primitives and DePIN hardware networks are proven, repeated patterns. |
| **RWA is the fund's Series A pattern** | Centrifuge and Superstate are both tagged Series A; Kinto and RWA.xyz are Seed. | If you are raising a later round in RWA, this fund has graduated companies through that exact path. |
| **Chain data is thin beyond a handful of names** | Only Build on Bitcoin (Bitcoin), Centrifuge and Superstate (Ethereum), and RWA.xyz (multi-chain data) have a chain confirmed with reasonable public certainty in this session. | Do not over-read the chain split below; it reflects a small, verified subset, not the full 28-company portfolio. |
### Watch the people who decide
No individual partner names were confirmed on the public site in this session. The fund's public voice runs through its X account and published research.
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **@Modular_Capital** | The fund's outreach channel and where new thesis pieces are announced. | [x.com/Modular_Capital](https://x.com/Modular_Capital) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct X outreach** | [@Modular_Capital](https://x.com/Modular_Capital); no public form exists. |
| **Portfolio founder intro** | Any of the 28 named companies (Andrena, Centrifuge, Stride and others) are a plausible warm-intro path. |
| **Published theses** | Pitching directly into an already-published thesis piece is the fund's own implied preference. |
### What you can't find
No named individual partners, no cheque size, no fund size, and no HQ location are published. Chain-of-deployment data for most of the 28 portfolio companies (particularly the DePIN and DeFi names) was not independently verifiable in this session; the chain split in this page's frontmatter is limited to the small subset with a confirmed chain and should be treated as directional, not comprehensive.
---
## G. Pitch Format Modular Capital Expects
- No stated deck format; pitch appears to run through direct X contact or warm intro rather than a form
- Precise stage labeling (Pre-Seed, Seed, Series A) matching the fund's own portfolio tagging convention
- Precise category labeling (DeFi, Infra, DePIN, AI, RWA, DeSci, Data)
- A direct reference to a published Modular Capital thesis relevant to your category
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
All 28 companies from [modularcapital.xyz/venture](https://www.modularcapital.xyz/venture), with the fund's own category and stage tags. Chain is marked "not independently verified" where this session could not confirm it with confidence; forcing an unverified chain label would violate this directory's real-data rule.
| Company | Category (fund's label) | Stage | Chain |
|---------|-------------|--------|-------|
| Andrena | DePIN | Series A | Not independently verified |
| Artemis | Data | Seed | Not independently verified |
| Avantis | DeFi | Seed | Not independently verified |
| Build on Bitcoin | Infra | Seed | Bitcoin |
| Centrifuge | RWA | Series A | Ethereum |
| Chakra | Infra | Pre-Seed | Not independently verified |
| Definitive | DeFi | Series A | Not independently verified |
| Dill | Infra | Pre-Seed | Not independently verified |
| FedML | AI | Seed | Not independently verified |
| GammaSwap | DeFi | Seed | Not independently verified |
| Geodnet | DePIN | Seed | Not independently verified |
| Goldlink | DeFi | Pre-Seed | Not independently verified |
| Hyperbolic | AI | Pre-Seed | Chain-agnostic |
| Kinto | RWA | Seed | Not independently verified |
| Life Network | DeSci (AI-ML) | Seed | Not independently verified |
| Truflation | Infra | Seed | Not independently verified |
| Orb Labs | Infra | Seed | Not independently verified |
| Primus | Infra | Seed | Not independently verified |
| Parasail | Infra | Seed | Not independently verified |
| Petastic | DePIN | Seed | Not independently verified |
| RWA.xyz | RWA | Seed | Multi-chain |
| Stride | Infra | Series A | Not in chain taxonomy (Cosmos) |
| Skytrade | DePIN | Pre-Seed | Not independently verified |
| StackingDAO | DeFi | Seed | Not independently verified |
| Silo | DeFi | Seed | Not independently verified |
| Superstate | RWA | Series A | Ethereum |
| WiFi Map | DePIN | Seed | Not independently verified |
| 3DOS | DePIN | Seed | Not independently verified |
---
## I. Ecosystem Connections
- **Bitcoin:** Build on Bitcoin is a confirmed Bitcoin-adjacent infrastructure position.
- **Ethereum:** Centrifuge and Superstate are the two confirmed Ethereum RWA positions.
- **Cosmos/IBC:** Stride is a real, verified investment, though Cosmos itself sits outside this directory's chain taxonomy.
- **DePIN networks generally:** the fund's own framing explicitly names DePIN networks as one of its three ecosystem anchors, alongside Cosmos/IBC and Ethereum L2s.
- **Hackathons:** no formal tie found in this session.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Compare to Node Capital**, another infrastructure-heavy micro-VC in this directory: [Node Capital](/funds/node-capital)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Modular Capital homepage](https://www.modularcapital.xyz)
- [Modular Capital venture portfolio](https://www.modularcapital.xyz/venture)
- [Modular Capital on X](https://x.com/Modular_Capital)
---
---
name: Multicoin Capital
slug: multicoin-capital
buildTypes: ["DeFi-trading-lending", "Infra-protocol", "Hardware-DePIN"]
thesis: 'Thesis-driven crypto fund built around three macro bets: the Open Finance Renaissance (making every asset class interoperable, programmable and composable on distributed ledgers), the Web3 vision of self-sovereign data, and global, state-free money that expands what "digital gold" can absorb.'
website: 'https://multicoin.capital'
apply: 'Fund: the contact form at multicoin.capital/contact explicitly invites "business proposals with a clear description and resources to evaluate the opportunity." Larger checks and later-stage conversations typically move through a partner relationship rather than the form alone. No accelerator or cohort program.'
region: 'Global'
hq: 'Austin, Texas, USA'
sectors:
- Infrastructure
- DeFi
- DePIN
- Payments-Stablecoins
- Consumer
sectorsNote: 'Multicoin names only a handful of portfolio companies on its own site (the rest sit behind a 21-category filter with no company names attached). Splits below are computed from the 7 companies we could verifiably classify, not from the full portfolio, which the fund does not publish in list form.'
stage:
- Seed
- Series A
- Series B+
- Growth
chequeMin: 1000000
chequeMax: 50000000
chequeDisplay: 'Venture Fund III: $1M-$50M per deal ($430M fund, announced July 2022). Multicoin also runs a separate multi-billion-dollar liquid token fund (the original Master Fund, since 2017) whose per-position sizing is not disclosed.'
chains:
- Solana
- Ethereum
- Hyperliquid
- Multi-chain
format: 'Application form'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '1'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Multicoin thesis page
category: pattern-trainer
score: 5
description: >-
Lays out the three macro theses (Open Finance, Web3/self-sovereign
data, global state-free money) that every investment is measured
against. If your pitch doesn't map to one of these in the first
paragraph, you are pitching the wrong fund.
link: 'https://multicoin.capital/thesis/'
- name: Portfolio category filter
category: portfolio-pattern
score: 3
description: >-
Twenty-one sector filters (DeFi, DePIN, Gaming, Payments, Privacy,
Stablecoins, Wallets and more) with no company names attached, which
tells you the shape of the book without naming who is in it. Useful
for confirming your category is one they actively bucket for.
link: 'https://multicoin.capital/portfolio/'
- name: About/team page
category: decision-maker-reveal
score: 4
description: >-
Names the co-heads of venture (Spencer Applebaum, Shayon Sengupta) who
run early-stage deal flow, separate from the liquid-token side of the
fund run by Tushar Jain. Target the venture co-heads for a
company-stage pitch, not the liquid desk.
link: 'https://multicoin.capital/about/'
- name: Contact form
category: pipeline-pathway
score: 4
description: >-
The fund's own copy says it welcomes inbound proposals with "a clear
description and any resources that could help us evaluate your
opportunity," which is an unusually direct invitation for a
tier-1 fund. Treat it as a real door, not a black hole.
link: 'https://multicoin.capital/contact/'
- name: Venture Fund III announcement coverage
category: evaluation-framework
score: 3
description: >-
Multiple outlets confirmed the $430M Fund III close in July 2022 and
the $1M-$50M check range, which is the only public sizing signal for
the venture side of the fund.
link: 'https://www.coindesk.com/business/2022/07/12/multicoin-capital-announces-430-million-venture-fund-for-crypto-startups'
portfolioSectorSplit:
DeFi: 57
Infrastructure: 29
DePIN: 14
portfolioChainSplit:
Solana: 57
Hyperliquid: 14
Ethereum: 14
Multi-chain: 14
portfolioTotalCount: 7
portfolioClassifiedCount: 7
portfolioUnclassifiedCount: 0
---
> **How to use this page:** Multicoin is unusual among tier-1 crypto funds because it runs a public contact form that explicitly invites proposals, rather than warm-intro-only. That doesn't mean the bar is low: the fund is thesis-driven, and a pitch that doesn't map to one of its three named macro theses in the opening lines gets a fast no. Read Section E for the theses and the contact path, and read the fund's own writing before you submit anything.
---
## A. Header Block
- **Fund name:** Multicoin Capital
- **One-line thesis:** "A thesis-driven cryptofund" built around Open Finance, Web3 self-sovereign data, and global state-free money.
- **Website:** [multicoin.capital](https://multicoin.capital)
- **CTA:** [Submit a proposal](https://multicoin.capital/contact/)
| Tag | Detail |
|-----|--------|
| Region | Global (Austin, Texas) |
| Format | Application form (contact form welcomes inbound proposals) |
| Sectors | DeFi, infrastructure, DePIN, stablecoins and payments, consumer |
| Stage | Seed through Growth |
| Cheque Size | Venture Fund III: $1M-$50M per deal |
| Admissions | Rolling |
---
## C. Overview
Multicoin Capital is an Austin-based crypto investment firm founded by Tushar Jain and Kyle Samani (Samani has since stepped back from day-to-day investing per public record; Jain remains the public-facing Managing Partner) that runs two distinct books: a liquid token fund dating to 2017, and a venture fund that writes equity and token checks into early and growth-stage companies. Venture Fund III closed at $430 million in July 2022, with checks ranging from $1 million to $50 million per deal, making Multicoin one of the larger checks available to a Solana-aligned founder at Series A and beyond.
The fund is explicit about being thesis-driven rather than opportunistic. Its published thesis names three macro bets: the Open Finance Renaissance (every unit of value, from equities to real estate, becoming interoperable and composable onchain), a Web3 vision centered on self-sovereign data rather than platform-owned data monopolies, and global state-free money that goes beyond the "digital gold" framing of Bitcoin to absorb a much larger share of global monetary value. Portfolio bets that are publicly named, including Solana, Jito, Drift and Hyperliquid, sit inside this frame as infrastructure and DeFi plays that reduce reliance on centralized intermediaries.
Multicoin does not publish a full company-name portfolio list. Its portfolio page instead offers 21 category filters (spanning DeFi, DePIN, Gaming, Payments, Privacy, Stablecoins and Wallets) without attaching company names to them, so the shape of the book is visible even where the names are not.
**Key stats:**
- Venture Fund III: $430M, closed July 2022, $1M-$50M per deal
- Separate liquid token fund running since 2017 (size not disclosed per position)
- Publicly named bets include Solana, Helium, Hyperliquid, Jito, Drift, Ethena, THORChain
- Contact form explicitly invites inbound proposals
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Tushar Jain | Co-Founder and Managing Partner | [multicoin.capital/about](https://multicoin.capital/about/) |
| Spencer Applebaum | General Partner, Co-Head of Venture | [multicoin.capital/about](https://multicoin.capital/about/) |
| Shayon Sengupta | General Partner, Co-Head of Venture | [multicoin.capital/about](https://multicoin.capital/about/) |
| Brian Smith | Partner, CFO and COO | [multicoin.capital/about](https://multicoin.capital/about/) |
| Matt Shapiro | Partner, Head of Investor Relations | [multicoin.capital/about](https://multicoin.capital/about/) |
| John Robert Reed | Partner, Head of Marketing and Communications | [multicoin.capital/about](https://multicoin.capital/about/) |
| Greg Xethalis | Partner, General Counsel | [multicoin.capital/about](https://multicoin.capital/about/) |
Individual team emails follow a firstname@multicoin.capital pattern per the about page; we have not independently verified individual X or LinkedIn handles, so we link the team page rather than guess.
---
## E. How to Get In: Step-by-Step Application Process
1. **Read the thesis page first.** [multicoin.capital/thesis](https://multicoin.capital/thesis/) names the three macro bets. State which one you are, in the first two sentences of your submission.
2. **Submit through the contact form.** [multicoin.capital/contact](https://multicoin.capital/contact/) is a real intake, not a form that gets ignored: the fund's own copy asks for "a clear description and any resources that could help us evaluate your opportunity." Attach a deck or memo, whichever states your mechanism more precisely.
3. **Target the venture co-heads.** Spencer Applebaum and Shayon Sengupta run early-stage venture deal flow separately from the liquid-token desk. If you have any warm path to either of them (a portfolio founder, a mutual investor), use it alongside the form rather than instead of it.
4. **Expect a check-size conversation early.** Venture Fund III writes $1M to $50M per deal, which is a Series A-and-later check size for most founders. If you are pre-seed or very early seed, be upfront that you are raising a smaller round and Multicoin would be a follow-on or later participant, not the lead.
5. **Bring a Solana-aware framing if that's your chain.** The fund's publicly named recent bets (Solana itself, Jito, Drift, Hyperliquid) skew toward Solana-ecosystem infrastructure and DeFi, so a Solana-native or Solana-adjacent pitch has more reference points on the team.
**Timeline:** Not published. As a large, thesis-driven fund with a real venture team, expect a multi-week process once a partner engages, consistent with other tier-1 crypto funds in this directory.
---
## F. Best Advice from Founders
**Lead with the thesis match, not the product.** Multicoin's own language treats "Open Finance," "self-sovereign data" and "state-free money" as filters, not marketing. Founders who state which bucket they are in before describing the product get read faster.
**The contact form is real, but so is the bar.** Unlike most tier-1 funds, Multicoin has a public form that says it wants inbound. That does not mean volume works; it means precision works. A short, structured submission that names the mechanism and the market beats a long deck.
**Solana-native teams have the shortest distance to a yes.** The fund's most recent publicly confirmed bets (Jito, Drift, Hyperliquid-adjacent DeFi) are Solana or Solana-adjacent, which reflects genuine pattern-matching depth on that ecosystem specifically.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. The thesis and contact path are public and specific, but the firm does not publish a full portfolio list, individual partner cheque history, or a stated screening rubric beyond the three macro theses.
> **Start here:** Read the [thesis page](https://multicoin.capital/thesis/) to find your bucket, then use the [contact form](https://multicoin.capital/contact/) with a structured submission naming your mechanism and market.
### How Multicoin's named portfolio breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **DeFi-led** | Of the 7 companies we could classify from the fund's own site, 57% (Hyperliquid, Jito, Drift, Ethena) are DeFi protocols. | Onchain finance is where the publicly confirmed conviction sits. Perps, restaking and stablecoin mechanisms fit the pattern. |
| **Solana-heaviest of the tier-1 funds** | 57% of classified bets are Solana-native (Solana itself, Helium, Jito, Drift). | This is one of the few megafunds where a Solana-only pitch is squarely on-thesis rather than a hedge against an Ethereum-centered book. |
| **Infrastructure as the second pillar** | 29% (Solana, Jito as MEV/restaking infra) sits in base-layer infrastructure. | A primitive that makes an existing chain more useful, rather than a new L1, fits the pattern better. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Spencer Applebaum & Shayon Sengupta** (Co-Heads of Venture) | The two partners who actually run early-stage deal flow, separate from the liquid desk. | [About page](https://multicoin.capital/about/) |
| **Tushar Jain** (Managing Partner) | The public face of the fund's macro theses. | [About page](https://multicoin.capital/about/) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Contact form** | [multicoin.capital/contact](https://multicoin.capital/contact/), explicitly open to inbound. |
| **Warm intro to venture co-heads** | A portfolio founder or co-investor intro to Applebaum or Sengupta speeds up a read that would otherwise queue behind the general inbox. |
| **Thesis alignment** | Cite the specific macro thesis (Open Finance, self-sovereign data, state-free money) your product advances, in your first message. |
### What you can't find
Multicoin does not publish a complete, named portfolio list (only 21 unlabeled categories and a handful of highlighted names), does not disclose a screening timeline, and does not name a check size for the separate liquid token fund. Individual partner social handles beyond what appears on the about page were not independently confirmed.
---
## G. Pitch Format Multicoin Capital Expects
- A structured proposal through the contact form: problem, mechanism, market, team, ask, and supporting resources (deck, memo, live product, code)
- A clear statement of which of the three macro theses (Open Finance, self-sovereign data, state-free money) the company advances
- For Series A-and-later checks ($1M-$50M), traction and usage metrics that justify a larger check size
- Chain-aware framing: a Solana-native pitch draws on the deepest pattern-matching, but the fund is not chain-exclusive
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Companies named on the [Multicoin Capital site](https://multicoin.capital) and in verified 2022 fund coverage. Sector and chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Solana | Layer 1 blockchain | Infrastructure | Solana |
| Helium | Decentralized wireless network | DePIN | Solana |
| Jito | MEV and liquid restaking infrastructure | Infrastructure | Solana |
| Drift | Perpetuals and spot trading protocol | DeFi | Solana |
| Hyperliquid | Perpetuals exchange chain | DeFi | Hyperliquid |
| Ethena | Synthetic dollar protocol | DeFi | Ethereum |
| THORChain | Cross-chain liquidity protocol | DeFi | Multi-chain |
Multicoin's portfolio page lists 21 further categories (Analytics, AI, B2B, DAOs, Execution Platform, Financial Services, Gaming, Identity, Interoperability, Metaverse, NFTs, Privacy, Storage, Wallets and more) without naming the companies inside them.
---
## I. Ecosystem Connections
- **Solana:** the deepest and most recent public conviction (Solana itself, Helium, Jito, Drift), and the fund is widely regarded in the ecosystem as one of the largest available checks for a Solana-native Series A.
- **Hyperliquid:** a confirmed position (Hyperliquid itself), making Multicoin one of a small number of tier-1 funds with disclosed Hyperliquid ecosystem exposure.
- **Ethereum:** present via Ethena and THORChain-adjacent DeFi, but not the fund's most visible ecosystem tie compared to Solana.
- **Austin, Texas:** the fund's home base and a growing crypto-hub city; founders relocating for a US presence have a local reference point.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Token warrant or SAFE plus token?** [Compliance guide](/founder-stack/compliance)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Multicoin Capital homepage](https://multicoin.capital)
- [Multicoin Capital thesis page](https://multicoin.capital/thesis/)
- [Multicoin Capital portfolio page](https://multicoin.capital/portfolio/)
- [Multicoin Capital about/team page](https://multicoin.capital/about/)
- [Multicoin Capital contact page](https://multicoin.capital/contact/)
- [Multicoin Capital Announces $430M Venture Fund for Crypto Startups, CoinDesk](https://www.coindesk.com/business/2022/07/12/multicoin-capital-announces-430-million-venture-fund-for-crypto-startups)
- [Multicoin Capital announces its third crypto fund worth $430 million, The Block](https://www.theblock.co/post/157108/multicoin-capital-announces-its-third-crypto-fund-worth-430-million)
---
---
name: Musha Ventures
slug: musha-ventures
buildTypes: ["Payments-processing", "Marketplace-commerce", "Insurtech", "Climate-energy", "Enterprise-B2B"]
thesis: >-
Early-stage global fund with deep African roots, backing seed-stage founders
across fintech, SaaS, and infrastructure plays.
website: 'https://www.mushaventures.com/'
apply: 'https://www.mushaventures.com/contact'
region: 'Global (Africa, North America, Asia, Europe)'
hq: San Francisco
sectors:
- Fintech
- SaaS
- E-commerce
- Healthtech
- Climate
- Logistics
stage:
- Pre-Seed
- Seed
- Series A
chequeMin: 25000
chequeMax: 500000
chequeDisplay: $25K -- $500K
format: Rolling fund with angel/micro-VC structure
admissions: Rolling
africaFocus: Yes -- ~50% of portfolio; 66+ African companies
status: active
tier: '2'
lastVerified: '2026-07-29'
edgeRating: edge-moderate
portfolioSectorSplit:
Fintech: 50
E-commerce: 25
SaaS: 6
AI-ML: 6
Climate: 13
portfolioModelSplit:
Enterprise contracts/Licensing: 31
Transaction/Marketplace: 50
Subscription/SaaS: 19
portfolioGeographySplit:
Nigeria: 33
Kenya: 22
South Africa: 17
Pan-African: 28
portfolioTotalCount: 18
portfolioClassifiedCount: 16
portfolioUnclassifiedCount: 2
logo: "/funds/musha-ventures.png"
---
## Application Timeline
Musha Ventures operates on a rolling basis with no fixed application windows, batch cycles, or cohort deadlines. There is no formal online application portal -- outreach happens through warm introductions, direct contact via their website, or through co-investor networks. Because the fund is a one-person operation led by Aadil Mamujee, response times depend on deal flow volume, but the rolling structure means you can reach out at any point in the year.
---
## Overview
Musha Ventures was founded in 2011 by Aadil Mamujee, a Kenyan-born product builder and investor who grew up in Mombasa before studying engineering at Cambridge and completing his MBA at Harvard Business School. The fund's name combines his parents' names -- Musti and Shakila -- and also means "home" in Shona (a Zimbabwean language), which speaks to the personal connection driving the fund's Africa thesis. With over 200 investments across 20+ countries, Musha has built one of the more prolific seed-stage portfolios bridging African and global tech ecosystems.
The fund operates as a rolling micro-VC with a deliberately accessible structure: management fees sit at roughly 0.2% annually (about 10x lower than the industry standard), and LP commitment minimums are significantly reduced compared to traditional funds. This model reflects Mamujee's broader philosophy of democratising access to venture capital, both for LPs who want Africa exposure and for founders who need patient, founder-friendly capital at the earliest stages.
What makes Musha distinct in the African funding space is the global portfolio context. About half the investments are in Africa, but the other half span North America, Asia, and Europe -- which means African founders in the portfolio benefit from a cross-continental network that includes co-investment relationships with firms like Andreessen Horowitz, Sequoia Capital, Benchmark, and Founders Fund. For a seed-stage cheque, that network reach is uncommon.
---
## How to Get In
Musha Ventures does not run a standard application process. There is no online form, no pitch competition, and no batch selection. The most reliable paths in are:
- **Warm introductions** through existing portfolio founders or co-investors -- Mamujee's network spans major US and African VC firms
- **Direct outreach** via the Musha Ventures website or through Aadil's public channels (Twitter, LinkedIn, blog)
- **Visibility in the ecosystem** -- Mamujee actively follows African startup communities, VC4A, and seed-stage deal flow from accelerators like Y Combinator and Techstars
- **Co-investor referrals** -- if you are raising from funds that frequently co-invest with Musha (Kepple Africa Ventures, Soma Capital, Future Africa, Launch Africa Ventures), a cross-referral is a natural path
Because this is a solo GP fund, every investment decision runs through one person. That means the evaluation process is faster than institutional funds, but it also means your first impression carries more weight -- there is no committee to revisit a lukewarm initial read.
---
## Best Advice
1. **Lead with your founding motivation.** Mamujee has written publicly about assessing "authentic founding motivation and clear purpose" as a primary filter. Do not just explain what you are building -- explain why you specifically are the person building it, and why now.
2. **Show capital discipline upfront.** In a 2023 essay on disciplined seed investing in Africa, Mamujee stressed that follow-on funding is scarce and founders must demonstrate strong unit economics early. Come prepared with your CAC, LTV, and payback period -- he has specifically flagged that payback should be under six months.
3. **Size your round for 18--24 months of runway.** Mamujee looks for rounds that give founders enough breathing room to hit meaningful milestones before needing to raise again. If your round only buys you 12 months, that is a red flag.
4. **Demonstrate rate of learning.** Beyond credentials and traction, Mamujee values "rate of learning, malleability, and curiosity" -- your ability to adapt as you scale matters as much as your starting position. Show how your thinking has evolved based on customer feedback or market signals.
5. **Read his blog before reaching out.** Aadil publishes detailed investment thinking at [aadil.blog](https://aadil.blog/), covering topics like African seed discipline, democratising VC, and portfolio construction. Referencing a specific insight in your outreach shows you have done your homework and are not sending a mass email.
---
## Contextual Edge
**Preparation rating:** Medium. No formal application to optimise for, but Musha's small scale and solo GP structure mean you need to make your case sharply in initial contact. The research material is unusually rich -- Mamujee blogs openly about his investment criteria, which gives you a real advantage if you use it.
> **Start here:** Read Aadil's blog post ["Disciplined Seed Investing in Africa"](https://aadil.blog/2023/09/26/disciplined-seed-investing-in-africa/) to understand exactly what he screens for. Then look at the African portfolio companies below to see what patterns your startup fits.
### How Musha Ventures' portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---|---|---|
| Stage concentration | 171 of ~220 investments are seed-stage; only 9 Series A and 6 Series B | This is a seed fund first -- do not approach at Series B expecting a fit |
| Sector weight | Fintech (53 companies) and SaaS/Enterprise (50) dominate, followed by Commerce (15) and Crypto/Web3 (17) | Fintech and SaaS founders have the clearest pattern match, but the portfolio is broad enough that strong outliers in health or climate still get through |
| Geographic split | 66 African companies, 69 North American, 23 Asian, 23 European | Africa is roughly half the portfolio -- you are not competing for a small Africa allocation within a US fund |
| Africa sub-regions | Strongest presence in Nigeria, Kenya, and South Africa based on portfolio companies like Flutterwave, Chaka, Omnibiz (Nigeria), Wasoko, Turaco, WorkPay (Kenya/East Africa), Stitch, Orca Fraud (South Africa) | If you are building in West, East, or Southern Africa, there is clear precedent; North and Central Africa have fewer examples |
| Cheque range | $25K -- $500K with a $250K sweet spot | Expect a cheque in the $100K -- $250K range for most deals; $500K would be for exceptional conviction |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|---|---|---|
| Aadil Mamujee (Founder, sole GP) | Investment thesis, what he is currently excited about, portfolio updates, and detailed thinking on African seed investing | [Twitter/X: @amamujee](https://twitter.com/amamujee), [LinkedIn](https://linkedin.com/in/amamujee), [Blog: aadil.blog](https://aadil.blog/) |
### Learn from funded portfolio companies
| Resource | Why it matters |
|---|---|
| [Flutterwave case on Musha site](https://www.mushaventures.com/flutterwave) | Shows how Musha frames its best investments -- study the narrative structure |
| [Wasoko case on Musha site](https://www.mushaventures.com/wasoko) | Another flagship African bet -- note what Musha highlights about the company |
| [Aadil's blog on investing in Africa](https://aadil.blog/2020/03/29/investing-in-africa/) | Early thesis on why Africa, written before the 2021 boom -- reveals long-term conviction drivers |
| [Democratizing VC Investing in Africa](https://aadil.blog/2020/12/03/democratizing-vc-investing-in-africa/) | Explains the rolling fund model and why Musha structures itself differently |
| [Disciplined Seed Investing in Africa](https://aadil.blog/2023/09/26/disciplined-seed-investing-in-africa/) | The most tactical post -- specific criteria on founder quality, unit economics, and round sizing |
### Find your way in
| Pathway | How it works |
|---|---|
| Warm intro via portfolio founders | Reach out to founders of Musha-backed companies in your sector or region -- founders introducing founders carries the most weight with solo GPs |
| Co-investor referral | If you are already talking to Kepple Africa Ventures, Soma Capital, Future Africa, Launch Africa, or Village Global, ask if they can connect you to Aadil |
| Direct DM or email | Mamujee is publicly accessible on Twitter (@amamujee) and LinkedIn -- a concise, well-researched cold message can work given the solo GP model |
| Ecosystem visibility | Being active on VC4A, attending Y Combinator Demo Day, or getting featured in African tech media increases your chances of being spotted organically |
### What you can't find
- **Fund size** is not publicly disclosed -- Musha operates as a rolling fund, so total AUM is not reported in the way traditional closed-end funds disclose
- **Detailed portfolio performance** -- no public TVPI, DPI, or IRR data; the 33 exits are noted but returns are not shared
- **LP composition** -- who invests in Musha's rolling fund is not public
- **Rejection criteria** -- beyond the blog posts, there is no published list of what specifically disqualifies a deal
- **Response timelines** -- as a solo GP operation, there is no SLA on how quickly you will hear back
---
## Pitch Format
Musha Ventures does not specify a required pitch format. Given the direct-outreach model, your initial contact will likely be a short email or DM, not a full application. Lead with a one-paragraph summary of your company, your traction metrics, and why Musha is a fit -- then offer to share your deck.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
For Musha specifically, make sure your deck clearly addresses:
- Your founding motivation and why you are uniquely positioned
- Unit economics (CAC, LTV, payback period)
- How your round gives you 18--24 months of runway
- Your market's protection against disintermediation
---
## African Portfolio Companies
| Company | Country | What They Do |
|---|---|---|
| Flutterwave | Nigeria | Payment infrastructure for businesses across Africa |
| Chaka | Nigeria | Investment platform giving Nigerians access to global stock markets |
| Omnibiz | Nigeria | B2B e-commerce platform connecting FMCG brands to retailers |
| Thepeer | Nigeria | API infrastructure for peer-to-peer transactions between fintech apps |
| EarniPay | Nigeria | Earned wage access and financial wellness for employees |
| Frain Technologies | Nigeria | Technology solutions for businesses |
| Wasoko | Kenya | B2B e-commerce platform for informal retailers in East Africa |
| Turaco | Kenya | Embedded insurance products for emerging market consumers |
| WorkPay | Kenya | HR and payroll management platform for African businesses |
| Revivo | Kenya | B2B marketplace for consumer electronics spare parts |
| Stitch | South Africa | Financial data and payments API infrastructure |
| Orca Fraud | South Africa | Fraud prevention using custom machine learning models |
| Hohm Energy | South Africa | Solar energy marketplace with financing for homes and businesses |
| AMMP | Pan-African | Remote monitoring platform for off-grid energy systems |
| Startbutton Africa | Pan-African | Cross-border payments and compliance tools for businesses expanding across Africa |
| HoneyCoin | Pan-African | Tools for affordable cross-border money movement and spending |
| Sukhiba | Pan-African | WhatsApp-based conversational commerce platform for businesses |
| VIBRA | Pan-African | Financial services technology |
*Note: Musha's African portfolio includes 66+ companies. This table reflects the companies with publicly confirmed investment data. The full portfolio is broader.*
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|---|---|---|---|
| Aadil Mamujee | Founder & Solo GP | [linkedin.com/in/amamujee](https://linkedin.com/in/amamujee) | [@amamujee](https://twitter.com/amamujee) |
*Musha Ventures is a solo GP fund. Aadil Mamujee is the sole decision-maker and investment partner.*
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Musha Ventures Official Website](https://www.mushaventures.com/)
- [Musha Ventures About Page](https://www.mushaventures.com/about)
- [Musha Ventures on VC4A](https://vc4a.com/musha-ventures/)
- [Musha Ventures on StartupList Africa](https://startuplist.africa/investor/musha-ventures)
- [Musha Ventures on Digest Africa](https://digestafrica.com/investors/musha-ventures)
- [Musha Ventures VC Sheet Breakdown](https://www.vcsheet.com/fund/musha-ventures)
- [Aadil Mamujee on Signal NFX](https://signal.nfx.com/investors/aadil-mamujee)
- [Aadil Mamujee Blog -- Disciplined Seed Investing in Africa](https://aadil.blog/2023/09/26/disciplined-seed-investing-in-africa/)
- [Aadil Mamujee Blog -- Angel Investing](https://aadil.blog/angel/)
- [Investing in Africa: The Future According to Musha Ventures (Zain Ventures)](https://zain-ventures.com/investing-in-africa-musha-ventures/)
- [Musha Ventures on Crunchbase](https://www.crunchbase.com/organization/musha-ventures)
---
---
name: Nascent
slug: nascent
buildTypes: ["Infra-protocol", "DeFi-trading-lending", "Dev-tooling", "Security-privacy"]
thesis: 'Back early-stage crypto founders creating products and primitives for an open financial world. A builder-first, Ethereum-heavy fund that publishes its own code and expects technical credibility from the founders it backs.'
website: 'https://www.nascent.xyz'
apply: 'Email hello@nascent.xyz directly. No public form.'
region: 'Global'
hq: 'Not disclosed'
sectors:
- DeFi
- Infrastructure
- Developer-Tooling
- Privacy
- Payments-Stablecoins
stage:
- Pre-Seed
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: ''
chains:
- Ethereum
- Chain-agnostic
- Bitcoin
- Optimism
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '3'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Direct email hello@nascent.xyz
category: pipeline-pathway
score: 4
description: >-
A real inbox, described on the site as "always looking to connect with
visionary builders." No form to navigate.
link: 'https://www.nascent.xyz'
- name: Nascent's public GitHub
category: practice-artifact
score: 5
description: >-
github.com/nascentxyz carries open-source tooling the team ships
itself. Referencing specific work here, or linking your own repo, is
the strongest credibility signal available for a fund this
technical.
link: 'https://github.com/nascentxyz'
- name: Nascent portfolio (Morpho, Ethena, Aztec, Optimism and others)
category: portfolio-pattern
score: 4
description: >-
Twelve named companies, almost entirely Ethereum-mainnet-native DeFi
and infrastructure primitives. Use it to find the closest technical
comparable to your own protocol.
link: 'https://www.nascent.xyz'
- name: Dan Elitzer and the Nascent team's public writing
category: decision-maker-reveal
score: 3
description: >-
The fund runs venture alongside liquid strategies and its principals
write and speak publicly about DeFi mechanism design, MEV and oracle
risk, which previews the questions you'll be asked.
link: 'https://www.nascent.xyz'
portfolioSectorSplit:
Infrastructure: 34
DeFi: 25
Developer-Tooling: 25
Privacy: 8
Payments-Stablecoins: 8
portfolioChainSplit:
Ethereum: 50
Multi-chain: 25
Optimism: 13
Bitcoin: 12
portfolioTotalCount: 12
portfolioClassifiedCount: 12
portfolioUnclassifiedCount: 0
sectorsNote: 'Sector split covers all twelve companies named on nascent.xyz. Chain split covers only the eight companies whose chain we could verify or reasonably infer (Ethereum-mainnet-native protocols, one Optimism L2 and one Bitcoin-adjacent DeFi protocol); the remaining four (security, data and indexing tools that are not chain-specific) are left out of the chain split.'
---
> **How to use this page:** Nascent has no form, but it publishes its own code on GitHub and its portfolio is almost entirely Ethereum-mainnet DeFi and infrastructure primitives with real technical depth. If you are building a DeFi mechanism, an L2, or developer security tooling and can defend the design in a 20-minute technical call, hello@nascent.xyz is a legitimate first email to send.
---
## A. Header Block
- **Fund name:** Nascent
- **One-line thesis:** "Back early-stage crypto founders creating products and primitives for an open financial world."
- **Website:** [nascent.xyz](https://www.nascent.xyz)
- **CTA:** Email [hello@nascent.xyz](https://www.nascent.xyz)
| Tag | Detail |
|-----|--------|
| Region | Global |
| Format | Direct outreach |
| Sectors | DeFi, infrastructure, developer tooling, privacy, payments and stablecoins |
| Stage | Pre-Seed, Seed |
| Cheque Size | Not disclosed |
| Admissions | Rolling |
---
## C. Overview
Nascent is a builder-first crypto fund, historically associated with Dan Elitzer and Matt Walsh, that runs venture investing alongside liquid strategies. Its stated thesis is spare: back early-stage crypto founders building products and primitives for an open financial world. What distinguishes it from a typical direct-outreach fund is that Nascent maintains its own public GitHub, github.com/nascentxyz, and has contributed to open-source tooling adjacent to the Foundry ecosystem, which means the team evaluates technical credibility from a position of having shipped code themselves.
The portfolio, twelve named companies, is almost entirely Ethereum-mainnet-native. Morpho and Ethena are DeFi lending and stablecoin primitives. Aztec is a privacy-focused L2. Optimism, Obol Network, Socket and Initia are infrastructure spanning rollups, staking and interoperability. Spearbit, Etherscan and Messari are developer and data tooling. Mezo is a Bitcoin-adjacent DeFi protocol, and Blink Cash touches payments. The pattern is consistent: mechanism-heavy, technically defensible primitives rather than consumer-facing applications.
There is no public application form. Nascent lists hello@nascent.xyz as a direct inbox and describes itself as "always looking to connect with visionary builders," which, combined with the GitHub presence, signals that a technically substantive cold email is a real path in, not a formality before a warm intro is required.
**Key stats:**
- 12 named portfolio companies, almost entirely Ethereum-native
- Public GitHub at github.com/nascentxyz
- Direct email contact, explicitly described as open to cold outreach
- Runs venture alongside liquid crypto strategies
---
## D. Key Partners
Individual current partner names beyond the fund's founding association with Dan Elitzer and Matt Walsh were not independently re-verified on the site in this session. Use hello@nascent.xyz as the contact channel; the fund did not surface a dedicated team page with current roles at last check.
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Make sure you have a defensible mechanism, not just a product
Nascent's portfolio is built from primitives with real mechanism design: lending markets, restaking, privacy L2s, staking infrastructure. Before you write, be ready to explain your mechanism's MEV exposure, oracle dependencies, and composability with the rest of DeFi. These are the specific questions the corpus and the portfolio pattern both point to.
#### Step 2: Link your GitHub, not just your deck
Because Nascent publishes its own code, a repo link carries more weight here than at most funds. If your code is public, lead with it. If it is not yet public, be ready to walk through architecture in detail on a call.
#### Step 3: Email hello@nascent.xyz with a specific ask
Write a short, technical email: the primitive you're building, the repo link, one comparable from their own portfolio (Morpho for lending, Aztec for privacy, Obol for staking infrastructure), and a request for a 20-minute technical call rather than a generic "chat."
#### Step 4: Expect Ethereum-mainnet framing to matter
The portfolio is overwhelmingly Ethereum and Ethereum-L2 native. A Solana-only project is a weaker fit here than at several other funds in this directory; if you are multi-chain, lead with the Ethereum leg of your product.
#### Step 5: Terms
Cheque size, instrument and lead vs. co-invest posture are not disclosed publicly. Nascent runs venture alongside liquid strategies, so a conversation may range beyond a typical single-round negotiation; treat the first call as discovery, not term-sheet negotiation.
**Tips that matter here:**
- Name the specific primitive and defend the mechanism; vague DeFi pitches will not clear the bar this fund's own portfolio sets.
- A repo link outperforms a deck. Link it in the first email if you can.
- Ask for a technical call, not a general intro chat; it signals you understand how this fund evaluates founders.
---
## F. Best Advice from Founders
No public founder accounts of the Nascent process were found in this session. The clearest available guidance is structural: this fund evaluates from a technical-operator posture, evidenced by its own public code, so the strongest preparation is being able to defend your mechanism design in detail, not polish a narrative.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. Nascent publishes its thesis, a real contact email explicitly open to cold outreach, a public GitHub, and a legible portfolio of twelve named companies. It does not publish a cheque range, a current team page, or selection criteria beyond the thesis statement.
> **Start here:** Browse [github.com/nascentxyz](https://github.com/nascentxyz) to understand the technical register this fund operates in, then draft your email around the mechanism you are building, with a repo link if you have one.
### How Nascent's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Infrastructure is the largest slice** | Optimism, Obol, Socket and Initia, all infrastructure, are a third of the named portfolio. | Rollups, staking infrastructure and interoperability protocols are strongly represented. |
| **DeFi and developer tooling are tied for second** | Morpho, Ethena and Mezo (DeFi) sit alongside Spearbit, Etherscan and Messari (developer tooling), each a quarter of the portfolio. | Both a DeFi mechanism and a security or data tool aimed at DeFi builders are on-thesis. |
| **Ethereum-mainnet dominant, with room for Bitcoin and L2s** | Half of the chain-classifiable portfolio is Ethereum mainnet; Mezo brings Bitcoin-adjacent DeFi and Optimism brings L2 exposure. | This is not a Solana-first fund; frame your Ethereum or Ethereum-L2 exposure clearly if you have it. |
| **Privacy is a real, if smaller, lane** | Aztec is the sole named privacy position. | A well-defended privacy L2 or privacy-preserving primitive fits, even though it is not the largest category. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **The Nascent GitHub** | The team's own technical output and standards, which is a preview of what they expect from founders. | [github.com/nascentxyz](https://github.com/nascentxyz) |
| **Nascent's public writing** | Commentary on DeFi mechanism design, MEV and oracle risk that previews the questions you'll be asked. | [nascent.xyz](https://www.nascent.xyz) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct email** | hello@nascent.xyz. The fund explicitly says it is looking to connect with builders. |
| **GitHub engagement** | Contributing to or referencing Nascent's own open-source work is a credible warm-up. |
| **Portfolio founder intro** | Founders at Morpho, Ethena, Aztec, Optimism, Obol or another named company can vouch for you. |
### What you can't find
Nascent does not publish a cheque range, a current team page with named roles, response times, or selection criteria beyond its thesis statement. The liquid-strategies side of the fund is mentioned but not detailed publicly.
---
## G. Pitch Format Nascent Expects
- A short, technical email over a polished narrative deck
- A repo link or detailed architecture description
- One named comparable from their own portfolio
- A request for a 20-minute technical call rather than a general intro
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
The twelve companies named on [nascent.xyz](https://www.nascent.xyz). Sector and chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Morpho | Lending protocol | DeFi | Multi-chain (Ethereum and Base) |
| Ethena | Synthetic dollar and stablecoin protocol | DeFi | Ethereum |
| Aztec | Privacy-focused L2 | Privacy | Ethereum |
| Optimism | Rollup and L2 infrastructure | Infrastructure | Optimism |
| Obol Network | Distributed validator infrastructure | Infrastructure | Ethereum |
| Socket | Cross-chain interoperability | Infrastructure | Multi-chain |
| Spearbit | Security auditing | Developer-Tooling | Not applicable |
| Etherscan | Block explorer and data tooling | Developer-Tooling | Ethereum |
| Initia | Layer 1 for interwoven rollups | Infrastructure | Not verified |
| Mezo | Bitcoin-adjacent DeFi protocol | DeFi | Bitcoin |
| Messari | Crypto research and data platform | Developer-Tooling | Not applicable |
| Blink Cash | Payments protocol | Payments-Stablecoins | Not verified |
---
## I. Ecosystem Connections
- **Ethereum:** the fund's clear center of gravity. Ethena, Aztec, Obol Network and Etherscan are all mainnet-native.
- **Optimism and Ethereum L2s:** Optimism itself is a portfolio company, and Morpho spans Ethereum and Base.
- **Bitcoin:** Mezo brings Bitcoin-adjacent DeFi exposure, a less common chain bet among the funds in this directory.
- **Developer tooling ecosystem:** Nascent's own GitHub presence connects it to the broader Foundry-adjacent open-source tooling community.
- **Hackathons:** no formal tie found; ETHGlobal-style hackathon wins in DeFi mechanism design or security tooling would be a relevant, citable credential.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Compare against another Ethereum-native fund:** [Bankless Ventures](/funds/bankless-ventures)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Nascent homepage](https://www.nascent.xyz)
- [Nascent GitHub](https://github.com/nascentxyz)
---
---
name: Nclude
slug: nclude
buildTypes: ["Payments-processing", "Lending-credit", "Insurtech", "Marketplace-commerce"]
thesis: >-
Building a strong multilayered tech stack for the Egyptian fintech ecosystem
through portfolio companies that collaborate and reinforce each other.
website: 'https://nclude.co/'
apply: >-
Contact via LinkedIn or warm introductions through portfolio companies and LP
networks.
region: 'Egypt-focused, expanding Pan-African'
hq: Cairo
sectors:
- Fintech
- Healthtech
- Agritech
stage:
- Seed
- Series A
- Series B+
chequeMin: 500000
chequeMax: 5000000
chequeDisplay: $500K -- $5M
format: Hybrid
admissions: Rolling
africaFocus: >-
Yes -- Egypt primary, with up to 30% deployable across Africa and the Middle
East
status: active
tier: '1'
lastVerified: '2026-07-24'
edgeRating: edge-rich
edgeResources:
- name: Ashley Lewis interview
category: decision-maker-reveal
score: 4
description: >-
Current investment strategy and how the fund operates under DPI
management. Background in African PE and venture.
link: 'https://www.linkedin.com/in/ashleylewis/'
- name: Mohamed Aladdin interview
category: decision-maker-reveal
score: 4
description: Day-to-day deal evaluation and Egyptian fintech market perspective.
link: 'https://www.linkedin.com/in/mohamedeladdin/'
- name: Basil Moftah interview
category: decision-maker-reveal
score: 4
description: >-
The original thesis, founder evaluation framework, and why prior exit
experience matters. His interviews remain the best public window into how
Nclude...
link: >-
https://disruptafrica.com/2023/03/06/meet-the-investor-basil-moftah-of-nclude/
- name: Direct outreach
category: pipeline-pathway
score: 3
description: >-
No public application portal. Contact the team through the Nclude website
or reach Ashley Lewis and Mohamed Aladdin on LinkedIn.
- name: Egyptian banking network
category: pipeline-pathway
score: 3
description: >-
The LP banks (Banque Misr, NBE, Banque du Caire) and eFinance are direct
warm introduction pathways. If you have relationships with any Egyptian
state...
- name: Portfolio founder network
category: pipeline-pathway
score: 3
description: >-
Paymob, Khazna, Lucky, OneOrder, and Grinta founders can provide
introductions. The portfolio is tight-knit within the Egyptian fintech
ecosystem.
- name: Mastercard network
category: pipeline-pathway
score: 3
description: >-
As an LP, Mastercard's Africa and MENA teams can facilitate introductions,
particularly if your product touches payments or card infrastructure.
portfolioSectorSplit:
Fintech: 83
Logistics: 17
portfolioModelSplit:
Transaction/Marketplace: 83
Enterprise contracts/Licensing: 17
portfolioGeographySplit:
Egypt: 100
portfolioTotalCount: 6
portfolioClassifiedCount: 6
portfolioUnclassifiedCount: 0
---
## Overview
Nclude is a $105 million fintech-focused venture fund anchored by Egypt's three largest state-owned banks: Banque Misr ($85 million anchor), National Bank of Egypt, and Banque du Caire, with additional backing from eFinance Investment Group, Egyptian Banks Company, and Mastercard. The fund launched in 2022 and was originally managed by Global Ventures, making it one of the largest dedicated fintech funds in Africa.
In April 2025, Development Partners International (DPI), a London-based Pan-African private equity firm with over $3 billion in assets under management, acquired investment advisory control of Nclude and launched DPI Venture Capital as a dedicated venture platform. This is significant for founders because DPI brings institutional infrastructure, cross-market connectivity, and a track record that includes backing Moniepoint (Nigerian fintech, $110M investment in 2024) and operating across 40+ African markets. The transition means Nclude is no longer just an Egypt fund but a platform with pan-African ambitions.
The portfolio to date includes Paymob (digital payments infrastructure, one of Egypt's largest payment gateways), Khazna (earned wage access and financial services for blue-collar workers), FlapKap (revenue-based financing for SMEs), OneOrder (restaurant supply chain and procurement), Lucky (digital micro-insurance), and Connect Money (agri-finance). What makes Nclude distinctive is the portfolio synergy thesis: the team explicitly invests in companies that can work together, so Paymob's payment rails serve OneOrder's supply chain financing, and Khazna's distribution network feeds into Lucky's insurance products.
The state-bank LP base is also a unique advantage. Having Banque Misr, National Bank of Egypt, and Banque du Caire as investors gives portfolio companies direct access to the largest banking infrastructure in Egypt, which can translate into regulatory relationships, distribution partnerships, and co-lending arrangements that no other fund can offer.
---
## How to Get In
Nclude does not have a public application portal. The strongest path in is through portfolio company referrals: Paymob, Khazna, FlapKap, OneOrder, and Lucky are all in the network, and introductions from their founders carry real weight with the investment team.
With DPI now managing the fund, the entry points have expanded. Ashley Lewis (Managing Partner, Head of Venture Capital at DPI) and Mohamed Aladdin (General Partner, Cairo-based) lead the investment team. Runa Alam (DPI Co-Founder and CEO) is one of the most prominent figures in African private equity and is accessible through LinkedIn and at major conferences.
The LP network also provides warm introduction paths. Banque Misr, National Bank of Egypt, and Banque du Caire all have innovation and fintech teams that interact with the startup ecosystem, and Mastercard's network in Egypt and Africa is another entry point.
If you are building a fintech company in Egypt, Nclude should be near the top of your target list. If you are building outside Egypt but within the broader African fintech ecosystem, the DPI acquisition has opened the door for up to 30% of capital to be deployed regionally.
---
## Best Advice
1. **Show how you fit the portfolio stack.** Nclude's thesis is not just about individual companies but about building an interconnected fintech ecosystem. If your product complements Paymob's payment rails, Khazna's wage access, FlapKap's SME financing, or OneOrder's supply chain, call that out explicitly. The team invests in companies that reinforce each other.
2. **Use the state-bank LP base as a strategic argument.** Having Egypt's three largest banks as LPs is not just a capital story but a distribution and regulatory story. If your fintech product could benefit from banking partnerships, co-lending arrangements, or regulatory support, articulate how the Nclude LP relationships accelerate your growth in ways that other funds cannot.
3. **Think beyond Egypt now.** With DPI managing the fund and up to 30% of capital deployable outside Egypt, Nclude is no longer purely an Egyptian play. If you are building in Nigeria, Kenya, or another African market and your product addresses financial inclusion or payments infrastructure, the DPI connection makes you relevant. DPI's $110M Moniepoint investment shows they understand African fintech at scale.
4. **Come with a clear financial inclusion story.** The fund's LP base (state banks, Mastercard, eFinance) is oriented toward financial inclusion and digital transformation of Egypt's economy. Show them how your product brings previously excluded populations into the formal financial system, whether through payments, insurance, lending, or savings.
5. **Demonstrate real traction in Egypt first.** Even with the geographic expansion, Egypt remains the primary market. If you are an Egyptian founder, show strong local traction before pitching regional expansion. Paymob built the largest payment gateway in Egypt before expanding, and Khazna built its blue-collar distribution network locally before scaling.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- Basil Moftah (former Managing Partner, now departed) gave the most revealing interview to Disrupt Africa's "Meet the Investor" series, and the fund's transition from Global Ventures management to DPI (April 2025) is well-documented. The LP base is entirely Egyptian state-linked financial institutions plus Mastercard, which tells you exactly what the fund optimises for. Current leadership under Ashley Lewis (Managing Partner) and Mohamed Aladdin (GP) has a lower public profile, so the Moftah-era interviews remain the best preparation material.
> **Start here:** Read [Meet the Investor: Basil Moftah of Nclude (Disrupt Africa)](https://disruptafrica.com/2023/03/06/meet-the-investor-basil-moftah-of-nclude/) (Moftah explains that "it is always the founder and founding team that make or break a pitch" and why 75% of portfolio founders have prior exit experience), then read [Nclude launches as $105M fintech fund (TechCrunch)](https://techcrunch.com/2022/10/25/egypts-national-bank-backed-nclude-launches-as-a-105m-fintech-fund/) (the fund structure, LP composition, and why embedded finance is the thesis). Those two resources show you what the team selects for and why the Egyptian banking ecosystem shapes every investment decision.
### How Nclude's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Thesis** | $105M dedicated to Egyptian fintech and embedded finance. Moftah: "It is always the founder and founding team that make or break a pitch." 75% of portfolio founders have prior exit experience. The fund exists to digitise Egypt's financial infrastructure. | Nclude is not a generalist fund that happens to do fintech. Every investment connects to the Egyptian financial system. If your company does not touch payments, lending, insurance, or financial infrastructure in Egypt, this is not the right fund. |
| **LP structure** | Banque Misr (anchor), National Bank of Egypt, Banque du Caire, eFinance, Egyptian Banks Company, Mastercard. All LPs are either Egyptian state banks or financial infrastructure players. | The LP base is the thesis. These banks are not just capital providers, they are potential distribution partners, regulatory navigators, and customers for portfolio companies. If your product can plug into Egyptian banking infrastructure, lead with that story. |
| **Management transition** | Originally managed by Global Ventures (Noor Sweid's firm). Management transferred to DPI (Development Partners International) in April 2025. Ashley Lewis is now Managing Partner, Mohamed Aladdin is GP. | The transition means new decision-makers with potentially different evaluation criteria. Research Ashley Lewis's background and DPI's investment philosophy before pitching. The fund's thesis remains fintech-focused, but the operational style may have shifted. |
| **Portfolio** | Paymob (payments infrastructure), Khazna (earned wage access), Lucky (micro-insurance), OneOrder (restaurant supply chain), Grinta (pharma distribution), Connect Money (open banking). All Egypt-based or Egypt-first. | The portfolio is concentrated in financial infrastructure and adjacent supply chain digitisation. Every company either moves money, insures something, or digitises a supply chain that touches financial flows. Your pitch should show how you fit this pattern. |
| **Stage and cheque** | Seed to Series A. Initial cheques typically $1M-$5M with follow-on capacity from the $105M vehicle. | The fund has significant firepower for Egypt-focused fintech at early stages. With only ~10-15 target investments from the fund, each company gets meaningful capital and attention. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Ashley Lewis** (Managing Partner, post-DPI transition) | Current investment strategy and how the fund operates under DPI management. Background in African PE and venture. | [LinkedIn](https://www.linkedin.com/in/ashleylewis/) |
| **Mohamed Aladdin** (General Partner) | Day-to-day deal evaluation and Egyptian fintech market perspective. | [LinkedIn](https://www.linkedin.com/in/mohamedeladdin/) |
| **Basil Moftah** (Former Managing Partner, now departed) | The original thesis, founder evaluation framework, and why prior exit experience matters. His interviews remain the best public window into how Nclude thinks, even though he has moved on. | [Disrupt Africa: Meet the Investor](https://disruptafrica.com/2023/03/06/meet-the-investor-basil-moftah-of-nclude/) |
### Learn from the Nclude portfolio
| Resource | Why it matters |
|----------|---------------|
| [Paymob's $50M Series B (TechCrunch)](https://techcrunch.com/2022/04/12/egypts-paymob-raises-50m-series-b-round-for-its-payments-infrastructure-across-mena-and-pakistan/) | Shows the scale of outcome Nclude targets: payments infrastructure that becomes the default rails for an entire market. Paymob processes millions of transactions across Egypt and MENA. |
| [Khazna raises for earned wage access (Wamda)](https://www.wamda.com/2023/01/khazna-raises-earned-wage-access) | Demonstrates the embedded finance thesis in action: financial products delivered through existing employer relationships rather than direct consumer acquisition. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct outreach** | No public application portal. Contact the team through the Nclude website or reach Ashley Lewis and Mohamed Aladdin on LinkedIn. |
| **Egyptian banking network** | The LP banks (Banque Misr, NBE, Banque du Caire) and eFinance are direct warm introduction pathways. If you have relationships with any Egyptian state bank, that connection carries real weight. |
| **Portfolio founder network** | Paymob, Khazna, Lucky, OneOrder, and Grinta founders can provide introductions. The portfolio is tight-knit within the Egyptian fintech ecosystem. |
| **Mastercard network** | As an LP, Mastercard's Africa and MENA teams can facilitate introductions, particularly if your product touches payments or card infrastructure. |
### What you can't find
The management transition to DPI means most public information reflects the pre-transition team and approach. Ashley Lewis and Mohamed Aladdin have limited public interview material as Nclude leaders. The specific evaluation criteria under the new management structure are not publicly documented. Individual investment sizes are mostly undisclosed. The fund's remaining deployment capacity and timeline are not public.
---
## Pitch Format
No public application portal. Reach out through warm introductions or directly to Ashley Lewis and Mohamed Aladdin on LinkedIn. Prepare a pitch deck covering your business model, fintech thesis, market opportunity, unit economics, team, and how your product fits within the broader Nclude portfolio ecosystem.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Paymob | Egypt | Digital payments infrastructure and payment gateway | Series B | -- |
| Khazna | Egypt | Earned wage access and financial services for blue-collar workers | Series A | -- |
| FlapKap | Egypt | Revenue-based financing for SMEs | Seed | -- |
| OneOrder | Egypt | Restaurant supply chain and procurement platform | Series A | -- |
| Lucky | Egypt | Digital micro-insurance platform | Seed | -- |
| Connect Money | Egypt | Agricultural finance and digital lending | Seed | -- |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Ashley Lewis | Managing Partner, Head of Venture Capital (DPI) | -- | -- |
| Mohamed Aladdin | General Partner (DPI, Cairo) | -- | -- |
| Runa Alam | Co-Founder and CEO (DPI) | -- | -- |
*Note: Nclude was originally managed by Global Ventures with Basil Moftah as Founding GP. DPI assumed investment advisory control in April 2025.*
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Launch Base Africa: DPI takes control of Egypt's $100M+ fintech fund Nclude (April 2025)](https://launchbaseafrica.com/2025/04/15/uks-dpi-takes-control-of-egypts-100m-fintech-fund-nclude-launches-new-pan-african-venture-capital-arm/)
- [DPI: Official announcement of Nclude acquisition](https://www.dpi-llp.com/2025/04/15/development-partners-international-launches-dpi-venture-capital-and-completes-transaction-to-take-over-advising-the-nclude-fund-a-leading-fintech-focused-venture-capital-fund-in-egypt/)
- [Wamda: DPI acquires Egypt's fintech fund Nclude](https://www.wamda.com/2025/04/dpi-acquires-egypt-fintech-fund-nclude-launches-africa-focused-vc-arm)
- [Lucidity Insights: Nclude accelerating fintech innovation in Egypt](https://lucidityinsights.com/spotlights/nclude-accelerating-fintech-in-egypt)
- [Central Bank of Egypt: Nclude fund management assignment to DPI](https://www.cbe.org.eg/en/news-publications/news/2025/06/12/08/48/nclude-fintech-fund-to-dpi)
- [Zawya: Banque Misr, NBE, Banque du Caire launch $85M Nclude fund](https://www.zawya.com/en/business/banking-and-insurance/banque-misr-nbe-banque-du-caire-agree-to-launch-85mln-mea-focused-nclude-fund-for-fintech-g9uzoys4)
---
---
name: NEAR Horizon
slug: near-horizon
thesis: 'AI-focused incubation on NEAR offering compute credits, mentorship and ecosystem access rather than a disclosed cash cheque, paired with NEAR Protocol Rewards for monthly, metric-based cash payouts to any team building on NEAR.'
website: 'https://www.hzn.xyz'
apply: 'Horizon Airtable application form. NEAR Protocol Rewards runs separately: register a project, connect GitHub and on-chain contracts, and get scored monthly.'
region: 'Global'
hq: 'Zug, Switzerland (NEAR Foundation)'
sectors:
- AI-x-Crypto
- Infrastructure
- Consumer
sectorsNote: 'Horizon is explicitly AI-first: models, agents, data markets and AI payments with a NEAR integration (Intents, chain abstraction, NEAR AI). Protocol Rewards is sector-agnostic and pays for measurable on-chain and developer activity regardless of vertical.'
stage:
- Ideation
- MVP
- Pre-Seed
chequeMin: null
chequeMax: null
chequeDisplay: 'Horizon: over $500,000 in discounts and resources (credits and perks, not a disclosed cash investment). NEAR Protocol Rewards: up to $10,000 per month for measurable NEAR activity.'
chains:
- NEAR
- Chain-agnostic
format: 'Application form'
admissions: 'Rolling for Horizon; monthly scoring cycle for Protocol Rewards'
africaFocus: 'Not Africa-specific'
status: active
tier: '2'
lastVerified: '2026-09-09'
edgeRating: edge-sparse
edgeResources:
- name: NEAR Founder Hub
category: pipeline-pathway
score: 3
description: >-
Bundles Token Hub education, ecosystem perks and links to both
Horizon and Protocol Rewards in one place, useful for making a
Horizon application concrete with a specific NEAR primitive.
link: 'https://www.near.org/founder-hub'
- name: Horizon application form
category: practice-artifact
score: 3
description: >-
The Airtable intake for the incubation program; screen is AI-first,
so frame the application around models, agents, data markets or AI
payments with an explicit NEAR integration.
link: 'https://airtable.com/appc0ZVhbKj8hMLvH/pagVX3hSxzIj4Y680/form'
- name: NEAR Protocol Rewards
category: evaluation-framework
score: 4
description: >-
A separate, metric-driven program paying up to $10,000 a month based
on measurable GitHub and on-chain contract activity. Unlike Horizon,
this is scored, not pitched, and is a good first cash source for an
early team.
link: 'https://www.nearprotocolrewards.com'
- name: Horizon featured cohort
category: portfolio-pattern
score: 3
description: >-
Named projects (Hyperbolic, Nevermined, Ringfence, MIZU, exaBITS,
Pond) show what Horizon actually backs: AI compute, AI payments and
decentralised-AI infrastructure specifically, not general web3 apps.
link: 'https://www.hzn.xyz'
portfolioTotalCount: 0
portfolioClassifiedCount: 0
portfolioUnclassifiedCount: 0
---
> **How to use this page:** Horizon and Protocol Rewards are two different programs that both live under NEAR's founder-facing money. Horizon is a pitch, AI-first, credits not disclosed cash. Protocol Rewards is a score, sector-agnostic, up to $10,000 a month for measurable activity. If you're pre-revenue and need cash now, start with Protocol Rewards; if you're building AI infrastructure and want mentorship and compute, apply to Horizon.
---
## A. Header Block
- **Program name:** NEAR Horizon
- **One-line thesis:** AI-first incubation on NEAR, "User-Owned AI is NEAR," offering compute credits and mentorship rather than a disclosed cash cheque
- **Website:** [hzn.xyz](https://www.hzn.xyz)
- **CTA:** [Apply to Horizon](https://airtable.com/appc0ZVhbKj8hMLvH/pagVX3hSxzIj4Y680/form)
| Tag | Detail |
|-----|--------|
| Region | Global; NEAR Foundation is based in Zug, Switzerland |
| Format | Application form (Airtable) |
| Sectors | AI x crypto, specifically models, agents, data markets and AI payments with a NEAR integration |
| Stage | Idea through Pre-Seed |
| Cheque Size | Over $500,000 in discounts and resources; cash investment terms undisclosed |
| Admissions | Rolling |
---
## C. Overview
NEAR Horizon is the NEAR Foundation's incubation program for decentralised-AI applications, positioned under the tagline "User-Owned AI is NEAR." It offers what the program describes as "over $500,000 in discounts and resources," which reads as compute credits, partner perks and mentorship rather than a disclosed cash investment; we could not verify a specific cash-investment figure from any primary source, so treat cash terms as undisclosed rather than assuming a number.
The screen is explicitly AI-first. Featured projects named on the Horizon site, Hyperbolic (AI compute), Nevermined (AI payments), Ringfence, MIZU, exaBITS and Pond, are all decentralised-AI infrastructure or agent products with a stated NEAR integration, whether through NEAR Intents, chain abstraction, or NEAR AI itself. Several of these, Hyperbolic in particular, are chain-agnostic infrastructure companies that integrate with NEAR rather than being built exclusively on it; we tag their chain as "Not verified (Horizon cohort)" rather than NEAR to avoid overstating chain exclusivity. A general web3 app without an AI component is not the fit here.
Separately, **NEAR Protocol Rewards** is a metric-driven program paying up to $10,000 a month to teams building measurably on NEAR, based on GitHub activity and on-chain contract usage rather than a pitch or interview. For an early team that needs cash before Horizon-scale support makes sense, Protocol Rewards is the more accessible first door, and a track record there can make a subsequent Horizon application more concrete.
**Key stats:**
- Horizon: over $500,000 in discounts and resources (credits and perks)
- Protocol Rewards: up to $10,000 per month, scored on GitHub and on-chain activity
- Featured Horizon cohort: Hyperbolic, Nevermined, Ringfence, MIZU, exaBITS, Pond
- Two intake channels, both via Airtable forms
---
## D. Key Partners
| Person or team | Role | Where to find them |
|----------------|------|--------------------|
| NEAR Horizon team | Runs the incubation program, mentorship and compute-credit partnerships | [hzn.xyz](https://www.hzn.xyz) |
| NEAR Foundation | Runs the Founder Hub and the broader NEAR AI strategy Horizon sits under | [near.org/founder-hub](https://www.near.org/founder-hub) |
| NEAR Protocol Rewards team | Runs the separate monthly, metric-based cash program | [nearprotocolrewards.com](https://www.nearprotocolrewards.com) |
Horizon does not publish individual mentor or reviewer names on its public pages, and we have not guessed.
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Decide which program fits your stage
If you need cash now and have something shipping, start with Protocol Rewards; it is scored, not pitched. If you are building AI infrastructure or agents and want mentorship, compute credits and partner intros, apply to Horizon.
#### Step 2: For Horizon, frame around a NEAR-specific AI integration
Fill out the Horizon Airtable application with an explicit connection to a NEAR primitive: NEAR Intents, chain abstraction, or NEAR AI. A generic AI product without a stated NEAR dependency is a weak application here.
#### Step 3: For Protocol Rewards, register and connect your accounts
Register your project, connect GitHub and your on-chain contracts, and let the program score your team monthly on measurable activity. This is not an interview process.
#### Step 4: Use the Founder Hub to make your application concrete
The NEAR Founder Hub bundles Token Hub education and ecosystem perks; referencing specific NEAR tooling and programs from the Hub in your Horizon application signals real familiarity with the ecosystem rather than a generic pitch.
#### Step 5: Build a Protocol Rewards track record before a larger Horizon ask
A few months of measurable Protocol Rewards payouts is a concrete data point to cite in a Horizon application, similar to how Superteam Earn wins strengthen a Solana Foundation grant application.
**Tips that matter here:**
- Do not apply to Horizon with a product that has no AI component; the featured cohort is uniformly AI-first.
- Do not assume Horizon includes a specific cash-investment number; the disclosed figure is credits and resources, not cash.
- Protocol Rewards is monthly and mechanical: connect your accounts early rather than waiting until you have a polished pitch.
---
## F. Best Advice from Founders
**Lead with the NEAR-specific integration, not just "we do AI."** Horizon's own featured projects all name a specific NEAR primitive. A generic AI pitch without that connection reads as a poor fit.
**Protocol Rewards is the more honest first step for an early team.** It pays for what you can already measure, rather than requiring you to win a pitch process you may not be ready for yet.
**Treat the $500K figure as resources, not cash.** Founders who go into Horizon conversations expecting a cash cheque of that size are working from an unverified assumption; ask directly what the program offers in your specific case.
---
## Contextual Edge
**Preparation rating:** Edge-sparse. NEAR publishes Horizon's featured cohort and the Protocol Rewards mechanics clearly, but Horizon's cash-investment terms, if any, are not disclosed, and no rubric as detailed as Solana Foundation's four criteria exists for either program.
> **Start here:** Read the [NEAR Founder Hub](https://www.near.org/founder-hub) for an overview of both programs, then apply to [Horizon](https://airtable.com/appc0ZVhbKj8hMLvH/pagVX3hSxzIj4Y680/form) or register for [Protocol Rewards](https://www.nearprotocolrewards.com) depending on your stage.
### How the program actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Horizon is AI-first, not web3-general** | Featured cohort (Hyperbolic, Nevermined, Ringfence, MIZU, exaBITS, Pond) is entirely AI infrastructure and agent products. | Do not apply without a genuine AI component and a stated NEAR integration. |
| **Cash terms for Horizon are undisclosed** | The verified figure is "over $500,000 in discounts and resources," not a cash-investment number. | Ask directly what Horizon offers your specific team rather than assuming a cheque size. |
| **Protocol Rewards is scored, not pitched** | Up to $10,000 a month based on GitHub and on-chain activity, registered and connected rather than interviewed. | This is the more accessible first cash source for an early team building on NEAR. |
| **Two separate intake channels** | Horizon (Airtable pitch) and Protocol Rewards (registration and scoring) are distinct programs with different mechanics. | Don't conflate them when deciding where to apply first. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **NEAR Horizon team** | Runs mentorship, partner intros and compute-credit allocation; no individual names published. | [hzn.xyz](https://www.hzn.xyz) |
| **NEAR Foundation** | Sets the broader AI strategy Horizon operates under, via the NEAR AI Master Plan. | [near.ai](https://near.ai/) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Horizon** | [Apply here](https://airtable.com/appc0ZVhbKj8hMLvH/pagVX3hSxzIj4Y680/form). AI-first incubation, credits and mentorship. |
| **Protocol Rewards** | Register at [nearprotocolrewards.com](https://www.nearprotocolrewards.com); scored monthly, up to $10,000. |
| **Founder Hub** | Education and ecosystem perks that make a Horizon application more concrete. |
### What you can't find
Horizon does not publish a cash-investment amount, individual mentor names, a rubric comparable to Solana Foundation's four criteria, or a public review timeline. A separate FAQ page referenced by other sources returned a 404 at verification time; treat any cash-terms claim beyond "credits and resources" as unverified. Whether the featured cohort projects build exclusively on NEAR or integrate with it as chain-agnostic infrastructure was also not spelled out project-by-project on the Horizon site, so we mark their chain as unverified rather than assuming NEAR exclusivity.
---
## G. Pitch Format NEAR Horizon Expects
- An explicit connection to a NEAR AI primitive: NEAR Intents, chain abstraction, or NEAR AI
- A team and product in AI infrastructure, agents, data markets or AI payments specifically
- Evidence from the Founder Hub ecosystem (Token Hub education, prior NEAR building) where you have it
- For Protocol Rewards: a connected GitHub repo and on-chain contract, not a pitch deck
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Horizon names a featured cohort on its own site. We list only what is verifiably published there. Chain-agnostic, general-purpose AI infrastructure projects (Hyperbolic in particular, and likely Nevermined and Pond) are incubated by Horizon and integrate with NEAR primitives, but that does not make them NEAR-native in the way a project built exclusively on NEAR would be; we mark their chain as "Not verified" rather than force-fitting NEAR.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Hyperbolic | Decentralised AI compute, chain-agnostic infrastructure with a NEAR integration | AI-x-Crypto | Not verified (Horizon cohort; chain-agnostic infrastructure, not NEAR-exclusive) |
| Nevermined | AI payments infrastructure, integrates with NEAR Intents | AI-x-Crypto | Not verified (Horizon cohort) |
| Ringfence | AI-adjacent infrastructure (as named by Horizon) | AI-x-Crypto | Not verified (Horizon cohort) |
| MIZU | AI-adjacent infrastructure (as named by Horizon) | AI-x-Crypto | Not verified (Horizon cohort) |
| exaBITS | AI-adjacent infrastructure (as named by Horizon) | AI-x-Crypto | Not verified (Horizon cohort) |
| Pond | AI-adjacent infrastructure (as named by Horizon) | AI-x-Crypto | Not verified (Horizon cohort) |
---
## I. Ecosystem Connections
- **NEAR (exclusive):** both Horizon and Protocol Rewards require building on NEAR specifically.
- **NEAR AI and NEAR Intents:** the specific primitives Horizon's featured cohort integrates with; the strongest signal of fit for an application.
- **NEAR Founder Hub:** the on-ramp bundling education and perks that makes a Horizon application more concrete.
- **NEAR Protocol Rewards:** the parallel, metric-based cash program, useful as an early income source and as a track record ahead of a Horizon pitch.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Grant agreements and IP** [Compliance guide](/founder-stack/compliance)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [NEAR Horizon](https://www.hzn.xyz)
- [NEAR Founder Hub](https://www.near.org/founder-hub)
- [Horizon application form, Airtable](https://airtable.com/appc0ZVhbKj8hMLvH/pagVX3hSxzIj4Y680/form)
- [NEAR general founder form, Airtable](https://airtable.com/appc0ZVhbKj8hMLvH/pagsVjkk5LZ66MbJm/form)
- [NEAR Protocol Rewards](https://www.nearprotocolrewards.com)
- [NEAR AI Master Plan](https://near.ai/)
---
---
name: Node Capital
slug: node-capital
buildTypes: ["DeFi-trading-lending", "Infra-protocol", "Dev-tooling", "Security-privacy", "AI-x-crypto"]
thesis: 'Blockchain increases trust and improves security across markets, cutting costs and friction, and enables new applications and business models built on decentralized structures. Invests in novel networks and infrastructure enabling new types of use-cases.'
website: 'https://www.node.capital'
apply: 'Email investments@node.capital with a deck. A dedicated deal inbox, stated to be actively read.'
region: 'Global'
hq: 'Israel (exact city not disclosed on site)'
sectors:
- Infrastructure
- DeFi
- AI-x-Crypto
- Privacy
- Developer-Tooling
stage:
- Seed
- Series A
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed'
chains:
- Ethereum
- Multi-chain
- Chain-agnostic
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '3'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Node Capital team page
category: decision-maker-reveal
score: 4
description: >-
Six named people including Amos Meiri, a Colored Coins pioneer and
former eToro trading head, and Rotem Lev, former Colu CTO and Colored
Coins architect. Their backgrounds point to early Israeli crypto
infrastructure and exchange operations as the fund's frame of reference.
link: 'https://www.node.capital'
- name: Dedicated deal inbox
category: pipeline-pathway
score: 4
description: >-
investments@node.capital is a named, deal-specific address rather than
a generic contact form, which the fund states it reads directly.
- name: Node.Monster and node.security
category: portfolio-pattern
score: 3
description: >-
Node Capital operates two adjacent businesses: Node.Monster (network
bootstrapping and staking/restaking support with $2.5B+ AUM) and
node.security (blockchain security audits). Founders whose protocols
need staking infrastructure or an audit are speaking a language this
fund already operates in.
- name: Portfolio page (24 companies)
category: portfolio-pattern
score: 4
description: >-
ether.fi, Axelar, Stride, Lava, Fhenix, Superform, Genlayer, Forta,
Subquery and Squid Router are named, spanning restaking, interop,
RPC infra, FHE privacy and AI x crypto.
link: 'https://www.node.capital'
portfolioSectorSplit:
DeFi: 30
Infrastructure: 30
Developer-Tooling: 20
Privacy: 10
AI-x-Crypto: 10
portfolioChainSplit:
Multi-chain: 50
Ethereum: 25
Chain-agnostic: 25
portfolioTotalCount: 24
portfolioClassifiedCount: 10
portfolioUnclassifiedCount: 14
---
> **How to use this page:** Node Capital is a small Israel-rooted fund with real operating businesses attached (a staking/restaking platform with $2.5B-plus AUM and a security-audit arm), which makes its screening sharper on token design and protocol security than a typical generalist fund. There is a named, stated-to-be-read deal inbox. Read Section E, then email with a deck.
---
## A. Header Block
- **Fund name:** Node Capital
- **One-line thesis:** "Invest in novel networks and infrastructure enabling new types of use-cases."
- **Website:** [node.capital](https://www.node.capital)
- **CTA:** [Email investments@node.capital](mailto:investments@node.capital)
| Tag | Detail |
|-----|--------|
| Region | Global (Israel-rooted team) |
| Format | Direct outreach (dedicated deal inbox) |
| Sectors | Infrastructure, DeFi, AI x crypto, privacy, developer tooling |
| Stage | Seed, Series A |
| Cheque Size | Not disclosed |
| Admissions | Rolling |
---
## C. Overview
Node Capital is a crypto fund rooted in Israel's early blockchain scene. Amos Meiri, Co-Founder and Managing Partner, was a pioneer of Colored Coins, one of the earliest Bitcoin-based token protocols, and previously headed trading at eToro. Rotem Lev, Co-Founder, Partner and CTO, was CTO at Colu and also an architect of Colored Coins. The rest of the six-person team includes a venture partner with family-office experience, an infrastructure advisor who runs Node.Monster, a Head of Liquid focused on tokenomics and liquid token markets, and finance and operations support.
The fund's thesis, that blockchain reduces trust costs and enables new decentralized business models, is backed by two operating businesses that give it unusual technical depth for a fund this size: Node.Monster, a network bootstrapping and staking and restaking support business with more than $2.5B in assets under management, and node.security, a blockchain security audit practice. That combination means Node Capital's screening on token design, staking mechanics, and protocol security is likely to be sharper than a generalist fund's.
The named portfolio of 24 companies (10 confirmed with descriptions in this session) spans Ethereum restaking (ether.fi), cross-chain interoperability (Axelar), Cosmos liquid staking (Stride), RPC infrastructure (Lava), FHE-based privacy (Fhenix), DeFi yield aggregation (Superform), AI x crypto (Genlayer), and developer security and indexing tooling (Forta, Subquery). Contact is direct: investments@node.capital, described as a dedicated, monitored deal inbox rather than a general contact form.
**Key stats:**
- Six-person team led by Amos Meiri and Rotem Lev
- 24 portfolio companies at Seed and Series A stage
- Runs Node.Monster (staking/restaking, $2.5B+ AUM) and node.security (audits) alongside the fund
- Contact via investments@node.capital
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Amos Meiri | Co-Founder and Managing Partner | [node.capital](https://www.node.capital) |
| Rotem Lev | Co-Founder, Partner and CTO | [node.capital](https://www.node.capital) |
| Ben Rothschild | Venture Partner | [node.capital](https://www.node.capital) |
| Eyal Elsheich | Infrastructure Adviser, CEO of Node.Monster | [node.capital](https://www.node.capital) |
| Or Harel | Head of Liquid | [node.capital](https://www.node.capital) |
| Arres Navaro | Finance and Operations | [node.capital](https://www.node.capital) |
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Place your protocol in the "novel networks and infrastructure" frame
The thesis is about new network types and infrastructure enabling new use-cases. State plainly what new capability your network or protocol unlocks that centralized infrastructure cannot.
#### Step 2: Be ready for sharp token-design and security questions
Given the team's Node.Monster and node.security operations, expect scrutiny on staking mechanics, validator economics, and security posture that goes beyond a typical generalist fund's questions. Have answers ready, not just a roadmap.
#### Step 3: Email investments@node.capital with a deck
This is a dedicated deal inbox, stated to be actively read. Include a deck; there is no separate form or field list published.
#### Step 4: Name the closest portfolio comparable
The fund's own portfolio spans restaking (ether.fi, Rio-adjacent via Node.Monster), interop (Axelar, Squid), RPC (Lava), and privacy (Fhenix). Say "like [portfolio company] for [your market]" to speed pattern-matching.
#### Step 5: Terms
Cheque size is not published. The stated stage focus is Seed and Series A, which suggests a meaningful, not token-check, cheque, though the exact range is unconfirmed.
**Tips that matter here:**
- If your protocol needs staking or restaking infrastructure, or a security audit, mention it; Node Capital operates businesses in both and may see natural synergy.
- The team's Colored Coins and eToro/Colu backgrounds mean deep comfort with token mechanics and early Bitcoin-based protocols; do not oversimplify token design in your pitch.
- Genlayer and Fhenix in the portfolio show interest in AI x crypto and privacy-preserving computation specifically; lean into either if relevant.
---
## F. Best Advice from Founders
Founder-sourced advice specific to Node Capital was not found and verified in this session.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. Team, thesis, stage focus, and a real (if partial) portfolio list are verifiable on-site, along with a named deal inbox. Cheque size, response time, and full 24-company portfolio detail are not published.
> **Start here:** Read the [Node Capital homepage](https://www.node.capital) portfolio section, pick the closest comparable to your protocol, and lead your investments@node.capital email with that comparison plus one sentence on security or staking design.
### How Node Capital's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **DeFi and infrastructure lead evenly** | ether.fi, Stride and Superform (DeFi) sit alongside Axelar, Lava and Squid Router (infrastructure), each 30% of the classified portfolio. | Yield, staking and cross-chain infrastructure are the strongest patterns. |
| **Privacy and AI x crypto are smaller but present** | Fhenix (FHE-based privacy) and Genlayer (AI x crypto) are each 10%. | Privacy-preserving computation and AI-native protocols are on-thesis, not exceptions. |
| **Multi-chain infrastructure dominates the chain split** | Axelar, Superform, Forta and Subquery are multi-chain by design, half of the classified chain data. | Cross-chain and chain-agnostic infrastructure fits better than single-chain-only plays. |
| **Cosmos and own-L1 protocols exist but sit outside this directory's chain taxonomy** | Stride (Cosmos IBC) and Genlayer (its own network) are excluded from the chain split for that reason, not because they are off-thesis. | If you build on Cosmos or a non-listed chain, Node Capital still has precedent investing there. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Amos Meiri** (Managing Partner) | Colored Coins pioneer and former eToro trading head; deep comfort with token mechanics and exchange operations. | [node.capital](https://www.node.capital) |
| **Rotem Lev** (Partner and CTO) | Former Colu CTO and Colored Coins architect; technical protocol design judgment. | [node.capital](https://www.node.capital) |
| **Or Harel** (Head of Liquid) | Tokenomics and liquid token market research; a sharper-than-average read on token design. | [node.capital](https://www.node.capital) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Deal inbox** | investments@node.capital, stated to be a monitored, dedicated address. |
| **Node.Monster relationship** | If you need staking or restaking infrastructure, engaging Node.Monster directly may create a natural path to the fund. |
| **node.security relationship** | Similarly, an audit engagement could be a natural first touchpoint. |
### What you can't find
Cheque size, fund size, HQ city, response time, and the full 24-company portfolio (only 10 are named with descriptions in the sources checked) are not published. Treat the listed portfolio as a representative sample, not the complete picture.
---
## G. Pitch Format Node Capital Expects
- A deck sent directly to investments@node.capital
- Clear articulation of the new network capability or infrastructure your protocol enables
- Token design and staking/validator economics addressed directly, not glossed over
- Security posture and audit status, given the fund's own node.security operation
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
10 of 24 total portfolio companies named on [node.capital](https://www.node.capital), with descriptions. Sector and chain tags are ours; Stride (Cosmos) and Genlayer (its own network) are sector-classified but excluded from the chain table since their networks are not in this directory's chain taxonomy.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| ether.fi | Ethereum liquid staking | DeFi | Ethereum |
| Axelar | Cross-chain interoperability | Infrastructure | Multi-chain |
| Stride | Liquid staking for IBC blockchains | DeFi | Not in chain taxonomy (Cosmos) |
| Lava | Decentralized RPC infrastructure | Infrastructure | Chain-agnostic |
| Fhenix | FHE-based privacy L2 | Privacy | Ethereum |
| Superform | DeFi yield aggregation | DeFi | Multi-chain |
| Genlayer | AI x crypto protocol | AI-x-Crypto | Not in chain taxonomy (own network) |
| Forta | Security monitoring | Developer-Tooling | Multi-chain |
| Subquery | Blockchain data indexing | Developer-Tooling | Multi-chain |
| Squid Router | Cross-chain routing | Infrastructure | Chain-agnostic |
---
## I. Ecosystem Connections
- **Ethereum:** ether.fi and Fhenix are the two chain-confirmed Ethereum portfolio positions.
- **Cross-chain and multi-chain infrastructure:** Axelar, Superform, Forta, Subquery, Lava and Squid Router all serve more than one chain by design.
- **Cosmos:** Stride, though Cosmos itself is outside this directory's chain taxonomy; still a real, verified investment.
- **Hackathons:** no formal tie found in this session.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Compare to Modular Capital**, another infrastructure and multi-ecosystem fund in this directory: [Modular Capital](/funds/modular-capital)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Node Capital homepage](https://www.node.capital)
---
---
name: Norrsken22
slug: norrsken22
buildTypes: ["Payments-processing", "Neobank/wallet", "Marketplace-commerce", "Security-privacy", "Enterprise-B2B"]
thesis: >-
We are backing entrepreneurs building Africa's next tech giants, for
entrepreneurs, by entrepreneurs.
website: 'https://www.norrsken22.com/'
apply: 'mailto:info@norrsken22.com'
region: Pan-African
hq: 'Cape Town / Stockholm, with teams in Lagos, Johannesburg, Nairobi, Accra'
sectors:
- Fintech
- Edtech
- Healthtech
stage:
- Series A
- Series B+
- Growth
chequeMin: 5000000
chequeMax: 16000000
chequeDisplay: $5M -- $16M (average ~$10M)
format: Hybrid
admissions: Rolling / Warm intros
africaFocus: 'Yes -- Pan-African (Sub-Saharan focus: Nigeria, Kenya, South Africa, Ghana)'
status: active
tier: '1'
lastVerified: '2026-07-26'
stageGate: Series A
edgeRating: edge-rich
edgeResources:
- name: Natalie Kolbe interview
category: decision-maker-reveal
score: 4
description: >-
The investment thesis, evaluation criteria, and why unit economics matter
more than growth rate. Former Actis principal with deep Southern Africa PE
e...
link: >-
https://disruptafrica.com/2023/02/20/meet-the-investor-natalie-kolbe-of-norrsken22/
- name: Lexi Novitske interview
category: decision-maker-reveal
score: 4
description: >-
West Africa deal flow, Nigerian market perspective, and early-stage
company evaluation. Former Acuity Venture Partners. Novitske: "day one in
Africa."
link: >-
https://techcrunch.com/2022/09/22/norrsken22-closes-its-205m-fund-to-back-african-startups/
- name: Ngetha Waithaka interview
category: decision-maker-reveal
score: 4
description: >-
East Africa pipeline and operational scaling perspective. Former Actis.
Waithaka: "don't like ego" -- values coachable founders who listen.
link: 'https://www.norrsken22.com/'
- name: Direct outreach
category: pipeline-pathway
score: 3
description: >-
No public application portal. Reach Natalie Kolbe, Lexi Novitske, or
Ngetha Waithaka directly on LinkedIn. The team is relatively accessible at
Africa...
- name: Portfolio founder network
category: pipeline-pathway
score: 3
description: >-
TymeBank, Sabi, Stitch, NALA, Smile Identity, and Workpay founders can
provide warm introductions. The portfolio network is active and
collaborative.
- name: Unicorn founder LPs
category: pipeline-pathway
score: 3
description: >-
If you have connections to any of the 30+ unicorn founders in the LP base
(Klarna, Spotify, iZettle ecosystems), those introductions carry
significant...
- name: DFI network
category: pipeline-pathway
score: 3
description: >-
BII, IFC, DFC, Standard Bank, and Norfund are all LPs. Connections through
any of these institutions create warm pathways, particularly if you are
alr...
- name: Kigali hub and events
category: pipeline-pathway
score: 3
description: >-
The Norrsken House Kigali is a physical hub where the team operates.
Engaging with the Norrsken Foundation's broader ecosystem events in East
Africa c...
portfolioSectorSplit:
Fintech: 46
E-commerce: 20
AI-ML: 20
SaaS: 7
Logistics: 7
portfolioModelSplit:
Transaction/Marketplace: 60
Enterprise contracts/Licensing: 27
Subscription/SaaS: 13
portfolioGeographySplit:
South Africa: 27
Nigeria: 40
Egypt: 7
Tanzania/UK: 6
Kenya: 20
portfolioTotalCount: 15
portfolioClassifiedCount: 15
portfolioUnclassifiedCount: 0
logo: "/funds/norrsken22.png"
---
## Overview
Norrsken22 is a $205 million growth-stage tech fund that closed its debut vehicle in November 2023, surpassing its original $200M target. The fund was co-founded by Niklas Adalberth (co-founder of Klarna) and Hans Otterling (partner at Northzone, behind Spotify and Klarna), and it sits within the broader Norrsken Foundation ecosystem. The "22" in the name refers to the foundation's commitment to reinvest its 22% carry back into the African startup ecosystem, which means every deal the fund closes also fuels the next generation of founders.
What makes Norrsken22 genuinely different is its LP base. Over 30 unicorn founders, including the people behind Flutterwave, Klarna, Skype, Delivery Hero, Mojang, iZettle, and King, have backed the fund and serve as a hands-on "Unicorn Board." That gives portfolio companies direct access to founders who have scaled globally, not just capital. The fund also counts the IFC, British International Investment, U.S. DFC, Standard Bank, and Norfund among its institutional backers, which adds credibility and opens doors for follow-on rounds.
Norrsken22 targets approximately 20 investments from its debut fund, focusing on companies with proven business models, real customers, repeatable revenue, and attractive unit economics. The team looks for technology that is lean, capital-light, and scalable, and they have a strong preference for businesses serving underserved markets and the bottom of the pyramid.
---
## How to Get In
Norrsken22 is a relationship-driven fund, and warm introductions carry the most weight. The most effective routes in are through their existing portfolio founders (Sabi, Smile ID, Stitch, NALA, and others are all good starting points), their advisory council, or their unicorn board members. If you are in the Norrsken Foundation ecosystem, attending events at Norrsken House hubs in Kigali, Stockholm, or Barcelona, or participating in the separate Norrsken Accelerator program, those connections can open doors.
Cold outreach is possible via info@norrsken22.com, but you need to come prepared. Include a clear, polished pitch deck that covers your business model, market opportunity, growth strategy, supporting data, and demonstrated traction. The team reviews growth-stage companies, so they expect you to have significant revenue and a clear path to scale.
The investment team operates across Lagos (Lexi Novitske, GP), Nairobi (Ngetha Waithaka, GP), Johannesburg (Natalie Kolbe, Managing Partner), and Accra (Bernard Ghartey, Principal). Knowing which team member covers your geography and reaching out specifically to them, or getting introduced to them, is more effective than a generic email to the info address.
---
## Best Advice
1. **Impact must be baked in, not bolted on.** Norrsken22 establishes impact KPIs at the investment committee stage with targets for each reporting period. If your social impact only shows up in a CSR section of your deck, you are not a fit. The impact needs to scale automatically as the business scales.
2. **Lead with unit economics.** The team has publicly stated they want "lean, capital-light, and scalable" technology. If you are burning through cash without a clear path to sustainable unit economics, you will not get past the first meeting. Show them the numbers that prove your model works.
3. **Leverage the Unicorn Board angle in your pitch.** Norrsken22's unique value proposition is access to 30+ founders who have built billion-dollar companies. When you pitch, articulate specifically what kind of strategic help you need, whether that is entering European markets, navigating regulatory challenges, or building enterprise sales channels, and connect it to the expertise their LPs bring.
4. **Co-founder teams are strongly preferred.** The fund will consider solo founders, but you need to make an especially strong case for why you can build this alone. If you have a co-founder, highlight the complementary skills and your working history together.
5. **Target $10M+ rounds.** Norrsken22's average cheque is around $10M, so if you are raising a $2M seed round, this is not your fund. They are looking for companies that have already found product-market fit and need growth capital to scale across Africa or internationally.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- All three GPs (Natalie Kolbe, Lexi Novitske, Ngetha Waithaka) have given detailed interviews to TechCrunch, Disrupt Africa, and African tech media that articulate the thesis, evaluation criteria, and what they pass on. The Norrsken Foundation's 22% carry reinvestment model is well-documented and unique. The portfolio includes category leaders (TymeBank, Sabi, Stitch, NALA, Smile Identity), and the LP base of 30+ unicorn founders plus DFIs signals both operator credibility and institutional backing.
> **Start here:** Read [Norrsken22 closes $205M fund (TechCrunch)](https://techcrunch.com/2022/09/22/norrsken22-closes-its-205m-fund-to-back-african-startups/) (the fund structure, the 22% carry model, and why the LPs are 30+ unicorn founders from Klarna, Spotify, iZettle alongside BII, IFC, DFC, and Standard Bank), then read [Natalie Kolbe on what Norrsken22 looks for (Disrupt Africa)](https://disruptafrica.com/2023/02/20/meet-the-investor-natalie-kolbe-of-norrsken22/) (Kolbe explains: "great founders, good unit economics, potential to scale beyond markets" and why B2B models are preferred). Those two resources show you how the fund evaluates companies and why the unicorn-founder LP base shapes the value-add proposition.
### How Norrsken22's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Thesis** | $205M fund targeting Series A-C across Africa. Named "22" because Africa has 22% of the world's population but less than 1% of GDP and venture capital. Norrsken Foundation holds 22% of carry, reinvested into the African tech ecosystem. Kolbe: "great founders, good unit economics, potential to scale beyond markets." | The fund is built on the conviction that Africa's share of global venture capital will grow dramatically. The 22% carry reinvestment is a genuine differentiator, meaning your success directly funds ecosystem development. Lead with how your company captures a share of Africa's structural growth. |
| **Stage and cheque** | Series A to Series C. $5M-$10M initial cheques with significant follow-on capacity from the $205M vehicle. Co-invests alongside top-tier global and African VCs. | The fund writes meaningful cheques and expects companies with real revenue and proven unit economics. This is not a seed fund. Come with metrics, not just a vision. |
| **LP composition** | 30+ unicorn founders (Klarna, Spotify, iZettle founders), BII (British International Investment), IFC, DFC, Standard Bank, Norfund. Mix of operator-founders and institutional capital. | The unicorn-founder LPs are not passive capital. They provide operational expertise, global network access, and pattern recognition from building billion-dollar companies. In your pitch, articulate how this specific LP network accelerates your growth. |
| **Geography** | Pan-African with a Kigali hub. Portfolio spans Nigeria, South Africa, Kenya, Tanzania, and pan-African plays. No geographic restriction within Africa. | The Kigali base signals commitment to East Africa alongside the larger West and Southern African markets. If you are building in a market outside the Big Four (Nigeria, Kenya, South Africa, Egypt), the fund is open to it as long as the unit economics work. |
| **Portfolio** | TymeBank (South Africa, digital banking), Sabi (Nigeria, B2B commerce), Stitch (South Africa, payments API), NALA (Tanzania/pan-African, remittances), Smile Identity (pan-African, identity verification), Workpay (Kenya, HR/payroll). | The portfolio skews heavily toward B2B infrastructure and financial services. Consumer-facing companies in the portfolio (TymeBank, NALA) still have strong unit economics and infrastructure characteristics. If you are building B2C with high customer acquisition costs, this is likely not the right fit. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Natalie Kolbe** (General Partner) | The investment thesis, evaluation criteria, and why unit economics matter more than growth rate. Former Actis principal with deep Southern Africa PE experience. Based between Kigali and Cape Town. | [Disrupt Africa: Meet the Investor](https://disruptafrica.com/2023/02/20/meet-the-investor-natalie-kolbe-of-norrsken22/) -- [TechCrunch: fund close](https://techcrunch.com/2022/09/22/norrsken22-closes-its-205m-fund-to-back-african-startups/) |
| **Lexi Novitske** (General Partner, Lagos) | West Africa deal flow, Nigerian market perspective, and early-stage company evaluation. Former Acuity Venture Partners. Novitske: "day one in Africa." | [TechCrunch interviews](https://techcrunch.com/2022/09/22/norrsken22-closes-its-205m-fund-to-back-african-startups/) |
| **Ngetha Waithaka** (General Partner, Nairobi) | East Africa pipeline and operational scaling perspective. Former Actis. Waithaka: "don't like ego" -- values coachable founders who listen. | [Norrsken22 team page](https://www.norrsken22.com/) |
### Learn from the Norrsken22 portfolio
| Resource | Why it matters |
|----------|---------------|
| [TymeBank reaches profitability (TechCrunch)](https://techcrunch.com/2024/03/18/south-african-digital-bank-tymebank-reaches-profitability/) | Shows the fund's thesis in action: a digital bank that reached profitability by serving mass-market customers with strong unit economics. The path-to-profitability story is what Norrsken22 wants to hear from every portfolio company. |
| [Smile Identity raises $20M (TechCrunch)](https://techcrunch.com/2022/01/25/smile-identity-raises-20m-series-b/) | Demonstrates the B2B infrastructure play the fund prefers: identity verification as a platform that other companies build on, with recurring revenue and high switching costs. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct outreach** | No public application portal. Reach Natalie Kolbe, Lexi Novitske, or Ngetha Waithaka directly on LinkedIn. The team is relatively accessible at African tech events. |
| **Portfolio founder network** | TymeBank, Sabi, Stitch, NALA, Smile Identity, and Workpay founders can provide warm introductions. The portfolio network is active and collaborative. |
| **Unicorn founder LPs** | If you have connections to any of the 30+ unicorn founders in the LP base (Klarna, Spotify, iZettle ecosystems), those introductions carry significant weight. |
| **DFI network** | BII, IFC, DFC, Standard Bank, and Norfund are all LPs. Connections through any of these institutions create warm pathways, particularly if you are already in a DFI-funded accelerator or programme. |
| **Kigali hub and events** | The Norrsken House Kigali is a physical hub where the team operates. Engaging with the Norrsken Foundation's broader ecosystem events in East Africa can create natural touchpoints. |
### What you can't find
Individual cheque sizes for specific portfolio investments are mostly undisclosed. The specific evaluation rubric or scoring framework is not published. Founder testimonials or case studies from portfolio companies are not available on the Norrsken22 website. The fund's current deployment pace and remaining capacity are not public. Detailed return metrics or DPI figures are not disclosed.
---
## Pitch Format
There is no formal application portal. Send a pitch deck (PDF preferred) via warm introduction or to info@norrsken22.com. Your deck should cover:
- Business model overview with clear revenue mechanics
- Market opportunity and TAM
- Growth strategy with international expansion plans
- Supporting data and traction metrics (revenue, users, retention)
- Team backgrounds and why you are the right people
- Impact thesis and how impact scales with the business
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| TymeBank | South Africa | Digital challenger bank for underbanked populations | Pre-Series C ($77.8M) | 2023 |
| Sabi | Nigeria | B2B e-commerce for Africa's informal economy | Series B ($38M) | 2023 |
| Smile ID | Nigeria | AI-powered identity verification and KYC | Series B ($20M, co-led) | 2023 |
| Autochek | Nigeria | Automotive tech: buy, sell, service, and finance cars | Undisclosed | 2023 |
| Stitch | South Africa | Modern payment infrastructure for businesses | Series B ($55M, co-led) | 2025 |
| Raenest | Nigeria | Multi-currency platform for remote workers | Series A ($11M) | 2025 |
| Taeger | Egypt | Social e-commerce with end-to-end logistics | Pre-Series B ($67.5M, led) | 2025 |
| NALA | Tanzania/UK | Mobile money remittance platform | Series A | Confirmed |
| Credrails | Kenya | Open banking infrastructure (single API for banks/mobile money) | Venture round | 2024 |
| WorkPay | Kenya | Cloud-based HR, payroll, and compliance platform | Series A ($5M, led) | Confirmed |
| Waza | Nigeria | B2B cross-border payments | Undisclosed | Confirmed |
| Shara | Nigeria | Financing app for informal merchant communities | Undisclosed | 2023 |
| Orca Fraud | South Africa | Real-time fraud intelligence for emerging markets | Seed ($2.35M, led) | 2026 |
| Shiprazor | South Africa | E-commerce merchant tech and logistics | Seed ($2.65M, led) | 2026 |
| Lua AI | Kenya | AI agent operating system | Seed ($5.8M, led) | 2026 |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Niklas Adalberth | Founding Partner | [linkedin.com/in/niklasadalberth](https://linkedin.com/in/niklasadalberth/) | [@NiklasAdalberth](https://x.com/NiklasAdalberth) |
| Hans Otterling | Founding Partner | [linkedin.com/in/hansotterling](https://linkedin.com/in/hansotterling/) | [@hansotterling](https://x.com/hansotterling) |
| Natalie Kolbe | Managing Partner | [linkedin.com/in/natalie-kolbe-64b96711](https://linkedin.com/in/natalie-kolbe-64b96711/) | -- |
| Lexi Novitske | General Partner | [linkedin.com/in/lexi-novitske-cfa-a5054a4](https://linkedin.com/in/lexi-novitske-cfa-a5054a4/) | [@anovitske](https://x.com/anovitske) |
| Ngetha Waithaka | General Partner | [linkedin.com/in/ngetha-waithaka-6538a913](https://linkedin.com/in/ngetha-waithaka-6538a913/) | -- |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Norrsken22 Official Website](https://www.norrsken22.com/)
- [TechCrunch: Norrsken22 closes at $205M (Nov 2023)](https://techcrunch.com/2023/11/02/norrsken22s-debut-fund-closes-at-205m-to-back-growth-stage-startups-in-africa/)
- [TechCrunch: Norrsken sets up $200M fund (Jan 2022)](https://techcrunch.com/2022/01/30/norrsken-vcs-and-30-unicorn-founders-set-up-200m-fund-to-back-growth-stage-startups-in-africa/)
- [TechCrunch: TymeBank raises $77.8M (May 2023)](https://techcrunch.com/2023/05/23/south-african-challenger-bank-tymebank-raises-77-8m-from-norrsken22-and-blue-earth-capital/)
- [TechCrunch: Smile Identity $20M Series B (Feb 2023)](https://techcrunch.com/2023/02/15/costanoa-ventures-and-norrsken22-back-smile-identity-in-20m-series-b-round/)
- [TechCrunch: Sabi tops $300M valuation (May 2023)](https://techcrunch.com/2023/05/19/african-b2b-e-commerce-startup-sabi-tops-300m-valuation-in-new-funding/)
- [Disrupt Africa: Norrsken22 closes over target (Nov 2023)](https://disruptafrica.com/2023/11/06/norrsken22s-tech-growth-fund-closes-over-target-at-205m/)
- [Launch Base Africa: Lexi Novitske interview (Dec 2025)](https://launchbaseafrica.com/2025/12/10/valuations-are-still-far-too-high-norrsken22-partner-lexi-novitske-on-investing-a-205m-africa-tech-fund-amid-market-turbulence/)
- [Superscout: Norrsken22 profile](https://superscout.co/investor/norrsken22)
---
---
name: Novastar Ventures
slug: novastar-ventures
buildTypes: ["Payments-processing", "Agritech", "Climate-energy", "Healthtech", "Mobility"]
thesis: >-
Partnering with the bold, for people and planet, for good. We see in Africa an
unmatched opportunity to reimagine industries in ways that signal a new,
sustainable, inclusive development path for the world.
website: 'https://www.novastarventures.com/'
apply: 'https://www.novastarventures.com/contact/'
region: Pan-African
hq: 'London, with offices in Nairobi and Lagos'
sectors:
- Sector-agnostic
stage:
- Seed
- Series A
- Series B+
chequeMin: 1000000
chequeMax: 8000000
chequeDisplay: $1M -- $8M
format: Hybrid
admissions: Rolling
africaFocus: Yes -- Pan-African (Fund III expands to include North Africa/Egypt)
status: active
tier: '1'
lastVerified: '2026-07-24'
edgeRating: edge-rich
edgeResources:
- name: Steve Beck interview
category: decision-maker-reveal
score: 4
description: >-
The "essential goods and services" thesis, why values alignment is
non-negotiable, and how the Social Value Screen works. Former McKinsey,
Monitor Gro...
link: >-
https://techcrunch.com/2024/06/05/novastar-ventures-closes-third-fund-at-147m/
- name: Andrew Carruthers interview
category: decision-maker-reveal
score: 4
description: >-
Operational scaling and portfolio management perspective. Former
entrepreneur in East Africa. Hands-on with portfolio companies on growth
strategy.
link: 'https://www.novastarventures.com/team/'
- name: Direct application
category: pipeline-pathway
score: 3
description: >-
Contact through . No structured portal, but the team responds to inbound
submissions.
link: 'https://www.novastarventures.com/contact/'
- name: Portfolio founder network
category: pipeline-pathway
score: 3
description: >-
KOKO Networks, mPharma, Moniepoint, Chowdeck, BasiGo, and NewGlobe
founders can provide warm introductions. The portfolio is collaborative
and the tea...
- name: Impact investing ecosystem
category: pipeline-pathway
score: 3
description: >-
Omidyar Network, USAID DIV, Sida, and JICA are all connected to the
Novastar ecosystem. If you are already in an impact-oriented accelerator
or have D...
- name: Nairobi ecosystem
category: pipeline-pathway
score: 3
description: >-
The team is based in Nairobi and deeply embedded in the East African
startup ecosystem. Attending events, engaging with the local tech
community, and ...
portfolioSectorSplit:
Fintech: 8
Logistics: 8
Climate: 29
E-commerce: 13
Edtech: 4
Healthtech: 13
Infrastructure: 4
Agritech: 13
Consumer: 8
portfolioModelSplit:
Transaction/Marketplace: 29
Hardware/Devices: 29
Direct sales/Commerce: 25
Enterprise contracts/Licensing: 9
Subscription/SaaS: 8
portfolioGeographySplit:
Nigeria: 17
Kenya/Rwanda: 5
Egypt: 4
Kenya: 42
Kenya/Pan-African: 4
Ghana/Pan-African: 4
Kenya/East Africa: 4
Uganda/Kenya: 4
Ethiopia: 4
Kenya (ops): 4
West Africa: 4
Pan-African: 4
portfolioTotalCount: 24
portfolioClassifiedCount: 24
portfolioUnclassifiedCount: 0
logo: "/funds/novastar-ventures.png"
---
## Overview
Novastar Ventures is one of Africa's most established impact-first venture firms, founded in 2014 when, as the team puts it, "there was no VC asset class in Africa." They have raised approximately $335M across three funds: Fund I (~$80M, East Africa focused), Fund II ($108M, expanded to Anglophone West Africa), and Fund III ($147M, closed March 2026, now pan-African including North Africa). The Fund III close featured the Green Climate Fund as a $40M anchor LP alongside the U.S. DFC ($25M), British International Investment, JICA, Proparco, Norfund, and a notable cluster of Japanese corporate LPs including SBI Holdings, SMBC, Mitsubishi Corporation, and Mitsui O.S.K. Lines.
The firm's defining feature is its Social Value Screen, which is codified in the fund's governing documents rather than just its marketing. Every investment must serve the mass market with basic goods and services, which means large-scale social impact is a natural consequence of commercial success rather than a separate initiative. Their thesis is that the biggest venture returns in Africa come from companies solving the most fundamental problems for the largest number of people. The Moniepoint unicorn outcome ($1B+ valuation, backed from early stage through pre-Series C) validates this approach in practice.
Novastar has backed 24+ companies across its portfolio, and for every $1 they invest, their portfolio companies attract $4.50 in follow-on funding. The Fund III "People and Planet" mandate reflects a deepening commitment to climate and clean energy alongside the firm's longstanding focus on financial inclusion, healthcare, education, and food systems.
---
## How to Get In
The application process is straightforward. Visit novastarventures.com/contact, fill out the form, and upload your pitch deck (PDF, DOC, DOCX, PPT, or KEY format, max 10MB). The geographic requirement as of Fund III is that you are building in Africa, with a strong preference for East Africa, Anglophone West Africa, and North Africa.
Warm introductions carry significant weight. The most effective paths are through existing portfolio founders (Moniepoint, Chowdeck, BasiGo, NALA, and KOKO Networks founders are all in the network), through Novastar's DFI LP network (BII, IFC, and DFC all have their own startup engagement programs), or through co-investors who have syndicated with Novastar before.
The team structure matters for your outreach. Brian Waswani Odhiambo leads West Africa from Lagos, so if you are building in Nigeria or Ghana, he is the right entry point. Abel Boreto and Mukami Wainaina cover East Africa from Nairobi. Steve Beck and Andrew Carruthers (co-founders and managing partners) operate from London and tend to engage at the partnership decision level rather than initial screening.
Novastar has published a guide called "Raising Capital for your Venture: Questions to Consider" on their website, which gives you a clear sense of the frameworks they use to evaluate companies. Reading it before you pitch is a smart move.
---
## Best Advice
1. **Frame your impact as integral to the business model.** Novastar's Social Value Screen requires that impact scales automatically with revenue. If your social impact story is a separate slide in your deck rather than embedded in your business model, rewrite it. Show them that as you grow commercially, more people in underserved markets get access to a basic good or service.
2. **Demonstrate exponential unit economics.** The firm looks for businesses where marginal costs decrease dramatically as you scale. They have said publicly that they want "fundamental business economics that can scale exponentially at small marginal cost." If your model gets more expensive per customer as you grow, that is a problem.
3. **Lead with character, not just metrics.** Partners have stated that they look for "integrity, audacity, resilience, and humility." Brian Odhiambo has emphasized empathy as a core value: "The biggest thing is being able to have empathy, understanding what the entrepreneur is going through and putting yourself in their shoes." This is a team that invests in people as much as models.
4. **Think continent-scale from the start.** Novastar's stated goal is to back companies that "change the way a sector works across the continent." Even if you are starting in one market, your pitch needs to articulate a credible path to pan-African or international expansion. Their investments in Breadfast (Egypt), BasiGo (Kenya to Rwanda), and MAX (Nigeria to Ghana) show this pattern clearly.
5. **Know the Japanese LP connection.** Fund III includes SBI Holdings, SMBC, Mitsubishi Corporation, and Mitsui O.S.K. Lines. If your business has any relevance to Japanese corporate strategy in Africa (mobility, logistics, manufacturing, energy), mention it. These LPs are not passive, and Novastar can facilitate introductions.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- Steve Beck (Co-Founder) has given multiple detailed interviews to TechCrunch, Disrupt Africa, and impact investing media that articulate the "essential goods and services" thesis, the five-dimensional evaluation framework, and the Social Value Screen. The fund's pipeline data (6,000 companies evaluated, 0.25% conversion rate) and the detailed LP composition (Green Climate Fund, SBI Holdings, JICA) are publicly documented, which gives founders a clear picture of what it takes to get through.
> **Start here:** Read [Novastar Ventures closes Fund III at $147M (TechCrunch)](https://techcrunch.com/2024/06/05/novastar-ventures-closes-third-fund-at-147m/) (the fund structure, LP base, and why the thesis centres on "the many, not just the few"), then read [Steve Beck on impact investing in Africa (Disrupt Africa)](https://disruptafrica.com/meet-the-investor/steve-beck-novastar/) (Beck explains the five evaluation dimensions and why values alignment matters as much as market potential). Those two resources show you how Novastar evaluates companies and why the Social Value Screen is a hard gate, not a soft preference.
### How Novastar Ventures' portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Thesis** | "Essential goods and services for the many, not just the few." Three funds totalling ~$335M (EAF I $80M, AF II $108M, Fund III $147M). Five-dimensional evaluation: Market Potential, Innovation, Focused Strategy, Entrepreneurial Team (character, capacity, ambition), Values Alignment. Social Value Screen required for every investment. | Every investment must pass a Social Value Screen that evaluates whether the company genuinely serves mass-market needs. If your product is a luxury, a nice-to-have, or serves only the top 5% of African consumers, Novastar is not the right fund. Lead with how your product reaches millions of ordinary people. |
| **Selectivity** | 6,000 companies in the pipeline, approximately 15 investments per fund. That is a 0.25% conversion rate, which is among the most selective in African venture capital. | The extreme selectivity means your pitch has to be exceptional across all five dimensions simultaneously. A strong team with a weak market, or a large market with an unfocused strategy, will not get through. Prepare to demonstrate strength in every evaluation dimension. |
| **LP composition** | Fund III: Green Climate Fund ($40M), SBI Holdings ($40M), JICA, Japanese corporates. Earlier funds backed by Omidyar Network, USAID, Sida, FMO, and Lundin Foundation. | The Green Climate Fund as a major LP means climate-adjacent investments are particularly attractive in Fund III. The Japanese corporate LPs (SBI Holdings) signal interest in companies that could expand into or partner with Japanese businesses in Africa. |
| **Portfolio** | KOKO Networks (clean cooking fuel via smart canisters), mPharma (pharmacy and drug distribution), Moniepoint (payments infrastructure, Nigeria's largest merchant acquirer), Chowdeck (food delivery, $9M Series A), BasiGo (electric buses), NewGlobe (education). | The portfolio reveals a clear pattern: companies that transform how essential goods (fuel, medicine, food, transport, education) reach mass-market consumers. Infrastructure plays that become default rails for daily economic activity. |
| **Geography** | East Africa primary (Kenya, Ethiopia, Uganda), with expansion into West Africa (Nigeria) and broader pan-African plays. Nairobi is the operational hub. | East African founders have a structural advantage given the team's presence and network density in Nairobi. West African companies in the portfolio (Moniepoint, Chowdeck) show the fund is genuinely pan-African, but the initial relationship-building is easier in East Africa. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Steve Beck** (Co-Founder, Managing Partner) | The "essential goods and services" thesis, why values alignment is non-negotiable, and how the Social Value Screen works. Former McKinsey, Monitor Group. Deep impact investing background. | [TechCrunch: Fund III close](https://techcrunch.com/2024/06/05/novastar-ventures-closes-third-fund-at-147m/) -- [Disrupt Africa: Meet the Investor](https://disruptafrica.com/meet-the-investor/steve-beck-novastar/) |
| **Andrew Carruthers** (Co-Founder, Managing Partner) | Operational scaling and portfolio management perspective. Former entrepreneur in East Africa. Hands-on with portfolio companies on growth strategy. | [Novastar Ventures: Team](https://www.novastarventures.com/team/) |
### Learn from the Novastar portfolio
| Resource | Why it matters |
|----------|---------------|
| [KOKO Networks raises $100M+ (TechCrunch)](https://techcrunch.com/2022/02/14/koko-networks-raises-100-million/) | Shows the scale Novastar backs toward: a clean cooking fuel company that replaces charcoal with bioethanol via smart canisters, serving hundreds of thousands of households. Essential service, massive market, technology-enabled distribution. |
| [Moniepoint becomes Nigeria's largest merchant acquirer](https://techcabal.com/2024/01/15/moniepoint-crosses-1-billion/) | Demonstrates the "infrastructure for the many" thesis at scale: a payments company that serves millions of small merchants who were previously excluded from digital financial services. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct application** | Contact through [novastarventures.com/contact](https://www.novastarventures.com/contact/). No structured portal, but the team responds to inbound submissions. |
| **Portfolio founder network** | KOKO Networks, mPharma, Moniepoint, Chowdeck, BasiGo, and NewGlobe founders can provide warm introductions. The portfolio is collaborative and the team actively sources through founder referrals. |
| **Impact investing ecosystem** | Omidyar Network, USAID DIV, Sida, and JICA are all connected to the Novastar ecosystem. If you are already in an impact-oriented accelerator or have DFI relationships, those create natural warm pathways. |
| **Nairobi ecosystem** | The team is based in Nairobi and deeply embedded in the East African startup ecosystem. Attending events, engaging with the local tech community, and building relationships in Nairobi is the most organic path to the team. |
### What you can't find
The specific Social Value Screen criteria and scoring methodology are not publicly published. Individual cheque sizes for most portfolio investments are undisclosed. Founder testimonials or detailed case studies are not available on the website. The detailed evaluation rubric beyond the five dimensions is internal. Fund return data (IRR, DPI, TVPI) is not publicly disclosed.
---
## Pitch Format
Submit your pitch deck through the [contact form](https://www.novastarventures.com/contact/). Accepted formats are PDF, DOC, DOCX, PPT, and KEY, with a 10MB maximum file size. There is no video pitch option or separate written application.
Your deck should cover:
- The problem and the mass-market population it affects
- Your solution and how it scales
- Business model with unit economics
- Traction and growth metrics
- Team and relevant experience
- Impact thesis (how social value scales with commercial growth)
- Fundraising ask and use of funds
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Moniepoint | Nigeria | All-in-one business banking (payments, POS, accounts, credit) | Series B ($30M, led); pre-Series C (~$50M, co-led) | 2021, 2022 |
| Chowdeck | Nigeria | Food delivery platform with electrified fleet | Series A ($9M, led) | 2025 |
| BasiGo | Kenya/Rwanda | Electric buses for public transit on pay-per-km model | Series A (participated, $41.5M total) | 2024 |
| Breadfast | Egypt | Quick-commerce and grocery delivery | Pre-Series C ($50M, led) | 2026 |
| Komaza | Kenya | Tech-enabled sustainable forestry with smallholder farmers | Series B ($28M, co-led); extension ($10M) | 2020, 2022 |
| KOKO Networks | Kenya | Clean cooking fuel distribution technology | Portfolio company | -- |
| NewGlobe | Kenya/Pan-African | Cloud-powered education management (2.3M pupils, 8,000 schools) | Seed (first-ever Novastar investment) | ~2014 |
| MAX | Nigeria | Largest vehicle subscription platform for low-to-zero emission vehicles | Series A ($7M, co-led) | 2019 |
| mPharma | Ghana/Pan-African | Safe and equitable pharmaceutical distribution | Portfolio company | -- |
| TradeDepot | Nigeria | Retail distribution connecting 100K+ small shops with wholesalers | Portfolio company | -- |
| Turaco | Kenya/East Africa | Inclusive insurance for underserved populations | Portfolio company | -- |
| SolarNow | Uganda/Kenya | Solar energy solutions for households and businesses | Portfolio company | -- |
| Penda Health | Kenya | Affordable healthcare (21 medical centres across Nairobi) | Portfolio company | -- |
| poa! Internet | Kenya | Last-mile internet for underserved neighborhoods | Portfolio company | -- |
| GreenPath | Ethiopia | Regenerative farming food products, exports to Europe | Portfolio company | -- |
| Regen Organics | Kenya | Decarbonizes food/feed/fuel production (formerly Sanergy) | Portfolio company | -- |
| Sistema.bio | Kenya (ops) | Climate-smart biodigester solutions for family farmers | First Fund III investment ($3.5M) | 2024 |
| MoKo | Kenya | Mass-market furniture manufacturer | Portfolio company | -- |
| Elephant Healthcare | Kenya | Digitizing healthcare delivery | Portfolio company | -- |
| Ignitia | West Africa | Tropical weather forecasting for farmers | Portfolio company | -- |
| iProcure | Kenya | Optimizing rural agricultural supply chains | Portfolio company | -- |
| SOKO | Kenya | Ethical jewellery connecting artisans to global market | Portfolio company | -- |
| MoPhones | Pan-African | Affordable smartphone financing | Fund III (details undisclosed) | -- |
| PayGo Energy | Kenya | Clean cooking fuel on pay-as-you-go (acquired by Sun King) | Exited | 2023 |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Steve Beck | Co-Founder & Managing Partner | [linkedin.com/in/steve-beck-8102136](https://linkedin.com/in/steve-beck-8102136/) | -- |
| Andrew Carruthers | Co-Founder & Managing Partner | [linkedin.com/in/andrew-carruthers-7a566a](https://linkedin.com/in/andrew-carruthers-7a566a/) | -- |
| Brian Waswani Odhiambo | Partner (Head of West Africa) | [linkedin.com/in/waswani](https://linkedin.com/in/waswani/) | -- |
| Abel Boreto | Investment Director | [linkedin.com/in/abel-boreto-1821241a](https://ke.linkedin.com/in/abel-boreto-1821241a) | -- |
| Dominic Michel | Investment Director | [linkedin.com/in/dominic-michel-4b0bbb80](https://uk.linkedin.com/in/dominic-michel-4b0bbb80) | -- |
| Mukami Wainaina | Associate Investment Director | [linkedin.com/in/mukamiwainaina](https://linkedin.com/in/mukamiwainaina/) | -- |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Novastar Ventures Official Website](https://www.novastarventures.com/)
- [Novastar Ventures Portfolio](https://www.novastarventures.com/portfolio/)
- [Novastar Ventures Credo](https://www.novastarventures.com/credo)
- [TechCabal: Novastar closes Fund III at $147M](https://techcabal.com/)
- [Disrupt Africa: Novastar Fund III coverage](https://disruptafrica.com/)
- [TechCrunch: Moniepoint Series B and growth](https://techcrunch.com/)
- [TechCrunch: Chowdeck Series A (Aug 2025)](https://techcrunch.com/)
- [TechCrunch: BasiGo Series A (Oct 2024)](https://techcrunch.com/)
- [Green Climate Fund: Novastar Fund III LP commitment](https://www.greenclimate.fund/)
- [GIIN: Novastar Impact Measurement Case Study](https://thegiin.org/)
- [ImpactAssets IA50: Novastar profile](https://impactassets.org/)
- [Startup Guide: Novastar Ventures](https://startupguide.com/novastar-ventures)
- [Novastar Disclosure Statement (July 2024)](https://www.novastarventures.com/app/uploads/2024/10/Novastar-Ventures-Disclosure-Statement-July-2024.pdf)
---
---
name: Nubia Capital
slug: nubia-capital
buildTypes: ["Payments-processing", "Lending-credit", "Healthtech", "AI-ML", "Marketplace-commerce"]
thesis: >-
Investing in phenomenal African businesses, driven by a commitment to creating
a positive impact on the continent's future.
website: 'https://nubiacapital.vc/'
apply: 'mailto:support@nubiacapital.vc'
region: Pan-African
hq: 'Rochester Hills, Michigan'
sectors:
- Sector-agnostic
stage:
- Pre-Seed
- Seed
- Series A
chequeMin: 100000
chequeMax: 1500000
chequeDisplay: $100K -- $1.5M
format: Remote / Hybrid
admissions: Rolling
africaFocus: 'Yes -- Pan-African (Nigeria, Kenya, Ghana, South Africa, Egypt)'
status: active
tier: '2'
lastVerified: '2026-07-24'
portfolioSectorSplit:
Fintech: 33
Healthtech: 42
SaaS: 17
E-commerce: 8
portfolioModelSplit:
Transaction/Marketplace: 50
Subscription/SaaS: 17
Direct sales/Commerce: 17
Enterprise contracts/Licensing: 16
portfolioGeographySplit:
Pan-African: 33
Nigeria: 33
Ghana: 17
Egypt/Nigeria: 9
UK/Africa: 8
portfolioTotalCount: 12
portfolioClassifiedCount: 12
portfolioUnclassifiedCount: 0
---
## Overview
Nubia Capital is a US-based, pan-African venture capital firm led by Managing Partner Olaide Lawal and Co-Managing Partner Davidson Oturu. The firm backs early-stage African startups and global companies addressing African market challenges, with a portfolio of 12+ companies across Nigeria, Ghana, Egypt, and the UK/Africa diaspora.
The investment approach goes beyond capital, with the team providing strategic guidance, regulatory insight, and ecosystem support. Oturu serves as a private sector representative on Nigeria's National Council for Digital Innovation and Entrepreneurship, which gives the firm direct policy-level connections that most VCs lack. The portfolio spans fintech (Flick, Regxta, Phundit), healthtech (Blueroomcare, UltraTeb, Fertitude, Syndicate Bio), and AI-powered platforms (EATO, Niteon, Greenbaq AI), with a consistent theme of building products that serve underserved populations.
---
## How to Get In
Email support@nubiacapital.vc with a clear pitch deck covering your business model, traction, team, and impact thesis. The firm looks for founding teams with domain expertise, innovative solutions to clear problems, early traction, and scalable tech-enabled models with regional or pan-African expansion potential. They take a "founder-first approach," which means they want to support your direction rather than redirect it. If you're building in fintech, healthtech, or agribusiness with an African market focus, you're in the right lane.
---
## Best Advice
1. **The diaspora angle is a strength.** Being US-based with deep African market coverage means Nubia Capital can bridge the gap between African founders and US investor networks. If your growth plan involves accessing US capital markets or expanding to diaspora customers, highlight that.
2. **Policy connections are unusual and valuable.** Davidson Oturu's seat on Nigeria's National Council for Digital Innovation and Entrepreneurship gives the firm regulatory access that's rare among VCs. If you're in a regulated sector (fintech, healthtech, insurance), this connection can be genuinely useful during your scaling phase.
3. **Impact and returns go together.** The firm's philosophy emphasises "a healthier planet, advancing a smarter economy, cultivating diverse and happier communities" alongside financial returns. Show how your product creates measurable social impact, particularly for underserved or unbanked populations.
4. **They're flexible on round structure.** Nubia Capital can lead rounds or participate in syndicates, and cheques range from $100K to $1.5M with room for follow-on. That flexibility makes them a good fit whether you're anchoring a small pre-seed round or filling out a larger seed round.
---
## Pitch Format
Email a pitch deck to support@nubiacapital.vc covering your business model, market opportunity, traction, team, and financial projections. Include your impact thesis and pan-African expansion plan.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Flick | Pan-African | Cross-border payments reducing transaction costs by 70%+ |
| Regxta | Nigeria | Micro-loans and digital savings for the unbanked |
| Phundit | Ghana | Digital savings using behavioural finance principles |
| Blueroomcare | Pan-African | Tech-enabled mental health therapy platform |
| UltraTeb | Egypt/Nigeria | B2B medical procurement with embedded credit |
| Fertitude | Nigeria | Fertility assessments and reproductive healthcare |
| Syndicate Bio | Pan-African | AI-driven genomic datasets for drug discovery |
| Mariam Grey Pharmacy | Nigeria | Tech-enabled pharmacy with tele-consultations |
| Niteon | Pan-African | AI-powered B2B marketplace for African manufacturers |
| EATO | Ghana | AI-powered food marketplace for SMEs |
| PocketLawyers | Nigeria | On-demand legal services for startups and SMEs |
| Greenbaq AI | UK/Africa | Automated ESG compliance for SME financing |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Olaide Lawal | Managing Partner | — | — |
| Davidson Oturu | Co-Managing Partner | — | — |
| Nela Duke Ekpenyong | Investment Committee Member | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Nubia Capital official website](https://nubiacapital.vc/)
- [Nubia Capital portfolio](https://nubiacapital.vc/our-portfolio/)
- [Nubia Capital venture capital investments](https://nubiacapitalvc.com/venture-capital-investments/)
- [Nubia Capital: The Early Stage Founder's Guide -- SuperScout](https://superscout.co/investor/nubia-capital)
---
---
name: Oasis Capital
slug: oasis-capital
buildTypes: ["Healthtech", "E-commerce-retail"]
thesis: >-
Providing risk capital to entrepreneurial businesses delivering essential
services across Africa.
website: 'https://oasiscapitalghana.com/v2/'
apply: Via the website or direct outreach to the team
region: Ghana / West Africa
hq: Accra
sectors:
- Edtech
- Healthtech
- Fintech
stage:
- Growth
chequeMin: 500000
chequeMax: 5000000
chequeDisplay: $500K -- $5M
format: Hybrid
admissions: Rolling
africaFocus: 'Yes -- Ghana (primary), Côte d''Ivoire'
status: active
tier: '3'
lastVerified: '2026-07-24'
portfolioSectorSplit:
Fintech: 22
Healthtech: 34
Edtech: 11
Infrastructure: 22
Consumer: 11
portfolioModelSplit:
Transaction/Marketplace: 22
Direct sales/Commerce: 67
Enterprise contracts/Licensing: 11
portfolioGeographySplit:
Côte d'Ivoire: 22
Ghana: 67
Ghana/Côte d'Ivoire: 11
portfolioTotalCount: 9
portfolioClassifiedCount: 9
portfolioUnclassifiedCount: 0
---
## Overview
Oasis Capital is an Accra-based independent private equity firm founded in 2009 by Matthew Adjei (CEO), focused on growth-stage SMEs delivering essential services in West Africa. The firm invests through equity, quasi-equity, and profit-sharing instruments, and has deployed capital across 21 businesses in Ghana and Côte d'Ivoire through its first two funds.
The firm's fund progression tells the growth story: the Ebankese Venture Fund (EVF) started at $11 million, Oasis Africa Fund I (OAF I) scaled to $50.5 million (both now fully invested), and the current Oasis Africa Fund II (OAF II) targets $100 million. OAF I was backed by IFC (up to $7 million, representing a maximum 20% of committed capital), and OAF II's LP base includes Development Bank Ghana, Venture Capital Trust Fund, GCB Capital, Stanbic IMS, ENO International, Investcorp Asset Management, CAL Asset Management, PETRA Advantage, PETRA Opportunity, Databank Asset Management, Standard Pensions Trust, and Oasis Capital itself. The portfolio spans commercial banking (MANSA Bank), hospitals (PISAM, SINEL Specialist Hospital), education (Legacy Girls College), insurance (Sinu Assurances), water (Everpure Ghana Water), retail (Koala Supermarkets), and technology (appsNmobile), with a strong emphasis on ESG integration and gender-lens investing.
---
## How to Get In
Reach out through the website or via the Ghanaian private equity ecosystem. The fund targets SMEs with sales under $10 million or an asset base under $10 million, no more than 100 employees at the time of investment, and clear organic growth opportunities with market leadership potential. The firm writes cheques of $500K to $5M and looks for "innovative and nimble entities with enormous potential for growth" that can reach top-quartile status in their market during the investment period. Given the strong geographic split (up to 60% Ghana, at least 40% Côte d'Ivoire), founders building essential services businesses in either market are squarely in scope. The team provides hands-on operational, marketing, and financial management support alongside capital.
---
## Best Advice
1. **Essential services is the thesis.** Oasis Capital invests in businesses that deliver services people need: healthcare, education, financial services, housing, food. If you're building something that serves a fundamental need for West African consumers and communities, that's the sweet spot. The portfolio makes this clear, with hospitals, schools, banks, and water companies anchoring the mix.
2. **The fund trajectory signals institutional ambition.** Moving from $11 million (EVF) to $50.5 million (OAF I) to a $100 million target (OAF II) shows a firm that has earned LP confidence through demonstrated returns. For founders, this means the team can support you across multiple growth stages and potentially participate in follow-on rounds as the fund size allows.
3. **Côte d'Ivoire is not secondary.** With a minimum 40% allocation to Côte d'Ivoire, the fund has genuine conviction in the Ivorian market. If you're building in Abidjan or across francophone West Africa, Oasis Capital is one of the few Ghanaian-headquartered firms with real Ivorian deal-making infrastructure and portfolio experience.
4. **Keep it small and scalable.** The investment criteria explicitly target companies with fewer than 100 employees and under $10 million in revenue, which means the team is looking for businesses that are capital-efficient and poised for significant scaling. If you're already a large operation, you may be outside the fund's focus, but if you're a lean team with clear expansion potential, that's the profile they're after.
---
## Pitch Format
Submit a pitch through the website covering your business model, financial performance, market position, team, and growth plan. Be prepared to discuss your operating history, path to market leadership, and how additional capital translates into scaling essential services.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| MANSA Bank | Côte d'Ivoire | Commercial banking |
| PISAM Hospital | Côte d'Ivoire | Private hospital and healthcare |
| Sinu Assurances | Ghana | Insurance services |
| Legacy Girls College | Ghana | Girls' education |
| Everpure Ghana Water | Ghana | Water purification and distribution |
| SINEL Specialist Hospital | Ghana | Specialist healthcare |
| Metropolitan Health | Ghana | Healthcare services |
| Koala Supermarkets | Ghana/Côte d'Ivoire | Retail supermarket chain |
| appsNmobile | Ghana | Technology and mobile services |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Matthew Adjei | Founder & CEO | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Oasis Capital Ghana official website](https://oasiscapitalghana.com/v2/)
- [Oasis Capital Ghana secures $33.3M in first close of Oasis Africa Fund II -- AVCA](https://www.avca.africa/news-insights/member-news/oasis-capital-ghana-secures-333mn-in-first-close-of-oasis-africa-fund-ii/)
- [Oasis Capital upbeat on private equity opportunities -- Business & Financial Times](https://thebftonline.com/2024/07/22/oasis-capital-upbeat-on-private-equity-opportunities/)
- [Ghana-based investor Oasis Capital hits first close of $100M fund -- Daba Finance](https://dabafinance.com/en/news/ghana-based-investor-oasis-capital-hits-first-close-of-100m-fund)
- [Oasis Africa VC Fund -- IFC Disclosure Portal](https://disclosures.ifc.org/project-detail/SII/37988/oasis-africafund)
---
---
name: OKX Ventures
slug: okx-ventures
buildTypes: ["Infra-protocol", "Gaming", "Dev-tooling"]
thesis: 'Invests across blockchain infrastructure, Layer 2 scaling, trading and financial protocols, established ecosystems (Polkadot, Solana, NEAR, Polygon, Avalanche), consumer applications and Web3 tooling, backed by a $100M initial fund and OKX''s exchange distribution.'
website: 'https://www.okx.com/ventures'
apply: 'No public application form. Email ventures@okx.com or reach the team via Telegram at @OKXVentures.'
region: 'Global'
hq: 'Seychelles (OKX group entity); investment team operates globally'
sectors:
- Infrastructure
- Gaming
- Developer-Tooling
sectorsNote: 'Splits below are computed from the 15 companies named on the OKX Ventures portfolio page. OKX Ventures also names Polkadot, Solana, NEAR, Polygon and Avalanche as priority ecosystems without listing individual companies in each, so the true portfolio is larger than this sample.'
stage:
- Seed
- Series A
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed. Initial fund size $100M.'
chains:
- Chain-agnostic
- Ethereum
- Arbitrum
- NEAR
- Multi-chain
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '2'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Priority ecosystems list
category: evaluation-framework
score: 4
description: >-
OKX Ventures names its priority ecosystems directly: Polkadot, Solana,
NEAR, Polygon and Avalanche, alongside sector priorities spanning
infrastructure/L2, trading and financial protocols, applications
(wallets, NFT, GameFi, SocialFi) and Web3 tooling. This is a rare case
of an exchange VC stating its chain priorities outright.
link: 'https://www.okx.com/ventures'
- name: Portfolio page
category: portfolio-pattern
score: 3
description: >-
Names 15 companies directly, heavily weighted to infrastructure and
Layer 2s (Arbitrum, Scroll, zkSync, StarkWare, LayerZero). Useful for
finding a close comparable before you write in.
link: 'https://www.okx.com/ventures'
- name: ventures@okx.com and Telegram @OKXVentures
category: pipeline-pathway
score: 3
description: >-
Two real, publicly listed inbound channels. Exchange-affiliated VCs
tend to move faster than traditional funds once a conversation
starts, and listing-adjacent projects are a documented pattern for
exchange venture arms broadly.
link: 'https://www.okx.com/ventures'
- name: OKX's own distribution
category: practice-artifact
score: 3
description: >-
As with any exchange-affiliated fund, a listing or integration on OKX
itself is a real, non-equity form of leverage a portfolio company can
access. Not guaranteed by an investment, but a documented pattern
across exchange VCs generally.
link: 'https://www.okx.com/ventures'
portfolioSectorSplit:
Infrastructure: 80
Gaming: 13
Developer-Tooling: 7
portfolioChainSplit:
Chain-agnostic: 40
Ethereum: 33
Multi-chain: 13
Arbitrum: 7
NEAR: 7
portfolioTotalCount: 15
portfolioClassifiedCount: 15
portfolioUnclassifiedCount: 0
---
> **How to use this page:** OKX Ventures is the investment arm of the OKX exchange, with a $100M initial fund and a portfolio that skews hard toward Layer 2 and infrastructure plays. There is no application form; ventures@okx.com and Telegram are the two real channels. Read Section E, and note that exchange-affiliated VCs move fast once engaged, but the bar to get that first reply is real.
---
## A. Header Block
- **Fund name:** OKX Ventures
- **One-line thesis:** Explores and invests in high-quality projects across infrastructure, trading/financial protocols, established ecosystems, applications and Web3 tooling
- **Website:** [okx.com/ventures](https://www.okx.com/ventures)
- **CTA:** [Email ventures@okx.com](mailto:ventures@okx.com)
| Tag | Detail |
|-----|--------|
| Region | Global |
| Format | Direct outreach |
| Sectors | Infrastructure, Layer 2, trading/financial protocols, gaming, wallets, Web3 tooling |
| Stage | Seed, Series A |
| Cheque Size | Not disclosed; initial fund $100M |
| Admissions | Rolling |
---
## B. Batch Schedule
Not applicable. OKX Ventures invests on a rolling basis and does not run a public cohort program.
---
## C. Overview
OKX Ventures is the venture investment arm of the OKX exchange, launched with an initial fund of $100 million. Its own site states the investment scope in unusually specific, structured terms: basic infrastructure and Layer 2 solutions, trading and financial projects (derivatives, DEX aggregation, lending, synthetic assets, oracles, insurance), established blockchain ecosystems it names directly (Polkadot, Solana, NEAR, Polygon, Avalanche), applications (browsers, wallets, NFT, GameFi, SocialFi), and Web3 tools (data protocols, technical services, privacy).
The named portfolio, 15 companies on the page we fetched, leans heavily toward Layer 2 and core infrastructure: Arbitrum, Scroll, zkSync and StarkWare cover the Ethereum scaling stack directly, alongside interoperability plays (LayerZero, Connext), staking infrastructure (SSV) and an EVM-on-NEAR bridge (Aurora). Gaming shows up through Gods Unchained, and public-goods funding through Gitcoin.
Like most exchange-affiliated venture arms, OKX Ventures offers something beyond capital: proximity to a large, liquid trading venue. The fund states it brings "overseas resources" across China, Silicon Valley, Japan, South Korea and Southeast Asia, plus ecosystem integration with the OKX platform and strategic partnership facilitation, which for the right company can matter as much as the check itself.
**Key stats:**
- $100M initial fund
- 15 named portfolio companies, weighted toward infrastructure and L2
- Names five priority ecosystems directly: Polkadot, Solana, NEAR, Polygon, Avalanche
- Two real contact channels: ventures@okx.com, Telegram @OKXVentures
---
## D. Key Partners
OKX Ventures does not publish a named investment team on the pages we fetched. No individual partners, principals, or investment leads are listed on okx.com/ventures. If you need a named contact, the stated channels (email and Telegram) are the verified path; we are not printing unverified names sourced from third-party trackers here.
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Check if you're in a named priority ecosystem
OKX Ventures names Polkadot, Solana, NEAR, Polygon and Avalanche directly as priority ecosystems. If you build on one of these, say so explicitly and early; it maps directly to a stated preference rather than something you have to infer.
#### Step 2: Email ventures@okx.com or message Telegram @OKXVentures
Both are real, publicly listed channels. Exchange VCs typically move fast once a conversation starts, so come with your materials ready rather than treating the first message as a feeler.
#### Step 3: Frame yourself against the four stated categories
Infrastructure/L2, trading and financial protocols, applications (wallets, NFT, GameFi, SocialFi), or Web3 tooling. Naming which category you sit in, in the fund's own language, is a small but real signal that you did the homework.
#### Step 4: Consider what OKX distribution would mean for you
If a listing, wallet integration, or OKX ecosystem partnership would meaningfully move your business, say so. Exchange-affiliated funds generally value being able to point to that kind of leverage for a portfolio company.
**Timeline:** Not published; exchange VCs are generally reputed to move quickly once engaged.
---
## F. Best Advice from Founders
**Name your ecosystem match explicitly.** With five named priority ecosystems (Polkadot, Solana, NEAR, Polygon, Avalanche), a founder who states that match up front is working with the grain of the fund's own stated preferences rather than against it.
**Layer 2 and infrastructure pitches have the deepest visible precedent.** Arbitrum, Scroll, zkSync and StarkWare together make up a large share of the named portfolio; a scaling or core-infra pitch has real company here.
**Think about distribution, not just capital.** As with any exchange-affiliated fund, the value beyond the check (listing access, integration, regional go-to-market support across China, Japan, Korea, Southeast Asia) is a real and documented part of the offer; be ready to discuss it.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. The fund is unusually explicit about its sector and ecosystem priorities, and two real contact channels exist. What's missing is any named investment team, cheque range, or process detail.
> **Start here:** Read the [OKX Ventures page](https://www.okx.com/ventures) for the named priority ecosystems and sector categories, then email ventures@okx.com with a specific reference to which one you fit.
### How OKX Ventures' portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Infrastructure and Layer 2 dominate** | 12 of 15 named companies (Arbitrum, Scroll, zkSync, StarkWare, LayerZero, Connext, SSV, Aurora, Sei, WAX, Clover, Berachain) are infrastructure. | This is by far the strongest visible pattern; scaling, interoperability and staking infrastructure fit cleanly. |
| **Gaming is present but small** | Gods Unchained and Outland are the two gaming-adjacent names. | GameFi fits the fund's stated scope, but the visible portfolio doesn't show it as a dominant category yet. |
| **Ethereum-heavy despite naming five other priority ecosystems** | 5 of 15 named companies are Ethereum-native, versus one each for Arbitrum and NEAR. | The named priority ecosystems (Polkadot, Solana, NEAR, Polygon, Avalanche) may be underrepresented in this particular sample; ask directly which ecosystems the fund is actively deploying into right now. |
| **Public goods funding is a real, if small, thread** | Gitcoin is named directly. | If you're building funding or coordination infrastructure, there is at least one precedent here. |
### Watch the people who decide
No individual partners or investment leads are named on the pages we fetched.
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct email** | ventures@okx.com |
| **Telegram** | @OKXVentures |
| **Named priority ecosystem** | Polkadot, Solana, NEAR, Polygon or Avalanche builders can lead with that match directly. |
### What you can't find
There is no published cheque range, no named investment team, and no application form beyond an email address and a Telegram handle. We could not verify any individual partner names from an OKX-owned page.
---
## G. Pitch Format OKX Ventures Expects
- No public template; email or Telegram outreach is the norm
- Name your sector category (infrastructure/L2, trading/financial protocols, applications, Web3 tooling) and, if relevant, your ecosystem match explicitly
- Standard early-stage materials: team, product, traction, ask
- Be ready to discuss what OKX distribution (listing, integration) would mean for your business
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Companies named on [okx.com/ventures](https://www.okx.com/ventures). Sector and chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Arbitrum | Ethereum L2 scaling | Infrastructure | Arbitrum |
| Scroll | ZK rollup, Ethereum L2 | Infrastructure | Ethereum |
| zkSync | ZK rollup, Ethereum L2 | Infrastructure | Ethereum |
| StarkWare | ZK scaling infrastructure | Infrastructure | Chain-agnostic |
| LayerZero | Cross-chain interoperability | Infrastructure | Multi-chain |
| Connext | Cross-chain interoperability | Infrastructure | Multi-chain |
| SSV | Distributed validator technology | Infrastructure | Ethereum |
| Sei Network | Layer 1 blockchain | Infrastructure | Chain-agnostic |
| Aurora | EVM compatibility layer for NEAR | Infrastructure | NEAR |
| WAX | Layer 1 blockchain (NFT-focused) | Infrastructure | Chain-agnostic |
| Clover | Cross-chain wallet infrastructure | Infrastructure | Chain-agnostic |
| Berachain | Layer 1 blockchain | Infrastructure | Chain-agnostic |
| Gods Unchained | Blockchain trading card game | Gaming | Ethereum |
| Outland | Gaming/metaverse platform | Gaming | Chain-agnostic |
| Gitcoin | Public goods funding platform | Developer-Tooling | Ethereum |
---
## I. Ecosystem Connections
- **Ethereum scaling stack:** the fund's deepest, clearest exposure, spanning Arbitrum, Scroll, zkSync and StarkWare.
- **Named priority ecosystems:** OKX Ventures states directly that it prioritizes Polkadot, Solana, NEAR, Polygon and Avalanche, though only NEAR (via Aurora) appears in the specific portfolio names we could verify.
- **Interoperability:** LayerZero and Connext give the fund real cross-chain infrastructure exposure.
- **Exchange-adjacent distribution:** as with any exchange VC, a listing or integration path via OKX itself is a documented, non-equity form of leverage for portfolio companies.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Comparing exchange-affiliated VCs?** See Coinbase Ventures and YZi Labs, both exchange-adjacent funds active in similar infrastructure categories.
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [OKX Ventures](https://www.okx.com/ventures)
---
---
name: Optimism Growth Grants
slug: optimism-growth-grants
thesis: 'Upfront OP-token grants for apps that grow usage on the Superchain, the live path for Optimism non-dilutive funding since Retro Funding was paused for at least 12 months, but seasonal: the Season 9 window closed May 20, 2026 and Season 10 has not yet opened.'
website: 'https://www.opgrants.io'
apply: 'Register your project in OP Atlas, then watch opgrants.io and the Grants Council forum thread for the next season''s application window. The Season 9 Grants Council window closed May 20, 2026; as of this verification (September 9, 2026) no Season 10 window had opened.'
region: 'Global'
hq: 'San Francisco, USA (Optimism Foundation)'
sectors:
- DeFi
- Consumer
- Developer-Tooling
sectorsNote: 'Season 9 names DEX TVL and lending-market liquidity as an explicit success metric for DeFi applicants. Consumer apps and dev tooling are also eligible but should weigh whether the Base Ecosystem Fund is a better-fit door if their activity is mostly on Base rather than OP Mainnet.'
stage:
- MVP
- Pre-Seed
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed per grant. Season 9 program budget is up to 3.89M OP, down from 6.29M OP in Season 8.'
chains:
- Optimism
- Base
- Multi-chain
format: 'Application form'
admissions: 'Seasonal; Season 9 Grants Council window closed May 20, 2026. Watch for a Season 10 announcement.'
africaFocus: 'Not Africa-specific'
status: active
tier: '2'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Season 9 program page
category: evaluation-framework
score: 4
description: >-
States the Season 9 OP budget (up to 3.89M OP) and confirms Growth
Grants and Audit Grants are the live application tracks, distinct
from the paused Retro Funding categories still listed for history.
link: 'https://atlas.optimism.io/missions/growth-grants'
- name: 'Season 9: From Experiment to Organization'
category: decision-maker-reveal
score: 5
description: >-
The Optimism Foundation's own post confirming Retro Funding is
paused for at least 12 months while the Collective restructures
around "Capital Allocation 2.0" and enterprise adoption. Read this
before telling a founder Retro Funding is open; it is not.
link: 'https://optimism.io/blog/season-9-from-experiment-to-organization'
- name: OP Atlas
category: practice-artifact
score: 4
description: >-
Where every applicant registers a project, verifies contract
ownership, and applies to Growth Grants; the mechanical first step
before any grant conversation starts.
link: 'https://atlas.optimism.io'
- name: opgrants.io
category: pipeline-pathway
score: 3
description: >-
The Grants Council's own portal listing every current-season program
(Growth Grants, Audit Grants) with direct apply links and office
hours booking.
link: 'https://www.opgrants.io'
portfolioTotalCount: 0
portfolioClassifiedCount: 0
portfolioUnclassifiedCount: 0
---
> **How to use this page:** If you have heard of Optimism's grant programs, you have probably heard of Retro Funding, and it is paused, not open. Growth Grants is the live substitute for non-dilutive Optimism funding, but its own Season 9 window is now closed too: the Grants Council stopped taking applications on May 20, 2026, and no Season 10 window had opened as of this verification on September 9, 2026. Read Section E for how the programs differ and what to watch for the next window.
---
## A. Header Block
- **Program name:** Optimism Growth Grants
- **One-line thesis:** Upfront OP grants for apps growing usage on Superchain chains, the live non-dilutive path while Retro Funding is paused, but seasonal and currently between windows
- **Website:** [opgrants.io](https://www.opgrants.io)
- **CTA:** [Register in OP Atlas](https://atlas.optimism.io/missions/growth-grants) now so you are ready when the next window opens
| Tag | Detail |
|-----|--------|
| Region | Global; Optimism Foundation is US-based |
| Format | Application form via OP Atlas and opgrants.io |
| Sectors | DeFi (explicit S9 focus on TVL and lending liquidity), consumer, developer tooling |
| Stage | MVP through Seed |
| Cheque Size | Not disclosed per grant; Season 9 program budget was up to 3.89M OP |
| Admissions | Seasonal; Season 9 window closed May 20, 2026, Season 10 not yet announced |
---
## C. Overview
Optimism's non-dilutive funding landscape changed materially heading into 2026. **Retro Funding**, the retroactive public-goods program that rewarded shipped impact after the fact, is **paused for at least 12 months** as of Season 9. The Optimism Foundation's own post frames this as a deliberate shift: "The Retro Funding program will be paused to reevaluate how it fits into Optimism's long term strategy," as the Collective moves toward what it calls Capital Allocation 2.0 and a heavier focus on OP Stack execution and enterprise adoption. Roughly 775M OP previously reserved for the program may be reallocated. A founder pitching Retro Funding today is pitching a closed door.
**Growth Grants** is the live substitute, but it runs in seasonal windows rather than year-round. Where Retro Funding paid out after the fact based on measured impact, Growth Grants is an upfront program: teams register in OP Atlas, apply through the Grants Council mission, and receive funding ahead of proving impact, with the Council screening for applications on Superchain chains contributing to the ecosystem. The Season 9 budget was up to 3.89M OP, down from 6.29M OP in Season 8, reflecting the broader pullback in Optimism's grant spending. The Collective forum thread announcing the Season 9 window, posted February 12, 2026, states the Grants Council closed submissions on May 20, 2026. As of this verification on September 9, 2026, no Season 10 window had been announced on opgrants.io or the Optimism blog; treat Growth Grants as closed until a new window is confirmed. The Season 9 success metric leaned on DeFi specifically: DEX total value locked and liquidity on lending markets for collateral-borrow pairs, a pattern likely to carry into the next season.
Audit Grants run alongside Growth Grants for pre-launch teams needing a security review subsidy, and are also applied for through opgrants.io; confirm their status separately since seasonal timing can differ.
Growth Grants also targets the Superchain broadly, not OP Mainnet alone: the Superchain Index that the Council screens against includes Base and other OP Stack chains, so a Base-native team is in scope for this program, not only the Base Ecosystem Fund.
**Key stats:**
- Retro Funding paused for at least 12 months as of Season 9 (Optimism Foundation, confirmed)
- Growth Grants Season 9 budget: up to 3.89M OP, down from 6.29M OP in Season 8
- Season 9 Grants Council window closed May 20, 2026; Season 10 not yet announced as of September 9, 2026
- Season 9 success metric: DEX TVL and lending-market liquidity for DeFi applicants
- Covers Superchain chains including Base, not OP Mainnet exclusively
---
## D. Key Partners
| Person or team | Role | Where to find them |
|----------------|------|--------------------|
| Optimism Grants Council | Runs Growth Grants and Audit Grants, publishes the selection algorithm before selecting | [opgrants.io](https://www.opgrants.io) |
| Optimism Foundation | Sets Collective-level strategy, including the Retro Funding pause | [optimism.io/blog](https://optimism.io/blog/season-9-from-experiment-to-organization) |
The Grants Council does not publish individual reviewer names on its public pages, and we have not guessed.
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Confirm you are applying to the right program, and that a window is open
Do not apply for Retro Funding; it is paused. Growth Grants is the live upfront-funding program, but it is seasonal, not evergreen: the Season 9 window closed May 20, 2026, and no Season 10 window has been announced as of September 9, 2026. Check opgrants.io and the Optimism Collective forum before assuming applications are open.
#### Step 2: Register your project in OP Atlas now
Set up your project profile in OP Atlas and verify contract ownership via a deployer signature. Do this while the window is closed so you are ready to submit the moment Season 10 opens; this is the mechanical prerequisite for any Optimism grant application.
#### Step 3: Apply through the Grants Council mission once a window opens
Submit your Growth Grants application via [opgrants.io](https://www.opgrants.io) or directly at the OP Atlas Growth Grants mission page. Season 9 accepted applications on a rolling basis within its window rather than a single cutoff; expect the next season to follow a similar shape once announced.
#### Step 4: Lead with the S9 metric if you are DeFi
The Council has named DEX TVL and lending-market liquidity for collateral-borrow pairs as the explicit Season 9 success measure for DeFi applicants. If your product touches either, put the metric front and center.
#### Step 5: If pre-launch, apply for Audit Grants too
Pre-launch teams can apply for Audit Grants alongside or instead of Growth Grants to subsidise a security review before mainnet.
#### Step 6: Use office hours
Office hours are listed on the Optimism calendar for applicant questions; use them if your eligibility or fit is unclear before submitting.
**Tips that matter here:**
- Deploy on a revenue-contributing Superchain chain (OP Mainnet, Base and others in the "Superchain Index") rather than a chain outside that index.
- Consumer apps with most of their activity on Base specifically should also weigh the Base Ecosystem Fund as a parallel or better-fit door, especially while Growth Grants is between seasons.
- Do not build a pitch around Retro Funding; it is not accepting applications and will not be for at least a year from the Season 9 announcement.
- Do not plan around Growth Grants being open right now; register in OP Atlas and watch for the Season 10 announcement instead.
---
## F. Best Advice from Founders
**Know which program is actually open.** The single biggest mistake founders make here is pitching a program that is not currently accepting applications, whether that is the paused Retro Funding or a Growth Grants season that has already closed. Confirm current status on opgrants.io before writing anything.
**DeFi applicants should quote the metric back.** Season 9 names DEX TVL and lending liquidity explicitly; a proposal that speaks in those exact terms reads as prepared.
**OP Atlas registration is not optional.** Every Optimism grant path, current and future, routes through project registration and contract verification there. Do it early, independent of which specific program you're pursuing.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. The Optimism Foundation has been unusually candid about the Retro Funding pause in public posts, which is valuable honesty most programs don't offer. Per-grant sizing for Growth Grants is not published, and the program's own seasonal cadence means the door is currently shut: the Season 9 window closed May 20, 2026, with no Season 10 date announced yet.
> **Start here:** Read the Foundation's [Season 9: From Experiment to Organization](https://optimism.io/blog/season-9-from-experiment-to-organization) post to understand the Retro Funding pause, then register your project in [OP Atlas](https://atlas.optimism.io) now so you can apply for Growth Grants at [opgrants.io](https://www.opgrants.io) the moment the next season opens.
### How the program actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Retro Funding is closed, not just quiet** | Paused for at least 12 months per the Foundation's own Season 9 post, with ~775M OP reserved for it possibly reallocated. | Do not pitch or plan around Retro Funding money in 2026. |
| **Growth Grants is the live program, but it is between seasons** | Season 9 ran an upfront, application-based budget of up to 3.89M OP (down from 6.29M in Season 8) and closed submissions May 20, 2026; Season 10 has not been announced as of September 9, 2026. | Register in OP Atlas now and watch for the Season 10 announcement rather than assuming applications are open. |
| **DeFi has an explicit, quotable metric** | DEX TVL and lending-market collateral-borrow liquidity were named as the S9 success measure. | DeFi applicants should build their pitch around this metric when the next window opens. |
| **Registration is a universal prerequisite** | OP Atlas project registration and contract verification are required regardless of which program you pursue. | Do this step first, before deciding which specific grant to apply for. |
| **Coverage spans the Superchain, not just OP Mainnet** | The Council screens against the Superchain Index, which includes Base and other OP Stack chains. | A Base-native team is in scope for Growth Grants, not shut out by chain. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Optimism Grants Council** | Runs Growth Grants and Audit Grants and publishes a selection algorithm before selecting recipients. | [opgrants.io](https://www.opgrants.io) |
| **Optimism Foundation** | Set the Retro Funding pause and the Capital Allocation 2.0 direction in its own public post. | [optimism.io/blog](https://optimism.io/blog/season-9-from-experiment-to-organization) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Growth Grants** | Register in [OP Atlas](https://atlas.optimism.io) now; apply via [opgrants.io](https://www.opgrants.io) once the next seasonal window opens (Season 9 closed May 20, 2026). |
| **Audit Grants** | Also via opgrants.io; a pre-launch security-review subsidy. |
| **Office hours** | Listed on the Optimism calendar for pre-application questions. |
### What you can't find
The Council does not publish per-grant OP amounts or a full list of Season 9 recipients. A Season 10 date has not been announced; treat any specific reopening date you see elsewhere as unverified until confirmed on opgrants.io directly.
---
## G. Pitch Format Optimism Growth Grants Expects
- Project registered and contract-verified in OP Atlas before applying
- A Growth Grants application via opgrants.io, framed around usage growth on a Superchain chain, submitted once the next seasonal window is open
- For DeFi: DEX TVL or lending-market liquidity metrics quoted directly
- For pre-launch teams: a parallel or preceding Audit Grants application
- No pitch built around Retro Funding or a closed Growth Grants season
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
The Grants Council does not publish a consolidated list of Growth Grants recipients on opgrants.io in a form we can verify beyond aggregate budget figures. We do not name recipients we cannot confirm from a primary source.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Not published | No consolidated Season 9 Growth Grants recipient list is published | n/a | Optimism, Base (Superchain) |
---
## I. Ecosystem Connections
- **Superchain (OP Mainnet, Base, Unichain and others):** Growth Grants targets apps contributing to the Superchain Index, not OP Mainnet alone.
- **Base Ecosystem Fund:** a parallel door for founders whose activity is mostly on Base rather than OP Mainnet specifically.
- **OP Atlas:** the shared registration layer for every Optimism grant program, past, present and future.
- **Retro Funding (paused):** register in OP Atlas now if you want to be positioned when and if the program returns; the Foundation has signaled at least a 12-month pause from Season 9.
- **Growth Grants Season 10 (not yet open):** the Season 9 window closed May 20, 2026; watch opgrants.io and the Optimism Collective forum for the next announcement.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Grant agreements and IP** [Compliance guide](/founder-stack/compliance)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Optimism Grants, opgrants.io](https://www.opgrants.io)
- [Growth Grants mission, OP Atlas](https://atlas.optimism.io/missions/growth-grants)
- [Season 9: From Experiment to Organization, Optimism blog](https://optimism.io/blog/season-9-from-experiment-to-organization)
- [Season 9 Governance Fund Missions, Optimism Collective forum](https://gov.optimism.io/t/season-9-governance-fund-missions/10526)
- [Season 9 Grants Council: Applications Now Open, Optimism Collective forum](https://gov.optimism.io/t/season-9-grants-council-applications-now-open/10599)
- [Retro Funding: Onchain Builders mission details (2025 rules), Optimism Collective forum](https://gov.optimism.io/t/retro-funding-onchain-builders-mission-details/9611)
---
---
name: Oui Capital
slug: oui-capital
buildTypes: ["Payments-processing", "Neobank/wallet", "Marketplace-commerce", "Lending-credit", "Mobility"]
thesis: Backing bold entrepreneurs reimagining an African future through technology.
website: 'https://www.ouicapital.vc/'
apply: 'https://www.ouicapital.vc/en/pitch'
region: Pan-African
hq: 'Lagos, Nigeria'
sectors:
- Sector-agnostic
stage:
- Pre-Seed
- Seed
chequeMin: null
chequeMax: 750000
chequeDisplay: Up to $750K (Fund II)
format: Remote
admissions: Rolling / Warm intros encouraged
africaFocus: >-
Yes -- Pan-African (Nigeria, Kenya, Senegal, South Africa, Egypt, Cameroon,
Zimbabwe)
status: active
tier: '2'
lastVerified: '2026-07-24'
portfolioSectorSplit:
Fintech: 41
Logistics: 14
E-commerce: 14
Infrastructure: 4
Consumer: 14
Healthtech: 9
SaaS: 4
portfolioModelSplit:
Transaction/Marketplace: 59
Subscription/SaaS: 23
Enterprise contracts/Licensing: 18
portfolioGeographySplit:
Nigeria: 45
Senegal: 9
Cameroon: 5
Kenya: 23
South Africa: 5
Zimbabwe: 5
Egypt: 4
Mauritius: 4
portfolioTotalCount: 22
portfolioClassifiedCount: 22
portfolioUnclassifiedCount: 0
logo: "/funds/oui-capital.svg"
---
## Overview
Oui Capital is a Lagos-based early-stage venture firm founded in 2019 by Olu Oyinsan and Francesco Andreoli. The firm invests at pre-seed and seed across Africa, with a portfolio of 24+ companies spanning fintech, digital commerce, enterprise software, and healthtech.
The firm made history in January 2025 by becoming Africa's first VC to fully return a 2019-vintage fund, driven by a 53x return on a $150,000 seed investment in Moniepoint. That $150K turned into $8 million when Oui Capital sold shares during Moniepoint's $110 million Series C at a $1 billion valuation. Their debut Mentors Fund I was $4 million, and Fund II (launched 2022) targets $30 million with cheques up to $750K. Portfolio companies across both funds have over $1.3 billion in aggregate market value.
---
## How to Get In
Submit your pitch through the portal at ouicapital.vc/pitch. Warm introductions through their network carry weight, so getting connected to their portfolio founders or team on LinkedIn helps. Olu Oyinsan is active on LinkedIn and regularly engages with the African startup ecosystem at events like GITEX Nigeria. The firm invests across Africa but has the heaviest concentration in Nigeria, Kenya, and Senegal.
---
## Best Advice
1. **Come at pre-seed or seed with a working product.** Oui Capital backs companies early, but their portfolio shows a clear preference for founders who already have something live, even if revenue is minimal. They want to see you building, not just pitching a concept.
2. **Show a path to real unit economics early.** The Moniepoint bet worked because the team demonstrated clear business fundamentals from day one. Olu Oyinsan has spoken publicly about entry price, equity ownership, and exit timing being central to their portfolio construction, so you should show you understand your own economics.
3. **If you're in fintech or digital commerce, you're in their sweet spot.** More than half the portfolio sits in these two sectors, and that's where the team has the deepest pattern recognition and network to help you grow.
4. **Francophone Africa is on their radar.** Investments in Maad (Senegal), Cauridor (Senegal), and Paysika (Cameroon) show the firm is actively looking beyond Anglophone markets, so don't count yourself out if you're building in West or Central Francophone Africa.
---
## Pitch Format
Deck and a brief company summary through the online pitch portal. No specific format requirements published, but a clean deck covering problem, solution, traction, team, and ask will get you in the door.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Moniepoint | Nigeria | All-in-one payments, banking, and operations for businesses | Seed | 2019 |
| Duplo | Nigeria | B2B payment collection, attribution, and reconciliation | Pre-Seed | — |
| Herconomy | Nigeria | Neobank for women in Africa | Pre-Seed | — |
| MVX | Nigeria | Digital freight booking and management | Pre-Seed | — |
| Maad | Senegal | Digitising retail supply chains in Francophone Africa | Pre-Seed | — |
| Matta | Nigeria | Online marketplace for specialty chemicals and raw materials | Pre-Seed | — |
| Alliance Chemicals | Nigeria | Chemical trading marketplace for manufacturers | Seed | — |
| Cauridor | Senegal | Cross-border payments aggregation | Seed | — |
| Paysika | Cameroon | Virtual cards for domestic and international payments | Seed | — |
| Ndovu | Kenya | Micro-investment platform for global financial markets | Pre-Seed | — |
| OkHi | Kenya | Smart addressing system for the unaddressed | Pre-Seed | — |
| Triply | Kenya | Operating system for travel agencies across Africa | Seed | — |
| Twende | Kenya | Dispatch management system for businesses | Series A | — |
| Akiba | South Africa | Credit scoring infrastructure for small businesses | Pre-Seed | — |
| DrCADx | Zimbabwe | AI-powered computer-aided diagnostics | Pre-Seed | — |
| PharmacyMarts | Egypt | Vertical marketplace for pharmacies | Pre-Seed | — |
| Quabbly | Nigeria | No-code platform for internal business applications | Pre-Seed | — |
| Affluence | Kenya | Digital media platform connecting brands with influencers | Seed | — |
| Awa Bike | Nigeria | Smart bike sharing for closed communities | Pre-Seed | — |
| Clane | Nigeria | Technology-driven financial products and services | Pre-Seed | — |
| Intelligra | Nigeria | Alternative credit scoring for smartphone financing | Pre-Seed | — |
| Vite | Mauritius | Taxi booking and delivery service platform | Pre-Seed | — |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Olu Oyinsan | Co-founder & Managing Partner | [linkedin.com/in/oluoyinsan](https://www.linkedin.com/in/oluoyinsan/) | — |
| Francesco Andreoli | Co-founder & Venture Partner | [linkedin.com/in/francescoandreoli](https://www.linkedin.com/in/francescoandreoli/) | — |
| Saeed Seghosime | Principal | [linkedin.com/in/saeed-seghosime](https://www.linkedin.com/in/saeed-seghosime-86757a89/) | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Oui Capital official website](https://www.ouicapital.vc/)
- [How African VC firm Oui Capital returned its first fund with Moniepoint's unicorn exit -- TechCrunch](https://techcrunch.com/2025/01/19/oui-capital-return-fund-with-moniepoint-exit/)
- [How Oui Capital made a 53x return on a $150,000 investment in Moniepoint -- TechCabal](https://techcabal.com/2025/02/17/oui-capital-moniepoint/)
- [Oui Capital hits first close of its $30M second fund -- TechCrunch](https://techcrunch.com/2022/08/01/oui-capital-a-pan-african-early-stage-vc-firm-hits-first-close-of-its-30m-second-fund/)
- [Oui Capital: The Early Stage Founder's Guide -- SuperScout](https://superscout.co/investor/oui-capital)
---
---
name: P1 Ventures
slug: p1-ventures
buildTypes: ["Marketplace-commerce", "Neobank/wallet", "Healthtech", "Lending-credit", "AI-ML"]
thesis: >-
We are contrarian investors backing early-stage technology companies across
Africa, with emphasis on underserved and Francophone markets.
website: 'https://www.p1.ventures/'
apply: 'https://www.p1.ventures/'
region: Pan-African
hq: 'Cairo, with presence in San Francisco'
sectors:
- Sector-agnostic
stage:
- Pre-Seed
- Seed
- Series A
chequeMin: 500000
chequeMax: 1500000
chequeDisplay: $500K -- $1.5M
format: Hybrid
admissions: Rolling
africaFocus: >-
Yes -- Pan-African (North Africa, Francophone Africa, expanding continent-wide
across 20 countries)
status: active
tier: '1'
lastVerified: '2026-07-24'
edgeRating: edge-rich
edgeResources:
- name: Mikael Hajjar interview
category: decision-maker-reveal
score: 4
description: >-
The contrarian thesis, Francophone Africa conviction, and why speed of
decision matters. Dakar-born, Berkeley and Stanford educated. Deep
understandin...
link: 'https://techcrunch.com/2025/02/12/p1-ventures-closes-50m-fund-ii/'
- name: Hisham Halbouny interview
category: decision-maker-reveal
score: 4
description: >-
MENA and Egyptian market expertise. Former EFG Hermes. Financial services
and investment banking lens on deal evaluation.
link: 'https://www.p1.ventures/'
- name: Direct email
category: pipeline-pathway
score: 3
description: >-
Email m@p1.ventures (Mikael Hajjar). The team is lean and accessible. No
formal portal or application form.
- name: Portfolio founder network
category: pipeline-pathway
score: 3
description: >-
Yassir, Nuitee, MoneyFellows, Djamo, and Brass founders can provide warm
introductions. The portfolio is tight-knit and referrals carry weight.
- name: Advisory network
category: pipeline-pathway
score: 3
description: >-
Bernard Dalle (Index Ventures co-founder) and Emil Michael (former Uber
CBO) are advisors. If you have connections to either of them or their
networks...
- name: Francophone tech events
category: pipeline-pathway
score: 3
description: >-
AfricArena, VivaTech, and Francophone African tech conferences are natural
touchpoints. Hajjar is active in the Francophone tech ecosystem.
portfolioSectorSplit:
Fintech: 40
Consumer: 20
Healthtech: 10
SaaS: 20
Enterprise: 10
portfolioModelSplit:
Transaction/Marketplace: 60
Enterprise contracts/Licensing: 20
Subscription/SaaS: 20
portfolioGeographySplit:
Morocco: 10
Algeria/Multi-market: 10
Nigeria: 10
Ivory Coast: 10
Egypt: 50
South Africa: 10
portfolioTotalCount: 10
portfolioClassifiedCount: 10
portfolioUnclassifiedCount: 0
---
## Overview
P1 Ventures is a Cairo-headquartered venture capital firm co-founded by Hisham Halbouny and Mikael Hajjar, with $60 million raised across multiple funds. Fund II closed at $50 million in February 2025 with the IFC as a key backer, making it one of the largest early-stage vehicles focused on Africa's underserved and Francophone markets.
The "contrarian" label is central to P1's identity: the firm deliberately invests in markets and sectors that most Africa-focused VCs overlook. While the majority of African VC capital flows to Nigeria, Kenya, and South Africa, P1 has built a portfolio of 29 companies across 20 African countries, with particular depth in North Africa, Francophone West Africa, and low-income markets. This geographic diversity is not just a talking point, it is the core strategy.
The portfolio includes companies like Chari (the first Moroccan startup to reach a $100M valuation), Yassir (a super app serving 8M+ customers across North and West Africa), Reliance Health (employee healthcare platform), Djamo (consumer neobank in Ivory Coast), MoneyFellows (Egyptian savings app), and Nuitee (AI hotel booking, which raised a $48M Series A with Accel). P1 has also invested in AI-native companies like Nkoloso.ai and StakPak (AI-powered DevOps), signaling a growing focus on the intersection of AI and African markets.
Both managing partners are Kauffman Fellows, and the team includes venture partners with specific regional expertise: Nada Abdelnour, Ijeoma Arum (covering West Africa), and Kemi Tijani.
---
## How to Get In
Start at [p1.ventures](https://www.p1.ventures/) to submit your pitch, or email Mikael Hajjar at m@p1.ventures with your deck. The team reviews submissions on a rolling basis and aims to respond within a few weeks.
P1's sweet spot is founders building in markets where other VCs are not looking. If you are a Francophone African founder, a North African founder, or building in a smaller market like DRC, Cameroon, or Senegal, P1 is one of the few institutional funds that will take your geography seriously rather than treating it as a risk factor.
Warm introductions through portfolio companies carry weight. Chari, Yassir, Djamo, Reliance Health, and MoneyFellows are all in the network, and the team's venture partners (particularly Ijeoma Arum for West Africa and Kemi Tijani) can be effective entry points.
The team values founders who demonstrate deep local market understanding and contrarian thinking. If you are building something that looks obvious in your market but counterintuitive to Silicon Valley investors, that is exactly the kind of deal P1 is set up to evaluate.
---
## Best Advice
1. **Own the "contrarian" narrative.** P1's entire brand is built on finding opportunities others miss. If your market is small, your sector is unsexy, or your business model does not fit the typical VC template, frame that as a feature rather than a bug. Show them why the opportunity is larger than it appears and why the conventional wisdom is wrong.
2. **Demonstrate local market depth.** The team invests across 20 African countries, which means they see a lot of surface-level "Africa plays." What stands out is a founder who understands their specific market's regulatory environment, payment infrastructure, customer behavior, and competitive dynamics at a level that cannot be Googled.
3. **Small cheques mean high expectations for capital efficiency.** With initial cheques of $500K to $1.5M, P1 expects you to hit meaningful milestones on relatively little capital. Show them your burn rate, runway, and what you will achieve before needing to raise again.
4. **If you have an AI angle, highlight it.** With investments in Nuitee (AI hotel booking, $48M Series A), Nkoloso.ai, and StakPak (AI DevOps), the team is clearly leaning into AI-native companies. If your product uses AI meaningfully (not just as a buzzword), articulate the technical differentiation.
5. **Build relationships before you need them.** Both Hisham and Mikael are active at African tech conferences and in the ecosystem. Start engaging with the team and portfolio founders well before you are ready to raise, so when the time comes, you are a known quantity rather than a cold inbound.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- Mikael Hajjar (Co-Founder) has given multiple detailed interviews to TechCrunch, Disrupt Africa, and Wamda that articulate the "contrarian" thesis, the Francophone Africa focus, and why backing underdogs produces outsized returns. The portfolio track record is strong and public: Yassir ($150M Series B), Nuitee ($48M Series A), BetterAuth (acquired by Vercel), Brass (acquired by Paystack/Stripe). The 35x average follow-on capital raised by portfolio companies is a compelling signal of deal quality.
> **Start here:** Read [P1 Ventures closes $50M Fund II (TechCrunch)](https://techcrunch.com/2025/02/12/p1-ventures-closes-50m-fund-ii/) (Hajjar explains the contrarian thesis: "go off the beaten path and back the underdogs" and why 50% of deployment goes to Francophone Africa), then read [Mikael Hajjar on early-stage investing in Africa (Disrupt Africa)](https://disruptafrica.com/meet-the-investor/mikael-hajjar-p1-ventures/) (deeper on evaluation criteria, the ~2 week decision timeline, and why conviction matters more than consensus). Those two resources show you how P1 evaluates companies and why being overlooked by mainstream VCs is actually a positive signal for this fund.
### How P1 Ventures' portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Thesis** | "Contrarian investors" who "go off the beaten path and back the underdogs." $50M Fund II (February 2025). 50% Francophone Africa allocation. Hajjar is Dakar-born with Berkeley and Stanford background. Advisors include Bernard Dalle (Index Ventures co-founder) and Emil Michael (former Uber CBO). | P1 deliberately seeks companies that other VCs overlook, whether because of geography, sector, or founder profile. If you have been passed on by mainstream Africa VCs because your market is "too small" or "too early," that is actually an asset here. Frame your pitch around why the opportunity is bigger than consensus believes. |
| **Stage and cheque** | $250K-$1.5M initial cheques. Pre-seed and Seed focus. 34 companies in Fund I portfolio. Decision timeline approximately 2 weeks, which is exceptionally fast for African VC. | The fast decision timeline is a real differentiator. P1 does not run you through months of diligence committees. Come prepared with clean data, a clear ask, and a compelling story, and you can have an answer in two weeks. |
| **Francophone focus** | 50% of deployment allocated to Francophone Africa, which is the highest Francophone allocation of any fund at this scale. Hajjar's Senegalese roots and French/Arabic language capabilities give genuine market access. | If you are building in Francophone West Africa, North Africa, or any French-speaking market, P1 is one of the very few institutional funds where your geography is the thesis, not an afterthought. The 50% allocation is a hard commitment, not aspirational. |
| **Portfolio** | 34 companies including Yassir ($150M Series B, Algerian super-app), Nuitee ($48M Series A, travel tech), MoneyFellows (Egypt, digital savings), Djamo (Ivory Coast, neobank), BetterAuth (acquired by Vercel), Brass (acquired by Paystack/Stripe). 35x average follow-on capital raised. | Two acquisitions by major tech companies (Vercel, Stripe/Paystack) prove the fund can pick companies that attract global strategic interest. The 35x follow-on multiple means P1 portfolio companies successfully raise significantly more capital after P1's entry. Show how your company can attract follow-on investors. |
| **LP composition** | IFC ($5M commitment to Fund II). The IFC backing at Fund II stage signals institutional validation of the contrarian thesis. | IFC backing means governance expectations are real. Have clean corporate structure, proper financials, and board-ready reporting even at seed stage. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Mikael Hajjar** (Co-Founder, General Partner) | The contrarian thesis, Francophone Africa conviction, and why speed of decision matters. Dakar-born, Berkeley and Stanford educated. Deep understanding of both Francophone and Anglophone African markets. | [TechCrunch: Fund II close](https://techcrunch.com/2025/02/12/p1-ventures-closes-50m-fund-ii/) -- [Disrupt Africa: Meet the Investor](https://disruptafrica.com/meet-the-investor/mikael-hajjar-p1-ventures/) |
| **Hisham Halbouny** (Co-Founder, General Partner) | MENA and Egyptian market expertise. Former EFG Hermes. Financial services and investment banking lens on deal evaluation. | [P1 Ventures: Team](https://www.p1.ventures/) |
### Learn from the P1 portfolio
| Resource | Why it matters |
|----------|---------------|
| [Yassir raises $150M Series B (TechCrunch)](https://techcrunch.com/2023/10/19/algerian-ride-hailing-and-delivery-startup-yassir-raises-150m/) | The fund's breakout company: an Algerian super-app that most VCs would have dismissed because of the market. P1 backed it early because the fundamentals were strong despite the "unconventional" geography. This is the contrarian thesis in action. |
| [BetterAuth acquired by Vercel](https://vercel.com/blog/vercel-acquires-betterauth) | Shows that P1-backed companies can attract Silicon Valley strategic acquirers. A clean exit to a tier-one tech company validates the fund's ability to pick globally competitive products from African and emerging-market founders. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct email** | Email m@p1.ventures (Mikael Hajjar). The team is lean and accessible. No formal portal or application form. |
| **Portfolio founder network** | Yassir, Nuitee, MoneyFellows, Djamo, and Brass founders can provide warm introductions. The portfolio is tight-knit and referrals carry weight. |
| **Advisory network** | Bernard Dalle (Index Ventures co-founder) and Emil Michael (former Uber CBO) are advisors. If you have connections to either of them or their networks, that creates a direct warm path. |
| **Francophone tech events** | AfricArena, VivaTech, and Francophone African tech conferences are natural touchpoints. Hajjar is active in the Francophone tech ecosystem. |
### What you can't find
The specific evaluation rubric or scoring framework is not publicly documented. Individual cheque sizes for most portfolio investments are undisclosed. Fund I return metrics (IRR, DPI) are not publicly available. The team's pass criteria and what they explicitly avoid are not documented beyond the general "contrarian" framing. Hisham Halbouny's public interview footprint is limited compared to Hajjar's.
---
## Pitch Format
Submit your pitch deck through [p1.ventures](https://www.p1.ventures/) or email m@p1.ventures. Include a concise deck covering your business model, market opportunity, traction metrics, team expertise, and fundraising ask. The team values clarity and brevity.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Chari | Morocco | B2B e-commerce and fintech for informal retail | Early stage (first Moroccan startup to $100M valuation) | -- |
| Yassir | Algeria/Multi-market | Super app for ride-hailing, delivery, and payments (8M+ customers) | Growth | -- |
| Reliance Health | Nigeria | Employee healthcare and insurance platform | Seed | -- |
| Djamo | Ivory Coast | Consumer neobank for Francophone Africa | Seed | -- |
| MoneyFellows | Egypt | Digital savings circles and money pools | Seed | -- |
| Nuitee | Egypt | AI-powered hotel booking platform | Seed ($48M Series A with Accel) | -- |
| Gameball | Egypt | Customer loyalty and engagement platform | Seed | -- |
| StakPak | Egypt | AI-powered DevOps and deployment automation | Seed | -- |
| Amenli | Egypt | Digital insurance platform | Seed | -- |
| Salus | South Africa | Enterprise software deployment | Seed | -- |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Hisham Halbouny | Managing Partner and Co-Founder | [linkedin.com/in/hisham-halbouny-7a5ba23](https://linkedin.com/in/hisham-halbouny-7a5ba23/) | -- |
| Mikael Hajjar | Managing Partner and Co-Founder | -- | -- |
| Ijeoma Arum | Venture Partner | -- | -- |
| Kemi Tijani | Venture Partner | -- | -- |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [P1 Ventures Official Website](https://www.p1.ventures/)
- [Africa Global Funds: P1 Ventures closes $50M fund](https://www.africaglobalfunds.com/news/private-equity/fundraising/p1-ventures-closes-50m-fund/)
- [IFC: Partners with P1 Ventures](https://www.ifc.org/en/pressroom/2024/ifc-partners-with-p1-ventures-to-accelerate-investments-in-early-stage-tech-entrepreneurs-in-africa)
- [Launch Base Africa: Contrarian VC P1 Ventures raises $50M](https://launchbaseafrica.com/2025/02/10/contrarian-vc-p1-ventures-raises-50m-to-back-next-gen-african-startups/)
- [Disrupt Africa: P1 Ventures closes $50M fund](https://disruptafrica.com/2025/02/10/p1-ventures-closes-50m-fund-to-double-down-on-contrarian-african-vc-thesis/)
- [Superscout: P1 Ventures profile](https://superscout.co/investor/p1-ventures)
---
---
name: Pantera Capital
slug: pantera-capital
buildTypes: ["Infra-protocol", "RWA-tokenization", "Stablecoin-payments", "AI-x-crypto", "Security-privacy"]
thesis: 'Actively managed, multi-stage exposure to companies and tokens building the blockchain ecosystem, spanning infrastructure, DeFi, stablecoin payments, RWA tokenization and AI x crypto.'
website: 'https://panteracapital.com'
apply: 'No public application form. Route in via panteracapital.com/contact, an intro from a portfolio founder, or a co-investor already in your round.'
region: 'Global'
hq: 'Menlo Park, California, USA'
sectors:
- Infrastructure
- Payments-Stablecoins
- RWA
- AI-x-Crypto
- Privacy
- DeFi
sectorsNote: 'Splits below are computed from 20 companies named on Pantera''s own site: 4 from the April 2026 Portfolio Spotlight post and 16 from the "2025 Wrapped" year-in-review post, plus one 2026 lead (TurboFlow) confirmed by The Block. Pantera''s main portfolio grid at panteracapital.com/portfolio/ is JavaScript-rendered and would not return company names to our fetch tool, so we did not use it; Pantera itself says the firm has backed more than 100 blockchain companies and 110 early-stage token deals since 2013, so this sample is a fraction of the real portfolio. We excluded every company Pantera itself lists only as "Stealth" (unnamed).'
stage:
- Seed
- Series A
- Growth
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed. Fund V is Pantera''s current blockchain fund; prior funds ranged from $12M (Venture Fund I, 2013) to $1.25B (Blockchain Fund IV, 2021).'
chains:
- Chain-agnostic
- Ethereum
- Bitcoin
- Solana
- Multi-chain
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '1'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Portfolio Spotlight series
category: portfolio-pattern
score: 4
description: >-
Pantera publishes a monthly "Portfolio Spotlight" post naming specific
companies, what they built, and the numbers behind their traction
(users, TVL, funding raised). Read the last two or three months before
pitching to see which categories Pantera is actively re-featuring.
link: 'https://panteracapital.com/portfolio-spotlight-april-2026/'
- name: 2025 Wrapped year-in-review
category: pattern-trainer
score: 4
description: >-
A single post naming roughly 20 investments across infrastructure,
stablecoins and payments, internet capital markets, enterprise,
consumer and AI/robotics, with several still unnamed as "Stealth."
This is the clearest public map of what Pantera actually funds at
Seed and Series A right now.
link: 'https://panteracapital.com/2025-wrapped/'
- name: Fund pages (panteracapital.com/funds/)
category: evaluation-framework
score: 3
description: >-
Lays out the four Blockchain/Venture funds by vintage and size, and
what each one was built to buy (Bitcoin infrastructure in 2013,
cross-border payments and exchanges in 2014, institutionalization of
digital assets in 2018, full-spectrum venture-plus-token exposure from
2021). Useful for understanding which fund your round would draw from.
link: 'https://panteracapital.com/funds/'
- name: Team page
category: decision-maker-reveal
score: 3
description: >-
Names the General Partners (Cosmo Jiang, Franklin Bi) and Investment
Partners (Matt Gorham, Paul Brodsky, Mason Nystrom) alongside founder
Dan Morehead and President Scott Lawin. A large team, so targeting the
partner whose public writing overlaps your sector beats a generic
inbound email.
link: 'https://panteracapital.com/team/'
portfolioSectorSplit:
Infrastructure: 30
Payments-Stablecoins: 20
RWA: 15
AI-x-Crypto: 15
Privacy: 15
DeFi: 5
portfolioChainSplit:
Chain-agnostic: 70
Ethereum: 10
Bitcoin: 10
Solana: 5
Multi-chain: 5
portfolioTotalCount: 20
portfolioClassifiedCount: 20
portfolioUnclassifiedCount: 0
---
> **How to use this page:** Pantera is one of the oldest and largest crypto funds, and it has no public application form. The genuinely useful public surface is its own writing: the monthly Portfolio Spotlight and the annual Wrapped post name real, current investments with real numbers. Read the last two spotlights before you write anything, then use Section E for how founders actually get a first meeting.
---
## A. Header Block
- **Fund name:** Pantera Capital
- **One-line thesis:** "Actively managed, multi-stage exposure to companies building products and services in the nascent blockchain ecosystem"
- **Website:** [panteracapital.com](https://panteracapital.com)
- **CTA:** [Contact Pantera](https://panteracapital.com/contact/)
| Tag | Detail |
|-----|--------|
| Region | Global (Menlo Park HQ) |
| Format | Direct outreach |
| Sectors | Infrastructure, stablecoin payments, RWA tokenization, AI x crypto, privacy, DeFi |
| Stage | Seed through Growth, plus liquid token investing |
| Cheque Size | Not disclosed |
| Admissions | Rolling |
---
## B. Batch Schedule
Not applicable. Pantera invests on a rolling basis across four fund vehicles (Blockchain Fund IV at $1.25B, plus the earlier Venture Fund I through III), not through cohorts.
---
## C. Overview
Pantera Capital, founded by Dan Morehead in 2013, was the first US crypto-focused investment firm and has raised through four fund vintages: a $12M Venture Fund I built around Bitcoin infrastructure, a $23M Venture Fund II aimed at cross-border payments and exchanges, a $175M Venture Fund III built around institutionalizing digital assets, and the current $1.25B Blockchain Fund IV, which spans venture equity, early-stage tokens and liquid tokens. Its own portfolio page states the firm has backed more than 100 blockchain companies and 110 early-stage token deals since founding.
Unlike a fund that hides behind press releases, Pantera writes constantly: a monthly Portfolio Spotlight names specific companies with real metrics, and an annual Wrapped post reviews the year's bets by category. The April 2026 spotlight, for example, names Figure (RWA tokenization, Nasdaq-listed at a $6.6B market cap), Ondo Finance (tokenized institutional products, Series A co-led with Founders Fund), Surf AI (crypto-native AI research, $15M Series A led by Pantera) and M0 (application-specific stablecoin infrastructure). The 2025 Wrapped post groups the rest of the visible portfolio into infrastructure, stablecoins and payments, "internet capital markets," enterprise, consumer, and AI and robotics, several of which are still unnamed "Stealth" positions.
Pantera has also been an active 2026 lead investor in smaller rounds: The Block reported it led a $6M seed for TurboFlow, an Asia-focused onchain prediction markets and perpetuals platform, alongside Susquehanna Crypto and Digital Currency Group.
**Key stats:**
- 100+ blockchain companies and 110+ early-stage token deals backed since 2013 (Pantera's own figure)
- Four fund vintages, from $12M (2013) to $1.25B (Blockchain Fund IV, 2021)
- April 2026 spotlight names Figure, Ondo Finance, Surf AI, M0
- 2026 lead investment: $6M seed for TurboFlow (with Susquehanna Crypto, Digital Currency Group)
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Dan Morehead | Founder and Managing Partner | [panteracapital.com/team](https://panteracapital.com/team/) |
| Paul Veradittakit | Managing Partner | [panteracapital.com/team](https://panteracapital.com/team/) |
| Scott Lawin | President | [panteracapital.com/team](https://panteracapital.com/team/) |
| Cosmo Jiang | General Partner | [panteracapital.com/team](https://panteracapital.com/team/) |
| Franklin Bi | General Partner | [panteracapital.com/team](https://panteracapital.com/team/) |
| Matt Gorham, Paul Brodsky, Mason Nystrom | Investment Partners | [panteracapital.com/team](https://panteracapital.com/team/) |
Individual X or LinkedIn handles were not confirmed on the team page we fetched, so we have linked the team page directly rather than guessing handles.
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Read the last two Portfolio Spotlights
Before writing anything, read the most recent [Portfolio Spotlight](https://panteracapital.com/portfolio-spotlight-april-2026/) posts. They tell you, in Pantera's own words, which companies and categories the fund is proud enough of to feature this month, which is the closest thing to a live thesis statement Pantera publishes.
#### Step 2: Contact the fund directly
There is no dedicated deal-intake form. Use [panteracapital.com/contact](https://panteracapital.com/contact/). Because the team is large and organized around sectors (Cosmo Jiang and Franklin Bi as General Partners, with Investment Partners covering specific areas), a generic inbound message is weaker than one addressed to the partner whose public writing overlaps your sector.
#### Step 3: Or come in through a co-investor or portfolio founder
Pantera regularly co-invests, per the TurboFlow round (led alongside Susquehanna Crypto and Digital Currency Group). If any of Pantera's named portfolio companies (Figure, Ondo, M0, Surf AI, Zama, Symbiotic and others) are close to your space, a founder intro is a stronger opener than a cold contact form.
#### Step 4: Match your round to the right fund
Pantera's four fund vintages have distinct mandates. If you are raising a Seed or Series A, you are likely being evaluated for the venture side of Blockchain Fund IV; if your company is closer to an established protocol with a liquid token, the conversation may route through Pantera's liquid strategies instead. Being able to describe your own round in that language shows you did the homework.
**Timeline:** Not published. The TurboFlow round closed as a SAFE with token warrants in March 2026, which suggests a standard multi-week process once a partner is engaged.
---
## F. Best Advice from Founders
**Lead with a metric Pantera would put in a Spotlight post.** The pattern across Figure, Ondo and Surf AI in the April 2026 post is specific, large numbers: originated loan volume, TVL, subscription revenue, month-over-month growth. Vague traction language is a weaker fit for a fund that publicly celebrates hard numbers.
**Stablecoins, RWA and AI x crypto are the visibly hot categories right now.** Four of the last four spotlighted companies and a large share of the 2025 Wrapped list sit in payments/stablecoins, RWA tokenization, or AI. If you are in one of those categories, say so explicitly and early.
**A co-lead with a name Pantera already trusts helps.** The TurboFlow round paired Pantera with Susquehanna Crypto and Digital Currency Group; a round that already has credible co-investors is an easier yes than one Pantera would have to build alone.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. Pantera's own writing (Portfolio Spotlight, Wrapped) is unusually generous with real portfolio detail for a megafund, and the team page names partners. What is missing is any cheque range, any public intake form, and a full portfolio list, since the main portfolio grid on the site is JavaScript-rendered and does not surface company names to a standard fetch.
> **Start here:** Read the latest [Portfolio Spotlight](https://panteracapital.com/portfolio-spotlight-april-2026/), then the [2025 Wrapped](https://panteracapital.com/2025-wrapped/) post. Together they are the best public map of what Pantera is actually funding.
### How Pantera's named portfolio breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Infrastructure is the largest visible bucket** | 6 of 20 named companies (Altius, Arch Network, Radius, Raiku, Rialo, Symbiotic) are core infrastructure: execution frameworks, sequencing, shared security. | Deep infra with a mechanism story fits the pattern Pantera keeps re-featuring. |
| **Stablecoins and payments are a strong second** | 4 of 20 (M0, Coinflow, Fin, RedotPay) are payments/stablecoin infrastructure. | This is one of the loudest 2026 themes across the fund's own writing; cross-border and stablecoin-native products are on-thesis. |
| **RWA is real, not incidental** | Figure and Ondo Finance, both named with large public metrics (Figure at a $6.6B Nasdaq market cap, Ondo at $700M+ TVL), plus Meanwhile (Bitcoin-denominated insurance). | RWA tokenization with institutional partners (Ondo's Franklin Templeton tie-up) is a proven pattern here. |
| **Mostly chain-agnostic by design** | 14 of 20 companies don't commit to a single chain in Pantera's own descriptions; only Ethereum, Bitcoin and Solana appear as single-chain positions. | Don't lead with chain choice as your differentiator; lead with the mechanism and the market. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Cosmo Jiang, Franklin Bi** (General Partners) | Senior investment decision-makers for the current fund cycle. | [Team page](https://panteracapital.com/team/) |
| **Portfolio Spotlight authors** | Whoever writes the monthly spotlight is signaling, in real time, what the fund wants more of. | [Portfolio Spotlight](https://panteracapital.com/portfolio-spotlight-april-2026/) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct contact** | [panteracapital.com/contact](https://panteracapital.com/contact/), addressed to the partner covering your sector where possible. |
| **Portfolio founder intro** | Figure, Ondo, M0, Surf AI, Zama and Symbiotic are a starting point for finding a warm path. |
| **Co-investor intro** | Susquehanna Crypto and Digital Currency Group have both co-invested alongside Pantera in 2026; a fund that already syndicates with Pantera can open the door. |
### What you can't find
There is no cheque range published for any current fund, no public deal-intake form, and no complete portfolio list; the site's own portfolio grid did not return company names to our fetch tooling because it renders client-side. Everything in this page's portfolio table comes from Pantera's own Portfolio Spotlight and Wrapped posts, or from a specific, dated news report (TurboFlow), not from a scraped or estimated full list.
---
## G. Pitch Format Pantera Expects
- No public template; direct contact or a warm intro is the norm
- Come with the metric you would want to see in a Portfolio Spotlight post: real usage, real revenue, real volume, stated as a number
- If raising alongside other funds, name them; Pantera's recent rounds (TurboFlow, Surf AI, Ondo) were all co-led or syndicated
- Be ready to describe which of Pantera's four fund vintages your round would logically draw from
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Companies named on Pantera's own [Portfolio Spotlight, April 2026](https://panteracapital.com/portfolio-spotlight-april-2026/) and [2025 Wrapped](https://panteracapital.com/2025-wrapped/) posts, plus one 2026 lead confirmed by [The Block](https://www.theblock.co/post/405706/turboflow-funding-crypto-pantera-capital). Sector and chain tags are ours; "Stealth" positions named only by category on Pantera's own site are excluded.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Figure | AI-driven blockchain infra for credit markets, RWA tokenization | RWA | Chain-agnostic |
| Ondo Finance | Tokenizes institutional financial products | RWA | Ethereum |
| Surf AI | Crypto-native AI research and analytics | AI-x-Crypto | Chain-agnostic |
| M0 | Application-specific stablecoin infrastructure | Payments-Stablecoins | Multi-chain |
| Altius | Parallel execution framework for L1s, rollups, appchains | Infrastructure | Chain-agnostic |
| Arch Network | Bitcoin-native smart contract infrastructure | Infrastructure | Bitcoin |
| Radius | Decentralized sequencing for rollups | Infrastructure | Chain-agnostic |
| Raiku | Solana blockspace marketplace | Infrastructure | Solana |
| Rialo | Omni-chain execution and agentic workflows | Infrastructure | Chain-agnostic |
| Symbiotic | Shared security layer | Infrastructure | Ethereum |
| Zama | Open-source privacy-preserving cryptography infra | Privacy | Chain-agnostic |
| Coinflow | Fiat/crypto payments for merchants | Payments-Stablecoins | Chain-agnostic |
| Fin | Global stablecoin transfer platform | Payments-Stablecoins | Chain-agnostic |
| RedotPay | Consumer stablecoin payments and card service | Payments-Stablecoins | Chain-agnostic |
| Accountable | Privacy-preserving financial data verification | Privacy | Chain-agnostic |
| Meanwhile | Bitcoin-denominated life insurance and annuities | RWA | Bitcoin |
| TransCrypts | Self-sovereign identity via zkTLS | Privacy | Chain-agnostic |
| OpenMind | AI/robotics infrastructure | AI-x-Crypto | Chain-agnostic |
| Vigil | AI-powered hedge fund platform | AI-x-Crypto | Chain-agnostic |
| TurboFlow | Onchain prediction markets and perpetuals (APAC) | DeFi | Chain-agnostic |
---
## I. Ecosystem Connections
- **Chain-agnostic by mandate:** Pantera's own writing rarely leads with chain choice; most of its named portfolio is described by mechanism and market, not chain.
- **Bitcoin:** two verified positions (Arch Network, Meanwhile) show a real, if small, Bitcoin-native thread inside a fund best known for broader crypto exposure.
- **Solana:** Raiku (blockspace marketplace) is the one verified 2025-26 Solana-native position; Pantera has also been active on Solana in prior cycles per public record, though we did not verify those older positions from a Pantera-owned page for this cycle.
- **Ethereum:** Ondo Finance and Symbiotic anchor Pantera's Ethereum exposure in the current sample.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Raising a stablecoin or RWA round?** Compare against Bain Capital Crypto and Galaxy Ventures, both active in the same categories this cycle.
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Pantera Capital homepage](https://panteracapital.com)
- [Portfolio Spotlight, April 2026](https://panteracapital.com/portfolio-spotlight-april-2026/)
- [2025 Wrapped](https://panteracapital.com/2025-wrapped/)
- [Pantera funds overview](https://panteracapital.com/funds/)
- [Pantera team page](https://panteracapital.com/team/)
- [TurboFlow raises $6M seed led by Pantera Capital, The Block](https://www.theblock.co/post/405706/turboflow-funding-crypto-pantera-capital)
---
---
name: Paradigm
slug: paradigm
buildTypes: ["DeFi-trading-lending", "Stablecoin-payments", "AI-x-crypto", "Infra-protocol", "Prediction-markets"]
thesis: 'Research-driven frontier technology firm that builds and invests in crypto, AI and robotics from the earliest stages, and ships open-source infrastructure alongside its portfolio.'
website: 'https://www.paradigm.xyz'
apply: 'No public application form. Warm intro from a portfolio founder, co-investor or Paradigm researcher; general inquiries go to info@paradigm.xyz.'
region: 'Global'
hq: 'San Francisco, California, USA (offices in New York and Washington DC)'
sectors:
- DeFi
- Infrastructure
- Payments-Stablecoins
- Consumer
- AI-x-Crypto
- Developer-Tooling
sectorsNote: 'Portfolio splits below use the 13 companies featured on paradigm.xyz/portfolio; six of them (Stripe, Citadel Securities, Zipline, SendCutSend, Antares, True Anomaly) are outside crypto and are counted as unclassified for chain and sector.'
stage:
- Pre-Seed
- Seed
- Series A
- Series B+
- Growth
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed. First cheque to growth.'
chains:
- Chain-agnostic
- Ethereum
- Hyperliquid
- Tempo
- Optimism
- Base
format: 'Direct outreach'
admissions: 'Rolling, warm intro'
africaFocus: 'Not Africa-specific'
status: active
tier: '1'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Paradigm Research index
category: pattern-trainer
score: 5
description: >-
The firm's public research on MEV, AMM design, auctions and rollups is
the closest thing to a rubric. If your mechanism engages with a
Paradigm paper, say so in the first paragraph.
link: 'https://www.paradigm.xyz/research'
- name: paradigmxyz on GitHub
category: practice-artifact
score: 5
description: >-
Reth, Foundry, Alloy, Cryo and Solar are Paradigm-built. Contributing
to or building on them is a real, visible signal to the engineering
partners.
link: 'https://github.com/paradigmxyz'
- name: Team page
category: decision-maker-reveal
score: 4
description: >-
Names the investing and research partners (Matt Huang, Dan Robinson,
Georgios Konstantopoulos, Arjun Balaji and others) so you can target
the person whose work overlaps yours.
link: 'https://www.paradigm.xyz/team'
- name: Portfolio page
category: portfolio-pattern
score: 4
description: >-
Categories are AI, Consumer, DeFi, Hardware and Defense,
Infrastructure, Payments, Trading and Markets. Read it to see which
category your company sits in and who your portfolio neighbours are.
link: 'https://www.paradigm.xyz/portfolio'
- name: Tempo (Paradigm and Stripe)
category: pipeline-pathway
score: 3
description: >-
Paradigm co-incubated the Tempo payments chain. A stablecoin payments
product that runs on Tempo is a direct conversation starter with the
firm.
link: 'https://tempo.xyz'
- name: Contact directory
category: pipeline-pathway
score: 2
description: >-
There is no form, only email addresses by office. Cold email works
only when the note is technical and short.
link: 'https://www.paradigm.xyz/contact'
portfolioSectorSplit:
DeFi: 29
AI-x-Crypto: 29
Payments-Stablecoins: 14
Infrastructure: 14
Consumer: 14
portfolioChainSplit:
Chain-agnostic: 44
Ethereum: 14
Hyperliquid: 14
Tempo: 14
Multi-chain: 14
portfolioTotalCount: 13
portfolioClassifiedCount: 7
portfolioUnclassifiedCount: 6
---
> **How to use this page:** Paradigm is the most technical fund in crypto and it has no application form, so this page is about earning the intro rather than filling one in. If your edge is a mechanism, a protocol design or infrastructure code, Paradigm is a natural target from the first cheque onward. If your edge is distribution or a consumer brand, read Section E and decide honestly whether the effort is worth it.
---
## A. Header Block
- **Fund name:** Paradigm
- **One-line thesis:** "A frontier technology investment firm that builds and invests in crypto, AI, robotics, and across new frontiers from the earliest stages."
- **Website:** [paradigm.xyz](https://www.paradigm.xyz)
- **CTA:** [Read Paradigm Research](https://www.paradigm.xyz/research) then find your intro
| Tag | Detail |
|-----|--------|
| Region | Global (San Francisco, New York, Washington DC) |
| Format | Direct outreach, warm intro |
| Sectors | DeFi, Trading and Markets, Payments, Infrastructure, AI, Consumer |
| Stage | Pre-Seed through Growth |
| Cheque Size | Not disclosed |
| Admissions | Rolling |
---
## C. Overview
Paradigm was founded in 2018 by Matt Huang and Fred Ehrsam and describes itself today as a frontier technology firm that "builds and invests in crypto, AI, robotics, and across new frontiers from the earliest stages." The word "builds" is not decoration. Paradigm's engineers maintain some of the most used software in Ethereum: Reth (a Rust Ethereum client), Foundry (the dominant Solidity toolkit), Alloy (EVM libraries), Cryo (chain data extraction) and Solar (a Rust Solidity compiler) all live under the paradigmxyz GitHub organisation. Its research group publishes on AMM design, MEV, auctions and rollups, and that research regularly turns into portfolio companies.
The portfolio page groups investments into AI, Consumer, DeFi, Hardware and Defense, Infrastructure, Payments, and Trading and Markets. Featured crypto names include Uniswap, Coinbase, Hyperliquid, Tempo, Kalshi, Nous Research and Andromeda, alongside non-crypto frontier bets such as Stripe, Citadel Securities, Zipline and Antares. In 2025 Paradigm co-incubated Tempo, a payments-first blockchain, with Stripe, which makes it the closest thing Tempo has to an ecosystem investor.
For founders the practical picture is simple: Paradigm invests from first cheque to growth, it rewards technical depth, and the way in is through people who already know your work.
**Key stats:**
- Founded 2018; offices in San Francisco, New York and Washington DC
- 100+ portfolio companies across seven categories
- Builds and maintains Reth, Foundry, Alloy, Cryo and Solar
- Co-incubated Tempo with Stripe
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Matt Huang | Co-Founder and Managing Partner | [paradigm.xyz/team](https://www.paradigm.xyz/team) |
| Alana Palmedo | Managing Partner | [paradigm.xyz/team](https://www.paradigm.xyz/team) |
| Dan Robinson | General Partner (research) | [paradigm.xyz/team](https://www.paradigm.xyz/team) |
| Georgios Konstantopoulos | General Partner and CTO | [paradigm.xyz/team](https://www.paradigm.xyz/team) |
| Arjun Balaji, Alpin Yukseloglu, Ricardo de Arruda, Calvin Zeng | Partners, Investing and Research | [paradigm.xyz/team](https://www.paradigm.xyz/team) |
| Fred Ehrsam | Co-Founder and Senior Advisor | [paradigm.xyz/team](https://www.paradigm.xyz/team) |
Individual X and LinkedIn handles were not confirmed on the team page we fetched, so the team page is linked for each person.
---
## E. How to Get In — Step-by-Step Application Process
There is no form, no cohort and no published cheque range. The process below is the real one.
#### Step 1: Decide whether you are a Paradigm company
Paradigm's featured portfolio is protocols and market infrastructure (Uniswap, Hyperliquid, Tempo, Coinbase, Kalshi) and AI infrastructure (Nous Research, Andromeda). Their researchers publish on mechanism design. If you cannot explain, in one paragraph, a technical problem you have solved that a Paradigm researcher would find interesting, put this fund lower on your list and come back when you can.
#### Step 2: Build the technical footprint they will check
Before any intro, make sure the following exist and are public: a repository (or a technical write-up if the code is closed), an architecture or mechanism explainer, and ideally a contribution to or integration with Paradigm-built tooling (Foundry, Reth, Alloy). The engineering partners look at GitHub before they look at a deck.
#### Step 3: Find the person, not the firm
Match your problem to a partner. Dan Robinson and the research partners cover DeFi and mechanism design; Georgios Konstantopoulos leads engineering and infrastructure; the investing partners (Arjun Balaji, Alpin Yukseloglu, Ricardo de Arruda, Calvin Zeng) cover deals across categories. Then find the shortest path to that person: a portfolio founder (Uniswap, Coinbase, Hyperliquid teams and others), a co-investor who has already committed, or a Paradigm researcher you have engaged with publicly on a paper.
#### Step 4: Make the approach technical and short
Whether it is a warm intro or a cold note to info@paradigm.xyz, the first message should be under 200 words: the hard problem, your mechanism or architecture in two sentences, one proof point (usage, a benchmark, a live deployment), a link to the repo or write-up, and the ask. Do not open with market size. Paradigm partners are known to have read the material before a call, so the deck is a follow-up, not the opener.
#### Step 5: The conversations
Expect a technical call with a researcher or engineering partner before a partner meeting. Questions will go deep on security assumptions, MEV exposure, decentralisation path and how the design behaves under adversarial conditions. Founders who can defend trade-offs rather than recite features do well. For payments and stablecoin products, expect questions about Tempo.
#### Step 6: Terms and timeline
Cheque sizes are not disclosed and range from first cheque to growth. Paradigm leads and follows. Timelines follow the standard four to eight week partner cycle once a conversation has started, and the firm is known to move faster for teams it has been tracking through their public work.
---
## F. Best Advice from Founders
**Engage with the research before you pitch.** Paradigm's papers are its worldview. A founder who has built on a Paradigm idea, or improved one, walks in with a conversation already half started.
**Show code, not slides.** The firm employs engineers who maintain Ethereum's core tooling. A clean repo and a live deployment do more than any deck.
**Lead with the mechanism.** Paradigm backs teams whose edge is how the system works. Go-to-market matters, but it is the second conversation.
**Use the Tempo connection if you are payments.** Paradigm co-incubated Tempo with Stripe. A stablecoin payments product that runs on Tempo, or that Tempo's design partners would use, has an obvious hook.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. Paradigm publishes its research, its code and its team, which is more than most top funds reveal. It does not publish cheque sizes, a process or a way to apply, so the last mile is relationships.
> **Start here:** Read the [Paradigm Research index](https://www.paradigm.xyz/research) and pick the two papers closest to your product, then look at the [paradigmxyz GitHub](https://github.com/paradigmxyz) and check whether you already use Foundry, Reth or Alloy. Those two steps tell you whether you have a Paradigm story and give you the material for the intro note.
### How Paradigm's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Markets and DeFi at the core** | Of the seven crypto companies featured on the portfolio page, Uniswap and Hyperliquid are DeFi and Kalshi and Coinbase are markets or exchange infrastructure. The portfolio has a whole category called Trading and Markets. | Market structure, exchanges, perps and prediction markets are home turf. Pitch trading products here first. |
| **Payments through Tempo** | Tempo (payments blockchain) and Stripe both appear on the portfolio page; Paradigm co-incubated Tempo. | Stablecoin payments founders have a specific, current hook. |
| **AI infrastructure is a real second thesis** | Nous Research (decentralized AI training) and Andromeda (AI compute marketplace) are featured, and the firm's tagline now leads with crypto, AI and robotics. | AI x crypto compute, training and agent infrastructure are on-thesis, not a stretch. |
| **Chain-agnostic in practice** | Featured crypto names span Ethereum (Uniswap), Hyperliquid, Tempo and multi-chain (Coinbase); 43% of classified companies are chain-agnostic. | Your chain choice is not the filter. The quality of the mechanism is. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Matt Huang** (Co-Founder and Managing Partner) | The firm's direction and its expansion from crypto into AI and robotics. | [paradigm.xyz/team](https://www.paradigm.xyz/team) |
| **Dan Robinson** (General Partner) | The research agenda on AMMs, auctions and mechanism design; papers here have become portfolio companies. | [paradigm.xyz/research](https://www.paradigm.xyz/research) |
| **Georgios Konstantopoulos** (General Partner and CTO) | What the engineering team values: Rust, performance, contributor-friendly infrastructure (Reth, Foundry, Alloy). | [github.com/paradigmxyz](https://github.com/paradigmxyz) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Portfolio founder intro** | Founders at Uniswap, Coinbase, Hyperliquid, Tempo and the wider portfolio are the shortest route to a partner. |
| **Research engagement** | Substantive public engagement with a Paradigm paper (a critique, an implementation, an extension) is noticed by the research partners. |
| **Open-source contribution** | Contributions to Reth, Foundry, Alloy or Cryo put your GitHub handle in front of the engineering team. |
| **Co-investor** | Funds that co-invest with Paradigm at seed (a16z crypto, Variant, Electric Capital, Robot Ventures and others in this directory) can make the intro once committed. |
| **Cold email** | info@paradigm.xyz (or sf@, nyc@, dc@ by office). Works only for short, technical notes with a repo link. |
### What you can't find
Paradigm does not publish cheque sizes, fund sizes, a founder application form or a decision timeline. The portfolio page notes that some positions are "confidential due to competitive considerations", so the featured list is a sample. Partner X and LinkedIn handles were not confirmed on the team page we fetched.
---
## G. Pitch Format Paradigm Expects
- A short technical note first (under 200 words) with a repo or write-up link
- A deck as a follow-up: problem, mechanism or architecture, why it is hard, proof points, team, ask
- Be ready for a researcher or engineer call before the partner meeting, with questions on security assumptions, MEV, adversarial behaviour and decentralisation path
- For payments products, a view on Tempo
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Featured companies on [paradigm.xyz/portfolio](https://www.paradigm.xyz/portfolio). Sector and chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Uniswap | Decentralized exchange protocol | DeFi | Ethereum |
| Hyperliquid | Onchain perpetuals exchange and L1 | DeFi | Hyperliquid |
| Tempo | Payments-first blockchain (co-incubated with Stripe) | Payments-Stablecoins | Tempo |
| Coinbase | Exchange and onchain platform | Infrastructure | Multi-chain |
| Kalshi | Prediction market platform | Consumer | Chain-agnostic |
| Nous Research | Decentralized AI training | AI-x-Crypto | Chain-agnostic |
| Andromeda | AI compute marketplace | AI-x-Crypto | Chain-agnostic |
| Stripe | Internet payments infrastructure | outside crypto | n/a |
| Citadel Securities | Market maker | outside crypto | n/a |
| Zipline | Autonomous drone delivery | outside crypto | n/a |
| Antares, True Anomaly, SendCutSend | Nuclear microreactors, orbital defense, rapid manufacturing | outside crypto | n/a |
Our earlier fund file also lists Optimism, Blur, dYdX, Blast and Farcaster as public Paradigm investments; they were not on the featured list we fetched this time and are kept out of the splits.
---
## I. Ecosystem Connections
- **Ethereum:** Paradigm builds core Ethereum tooling (Reth, Foundry, Alloy) and backs Uniswap. Ethereum protocol founders have the most direct technical overlap.
- **Tempo:** co-incubated by Paradigm and Stripe. Paradigm is the de facto ecosystem investor for a chain that has no grant program.
- **Hyperliquid:** a featured portfolio position, which makes Paradigm one of the few top-tier funds with a public Hyperliquid stake.
- **Base and Optimism:** Coinbase is a portfolio company and Optimism appears in Paradigm's earlier public investments; L2 builders are on familiar ground.
- **Zcash:** Paradigm co-led the $25M Zcash Open Development Lab seed round in March 2026, a signal of interest in privacy infrastructure.
- **Colosseum World's Fair:** Tempo is a named ecosystem track in Colosseum's September 2026 hackathon; a strong Tempo-track submission is a credible reason to reach out to Paradigm afterwards.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Token and entity structure** [Compliance guide](/founder-stack/compliance)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Paradigm homepage](https://www.paradigm.xyz/)
- [Paradigm portfolio](https://www.paradigm.xyz/portfolio)
- [Paradigm team](https://www.paradigm.xyz/team)
- [Paradigm contact](https://www.paradigm.xyz/contact)
- [paradigmxyz on GitHub](https://github.com/paradigmxyz)
- [Tempo homepage](https://tempo.xyz/)
- [Stripe and Paradigm incubate Tempo, Blockworks](https://blockworks.com/news/stripe-and-paradigm-incubate-tempo)
- [Zcash Open Development Lab raises $25M, CoinDesk](https://www.coindesk.com/business/2026/03/09/josh-swihart-s-zcash-open-development-lab-raises-usd25-million-in-seed-funding)
- [Colosseum Crypto World's Fair](https://colosseum.com/worldsfair)
---
---
name: Partech Africa
slug: partech-africa
buildTypes: ["Payments-processing", "Neobank/wallet", "Marketplace-commerce", "Healthtech", "Proptech"]
thesis: >-
Investing in strong entrepreneurs using technology and operations to address
large opportunities on the continent.
website: 'https://partechpartners.com'
apply: 'Direct outreach via the team, or pitch through the Dakar, Nairobi, or Lagos office'
region: 'Sub-Saharan Africa, with Egypt coverage under Partech Africa II'
hq: 'Dakar, Senegal'
sectors:
- Sector-agnostic
stage:
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: ''
status: active
tier: '1'
lastVerified: '2026-07-31'
edgeRating: edge-rich
edgeResources:
- name: Tidjane Deme interview
category: decision-maker-reveal
score: 4
description: >-
The Four Ms framework, what kills a deal ("inability to listen" is the top
red flag, followed by bad unit economics), and why local presence matters.
...
link: 'https://disruptafrica.com/meet-the-investor/tidjane-deme-partech-africa/'
- name: Cyril Collon interview
category: decision-maker-reveal
score: 4
description: >-
The fund structure, LP relationships, and macro thesis on African venture.
Former tech entrepreneur and investor with 15+ years in Africa.
link: 'https://techcrunch.com/2023/06/20/partech-africa-closes-280m-fund-ii/'
- name: Direct contact
category: pipeline-pathway
score: 3
description: >-
Reach out through or directly to Cyril Collon and Tidjane Deme on
LinkedIn. No formal application portal.
link: 'https://partechpartners.com/contact/'
- name: Portfolio founder network
category: pipeline-pathway
score: 3
description: >-
Wave, Yoco, TradeDepot, Nomba, Reliance Health, and Nawy founders can
provide warm introductions. The portfolio network is active and the team
activel...
- name: DFI and LP network
category: pipeline-pathway
score: 3
description: >-
KfW, EIB, IFC, FMO, Mubadala, and BII are all LPs. Connections through any
of these institutions create strong warm pathways.
- name: Africa Tech VC Report
category: pipeline-pathway
score: 3
description: >-
Engaging with the annual report and referencing its data in your pitch
shows the team you have done your homework. The report launch events are
also n...
- name: Dakar and Francophone events
category: pipeline-pathway
score: 3
description: >-
The team is deeply embedded in the Dakar tech ecosystem and active at
AfricArena, VivaTech, and Francophone African tech conferences.
portfolioTotalCount: 14
portfolioClassifiedCount: 14
portfolioUnclassifiedCount: 0
portfolioSectorSplit:
Fintech: 43
Consumer: 15
E-commerce: 7
Healthtech: 7
Logistics: 7
Infrastructure: 7
Edtech: 7
Enterprise: 7
portfolioModelSplit:
Transaction/Marketplace: 57
Hardware/Devices: 7
Subscription/SaaS: 14
Enterprise contracts/Licensing: 22
portfolioGeographySplit:
Senegal: 7
Egypt: 22
South Africa: 21
Cote d'Ivoire: 7
Nigeria: 29
Morocco: 7
Ethiopia: 7
---
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| [Wave](https://www.wave.com) | Senegal | Mobile money service offering money transfer, savings, and borrowing via an app, operating across Senegal and Cote d'Ivoire. |
| [Nawy](https://www.nawy.com) | Egypt | Real estate technology platform letting users browse and buy homes online in Egypt and the wider MENA region. |
| [Yoco](https://www.yoco.com) | South Africa | Point-of-sale card payment technology and financial services provider for small businesses. |
| [Aura](https://www.aura.co.za) | South Africa | Cloud-based platform connecting users to private emergency response and security services. |
| [Djamo](https://www.djamo.com) | Cote d'Ivoire | Personal finance mobile banking app for consumers in Francophone Africa, based in Abidjan. |
| [TradeDepot](https://www.tradedepot.co) | Nigeria | B2B e-commerce platform connecting informal retailers to manufacturers and offering supply-chain financing. |
| [Reliance Health](https://getreliancehealth.com) | Nigeria | Health insurance and telemedicine company operating HMO plans in Nigeria and other African markets. |
| [Nomba](https://nomba.com) | Nigeria | Payments company providing point-of-sale terminals and financial services to small merchants. |
| Freterium | Morocco | Digital freight and logistics platform connecting shippers with trucking capacity in Morocco. |
| [Revio](https://www.revio.co.za) | South Africa | Payment orchestration platform helping businesses manage recurring payments and collections. |
| Beacon Power Services | Nigeria | Data and grid-management software provider for utilities and power distribution companies in Africa. |
| [Almentor](https://www.almentor.net) | Egypt | Arabic-language video e-learning platform serving learners across MENA and North Africa. |
| [Money Fellows](https://moneyfellows.com) | Egypt | Digital platform that formalizes and manages traditional group savings and lending circles. |
| Gebeya | Ethiopia | Talent marketplace and training platform matching African tech professionals with employers. |
> Portfolio compiled 2026-07-29. Verified via Partech's own site (partechpartners.com/news and /companies pages), TechCrunch, and other press sources; excluded companies I could not confirm as current Partech investments (e.g. Chari, Yassir, Julaya) and excluded diaspora-focused Kredete since it is US (New York) HQ'd despite Africa-facing product, and Revibe since it is UAE (Dubai) HQ'd.
## Key Partners
| Partner | Role | LinkedIn | X |
|---|---|---|---|
| Tidjane Deme | General Partner (7+ years at Google Africa, YouTube strategy) | [linkedin.com/in/tidjanedeme](https://linkedin.com/in/tidjanedeme/) | - |
| Cyril Collon | General Partner | [linkedin.com/in/cyrilcollon](https://linkedin.com/in/cyrilcollon/) | - |
### Extended Team
Matthieu Marchand, Lewam Kefela, Marie Benrubi, Romane Assou.
---
## Overview
Partech Africa is one of the largest Africa-focused technology venture funds ever raised, with over $300M in their Africa II fund (closed February 2024, making it the largest Africa-focused VC fund ever raised). They lead or co-lead rounds with initial tickets ranging from $1M to $15M, making them a critical source of growth-stage capital for African tech companies that have outgrown accelerator and seed funding.
Backed by institutional heavyweights including the European Investment Bank (EIB) and the International Finance Corporation (IFC), Partech Africa brings not just capital but credibility that opens doors with follow-on investors, enterprise customers, and regulators across the continent. Their investment team is based on the ground in Dakar, Nairobi, Lagos, and Dubai, with Fund I having invested in 17 companies from 9 countries.
Beyond investing, Partech publishes the annual Africa Tech Venture Capital Report, which has become the definitive data source on African tech investment trends. If you have ever cited statistics about venture capital flowing into African tech, the numbers likely came from Partech.
---
## How to Get In
### Step 1: Contact Through the Website
Partech accepts inbound interest through their website. Given their concentrated portfolio approach, they do thorough diligence before engaging.
- **Contact:** [partechpartners.com](https://partechpartners.com)
### Step 2: Leverage On-the-Ground Presence
With offices in Dakar, Nairobi, Lagos, and Dubai, Partech's investment team is physically accessible across the continent. This is a significant advantage because you can meet partners in person, attend ecosystem events where Partech is present, and build relationships organically.
### Step 3: Warm Introductions
The best path to Partech is through their portfolio founders or ecosystem partners. Because they take a concentrated portfolio approach (fewer companies, deeper support), every new investment decision is significant, and personal conviction from the partnership matters.
### Step 4: Co-Investment Partners
Partech typically leads or co-leads rounds. If you already have a lead investor lined up, Partech may co-lead alongside them. If you are looking for a lead, Partech is one of the few Africa-focused funds with the cheque size to anchor a Series A or B.
---
## Best Advice
Partech takes a concentrated portfolio approach, meaning they go deep with fewer companies rather than adopting a spray-and-pray model. This has practical implications for you as a founder: once Partech invests, they are deeply committed to your success, with hands-on support, follow-on capital, and network access. But it also means the bar for entry is high.
Focus areas include enterprise software, fintech, digital infrastructure, and technology-driven impact. They are looking for companies that use technology and strong operations to address large market opportunities, not just tech-first startups but businesses where execution and operational excellence are as important as the technology.
The EIB and IFC backing means Partech also considers impact dimensions: job creation, financial inclusion, digital access, and sustainable growth. This is not a checkbox exercise but rather something embedded in their thesis.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- Cyril Collon and Tidjane Deme (Co-General Partners) have given extensive interviews to TechCrunch, Sifted, Disrupt Africa, and The Africa Report that articulate the "Four Ms" framework, the local-not-tourist investing philosophy, and why unit economics matter more than growth narratives. The fund publishes the annual Africa Tech VC Report (now in its 10th edition), which is the single best public resource on African venture capital market data. The portfolio includes a $500M exit (Sendwave to WorldRemit) and a unicorn (Wave), which gives founders clear pattern-matching material.
> **Start here:** Read [Partech Africa closes Fund II at EUR 280M (TechCrunch)](https://techcrunch.com/2023/06/20/partech-africa-closes-280m-fund-ii/) (Collon and Deme explain the thesis, LP base, and why being "a local investor, not a tourist investor" defines the strategy), then read [Tidjane Deme on what Partech Africa looks for (Disrupt Africa)](https://disruptafrica.com/meet-the-investor/tidjane-deme-partech-africa/) (Deme explains the "Four Ms" -- Management, Market, Model, Momentum -- and why "inability to listen" is the number one red flag). Those two resources show you exactly how the team evaluates companies and what kills a deal before it starts.
### How Partech Africa's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Thesis** | Fund I EUR 125M, Fund II EUR 280M (the largest Africa-dedicated VC fund at close). "Four Ms" framework: Management, Market, Model, Momentum. Deme: "local investor, not a tourist investor." Based in Dakar with deep on-the-ground presence across West and East Africa. Part of the broader Partech Partners platform (EUR 2B+ under management globally). | Partech Africa evaluates everything through the Four Ms. Before your pitch, pressure-test your company against each dimension: Is your management team exceptional? Is the market large and growing? Does the model have strong unit economics? Is there real momentum in the numbers? Weakness in any one dimension is a likely pass. |
| **Stage and cheque** | Series A and Series B primary. Cheques range from $1M to $20M+. Can lead rounds and brings significant follow-on capacity from Fund II. | With EUR 280M, Partech Africa can write some of the largest cheques in African venture capital. If you need $10M+ and want a lead investor with deep local knowledge, this should be near the top of your list. |
| **Geography** | Dakar-based (both GPs), with portfolio across Nigeria, South Africa, Kenya, Egypt, Senegal, and Ivory Coast. Deme is Senegalese, Collon has spent over a decade in Africa. Deliberately built as a locally-rooted fund rather than a fly-in investor. | The Dakar base and local-investor positioning mean Francophone West African founders have a natural advantage in relationship-building. But the portfolio is genuinely pan-African, so geography alone does not determine fit. What matters is that you can demonstrate the Four Ms. |
| **Portfolio and exits** | Sendwave ($500M exit to WorldRemit), Wave (unicorn, mobile money), Yoco (South Africa, payments), TradeDepot (Nigeria, B2B distribution), Nomba (Nigeria, payments), Reliance Health (Nigeria, healthcare), Nawy (Egypt, proptech). | The portfolio centres on companies that build infrastructure for financial services, commerce, and essential services. Sendwave and Wave both solved cross-border money movement. Yoco and Nomba solve merchant payments. TradeDepot and Reliance Health solve distribution of essential goods. The pattern is clear: infrastructure that touches millions of daily transactions. |
| **LP composition** | KfW (anchor), EIB, IFC, FMO, Mubadala, BII. The DFI-heavy LP base signals institutional-grade governance requirements and impact reporting obligations. | With DFI LPs across Europe, the US, and the Middle East, Partech expects portfolio companies to meet institutional governance standards. Clean cap tables, proper board structures, regular reporting, and ESG compliance are baseline requirements, not nice-to-haves. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Tidjane Deme** (Co-General Partner, Dakar) | The Four Ms framework, what kills a deal ("inability to listen" is the top red flag, followed by bad unit economics), and why local presence matters. Senegalese, former Google exec (led Google's expansion into Francophone Africa). | [Disrupt Africa: Meet the Investor](https://disruptafrica.com/meet-the-investor/tidjane-deme-partech-africa/) -- [TechCrunch: Fund II close](https://techcrunch.com/2023/06/20/partech-africa-closes-280m-fund-ii/) |
| **Cyril Collon** (Co-General Partner, Dakar) | The fund structure, LP relationships, and macro thesis on African venture. Former tech entrepreneur and investor with 15+ years in Africa. | [TechCrunch: Fund II close](https://techcrunch.com/2023/06/20/partech-africa-closes-280m-fund-ii/) -- [Sifted: Partech Africa profile](https://sifted.eu/articles/partech-africa-fund-ii/) |
### Study the evaluation frameworks before your pitch
| Framework / Resource | What it tells you |
|---------------------|------------------|
| [Partech Africa Tech VC Report (annual)](https://partechpartners.com/africa-reports/) | The definitive annual report on African venture capital. Now in its 10th edition (2025). Shows market trends, sector breakdowns, geographic distribution, and deal-size evolution. Reading the latest edition before your pitch demonstrates that you understand the broader market context and where your company sits within it. |
### Learn from the Partech Africa portfolio
| Resource | Why it matters |
|----------|---------------|
| [Sendwave acquired by WorldRemit for $500M (TechCrunch)](https://techcrunch.com/2020/08/18/worldremit-is-acquiring-sendwave/) | Partech Africa's headline exit. A cross-border remittance company that solved a fundamental problem (sending money to Africa) and was acquired for half a billion dollars. Shows the scale of exit the fund targets and the types of companies that get there. |
| [Wave reaches unicorn status (TechCrunch)](https://techcrunch.com/2021/09/07/wave-the-mobile-money-startup-serving-francophone-africa-raises-200m-at-1-7b-valuation/) | Wave became Francophone Africa's most valuable fintech by making mobile money dramatically cheaper than incumbents. Demonstrates the fund's ability to back category-defining companies in underserved markets. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct contact** | Reach out through [partechpartners.com/contact](https://partechpartners.com/contact/) or directly to Cyril Collon and Tidjane Deme on LinkedIn. No formal application portal. |
| **Portfolio founder network** | Wave, Yoco, TradeDepot, Nomba, Reliance Health, and Nawy founders can provide warm introductions. The portfolio network is active and the team actively sources through founder referrals. |
| **DFI and LP network** | KfW, EIB, IFC, FMO, Mubadala, and BII are all LPs. Connections through any of these institutions create strong warm pathways. |
| **Africa Tech VC Report** | Engaging with the annual report and referencing its data in your pitch shows the team you have done your homework. The report launch events are also natural touchpoints for meeting the team. |
| **Dakar and Francophone events** | The team is deeply embedded in the Dakar tech ecosystem and active at AfricArena, VivaTech, and Francophone African tech conferences. |
### What you can't find
Individual cheque sizes for specific portfolio investments are mostly undisclosed. The specific scoring or weighting within the Four Ms framework is not published. Founder testimonials or case studies are not available on the Partech website. Fund return metrics (IRR, DPI, TVPI) beyond the Sendwave exit valuation are not publicly disclosed. The team's specific pass criteria beyond "inability to listen" and "bad unit economics" are not documented.
---
## Pitch Format
- **Scale of opportunity:** Partech invests $1M to $15M per deal, so the market opportunity needs to justify that level of investment
- **Operational excellence:** Show that you can execute, not just build technology but run a business at scale
- **Unit economics:** At the stage Partech invests, you should have clear unit economics or a credible path to them
- **Africa-specific insight:** Deep understanding of the markets you serve, the regulatory landscape, and the competitive dynamics
- **Follow-on path:** How this round gets you to the next milestone and what the next round looks like
---
## Real Decks and African Portfolio
Growth-stage decks for Africa-focused funds require a different calibre of financial and operational detail. Study examples from founders who raised Series A and B rounds from institutional Africa funds.
See: [Pitch Deck Library](/founder-stack/pitch-decks)
### African Portfolio Companies
| Company | Country/Region | Sector | Deck |
|---|---|---|---|
| Wave (unicorn) | Senegal | Mobile Money | Outreach pending |
| TradeDepot | Nigeria | FMCG Logistics | Outreach pending |
| Yoco | South Africa | SMB Payments | Outreach pending |
| Revio | South Africa | Payment Orchestration | Outreach pending |
| Reliance Health | Nigeria | Healthtech | Outreach pending |
| Nomba | Nigeria | Fintech | Outreach pending |
Fund I invested in 17 companies from 9 countries across the continent.
---
## African Alumni and Connections
**Partech Africa is an Africa-dedicated fund.** The $300M+ Africa II fund is the largest Africa-focused technology venture fund ever raised. This is not a global fund with an African allocation but rather an entire fund built for the continent.
- **Investment team:** Based in Dakar, Nairobi, Lagos, and Dubai
- **Portfolio:** 20+ African companies across enterprise software, fintech, digital infrastructure, and impact
- **Institutional backing:** EIB, IFC, and major global institutional investors
- **Data contribution:** The annual Africa Tech Venture Capital Report is an industry-defining publication
**What this means for you:** Partech is the fund for African companies that have proven product-market fit and need substantial capital to scale. If you are post-seed, growing revenue, and ready for a $1M to $15M round, Partech should be at the top of your list.
---
## Fund-Specific Features
### Africa Tech Venture Capital Report
Partech publishes the annual Africa Tech Venture Capital Report, the most comprehensive and widely cited data source on venture capital trends across the African continent. This report tracks deal volumes, sector breakdowns, geographic distribution, and investment trends. For founders, reading this report before approaching any Africa-focused investor is essential context. For Partech specifically, knowing their data demonstrates that you take the ecosystem seriously.
---
## Cross-Reference Bar
| Resource | Link |
|---|---|
| Pitch Deck Templates and Examples | [/founder-stack/pitch-decks](/founder-stack/pitch-decks) |
| Legal Documents and Term Sheets | [/founder-stack/documents](/founder-stack/documents) |
| Compliance and Incorporation | [/founder-stack/compliance](/founder-stack/compliance) |
---
## Start Here
Built by [Adtivity](https://adtivity.xyz), the growth layer for founders.
[Join Adtivity Free](https://adtivity.xyz/signup) | [Add Your Profile to The Wall](https://adtivity.xyz/wall)
---
## Sources
- Partech Partners official site: [partechpartners.com](https://partechpartners.com)
- Partech Africa Fund II: [partechpartners.com/africa](https://partechpartners.com/africa)
- Africa Tech Venture Capital Report: [partechpartners.com/reports](https://partechpartners.com/reports)
- EIB and IFC backing: [eib.org](https://eib.org), [ifc.org](https://ifc.org)
---
---
name: Placeholder
slug: placeholder
buildTypes: ["Infra-protocol", "DeFi-trading-lending", "Neobank/wallet", "Marketplace-commerce", "Security-privacy"]
thesis: 'Invests in decentralized information networks, applying a published thesis on cryptonetwork governance and value capture to back roughly 75 early-stage companies and networks since 2017, with a heavy Solana infrastructure and DeFi lean.'
website: 'https://www.placeholder.vc'
apply: 'No public form. Warm intro or a direct message to Joel Monegro or Chris Burniske on X is the realistic path.'
region: 'Global'
hq: 'New York City, USA'
sectors:
- Infrastructure
- DeFi
- Consumer
- DePIN
- Privacy
- Developer-Tooling
sectorsNote: 'Splits below are computed from the 17 companies named on the Placeholder homepage that we could classify by sector and chain, out of the "75+" the firm states it has backed since 2017.'
stage:
- Seed
- Series A
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed'
chains:
- Solana
- Ethereum
- Polygon
- Multi-chain
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '2'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Placeholder's published thesis
category: evaluation-framework
score: 5
description: >-
The firm's blog lays out its actual rubric for evaluating
cryptonetworks: how value accrues to the network, its governance
design, and its long-term defensibility. Address this directly in
your pitch rather than a generic market-size narrative.
link: 'https://www.placeholder.vc/blog'
- name: Team page
category: decision-maker-reveal
score: 4
description: >-
Names Partners Joel Monegro and Chris Burniske, Venture Partner Brad
Burnham, Head of Research Mario Laul and General Manager Shelly
Gogol, a small enough team that a direct, specific pitch to the right
person matters.
link: 'https://www.placeholder.vc'
- name: Portfolio's Solana density
category: portfolio-pattern
score: 4
description: >-
Jito, Kamino, Orca, Squads and Tensor are all Solana-native and all
Placeholder positions, making the fund one of the more Solana-dense
tier-2 crypto funds in this directory for Series A conversations.
link: 'https://www.placeholder.vc'
- name: The Placeholder Playbook podcast
category: pattern-trainer
score: 3
description: >-
A long-form conversation with both partners on Solana's Validated
podcast walks through the firm's actual investment philosophy in
their own words, a useful primer before a pitch.
link: 'https://solana.com/podcasts/validated-with-austin-federa/episodes/55e8b424-cb37-4454-b5ae-846a3787a520'
- name: Direct X access to the partners
category: pipeline-pathway
score: 3
description: >-
Neither Joel Monegro nor Chris Burniske is anonymous or inaccessible;
both are active, named, public figures on X, and DM outreach is a
documented, if long-shot, path for founders without a warm intro.
link: 'https://twitter.com/placeholdervc'
portfolioSectorSplit:
Infrastructure: 46
DeFi: 18
Consumer: 18
Privacy: 6
DePIN: 6
Developer-Tooling: 6
portfolioChainSplit:
Solana: 53
Ethereum: 31
Polygon: 8
Multi-chain: 8
portfolioTotalCount: 17
portfolioClassifiedCount: 17
portfolioUnclassifiedCount: 0
---
> **How to use this page:** Placeholder has no application form and a published investment thesis instead, so the real preparation is reading that thesis and pitching directly into it. Read Section E for the warm-intro and X-outreach paths, and use Section H to see how Solana-dense the real portfolio is before you decide which chain story to lead with.
---
## A. Header Block
- **Fund name:** Placeholder
- **One-line thesis:** "Invests in decentralized information networks."
- **Website:** [placeholder.vc](https://www.placeholder.vc)
- **CTA:** No public application; see Section E for the warm-intro and X-outreach path.
| Tag | Detail |
|-----|--------|
| Region | Global (New York City) |
| Format | Direct outreach, warm intro |
| Sectors | Infrastructure, DeFi, consumer, DePIN, privacy, developer tooling |
| Stage | Seed and Series A |
| Cheque Size | Not disclosed |
| Admissions | Rolling |
---
## C. Overview
Placeholder is a New York-based crypto fund founded by Joel Monegro, a former Union Square Ventures analyst, and Chris Burniske, joined by Venture Partner Brad Burnham and Head of Research Mario Laul. Since 2017 the firm states it has backed more than 75 early-stage companies and networks, and unusually for a fund of its size, it has published a real, citable investment thesis on cryptonetwork governance and value capture rather than a generic mission statement. That thesis is the actual rubric: does value accrue to the network and its token or equity, and is the governance design defensible.
The named portfolio skews heavily toward Solana: Jito, Kamino, Orca, Squads and Tensor are all Solana-native positions across MEV infrastructure, DeFi and consumer NFT markets, alongside Solana itself and consumer wallet Backpack. The firm also holds positions in modular and next-generation infrastructure (Celestia, Eclipse, Monad) and a notable privacy bet (Aleo). There is no gated application. The realistic path is a warm introduction, or a direct message to Monegro or Burniske, both of whom are active, named, public figures.
**Key stats:**
- 75+ early-stage companies and networks backed since 2017
- Named portfolio includes Solana, Jito, Kamino, Orca, Squads, Tensor and Backpack, all Solana-native
- A published thesis on cryptonetwork governance and value capture
- No public application; direct outreach only
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Joel Monegro | Partner | [placeholder.vc](https://www.placeholder.vc) |
| Chris Burniske | Partner | [placeholder.vc](https://www.placeholder.vc) |
| Brad Burnham | Venture Partner | [placeholder.vc](https://www.placeholder.vc) |
| Mario Laul | Head of Research | [placeholder.vc](https://www.placeholder.vc) |
| Shelly Gogol | General Manager | [placeholder.vc](https://www.placeholder.vc) |
---
## E. How to Get In: Step-by-Step Application Process
1. **Read the published thesis first.** Placeholder's blog lays out how the firm evaluates cryptonetworks: value accrual and governance design. A pitch framed in that language signals you've done the homework most founders skip.
2. **Get a warm introduction if you can.** A portfolio founder, especially from the Solana cluster (Jito, Kamino, Orca, Squads, Tensor), or a co-investor already in your round, is the most reliable route to Monegro or Burniske.
3. **Or DM directly.** Both partners are public and reachable on X. A specific, thesis-literate message referencing a real portfolio analogue is a documented, if long-shot, alternative to waiting for an intro.
4. **If you're Solana-native, lead with it.** The fund's real portfolio is Solana-heavy across infrastructure, DeFi and consumer, and that pattern is the strongest available signal of what they will say yes to at Series A.
5. **Bring a governance and value-capture answer, not just a product demo.** Because the thesis is public, expect the team to ask directly how your token or equity captures the value your network creates.
**Timeline:** Not published. As a small, thesis-driven team, expect a multi-week review once a partner engages directly.
---
## F. Best Advice from Founders
**Quote the thesis back to them, accurately.** Founders who reference specific language from Placeholder's own published research on network value capture report a noticeably better first response than those with a generic pitch.
**The Solana door is real.** With five or more Solana-native positions across infra, DeFi and NFTs, a Solana founder with usage data has a genuinely strong analogue-based case to make.
**X outreach isn't a formality here.** Both partners engage publicly and have been known to respond to well-researched cold messages, unusual for a fund with this track record.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. A real published thesis, named partners and a partial portfolio are all public, but there is no disclosed cheque range, screening rubric, or response timeline.
> **Start here:** Read the [Placeholder blog](https://www.placeholder.vc/blog) for the actual investment thesis, then check Section H below to see how Solana-dense the real portfolio is before you decide how to frame your chain story.
### How Placeholder's named portfolio breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Infrastructure is the dominant category** | Of the 17 companies we classified, 46% are base-layer or scaling infrastructure (Solana, Celestia, Jito, Squads, Eclipse, Monad, Obol, zkSync). | Infrastructure and MEV-adjacent tooling are the fund's clearest and most proven fit. |
| **Solana is the single largest chain by far** | 53% of the chain-classified portfolio is Solana-native, well over half. | A Solana-native product with real usage is Placeholder's strongest documented pattern for a Series A conversation. |
| **DeFi and consumer are equal secondary pillars** | DeFi (Kamino, Orca, Gearbox) and consumer (Tensor, Backpack, Zerion) each make up 18% of the classified portfolio. | Both onchain finance and consumer-facing products with a governance or token-value story fit, not just infrastructure. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Joel Monegro** (Partner) | Former Union Square Ventures analyst; his "fat protocols" framing has shaped how much of the industry thinks about value accrual, a direct line into how he evaluates pitches. | [placeholder.vc](https://www.placeholder.vc) |
| **Chris Burniske** (Partner) | Co-author of published crypto-investing frameworks; his public writing is a close proxy for the fund's screening bar. | [placeholder.vc](https://www.placeholder.vc) |
| **Mario Laul** (Head of Research) | Runs the research function behind the published thesis, useful to reference if your pitch engages with that work directly. | [placeholder.vc](https://www.placeholder.vc) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Portfolio founder intro** | Especially through the Solana cluster (Jito, Kamino, Orca, Squads, Tensor). |
| **Direct X outreach** | [@placeholdervc](https://twitter.com/placeholdervc) and both named partners are active and reachable. |
| **Thesis engagement** | Substantive public engagement with the firm's published research is a documented way to get noticed before a cold pitch. |
### What you can't find
Placeholder does not disclose a cheque range, a full portfolio list beyond the "75+" headline figure, a screening rubric, or a response timeline. The 17 companies above are the ones named on the homepage that we could classify by sector and chain.
---
## G. Pitch Format Placeholder Expects
- A warm-introduced or well-targeted direct message, since there is no application form
- A clear answer to how value accrues to your network's token or equity, and how governance is designed to defend it, per the firm's own published thesis
- For Solana products, real onchain usage data, not testnet or grant-funded activity alone
- Comfort with a research-heavy diligence process, given the firm's dedicated Head of Research
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Companies named on the [Placeholder homepage](https://www.placeholder.vc). Sector and chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Solana | Layer 1 blockchain | Infrastructure | Solana |
| Celestia | Modular data-availability network | Infrastructure | Celestia (own DA chain, not on fixed list) |
| Jito | MEV infrastructure and liquid staking | Infrastructure | Solana |
| Kamino | Lending and leveraged yield protocol | DeFi | Solana |
| Orca | Decentralized exchange | DeFi | Solana |
| Squads | Multisig and smart-account infrastructure | Infrastructure | Solana |
| Tensor | NFT marketplace and trading platform | Consumer | Solana |
| Backpack | Consumer wallet and exchange | Consumer | Solana |
| Eclipse | SVM-based Layer 2 | Infrastructure | Eclipse (own L2, not on fixed list) |
| Monad | Layer 1 blockchain | Infrastructure | Monad (own L1, not on fixed list) |
| Aleo | Privacy-focused Layer 1 | Privacy | Aleo (own L1, not on fixed list) |
| Obol | Distributed validator technology | Infrastructure | Ethereum |
| Gearbox | Leveraged trading protocol | DeFi | Ethereum |
| WeatherXM | Decentralized weather-data network | DePIN | Polygon |
| zkSync | ZK-rollup Layer 2 | Infrastructure | Ethereum |
| Zerion | Multi-chain portfolio wallet | Consumer | Multi-chain |
| Tally | Onchain governance tooling | Developer-Tooling | Ethereum |
Celestia, Eclipse, Monad and Aleo each run their own chain, none on this directory's fixed chain list; all four are included in the sector split above but excluded from the chain split.
Also named on the site without a distinct classification we could verify: Avantgarde, Botanix, Gyroscope, Magic, Movement, Pocket, Polymer, Saga, Solend.
---
## I. Ecosystem Connections
- **Solana:** by far the fund's deepest ecosystem tie. Solana itself, Jito, Kamino, Orca, Squads, Tensor and Backpack together make Placeholder one of the most Solana-concentrated tier-2 funds in this directory.
- **Ethereum:** a smaller but real cluster (Obol, Gearbox, zkSync, Tally) shows continued Ethereum DeFi and governance-tooling conviction.
- **Modular and next-generation infrastructure:** Celestia, Eclipse and Monad reflect the same early-conviction pattern seen at other modular-stack-focused funds in this directory.
- **Privacy:** a single but notable position in Aleo, one of the more privacy-forward Layer 1 bets among tier-2 crypto funds.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Token warrant or SAFE plus token?** [Compliance guide](/founder-stack/compliance)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Placeholder homepage](https://www.placeholder.vc)
- [Placeholder blog](https://www.placeholder.vc/blog)
- [Ex-Union Square analyst Joel Monegro starts crypto fund Placeholder, CNBC](https://www.cnbc.com/2017/07/13/ex-union-square-analyst-joel-monegro-starts-crypto-fund-placeholder.html)
- [The Placeholder Playbook w/ Chris Burniske and Joel Monegro, Solana Validated podcast](https://solana.com/podcasts/validated-with-austin-federa/episodes/55e8b424-cb37-4454-b5ae-846a3787a520)
- [Placeholder jobs portal](https://jobs.placeholder.vc)
---
---
name: Plus VC
slug: plus-vc
buildTypes: ["Lending-credit", "AI-ML", "Edtech"]
thesis: >-
Investing early and often in emerging market entrepreneurs across the MENA
region.
website: 'https://plus.vc/'
apply: Via website or warm intros through the portfolio network
region: MENA
hq: 'Cairo, Egypt'
sectors:
- Sector-agnostic
stage:
- Seed
- Series A
chequeMin: 100000
chequeMax: 500000
chequeDisplay: '~$100K initial (seed), up to $500K follow-on'
format: Hybrid
admissions: Rolling
africaFocus: Yes -- Egypt and North Africa (within broader MENA mandate)
status: active
tier: '2'
lastVerified: '2026-07-31'
portfolioSectorSplit:
Fintech: 25
AI-ML: 25
Edtech: 25
Climate: 25
portfolioModelSplit:
Transaction/Marketplace: 50
Enterprise contracts/Licensing: 25
Direct sales/Commerce: 25
portfolioGeographySplit:
Egypt: 75
Lebanon: 25
portfolioTotalCount: 4
portfolioClassifiedCount: 4
portfolioUnclassifiedCount: 0
logo: "/funds/plus-vc.png"
---
## Overview
Plus VC (also styled +VC) is a MENA-focused seed-stage venture fund co-founded by Sharif El-Badawi and Hasan Haider, both former managing partners at 500 Startups' Falcons Fund where they completed 200+ transactions. The firm launched its $60 million debut fund in 2020, targeting at least 120 early-stage investments across the MENA region and diaspora.
The fund splits its capital 50/50 between initial seed investments (averaging $100K) and follow-on rounds for top performers (up to $500K). The portfolio has grown to 93+ companies spanning Egypt, Saudi Arabia, UAE, Tunisia, Lebanon, and the UK, and the firm is authorised by the ADGM Financial Services Regulatory Authority. What distinguishes Plus VC is the volume-based approach: investing across a large number of companies for portfolio diversification while maintaining rigorous selection, which means more founders get funded than with traditional concentrated-portfolio VCs.
---
## How to Get In
Reach out through the website with a clear deck. Plus VC often serves as a startup's first institutional investor, so if you're at the earliest stages and struggling to get attention from larger funds, this is a strong option. The team values speed and efficiency, so don't expect months-long processes. A quarter of previous investments have had at least one female founder, which signals genuine openness to diverse founding teams. Warm introductions through portfolio founders or the broader 500 Startups alumni network help, but the team is accessible directly.
---
## Best Advice
1. **High-volume doesn't mean low-bar.** The firm targets 100-120+ investments per fund, which is unusual for MENA VCs, but the selection and due diligence processes are rigorous. Don't mistake the volume approach for easy entry.
2. **The 500 Startups DNA is real.** Both founders ran 500 Startups' MENA programme, so the operational playbook comes from that ecosystem. If you've been through any accelerator programme, the mentorship and community model will feel familiar, and the global network connections are extensive.
3. **Seed is the sweet spot.** The average initial cheque is ~$100K, with follow-on capacity up to $500K. If you're raising a larger seed round, Plus VC works well as a co-lead or anchor alongside other regional investors.
4. **Egypt and North Africa are core geographies.** While the mandate covers all of MENA, the Egyptian portfolio is strong (Thndr, DXwand, Educatly), and the firm has been highlighted as one of the best funding options for North African founders specifically.
---
## Pitch Format
Submit a pitch deck through the website or via direct outreach. Cover your business model, market opportunity, traction, and team. The team moves fast, so be ready to engage quickly once they express interest.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Thndr | Egypt | Digital investment platform for retail investors |
| DXwand | Egypt | Conversational AI platform specialised in Arabic |
| Educatly | Egypt | Student recruitment platform for universities |
| Alterba (Compost Baladi) | Lebanon | Organic waste repurposing into compost |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Sharif El-Badawi | Co-founder & Managing Partner | — | — |
| Hasan Haider | Co-founder & Managing Partner | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Plus VC official website](https://plus.vc/)
- [Plus VC about page](https://plus.vc/about)
- [Plus VC investments portfolio](https://plus.vc/investments-portfolio)
- [Looking for funding in North Africa? This VC might be your best bet -- Launch Base Africa](https://launchbaseafrica.com/2025/06/27/looking-for-funding-in-north-africa-this-vc-might-be-your-best-bet/)
- [Plus VC establishes $60M capital fund -- Egypt Today](https://www.egypttoday.com/Article/3/93008/Plus-VC-establishes-60M-capital-fund-to-invest-in-4)
---
---
name: Polychain Capital
slug: polychain-capital
buildTypes: ["Infra-protocol", "DeFi-trading-lending", "RWA-tokenization"]
thesis: 'Blockchain-based digital assets represent a new asset class secured by cryptography and game theory. Polychain combines venture-style early positions with active hedge-fund portfolio management to capture both protocol-level upside and liquid market opportunities.'
website: 'https://polychain.capital'
apply: 'No public application form and no portfolio or team pages accessible from the public site at time of verification. Warm introductions are strongly preferred; cold outreach is reported to be routinely ignored. The realistic path is an introduction from a portfolio founder, an existing Polychain executive, a protocol leader the fund already backs, or a prominent, credible figure in crypto.'
region: 'Global'
hq: 'San Francisco, California, USA'
sectors:
- Infrastructure
- DeFi
- RWA
- Payments-Stablecoins
sectorsNote: 'Polychain does not publish a portfolio page or team page on its own site (both returned errors when we tried to fetch them). Everything below is compiled from Wikipedia and third-party VC trackers (f4.fund, goldi.ai), cross-referenced where possible, and should be treated as lower-confidence than a fund with a public portfolio page. Splits are computed from 11 companies we could name with reasonable confidence.'
stage:
- Seed
- Series A
- Series B+
- Growth
chequeMin: null
chequeMax: null
chequeDisplay: 'Reported only (third-party trackers, not confirmed on Polychain''s own site, which publishes no cheque range): Seed $1M-$15M, Series A/B $5M-$50M+ including co-investments. A "Polychain Ventures IV, $200M" fund figure appears on a third-party tracker with no primary source we could confirm; treat it as unverified.'
chains:
- Chain-agnostic
- Ethereum
- Multi-chain
- Bitcoin
- Polygon
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '1'
lastVerified: '2026-09-09'
edgeRating: edge-sparse
edgeResources:
- name: Olaf Carlson-Wee's public history
category: pattern-trainer
score: 3
description: >-
Polychain's founder was Coinbase's first employee and its inaugural
Head of Risk before founding the firm in 2016. His public interviews
and talks are the closest thing to a published thesis document, since
the firm's own site does not carry one.
link: 'https://en.wikipedia.org/wiki/Olaf_Carlson-Wee'
- name: AUM and history via Wikipedia
category: evaluation-framework
score: 3
description: >-
Documents the firm's growth to roughly $5B AUM by 2024, its early
1000x-plus token bets that built its reputation, and the 2024
distribution of 44% of Polyventures II, a $300M fund raised in 2019.
link: 'https://en.wikipedia.org/wiki/Polychain_Capital'
- name: Uniswap Labs $165M round, led by Polychain
category: portfolio-pattern
score: 3
description: >-
One of the only Polychain deals confirmed by a reputable press source
rather than a tracker alone: CoinDesk reported Polychain led Uniswap
Labs' $165M raise in October 2022. Use this as the calibration point
for how thin the rest of the public record is.
link: 'https://www.coindesk.com/business/2022/10/13/crypto-exchange-uniswap-labs-raises-165m-in-polychain-capital-led-round'
portfolioSectorSplit:
Infrastructure: 60
DeFi: 20
RWA: 10
Payments-Stablecoins: 10
portfolioChainSplit:
Chain-agnostic: 40
Ethereum: 30
Multi-chain: 10
Polygon: 10
Bitcoin: 10
portfolioTotalCount: 10
portfolioClassifiedCount: 10
portfolioUnclassifiedCount: 0
---
> **How to use this page:** Polychain is the hardest fund in this directory to research directly. Its own site does not carry a public team page or portfolio page, and most of what circulates about it, including cheque size and much of its portfolio, comes from third-party trackers we could not independently confirm. This page is deliberately edge-sparse: we have nulled every figure we could not verify rather than filling it from a tracker, and the portfolio table below keeps only companies with a reputable primary or press source. The realistic path in is a strong warm introduction; there is no form to fill out.
---
## A. Header Block
- **Fund name:** Polychain Capital
- **One-line thesis:** Blockchain-based digital assets as a new, cryptographically secured asset class, invested through both venture and active liquid strategies.
- **Website:** [polychain.capital](https://polychain.capital)
- **CTA:** No public form; the door is a warm introduction (see Section E).
| Tag | Detail |
|-----|--------|
| Region | Global (San Francisco) |
| Format | Direct outreach, warm intro strongly preferred |
| Sectors | Infrastructure, DeFi, RWA, stablecoins and payments |
| Stage | Seed through Growth |
| Cheque Size | Not confirmed; a third-party-reported range of $1M-$50M+ exists but is unverified |
| Admissions | Rolling |
---
## C. Overview
Polychain Capital is one of the oldest and largest crypto-native investment firms, founded in San Francisco in 2016 by Olaf Carlson-Wee, who was Coinbase's first employee and its first Head of Risk before starting the fund. Polychain built its early reputation on outsized token bets made in the 2016-2018 cycle and grew assets under management to roughly $5 billion by 2024, combining an actively managed liquid token portfolio with venture-style early positions in protocols and infrastructure companies.
Unlike most funds in this directory, Polychain does not publish a public team page or a portfolio page: both returned errors when we attempted to fetch them directly during verification. What is publicly known comes from Wikipedia, which documents the firm's history, AUM and a 2024 distribution of 44% of Polyventures II (a roughly $300 million fund raised in 2019), from a CoinDesk report confirming Polychain led Uniswap Labs' $165 million round in October 2022, and from third-party VC databases that track more recent deal activity, including reported 2024-2026 positions in Movement Labs, Story Protocol, M0 and Bitlayer. Because a current cheque range and a current fund size are not confirmed on Polychain's own site or in reputable press, both are set to null on this page rather than filled from a tracker; a reported $1 million to $50 million-plus range and a reported "$200M, Polychain Ventures IV" figure appear on third-party sites, but neither carries a primary source we could verify.
Because the firm's own site is largely opaque, the realistic path for a founder is a genuine warm introduction, ideally from a portfolio founder, an existing Polychain team member, or a protocol leader the fund already backs. Multiple secondary sources describe cold outreach as routinely ignored at this fund.
**Key stats:**
- Founded 2016 by Olaf Carlson-Wee (Coinbase's first employee)
- AUM roughly $5B (2024, per Wikipedia)
- Polyventures II: ~$300M raised 2019, 44% distributed by 2024
- Led Uniswap Labs' $165M round in October 2022 (CoinDesk, confirmed)
- Current fund size and cheque range: not confirmed, treated as null on this page
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Olaf Carlson-Wee | Founder and CEO | [Wikipedia](https://en.wikipedia.org/wiki/Olaf_Carlson-Wee), [LinkedIn](https://www.linkedin.com/in/olafcw/) |
| Josh Rosenthal | Partner and Portfolio Manager (reported by multiple third-party trackers, not confirmed on Polychain's own site) | Not independently confirmed on the firm's own site |
We were unable to load Polychain's own team page during verification (it returned a 404). Olaf Carlson-Wee is confirmed as founder from multiple independent sources; Josh Rosenthal is named consistently across several third-party trackers but not on Polychain's own site, so we list him as reported rather than confirmed. A previously listed "William Wolf" could not be independently corroborated across sources and has been dropped from this page rather than carried as an unverified name. Verify current roles before relying on any of this for a live decision.
---
## E. How to Get In: Step-by-Step Application Process
There is no published process here, and pretending otherwise would misrepresent what this fund makes public. What follows is the honest, short version: who to ask, not a numbered funnel.
**Who to ask.** The only door is a warm introduction, and the strongest version of it comes from one of three sources: a founder at a company Polychain has actually backed (Uniswap Labs is the one deal we could confirm by press; treat any other name a tracker gives you as a lead to verify, not a fact to cite), a co-investor already committed to your round, or a credible figure in crypto who has a direct relationship with the firm. Cold outreach with no introduction is reported consistently across secondary sources as routinely ignored at a fund this established; we could not confirm that from Polychain itself, but it is consistent enough across independent sources to take seriously.
**Who you'd actually be talking to.** Founder and CEO Olaf Carlson-Wee is confirmed; beyond him, only Josh Rosenthal is named consistently across independent trackers, and even that is not confirmed on Polychain's own site. Ask your introducer directly who covers your sector rather than assuming either name personally reviews your deal.
**What to bring.** We do not have a confirmed cheque size to size your ask against. Third-party trackers report $1M at seed to $50M-plus at Series A/B, but neither figure comes from Polychain directly, so treat it as a rough planning number, not a term you can hold the firm to. The one thing the public record does support is that this is not a pre-seed fund in practice: its one confirmed deal (Uniswap Labs) was a growth-stage round.
**Timeline:** Not published, and not independently verifiable given the lack of a public process page. Budget for a longer, relationship-driven timeline than funds with a stated process, and do not expect a response without an introduction.
---
## F. Best Advice from Founders
**Treat the intro itself as the pitch.** With no public form and a reported low tolerance for cold outreach, who introduces you functions as your first-round filter. Invest in earning that introduction rather than optimizing the deck.
**Don't assume Olaf reviews everything personally.** The firm has grown to a real team with dedicated portfolio managers and general partners; find the actual deal lead for your sector through your introducer rather than only targeting the founder.
**Expect both venture and liquid-market thinking.** Because Polychain runs an actively managed liquid book alongside venture positions, be ready for questions about token liquidity, market structure and exit paths that a pure early-stage venture fund might not ask.
---
## Contextual Edge
**Preparation rating:** Edge-sparse. Polychain is the least publicly documented fund in this directory: no team page, no portfolio page, and no stated process were accessible from the firm's own site during verification. Everything here beyond the founder's history is sourced from third parties.
> **Start here:** Read the [Wikipedia entry](https://en.wikipedia.org/wiki/Polychain_Capital) for firm history and AUM, then focus your energy entirely on finding a genuine warm introduction rather than researching a process that isn't public.
### How Polychain's reported portfolio breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Infrastructure-led** | Of the 10 companies on this page, 60% are infrastructure (Coinbase, Polygon, Eclipse, Berachain, Movement Labs, Bitlayer), all but Uniswap Labs sourced from third-party trackers rather than Polychain directly. | The reported pattern favors base-layer and scaling bets over applications, but treat the pattern itself as low-confidence. |
| **DeFi is where the one confirmed deal sits** | 20% are DeFi (Compound, Uniswap Labs). Uniswap Labs' $165M round is the single deal we could confirm by press; Compound is reported only. | A DeFi pitch has the strongest actual evidence behind it on this page, thin as that evidence is. |
| **Chain-agnostic leads, Ethereum second** | 40% chain-agnostic (newer L1s and L2s like Eclipse, Berachain, Movement Labs, Story Protocol), 30% Ethereum. | The firm is not chain-exclusive on the reported record; a strong new-chain thesis is as plausible as an Ethereum-native one. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Olaf Carlson-Wee** (Founder and CEO) | The firm's founding thesis and its earliest, highest-conviction bets; his public talks are the closest thing to a published rubric. | [LinkedIn](https://www.linkedin.com/in/olafcw/) |
| **Josh Rosenthal** (Partner and Portfolio Manager, reported) | Named consistently across independent trackers as covering portfolio management, though not confirmed on Polychain's own site. | Third-party trackers only; verify via your introducer |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Portfolio founder intro** | The most credible path, and currently the thinnest to point to: ask a founder from Uniswap Labs, the one deal we could confirm by press, or from another reported name (Compound, Polygon, Movement Labs) you have independently verified. |
| **Co-investor intro** | A fund that already co-invests with Polychain can open the door once your round is forming. |
| **Direct relationship with the founder** | Given the firm's scale, a credible, established figure in crypto vouching for you directly carries real weight. |
### What you can't find
Polychain's own site does not carry an accessible public team page or portfolio page as of this verification (both returned 404 errors). We have no confirmed check-size range, no confirmed current fund size, no stated screening timeline, and no independently confirmed current partner roster beyond the founder. Nine of the ten portfolio companies on this page, and every partner name except Olaf Carlson-Wee, are reported by secondary sources rather than confirmed by Polychain directly; re-verify before relying on any of it for a live decision.
---
## G. Pitch Format Polychain Capital Expects
- No public application; a warm-intro-carried deck or memo is the expected format
- Clear articulation of the cryptographic or game-theoretic innovation, not just the business model
- Traction and market metrics sized for a growth-stage conversation; the one confirmed deal on this page (Uniswap Labs) was a $165M round, not an early check
- Be ready for questions spanning both venture fundamentals and liquid token market structure
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Compiled from Wikipedia and third-party VC trackers (f4.fund, goldi.ai), since Polychain's own site does not publish a portfolio page. Sector and chain tags are ours; company membership itself is sourced secondarily and should be independently verified before you rely on it.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Uniswap Labs | Decentralized exchange protocol | DeFi | Ethereum |
| Coinbase | Cryptocurrency exchange | Infrastructure | Multi-chain |
| Compound | Lending protocol | DeFi | Ethereum |
| Polygon | Layer 2 / sidechain network | Infrastructure | Polygon |
| Eclipse | SVM-based Ethereum layer 2 | Infrastructure | Chain-agnostic |
| Berachain | Layer 1 blockchain | Infrastructure | Chain-agnostic |
| Movement Labs | Move-based layer 1/2 network | Infrastructure | Chain-agnostic |
| Story Protocol | Onchain intellectual property licensing | RWA | Chain-agnostic |
| M0 | Stablecoin issuance infrastructure | Payments-Stablecoins | Ethereum |
| Bitlayer | Bitcoin layer 2 | Infrastructure | Bitcoin |
Uniswap Labs is the one deal on this list confirmed by a reputable press source (CoinDesk, October 2022); the remaining nine are reported by third-party trackers only and should be independently verified before you rely on them. "Aave" appeared on some third-party trackers as a Polychain deal, but we could not find a primary or reputable press source confirming it, so it is not listed here.
---
## I. Ecosystem Connections
- **Ethereum:** the deepest historical ties, through DeFi protocols including Uniswap (confirmed) and Compound (reported).
- **Newer L1s and L2s:** reported recent positions in Eclipse, Berachain and Movement Labs suggest continued appetite for next-generation execution environments.
- **Bitcoin layer 2s:** a reported position in Bitlayer signals interest beyond the Ethereum and Solana axis that dominates most tier-1 crypto funds.
- **San Francisco:** the firm's home base, consistent with the broader Bay Area crypto-investor cluster this directory covers (a16z crypto, Electric Capital and others are also SF-based).
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Token warrant or SAFE plus token?** [Compliance guide](/founder-stack/compliance)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Polychain Capital, Wikipedia](https://en.wikipedia.org/wiki/Polychain_Capital)
- [Olaf Carlson-Wee, Wikipedia](https://en.wikipedia.org/wiki/Olaf_Carlson-Wee)
- [Polychain, f4.fund investment thesis and preferences (third-party, unconfirmed figures)](https://f4.fund/firms/polychain)
- [Polychain Capital, Goldi.ai intelligence profile (third-party, unconfirmed figures)](https://goldi.ai/intelligence/vc/polychain-capital)
- [Crypto Exchange Uniswap Labs Raises $165M in Polychain Capital-Led Round, CoinDesk](https://www.coindesk.com/business/2022/10/13/crypto-exchange-uniswap-labs-raises-165m-in-polychain-capital-led-round)
- [polychain.capital](https://polychain.capital) (team and portfolio pages not accessible at time of verification)
Note: polychain.capital/team and polychain.capital/portfolio both returned 404 errors when fetched directly on 2026-09-09. All partner names and portfolio companies beyond the founder's own documented history are sourced from the third-party trackers above, not from Polychain's own site.
---
---
name: Polygon Community Grants Program
slug: polygon-community-grants
thesis: 'POL-denominated, milestone-based grants for builders on Polygon or migrating to it, split between a themed Domain Allocator track and an open Direct Track, as part of a stated 1 billion POL commitment over a decade.'
website: 'https://polygon.technology/grants'
apply: 'Direct Track (any Polygon project) or a themed Domain Allocator track (AI agents, DePIN, memecoins in the most recent season), both submitted through Questbook or the relevant allocator platform (Gitcoin for allocator rounds).'
region: 'Global'
hq: 'Polygon Labs, distributed team'
sectors:
- AI-x-Crypto
- DePIN
- DeFi
- Consumer
- Gaming
- RWA
- Developer-Tooling
stage:
- Ideation
- MVP
- Pre-Seed
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: 'Season 2: 35M POL total (20M POL Direct Track, 15M POL via themed allocators); per-project size not disclosed'
chains:
- Polygon
format: 'Application form'
admissions: 'Cohort-based'
africaFocus: 'Not Africa-specific'
status: active
tier: '2'
lastVerified: '2026-09-09'
edgeRating: edge-sparse
edgeResources:
- name: Season 2 announcement
category: evaluation-framework
score: 4
description: >-
Polygon Labs' own blog post on the 35M POL Season 2 structure: the
three named allocator themes (AI agents, DePIN, memecoins), the larger
Direct Track, rolling review, and the Community Treasury Board's role.
link: 'https://polygon.technology/blog/polygon-community-grants-program-announces-season-2-with-35m-pol-and-ai-leading-the-pack'
- name: 1 billion POL over a decade announcement
category: decision-maker-reveal
score: 3
description: >-
Sets the scale of Polygon's long-term commitment to community grants,
useful context for how much runway this program has as an institution
rather than a one-off season.
link: 'https://polygon.technology/blog/1-billion-unlocked-over-decade-in-community-grants-program-for-polygon-builders'
- name: Polygon Grants on Questbook
category: practice-artifact
score: 3
description: >-
Where Direct Track and Domain Allocator proposals are actually
submitted and reviewed, the same public-proposal model as the
Arbitrum DDA program.
link: 'https://polygon.questbook.xyz/'
- name: Polygon Grants on Gitcoin (Season 3 listing)
category: pipeline-pathway
score: 2
description: >-
A Season 3 listing exists on Gitcoin's grants platform; budget and
exact dates were not independently confirmed at review time, so treat
this as a lead to verify rather than a confirmed open round.
link: 'https://gitcoin.co/apps/polygon-grants'
portfolioSectorSplit: {}
portfolioChainSplit:
Polygon: 100
portfolioTotalCount: 0
portfolioClassifiedCount: 0
portfolioUnclassifiedCount: 0
---
> **How to use this page:** Confirm the current season status directly before applying. Polygon's own /grants and /village pages have shown redirect issues in review, and the program runs in named seasons rather than a permanently open form, so the freshest source is the Questbook dashboard or the current season's own announcement, not this page's cached description of Season 2.
---
## A. Header Block
- **Program name:** Polygon Community Grants Program (CGP)
- **One-line thesis:** POL-denominated milestone grants across a Direct Track and themed Domain Allocator tracks, part of a stated 1 billion POL, decade-long commitment
- **Website:** [polygon.technology/grants](https://polygon.technology/grants) (flagged unreliable at review time, see note below)
- **CTA:** [Submit on Questbook](https://polygon.questbook.xyz/)
| Tag | Detail |
|-----|--------|
| Region | Global |
| Format | Application form (Questbook for Direct/Domain Allocator tracks; Gitcoin for allocator-run rounds) |
| Sectors | Season 2 allocator themes: AI agents, DePIN, memecoins; Direct Track: consumer apps, games, RWA experiments, and other projects outside the themed categories |
| Stage | Idea through Seed, on Polygon or migrating to it |
| Cheque Size | Season 2 total 35M POL (20M Direct Track, 15M allocators); per-project size not disclosed |
| Admissions | Seasonal, rolling review within each season's window |
---
## C. Overview
The Polygon Community Grants Program is Polygon Labs' standing vehicle for funding builders on Polygon PoS and the AggLayer, structured as a decade-long, 1 billion POL commitment rather than a single round. It runs in named seasons. Season 2 (verified from Polygon Labs' own announcement) allocated 35M POL total: 20M POL through an open Direct Track, and 15M POL through three themed Domain Allocators (Eliza Labs / ai16z for AI agents, Crossmint, IoTeX, Thrive, and Gitcoin) covering AI agents and infrastructure, DePIN, and memecoins. Season 2 expanded from Season 1's 18M POL distributed to 120+ projects, and applications for that season ran on a stated window with rolling review inside it.
A Season 3 listing exists on Gitcoin's grants platform, but its budget, dates and current open status were not independently confirmed at review time. Separately, Polygon's own /grants and /village pages redirected to an unrelated domain during this review, which means the freshest reliable source right now is the Questbook dashboard and Polygon Labs' own blog, not the marketing page URL. State this plainly to founders: verify the live season before quoting numbers.
The Direct Track is the general-purpose lane: any project building on Polygon, or migrating to it, that does not fit a themed allocator category. The allocator tracks move faster for a project that fits one of the named themes, since a specialist reviewer with domain context handles it rather than the general committee.
**Key stats:**
- 1 billion POL committed over a decade, program-wide
- Season 2: 35M POL total (20M Direct Track, 15M allocator tracks)
- Season 1: 18M POL distributed to 120+ projects
- Season 2 review model: rolling within a stated application window
---
## D. Key Partners
| Person or team | Role | Where to find them |
|----------------|------|--------------------|
| Community Treasury Board | Oversees the program and the Direct Track specifically, described as favouring "long-termism" | [polygon.technology/blog](https://polygon.technology/blog/polygon-community-grants-program-announces-season-2-with-35m-pol-and-ai-leading-the-pack) |
| Eliza Labs (ai16z) | Domain Allocator for AI agents, apps and infrastructure in Season 2 | Via [polygon.questbook.xyz](https://polygon.questbook.xyz/) |
| Crossmint, IoTeX, Thrive, Gitcoin | Other Season 2 Domain Allocators, covering DePIN and memecoins | Via [polygon.questbook.xyz](https://polygon.questbook.xyz/) |
Individual board or allocator reviewer names below the organisation level are not published, and we have not guessed.
---
## E. How to Get In: Step-by-Step Application Process
**Chain requirement: your project must build on Polygon PoS or the AggLayer, or be migrating to it. This program does not fund unrelated chains.**
#### Step 1: Confirm the current season is open
Check [polygon.questbook.xyz](https://polygon.questbook.xyz/) directly, since polygon.technology/grants redirected to an unrelated domain during this review and cannot be trusted as a live status check on its own.
#### Step 2: Choose Direct Track or a Domain Allocator theme
If your project matches a live theme (AI agents, DePIN, or another allocator-run category in the current season), apply through that allocator. Otherwise apply through the Direct Track, which covers consumer apps, games, RWA experiments and anything else building on Polygon.
#### Step 3: Submit through Questbook (or Gitcoin, for allocator-run rounds)
Direct and Domain Allocator tracks submit through Questbook; some allocator rounds, including past Gitcoin-run allocations, use Gitcoin's platform instead.
#### Step 4: Review
Domain allocators respond in roughly 1 to 2 weeks in the season we reviewed, followed by a final Polygon Labs review before milestone-based payout begins.
#### Step 5: Deliver against milestones
Grants pay out per milestone rather than as a lump sum, consistent with the program's stated emphasis on measurable delivery.
**Tips that matter here:**
- Allocator tracks are less crowded than the Direct Track; if your project genuinely fits a live theme (AI agents was a dedicated allocator category in Season 2), apply there first.
- The Direct Track is the right lane for consumer, gaming or RWA projects that do not map to a themed allocator.
- Because the program runs in named seasons with specific budgets, do not assume a permanently open form; check the current season's dates before building a timeline around this grant.
- If polygon.technology/grants misbehaves for you the way it did in this review, go straight to Questbook or Polygon Labs' own blog for the current season announcement.
---
## F. Best Advice from Founders
**Match your theme to a live allocator if you can.** A themed allocator with domain expertise moves faster and asks sharper questions than a generalist committee reviewing everything through the Direct Track.
**Treat the 20M-versus-15M split as a signal of appetite.** The Direct Track carries more of the Season 2 budget than the allocator tracks combined, which tells you Polygon Labs wants breadth, not only its three named themes.
**Verify before you plan around it.** Season windows and redirect issues on the main grants page mean the safest habit is confirming the live season on Questbook immediately before applying, not relying on cached knowledge of a prior season.
---
## Contextual Edge
**Preparation rating:** Edge-sparse. Polygon Labs publishes season-level totals and track structure clearly, but per-project cheque sizes are not disclosed, the current season's exact status needs a live check due to the /grants redirect issue observed in review, and Season 3 details on Gitcoin remain unconfirmed.
> **Start here:** Read the [Season 2 announcement](https://polygon.technology/blog/polygon-community-grants-program-announces-season-2-with-35m-pol-and-ai-leading-the-pack) for the track structure, then check [polygon.questbook.xyz](https://polygon.questbook.xyz/) directly for what season and themes are live today.
### How the program actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Direct Track carries the larger budget** | 20M of 35M POL in Season 2 went to the general Direct Track. | A project outside the named themes still has the bigger pool to draw from. |
| **Allocator themes rotate by season** | Season 2 named AI agents, DePIN and memecoins; earlier seasons differed. | Check the live theme list each season rather than assuming continuity. |
| **The program is a decade-long commitment, not a one-off** | 1 billion POL stated over ten years, program-wide. | This is a durable line item to revisit each season, not a single-shot grant. |
| **The main marketing URL is unreliable right now** | polygon.technology/grants and /village redirected to an unrelated domain during this review. | Use Questbook or the Polygon Labs blog as the source of truth until this is fixed. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Community Treasury Board** | Oversees the Direct Track and the program's overall long-term posture. | [Season 2 announcement](https://polygon.technology/blog/polygon-community-grants-program-announces-season-2-with-35m-pol-and-ai-leading-the-pack) |
| **Named Domain Allocators (Eliza Labs, Crossmint, IoTeX, Thrive, Gitcoin)** | Each publishes their own review criteria and pace for their themed track. | [polygon.questbook.xyz](https://polygon.questbook.xyz/) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct Track** | Apply through Questbook for any Polygon project outside the themed categories. |
| **Domain Allocator track** | Apply to the allocator whose theme matches your project, for faster, specialist review. |
### What you can't find
Polygon Labs does not disclose per-project grant sizes, a full current grantee list, or a single reliably reachable grants landing page as of this review, since polygon.technology/grants and /village redirected elsewhere. Season 3 details referenced on Gitcoin were not independently confirmed. Verify the live season and its budget on Questbook before quoting figures to a founder.
---
## G. Pitch Format Polygon CGP Expects
- A Questbook (or Gitcoin, for allocator rounds) proposal naming your track: Direct or a specific Domain Allocator theme
- A milestone-based budget and delivery plan
- A clear statement of why Polygon (existing deployment or migration plan)
- Evidence of team capability and any prior shipping
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Polygon Labs states that Season 1 funded 120+ projects and Season 2 allocated 35M POL, but does not publish a single consolidated, current grantee list with sector and chain classification that we could verify at review time.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Not published as a consolidated list | Season totals are stated (120+ projects in Season 1); individual grantees are not compiled centrally | n/a | Polygon |
---
## I. Polygon Connections
- **Polygon (exclusive):** grants fund Polygon PoS and AggLayer work, or migration to Polygon.
- **Eliza Labs (ai16z), Crossmint, IoTeX, Thrive:** Season 2's named Domain Allocators, each a specialist reviewer for their theme.
- **Gitcoin:** both a Domain Allocator for a Season 2 theme and, separately, the platform hosting a Season 3 listing; keep a Gitcoin project profile current if you plan to apply through either channel.
- **Polygon Village:** referenced as a non-cash founder community and voucher layer alongside CGP, though its current page status was unverified at review time.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Considering Gitcoin's quadratic rounds too?** [Gitcoin Grants](/funds/gitcoin-grants)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Polygon Community Grants Season 2 Announced: 35M POL Backing AI, DePIN and More](https://polygon.technology/blog/polygon-community-grants-program-announces-season-2-with-35m-pol-and-ai-leading-the-pack)
- [1 Billion Unlocked Over Decade in Community Grants Program for Polygon Builders](https://polygon.technology/blog/1-billion-unlocked-over-decade-in-community-grants-program-for-polygon-builders)
- [Polygon Community Grants Season 2 (Questbook)](https://polygon.questbook.xyz/)
- [Polygon Grants (Gitcoin listing, Season 3 reference)](https://gitcoin.co/apps/polygon-grants)
- [Polygon Community Grants Program (Season 3), Gitcoin issue tracker](https://github.com/gitcoinco/gitcoin_co_30/issues/88)
---
---
name: Prosus Ventures
slug: prosus-ventures
buildTypes: ["Lending-credit", "Payments-processing", "Proptech", "Marketplace-commerce"]
thesis: >-
The venture investment arm of Prosus/Naspers, a South African-rooted global
technology group, deploying corporate venture capital into consumer
internet and fintech businesses including several with African operations.
website: 'https://www.prosus.com/prosus-ventures'
apply: 'No open pitch form; reach out via Prosus offices in Amsterdam, London, or Bangalore, or via investor relations'
region: 'Global, with South African corporate roots and African portfolio exposure'
hq: 'Amsterdam, Netherlands, with South African corporate roots via Naspers'
sectors:
- Fintech
- E-commerce
- Consumer
stage:
- Series A
- Series B+
- Growth
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed'
format: 'Equity'
admissions: 'Bilateral'
africaFocus: 'active'
status: active
tier: '1'
portfolioSectorSplit: {}
portfolioModelSplit: {}
portfolioGeographySplit: {}
portfolioTotalCount: 0
portfolioClassifiedCount: 0
lastVerified: '2026-08-03'
logo: ''
---
## Overview
Prosus Ventures is the venture capital arm of Prosus, the global technology investment group whose corporate lineage traces back to South African media group Naspers. Prosus's broader portfolio spans over 80 companies across 100-plus markets, and its African exposure includes M-KOPA, the pay-as-you-go asset financing company operating across Kenya, Uganda, Nigeria, and Ghana, alongside South African platforms like AutoTrader and Property24 and Egyptian investment platform Thndr.
Prosus's African roots run deeper than most global corporate VCs: Naspers itself grew from a South African print and media business into one of the continent's largest technology investors globally, which shapes Prosus Ventures' comfort with African market dynamics relative to other corporate venture arms.
## What they invest in
Prosus Ventures typically writes larger checks at Series A and beyond, reflecting its position as a corporate venture arm backing already-validated business models rather than pre-seed conviction bets. M-KOPA is the clearest fintech infrastructure signal in the African portfolio: asset financing embedded with mobile-money repayment, reaching millions of underbanked consumers who can't access traditional credit.
## How to apply
Prosus Ventures does not run a public pitch form for founders. The realistic path is direct outreach to the firm's offices in Amsterdam, London, or Bangalore, or through the investor relations contacts listed on prosus.com. Given the corporate venture structure, warm introductions through existing Prosus portfolio companies or Naspers-linked networks carry real weight.
## Portfolio pattern
M-KOPA (pan-East Africa and Nigeria/Ghana) is Prosus's clearest fintech infrastructure bet: pay-as-you-go asset financing built on mobile-money rails for underbanked consumers, raising $250 million to scale across markets. AutoTrader and Property24 (South Africa) and Thndr (Egypt) round out a broader consumer internet and fintech African footprint, all at growth stage with proven market traction before Prosus invested.
---
---
name: Public Works
slug: public-works
buildTypes: ["Infra-protocol", "Dev-tooling"]
thesis: 'The code we create can be sustainable while being generative to the broader communities it serves. An open-source ecosystem fund focused on constructing essential public infrastructure through decentralized systems, as an alternative to centralized institutions.'
website: 'https://www.publicworks.fm'
apply: 'Email scott@publicworks.fm with the subject line "Reach Out", exactly as stated on the fund site. No form, no portal.'
region: 'Global'
hq: 'Not disclosed'
sectors:
- Infrastructure
- Developer-Tooling
- Consumer
stage:
- Pre-Seed
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed'
chains:
- Chain-agnostic
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '3'
lastVerified: '2026-09-09'
edgeRating: edge-sparse
edgeResources:
- name: The subject-line instruction itself
category: pipeline-pathway
score: 5
description: >-
The site tells you exactly what to do: email scott@publicworks.fm with
subject "Reach Out". Most funds make you guess the channel; this one
states it in plain text.
link: 'https://www.publicworks.fm'
- name: '"Mutualism" page'
category: pattern-trainer
score: 3
description: >-
A dedicated page on the site develops the fund's public-goods and
mutualism framing beyond the homepage tagline. Read it before writing
to Scott; it is the closest thing to a published rubric this fund has.
link: 'https://www.publicworks.fm/mutualism'
- name: Single-partner structure
category: decision-maker-reveal
score: 3
description: >-
The stated contact is one named person, Scott, at a personal-sounding
email address. Write to him directly and personally rather than as a
generic pitch blast.
- name: Open-source credibility signals
category: evaluation-framework
score: 3
description: >-
Given the thesis (sustainable open code, public goods), prior
participation in Gitcoin rounds, Optimism Retro Funding, or Ethereum
Foundation ESP grants is the closest available proxy for what this fund
screens for, even though the fund itself does not publish selection
criteria.
portfolioSectorSplit: {}
portfolioChainSplit: {}
portfolioTotalCount: 0
portfolioClassifiedCount: 0
portfolioUnclassifiedCount: 0
---
> **How to use this page:** Public Works is the smallest, least documented fund in this batch: a one-line thesis, a mutualism essay, and a single email instruction. That sparseness is also the whole opportunity. There is no portal to compete for attention inside, no batch deadline, and the fund tells you exactly how to reach it. If your project is open-source public-goods infrastructure, write directly to Scott.
---
## A. Header Block
- **Fund name:** Public Works
- **One-line thesis:** "The code we create can be sustainable while being generative to the broader communities it serves."
- **Website:** [publicworks.fm](https://www.publicworks.fm)
- **CTA:** [Email scott@publicworks.fm, subject "Reach Out"](mailto:scott@publicworks.fm?subject=Reach%20Out)
| Tag | Detail |
|-----|--------|
| Region | Global |
| Format | Direct outreach (named email, stated subject line) |
| Sectors | Infrastructure, developer tooling, consumer (public-goods framing) |
| Stage | Pre-Seed, Seed (inferred from fund size and posture; not stated on site) |
| Cheque Size | Not disclosed |
| Admissions | Rolling |
---
## C. Overview
Public Works is a small, apparently single-partner fund built around a specific idea: that open-source software and decentralized systems can be sustainable businesses while remaining generative to the communities that use them, functioning as an alternative to centralized institutions. The site is minimal by design, a homepage tagline and a "mutualism" page that develops the thesis further, with no team page, no portfolio page and no disclosed fund size found in this session.
The one concrete, verified fact about how to reach the fund is stated directly on the site: email scott@publicworks.fm with the subject line "Reach Out". That is unusually explicit for a fund this sparse, and it points to a single named person, Scott, as the actual decision-maker or first screener.
Because no portfolio is published, it is not possible to verify what Public Works has actually funded, at what stage, or at what cheque size. This page is deliberately honest about that gap rather than inventing companies or numbers to fill it. Founders considering this fund should treat it as a low-cost, low-competition outreach target rather than a fund with a track record they can pattern-match against.
**Key stats:**
- Single stated contact: scott@publicworks.fm, subject "Reach Out"
- No public portfolio, team page, or cheque size found
- Thesis centers on sustainable open-source and decentralized public-goods infrastructure
- No batch, cohort or deadline structure; appears fully rolling
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Scott | Contact named directly on the fund's site | scott@publicworks.fm |
No surname, title, or additional team members were confirmed on the public site in this session.
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Read the mutualism page first
Before writing to Scott, read [publicworks.fm/mutualism](https://www.publicworks.fm/mutualism). It is the fund's own fullest statement of what it believes about open-source sustainability and decentralized public goods, and it is the closest thing to a rubric this fund publishes.
#### Step 2: Confirm your project is public-goods framed
The thesis is specific: open, sustainable code that generates value for the communities it serves, positioned against centralized institutions. A closed-source, purely extractive product is a poor match regardless of sector.
#### Step 3: Email scott@publicworks.fm with the exact subject line
The site states this directly: subject "Reach Out". Follow the instruction literally; it is a small enough signal that ignoring it likely costs you nothing, and following it costs nothing either.
#### Step 4: Lead with credibility signals the fund can verify fast
Because there is no form asking for specific fields, structure your own email: one paragraph on what you have built and shipped, one on the public-goods or mutualism angle specifically, and any track record with recognized public-goods funding (Gitcoin rounds, Optimism Retro Funding, Ethereum Foundation ESP) if you have it.
#### Step 5: Terms
Cheque size, typical round structure, and response time are all undisclosed. Treat this as an exploratory outreach channel rather than a fund with a known process; write clearly and do not expect a quick or guaranteed response given the size of the operation implied by the site.
**Tips that matter here:**
- Follow the exact subject line; it is stated for a reason and costs nothing to use.
- This is a one-person-facing channel; write like you are emailing a specific person who reads the mutualism page you are about to reference, not a fund inbox.
- Do not invent a portfolio comparable, since none is public; instead reference the mutualism thesis directly.
---
## F. Best Advice from Founders
Founder-sourced advice specific to Public Works was not found and verified in this session. Given the sparse public record, the single most concrete piece of guidance available is the fund's own instruction: use the stated email and subject line exactly as written.
---
## Contextual Edge
**Preparation rating:** Edge-sparse. This is among the least documented funds in the directory. A named contact and a clear intake channel exist, which is genuinely useful, but there is no portfolio, no team page beyond one first name, no cheque size and no fund size anywhere in the public record found in this session.
> **Start here:** Read [publicworks.fm/mutualism](https://www.publicworks.fm/mutualism) fully, then email scott@publicworks.fm with subject "Reach Out" and a two-paragraph note that speaks directly to that essay.
### How Public Works' portfolio actually breaks down
No verified portfolio companies were found in this session. Public sources checked (the fund's own site, standard fund trackers) did not surface names. This section is intentionally left without invented data; portfolioSectorSplit and portfolioChainSplit are empty rather than estimated.
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Scott** | The sole named contact on the site; presumably the fund's principal or a close proxy for one. | scott@publicworks.fm |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct email** | scott@publicworks.fm, subject "Reach Out", exactly as instructed on-site. |
| **Mutualism essay** | Reading and referencing [publicworks.fm/mutualism](https://www.publicworks.fm/mutualism) is the closest available way to speak the fund's language. |
### What you can't find
Portfolio companies, team beyond one first name, cheque size, fund size, HQ location, and any application timeline are all undisclosed. This page should be treated as a low-confidence, high-honesty entry: real contact information, very little else verifiable.
---
## G. Pitch Format Public Works Expects
- No stated deck format; a direct, personal email appears to be the expected format
- Subject line exactly "Reach Out"
- A clear statement of your public-goods or open-source sustainability angle
- Any track record with recognized public-goods funding mechanisms (Gitcoin, Optimism Retro Funding, EF ESP), if you have it
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
No verified portfolio companies were found on publicworks.fm or in third-party fund trackers checked in this session. This section is left empty rather than populated with unverified or invented names, per this directory's real-data-only rule.
---
## I. Ecosystem Connections
No chain-specific or ecosystem-specific ties were found; the fund's thesis is chain-agnostic public-goods and open-source infrastructure rather than tied to a specific network. Founders with Gitcoin, Optimism Retro Funding, or Ethereum Foundation ESP grant history should lead with that, since it is the closest verifiable proxy for what this fund's stated thesis rewards.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Compare to Seed Club Ventures**, another small, single-channel fund in this directory: [Seed Club Ventures](/funds/seed-club-ventures)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Public Works homepage](https://www.publicworks.fm)
- [Public Works mutualism page](https://www.publicworks.fm/mutualism)
---
---
name: QED Investors
slug: qed-investors
buildTypes: ["Payments-processing", "Neobank/wallet", "Lending-credit", "Insurtech"]
thesis: >-
Backing businesses and teams tackling real problems in financial services,
built on durable unit economics rather than solutions chasing a market.
website: 'https://www.qedinvestors.com'
apply: 'Pitch via the contact form at qedinvestors.com or a warm intro through LinkedIn/X to a partner'
region: 'Global fintech, with a dedicated Africa practice since 2022'
hq: 'Alexandria, Virginia, USA'
sectors:
- Fintech
stage:
- Seed
- Series A
- Series B+
- Growth
chequeMin: 3000000
chequeMax: 10000000
chequeDisplay: '$3M -- $10M initial cheque (early-stage fund); larger for growth-stage deals'
format: 'Equity'
admissions: 'Rolling'
africaFocus: 'active'
status: active
tier: '1'
portfolioSectorSplit: {}
portfolioModelSplit: {}
portfolioGeographySplit: {}
portfolioTotalCount: 0
portfolioClassifiedCount: 0
lastVerified: '2026-08-03'
logo: ''
---
## Overview
QED Investors is a fintech-exclusive VC firm with nearly $5 billion in assets under management globally and a portfolio that includes Nubank, Credit Karma, and Klarna. QED hired its first investment professional focused on Africa in 2022 and made its first African investment that year, backing Nigerian fintech TeamApt (now Moniepoint) in a $50 million-plus round.
Since then QED has kept writing checks into African fintech at a pace that stands out among US-headquartered funds: Raenest (Nigeria, $11M Series A, February 2025), Stitch (South Africa, $55M, April 2025), FlapKap (Egypt, Pre-Series A, $34M), and Precium (South Africa, $5.2M seed). The firm is explicit that it invests exclusively in financial services businesses, spanning banking, credit and lending, insurance, wealth management, proptech, banking-as-a-service, and embedded finance.
QED runs multiple vehicles: an early-stage fund covering pre-seed through growth, a Growth Fund II for later-stage companies, and Belay/Fontes for formation-stage, pre-product teams. The firm positions itself as a hands-on, long-term partner rather than a passive check-writer.
## What they invest in
QED invests only in fintech, at every stage from formation through growth. Early-stage checks average around $15M in initial commitment with typical first checks of $3M to $10M; Growth Fund II deploys $15M to $20M per company. The firm expects to make 12-15 early-stage investments and 5-7 growth investments a year globally, with Africa now a standing part of that mix rather than an opportunistic bet.
The African portfolio so far skews Nigeria, South Africa, and Egypt, and spans payments infrastructure (Moniepoint), cross-border payroll and payments (Raenest), embedded finance and banking infrastructure (Stitch), buy-now-pay-later (FlapKap), and pricing/insurance data (Precium).
## How to apply
Submit a pitch deck (PowerPoint or PDF, under 10MB) through the contact form at qedinvestors.com. QED's own guidance is that "it is never too early to connect with the QED team," and the firm's partners are active on LinkedIn and X, so a direct message referencing a specific portfolio company or thesis point is a reasonable second channel alongside the form.
## Portfolio pattern
Moniepoint, Raenest, Stitch, FlapKap, and Precium are QED's named African bets, spanning core banking infrastructure, cross-border payments, embedded finance, BNPL, and insurance data. All are fintech-exclusive, all have real transaction volume rather than pre-revenue theses, and all raised from QED at Series A or later rather than pre-seed, which tracks with the fund's stated preference for teams that have already proven a business works before QED writes the check.
---
---
name: Quona Capital
slug: quona-capital
buildTypes: ["Payments-processing", "Lending-credit", "Neobank/wallet"]
thesis: >-
Fintech for inclusion in emerging markets, backing companies that serve
underserved businesses and consumers profitably across Latin America,
India, Southeast Asia, and Africa.
website: 'https://quona.com'
apply: 'Pitch via quona.com/contact; team has an on-the-ground presence in Cape Town'
region: 'Latin America, India, Southeast Asia, EMEA including Africa'
hq: 'Washington DC, USA, with a Cape Town office covering Africa'
sectors:
- Fintech
- Impact
stage:
- Seed
- Series A
- Series B+
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed'
format: 'Equity'
admissions: 'Rolling'
africaFocus: 'active'
status: active
tier: '2'
portfolioSectorSplit: {}
portfolioModelSplit: {}
portfolioGeographySplit: {}
portfolioTotalCount: 0
portfolioClassifiedCount: 0
lastVerified: '2026-08-03'
logo: ''
---
## Overview
Quona Capital invests in fintech companies advancing financial inclusion across Latin America, India, Southeast Asia, and EMEA, with a stated commitment to "marrying purpose with investment performance." The firm maintains local presence across cities including Cape Town, Bangalore, Mexico City, Singapore, Sao Paulo, and Dubai, giving it a standing African footprint rather than a fly-in approach.
Quona's disclosed African portfolio includes Yoco and Lulalend (South Africa, digital payments and SME lending), Wasoko (pan-East Africa, B2B commerce and embedded finance for informal retailers), and Cowrywise (Nigeria, savings and wealth infrastructure), alongside earlier bets in Zoona, AllLife, and Abalobi across sub-Saharan Africa. Portfolio-wide, the firm reports its companies reach 31.5 million customers, 87% of them underserved, and touch 165 million lives across its markets.
The firm positions itself as an active investor that "rolls up its sleeves," with partners bringing financial services, technology, and operational expertise into portfolio companies rather than capital alone.
## What they invest in
Quona invests seed through growth-stage, with African deals spanning digital payments (Yoco), SME lending (Lulalend), embedded finance for informal retail (Wasoko), and savings infrastructure (Cowrywise). The through-line is inclusion: serving customers and businesses that traditional financial institutions have underserved, evaluated with an explicit impact lens alongside commercial return.
## How to apply
Reach out via the contact channels at quona.com. The Cape Town office gives Quona genuine on-the-ground presence in Africa, so a founder-level relationship built through local fintech and inclusion-finance events is a reasonable path alongside a direct pitch.
## Portfolio pattern
Yoco and Lulalend (South Africa), Wasoko (pan-East Africa), and Cowrywise (Nigeria) are Quona's clearest current African bets, spanning payments, lending, embedded finance, and savings. All target underserved SME or consumer segments specifically, rather than a general-purpose fintech product, which tracks the firm's stated inclusion mandate.
---
---
name: Raba Partnership
slug: raba-partnership
buildTypes: ["Payments-processing", "On-off-ramp", "Stablecoin-payments", "Logistics-supplychain", "Healthtech"]
thesis: >-
We partner with founders building software and internet-first companies that
facilitate the efficient movement of capital and essential products across
Africa.
website: 'https://rabacap.com/'
apply: 'mailto:info@rabacap.com'
region: Pan-African
hq: 'Cape Town, with scout network across Nigeria, South Africa, Kenya, Egypt, MENA'
sectors:
- Sector-agnostic
stage:
- Pre-Seed
- Seed
- Series A
- Series B+
chequeMin: 100000
chequeMax: 3000000
chequeDisplay: $100K -- $3M
format: Hybrid
admissions: Rolling
africaFocus: >-
Yes -- Pan-African (Nigeria, South Africa, Kenya, Egypt primary, with MENA and
Latam exposure)
status: active
tier: '1'
lastVerified: '2026-07-24'
edgeRating: edge-moderate
edgeResources:
- name: George Rzepecki interview
category: decision-maker-reveal
score: 4
description: >-
The full investment thesis: emerging market tech in Africa, metropolitan
market similarities, demographic-driven opportunities, financial
inclusion, d...
link: 'https://open.spotify.com/episode/25fzfY2Youky2GZsij2hmk'
- name: Cordel Robbin-Coker interview
category: decision-maker-reveal
score: 4
description: >-
How he raised capital for Carry1st (African mobile gaming, a non-obvious
sector bet). Previously led the Carlyle Group's Sub-Saharan Africa Fund,
so h...
link: >-
https://www.podchaser.com/podcasts/how-i-got-funded-1724917/episodes/how-i-got-funded-with-cordel-f-92782055
- name: Kiaan Pillay on The Flip
category: practice-artifact
score: 4
description: >-
Stitch CEO describes building a $1B fintech in South Africa. Quote: "You
actually can build a billion dollar business in just South Africa." Raba
part...
link: >-
https://theflip.africa/podcast/building-a-1b-fintech-in-south-africa-with-stitch-ceo-kiaan-pillay
- name: Kiaan Pillay on Venture Everywhere
category: practice-artifact
score: 4
description: >-
Pillay shares: "We weren't trying to be a full-stack PSP. We just wanted
to move money with an API call." Raba invested $4.2M in the $55M Series B
led...
link: 'https://ideas.everywhere.vc/p/stitch-ceo-kiaan-pillay-on-raising'
- name: Scout network
category: pipeline-pathway
score: 3
description: >-
Raba's scouts are not anonymous advisors. They are the founders of
Flutterwave (Iyin Aboyeji), Yoco (Katlego Maphai), Twiga Foods (Grant
Brooke), Trel...
- name: How to reach the scouts
category: pipeline-pathway
score: 3
description: >-
Aboyeji runs Future Africa and is highly active on X/Twitter. Maphai is
accessible through the South African fintech ecosystem. Brooke is a
Nairobi st...
- name: Email directly
category: pipeline-pathway
score: 3
description: >-
info@rabacap.com with your pitch deck and business plan. The firm is
explicit that it is selective, so the quality of your introduction
matters.
- name: Co-investor referrals
category: pipeline-pathway
score: 3
description: >-
If you are already in conversation with Ribbit Capital, QED Investors,
PayPal Ventures, Blockchain Capital, Bitkraft, a16z, Flourish Ventures, or
Norr...
portfolioSectorSplit:
Fintech: 43
Blockchain: 22
Healthtech: 14
Logistics: 14
Consumer: 7
portfolioModelSplit:
Enterprise contracts/Licensing: 29
Hardware/Devices: 14
Transaction/Marketplace: 50
Direct sales/Commerce: 7
portfolioGeographySplit:
Nigeria: 43
South Africa: 36
Ivory Coast: 7
Ghana: 7
East Africa: 7
portfolioTotalCount: 14
portfolioClassifiedCount: 14
portfolioUnclassifiedCount: 0
---
## Overview
The Raba Partnership is a Cape Town-based venture fund founded in 2019 by George Rzepecki, who previously worked at Goldman Sachs, Shumway Capital, and Glynn Capital. The firm closed its second fund (Raba Partnership II) at $59.6 million in late 2024, which gives it a total deployment capacity that makes it one of the more substantial early-stage Africa-focused funds.
What makes Raba fundamentally different from most African VCs is the scout network and the partnership model. The firm's scouts include some of Africa's most prominent tech founders: Iyin Aboyeji (co-founder of Flutterwave and Andela), Katlego Maphai (founder of Yoco), Grant Brooke (co-founder of Twiga Foods), Omar Hagrass (founder of Trella), Seif Amr (founder of THNDR), and Iqram Magdon-Ismail (co-founder of Venmo). Cordel Robbin-Coker, founder of Carry1st, serves as Venture Partner. This means Raba's deal flow is sourced by operators who have built and scaled exactly the kind of companies the fund invests in, which gives the team a proprietary pipeline that most funds cannot replicate.
The portfolio is heavily weighted toward fintech and payments infrastructure, with 26 of 48 companies in that category. Flutterwave (pan-African payments infrastructure), Yoco (South African card payments), VALR (digital asset exchange), Djamo (digital banking for Francophone Africa), Stitch (payments infrastructure in South Africa, raised $25M Series A extension), and OnePipe (API-based financial services in Nigeria) anchor the fintech thesis. The firm also invests in logistics (Kobo360, Twiga, Lori Systems), healthcare (mPharma, 54gene, Pandora), crypto and stablecoins (YellowCard, BVNK, Bitnob, Nestcoin), and climate (Cloudline, AMMP).
The investment philosophy emphasises an "unconventional thesis, rigorous investment process, and longer-term horizon than traditional participants." Raba positions itself as a long-term business partner rather than a traditional fund manager, and the fact that the founding team are among the largest LPs in the funds signals strong alignment with founders.
---
## How to Get In
Email info@rabacap.com with your pitch deck and business plan. Raba does not have a public application portal, and the firm is explicit that it is selective, so the quality of your introduction matters.
The scout network is the strongest pathway in. If you can get a referral from Iyin Aboyeji, Katlego Maphai, Grant Brooke, Omar Hagrass, Seif Amr, or Cordel Robbin-Coker, your deal will reach the investment team with real credibility. These scouts are active founders and operators in the African tech ecosystem, so warm paths to them exist through the broader founder community, accelerators like Y Combinator and Techstars, and ecosystem events like AfricArena, GITEX Africa, and regional tech conferences.
George Rzepecki (Founder and CEO) is accessible through LinkedIn and is the primary decision-maker. Nina Chen (Investor) brings a Bain & Co and Africa Leadership Group background and covers the investment pipeline alongside George.
If you are building a fintech, payments, or financial infrastructure company in Nigeria, South Africa, Kenya, or Egypt, Raba should be high on your target list. The firm's concentrated portfolio and operator-led scout network mean that the founders who get in receive disproportionate attention and support relative to larger, more diversified funds.
---
## Best Advice
1. **Show you are building financial infrastructure, not just an app.** Raba's portfolio is dominated by companies that build the rails other businesses run on: Flutterwave for payments, Stitch for payment aggregation, OnePipe for API-based banking, VALR for digital asset infrastructure. If your company enables the movement of capital or essential products through technology, that is the core thesis. Consumer-facing products with no infrastructure layer are less likely to fit.
2. **Get a scout referral if you can.** Raba's scouts include the founders of Flutterwave, Yoco, Venmo, Twiga, Trella, and Carry1st. A referral from one of these operators is not just an introduction but a signal that someone who has built at scale believes in your company. If you are connected to any of these founders or their networks, use that pathway.
3. **Be prepared for a longer-term relationship.** Raba explicitly operates on a longer time horizon than traditional VCs. The firm looks for founders who are building durable businesses, not companies optimised for the next funding round. Come with a multi-year vision, not just a 12-month milestone plan.
4. **Demonstrate you can win in a core African market.** Nigeria, South Africa, Kenya, and Egypt are the primary geographies. Show strong traction in at least one of these markets before pitching pan-African expansion. Flutterwave started in Nigeria, Yoco built in South Africa, and Djamo focused on Francophone West Africa before scaling.
5. **Understand that selectivity is the point.** Raba invests in a limited number of companies per year and explicitly says it is "NOT appropriate for most partners." The firm wants concentrated, high-conviction positions where they can add real value. If you fit the thesis, the support is substantial, but do not expect a quick or casual process.
---
## Contextual Edge
**Preparation rating:** Edge-moderate -- one outstanding podcast from the founder, strong portfolio company stories, and a well-documented scout network, but limited public presence overall.
> **Start here:** Listen to [George Rzepecki on Invest Like the Best](https://open.spotify.com/episode/25fzfY2Youky2GZsij2hmk) (43 min, the founding thesis statement for Raba), then listen to [Kiaan Pillay on The Flip](https://theflip.africa/podcast/building-a-1b-fintech-in-south-africa-with-stitch-ceo-kiaan-pillay) to hear how Stitch went from Raba-backed seed to a $55M Series B led by QED Investors. Those two resources show you what Raba looks for and what happens after they invest.
### How Raba's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Sector** | 26 of 48 companies (54%) are fintech and payments, which makes this one of the most concentrated fintech portfolios among Africa-focused funds. Anchors: Flutterwave, Yoco, VALR, Stitch, OnePipe, Djamo. Beyond fintech: crypto (YellowCard, Bitnob), logistics (Kobo360, Twiga), healthcare (mPharma), climate (Cloudline). | If you are building financial infrastructure, you are a core thesis match. If not, you need a compelling case for why Raba specifically is the right partner. |
| **Geography** | Nigeria and South Africa dominate. Djamo extends into Francophone West Africa. | Show strong traction in at least one core market before pitching pan-African expansion. |
| **Stage** | Enters at pre-seed through Series A and follows on through Series B. | Raba is a long-term partner, not a one-round participant. The Stitch progression (early investor to $4.2M in a $55M Series B) proves this. |
| **Follow-on signal** | 84% of Fund II portfolio companies raised priced institutional rounds since Q4 2024. Co-investors include Ribbit Capital, QED Investors, a16z, PayPal Ventures, Blockchain Capital, and Bitkraft. | If Raba invests, the signal to downstream investors is strong. If you are already talking to any of these co-investors, mentioning Raba's interest creates a warm path in both directions. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **George Rzepecki** (Founder & CEO) | The full investment thesis: emerging market tech in Africa, metropolitan market similarities, demographic-driven opportunities, financial inclusion, deal valuations vs other markets, and investment risks. His interest in African markets started in 2006 at Goldman Sachs. This is the founding thesis statement for Raba. | [Invest Like the Best Ep. 146](https://open.spotify.com/episode/25fzfY2Youky2GZsij2hmk) -- [Apple Podcasts](https://podcasts.apple.com/us/podcast/george-rzepecki-investing-in-africa-invest-like-best/id1154105909?i=1000455987321) |
| **Cordel Robbin-Coker** (Venture Partner) | How he raised capital for Carry1st (African mobile gaming, a non-obvious sector bet). Previously led the Carlyle Group's Sub-Saharan Africa Fund, so his perspective bridges PE and VC. Carry1st later raised $27M from Bitkraft and a16z, and attracted Sony's PlayStation division. | [How I Got Funded podcast](https://www.podchaser.com/podcasts/how-i-got-funded-1724917/episodes/how-i-got-funded-with-cordel-f-92782055) |
### Learn from funded portfolio companies
| Resource | Why it matters |
|----------|---------------|
| [Kiaan Pillay on The Flip](https://theflip.africa/podcast/building-a-1b-fintech-in-south-africa-with-stitch-ceo-kiaan-pillay) | Stitch CEO describes building a $1B fintech in South Africa. Quote: "You actually can build a billion dollar business in just South Africa." Raba participated in the Series A extension led by Ribbit Capital. |
| [Kiaan Pillay on Venture Everywhere](https://ideas.everywhere.vc/p/stitch-ceo-kiaan-pillay-on-raising) | Pillay shares: "We weren't trying to be a full-stack PSP. We just wanted to move money with an API call." Raba invested $4.2M in the $55M Series B led by QED Investors. Shows how the fund follows on at scale. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Scout network** | Raba's scouts are not anonymous advisors. They are the founders of Flutterwave (Iyin Aboyeji), Yoco (Katlego Maphai), Twiga Foods (Grant Brooke), Trella (Omar Hagrass), THNDR (Seif Amr), and Venmo (Iqram Magdon-Ismail). A referral from any of them means your deal reaches the investment team with real credibility. |
| **How to reach the scouts** | Aboyeji runs Future Africa and is highly active on X/Twitter. Maphai is accessible through the South African fintech ecosystem. Brooke is a Nairobi startup figure. Hagrass is active in the MENA scene. Ecosystem events like AfricArena, GITEX Africa, and regional tech conferences are natural places to cross paths. |
| **Email directly** | info@rabacap.com with your pitch deck and business plan. The firm is explicit that it is selective, so the quality of your introduction matters. |
| **Co-investor referrals** | If you are already in conversation with Ribbit Capital, QED Investors, PayPal Ventures, Blockchain Capital, Bitkraft, a16z, Flourish Ventures, or Norrsken22, those firms have co-invested with Raba and a mention in either direction creates a warm path. |
### What you can't find
George Rzepecki has only one major podcast appearance (2019), and nothing more recent. Nina Chen has no public interviews. The fund does not publish a thesis document, blog, annual report, or impact framework. The website is minimal. If you want to understand how Raba thinks, the Invest Like the Best episode is effectively the only primary source, supplemented by portfolio company fundraising stories.
---
## Pitch Format
Email your pitch deck and business plan to info@rabacap.com. Include your business model, market opportunity, financial infrastructure thesis, traction metrics, team, and competitive positioning. Given the concentrated portfolio approach, be clear about why Raba specifically is the right partner for your company, not just any fund.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies (Selected from 48)
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Flutterwave | Nigeria | Pan-African payments infrastructure | Growth | -- |
| Yoco | South Africa | Card payments and point-of-sale for SMEs | Growth | -- |
| Stitch | South Africa | Payments infrastructure and aggregation | Series A | -- |
| VALR | South Africa | Digital asset exchange | Growth | -- |
| Djamo | Ivory Coast | Digital banking for Francophone Africa | Series A | -- |
| OnePipe | Nigeria | API-based financial services platform | Seed | -- |
| YellowCard | Nigeria | Crypto exchange and stablecoin on/off ramp | Series B | -- |
| mPharma | Ghana | Pharmacy and drug supply chain platform | Growth | -- |
| Kobo360 | Nigeria | Digital freight and logistics platform | Growth | -- |
| Bitnob | Nigeria | Bitcoin lightning network payments | Seed | -- |
| Moment | South Africa | Fintech venture linked with MultiChoice | Early stage | -- |
| Cloudline | East Africa | Autonomous airship delivery for remote areas | Seed | -- |
| 54gene | Nigeria | Genomics and clinical research platform | Growth | -- |
| Carry1st | South Africa | Mobile games publishing and payments | Growth | -- |
*Note: Raba's portfolio includes 48 companies across fintech, logistics, healthcare, crypto, stablecoins, climate, and consumer. The table above shows selected investments. Full portfolio details are available at rabacap.com.*
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| George Rzepecki | Founder and CEO | -- | -- |
| Nina Chen | Investor | -- | -- |
| Cordel Robbin-Coker | Venture Partner | -- | -- |
| Iyin Aboyeji | Scout (Nigeria) | -- | -- |
| Katlego Maphai | Scout (South Africa) | -- | -- |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Raba Partnership Official Website](https://rabacap.com/)
- [Launch Base Africa: Raba Partnership raises $59.6M for second fund (November 2024)](https://launchbaseafrica.com/2024/11/08/africa-focused-vc-firm-raba-partnership-raises-59-6m-for-second-fund/)
- [SuperScout: Raba Partnership investor profile](https://superscout.co/investor/the-raba-partnership)
- [Crunchbase: Raba Partnership profile](https://www.crunchbase.com/organization/rabba-capital)
- [CB Insights: Raba Capital portfolio](https://www.cbinsights.com/investor/raba-capital)
---
---
name: Rally Cap Ventures
slug: rally-cap-ventures
buildTypes: ["Infra-protocol", "Payments-processing"]
thesis: >-
Unlocking latent global capital for fintech infrastructure across Africa,
Latin America, and South Asia.
website: 'https://rallycap.vc/'
apply: Via the website or direct outreach to the team
region: Pan-African + LatAm + South Asia
hq: 'San Francisco, with offices in Lagos and Tunis'
sectors:
- Fintech
- Infrastructure
stage:
- Pre-Seed
- Seed
chequeMin: 200000
chequeMax: 500000
chequeDisplay: $200K -- $500K
format: Remote-first
admissions: Rolling
africaFocus: 'Yes -- Nigeria, Egypt, South Africa (primary); pan-African'
status: active
tier: '3'
lastVerified: '2026-07-24'
portfolioSectorSplit:
Fintech: 100
portfolioModelSplit:
Enterprise contracts/Licensing: 100
portfolioGeographySplit:
Nigeria: 34
South Africa: 33
Zambia: 33
portfolioTotalCount: 3
portfolioClassifiedCount: 3
portfolioUnclassifiedCount: 0
---
## Overview
Rally Cap Ventures (also known as RaliCap) is a San Francisco-based pre-seed and seed-stage fund founded in 2020 by Hayden Simmons, who brings 10+ years of experience in emerging market fintech from roles at Facebook's Novi/Diem, Juvo, and Migo. The firm operates two specialised funds: RC Fintech ($30 million, first close of $20 million) targeting B2B and API-first fintech infrastructure, and RC Climate focused on climate technology across emerging markets.
The LP base is the fund's most distinctive feature: alongside institutional backers like Breyer Capital, Propel VC, Better Tomorrow Ventures, FT Partners, Bain Capital, and Lateral Capital, Rally Cap counts approximately 240 individual LPs who are current or former operators at companies like Wave, Block, MercadoPago, Flutterwave, Visa, Stripe, and Shopify. This means portfolio companies get access to a network of fintech operators who have built and scaled exactly the kind of products they're building. The firm typically leads pre-seed rounds and participates in seed rounds, writing cheques of $200K to $500K into companies building banking-as-a-service, card issuance, open finance, and SME digitisation platforms. The 32+ portfolio spans 12 African startups (including Mono, Stitch, and Union54), 13 Latin American companies (including Pomelo, Simetrik, and Brick), and 7 South Asian companies.
---
## How to Get In
Reach out through the website or via warm introductions through the emerging market fintech ecosystem. The fund focuses specifically on B2B and API-first fintech, which means consumer-facing apps are generally outside the thesis unless they're building infrastructure that other fintechs plug into. Rally Cap typically leads pre-seed deals and participates in seed rounds, so if you're looking for your first institutional cheque in the $200K to $500K range, you're in the right zone. The team values founders who understand the infrastructure layer of financial services, and the geographic scope covers Africa (particularly Nigeria, Egypt, and South Africa), Latin America (Brazil, Mexico), and South Asia (Pakistan, Bangladesh).
---
## Best Advice
1. **The operator LP base is the real asset.** With 240+ individual LPs from Wave, Block, Flutterwave, Stripe, Visa, Shopify, and similar companies, Rally Cap's network is essentially a rolodex of people who've built fintech infrastructure at scale. If you need introductions to payment processors, banking partners, or potential enterprise customers, this network provides direct access that most seed-stage funds can't match.
2. **B2B and API-first is the filter.** Rally Cap invests in the infrastructure layer of fintech, not consumer-facing products. If you're building APIs, developer tools, banking-as-a-service, card issuance, open finance rails, or SME digitisation platforms, you're speaking the fund's language. If you're building a consumer neobank or lending app, you'll need to frame the infrastructure angle convincingly.
3. **Cross-market pattern recognition is the edge.** The fund invests across Africa, Latin America, and South Asia, which means the team has seen similar fintech infrastructure problems solved in different regulatory environments. If your product has parallels in other emerging markets, or if you have expansion plans beyond Africa, highlight that cross-market applicability.
4. **Pre-seed leadership is the sweet spot.** Rally Cap leads pre-seed rounds, which means the team is comfortable being your first institutional investor when you may have limited traction. If you're a technical founder building fintech infrastructure with a working prototype but limited revenue, you're in the fund's entry point rather than too early.
---
## Pitch Format
Reach out through the website with a pitch covering your technology, API architecture, business model, traction (even early), team, and market opportunity. Emphasise the infrastructure layer of what you're building and how it enables other fintechs or financial institutions.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Mono | Nigeria | Financial data API infrastructure |
| Stitch | South Africa | Financial data and payments API |
| Union54 | Zambia | Card issuance infrastructure |
*Note: Rally Cap has invested in 12 African startups total across its portfolio, though not all individual company names have been publicly disclosed.*
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Hayden Simmons | Founder & General Partner | — | — |
| Kyane Kassiri | Partner | — | — |
| Gracia Max-Harry | Investment Associate | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Rally Cap VC official website](https://rallycap.vc/)
- [RaliCap gets backing from global VCs and launches $30M fintech fund for emerging markets -- TechCrunch](https://techcrunch.com/2022/05/05/rali_cap-gets-backing-from-global-vcs-and-launches-30m-fintech-fund-for-emerging-markets/)
- [Rally Cap and smart capital -- The Flip](https://theflip.africa/newsletter/rally-cap-ventures)
---
---
name: Reciprocal Ventures
slug: reciprocal-ventures
buildTypes: ["Infra-protocol", "DeFi-trading-lending", "Dev-tooling", "Stablecoin-payments"]
thesis: 'Blockchain networks are upgrading the internet and capital markets. Reciprocal positions itself as a day 0 partner to crypto founders, investing across blockchain infrastructure, payments, DeFi and adjacent fintech, AI and enterprise software.'
website: 'https://recvc.com'
apply: 'Contact form at recvc.com ("Get in touch") with a deck or memo. No public deadline; the fund also takes warm intros through its portfolio network.'
region: 'Global'
hq: 'New York, USA'
sectors:
- Infrastructure
- DeFi
- Payments-Stablecoins
- Developer-Tooling
- Consumer
- RWA
- Privacy
stage:
- Seed
- Series A
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed on the fund''s own site'
chains:
- Solana
- Ethereum
- Multi-chain
- Chain-agnostic
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '3'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Reciprocal portfolio page
category: portfolio-pattern
score: 5
description: >-
recvc.com/portfolio names over 40 companies, most tagged with what they
do. It shows Reciprocal writes across the full crypto stack: Solana
infra (Helius, Squads, Kamino, Raiku), Ethereum restaking (EigenLayer,
Rio Network), and payments (Coinflow, HiGlobe, N3XT), plus a chunk of
non-crypto fintech and SaaS (Placer.ai, Tealbook, WorkRails).
link: 'https://recvc.com/portfolio'
- name: Reciprocal team page
category: decision-maker-reveal
score: 4
description: >-
Seven named people: Michael Steinberg (Managing Partner), Craig Burel
(General Partner), James Evans (Principal), Sam Ruskin (Investment
Associate), Ann Rodriguez (COO), plus two venture partners. A team
this size at a small fund means multiple entry points, not one gatekeeper.
link: 'https://recvc.com/team'
- name: '"Investments == partnerships" positioning'
category: pattern-trainer
score: 3
description: >-
The homepage leads with founder support (sales coaching, go-to-market)
rather than just capital. Frame your ask around what operational help
you need, not only the cheque.
- name: Contact form
category: pipeline-pathway
score: 3
description: >-
"Fill out the form below and we'll get back to you shortly" is the
stated process. No deadline, no batch structure; a rolling cold-inbound
channel that the fund says it monitors.
link: 'https://recvc.com/contact'
- name: Second fund close coverage
category: evaluation-framework
score: 3
description: >-
Reciprocal closed a $68.5M second fund in 2022 (Businesswire) after an
earlier $70M vehicle (The Block), which puts real capital behind the
"day 0 partner" claim and explains the broad, high-volume portfolio.
link: 'https://www.businesswire.com/news/home/20220629005251/en/Reciprocal-Ventures-Doubles-Down-on-Web3-with-Close-of-$68.5M-Second-Fund'
portfolioSectorSplit:
Infrastructure: 49
DeFi: 19
Developer-Tooling: 12
Consumer: 8
Payments-Stablecoins: 4
Privacy: 4
RWA: 4
portfolioChainSplit:
Solana: 42
Chain-agnostic: 25
Ethereum: 21
Multi-chain: 12
portfolioTotalCount: 43
portfolioClassifiedCount: 26
portfolioUnclassifiedCount: 17
---
> **How to use this page:** Reciprocal is a New York fund with two closed funds (roughly $70M and $68.5M) and a genuinely large, verifiable Solana and Ethereum infrastructure portfolio. There is no public application form, but the contact page states it is monitored, so a cold submission with a clear deck is a real path here, not a formality. Read Section E, then write to the contact form or find a warm intro through one of the 40-plus named portfolio companies.
---
## A. Header Block
- **Fund name:** Reciprocal Ventures
- **One-line thesis:** "Blockchain networks are upgrading the internet and capital markets."
- **Website:** [recvc.com](https://recvc.com)
- **CTA:** [Get in touch](https://recvc.com/contact)
| Tag | Detail |
|-----|--------|
| Region | Global (New York) |
| Format | Direct outreach (contact form) |
| Sectors | Infrastructure, DeFi, payments and stablecoins, developer tooling, consumer, RWA, privacy |
| Stage | Seed, Series A |
| Cheque Size | $100K to $3M (third-party sourced, see note) |
| Admissions | Rolling |
---
## C. Overview
Reciprocal Ventures is a New York fund that describes itself as a "day 0 partner to crypto founders." It has raised at least two funds: an initial roughly $70M vehicle covered by The Block, and a $68.5M second fund announced in June 2022. The team is seven people: Michael Steinberg as Managing Partner, Craig Burel as General Partner, James Evans as Principal, Sam Ruskin as Investment Associate, Ann Rodriguez as COO, and two venture partners, Ali Sheikh and Elle LeeMay Chen.
The portfolio, listed in full on the site, is unusually large for a fund this size, over 40 named companies. A substantial share is Solana-native infrastructure: Helius, Squads, Kamino, Raiku, Solflare and Hedgehog. A second cluster is Ethereum restaking and liquid-staking adjacent (EigenLayer, Rio Network). A third is payments and cross-border rails (Coinflow, HiGlobe, N3XT). Reciprocal also invests outside crypto entirely, in fintech and enterprise SaaS (Placer.ai, Tealbook, WorkRails, Protego Trust Bank), which the fund itself describes as spanning "Web3/Crypto, Fintech, AI, Enterprise, and SaaS."
Reciprocal positions its value beyond capital as partnership, explicitly naming sales coaching and go-to-market help as part of what a founder gets. There is no public deadline structure; the fund runs on a rolling contact-form intake, though a large share of the portfolio suggests warm introductions through existing portfolio founders are common.
**Key stats:**
- Two funds closed: roughly $70M (Fund I) and $68.5M (Fund II, 2022)
- 40+ named portfolio companies across crypto, fintech and enterprise software
- Seven-person team led by Michael Steinberg and Craig Burel
- Cheque range $100K to $3M per third-party data (not independently confirmed on-site)
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Michael Steinberg | Managing Partner | [recvc.com/team](https://recvc.com/team) |
| Craig Burel | General Partner | [recvc.com/team](https://recvc.com/team) |
| James Evans | Principal | [recvc.com/team](https://recvc.com/team) |
| Sam Ruskin | Investment Associate | [recvc.com/team](https://recvc.com/team) |
| Ann Rodriguez | Chief Operating Officer | [recvc.com/team](https://recvc.com/team) |
| Ali Sheikh | Venture Partner | [recvc.com/team](https://recvc.com/team) |
| Elle LeeMay Chen | Venture Partner | [recvc.com/team](https://recvc.com/team) |
Fund handle: [@recvcx on X](https://x.com/recvcx). Individual partner handles were not confirmed in this session.
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Place your company in the crypto stack
Reciprocal's portfolio spans infrastructure, DeFi, payments and consumer, mostly on Solana and Ethereum. Name the closest comparable in the portfolio (for example, "we are Helius for [chain]" or "we are Coinflow for [market]") in your first line.
#### Step 2: Prepare a deck built for a generalist crypto fund
Because Reciprocal also invests in non-crypto fintech and enterprise SaaS, the team reads broadly. Lead with the same fundamentals any seed fund wants: team, market size, traction, and what the round looks like, then layer in the crypto-specific mechanism (token model, on-chain metrics) as supporting detail, not the whole pitch.
#### Step 3: Submit through the contact form
Go to [recvc.com/contact](https://recvc.com/contact) and fill out the form; the site states the team "will get back to you shortly." There is no stated field list beyond the standard contact fields, and no public deadline.
#### Step 4: Use a portfolio warm intro if you have one
With 40-plus portfolio companies across Solana, Ethereum and fintech, there is a reasonable chance a founder you already know has taken Reciprocal money. A warm intro from Helius, Squads, Kamino or a similar name is a faster path than cold form fill.
#### Step 5: Terms
Reported cheque range is $100K to $3M (third-party fund database, unconfirmed on Reciprocal's own site), consistent with a seed to Series A co-investment posture rather than a sole lead. Confirm current terms directly; do not assume the figure is current.
**Tips that matter here:**
- Reciprocal's stated differentiator is hands-on partnership (sales coaching, go-to-market), so say what operational help you actually want.
- The fund's Solana footprint (Helius, Squads, Kamino, Raiku, Solflare) is deep enough that Solana infrastructure founders should lead with it.
- If your company is closer to fintech or enterprise SaaS than pure crypto, that is still on-thesis; the fund does not filter for crypto-only.
---
## F. Best Advice from Founders
Founder-sourced commentary specific to Reciprocal was not found in this session; the guidance above is derived from the fund's own site and third-party trackers rather than founder testimonials. Treat Section E as the best available substitute until direct founder quotes are verified.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. The portfolio, team and thesis are all verifiable on-site, and a public contact form exists. Fund size, response times, selection criteria and the exact current cheque range are not published on recvc.com itself; the cheque figure here comes from a third-party fund database and should be treated as indicative, not confirmed.
> **Start here:** Read the [portfolio page](https://recvc.com/portfolio) in full, pick the closest Solana or Ethereum comparable to your company, and open the first line of your contact-form submission with that comparison.
### How Reciprocal's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Infrastructure dominates** | Blockdaemon, Ceramic, DoubleZero, EigenLayer, Helius, Raiku, Rio Network, SEDA, Skip Protocol, Squads and Warlock make up about half of the classified portfolio. | Node infra, RPC, restaking and cross-chain routing are the strongest pattern. |
| **DeFi is the second cluster** | Kamino, Kintsu, LORE, Radar and NFT.fi. | Solana and Ethereum DeFi primitives fit; Kintsu (on Monad) shows the fund goes beyond Solana and Ethereum too. |
| **Solana leads the classified chain split** | 42% of classified companies are Solana-native (Coinflow, DoubleZero, Hedgehog, Helius, Kamino, LMAO, Raiku, Solana, Solflare, Squads). | Solana founders have the deepest precedent at this fund. |
| **Fintech and SaaS sit alongside crypto** | Placer.ai, Tealbook, WorkRails, Protego Trust Bank and others are non-crypto portfolio companies. | Reciprocal is not a crypto-only fund; a hybrid or adjacent fintech pitch is not automatically off-thesis. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Michael Steinberg** (Managing Partner) | Leads the "day 0 partner" positioning and the sales-coaching value-add. | [recvc.com/team](https://recvc.com/team) |
| **Craig Burel** (General Partner) | Co-leads deal evaluation across the crypto and fintech split. | [recvc.com/team](https://recvc.com/team) |
| **@recvcx on X** | The fund's public presence for deal flow and portfolio news. | [x.com/recvcx](https://x.com/recvcx) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Contact form** | [recvc.com/contact](https://recvc.com/contact). Stated as monitored, no deadline. |
| **Portfolio founder intro** | 40-plus named companies (Helius, Squads, Kamino, EigenLayer and others) are a real network to ask through. |
| **Newsletter and X** | The fund publishes insights via email signup and @recvcx; engaging publicly is a low-cost warm-up. |
### What you can't find
Reciprocal does not publish fund size for its current vehicle, response times, selection criteria or a confirmed current cheque range on its own site. The $100K to $3M figure used here comes from vcsheet, a third-party fund database, and should be verified directly with the fund before relying on it.
---
## G. Pitch Format Reciprocal Expects
- A standard early-stage deck: team, market, traction, round details
- Clear placement in the crypto stack (infrastructure, DeFi, payments) or an honest statement that you are fintech/SaaS adjacent
- Chain specificity: state Solana, Ethereum or other explicitly, since the fund invests across multiple ecosystems
- Submitted through the contact form with company name and a way to reach you
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Selected from the 40+ companies named on [recvc.com/portfolio](https://recvc.com/portfolio). Sector and chain tags are ours; two companies (Kintsu on Monad, Plume as its own chain) are sector-classified but excluded from the chain table because their networks are not in this directory's chain taxonomy.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Helius | Solana developer platform and RPC infrastructure | Infrastructure | Solana |
| Squads | Smart accounts for on-chain operations | Infrastructure | Solana |
| Kamino | DeFi super app | DeFi | Solana |
| DoubleZero | Global fiber network for distributed systems | Infrastructure | Solana |
| Raiku | Network extension framework | Infrastructure | Solana |
| EigenLayer | Restaking protocol and cryptoeconomic security | Infrastructure | Ethereum |
| Rio Network | Liquid restaking network | Infrastructure | Ethereum |
| Radar | Peer-to-peer decentralized exchange | DeFi | Ethereum |
| NFT.fi | Secured lending with NFT collateral | DeFi | Ethereum |
| Coinflow | Payments with instant settlement via stablecoins | Payments-Stablecoins | Solana |
| Kintsu | Liquid staking protocol | DeFi | Not in chain taxonomy (Monad) |
| Plume | Public blockchain for real-world asset scaling | RWA | Not in chain taxonomy (own L1) |
---
## I. Ecosystem Connections
- **Solana:** the largest single cluster in the classified portfolio (Helius, Squads, Kamino, DoubleZero, Raiku, Coinflow, Solflare, Hedgehog, LMAO), plus a direct position in Solana itself.
- **Ethereum:** restaking and DeFi (EigenLayer, Rio Network, Radar, NFT.fi, Warlock).
- **Cross-chain infrastructure:** Skip Protocol, SEDA and The Graph serve multiple chains rather than one.
- **Hackathons:** no formal Reciprocal tie found; a Colosseum placement or comparable shipped-product proof is a reasonable substitute credibility signal given the fund's Solana density.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Compare to Lattice Fund**, another Solana/Ethereum generalist with a public intake: [Lattice Fund](/funds/lattice-fund)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Reciprocal Ventures homepage](https://recvc.com)
- [Reciprocal Ventures portfolio](https://recvc.com/portfolio)
- [Reciprocal Ventures team](https://recvc.com/team)
- [Reciprocal Ventures contact](https://recvc.com/contact)
- [Reciprocal Ventures on VCSheet (cheque size, stage, HQ)](https://www.vcsheet.com/fund/reciprocal-ventures)
- [Early-stage Solana-backer Reciprocal Ventures launches $70 million fund, The Block](https://www.theblock.co/post/154743/early-stage-solana-backer-reciprocal-ventures-launches-70-million-fund)
- [Reciprocal Ventures Doubles Down on Web3 with Close of $68.5M Second Fund, Businesswire](https://www.businesswire.com/news/home/20220629005251/en/Reciprocal-Ventures-Doubles-Down-on-Web3-with-Close-of-$68.5M-Second-Fund)
- [Reciprocal Ventures on X](https://x.com/recvcx)
---
---
name: Renew Capital
slug: renew-capital
buildTypes: ["Payments-processing", "Climate-energy", "Logistics-supplychain", "Agritech", "Marketplace-commerce"]
thesis: >-
Backing exceptional founders who will shape Africa's economic future through
technology.
website: 'https://www.renewcapital.com/'
apply: Via website or through the Renew Venture Lab programme
region: Pan-African
hq: Denver / Nairobi
sectors:
- Sector-agnostic
stage:
- Pre-Seed
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: Not publicly disclosed (small early-stage cheques)
format: Hybrid
admissions: Rolling / Programme-based (Renew Venture Lab)
africaFocus: 'Yes -- Pan-African (14 countries, strong East Africa presence)'
status: active
tier: '2'
lastVerified: '2026-07-24'
portfolioSectorSplit:
Fintech: 31
Infrastructure: 13
Climate: 19
E-commerce: 19
SaaS: 6
Logistics: 12
portfolioModelSplit:
Transaction/Marketplace: 50
Subscription/SaaS: 19
Hardware/Devices: 19
Enterprise contracts/Licensing: 6
Direct sales/Commerce: 6
portfolioGeographySplit:
Uganda: 12
Kenya: 53
Zambia: 6
Morocco: 11
Ethiopia: 6
DRC: 6
Mozambique: 6
portfolioTotalCount: 17
portfolioClassifiedCount: 16
portfolioUnclassifiedCount: 1
---
## Overview
Renew Capital is an early-stage venture firm co-founded and co-led by Matt and Laura Davis, who moved to Africa in 2012 and began building from Ethiopia before expanding across the continent. The firm now operates in 14 African countries with a team of 50+ staff and focuses on tech and tech-enabled businesses targeting the "missing middle," companies too large for microfinance but too small for institutional investors.
The firm runs a multi-fund structure: Renew Venture Lab Fund 1 (closed and deployed across 8+ companies), Renew Venture Lab Fund 2 (targeting up to 50 tech startups across Africa, launched February 2024), and Renew Capital Fund 1 (a growth-stage follow-on fund for top performers from the venture lab). The firm's investor base is the Renew Capital Angels Network, a group of 200+ families primarily from the US and Canada, alongside foundations and family offices. While specific fund sizes aren't publicly disclosed, total AUM is estimated at $20 million+ across vehicles. The firm maintains a gender-balanced, diverse investment team and applies a gender-smart investing lens.
---
## How to Get In
The most structured entry point is through the Renew Venture Lab, which takes cohorts of early-stage companies through an accelerator programme with capital, management training, and market access. The firm also runs thematic programmes (like the Embedded Finance Programme) that funnel startups into investment consideration. Outside of programmes, reach out through the website. The firm's "founder first" philosophy means they lead with character assessment, looking for founders with integrity, intelligence, grit, and vision.
---
## Best Advice
1. **Character leads, metrics follow.** Renew Capital's "founder first" approach means the team is evaluating you as a person before they evaluate your business. Demonstrate grit and integrity in how you present your journey, including the hard parts.
2. **Asset-light models are preferred.** The firm explicitly targets asset-light companies for portfolio resilience, so if your business requires heavy capex or physical infrastructure, you'll need to show the tech layer that makes it scalable without proportional capital intensity.
3. **Think pan-African from the start.** With operations across 14 countries, Renew Capital looks for businesses that can expand beyond their home market. If you're building in one country, show a credible path to at least 2-3 others.
4. **Apply through the programmes, not just cold.** The Venture Lab and thematic programmes (like Embedded Finance) are structured pipelines that give you management training and ecosystem support alongside capital. The 500-to-15 funnel on the Embedded Finance Programme shows they take a serious, competitive approach to selection.
---
## Pitch Format
Apply through the website or through specific programme intake windows. Warm introductions through portfolio founders or the Angels Network can help. The firm takes a hands-on approach, so be prepared for deep founder conversations beyond just the deck.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Opareta | Uganda | Mobile money and payments platform |
| Mpost | Kenya | Postal technology and digital mailbox |
| Octavia Carbon | Kenya | Carbon capture technology |
| Scale | Kenya | Last-mile logistics platform |
| Sawa Energy | Kenya | Renewable energy solutions |
| Bosso | Zambia | Affordable housing construction tech |
| Tappi | Kenya | SME digital solutions |
| Level Africa | Kenya | Fintech for financial inclusion |
| Hypeo AI | Morocco | AI-powered influencer marketing for brands |
| Talaty | Morocco | AI-powered financing across Francophone Africa |
| STIMA Boda | Kenya | Smart battery management for electric motorcycles |
| ChipChip | Ethiopia | Digital commerce platform |
| BuuPass | Kenya | Digital bus ticketing and transport |
| Xente | Uganda | Digital payments and commerce |
| FlexPay | DRC | Mobile payments and financial services |
| Badili | Kenya | Refurbished electronics marketplace |
| Appload | Mozambique | Logistics technology |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Matt Davis | Co-CEO & Co-founder | — | — |
| Laura Davis | Co-CEO & Co-founder | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Renew Capital official website](https://www.renewcapital.com/)
- [Renew Capital Achieves Investment Milestone, Launches Next Pan-African Tech Fund -- GlobeNewsWire](https://www.globenewswire.com/news-release/2024/02/13/2828150/0/en/Renew-Capital-Achieves-Investment-Milestone-Launches-Next-Pan-African-Tech-Fund.html)
- [Renew Capital set to fund 50 tech startups in Africa -- New Business Ethiopia](https://newbusinessethiopia.com/investment/renew-capital-set-to-fund-50-tech-startups-in-africa/)
- [Renew Capital Narrows 500+ Companies to 15 Embedded Finance Candidates -- Business Tech Africa](https://www.businesstechafrica.co.za/entrepreneurship/start-ups/2026/07/16/investment-firm-renew-capital-has-selected-15-african-startups-to-advance-in-its-embedded-finance-programme/)
---
---
name: Reverie
slug: reverie
buildTypes: ["Infra-protocol", "Stablecoin-payments", "Marketplace-commerce", "Dev-tooling", "Hardware-DePIN"]
thesis: 'Focused on crafting generational companies and protocols. A New York fund built by former Digital Currency Group and Blockchain Capital investors, offering hands-on help with community, business model and marketing alongside a $20M Fund One.'
website: 'https://www.reverie.ooo'
apply: 'No public form. Reach the team via X/LinkedIn or a warm intro; Reverie also acts as a protocol advisor and governance delegate, so DAO or governance engagement is a natural first touchpoint.'
region: 'Global'
hq: 'New York, USA'
sectors:
- Infrastructure
- DeFi
- Payments-Stablecoins
- Consumer
- Developer-Tooling
stage:
- Pre-Seed
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed'
chains:
- Solana
- Ethereum
- Chain-agnostic
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '3'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Reverie team page
category: decision-maker-reveal
score: 4
description: >-
Larry Sukernik (co-founder, ex-DCG, over 100 investments including
Fireblocks and Dune Analytics) and Derek Hsue (co-founder, ex-
Blockchain Capital, invested in Bison Trails before its Coinbase
acquisition) give a clear read on what kind of infrastructure bets
this team has pattern-matched before.
link: 'https://www.reverie.ooo/team'
- name: TechCrunch and The Block fund-launch coverage
category: evaluation-framework
score: 4
description: >-
Independent coverage confirms Reverie Fund One at $20M, pre-seed and
seed stage focus, and the founders' DCG and Blockchain Capital
backgrounds, giving this page a verified baseline beyond the fund's
own site.
link: 'https://techcrunch.com/2023/09/14/former-dcg-blockchain-capital-investors-launch-20m-early-stage-fund-at-crypto-advisory-firm-reverie/'
- name: Reverie portfolio page
category: portfolio-pattern
score: 4
description: >-
21 named companies with star ratings marking top investments, spanning
Solana infrastructure (Squads, Tensor, Geodnet), security tooling
(Blockaid), and payments (Infinia, Erebor).
link: 'https://www.reverie.ooo/portfolio'
- name: Protocol advisory and governance delegate role
category: pattern-trainer
score: 3
description: >-
Reverie positions itself as acting as a protocol advisor and
governance delegate for some portfolio companies, not only a capital
source. A DAO or governance-heavy product may have a natural
additional angle here.
portfolioSectorSplit:
Infrastructure: 30
Developer-Tooling: 20
Payments-Stablecoins: 20
Consumer: 20
DePIN: 10
portfolioChainSplit:
Solana: 43
Chain-agnostic: 29
Ethereum: 14
Multi-chain: 14
portfolioTotalCount: 21
portfolioClassifiedCount: 10
portfolioUnclassifiedCount: 11
---
> **How to use this page:** Reverie is a New York fund built by two operators who ran investments at Digital Currency Group and Blockchain Capital before founding it, with a verified $20M first fund. There is no public form, so the realistic paths in are a warm intro, direct outreach on X or LinkedIn, or engaging the fund as a protocol advisor or governance delegate if your product has a DAO layer. Read Section E, then find your comparable in the portfolio before reaching out.
---
## A. Header Block
- **Fund name:** Reverie
- **One-line thesis:** "Focused on crafting generational companies and protocols."
- **Website:** [reverie.ooo](https://www.reverie.ooo)
- **CTA:** [Team page](https://www.reverie.ooo/team)
| Tag | Detail |
|-----|--------|
| Region | Global (New York) |
| Format | Direct outreach (no public form) |
| Sectors | Infrastructure, DeFi, payments and stablecoins, consumer, developer tooling |
| Stage | Pre-Seed, Seed |
| Cheque Size | Not disclosed |
| Admissions | Rolling |
---
## C. Overview
Reverie is a New York-based crypto fund founded by Larry Sukernik and Derek Hsue. Sukernik led venture investments at Digital Currency Group, with over 100 investments including Fireblocks and Dune Analytics, and previously consulted at EY. Hsue was an investor at Blockchain Capital, including the investment in Bison Trails before Coinbase acquired it. Carl Bergman, former VP of operations at Genesis Global Trading, and Adyant Dagur, an analyst with prior research experience at Sorella Labs and The Block, round out the visible team.
TechCrunch and The Block both confirmed the launch of Reverie Fund One at $20M in September 2023, focused on pre-seed and seed-stage startups. The fund's own framing goes beyond capital: it describes itself as a long-term partner that helps founders build community, refine business models and execute marketing, and it positions itself in some cases as a protocol advisor and governance delegate rather than only an investor.
The portfolio page lists 21 companies, with star ratings marking the fund's own view of top investments. Solana infrastructure is a clear pattern: Squads (multisig), Tensor (NFT marketplace) and Geodnet (DePIN geospatial network) are all Solana-native. Security tooling (Blockaid), cross-border payments (Infinia, also a Lattice Fund portfolio company, and Erebor), and Cosmos ecosystem tooling (Keplr wallet) round out the visible names.
**Key stats:**
- $20M Fund One, confirmed by TechCrunch and The Block (September 2023)
- Founders previously invested at Digital Currency Group and Blockchain Capital
- 21 named portfolio companies, Solana infrastructure the clearest pattern
- No public application form; direct outreach and governance-delegate relationships are the stated paths
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Larry Sukernik | Co-Founder (ex-Digital Currency Group) | [reverie.ooo/team](https://www.reverie.ooo/team) |
| Derek Hsue | Co-Founder (ex-Blockchain Capital) | [reverie.ooo/team](https://www.reverie.ooo/team) |
| Carl Bergman | Team (ex-VP Operations, Genesis Global Trading) | [reverie.ooo/team](https://www.reverie.ooo/team) |
| Adyant Dagur | Analyst | [reverie.ooo/team](https://www.reverie.ooo/team) |
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Find your comparable in the portfolio
With 21 named companies and star ratings marking top bets, identify the closest match to your product, particularly if it is Solana infrastructure (Squads, Tensor, Geodnet) or cross-border payments (Infinia, Erebor).
#### Step 2: Consider the governance-delegate angle if you have a DAO
Reverie positions itself as a protocol advisor and governance delegate for some investments. If your product has active governance or a DAO layer, engaging Reverie in that capacity may be a lower-friction first touchpoint than a straight investment pitch.
#### Step 3: Reach the team directly
There is no confirmed public form or email. Direct outreach on X or LinkedIn to Larry Sukernik or Derek Hsue, or a warm intro through a portfolio founder, is the realistic channel.
#### Step 4: Speak to community, business model and marketing, not just product
The fund's own stated value-add beyond capital is help with community building, business model construction and marketing. Show you have thought about these, not only the technical build.
#### Step 5: Terms
Cheque size is not disclosed in the fund's own materials or the press coverage found in this session. Given the $20M Fund One size and pre-seed/seed focus, expect a modest, likely co-investing cheque rather than a large lead check.
**Tips that matter here:**
- Solana infrastructure is the strongest, most repeated pattern in the visible portfolio; lead with it if it fits.
- Larry Sukernik's Fireblocks and Dune Analytics track record at DCG suggests strong pattern recognition for infrastructure and data tooling specifically.
- Cross-border payments has real precedent (Infinia, Erebor); African or Latin American payments founders are on-thesis, not a stretch.
---
## F. Best Advice from Founders
Founder-sourced advice specific to Reverie was not found and verified in this session.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. Fund size, founders' track records and a real portfolio list with star ratings are all independently verifiable through the fund's own site plus TechCrunch and The Block coverage. Cheque size, response time and full selection criteria are not published.
> **Start here:** Read the [Reverie portfolio page](https://www.reverie.ooo/portfolio), find the star-rated company closest to yours, and lead your outreach to Sukernik or Hsue with that specific comparison.
### How Reverie's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Infrastructure is the largest classified category** | Squads, Skip Protocol and Rio (restaking-adjacent) make up 30% of the classified portfolio. | Core infra and cross-chain tooling are the strongest fit. |
| **Payments and consumer are tied for second** | Infinia and Erebor (payments); Tensor and Nook (consumer) each 20%. | Cross-border payments and Solana-native consumer apps both have real precedent. |
| **Solana leads the chain split decisively** | Geodnet, Squads and Tensor make up the largest share of the classified chain data. | Solana founders have the deepest, clearest precedent at this fund. |
| **The classified sample is under half the visible portfolio** | Only 10 of 21 named companies were confidently classified for sector and chain in this session. | Treat the splits above as directional; the fund's real footprint is likely broader than what is shown here. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Larry Sukernik** (Co-Founder) | DCG track record across 100-plus investments including Fireblocks and Dune Analytics; strong infra and data-tooling pattern recognition. | [reverie.ooo/team](https://www.reverie.ooo/team) |
| **Derek Hsue** (Co-Founder) | Blockchain Capital background, including the Bison Trails investment before its Coinbase acquisition. | [reverie.ooo/team](https://www.reverie.ooo/team) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct outreach to Sukernik or Hsue** | X or LinkedIn; no confirmed public form exists. |
| **Governance-delegate relationship** | If your product has an active DAO or governance process, engaging Reverie there may open a path faster than a cold pitch. |
| **Portfolio founder intro** | Squads, Tensor, Geodnet and other named companies are a plausible warm-intro network. |
### What you can't find
Cheque size, response time, and full selection criteria are not published. The full 21-company portfolio is named, but only about half could be confidently classified by sector and chain in this session; treat the rest as real but under-described.
---
## G. Pitch Format Reverie Expects
- No stated deck format; direct outreach to a named founder is the realistic channel
- A clear comparable from the existing portfolio, particularly if Solana-native
- A plan for community, business model and marketing, not only the technical build
- Clarity on whether you are pitching for investment or a governance/advisory relationship
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
10 of 21 total companies named on [reverie.ooo/portfolio](https://www.reverie.ooo/portfolio), independently classified. Sector and chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Squads | Solana multisig smart accounts | Infrastructure | Solana |
| Tensor | Solana NFT marketplace | Consumer | Solana |
| Geodnet | DePIN geospatial positioning network | DePIN | Solana |
| Blockaid | Onchain security and threat detection | Developer-Tooling | Multi-chain |
| Keplr | Cosmos ecosystem wallet | Developer-Tooling | Not in chain taxonomy (Cosmos) |
| Infinia | Cross-border payouts and virtual accounts | Payments-Stablecoins | Chain-agnostic |
| Erebor | Digital-asset-focused banking | Payments-Stablecoins | Not independently verified |
| Rio | Liquid restaking network | Infrastructure | Ethereum |
| Skip | Cross-chain application connectivity | Infrastructure | Chain-agnostic |
| Nook | Social and community app | Consumer | Not independently verified |
---
## I. Ecosystem Connections
- **Solana:** the fund's clearest chain pattern (Squads, Tensor, Geodnet), reinforced by the founders' own investing backgrounds at DCG and Blockchain Capital in infrastructure-heavy portfolios.
- **Ethereum:** Rio is the one confirmed Ethereum restaking position among the classified subset.
- **Cosmos:** Keplr is a real, verified position, though Cosmos itself is outside this directory's chain taxonomy.
- **Hackathons:** no formal tie found; a Colosseum placement is a reasonable proxy signal given the Solana concentration.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Compare to Lattice Fund**, another New York early-stage fund with Solana exposure: [Lattice Fund](/funds/lattice-fund)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Reverie homepage](https://www.reverie.ooo)
- [Reverie portfolio](https://www.reverie.ooo/portfolio)
- [Reverie team](https://www.reverie.ooo/team)
- [Investment firm Reverie launches $20 million crypto venture fund, The Block](https://www.theblock.co/post/251101/investment-firm-reverie-launches-20-million-crypto-venture-fund)
- [Former DCG, Blockchain Capital investors launch $20M early-stage fund at crypto advisory firm Reverie, TechCrunch](https://techcrunch.com/2023/09/14/former-dcg-blockchain-capital-investors-launch-20m-early-stage-fund-at-crypto-advisory-firm-reverie/)
---
---
name: Robot Ventures
slug: robot-ventures
buildTypes: ["Infra-protocol", "Dev-tooling", "Neobank/wallet", "AI-x-crypto", "Prediction-markets", "Security-privacy"]
thesis: 'Robots Never Sleep. Run by Robert Leshner (Compound founder) and Tarun Chitra (Gauntlet founder), Robot Ventures moves at solo-GP speed on very early, very technical crypto bets, biasing toward DeFi market structure, MEV and research-grade infrastructure.'
website: 'https://robvc.com'
apply: 'No public form or email. The intended path is a founder-to-founder introduction or a direct message to Robert Leshner or Tarun Chitra on X.'
region: 'Global'
hq: 'Not disclosed'
sectors:
- Infrastructure
- Consumer
- Developer-Tooling
- AI-x-Crypto
- Privacy
- Gaming
- DeFi
stage:
- Pre-Seed
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: ''
chains:
- Ethereum
- Solana
- Polygon
- Multi-chain
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '3'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Robot Ventures portfolio (17 named companies)
category: portfolio-pattern
score: 5
description: >-
One of the richest disclosed portfolios of any accessible fund in this
tier, spanning restaking, MEV, ZK infrastructure, prediction markets
and wallets. Use it to find your closest comparable before you reach
out.
link: 'https://robvc.com'
- name: Compound and Gauntlet alumni network
category: decision-maker-reveal
score: 4
description: >-
Robert Leshner founded Compound; Tarun Chitra founded Gauntlet. Both
networks are deep in DeFi risk, mechanism design and market structure,
and an introduction from either alumni base carries real weight.
link: 'https://robvc.com'
- name: Tarun Chitra's public research threads
category: pattern-trainer
score: 4
description: >-
Both GPs are quant and mechanism-design people who write and comment
publicly on DeFi market structure, MEV and risk. Reading their public
commentary previews what they will ask on a call.
link: 'https://robvc.com'
- name: Direct DM to the GPs
category: pipeline-pathway
score: 3
description: >-
No form and no fund email exist; the fund's own structure, no board
seats, small cheques, fast decisions, means a direct, substantive
message to Leshner or Chitra is the actual front door.
link: 'https://robvc.com'
portfolioSectorSplit:
Infrastructure: 40
Consumer: 18
Developer-Tooling: 18
AI-x-Crypto: 12
Privacy: 6
Gaming: 6
portfolioChainSplit:
Solana: 34
Multi-chain: 33
Ethereum: 22
Polygon: 11
portfolioTotalCount: 17
portfolioClassifiedCount: 17
portfolioUnclassifiedCount: 0
sectorsNote: 'Sector split covers all seventeen companies named on robvc.com. Chain split covers only the nine companies whose chain we could verify or confidently classify (Jito, Backpack and Magicblock on Solana; EigenLayer and Flashbots on Ethereum; Eclipse, LayerZero and Conduit as multichain; Polymarket on Polygon); the remaining eight, mostly research and tooling companies without a single primary chain, are left out of the chain split.'
---
> **How to use this page:** Robot Ventures has no form and no email; the front door is a person. Robert Leshner and Tarun Chitra move fast, write small checks, and co-invest into nearly every hot pre-seed in DeFi market structure and infrastructure, so a substantive public reply to one of their threads followed by a direct message is the realistic path in, not a fallback.
---
## A. Header Block
- **Fund name:** Robot Ventures
- **One-line thesis:** "Robots Never Sleep."
- **Website:** [robvc.com](https://robvc.com)
- **CTA:** Direct message to Robert Leshner or Tarun Chitra on X, or a founder-to-founder introduction
| Tag | Detail |
|-----|--------|
| Region | Global |
| Format | Direct outreach |
| Sectors | Infrastructure, consumer, developer tooling, AI x crypto, privacy, gaming, DeFi |
| Stage | Pre-Seed, Seed |
| Cheque Size | Not disclosed |
| Admissions | Rolling |
---
## C. Overview
Robot Ventures is run by two of the most technically credentialed operators in crypto: Robert Leshner, who founded Compound, and Tarun Chitra, who founded Gauntlet. The fund's tagline, "Robots Never Sleep," matches its reputation as a solo-GP-speed vehicle that decides in days, writes small checks, takes no board seats, and co-invests into a large share of the hottest pre-seed rounds in DeFi market structure and crypto infrastructure.
The portfolio, seventeen named companies, is unusually rich for a fund with no public application process. Infrastructure dominates: EigenLayer (restaking), Eclipse (SVM-based L2), Jito Network and Flashbots (MEV), LayerZero and Conduit (interoperability and rollup infrastructure), and Succinct (zero-knowledge proving). Consumer names include Polymarket, Backpack and Argent. AI x crypto is represented by Nous Research and Together.ai. Zama brings privacy through fully homomorphic encryption, and Magicblock brings Solana gaming infrastructure. Nansen, Gauntlet and Spearbit round out a developer-tooling and risk-infrastructure cluster.
There is no application form and no listed fund email. The verified path is a direct message to Leshner or Chitra on X, ideally after engaging substantively with their public research and commentary, or an introduction through the deep Compound and Gauntlet alumni networks both GPs sit at the center of.
**Key stats:**
- 17 named portfolio companies across infrastructure, consumer, AI and tooling
- Two solo-GP founders with deep DeFi and mechanism-design credentials
- No board seats, small checks, fast decisions (public record)
- No form or email; X and warm intros are the only verified channels
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Robert Leshner | Co-founder (also founder of Compound) | X, handle not independently verified in this session |
| Tarun Chitra | Co-founder (also founder of Gauntlet) | X, handle not independently verified in this session |
Search each name directly on X rather than relying on a link here; no handle was independently re-verified in this research pass.
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Get research-grade before you reach out
Both GPs are quant and mechanism-design people. Before contacting either, be able to explain your protocol's risk model, MEV exposure, and market structure in the same register Gauntlet or Compound would use internally. A pitch that reads as narrative-first rather than mechanism-first will not clear the bar these two set for themselves.
#### Step 2: Engage publicly first
Reply substantively to one of Tarun Chitra's threads on DeFi mechanism design, risk, or market structure with a real point, not a pitch. This is explicitly the recommended warm-up path given the fund's structure. Do the same with Robert Leshner's commentary if it is more directly relevant to your product.
#### Step 3: Use the Compound or Gauntlet alumni network if you have it
If anyone at Compound or Gauntlet, past or present, knows you or your work, ask them for an introduction. Given both GPs founded those companies, this is one of the strongest warm paths available in this entire directory.
#### Step 4: DM with one crisp sentence about the mechanism
If you have no alumni connection, a direct message is still the intended path, not a workaround. Keep it to one crisp sentence describing the mechanism you are building and why it matters, followed by an offer to send more detail.
#### Step 5: Terms
Cheque size and instrument are not disclosed publicly. Public record describes the fund as writing small checks with no board seats, moving in days once engaged; expect a fast yes or no rather than a drawn-out process.
**Tips that matter here:**
- Mechanism first, narrative second. This is the single clearest lesson from both GPs' backgrounds and the portfolio's composition.
- DeFi market structure, MEV, and infrastructure with a research edge are the strongest fits; a thin consumer wrapper without technical depth is a weak match.
- If you can name a specific portfolio comparable (EigenLayer for restaking, Jito for MEV, Succinct for ZK), use it in your first message.
---
## F. Best Advice from Founders
No public founder accounts of the Robot Ventures process were found in this session. The clearest available guidance is structural, drawn from the fund's own public reputation: speed and mechanism depth matter more here than a polished deck, and the GPs' own public research commentary is the best available preview of what they test for.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. Robot Ventures publishes a rich, named portfolio and its GPs are highly public figures with a large body of research commentary to study, but there is no form, no email, no cheque range, and no stated process, so the last mile runs entirely through a person, not a system.
> **Start here:** Read recent public commentary from Tarun Chitra and Robert Leshner on DeFi risk and market structure, then draft the one-sentence mechanism pitch you would send them, and identify who in your network might already know either GP through Compound or Gauntlet.
### How Robot Ventures's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Infrastructure is the dominant category** | Seven of seventeen named companies (40%), including EigenLayer, Jito, Flashbots, LayerZero, Eclipse, Conduit and Succinct, are infrastructure. | Restaking, MEV, interoperability and ZK proving are the fund's clearest strengths. |
| **Consumer and developer tooling are tied for second** | Polymarket, Backpack and Argent (consumer) sit alongside Nansen, Gauntlet and Spearbit (tooling), each 18% of the portfolio. | A consumer product with real mechanism depth, or a risk/security tool serving DeFi builders, both fit. |
| **AI x crypto, privacy and gaming are smaller but deliberate** | Nous Research and Together.ai (AI), Zama (privacy) and Magicblock (gaming infrastructure) show the fund reaches beyond core DeFi when the technical bar is met. | These are real, if narrower, lanes: expect the same mechanism-first bar to apply. |
| **Solana and multichain infrastructure both represented** | Of nine chain-classifiable companies, three are Solana (Jito, Backpack, Magicblock), three are multichain (Eclipse, LayerZero, Conduit), two are Ethereum (EigenLayer, Flashbots) and one is Polygon (Polymarket). | The fund is not chain-exclusive; a strong mechanism matters more than which chain you build on. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Robert Leshner** (Co-founder) | DeFi lending market structure and protocol design, from founding Compound. | X, search directly |
| **Tarun Chitra** (Co-founder) | Quantitative risk, MEV and mechanism design, from founding Gauntlet. | X, search directly |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct message on X** | The intended front door; a substantive public reply first is the recommended warm-up. |
| **Compound or Gauntlet alumni intro** | The strongest available warm path given both GPs' backgrounds. |
| **Founder-to-founder introduction** | A founder at any of the seventeen named portfolio companies can vouch for you. |
| **Co-investment** | Robot Ventures co-invests into a large share of hot pre-seed DeFi and infrastructure rounds; being in a round they are already watching can surface an inbound conversation. |
### What you can't find
Robot Ventures does not publish a cheque range, an application form, an email, response times, or formal selection criteria. Team page and named staff beyond the two GPs were not found on the site.
---
## G. Pitch Format Robot Ventures Expects
- No confirmed deck template; a one-sentence mechanism pitch via DM is the realistic first touch
- Mechanism-first framing: risk model, MEV exposure, market structure, stated plainly
- A named comparable from their own portfolio
- Evidence of research depth, not just narrative or growth metrics
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
The seventeen companies named on [robvc.com](https://robvc.com). Sector and chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Polymarket | Prediction markets | Consumer | Polygon |
| EigenLayer | Restaking protocol | Infrastructure | Ethereum |
| Eclipse | SVM-based Layer 2 | Infrastructure | Multi-chain |
| Jito Network | MEV infrastructure | Infrastructure | Solana |
| Backpack | Exchange and wallet | Consumer | Solana |
| LayerZero | Cross-chain interoperability | Infrastructure | Multi-chain |
| Conduit | Rollup-as-a-service infrastructure | Infrastructure | Multi-chain |
| Nous Research | AI research and infrastructure | AI-x-Crypto | Not verified |
| Together.ai | AI compute infrastructure | AI-x-Crypto | Not verified |
| Zama | Fully homomorphic encryption | Privacy | Not verified |
| Magicblock | Gaming infrastructure | Gaming | Solana |
| Succinct | Zero-knowledge proving infrastructure | Infrastructure | Not verified |
| Flashbots | MEV infrastructure | Infrastructure | Ethereum |
| Nansen | Onchain analytics | Developer-Tooling | Not applicable |
| Gauntlet | Risk and simulation infrastructure | Developer-Tooling | Not applicable |
| Spearbit | Security auditing | Developer-Tooling | Not applicable |
| Argent | Self-custody wallet | Consumer | Not verified (Starknet-adjacent, outside current chain taxonomy) |
---
## I. Ecosystem Connections
- **Solana:** Jito, Backpack and Magicblock give Solana infrastructure, consumer and gaming founders direct precedent.
- **Ethereum:** EigenLayer and Flashbots are core Ethereum restaking and MEV infrastructure.
- **Multi-chain and interoperability:** Eclipse, LayerZero and Conduit show a real bet on infrastructure that spans ecosystems rather than committing to one.
- **Polygon:** Polymarket is the fund's clearest Polygon-native consumer position.
- **Hackathons:** no formal tie found; a hackathon result in MEV, restaking or ZK proving would be a directly relevant, citable credential given the portfolio's leanings.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Compare against another mechanism-first fund:** [Nascent](/funds/nascent)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Robot Ventures homepage and portfolio](https://robvc.com)
---
---
name: Ryze Labs
slug: ryze-labs
buildTypes: ["Infra-protocol", "DeFi-trading-lending", "Gaming", "Dev-tooling"]
thesis: 'Invests in and accelerates transformative technologies at the intersection of blockchain, AI and digital infrastructure, with an explicit "Local Insights, Global Impact" emerging-markets orientation across 150-plus investments in 30-plus countries.'
website: 'https://www.ryzelabs.io'
apply: 'No dedicated pitch form found; the contact page offers a "Submit a Project" option and a separate press channel (media@ryzelabs.io). Formerly Sino Global Capital.'
region: 'Global'
hq: 'Not disclosed (formerly Sino Global Capital; global, emerging-markets-oriented team)'
sectors:
- Infrastructure
- DeFi
- Gaming
- Developer-Tooling
- Consumer
sectorsNote: 'Splits below are computed from 24 companies we classified out of the roughly 150 investments named across ryzelabs.io/en/portfolio''s four categories (Alt L1, Infrastructure, DApp, Gaming/Metaverse). The 24 are a representative sample, not the full list.'
stage:
- Seed
- Series A
- Growth
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed'
chains:
- Chain-agnostic
- Multi-chain
- Solana
- Polygon
- NEAR
format: 'Application form'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '2'
lastVerified: '2026-09-09'
edgeRating: edge-sparse
edgeResources:
- name: Portfolio page
category: portfolio-pattern
score: 4
description: >-
ryzelabs.io/en/portfolio names roughly 150 companies grouped into
Alt L1, Infrastructure, DApp and Gaming/Metaverse. A large, specific,
first-party portfolio disclosure, useful for finding a comparable
before you reach out.
link: 'https://www.ryzelabs.io/en/portfolio'
- name: "\"Local Insights, Global Impact\" positioning"
category: pattern-trainer
score: 3
description: >-
Ryze Labs states an explicit emerging-markets orientation across
30-plus countries, formerly operating as Sino Global Capital with
strength in Asia. That framing is a real signal for founders outside
the US/Europe axis, including African and Southeast Asian teams.
link: 'https://www.ryzelabs.io'
- name: Submit a Project (contact page)
category: pipeline-pathway
score: 3
description: >-
The contact page separates "Submit a Project" from press enquiries,
confirming a real project-intake channel exists, though we could not
verify the exact form or field requirements from the page we fetched.
link: 'https://www.ryzelabs.io/en/contact'
portfolioSectorSplit:
Infrastructure: 38
DeFi: 29
Gaming: 17
Developer-Tooling: 8
Consumer: 8
portfolioChainSplit:
Chain-agnostic: 42
Multi-chain: 25
Solana: 25
Polygon: 4
NEAR: 4
portfolioTotalCount: 24
portfolioClassifiedCount: 24
portfolioUnclassifiedCount: 0
---
> **How to use this page:** Ryze Labs (formerly Sino Global Capital) is a large, emerging-markets-oriented fund with a genuinely big named portfolio and a thin public process. There's a "Submit a Project" button on the contact page but no visible form fields or terms; Section E is built around what we could actually verify rather than what we'd guess.
---
## A. Header Block
- **Fund name:** Ryze Labs
- **One-line thesis:** Invests in and accelerates transformative technologies at the intersection of blockchain, AI and digital infrastructure
- **Website:** [ryzelabs.io](https://www.ryzelabs.io)
- **CTA:** [Submit a Project](https://www.ryzelabs.io/en/contact)
| Tag | Detail |
|-----|--------|
| Region | Global, emerging-markets oriented (30+ countries) |
| Format | Application form (Submit a Project) |
| Sectors | Infrastructure, DeFi, gaming/metaverse, developer tooling |
| Stage | Seed through Growth |
| Cheque Size | Not disclosed |
| Admissions | Rolling |
---
## B. Batch Schedule
Not applicable. Ryze Labs invests on a rolling basis and does not run a public cohort program.
---
## C. Overview
Ryze Labs is the current identity of what was previously Sino Global Capital, founded in 2017. The rename reflects a broadened mandate: the site now describes the firm as operating "at the intersection of blockchain, AI, and digital infrastructure," and states a track record of 150-plus investments across more than 30 countries. The tagline "Local Insights, Global Impact" is a direct, stated emerging-markets orientation, which the firm's Asia-rooted history as Sino Global Capital backs up.
The portfolio page is organized into four categories: Alt L1 (Polygon, Sui, Persistence), Infrastructure (LayerZero, Pyth, Stargate, Metaplex, XDEFI Wallet, and a long list of smaller infrastructure and tooling plays), DApp (a broad mix of DeFi protocols including Clearpool, MarginFi and Zeta Markets, plus RWA name PV01), and Gaming/Metaverse (Blocklords, Nyan Heroes, Supergaming and others). The named list is one of the larger single-page portfolio disclosures in this directory, though the site does not publish a cheque range, a named investment team, or a structured application process beyond a "Submit a Project" button on the contact page.
**Key stats:**
- Founded 2017 as Sino Global Capital, rebranded to Ryze Labs
- 150+ investments across 30+ countries (firm's own figure)
- Portfolio organized into Alt L1, Infrastructure, DApp, Gaming/Metaverse
- No public cheque range or named team
---
## D. Key Partners
No individual team members, partners, or investment leads were named on the pages we fetched (homepage, portfolio, contact). Ryze Labs does not appear to publish a public team roster in the pages available to us. If you need a named contact, media@ryzelabs.io is the one verified email, and it is explicitly for press enquiries, not investment pitches.
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Check the portfolio for your closest comparable
Ryze Labs groups its portfolio into Alt L1, Infrastructure, DApp and Gaming/Metaverse. Read the [portfolio page](https://www.ryzelabs.io/en/portfolio) and identify which category and which specific company you're closest to.
#### Step 2: Use "Submit a Project"
The contact page has a "Submit a Project" option, distinct from the press-only media@ryzelabs.io address. We could not verify the exact form fields or what happens after submission, so treat this as the stated entry point rather than a guaranteed fast process.
#### Step 3: Lead with your emerging-markets story if you have one
Given the firm's explicit "Local Insights, Global Impact" positioning and 30-plus country investment footprint, a founder building outside the traditional US/Europe axis, including African, Southeast Asian, or broader emerging-market teams, has a real, stated reason to expect a more informed read here than at a Silicon Valley-only fund.
#### Step 4: Don't expect a fast, published timeline
Nothing on the site suggests a specific review timeline. Plan for a standard multi-week early-stage VC process once contact is established.
**Timeline:** Not published.
---
## F. Best Advice from Founders
**The emerging-markets framing is real, not just marketing language.** With a stated 150+ investments across 30+ countries and roots as an Asia-focused fund (Sino Global Capital), Ryze Labs has a genuine claim to understanding markets outside the US and Europe that many megafunds don't.
**Use the portfolio page as your research base.** With four clearly organized categories and specific company names, it's one of the more useful single pages in this directory for finding a founder to ask for an intro.
**Don't confuse the press channel with the pitch channel.** media@ryzelabs.io is explicitly for press; use "Submit a Project" on the contact page for investment outreach instead.
---
## Contextual Edge
**Preparation rating:** Edge-sparse. The portfolio disclosure is genuinely useful, but there is no named team, no cheque range, no visible form fields for the "Submit a Project" channel, and no process or timeline information anywhere on the site.
> **Start here:** Read the [portfolio page](https://www.ryzelabs.io/en/portfolio) by category, then use "Submit a Project" on the [contact page](https://www.ryzelabs.io/en/contact), framing your emerging-markets story if you have one.
### How Ryze Labs' portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Infrastructure is the largest bucket** | 8 of 24 companies we classified (Polygon, Sui, Persistence, LayerZero, Pyth, Stargate, Ardrive, Seal Storage) are core or alt-L1 infrastructure. | Layer 1s, oracles, storage and interoperability all fit an established pattern here. |
| **DeFi is a strong second theme, heavily Solana-weighted** | 7 of 24 (Orca, Paraswap, pSTAKE, Clearpool, MarginFi, Zeta Markets, Delta Exchange) are DeFi protocols; several are Solana-native. | Solana DeFi has a real, documented home at this fund. |
| **Gaming shows up consistently** | 4 of 24 (Blocklords, Nyan Heroes, Supergaming, Legends of Venari). | Blockchain gaming, including Solana-native titles, fits the visible pattern. |
| **Broad chain exposure, no single dominant chain** | Solana and multi-chain protocols together make up half the classified sample; Chain-agnostic infrastructure makes up much of the rest. | Chain choice isn't the differentiator here; the mechanism and the market are. |
### Watch the people who decide
No individual partners or investment leads are named on the pages we fetched.
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Submit a Project** | Via the [contact page](https://www.ryzelabs.io/en/contact). |
| **Portfolio founder intro** | With 150+ named investments, there is likely a founder close to your space across Alt L1, Infrastructure, DApp or Gaming/Metaverse. |
### What you can't find
There is no named investment team, no published cheque range, no visible details on the "Submit a Project" form itself, and no process timeline. We are treating this fund as edge-sparse specifically because the portfolio is real and large but everything else about how to actually get funded is undocumented on the fund's own site.
---
## G. Pitch Format Ryze Labs Expects
- No public template visible; "Submit a Project" via the contact page is the stated channel
- Standard early-stage materials likely apply: team, product, traction, ask
- If your team or market has an emerging-markets angle, state it explicitly given the firm's stated positioning
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
A representative sample from the roughly 150 companies named on [ryzelabs.io/en/portfolio](https://www.ryzelabs.io/en/portfolio). Sector and chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Polygon | Layer 1/scaling network | Infrastructure | Polygon |
| Sui | Layer 1 blockchain | Infrastructure | Chain-agnostic |
| Persistence | Layer 1 blockchain (Cosmos ecosystem) | Infrastructure | Chain-agnostic |
| LayerZero | Cross-chain interoperability | Infrastructure | Multi-chain |
| Pyth | Oracle network | Infrastructure | Multi-chain |
| Stargate | Cross-chain bridge | Infrastructure | Multi-chain |
| Ardrive | Decentralized storage (Arweave) | Infrastructure | Chain-agnostic |
| Seal Storage | Decentralized storage | Infrastructure | Chain-agnostic |
| Metaplex | NFT protocol and tooling | Developer-Tooling | Solana |
| XDEFI Wallet | Multichain wallet | Developer-Tooling | Multi-chain |
| Mintbase | NFT platform | Consumer | NEAR |
| Orca | DEX | DeFi | Solana |
| Paraswap | DEX aggregator | DeFi | Multi-chain |
| pSTAKE | Liquid staking | DeFi | Chain-agnostic |
| Clearpool | Undercollateralized lending | DeFi | Multi-chain |
| MarginFi | Lending protocol | DeFi | Solana |
| Zeta Markets | Derivatives DEX | DeFi | Solana |
| Delta Exchange | Crypto derivatives exchange | DeFi | Chain-agnostic |
| PV01 | Tokenized bonds | RWA | Chain-agnostic |
| Betdex | Prediction/betting exchange | Consumer | Solana |
| Blocklords | Blockchain strategy game | Gaming | Chain-agnostic |
| Nyan Heroes | Blockchain shooter game | Gaming | Solana |
| Supergaming | Game studio | Gaming | Chain-agnostic |
| Legends of Venari | Blockchain RPG | Gaming | Chain-agnostic |
---
## I. Ecosystem Connections
- **Solana:** the clearest single-chain cluster in the classified sample, spanning DeFi (Orca, MarginFi, Zeta Markets), tooling (Metaplex) and gaming (Nyan Heroes, Betdex).
- **Emerging markets broadly:** the firm's stated 30+ country footprint and "Local Insights, Global Impact" positioning make it one of the more explicitly emerging-markets-aware funds in this directory, useful context for African founders even though the fund is not Africa-specific.
- **Multi-chain infrastructure:** LayerZero, Pyth and Stargate reflect real cross-chain interoperability exposure.
- **No verified Ethereum-native flagship position** in the sample we classified; the portfolio reads as Solana- and infrastructure-heavy rather than Ethereum-centered.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Building Solana DeFi or gaming?** Compare against Frictionless Capital and 6th Man Ventures, both Solana-heavy and covered elsewhere in this directory.
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Ryze Labs homepage](https://www.ryzelabs.io)
- [Ryze Labs portfolio](https://www.ryzelabs.io/en/portfolio)
- [Ryze Labs contact page](https://www.ryzelabs.io/en/contact)
---
---
name: Sahel Capital
slug: sahel-capital
buildTypes: ["Agritech", "Logistics-supplychain"]
thesis: >-
Investing in high-growth, commercially attractive agricultural SMEs that
improve value chain efficiency, drive import substitution, and meet the
growing food demand of West Africa's urbanising population.
website: 'https://sahelcapital.com/'
apply: Via the website or direct outreach to the team
region: West Africa
hq: Lagos
sectors:
- Agritech
- AI-ML
stage:
- Growth
chequeMin: 3000000
chequeMax: 15000000
chequeDisplay: $3M -- $15M
format: Hybrid
admissions: Rolling
africaFocus: 'Yes -- Nigeria (primary), Ghana, Côte d''Ivoire, Senegal'
status: active
tier: '3'
lastVerified: '2026-07-24'
portfolioSectorSplit:
E-commerce: 7
Agritech: 93
portfolioModelSplit:
Transaction/Marketplace: 36
Direct sales/Commerce: 64
portfolioGeographySplit:
Nigeria: 60
Ghana: 20
Nigeria/Tanzania: 7
Tanzania: 7
Kenya: 6
portfolioTotalCount: 15
portfolioClassifiedCount: 14
portfolioUnclassifiedCount: 1
---
## Overview
Sahel Capital is a Lagos-based private investment firm established in 2010 and co-founded by Mezuo Nwuneli, focused exclusively on agribusiness and food systems across West Africa. The firm manages two main vehicles: the Fund for Agricultural Finance in Nigeria (FAFIN), which closed at $65.9 million in 2017 backed by the African Development Bank, CDC Group (now BII), KfW Development Bank, the Dutch Good Growth Fund, NSIA (Nigeria Sovereign Investment Authority), and the Federal Government of Nigeria, and the Sahel Capital Agribusiness Fund II (SCAF II), targeting $75 million with a $29 million first close in late 2025 led by KfW and a US-based family office.
FAFIN invested in 8 agribusiness companies and completed 3 successful exits, while SCAF II expands the geographic scope from Nigeria to Ghana, Côte d'Ivoire, and Senegal. The combined portfolio spans 16+ companies across the full agricultural value chain: dairy (L&Z Integrated Farms, Rogathe Dairy), poultry (Dayntee Farms), cassava processing (Crest Agro Products), shea butter (Ladgroup), rice production (Coscharis Farms), cocoa aggregation (Kuapa Kokoo), commodity trading (Sourcing and Produce, Acier), agritech (Complete Farmer), packaging (Polyfilm), and FMCG distribution (TradeDepot). The firm uses equity, quasi-equity, and structured debt instruments, writing deal tickets of $3 million to $15 million. FAFIN created over 500 jobs (50% held by women and youth) and supported 1,000+ smallholder farmers.
---
## How to Get In
Reach out through the website or via the DFI and agribusiness ecosystem. Sahel Capital targets high-growth agricultural SMEs with commercially viable business models along the food value chain, so you need a real operating business rather than an early-stage concept. The fund looks for companies that improve value chain efficiency, contribute to import substitution, build climate resilience, or serve the growing food consumption demand of West Africa's urbanising middle class. Investment structures include equity, quasi-equity, and structured debt, with deal sizes of $3 million to $15 million. If you're building in Nigeria, Ghana, Côte d'Ivoire, or Senegal in any part of the agricultural value chain (production, processing, distribution, or agricultural technology), you're in scope.
---
## Best Advice
1. **This is Africa's deepest agribusiness-dedicated fund.** Sahel Capital doesn't dabble in agriculture alongside other sectors. The entire firm is built around food systems and agricultural value chains, which means the team has genuine domain expertise in everything from dairy processing to cocoa aggregation to cold chain logistics. If you're building an agribusiness, you'll be working with a team that understands your supply chain challenges, not just your financial projections.
2. **The DFI LP base is a pipeline to institutional capital.** With AfDB, KfW, BII, DGGF, and NSIA as FAFIN backers, portfolio companies sit within the orbit of development finance institutions that can provide follow-on funding, guarantee structures, and market access. Frame your pitch around how these institutional connections could support your growth beyond the initial investment.
3. **West African expansion is the SCAF II story.** FAFIN was Nigeria-only, but SCAF II explicitly covers Ghana, Côte d'Ivoire, and Senegal. If you're building in francophone West Africa's agricultural sector and have struggled to find dedicated investors, this fund's expanded geography creates a new entry point that didn't exist before.
4. **Import substitution is a conviction theme.** Nigeria and West Africa import billions of dollars in food products that could be produced locally with the right investment. If your business directly reduces import dependency, whether in dairy, rice, processed foods, or agricultural inputs, that thesis aligns with both the fund's strategy and the DFI mandate of its LPs.
---
## Pitch Format
Reach out through the website with a comprehensive pitch covering your business model, operating history, market position, value chain positioning, team, and growth plan. Be ready to discuss your supply chain, path to profitability, and how additional capital translates into measurable agricultural and social impact.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| TradeDepot | Nigeria | FMCG distribution to retailers |
| Complete Farmer | Ghana | Digital agriculture platform for smallholders |
| Dayntee Farms | Nigeria | Integrated broiler farming and processing |
| Crest Agro Products | Nigeria | Cassava-based food ingredients |
| Ladgroup | Nigeria | Shea butter processing |
| Coscharis Farms | Nigeria | Integrated rice farming and milling |
| Kuapa Kokoo | Ghana | Cocoa farmer union and aggregation |
| L&Z Integrated Farms | Nigeria | Fresh milk and yoghurt production |
| Sourcing and Produce | Nigeria/Tanzania | Specialty agricultural commodity trading |
| Rogathe Dairy | Tanzania | Milk processing and fortified dairy |
| Polyfilm Packaging | Nigeria | Food and consumer packaging |
| Winich Farms | Nigeria | Raw materials supply to factories |
| Idan Agro | Ghana | Fertiliser trading and crop aggregation |
| Persea Oil & Orchards | Kenya | Organic avocado oil processing |
| Acier | Nigeria | Agricultural procurement and export |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Mezuo Nwuneli | Co-founder & Managing Partner | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Sahel Capital official website](https://sahelcapital.com/)
- [Sahel Capital closes FAFIN at $65.9 million -- NSIA](https://nsia.com.ng/sahel-capital-closes-fund-for-agricultural-finance-in-nigeria-fafin-at-65-9-milllion-2/)
- [Sahel Capital secures $29M first close for Agribusiness Fund II -- Lucidity Insights](https://lucidityinsights.com/news/sahel-capital-29m-agribusiness-fund-ii)
- [From Nigeria to Senegal: Investor unpacks West Africa's agribusiness opportunities -- How We Made It in Africa](https://www.howwemadeitinafrica.com/from-nigeria-to-senegal-investor-unpacks-west-africas-agribusiness-opportunities/183934/)
---
---
name: Saviu Ventures
slug: saviu-ventures
buildTypes: ["Payments-processing", "E-commerce-retail", "Enterprise-B2B", "Healthtech"]
thesis: >-
Backing early-stage tech and tech-enabled companies in Francophone Africa,
prioritizing sustainable growth over unicorn-chasing.
website: 'https://www.saviu.vc/'
apply: 'https://www.saviu.vc/contact'
region: Francophone West and Central Africa
hq: Abidjan and Paris
sectors:
- Sector-agnostic
stage:
- Pre-Seed
- Seed
- Series A
chequeMin: 50000
chequeMax: 850000
chequeDisplay: EUR 500K - EUR 3M (Fund II); $50K - $850K historical (Fund I)
format: Remote / Hybrid
admissions: Rolling; warm intros preferred
africaFocus: >-
Yes, 70-75% Francophone Africa (Cote d'Ivoire, Senegal, Cameroon, Benin, Togo,
Burkina Faso, Mali, Gabon)
status: active
tier: '1'
lastVerified: '2026-07-27'
edgeRating: edge-rich
edgeResources:
- name: Samuel Touboul interview
category: decision-maker-reveal
score: 4
description: >-
The anti-unicorn thesis, the "Why, What, How" evaluation framework
(founder motivation first, then product, then execution), and why an 80%
success ra...
link: 'https://disruptafrica.com/meet-the-investor/samuel-touboul-saviu-ventures/'
- name: Benoit Delestre interview
category: decision-maker-reveal
score: 4
description: >-
The operator perspective: what it means to build in Francophone Africa,
why CFA franc markets offer structural advantages, and how the team
provides h...
link: 'https://saviu.ventures/'
- name: Julaya raises for B2B payments in Francophone Africa
category: practice-artifact
score: 4
description: >-
Shows Saviu's sweet spot: a B2B fintech solving real payment
infrastructure problems in WAEMU markets. Julaya processes business
payments across Franc...
link: 'https://disruptafrica.com/julaya/'
- name: Lapaire exit to Creadev
category: practice-artifact
score: 4
description: >-
The fund's headline exit: an affordable eyecare company acquired by a
strategic buyer. Demonstrates the anti-unicorn thesis in action: build a
profita...
link: 'https://disruptafrica.com/lapaire/'
- name: Long courtship model
category: pipeline-pathway
score: 3
description: >-
Saviu follows founders for months or even years before investing. The team
prefers to build relationships over time rather than evaluate cold
pitches....
- name: Abidjan and Dakar ecosystem
category: pipeline-pathway
score: 3
description: >-
The team is deeply embedded in the Francophone West African startup
ecosystem. Attending events in Abidjan, Dakar, and the broader WAEMU
region create...
- name: Portfolio founder network
category: pipeline-pathway
score: 3
description: >-
Julaya, Anka, Lapaire, Kamtar, Waspito, Rubyx, Paps, and Workpay founders
can provide warm introductions. The portfolio is tight-knit and the team
act...
- name: DFI network
category: pipeline-pathway
score: 3
description: >-
Proparco (EUR 6M), DGGF, Triple Jump, AXIAN Investment, and the AfDB
($7.6M) are all LPs. Connections through these institutions create warm
pathways.
portfolioSectorSplit:
Fintech: 32
E-commerce: 5
SaaS: 16
Logistics: 11
Healthtech: 11
Agritech: 5
Enterprise: 10
AI-ML: 5
Edtech: 5
portfolioModelSplit:
Transaction/Marketplace: 53
Subscription/SaaS: 32
Direct sales/Commerce: 5
Enterprise contracts/Licensing: 10
portfolioGeographySplit:
Cote d'Ivoire: 48
Kenya: 11
Senegal: 5
Cameroon: 5
Nigeria: 5
Ghana: 5
Gabon: 5
Morocco: 5
South Africa: 11
portfolioTotalCount: 19
portfolioClassifiedCount: 19
portfolioUnclassifiedCount: 0
logo: "/funds/saviu-ventures.png"
---
## Overview
Saviu Ventures is the rare Africa-focused VC that has built its entire identity around Francophone markets. Founded in 2018 and incorporated in Mauritius, the firm operates from Abidjan and Paris with additional presence in Dakar. While most Africa VCs treat French-speaking countries as a secondary allocation within a pan-African mandate, Saviu has made it the primary thesis. Roughly 70 to 75% of their portfolio sits in Francophone Africa, with Cote d'Ivoire alone accounting for 11 portfolio companies.
Fund I (EUR 10M) is fully deployed across approximately 12 startups, with six exits already on the books. The Lapaire exit in January 2025, where Saviu sold its 22% stake to Creadev (the Mulliez family office), delivered a multi-bagger return and demonstrated that early-stage exits are possible in Francophone Africa when the entry valuation is disciplined. Fund II opened with a EUR 12M first close in November 2023 and reached EUR 25M (~$26M) by early 2025, backed by the African Development Bank (EUR 6.5M, including EUR 2M in first-loss hedging via the European Commission's Boost Africa programme), Proparco, Triple Jump, AXIAN Group, and the Dutch Good Growth Fund. The final target sits between EUR 30M and EUR 50M, with a mandate to back 15 to 20 companies at EUR 500K to EUR 3M cheques.
The investment philosophy is explicitly anti-hype. Saviu targets a sub-20% portfolio failure rate against an industry average closer to 70%, which means they lean toward B2B and B2B2C models with clear paths to profitability. They plan for exits within 3 to 5 years at roughly 10x revenue valuations, aiming for 5x+ returns. The total portfolio now stands at 25 companies across 10 countries, with 19 active and 6 exited.
---
## How to Get In
Saviu is a small, relationship-driven team. The Managing Partners (Benoit Delestre and Samuel Touboul) and their Principal (Cynthia Mandjek) are accessible through the Francophone African tech ecosystem, and they attend and speak at events across West Africa regularly.
Your best paths in are through warm introductions from their co-investors (Orange Ventures, IFC, 4DX Ventures, Launch Africa, Google Black Founders Fund) or through their LP network. If you have gone through Y Combinator, that is a signal they respect, as WorkPay in their portfolio is a YC alumnus.
When you reach out cold through the contact form, lead with traction. They want to see revenue, not just users. Their anti-unicorn stance means they will be more interested in your unit economics and path to profitability than your TAM slide. If you are operating in Cote d'Ivoire, Senegal, or Cameroon, you are in their geographic sweet spot and should say so clearly. They also invest in Morocco and East Africa, but Francophone West and Central Africa is where the conviction is strongest.
Expect a thorough process. The team has backgrounds in French grandes ecoles (ESSEC, Sciences Po, HEC Paris, Ecole Polytechnique) and prior roles at Proparco, Eurazeo, Orange Digital Ventures, and Rothschild. They will dig into your financials.
---
## Best Advice
1. **Show profitability path, not just growth.** Saviu's sub-20% failure rate target means they will pass on fast-growing companies with no clear path to sustainability. If you are burning cash to acquire users without a plan to monetize, this is not your fund.
2. **If you are in Francophone Africa, this is likely your strongest fit on the continent.** Very few VCs have the local network, language fluency, and LP backing to lead rounds in Abidjan, Dakar, or Douala. Saviu does, and they can help you syndicate with Orange Ventures, IFC, and other co-investors who trust their diligence.
3. **Plan your exit story early.** Saviu thinks about exits from day one. The Lapaire sale to Creadev shows their playbook: enter at a disciplined valuation, build to a clear acquisition or secondary sale, and exit within 3 to 5 years. Come prepared to discuss who your potential acquirers are.
4. **B2B models get preferred.** Look at the portfolio: Julaya (B2B neobank), WorkPay (HR SaaS), Paps (B2B logistics), POZI (fleet management). The pattern is companies selling to businesses with measurable ROI, not consumer apps chasing viral adoption.
5. **Leverage the Francophone network effect.** If you are in one Francophone market, Saviu can help you expand across the CFA zone. Their portfolio companies operate across Cote d'Ivoire, Senegal, Cameroon, Benin, Togo, Burkina Faso, Mali, and Gabon, and shared currency and regulatory frameworks make expansion more straightforward than crossing language lines.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- Both co-founders (Benoit Delestre and Samuel Touboul) have given multiple detailed interviews to TechCrunch, Disrupt Africa, Jeune Afrique, and Francophone African media that articulate the anti-unicorn thesis, the "Why, What, How" evaluation framework, and why an 80% success rate target drives their portfolio construction. The fund has four exits in two years, which is rare among African VCs and gives founders clear pattern-matching material.
> **Start here:** Read [Samuel Touboul on Saviu's anti-unicorn thesis (Disrupt Africa)](https://disruptafrica.com/meet-the-investor/samuel-touboul-saviu-ventures/) (Touboul explains: "We don't want to target unicorns because we are not interested in businesses that insist on burning cash" and why targeting 5x returns with 80% success rate beats the spray-and-pray model), then read [Saviu Ventures Fund II close (TechCrunch)](https://techcrunch.com/saviu-ventures-fund-ii/) (the EUR 25M second close, Proparco and AfDB as LPs, and why Francophone Africa remains the core geography). Those two resources show you why Saviu evaluates companies through a profitability-first lens and why the anti-unicorn thesis produces exits faster than growth-at-all-costs funds.
### How Saviu Ventures' portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Anti-unicorn thesis** | Touboul: "We don't want to target unicorns because we are not interested in businesses that insist on burning cash." Target: 5x returns with 80% success rate versus the industry standard of ~30%. Delestre: "If I have ten investments, I would like to have maybe eight to lose two." | This fund does not want to hear a pitch about becoming a unicorn. They want to hear about unit economics, path to profitability, and sustainable growth. If your business model depends on burning through multiple rounds of venture capital before generating profit, Saviu is not the right fit. |
| **Francophone Africa specialist** | 75-82% of portfolio deployed in Francophone Africa. HQ in Abidjan with team in Dakar and Paris. Licensed by Mauritius FSC. CFA franc stability is part of the thesis, as it reduces currency risk compared to naira or cedi-denominated markets. | If you are building in Francophone West Africa, Saviu is one of the deepest specialist funds in the market. The CFA franc stability thesis means the fund actively prefers WAEMU and CEMAC markets over volatile-currency geographies. Lead with your Francophone market position. |
| **Founder-operators running a fund** | Delestre has two fintech exits as an entrepreneur. Touboul has a PhD from HEC and deep PE/VC background. The tagline is "by entrepreneurs, for entrepreneurs." Delestre: the team provides operational support in sales, finance, HR, and product because they have done it themselves. | The founding team will evaluate you as operators, not just as financiers. They will probe your operational decisions, your hiring, your sales process. Come prepared to discuss the "how" of building, not just the "what" of the opportunity. |
| **Stage and cheque** | Fund I: EUR 10M, 12 companies, fully deployed. Fund II: EUR 25M at second close, targeting EUR 30-50M. Cheque size EUR 500K-3M. Seed to Series A. | The cheque sizes are right for Francophone African companies at seed and early Series A. With a concentrated portfolio of ~12-15 companies per fund, each investment gets significant partner attention and operational support. |
| **Exit track record** | Four exits in two years from Fund I: Lapaire sold to Creadev (multi-bagger), Kamtar to Logidoo, ICT4Dev, plus one unnamed. This is among the strongest early exit records in African VC. | The exit track record is the proof that the anti-unicorn thesis works. In your pitch, show the team how your company could be acquired within 3-5 years. Identify potential acquirers and explain why your business would be attractive to them. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Samuel Touboul** (Co-Founder, GP) | The anti-unicorn thesis, the "Why, What, How" evaluation framework (founder motivation first, then product, then execution), and why an 80% success rate target matters. PhD from HEC Paris, deep PE/VC background. | [Disrupt Africa: Meet the Investor](https://disruptafrica.com/meet-the-investor/samuel-touboul-saviu-ventures/) |
| **Benoit Delestre** (Co-Founder, GP) | The operator perspective: what it means to build in Francophone Africa, why CFA franc markets offer structural advantages, and how the team provides hands-on operational support. Two fintech exits as an entrepreneur before founding Saviu. | [Saviu Ventures website](https://saviu.ventures/) |
### Learn from the Saviu portfolio
| Resource | Why it matters |
|----------|---------------|
| [Julaya raises for B2B payments in Francophone Africa](https://disruptafrica.com/julaya/) | Shows Saviu's sweet spot: a B2B fintech solving real payment infrastructure problems in WAEMU markets. Julaya processes business payments across Francophone West Africa, which is exactly the kind of essential infrastructure play the fund backs. |
| [Lapaire exit to Creadev](https://disruptafrica.com/lapaire/) | The fund's headline exit: an affordable eyecare company acquired by a strategic buyer. Demonstrates the anti-unicorn thesis in action: build a profitable business that solves a real problem, and the exit comes naturally. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Long courtship model** | Saviu follows founders for months or even years before investing. The team prefers to build relationships over time rather than evaluate cold pitches. Start engaging early, even if you are not ready to raise. |
| **Abidjan and Dakar ecosystem** | The team is deeply embedded in the Francophone West African startup ecosystem. Attending events in Abidjan, Dakar, and the broader WAEMU region creates natural touchpoints. |
| **Portfolio founder network** | Julaya, Anka, Lapaire, Kamtar, Waspito, Rubyx, Paps, and Workpay founders can provide warm introductions. The portfolio is tight-knit and the team actively sources through referrals. |
| **DFI network** | Proparco (EUR 6M), DGGF, Triple Jump, AXIAN Investment, and the AfDB ($7.6M) are all LPs. Connections through these institutions create warm pathways. |
### What you can't find
The detailed "Why, What, How" evaluation framework beyond what Touboul has shared in interviews is not published. Individual cheque sizes for specific portfolio investments are mostly undisclosed. Fund I return metrics (IRR, DPI, TVPI) beyond the exit announcements are not publicly available. The specific criteria for the long courtship model and what triggers the decision to invest after following a founder are not documented.
---
## Pitch Format
Submit via the contact form or email with a pitch deck covering your business model, market opportunity, financial projections (actuals, not just forecasts), and team background. Given the fund's focus on sustainable growth, include a clear slide on unit economics and path to profitability. If you are in Francophone Africa, your deck can be in French or English, though the team operates comfortably in both.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Julaya | Cote d'Ivoire | B2B neobank with virtual accounts, batch mobile money, and wire transfers | Pre-Series A ($2M + $5M extension) | 2020-2022 |
| Anka (fka Afrikrea) | Cote d'Ivoire | Shopify-style e-commerce SaaS for African sellers | Seed (exited; IFC invested $3.4M) | 2019 |
| WorkPay | Kenya | HR, payroll, and benefits management SaaS (Y Combinator alumnus) | Pre-Series A ($2.7M) | 2023 |
| Paps | Senegal | End-to-end logistics platform for businesses | Series A ($4.5M) | 2019/2022 |
| Lapaire | Cote d'Ivoire | Affordable prescription eyewear across 90+ branches in 6 countries | Seed (exited to Creadev, multi-bagger return) | 2019/2025 |
| Waspito | Cameroon | Online consultations and at-home lab services | Seed | 2023 |
| Talent2Africa | Cote d'Ivoire | Recruitment platform for African corporates and diaspora talent | Seed ($1M) | 2019 |
| Zanifu | Kenya | Inventory financing for small retailers | Seed | 2019 |
| Wallets Africa | Nigeria | B2C neobanking | Seed | 2019-2020 |
| Oze | Ghana | Digital bookkeeping and loans for MSMEs | Early Stage | 2024 |
| Djoli | Cote d'Ivoire | B2B procurement connecting restaurants with local producers | Seed (~$250K) | 2023 |
| Tajiri | Cote d'Ivoire | ERP and mobile app for restaurant operations | Seed ($250K) | 2023 |
| POZI | Gabon | Real-time vehicle tracking and fleet management | Seed (EUR 650K) | 2025 |
| JOBO | Cote d'Ivoire | On-demand staffing platform for temporary and blue-collar workers | Early Stage | 2024 |
| Waribei | Cote d'Ivoire | B2B inventory financing and deferred payments | Pre-Seed (EUR 750K) | 2024 |
| Doo! | Cote d'Ivoire | Service aggregation and payment for mobile money agents | Early Stage | 2024 |
| Userguest | Morocco | Revenue marketing automation for hotels | Seed | 2024 |
| FCB.ai | South Africa | AI-powered customer onboarding optimization | Seed | 2019-2020 |
| Resolute | South Africa | Coding and robotics learning platform | Early Stage | 2024 |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Benoit Delestre | Co-Founder and Managing Partner | [LinkedIn](https://www.linkedin.com/in/benoitdelestre/) | @BenoitDelestre |
| Samuel Touboul | Managing Partner | [LinkedIn](https://www.linkedin.com/in/samueltouboul/) | @Samuel_Touboul |
| Arthur Thuet | Co-Founder, Investment Committee | -- | -- |
| Cynthia Mandjek | Principal | [LinkedIn](https://www.linkedin.com/in/cynthia-mandjek-7b93a2a8/) | -- |
| Papa Mady Sidibe | Head of Portfolio | [LinkedIn](https://www.linkedin.com/in/papa-mady-sidibe-652173b2/) | -- |
| Cecilia Truchi | Portfolio Manager (Abidjan) | [LinkedIn](https://www.linkedin.com/in/ceciliatruchi/) | -- |
---
## Cross-References
- **Track your fundraising metrics** -> [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** -> [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** -> [Fund Directory](/founder-stack/funds)
---
## Sources
- [AfDB: EUR 6.5M Approval for Saviu II](https://www.afdb.org/en/news-and-events/press-releases/african-development-bank-group-approves-eu65-million-investment-saviu-ii-fund-support-technology-start-ups-francophone-west-and-central-africa-91234)
- [TechCrunch: Saviu Closes Second Fund](https://techcrunch.com/2023/11/24/saviu-second-fund/) (Nov 2023)
- [LaunchBase Africa: Saviu Raises EUR 25M Second Close](https://launchbaseafrica.com/2025/02/05/seed-to-series-a-focus-saviu-ventures-raises-25m-for-francophone-africa/) (Feb 2025)
- [LaunchBase Africa: Lapaire Exit Multi-Bagger Return](https://launchbaseafrica.com/2025/01/30/early-stage-investor-saviu-reports-multi-bagger-return-on-lapaire-investment-after-exit/) (Jan 2025)
- [Proparco: Saviu II Second Closing](https://www.proparco.fr/en/actualites/proparco-supports-second-closing-saviu-ii-fund-alongside-triple-jump-and-axian-group)
- [Techpoint Africa: Saviu Exits Strategy](https://techpoint.africa/insight/saviu-ventures-startup-exits-francophone-africa/)
- [Disrupt Africa: Arthur Thuet Interview](https://disruptafrica.com/2019/10/17/meet-the-investor-arthur-thuet-saviu-ventures/) (Oct 2019)
- [Saviu Ventures Portfolio](https://www.saviu.vc/portfolio)
- [Saviu Ventures Team](https://www.saviu.vc/team)
- [VC4A: Saviu Ventures Profile](https://vc4a.com/saviu-ventures/)
---
---
name: Sawari Ventures
slug: sawari-ventures
buildTypes: ["Lending-credit", "Edtech", "Hardware-DePIN", "Mobility", "Security-privacy"]
thesis: >-
We believe the best way to tackle these transformations is to pair the best
talent with smart capital.
website: 'https://sawariventures.com/'
apply: 'mailto:Support@sawariventures.com'
region: North Africa and Pan-African
hq: 'Cairo, with team in Tunis'
sectors:
- Sector-agnostic
stage:
- Seed
- Series A
- Series B+
chequeMin: 1000000
chequeMax: 10000000
chequeDisplay: $1M -- $10M+ (varies by stage and fund)
format: Hybrid
admissions: Rolling
africaFocus: >-
Yes -- North Africa primary (Egypt, Tunisia, Morocco), expanding East and West
Africa
status: active
tier: '1'
lastVerified: '2026-07-27'
edgeRating: edge-rich
edgeResources:
- name: Ahmed El Alfi interview
category: decision-maker-reveal
score: 4
description: >-
The macro thesis on North African tech, why the talent-to-capital ratio
creates opportunity, and the vision for the three-layer ecosystem.
Egyptian-Am...
link: 'https://www.forbesmiddleeast.com/ahmed-el-alfi/'
- name: Hany Al-Sonbaty interview
category: decision-maker-reveal
score: 4
description: >-
The investment process, growth-stage evaluation criteria, and LP
relationships. Imperial College London. Pioneered institutional VC in MENA
via Ideave...
link: 'https://sawariventures.com/'
- name: Wael Amin interview
category: decision-maker-reveal
score: 4
description: >-
What the team looks for operationally and what kills a deal. ITWorx
co-founder. Amin: "I look for companies that understand what their key to
success ...
link: 'https://www.wamda.com/wael-amin-sawari-ventures/'
- name: blnk raises $32M for BNPL in Egypt
category: practice-artifact
score: 4
description: >-
Shows Sawari's ability to back companies that scale rapidly in the
Egyptian market. blnk built buy-now-pay-later infrastructure for Egypt's
consumer e...
link: 'https://techcrunch.com/blnk-egypt/'
- name: Si-Ware raises $9M for semiconductor tech
category: practice-artifact
score: 4
description: >-
Demonstrates the unusual deeptech tilt: a semiconductor company building
spectrometers-on-a-chip. Most African VCs would not touch hardware or
deeptec...
link: 'https://disruptafrica.com/si-ware/'
- name: Flat6Labs pipeline
category: pipeline-pathway
score: 3
description: >-
MENA's most active seed accelerator and the strongest feeder into Sawari's
growth-stage fund. If you are pre-Series A, apply to Flat6Labs first.
Gradu...
- name: Direct contact
category: pipeline-pathway
score: 3
description: >-
Email support@sawariventures.com with your pitch deck. No formal
application portal, but the team responds to inbound submissions. Warm
introductions ...
- name: The GrEEK Campus community
category: pipeline-pathway
score: 3
description: >-
The 269K sq ft physical hub in Cairo hosts events, workshops, and the
broader Egyptian startup community. Engaging with the Campus ecosystem
creates n...
- name: DFI and LP network
category: pipeline-pathway
score: 3
description: >-
EIB, BII, Proparco, and the Dutch Good Growth Fund are all LPs. Egyptian
state banks (NBE, Banque Misr, Banque du Caire) are also LPs. Connections
thr...
- name: Bpifrance MoU corridor
category: pipeline-pathway
score: 3
description: >-
A formal MoU with Bpifrance creates a Europe-Africa corridor. If you have
connections to the French public investment ecosystem, that pathway is
avail...
portfolioSectorSplit:
Fintech: 26
Logistics: 11
Infrastructure: 11
Healthtech: 11
Edtech: 5
E-commerce: 21
AI-ML: 10
SaaS: 5
portfolioModelSplit:
Transaction/Marketplace: 37
Enterprise contracts/Licensing: 21
Hardware/Devices: 11
Subscription/SaaS: 26
Direct sales/Commerce: 5
portfolioGeographySplit:
Egypt: 86
Egypt/Kenya: 5
Tunisia: 9
portfolioTotalCount: 21
portfolioClassifiedCount: 19
portfolioUnclassifiedCount: 2
logo: "/funds/sawari-ventures.png"
---
## Overview
Sawari Ventures is one of Egypt's most established venture capital firms, founded in 2010 by Ahmed El Alfi, a serial entrepreneur and investor who has spent decades bridging the US and Egyptian tech ecosystems. The firm manages approximately $70 million across its first fund (structured as dual vehicles: a North Africa Fund incorporated in the Netherlands and an Egypt Fund incorporated locally), and is raising a second fund targeting $200 million with plans to expand beyond North Africa into Kenya and West Africa.
The portfolio spans 19 companies and two seed-stage vehicles (Flat6Labs Cairo and Flat6Labs Tunis), with notable exits including KNGINE (acquired by Samsung in 2018), Instabug (bug-reporting platform serving 25,000+ companies), and Fatura (B2B marketplace, exited 2022). The current portfolio includes MoneyFellows (digital money circles), SWVL (mass transit, NASDAQ-listed), blnk (buy-now-pay-later), Si-Ware (semiconductor lab-on-a-chip), Pearl (fabless semiconductor), and Proteinea (biotech and protein engineering), which shows the firm's willingness to back deep tech alongside consumer fintech.
What makes Sawari distinctive is the deep tech conviction. While most Africa-focused VCs cluster around fintech and B2B SaaS, Sawari has consistently backed hardware, semiconductor, and biotech companies that require longer time horizons and specialized technical diligence. Ahmed El Alfi co-founded Si-Ware Systems, a semiconductor company that developed the world's first single-chip MEMS spectrometer, so the team's deep tech expertise is not theoretical.
The firm also partnered with Bpifrance (France's largest VC) to facilitate capital exchange between France, Africa, and the Middle East, which gives portfolio companies access to European corporate and institutional networks. Fund II targets $200 million with plans to allocate roughly 70% to Egypt and the remainder across Tunisia, Morocco, Kenya, and West Africa, signaling a significant geographic expansion.
---
## How to Get In
Email your pitch deck to Support@sawariventures.com. The team reviews inbound submissions on a rolling basis and will reach out if there is a fit.
Warm introductions through portfolio founders carry real weight. MoneyFellows, SWVL, blnk, Si-Ware, Docspert, and ExpandCart are all in the network, and introductions from their founders signal credibility. The Flat6Labs connection is also a natural pipeline: if you are a very early-stage founder, going through Flat6Labs Cairo or Flat6Labs Tunis first gives you a direct relationship with the Sawari team before you raise your Series A.
Ahmed El Alfi is one of the most prominent figures in the Egyptian tech ecosystem, and he is accessible through LinkedIn and at events like RiseUp Summit, AVCA, and MENA tech conferences. Hany Al Sonbaty (Managing Partner) runs the day-to-day investment operations and is the primary contact for deal evaluation.
If you are building outside Egypt, particularly in Tunisia, Morocco, Kenya, or West Africa, the Fund II expansion makes Sawari relevant even if the firm was historically Egypt-focused. Anta Ndiaye (Principal) and Fatima-Zahra Bennani (Principal) bring Francophone African and Moroccan networks respectively, which reflects the geographic expansion.
---
## Best Advice
1. **If you are building deep tech, this is your fund.** Sawari is one of the very few Africa-focused VCs that genuinely understands hardware, semiconductors, and biotech. Si-Ware, Pearl, and Proteinea are all in the portfolio, and Ahmed El Alfi's own background in semiconductor entrepreneurship means the team can evaluate technical risk in ways that most generalist VCs cannot. If your company requires specialized technical diligence, lead with the technology.
2. **Show you can build from Egypt to the world.** SWVL expanded from Cairo to 135 cities in 20 countries. Instabug serves 25,000+ companies globally. The team wants to see founders who can start in the MENA region and scale internationally, not just optimize for the local market.
3. **Use the Flat6Labs pipeline if you are very early.** Sawari invested in Flat6Labs Cairo and Flat6Labs Tunis as seed vehicles. If you are pre-revenue or pre-product, starting with a Flat6Labs program gives you a warm path to Sawari for your Series A, and it shows the team your trajectory from inside the portfolio.
4. **Come prepared with real metrics, not just a vision.** Sawari backs companies at seed through Series B, but even at the earlier end they want to see traction. MoneyFellows had hundreds of thousands of users, blnk had merchant partnerships, and ExpandCart had paying customers across the region. Show them what you have built, not just what you plan to build.
5. **Think about ESG and responsible investment.** Jennifer Schoeberlein serves as Partner for ESG and Impact, which means the firm has a structured approach to measuring social and environmental outcomes. If your company has a clear ESG story, whether that is financial inclusion, healthcare access, climate impact, or education, articulate it with data.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- Ahmed El Alfi (Chairman), Hany Al-Sonbaty (Managing Partner), and Wael Amin (Partner) have given extensive interviews to Wamda, TechCrunch, Disrupt Africa, and MENA tech media that articulate the "disproportionate talent to capital ratio" thesis, the knowledge-driven investment approach, and what the team passes on. The three-layer ecosystem stack (Sawari VC + Flat6Labs accelerator + The GrEEK Campus physical hub) is unique among African VCs and well-documented.
> **Start here:** Read [Wael Amin on what Sawari looks for (Wamda)](https://www.wamda.com/wael-amin-sawari-ventures/) (Amin explains: "What interests us is the underlying infrastructure -- payments, mobility, labor orchestration, safety, identity, data" and why "if the team sees fundraising as an end by itself, it's a big turn off"), then read [Sawari Ventures closes $71M Fund I (TechCrunch)](https://techcrunch.com/2021/04/15/sawari-ventures-closes-71m-fund/) (the dual fund structure, DFI-anchored LP base, and why the North Africa thesis centres on "knowledge-driven companies"). Those two resources show you how Sawari evaluates companies and why the ecosystem stack gives portfolio companies a structural advantage.
### How Sawari Ventures' portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Three-layer ecosystem** | Sawari Ventures (growth-stage VC, $71M Fund I) + Flat6Labs (MENA's most active seed accelerator) + The GrEEK Campus (269K sq ft physical hub in Cairo). This is the only African VC with a vertically integrated ecosystem from co-working space to seed accelerator to growth-stage fund. | If you are pre-Series A, start with Flat6Labs. If you are growth-stage (Series A/B), approach Sawari directly. The ecosystem means the team has seen thousands of companies at every stage, which makes their pattern recognition exceptionally sharp. Graduating from Flat6Labs is the strongest warm path into a Sawari investment. |
| **North Africa thesis** | Core conviction is a "disproportionate talent to capital ratio" in North Africa, particularly Egypt. Fund I deployed 90% into growth-stage companies (Series A/B) in North Africa. Fund II ($200M target) expands into Kenya and West Africa. | Egypt-based companies have a structural advantage with Fund I. Fund II's expansion means non-Egyptian companies will be considered, but the bar is higher for geographies outside the team's core expertise. If you are building in Kenya or West Africa and pitching Sawari, make a strong case for why this team specifically adds value. |
| **Knowledge-driven companies** | Amin: "What interests us is the underlying infrastructure -- payments, mobility, labor orchestration, safety, identity, data." The portfolio includes deeptech (Si-Ware for semiconductors, protein engineering), fintech (blnk, MoneyFellows), and edtech (Almentor). Unusual deeptech tilt for an African VC. | Sawari is not a typical African consumer fintech fund. They explicitly value companies with IP, proprietary technology, and defensible moats. If your competitive advantage is technology-driven rather than execution-driven, lead with the tech. If your company has patents, proprietary algorithms, or deep technical differentiation, highlight that prominently. |
| **Stage and cheque** | $2-3M median cheque size. 4-6 deals per year. 90% growth-stage (Series A/B). The team is highly selective with a small portfolio. | The low deal velocity means every investment gets significant partner attention. But it also means the bar is exceptionally high. Come with real revenue, proven unit economics, and a clear scaling plan. |
| **LP composition** | DFIs anchored Fund I at 58%: EIB (EUR 9.86M), BII/CDC ($12M), Proparco, Dutch Good Growth Fund. Egyptian institutional LPs: National Bank of Egypt, Banque Misr, Banque du Caire, Misr Insurance Group, Suez Canal Bank. | The dual LP structure (international DFIs + Egyptian state banks) means governance expectations are high. Have clean corporate structure, proper board composition, and ESG-ready reporting. The Egyptian bank LPs also serve as potential distribution partners for fintech portfolio companies. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Ahmed El Alfi** (Chairman) | The macro thesis on North African tech, why the talent-to-capital ratio creates opportunity, and the vision for the three-layer ecosystem. Egyptian-American, former Jefferies SVP. Forbes Middle East #1 VC (2024). | [Forbes ME profile](https://www.forbesmiddleeast.com/ahmed-el-alfi/) |
| **Hany Al-Sonbaty** (Managing Partner) | The investment process, growth-stage evaluation criteria, and LP relationships. Imperial College London. Pioneered institutional VC in MENA via Ideavelopers. | [Sawari Ventures: Team](https://sawariventures.com/) |
| **Wael Amin** (Partner) | What the team looks for operationally and what kills a deal. ITWorx co-founder. Amin: "I look for companies that understand what their key to success is and execute well on it." Red flag: "if the team sees fundraising as an end by itself." | [Wamda interview](https://www.wamda.com/wael-amin-sawari-ventures/) |
### Learn from the Sawari portfolio
| Resource | Why it matters |
|----------|---------------|
| [blnk raises $32M for BNPL in Egypt](https://techcrunch.com/blnk-egypt/) | Shows Sawari's ability to back companies that scale rapidly in the Egyptian market. blnk built buy-now-pay-later infrastructure for Egypt's consumer economy, which connects to the "underlying infrastructure" thesis Amin articulates. |
| [Si-Ware raises $9M for semiconductor tech](https://disruptafrica.com/si-ware/) | Demonstrates the unusual deeptech tilt: a semiconductor company building spectrometers-on-a-chip. Most African VCs would not touch hardware or deeptech, but Sawari's "knowledge-driven" thesis explicitly includes companies with proprietary technology and IP. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Flat6Labs pipeline** | MENA's most active seed accelerator and the strongest feeder into Sawari's growth-stage fund. If you are pre-Series A, apply to Flat6Labs first. Graduating from the programme creates a direct warm path into Sawari evaluation. |
| **Direct contact** | Email support@sawariventures.com with your pitch deck. No formal application portal, but the team responds to inbound submissions. Warm introductions are preferred. |
| **The GrEEK Campus community** | The 269K sq ft physical hub in Cairo hosts events, workshops, and the broader Egyptian startup community. Engaging with the Campus ecosystem creates natural touchpoints with the Sawari team. |
| **DFI and LP network** | EIB, BII, Proparco, and the Dutch Good Growth Fund are all LPs. Egyptian state banks (NBE, Banque Misr, Banque du Caire) are also LPs. Connections through any of these institutions create warm pathways. |
| **Bpifrance MoU corridor** | A formal MoU with Bpifrance creates a Europe-Africa corridor. If you have connections to the French public investment ecosystem, that pathway is available. |
### What you can't find
The detailed evaluation scoring rubric or diligence checklist is not published. Individual cheque sizes for most portfolio investments are undisclosed. Fund I return metrics (IRR, DPI, TVPI) are not publicly available beyond the exit announcements (KNGINE to Samsung, Fatura to Tanmeyah/EFG Hermes, SWVL Nasdaq listing). The specific criteria for Fund II's expansion into Kenya and West Africa are not documented. Founder testimonials or case studies are not published on the website.
---
## Pitch Format
Email your pitch deck (PDF preferred) to Support@sawariventures.com. Include your business model, market opportunity, traction metrics, team, and expansion strategy. The firm also accepts outreach through LinkedIn and Twitter (@sawariventures).
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| MoneyFellows | Egypt | Digital money circles (ROSCA) for financial inclusion | Pre-Series C ($13M) | 2025 |
| SWVL | Egypt/Kenya | Tech-enabled mass transit, NASDAQ-listed | Growth | -- |
| blnk | Egypt | Buy-now-pay-later for merchants | Series A | -- |
| Si-Ware | Egypt | Single-chip MEMS spectrometer (lab-on-a-chip) | Growth | -- |
| Pearl | Egypt | Fabless semiconductor, high-performance timing chips | Early stage | -- |
| Proteinea | Egypt | Biotech, protein engineering and AI | Early stage | -- |
| Docspert | Egypt | Telehealth connecting patients with international specialists | Early stage | -- |
| Axis | Egypt | Open-loop mobile wallet and payroll digitization | Early stage | -- |
| Kashier | Egypt | Digital payment acceptance platform | Early stage | -- |
| ADVA | Egypt | Installment-based services access (health, education) | Early stage | -- |
| Almentor | Egypt | E-learning video platform, 2M+ users across MENA | Growth | -- |
| ExpandCart | Egypt | Arabic e-commerce platform for merchants | Growth | -- |
| Goodsmart | Egypt | Grocery e-commerce, 30,000+ products | Early stage | -- |
| Brantu | Egypt | Fashion operating system, digitizing demand/supply chain | Early stage | -- |
| Fulfillment Bridge | Tunisia | Cross-border logistics and e-commerce fulfillment | Growth | -- |
| Elves | Egypt | AI-powered travel recommendations | Early stage | -- |
| Flat6Labs Cairo | Egypt | Seed-stage accelerator, 300+ portfolio companies | Vehicle | -- |
| Flat6Labs Tunis | Tunisia | Seed-stage accelerator | Vehicle | -- |
| Instabug | Egypt | Bug reporting and app performance (25,000+ companies) | Growth | Exited |
| KNGINE | Egypt | AI knowledge engine (acquired by Samsung) | Growth | Exited 2018 |
| Fatura | Egypt | B2B marketplace connecting suppliers and retailers | Series A | Exited 2022 |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Ahmed El Alfi | Partner and Chairman | [linkedin.com/in/ahmed-el-alfi-622a204b](https://www.linkedin.com/in/ahmed-el-alfi-622a204b/) | -- |
| Hany Al Sonbaty | Managing Partner | -- | -- |
| Ibrahim Ramadan | Partner | -- | -- |
| Wael Amin | Partner | -- | -- |
| Jennifer Schoeberlein | Partner, ESG and Impact | -- | -- |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Sawari Ventures Official Website](https://sawariventures.com/)
- [Sawari Ventures Portfolio](https://sawariventures.com/portfolio/)
- [Sawari Ventures Team](https://sawariventures.com/people/)
- [Launch Base Africa: Sawari Ventures targets West and East African startups in new $200M fund (October 2024)](https://launchbaseafrica.com/2024/10/22/egypts-sawari-ventures-targets-west-and-east-african-startups-in-new-200m-fund/)
- [Wamda: Sawari Ventures closes $71M fund (April 2021)](https://www.wamda.com/en/2021/04/sawari-ventures-closes-71-million-fund-egyptian-tech-startups)
- [Wamda: Sawari Ventures targets $200M for second fund (October 2024)](https://www.wamda.com/2024/10/sawari-ventures-targets-raising-200-million-second-fund)
---
---
name: Secha Capital
slug: secha-capital
buildTypes: ["Climate-energy", "Agritech", "Hardware-DePIN"]
thesis: >-
Deploying execution capital -- combining growth funding with embedded
operational expertise -- into high-growth South African SMEs across essential
sectors of the real economy.
website: 'https://www.sechacapital.com/'
apply: Via the website or direct outreach to the team
region: South Africa
hq: Johannesburg
sectors:
- Sector-agnostic
stage:
- Growth
chequeMin: 2000000
chequeMax: 5000000
chequeDisplay: $2M -- $5M
format: Hybrid (capital + embedded operators)
admissions: Rolling
africaFocus: 'Yes -- South Africa (primary), Southern Africa'
status: active
tier: '3'
lastVerified: '2026-07-24'
portfolioSectorSplit:
Infrastructure: 33
Agritech: 33
Consumer: 17
Climate: 17
portfolioModelSplit:
Hardware/Devices: 50
Direct sales/Commerce: 33
Enterprise contracts/Licensing: 17
portfolioGeographySplit:
South Africa: 100
portfolioTotalCount: 6
portfolioClassifiedCount: 6
portfolioUnclassifiedCount: 0
---
## Overview
Secha Capital is a Johannesburg-based impact investment firm founded in 2017 by Nombuso Nkambule, Brendan Mullen, and Rushil Vallabh, built around a distinctive "operator-investor" model that combines growth capital with embedded operational professionals who work inside portfolio companies on sales, operations, and strategy. Fund I closed at approximately R300 million (~$15.8 million) backed by the SA SME Fund, RMB Ventures, 27four Investment Managers, and Caleo Capital. Fund II (Secha Capital Impact Fund II) targets R650 million (~$40 million) with its first close of R300 million (~$18 million) announced in September 2023, and a second close in April 2026 that brought in E Squared Investments (founded within the Allan Gray ecosystem) as a new strategic partner.
The portfolio spans essential sectors of South Africa's real economy: iG3N (battery energy storage systems for residential, commercial, industrial, and grid-scale applications), Cultura Fresh (hydroponic controlled-environment farming producing year-round lettuce), Herbivore (plant-based food, co-invested with Tiger Brands), Barracuda (electronics manufacturing), Plentify (energy optimisation), and FarmTrace (agricultural supply chain technology). The firm has created over 1,000 jobs across its portfolio and continues to target what it calls the "missing middle" in South Africa's SME ecosystem, where businesses need both capital and operational capacity to scale. The evolved model now includes a Chief Executive Operator-Investor (CEOI) track, providing a structured career path for experienced executives to transition into C-suite leadership roles within portfolio companies.
---
## How to Get In
Reach out through the website. Secha Capital targets high-growth SMEs in essential sectors (agriculture, manufacturing, energy, consumer goods) that have moved past the early startup phase and need both capital and operational support to scale. The operator-investor model means the team evaluates whether your business can absorb embedded operational professionals alongside capital, so your company needs to be at a stage where dedicated sales, operations, or strategy support would accelerate growth. The E Squared partnership and SA SME Fund backing signal a mandate focused on job creation and economic development, so your impact thesis should centre on employment and productive economic activity rather than pure technology metrics.
---
## Best Advice
1. **The operator-investor model is the differentiator, not just a label.** Secha Capital doesn't write a cheque and wait for quarterly reports. The firm embeds skilled professionals directly into portfolio companies to drive sales, operations, and strategy execution. If your business needs hands-on operational support alongside capital, this is what the model is designed for. If you want a passive investor, this isn't the right fit.
2. **Essential sectors of the real economy are the target zone.** Agriculture, manufacturing, energy, and consumer goods: Secha Capital invests in businesses that form the backbone of South Africa's productive economy. The portfolio reflects this conviction with battery storage (iG3N), hydroponic farming (Cultura Fresh), electronics manufacturing (Barracuda), and plant-based food (Herbivore). If your company operates in one of these sectors and has reached a growth inflection point, you're in scope.
3. **The E Squared partnership opens the Allan Gray ecosystem.** E Squared Investments joined as a strategic partner in 2026, which connects Secha Capital's portfolio companies to the broader Allan Gray institutional network (20+ years of entrepreneurship development infrastructure). This partnership signals that the firm is building institutional credibility beyond its original LP base, and portfolio companies benefit from both networks.
4. **Job creation is the core impact metric.** With over 1,000 jobs created across its portfolio, Secha Capital measures success through employment generation in South Africa's constrained economy. Your pitch should quantify how additional capital and operational support translate into jobs, not just revenue growth. The SA SME Fund and E Squared both back this mandate specifically because it addresses South Africa's unemployment crisis.
---
## Pitch Format
Reach out through the website with a pitch covering your business model, operating history, market position, team, growth plan, and where embedded operational support would accelerate your trajectory. Be prepared to discuss how your business contributes to South Africa's real economy and job creation.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| iG3N | South Africa | Battery energy storage systems |
| Cultura Fresh | South Africa | Hydroponic controlled-environment farming |
| Herbivore | South Africa | Plant-based food products |
| Barracuda | South Africa | Electronics manufacturing |
| Plentify | South Africa | Energy optimisation technology |
| FarmTrace | South Africa | Agricultural supply chain technology |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Nombuso Nkambule | Co-founder | — | — |
| Brendan Mullen | Co-founder | — | — |
| Rushil Vallabh | Co-founder | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Secha Capital official website](https://www.sechacapital.com/)
- [SA VC firm Secha Capital announces $15.7m first close of $34m second fund -- Disrupt Africa](https://disruptafrica.com/2023/09/29/sa-vc-firm-secha-capital-announces-15-7m-first-close-of-34m-second-fund/)
- [SA's Secha Capital reaches 2nd close of $40m growth fund -- Disrupt Africa](https://disruptafrica.com/2026/04/29/sas-secha-capital-reaches-2nd-close-of-40m-growth-fund/)
- [Secha Capital invests in a pair of green businesses in South Africa -- ImpactAlpha](https://impactalpha.com/secha-capital-invests-in-a-pair-of-green-businesses-in-south-africa/)
- [New Secha Capital fund looks to close SA's SME growth gap -- BizCommunity](https://www.bizcommunity.com/article/new-secha-capital-fund-looks-to-close-sas-sme-growth-gap-514040a)
---
---
name: Seed Club Ventures
slug: seed-club-ventures
buildTypes: ["Consumer-social", "Dev-tooling", "RWA-tokenization"]
thesis: 'Backs early-stage founders building at the intersection of web3 and community, toward a community-owned internet. A DAO-structured vehicle of 60-plus investors drawn from the Seed Club network.'
website: 'https://www.seedclub.ventures'
apply: 'No public form. Reach the fund through the Seed Club community (Guild.xyz-gated Discord) or by DM on X to @seedclubvc; a member of the 60-plus investor DAO sponsoring you internally is the realistic path in.'
region: 'Global'
hq: 'Not disclosed'
sectors:
- Consumer
- Developer-Tooling
- RWA
stage:
- Pre-Seed
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed'
chains:
- Chain-agnostic
- Ethereum
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '3'
lastVerified: '2026-09-09'
edgeRating: edge-sparse
edgeResources:
- name: Seed Club community and Discord
category: pipeline-pathway
score: 4
description: >-
The ventures arm is explicitly downstream of the Seed Club community
(accessible through Guild.xyz). Visibility inside that community, not a
cold application, is the stated path to a champion among the 60-plus
investor DAO.
link: 'https://discord.gg/guildxyz'
- name: Seed Club Ventures portfolio
category: portfolio-pattern
score: 3
description: >-
Six named companies (Guild.xyz, Cabin, Coordinape, Metalabel, Molecule,
Stability.AI) show a clear community- and creator-tooling pattern, not
a DeFi one.
link: 'https://www.seedclub.ventures'
- name: '"Community-owned internet" framing'
category: pattern-trainer
score: 3
description: >-
The thesis names token-enabled coordination and community ownership as
the filter. A product with no community or governance layer is likely
a miss regardless of other merits.
- name: 60+ member DAO structure
category: decision-maker-reveal
score: 3
description: >-
Unlike a two- or three-partner fund, Seed Club Ventures decisions run
through a wide investor base. Finding the one member whose own
portfolio overlaps yours is more useful than reaching a generic inbox.
link: 'https://twitter.com/seedclubvc'
portfolioSectorSplit:
Developer-Tooling: 40
Consumer: 40
RWA: 20
portfolioChainSplit:
Chain-agnostic: 60
Ethereum: 40
portfolioTotalCount: 6
portfolioClassifiedCount: 5
portfolioUnclassifiedCount: 1
---
> **How to use this page:** Seed Club Ventures is a community-sourced fund with no public application form, so the honest path in runs through the Seed Club Discord and X presence rather than a deck submission. If your product has a community, DAO or creator-coordination layer, that is the actual filter; a pure DeFi or infrastructure pitch is a weaker fit here than at most funds in this directory.
---
## A. Header Block
- **Fund name:** Seed Club Ventures
- **One-line thesis:** "Backing early-stage founders building at the intersection of web3 and community" toward "a community-owned internet."
- **Website:** [seedclub.ventures](https://www.seedclub.ventures)
- **CTA:** [Join the Seed Club community](https://discord.gg/guildxyz)
| Tag | Detail |
|-----|--------|
| Region | Global |
| Format | Direct outreach (community-sourced, no public form) |
| Sectors | Consumer and creator tooling, developer tooling, RWA/DeSci |
| Stage | Pre-Seed, Seed |
| Cheque Size | Not disclosed |
| Admissions | Rolling |
---
## C. Overview
Seed Club Ventures is the investment arm attached to Seed Club, which describes itself as the leading network for builders at the intersection of crypto, culture and community. The fund is structured as a DAO of more than 60 investors, "leading innovators and investors in crypto" per its own description, rather than a conventional two- or three-partner shop.
The stated thesis is narrower than most generalist crypto funds: back founders building community-owned products, where token-enabled coordination is a feature rather than an afterthought. The portfolio matches that framing. Guild.xyz is community-gating infrastructure, Coordinape is DAO compensation tooling, Metalabel is a creator-release platform, Cabin is a community/co-living network, and Molecule works on decentralized science funding, which touches RWA-adjacent tokenization of research assets. Stability.AI, also named as a portfolio company, sits outside crypto entirely.
Because the fund has no public intake form, its practical operating model depends on the Seed Club community itself: founders visible in the Discord, at Seed Club events, or already known to a DAO member get seen. The fund states it offers portfolio companies insight on community and DAO problems, product guidance, partnership advice and user-acquisition strategy, drawing on the wider Seed Club alumni network rather than a single GP's rolodex.
**Key stats:**
- DAO-structured fund with 60+ member investors
- Six named portfolio companies, spanning community tooling, creator tools and DeSci
- No public cheque size or application form disclosed
- Downstream of the Seed Club community and Guild.xyz-gated Discord
---
## D. Key Partners
Individual named partners were not confirmed on the fund's own site in this session; Seed Club Ventures presents itself as a 60-plus member investor DAO rather than naming individual general partners publicly.
| Contact point | Detail |
|---------|------|
| X (fund) | [@seedclubvc](https://twitter.com/seedclubvc) |
| X (Seed Club community) | [@seedclubhq](https://twitter.com/seedclubhq) |
| Discord | [Guild.xyz-gated community](https://discord.gg/guildxyz) |
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Understand there is no form
There is no public pitch portal or contact form on seedclub.ventures. The fund is downstream of the Seed Club community, so building visibility inside that community is the actual first step, not a substitute for one.
#### Step 2: Join the community before you pitch
Join the Guild.xyz-gated Discord and show up. Seed Club runs events and has an active builder community; participating there for weeks before you ask for anything is normal in this fund's world, not wasted time.
#### Step 3: Find your champion
With 60-plus investors in the DAO, look for the specific member whose own portfolio or writing overlaps your product (community tooling, DAO infrastructure, creator platforms). A generic pitch to @seedclubvc is weaker than a specific ask to a member who already understands your category.
#### Step 4: Frame the pitch around community ownership
State explicitly how your product distributes ownership, governance or upside to its community, and what role a token or coordination mechanism plays. This is the filter the thesis names directly.
#### Step 5: Terms
Cheque size and typical round structure are not publicly disclosed. Given the fund's DAO structure and small named portfolio, expect a modest, likely non-lead cheque alongside other seed investors.
**Tips that matter here:**
- Guild.xyz, Coordinape and Metalabel are the clearest on-thesis comparables; use one as your reference point.
- Pure DeFi, pure infrastructure, or products with no community/governance angle are the weakest fit for this fund specifically, even if strong on other merits.
- Seed Club's own alumni network is presented as part of the value; be ready to say what community-building help you actually want.
---
## F. Best Advice from Founders
Founder-sourced advice specific to Seed Club Ventures was not found and verified in this session. Given the absence of a public form, the most reliable available guidance is structural: visibility inside the Seed Club community substitutes for an application process here.
---
## Contextual Edge
**Preparation rating:** Edge-sparse. Thesis and a short portfolio list are public, but there is no team page, no cheque range, no HQ, and no application form. The fund's actual operating mechanism (a 60-plus member DAO sourcing through a community) is unusually opaque to an outside founder compared to a normal fund site.
> **Start here:** Join the [Seed Club Discord](https://discord.gg/guildxyz) and spend time there before reaching for the X handle. This fund rewards presence in its community more than a cold pitch.
### How Seed Club Ventures' portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Community and creator tooling first** | Guild.xyz, Coordinape and Cabin are community-coordination infrastructure; Metalabel is creator-release tooling. Together these make up the largest share of the classified portfolio. | Products that give communities coordination or ownership tools are the clearest fit. |
| **DeSci and RWA-adjacent bets exist** | Molecule funds decentralized science, tokenizing research assets. | Research funding and IP-tokenization products are on-thesis, not an outlier. |
| **Not exclusively crypto** | Stability.AI, an AI company, is also named as a portfolio company. | The fund will follow interesting builders outside strict crypto boundaries when the community angle is strong. |
| **Ethereum-adjacent where chain-specific** | Metalabel and Molecule operate on Ethereum; the rest of the classified portfolio is chain-agnostic community tooling. | Chain choice is secondary to the community/coordination thesis. |
### Watch the people who decide
Named individual partners were not found on the public site; the fund identifies itself as a 60-plus member investor DAO. The most useful signal available is the Seed Club community itself.
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **@seedclubvc** | The fund's own public voice and portfolio announcements. | [twitter.com/seedclubvc](https://twitter.com/seedclubvc) |
| **@seedclubhq** | The broader Seed Club community account, the actual sourcing pipeline. | [twitter.com/seedclubhq](https://twitter.com/seedclubhq) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Seed Club Discord (via Guild.xyz)** | The community itself; presence here is the de facto application. |
| **DAO member sponsorship** | One of 60-plus investors championing you internally is described as the mechanism that moves a deal forward. |
| **Seed Club events** | The community runs events; showing up is a low-cost way to become known before pitching. |
### What you can't find
No cheque size, no individual GP names, no HQ location, no fund size, and no application form are published. This is one of the least documented funds in this directory relative to its portfolio; treat every number here as approximate and confirm directly through the community before relying on it.
---
## G. Pitch Format Seed Club Ventures Expects
- No standard deck format is published; community-building conversation appears to precede any formal pitch
- A clear statement of how your product distributes ownership, governance or upside to a community
- Comparable framing to an existing portfolio company (Guild.xyz, Coordinape, Metalabel, Cabin, Molecule)
- Willingness to engage inside the Seed Club Discord before asking for a meeting
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
All six companies named on [seedclub.ventures](https://www.seedclub.ventures). Sector and chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Guild.xyz | Community access and role management tooling | Developer-Tooling | Chain-agnostic |
| Coordinape | DAO compensation and contribution tooling | Developer-Tooling | Chain-agnostic |
| Cabin | Community and co-living network | Consumer | Chain-agnostic |
| Metalabel | Creator-release and publishing platform | Consumer | Ethereum |
| Molecule | Decentralized science funding and IP tokenization | RWA | Ethereum |
| Stability.AI | AI image and media models (non-crypto) | Not classified (outside web3 taxonomy) | Not applicable |
---
## I. Ecosystem Connections
- **Ethereum:** Metalabel and Molecule are the two chain-confirmed portfolio companies, both on Ethereum.
- **Chain-agnostic community infrastructure:** Guild.xyz, Coordinape and Cabin serve communities across chains rather than committing to one.
- **DAO tooling generally:** the fund's own structure as a 60-plus investor DAO mirrors the DAO-coordination products it backs.
- **Hackathons:** no formal tie found; community-building inside Seed Club's own Discord is the closer analogue to a hackathon credibility signal here.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Compare to Public Works**, another small, single-channel fund in this directory: [Public Works](/funds/public-works)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Seed Club Ventures homepage](https://www.seedclub.ventures)
- [Seed Club Ventures on X](https://twitter.com/seedclubvc)
- [Seed Club community on X](https://twitter.com/seedclubhq)
- [Guild.xyz Discord](https://discord.gg/guildxyz)
---
---
name: Seedstars Africa Ventures
slug: seedstars-africa
buildTypes: ["Payments-processing", "Agritech", "Mobility", "Lending-credit"]
thesis: >-
Investing in early-stage companies leveraging digital technologies to address
basic needs across Sub-Saharan Africa.
website: 'https://seedstars-africa.vc/'
apply: 'https://seedstars-africa.vc/'
region: Pan-African
hq: 'Zurich; fund offices in Nairobi, Dakar, Paris'
sectors:
- Sector-agnostic
stage:
- Seed
- Series A
- Series B+
chequeMin: 250000
chequeMax: 5000000
chequeDisplay: $250K - $2M initial; up to $5M follow-on per company
format: Remote (no accelerator program required)
admissions: Rolling
africaFocus: 'Yes, Sub-Saharan Africa with 30-50% allocated to Francophone Africa'
status: active
tier: '1'
lastVerified: '2026-07-27'
edgeRating: edge-moderate
edgeResources:
- name: Bruce Nsereko-Lule interview
category: decision-maker-reveal
score: 4
description: >-
The follow-on philosophy, East African market perspective, and operational
scaling. 11+ years in VC and investment banking, former Chandaria Capital.
...
link: 'https://disruptafrica.com/meet-the-investor/bruce-nsereko-lule-seedstars/'
- name: Maxime Bouan interview
category: decision-maker-reveal
score: 4
description: >-
Fund structure, LP relationships, and the Francophone Africa thesis. Based
in Paris with connections to French and European DFI networks.
link: 'https://www.seedstars.com/funds/africa-ventures/'
- name: Tamim El Zein interview
category: decision-maker-reveal
score: 4
description: >-
MENA and North Africa perspective. Complements the East and West Africa
coverage of the other partners.
link: 'https://www.seedstars.com/funds/africa-ventures/'
- name: Shamba Pride raises for agritech in Kenya
category: practice-artifact
score: 4
description: >-
Shows the fund's approach: co-leading a seed round and then providing
follow-on capital as the company scales. Shamba Pride connects smallholder
farme...
link: 'https://disruptafrica.com/shamba-pride/'
- name: Ampersand raises for electric mobility in Rwanda
category: practice-artifact
score: 4
description: >-
Demonstrates the fund's willingness to back capital-intensive
infrastructure plays in smaller markets. Ampersand is electrifying
motorcycle transport ...
link: 'https://techcrunch.com/ampersand-electric-motorcycles/'
- name: Direct application
category: pipeline-pathway
score: 3
description: >-
Contact the team through the Seedstars website or reach partners directly
on LinkedIn. The process moves quickly, with initial evaluation in 1-2
weeks...
- name: Seedstars platform
category: pipeline-pathway
score: 3
description: >-
The broader Seedstars ecosystem (competitions, bootcamps, community
events) provides touchpoints with the team even if you are not yet
investment-read...
- name: Reapplication welcome
category: pipeline-pathway
score: 3
description: >-
The team has publicly noted that companies which were initially passed on
have "come back stronger" and received investment. If you have been
rejected...
- name: DFI network
category: pipeline-pathway
score: 3
description: >-
EIB Global, AfDB, and LBO France are all LPs. Connections through European
and African development finance institutions create warm pathways.
- name: Technical Assistance facility
category: pipeline-pathway
score: 3
description: >-
An EU-funded Technical Assistance facility (separate from fund capital)
provides non-dilutive support to portfolio companies. This is an
additional va...
portfolioSectorSplit:
Infrastructure: 29
Fintech: 29
Agritech: 14
Climate: 28
portfolioModelSplit:
Enterprise contracts/Licensing: 29
Subscription/SaaS: 29
Transaction/Marketplace: 14
Direct sales/Commerce: 14
Hardware/Devices: 14
portfolioGeographySplit:
Nigeria: 15
Kenya: 29
Uganda: 14
Cote d'Ivoire / Senegal: 14
Rwanda: 14
South Africa / East Africa: 14
portfolioTotalCount: 7
portfolioClassifiedCount: 7
portfolioUnclassifiedCount: 0
logo: "/funds/seedstars-africa.png"
---
## Overview
Seedstars Africa Ventures I is an early-stage venture capital fund that launched out of the broader Seedstars ecosystem, which has been active in African entrepreneurship since 2012. The fund announced a $42M first close in December 2024 at the Africa Investment Forum in Rabat, with $50M in total commitments secured and a final fundraising target of $80M to $100M. Over $10M has already been deployed into portfolio companies.
What makes this fund structurally different from most Africa-focused VCs is its institutional backing. The European Investment Bank (EIB Global) committed $30M, backed by the EU's ACP Trust Fund and Boost Africa programme. The African Development Bank put in $10.5M. LBO France, a French private equity firm, anchored with approximately $8M and provides the AMF regulatory oversight and ESG expertise. Having both EIB and AfDB as LPs in a first-time fund is rare and signals a level of institutional credibility that can help portfolio companies in follow-on rounds.
The fund invests in post-revenue companies using digital technology to address basic needs: energy access, food systems, connectivity, healthcare, education, and financial inclusion. It is sector-agnostic in name but heavily weighted toward companies solving infrastructure-level problems. The fund is classified as Article 8 under EU SFDR (promoting environmental and social characteristics) and is aligned with the 2X Challenge criteria for gender lens investing, targeting 50% of the roughly 9,000 jobs it expects to create reserved for women. A distinguishing feature is its explicit Francophone Africa allocation, with 30 to 50% of capital targeted to French-speaking markets, a segment that remains significantly underserved by the VC ecosystem.
---
## How to Get In
The fund prefers to lead rounds and set terms, which means they are actively looking for companies to back rather than passively reviewing inbound applications. That said, the team is small (three General Partners and a Senior Associate across France, Kenya, and Senegal), so getting noticed requires a targeted approach.
Start by submitting through the fund website. Your deck should lead with traction: they want post-revenue companies with demonstrated growth, so revenue numbers, unit economics, and growth trajectory should be front and centre. The basic-needs thesis is real, not decorative. If your company does not clearly serve energy, food, connectivity, healthcare, education, or financial inclusion, you will need to make a compelling case for why they should expand their lens.
Warm introductions through the Seedstars ecosystem carry weight. If you have participated in any Seedstars competition, summit, or program, leverage those connections. The fund also co-invests frequently, so introductions through AfricInvest, BII, or other DFI-adjacent investors can open doors. If you are building in Francophone Africa, emphasize that clearly since the fund has an explicit allocation for French-speaking markets and fewer companies compete for that capital.
---
## Best Advice
1. **Lead with unit economics, not vision.** This is a DFI-backed fund with Article 8 ESG obligations. They need to demonstrate measurable impact alongside financial returns. Show them that your business model works at the unit level and can scale.
2. **If you are in Francophone Africa, say so loudly.** The 30-50% Francophone allocation is a structural advantage. Fewer startups compete for that pool compared to Anglophone markets. If you operate in Senegal, Cote d'Ivoire, Cameroon, or other French-speaking countries, this is one of the strongest fits on the continent.
3. **Understand their lead investor posture.** They prefer to lead rounds and help you syndicate the rest. Come prepared with a clear round structure and be ready to discuss how they would fit as lead. If you already have a lead, they can still participate, but the conversation changes.
4. **Connect the impact dots explicitly.** Map your company's growth to jobs created, women employed, households reached, or farmers supported. The fund reports these metrics to EIB and AfDB, and they will need you to track them.
5. **Leverage the Seedstars community.** The parent brand has a 250,000-person network across 25+ African countries. If you get in, that network becomes a real asset for expansion, hiring, and partnerships.
---
## Contextual Edge
**Preparation rating:** Edge-moderate -- The Seedstars Africa Ventures team has a lower public profile than most Africa-focused GPs, but Bruce Nsereko-Lule (Partner, Nairobi) has given useful interviews to Disrupt Africa and African tech media. The fund's connection to the broader Seedstars platform (competitions, bootcamps, community) provides context, though Seedstars Africa Ventures operates as a separate investment vehicle. The DFI-heavy LP base (EIB Global at $30M, AfDB at $10.5M) and SFDR Article 8 classification signal strong ESG and impact reporting requirements.
> **Start here:** Read [Seedstars Africa Ventures closes $42M first close (TechCrunch)](https://techcrunch.com/seedstars-africa-ventures/) (the fund structure, $80M target, and why up to 50% goes to Francophone Africa), then read [Bruce Nsereko-Lule on follow-on philosophy (Disrupt Africa)](https://disruptafrica.com/meet-the-investor/bruce-nsereko-lule-seedstars/) (Bruce explains: "Stop the constant fundraising loop" and why the fund reserves significant capital for follow-on into winners). Those two resources show you how the team evaluates companies and why the Francophone Africa allocation is a structural commitment, not aspirational.
### How Seedstars Africa Ventures' portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Francophone Africa conviction** | Up to 50% of deployment allocated to Francophone Africa, which is among the highest allocations of any pan-African fund at this scale. The team has active deal flow in Ivory Coast, Senegal, and the broader WAEMU region alongside Anglophone East Africa. | If you are building in Francophone West Africa, Seedstars Africa Ventures is one of the few institutional funds where your geography is a feature, not a constraint. The 50% allocation means the team is actively looking for Francophone deals, not waiting for them to show up. |
| **Follow-on philosophy** | Bruce: "Stop the constant fundraising loop." The fund reserves significant capital for follow-on investments in portfolio winners, so companies can scale without spending half their time fundraising for the next round. | This is a fund that wants to back you through multiple stages. In your pitch, show the team a multi-year scaling plan and articulate how their follow-on capital eliminates the need for constant fundraising distraction. |
| **Seed to Series A** | $250K-$2M initial cheques with follow-on capacity up to $5M. Leads rounds, primarily equity and quasi-equity instruments. Target of $80M total fund size. | The cheque sizes are right for seed and early Series A across African markets. With the fund leading rounds, you get a committed lead investor rather than a small cheque in a larger syndicate. |
| **DFI-heavy LP base** | EIB Global ($30M), AfDB ($10.5M), LBO France ($8M anchor). SFDR Article 8 classified, 2X Challenge compliant. | The DFI LP concentration means impact measurement and ESG reporting are baseline requirements, not optional extras. Have your impact metrics, gender data, and governance structures ready before pitching. The 2X Challenge compliance means gender lens criteria are formally part of the evaluation. |
| **Portfolio** | Beacon Power Services (Nigeria, energy), Bizao (Ivory Coast, payments), Poa! Internet (Kenya, telecom), Shamba Pride (Kenya, agritech), XENO (Uganda, wealthtech), Ampersand (Rwanda, e-mobility), Kuunda (Tanzania, lending). Seven companies to date, no exits yet. | The portfolio spans essential infrastructure across energy, payments, connectivity, agriculture, and mobility. Every company touches a basic economic need. If your business model serves a niche or luxury market, the fund's portfolio pattern does not support it. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Bruce Nsereko-Lule** (Partner, Nairobi) | The follow-on philosophy, East African market perspective, and operational scaling. 11+ years in VC and investment banking, former Chandaria Capital. Based in Nairobi with deep East African networks. | [Disrupt Africa: Meet the Investor](https://disruptafrica.com/meet-the-investor/bruce-nsereko-lule-seedstars/) |
| **Maxime Bouan** (Partner, Paris) | Fund structure, LP relationships, and the Francophone Africa thesis. Based in Paris with connections to French and European DFI networks. | [Seedstars Africa Ventures: Team](https://www.seedstars.com/funds/africa-ventures/) |
| **Tamim El Zein** (Partner) | MENA and North Africa perspective. Complements the East and West Africa coverage of the other partners. | [Seedstars Africa Ventures: Team](https://www.seedstars.com/funds/africa-ventures/) |
### Learn from the Seedstars Africa portfolio
| Resource | Why it matters |
|----------|---------------|
| [Shamba Pride raises for agritech in Kenya](https://disruptafrica.com/shamba-pride/) | Shows the fund's approach: co-leading a seed round and then providing follow-on capital as the company scales. Shamba Pride connects smallholder farmers to markets and inputs, which is the kind of essential-services infrastructure the fund backs. |
| [Ampersand raises for electric mobility in Rwanda](https://techcrunch.com/ampersand-electric-motorcycles/) | Demonstrates the fund's willingness to back capital-intensive infrastructure plays in smaller markets. Ampersand is electrifying motorcycle transport in Rwanda, which aligns with both the climate thesis (SFDR Article 8) and the essential infrastructure pattern. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct application** | Contact the team through the Seedstars website or reach partners directly on LinkedIn. The process moves quickly, with initial evaluation in 1-2 weeks. |
| **Seedstars platform** | The broader Seedstars ecosystem (competitions, bootcamps, community events) provides touchpoints with the team even if you are not yet investment-ready. The fund operates independently from the platform, but the network is shared. |
| **Reapplication welcome** | The team has publicly noted that companies which were initially passed on have "come back stronger" and received investment. If you have been rejected before, apply again with updated metrics. |
| **DFI network** | EIB Global, AfDB, and LBO France are all LPs. Connections through European and African development finance institutions create warm pathways. |
| **Technical Assistance facility** | An EU-funded Technical Assistance facility (separate from fund capital) provides non-dilutive support to portfolio companies. This is an additional value-add beyond the investment itself. |
### What you can't find
The specific evaluation rubric or scoring framework is not published. Individual cheque sizes for portfolio investments are undisclosed. The detailed criteria for the Francophone Africa allocation (what percentage exactly, which markets prioritised) are not documented beyond the "up to 50%" commitment. Fund return data is not available (the fund is early in its lifecycle with no exits). The Technical Assistance facility's specific programmes and eligibility criteria are not publicly detailed.
---
## Pitch Format
Submit a pitch deck through the fund website. The deck should cover your business model, market opportunity, traction metrics (revenue, growth rate, user numbers), team, and the specific ask. Given the impact focus, include a slide on your social or environmental impact thesis and how you measure it. The team is small and time-constrained, so keep the deck tight and lead with numbers.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Beacon Power Services | Nigeria | Grid management software and data solutions for power distribution utilities | Seed (led, $2.7M round) | 2022 |
| Poa! Internet | Kenya | Affordable home broadband at ~$10/month, 60,000+ households connected | Seed | -- |
| Xeno | Uganda | Goal-based investment platform for sustainable savings, $19M+ in deposits | Seed | -- |
| Bizao | Cote d'Ivoire / Senegal | Pan-African payment aggregation processing 350M+ payment requests/month across 10 countries | Series A (co-invested with AfricInvest, EUR 8M round) | 2022 |
| Shamba Pride | Kenya | Franchise network of ~300 agro-dealer shops for smallholder farmers | Pre-Series A (led, $3.7M round) | 2024 |
| Ampersand | Rwanda | Battery-swapping network for electric motorcycles, 8,000+ batteries, 6,000+ e-motos | Equity round | 2025 |
| Kuunda | South Africa / East Africa | B2B Lending-as-a-Service embedded liquidity engine for agents and MSMEs | Pre-Series A (co-invested, part of $7.5M round) | 2025 |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Maxime Bouan | Co-Founder and General Partner | [LinkedIn](https://www.linkedin.com/in/maximebouan/) | -- |
| Tamim El Zein | Co-Founder and General Partner | [LinkedIn](https://www.linkedin.com/in/tamimelzein/) | -- |
| Bruce Nsereko-Lule | General Partner | [LinkedIn](https://www.linkedin.com/in/bruce-nsereko-lule/) | -- |
| Fanta Traore | Senior Associate, West Africa | -- | -- |
---
## Cross-References
- **Track your fundraising metrics** -> [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** -> [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** -> [Fund Directory](/founder-stack/funds)
---
## Sources
- [AfDB Press Release: Seedstars Africa Ventures I $42M First Close](https://www.afdb.org/en/news-and-events/press-releases/africa-investment-forum-2024-market-days-seedstars-africa-ventures-i-announces-42m-first-close-79322) (Dec 2024)
- [EIB Global: $30M Investment Announcement](https://www.eib.org/en/press/all/2024-005-eib-global-announces-new-investment-in-seedstars-africa-ventures-i-a-venture-capital-fund-for-african-innovative-entrepreneurs) (Jan 2024)
- [TechCrunch: EIB Invests $30M in Seedstars Africa Ventures I](https://techcrunch.com/2024/01/09/eib-global-invests-30m-in-seedstars-africa-ventures-i/) (Jan 2024)
- [Seedstars: Bruce Nsereko-Lule Joins as General Partner](https://www.seedstars.com/content-hub/newsroom/bruce-nsereko-lule-joins-seedstars-africa-ventures-general-partner/)
- [Seedstars Africa Ventures Fund Website](https://seedstars-africa.vc/)
- [Seedstars Africa Ventures LinkedIn](https://www.linkedin.com/company/seedstars-africa-ventures)
- [Seedstars Africa Ventures ESG Policy](https://seedstars-africa.vc/documents/23/Seedstars_Africa_Ventures_-_ESG_and_Climate_Policy_vF.pdf)
---
---
name: Sequoia Capital
slug: sequoia
buildTypes: ["Neobank/wallet", "Healthtech", "Payments-processing"]
thesis: We help the daring build legendary companies.
website: 'https://sequoiacap.com'
apply: 'No open application process. Requires warm intro from a portfolio founder or LP.'
region: 'Global'
hq: 'Menlo Park, California, USA'
sectors:
- Sector-agnostic
stage:
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: ''
africaFocus: 'Occasional / opportunistic. Not an Africa-active fund.'
status: active
tier: '1'
lastVerified: '2026-07-31'
edgeRating: edge-sparse
edgeResources:
- name: George Robson interview
category: decision-maker-reveal
score: 4
description: >-
The evaluation framework for emerging market fintech, why Egypt resembles
Brazil, and how Sequoia selects markets. LSE economics, ex-Morgan Stanley,
e...
link: 'https://fintechleaders.substack.com/p/sequoias-george-robson-an-inside'
- name: Roelof Botha interview
category: decision-maker-reveal
score: 4
description: >-
South African-born (Pretoria), UCT-educated, former PayPal CFO. Named
Sequoia's global leader in 2022. While there is no public evidence he
specifical...
link: >-
https://www.forbes.com/sites/alexkonrad/2022/04/04/vc-firm-sequoia-names-roelof-botha-global-leader/
- name: Telda raises $20M seed (TechCrunch)
category: practice-artifact
score: 4
description: >-
Shows Sequoia doubling down on an Africa bet: they led the $5M pre-seed
and returned for the $20M seed alongside Block/Square. Telda reached 500K
acti...
link: >-
https://techcrunch.com/2022/10/12/egyptian-consumer-money-app-telda-raises-20m-from-gfc-sequoia-capital-and-block/
- name: Wave raises $200M at $1.7B valuation (TechCrunch)
category: practice-artifact
score: 4
description: >-
The largest Series A in African startup history at the time. Sequoia
Heritage co-led alongside Stripe, Founders Fund, and Ribbit Capital. Wave
became ...
link: >-
https://techcrunch.com/2021/09/06/sequoia-heritage-stripe-and-others-invest-200m-in-african-fintech-wave-at-1-7b-valuation/
- name: Warm introduction
category: pipeline-pathway
score: 3
description: >-
The only reliable path. Sequoia does not have a public application portal
for Africa. Introductions from portfolio founders (Telda, Wave, nsave,
Zipli...
- name: George Robson direct
category: pipeline-pathway
score: 3
description: >-
Robson is accessible on LinkedIn and is the partner with the strongest
Africa/MENA track record. A well-crafted cold outreach to Robson with a
compell...
- name: Co-investor pathway
category: pipeline-pathway
score: 3
description: >-
Partech Africa (co-invested in Wave), Stripe (co-invested in Wave), and
GFC (co-invested in Telda) are natural warm introduction sources. If you
alrea...
- name: Sequoia Arc or Scout network
category: pipeline-pathway
score: 3
description: >-
Sequoia's Arc programme and scout network occasionally surface Africa
deals. If you are connected to any Sequoia scouts or Arc alumni, those
create in...
portfolioTotalCount: 3
portfolioClassifiedCount: 3
portfolioUnclassifiedCount: 0
portfolioSectorSplit:
Fintech: 67
Healthtech: 33
portfolioModelSplit:
Transaction/Marketplace: 67
Subscription/SaaS: 33
portfolioGeographySplit:
Egypt: 34
Cameroon: 33
Senegal: 33
logo: "/funds/sequoia.png"
---
> **How to use this page:** Sequoia Capital does not run an Africa-focused fund and has made few, if any, direct African investments. Treat this page as reference thesis material, not a live application target: it shows how a top-tier global firm evaluates founders and structures deals, which is useful groundwork even if Sequoia Capital itself is not the right fund for you right now.
---
## Overview
Sequoia Capital is one of the most storied venture firms in history, backing companies like Apple, Google, Airbnb, Stripe, and WhatsApp before they became household names. Their seed fund sits at $200M with typical cheques of $4-5M per seed deal, and their Series A fund reaches $750M. If you are building something that could define or reshape an entire category, Sequoia is the partner you want in your corner.
For African founders, the path to Sequoia is narrow but not impossible, and understanding exactly how their process works gives you an edge over founders who simply send cold emails into the void.
---
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| [Telda](https://telda.app) | Egypt | A Cairo-based digital banking and payments app for consumer money management, backed by a Sequoia-led pre-seed and later a Sequoia Capital-participated seed round. |
| Healthlane | Cameroon | A Douala-based healthtech startup offering primary care and health insurance access, described in Techpoint Africa reporting as Sequoia- and SVB-backed. |
| [Wave](https://www.wave.com) | Senegal | A Dakar-headquartered mobile money and payments company operating across West and East Africa, which raised a $200M round including Sequoia Heritage (Sequoia's family-office investment arm) in 2021. |
> Portfolio compiled 2026-07-29. Sources: TechCrunch (Telda pre-seed/seed rounds led/co-led by Sequoia Capital), Techpoint Africa (Healthlane described as Sequoia and SVB-backed), TechCrunch (Wave's $200M round included Sequoia Heritage, Sequoia's family-office arm, distinct from the main Sequoia Capital fund but part of the Sequoia group). Two other companies sometimes listed on aggregator sites (Zipline, Clickatell) were excluded: Zipline is HQ'd in California (US), not Africa, and no primary source confirmed Sequoia Capital as an investor in Clickatell (current HQ Redwood City, CA; its Series C was led by Arrowroot).
## Key Partners
| Partner | Role | LinkedIn | X |
|---|---|---|---|
| Alfred Lin | Co-Steward | [linkedin.com/in/alfred-lin](https://linkedin.com/in/alfred-lin/) | - |
| Pat Grady | Co-Steward | [linkedin.com/in/patgrady](https://linkedin.com/in/patgrady/) | - |
| Roelof Botha | Advisor (stepped down Nov 2025) | [linkedin.com/in/roelofbotha](https://linkedin.com/in/roelofbotha/) | - |
---
## How to Get In
### Step 1: Sequoia Arc (Open Call)
Sequoia Arc is the most accessible entry point. It is a bi-annual open call specifically for pre-seed and seed stage founders.
- **Apply at:** [sequoiacap.com/arc](https://sequoiacap.com/arc)
- **Eligibility:** Pre-seed and seed stage founders
- **Format:** Open application, no warm intro required
- **Cadence:** Twice per year
This is rare for a fund of Sequoia's calibre. Most top-tier firms have no open application at all, so Arc represents a genuine opportunity to get in front of Sequoia partners on merit alone.
**Batch Schedule:** Arc typically opens applications in Q1 (January to March) and Q3 (July to September) each year. Watch the [Arc page](https://sequoiacap.com/arc) and Sequoia's social channels for exact dates, as windows usually stay open for four to six weeks per cycle.
### Step 2: Sequoia Scout Programme
The Scout programme is invitation-only. Sequoia gives select operators and founders between $100K and $1M to invest in early-stage companies on Sequoia's behalf. If a Scout invests in your company, you are effectively getting a warm intro backed by capital.
- **How to access:** Build relationships with known Sequoia Scouts (often current or former founders in the Sequoia portfolio)
- **Investment range:** $100K to $1M per Scout cheque
### Step 3: Warm Intros (Later Stages)
For Series A and beyond, there is no open application. You need a warm introduction from a portfolio founder, a trusted operator, or an existing investor who has a relationship with the partnership. Cold outreach at this stage almost never works.
**Where to find warm intros:**
- **VCSheet and OpenVC** both list Sequoia partners and allow you to see who in your network is connected to them.
- **Superscout** maps portfolio founder networks, so you can identify Sequoia-backed founders in adjacent spaces who might intro you.
- **Portfolio founder network:** Sequoia has hundreds of portfolio companies. Find founders in your sector or stage who have worked with the partnership and build genuine relationships before asking for the intro.
- **Engage with fund content:** Sequoia publishes extensively on their blog and social channels. Thoughtful engagement with partners' content can open doors over time.
---
## Best Advice
Partners at Sequoia are deeply skeptical of "huge TAM" arguments. Every founder walks in claiming a trillion-dollar market, and the partners have heard it thousands of times. What they actually score on is whether **you specifically** are the right person to build this company. Your unique insight, your unfair advantage, your obsession with the problem.
Interviews are short, typically 10 to 15 minutes, and they go deep on two or three specific things rather than skimming the surface of your entire business. Prepare for intensity, not breadth. Know your unit economics, your distribution insight, and your personal connection to the problem cold.
---
## Contextual Edge
**Preparation rating:** Edge-sparse -- Sequoia has no dedicated Africa fund, no Africa team, and no Africa-specific thesis. Their African investments are purely opportunistic from global vehicles. There are two separate Sequoia entities that invest in Africa: Sequoia Capital (the VC firm, which led Telda's pre-seed and nsave's seed) and Sequoia Heritage (the wealth management arm, which co-led Wave's $200M Series A). George Robson is the partner most likely to evaluate Africa deals, and his interviews provide the best preparation material.
> **Start here:** Read [George Robson on Sequoia's approach to fintech (Fintech Leaders)](https://fintechleaders.substack.com/p/sequoias-george-robson-an-inside) (Robson explains his evaluation framework: "Unique implies differentiation, which implies gross margin. Compelling implies better, which implies revenue growth" and why market selection matters: "Is this market on the right side of history?"), then read [Sequoia leads $5M pre-seed in Telda (TechCrunch)](https://techcrunch.com/2021/05/17/sequoia-leads-5m-pre-seed-in-egypts-1-month-old-digital-bank-telda/) (Robson explains the Egypt thesis: "There are many parallels between Brazil and Egypt. Both countries boast a large, young, talented, and tech-savvy population with a strong appetite to innovate"). Those two resources show you how Sequoia pattern-matches emerging market opportunities and why the Nubank-to-Telda comparison reveals their Africa playbook.
### How Sequoia's Africa investments actually break down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Two entities, different mandates** | Sequoia Capital (the VC firm) invests at pre-seed and seed in Africa via George Robson from London. Sequoia Heritage (the $16.4B wealth management arm, founded by Michael Moritz and Doug Leone) makes larger growth-stage bets like the $200M Wave Series A. These are separate legal entities with different teams and investment processes. | Know which Sequoia you are approaching. If you are pre-seed or seed stage, George Robson and the Sequoia Capital early-stage team in London are the right contact. If you are growth-stage and raising $50M+, Sequoia Heritage under CEO Keith Johnson operates more like an endowment. |
| **No Africa fund or team** | All Africa investments come opportunistically from global vehicles. No Africa office, no dedicated Africa partner, no published Africa thesis. Sequoia Capital's most recent funds include a $950M early-stage vehicle (October 2025) and a $7B expansion fund (April 2026). | You are competing against every startup globally for Sequoia's attention. There is no Africa allocation to fill. Your company needs to be globally exceptional, not just the best in your African market. The bar is the same as for a US or European startup. |
| **Financial inclusion thesis** | Every Africa-touching investment centres on making financial services cheaper or more accessible: Telda (Egyptian neobank), Wave (mobile money for Francophone Africa), nsave (offshore banking for unstable economies). | If your company does not touch financial services or financial infrastructure, Sequoia's Africa track record gives you no pattern to point to. The team has demonstrated conviction in African fintech specifically, not African tech broadly. |
| **Nubank pattern-matching** | Robson explicitly compared Telda to Nubank in Brazil: large, young, underbanked population with mobile-first behaviour. This is Sequoia's emerging market playbook, and they apply it selectively to markets that resemble early Brazil. | Frame your pitch in terms Sequoia already understands. If your market dynamics mirror a Sequoia success story in another emerging market (Nubank in Brazil, Mercado Libre in LatAm), draw that parallel explicitly. The team responds to pattern recognition across geographies. |
| **Cheque sizes** | Pre-seed: $5M (Telda). Seed: $4M co-lead (nsave), $20M follow-on (Telda). Growth: $200M (Wave via Heritage). | Sequoia writes meaningful cheques even at pre-seed. If you are raising a $3M-$10M seed round and can make the case that your market is "on the right side of history," the early-stage team can move. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **George Robson** (Partner, Seed/Early) | The evaluation framework for emerging market fintech, why Egypt resembles Brazil, and how Sequoia selects markets. LSE economics, ex-Morgan Stanley, ex-Revolut product. Led Telda and nsave. The most likely partner to evaluate Africa deals. | [Fintech Leaders interview](https://fintechleaders.substack.com/p/sequoias-george-robson-an-inside) -- [Sequoia bio](https://sequoiacap.com/people/george-robson/) |
| **Roelof Botha** (Senior Steward, Global Leader) | South African-born (Pretoria), UCT-educated, former PayPal CFO. Named Sequoia's global leader in 2022. While there is no public evidence he specifically leads Africa deals, his South African roots mean he understands the continent's context. Botha: "If you're going to be really successful, you have to be contrarian, and right." | [Forbes profile](https://www.forbes.com/sites/alexkonrad/2022/04/04/vc-firm-sequoia-names-roelof-botha-global-leader/) -- [Fast Company SA](https://fastcompany.co.za/tech/2025-11-19-how-roelof-botha-a-south-african-powerhouse-shaped-the-future-of-technology/) |
### Study the evaluation frameworks before your pitch
| Framework / Resource | What it tells you |
|---------------------|------------------|
| [Sequoia: Writing a Business Plan](https://sequoiacap.com/article/writing-a-business-plan/) | The famous 10-element framework that Sequoia requires: company purpose (single declarative sentence), problem, solution, why now, market potential, competition, business model, team, financials, and 5-year vision. This is the baseline for any Sequoia pitch, Africa or otherwise. |
### Learn from Sequoia's Africa portfolio
| Resource | Why it matters |
|----------|---------------|
| [Telda raises $20M seed (TechCrunch)](https://techcrunch.com/2022/10/12/egyptian-consumer-money-app-telda-raises-20m-from-gfc-sequoia-capital-and-block/) | Shows Sequoia doubling down on an Africa bet: they led the $5M pre-seed and returned for the $20M seed alongside Block/Square. Telda reached 500K active users and $300M in processed transactions within 18 months. The speed of execution is what earned the follow-on. |
| [Wave raises $200M at $1.7B valuation (TechCrunch)](https://techcrunch.com/2021/09/06/sequoia-heritage-stripe-and-others-invest-200m-in-african-fintech-wave-at-1-7b-valuation/) | The largest Series A in African startup history at the time. Sequoia Heritage co-led alongside Stripe, Founders Fund, and Ribbit Capital. Wave became Francophone Africa's first unicorn by making mobile money dramatically cheaper than telecom incumbents. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Warm introduction** | The only reliable path. Sequoia does not have a public application portal for Africa. Introductions from portfolio founders (Telda, Wave, nsave, Zipline), co-investing VCs (Partech, Stripe, Founders Fund), or the broader Sequoia network are essential. |
| **George Robson direct** | Robson is accessible on LinkedIn and is the partner with the strongest Africa/MENA track record. A well-crafted cold outreach to Robson with a compelling deck can work, but the conversion rate on cold inbound to Sequoia is extremely low. |
| **Co-investor pathway** | Partech Africa (co-invested in Wave), Stripe (co-invested in Wave), and GFC (co-invested in Telda) are natural warm introduction sources. If you already have one of these as an investor, they can facilitate a Sequoia introduction. |
| **Sequoia Arc or Scout network** | Sequoia's Arc programme and scout network occasionally surface Africa deals. If you are connected to any Sequoia scouts or Arc alumni, those create indirect pathways. |
### What you can't find
There is no published Africa strategy, Africa thesis, or Africa-specific evaluation criteria. Individual deal sizes beyond what is disclosed in press coverage are not public. The internal process for evaluating Africa deals versus global deals is not documented. There is no way to distinguish whether a deal was sourced by Robson specifically or through another channel. Sequoia Heritage's specific criteria for growth-stage Africa investments are not publicly available. Return data on Africa investments is not disclosed.
---
## Pitch Format
- **Length:** Concise deck, 10-12 slides maximum
- **Key slides:** Problem (from personal experience), your specific insight, early traction or signal, why you and why now
- **What to skip:** Generic market size slides, feature comparison tables, long competitive landscapes
- **What to nail:** The "why you" narrative, one or two metrics that prove momentum, and a clear articulation of what you know that others do not
---
## Real Decks and African Portfolio Connections
Looking for examples of decks that worked at top-tier funds like Sequoia? The Founder Stack pitch deck library includes breakdowns of successful raises.
See: [Pitch Deck Library](/founder-stack/pitch-decks)
| Company | Connection to Sequoia | Region | Deck |
|---|---|---|---|
| Wave | Sequoia Heritage invested $200M ($1.7B valuation) | Senegal | Outreach pending |
| Telda | Sequoia investment in Egyptian fintech | Egypt | Outreach pending |
| Zipline | Sequoia-backed drone delivery operating in Rwanda and Ghana | Rwanda / Ghana | Outreach pending |
| Paystack | Acquired by Stripe (Sequoia-backed), Africa's landmark fintech exit | Nigeria | Outreach pending |
---
## African Alumni and Connections
Sequoia's direct Africa investment activity is limited, though the connections are growing through portfolio adjacency. Sequoia Heritage invested $200M in Wave, the Senegalese mobile money company that reached a $1.7B valuation. They have also invested in Telda, an Egyptian fintech building for the North African market. Zipline, which Sequoia backed for drone delivery, operates extensively in Rwanda and Ghana. And through Stripe, which acquired Paystack in one of Africa's most celebrated fintech exits, the Sequoia ecosystem now touches dozens of African startups founded by Paystack alumni.
**What this means for you:** Sequoia is not going to lead your seed round if you are building exclusively for the Nigerian or Kenyan market. But if you are an African founder building a global product, or if your company has clear expansion potential beyond the continent, Sequoia Arc is a legitimate path. Frame your story as a global opportunity with African roots, not an African opportunity seeking global capital.
---
## Cross-Reference Bar
| Resource | Link |
|---|---|
| Pitch Deck Templates and Examples | [/founder-stack/pitch-decks](/founder-stack/pitch-decks) |
| Legal Documents and Term Sheets | [/founder-stack/documents](/founder-stack/documents) |
| Compliance and Incorporation | [/founder-stack/compliance](/founder-stack/compliance) |
---
## Start Here
Built by [Adtivity](https://adtivity.xyz) -- the growth layer for founders.
[Join Adtivity Free](https://adtivity.xyz/signup) | [Add Your Profile to The Wall](https://adtivity.xyz/wall)
---
## Sources
- Sequoia Capital official site: [sequoiacap.com](https://sequoiacap.com)
- Sequoia Arc programme: [sequoiacap.com/arc](https://sequoiacap.com/arc)
- Stripe acquisition of Paystack: [techcrunch.com/2020/10/15/stripe-acquires-paystack](https://techcrunch.com/2020/10/15/stripe-acquires-paystack/)
- Sequoia Heritage / Wave investment: [pitchbook.com](https://pitchbook.com)
- Sequoia fund size reporting: [pitchbook.com](https://pitchbook.com)
---
---
name: Solana Foundation Grants
slug: solana-foundation-grants
thesis: 'Non-dilutive, milestone-based funding for public goods on Solana, plus convertible grants for commercial projects that need to build before venture money is available, and RFPs for Foundation priorities.'
website: 'https://solana.org/grants-funding'
apply: 'Online form at share.hsforms.com/1GE1hYdApQGaDiCgaiWMXHA5lohw. Rolling review, about one week to first response and about three weeks to a decision.'
region: 'Global'
hq: 'Zug, Switzerland'
sectors:
- Infrastructure
- Developer-Tooling
- DeFi
- Payments-Stablecoins
- Consumer
- Privacy
- DePIN
- AI-x-Crypto
sectorsNote: 'This is a grant program, not a fund. The Foundation does not publish a grantee list on its grants page, so no portfolio splits are computed. Sector tags reflect the stated priority areas (censorship resistance, open-source infrastructure, tooling, community offerings).'
stage:
- Ideation
- MVP
- Pre-Seed
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed per grant. Foundation states 500+ projects and $100M+ distributed; average public-good grant about $40K (Foundation CPO, March 2026).'
chains:
- Solana
format: 'Application form'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '1'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Grants and Funding page
category: evaluation-framework
score: 5
description: >-
The Foundation publishes its four evaluation criteria (public good,
open source, Solana-specific, clear fund utilisation) and its review
timeline. This is the rubric; write to it.
link: 'https://solana.org/grants-funding'
- name: Convertible grants announcement
category: pipeline-pathway
score: 5
description: >-
Explains the instrument that lets closed-source, commercial projects
take Foundation money that converts to an investment only on a
milestone such as a priced round.
link: 'https://solana.com/news/solana-foundation-convertible-grants-investments'
- name: Grant application form
category: practice-artifact
score: 4
description: >-
The single HubSpot form for standard grants, convertible grants and
investment interest. It asks whether you are actively raising, which
routes you to the right instrument.
link: 'https://share.hsforms.com/1GE1hYdApQGaDiCgaiWMXHA5lohw'
- name: Superteam instagrants
category: pipeline-pathway
score: 4
description: >-
The Foundation points early builders to Superteam for quick $10K
microgrants. An Earn track record is the fastest way to earn
credibility before a larger Foundation ask.
link: 'https://superteam.fun/earn/grants'
- name: Foundation builder-support statement (March 2026)
category: decision-maker-reveal
score: 3
description: >-
The Foundation's chief product officer put numbers on the program:
about $40K average public-good grant, tens of millions in non-equity
grants a year, and named Colosseum and Superteam as the funnel.
link: 'https://coinpaper.com/15701/solana-foundation-defends-builder-support-as-ecosystem-growth-faces-scrutiny'
portfolioTotalCount: 0
portfolioClassifiedCount: 0
portfolioUnclassifiedCount: 0
---
> **How to use this page:** This is non-dilutive money with a public form and a published rubric, so it is one of the few places in this directory where a well-written application beats a warm intro. The catch is the word "public good". If your product is closed and commercial, apply for a convertible grant and say so. Read Section E for the four criteria and the timeline, then write to them.
---
## A. Header Block
- **Program name:** Solana Foundation Grants
- **One-line thesis:** Funding "efforts to further censorship resistance on the Solana Network" through milestone grants, convertible grants and RFPs
- **Website:** [solana.org/grants-funding](https://solana.org/grants-funding)
- **CTA:** [Apply for a grant](https://share.hsforms.com/1GE1hYdApQGaDiCgaiWMXHA5lohw)
| Tag | Detail |
|-----|--------|
| Region | Global (Foundation based in Zug, Switzerland) |
| Format | Application form |
| Sectors | Open-source infrastructure, developer tooling, public goods, community offerings; commercial projects via convertible grants |
| Stage | Idea through Seed |
| Cheque Size | Not disclosed per grant; about $40K average for public-good work |
| Admissions | Rolling; about 1 week to first review, about 3 weeks to decision |
---
## C. Overview
The Solana Foundation is a non-profit in Zug, Switzerland, "dedicated to the decentralization, adoption, and security of the Solana ecosystem." Its grants program is the largest single source of non-dilutive money on Solana: the Foundation states that it has funded more than 500 projects with more than $100M across six continents. In March 2026 the Foundation's chief product officer, Vibhu Norby, put the average public-good grant at roughly $40,000 and said non-equity grant distribution across the Foundation and its affiliates "totals tens of millions annually."
There are three instruments. Standard grants are milestone-based and are for public goods, defined on the page as work that makes "a significant open-source contribution to the Solana ecosystem" or has "a meaningful free community offering." Convertible grants, introduced in April 2023, are for projects with commercial components: the grant converts to an investment "only if a project reaches certain milestones, such as raising a priced round or completing certain growth objectives," and closed-source products are eligible. RFPs are Foundation-identified priorities published in an Airtable board, with defined scope.
The Foundation is candid about its funnel. The grants page points early-stage builders to Superteam for quick $10K microgrants, and to Colosseum for hackathons with pre-seed funding for accelerator winners. Founders who arrive with a Superteam or Colosseum record are arriving through the Foundation's own preferred channels.
**Key stats:**
- 500+ projects funded, $100M+ distributed (Foundation figures)
- About $40K average public-good grant (Foundation CPO, March 2026)
- Timeline: about 1 week to first review, about 3 weeks to decision
- Three instruments: standard grants, convertible grants, RFPs
---
## D. Key Partners
| Person or team | Role | Where to find them |
|----------------|------|--------------------|
| Solana Foundation grants team | Reviews applications and runs due diligence with subject-matter experts | [solana.org/grants-funding](https://solana.org/grants-funding) |
| Vibhu Norby | Chief Product Officer, Solana Foundation; public voice on builder support in 2026 | [coverage, March 2026](https://coinpaper.com/15701/solana-foundation-defends-builder-support-as-ecosystem-growth-faces-scrutiny) |
| Superteam | Foundation-referenced microgrant channel for emerging markets | [superteam.fun/earn/grants](https://superteam.fun/earn/grants) |
| Colosseum | Foundation-referenced hackathon and accelerator channel | [colosseum.com](https://colosseum.com) |
The grants page does not name individual reviewers, and we have not guessed.
---
## E. How to Get In — Step-by-Step Application Process
#### Step 1: Pick the right instrument
- **Standard grant** if your work is open source or a free community offering (a library, SDK, tool, dataset, educational program, infrastructure that others build on).
- **Convertible grant** if you are a commercial product, closed or open, that needs to build a proof of concept before venture money makes sense. It converts to an investment only on a milestone such as a priced round.
- **RFP** if the Foundation has posted a request that matches your capability. Browse the RFP board linked from the grants page and respond to the stated scope.
The single application form asks whether you are actively raising, and the Foundation uses that answer to discuss which option fits.
#### Step 2: Write to the four published criteria
The grants page lists what the Foundation evaluates. Structure your application in the same order:
1. **Public good.** State exactly what is open source or free, and who benefits beyond your company.
2. **Open source.** Name the licence and where the code or content will live.
3. **Solana-specific.** Explain "why your project is building within the Solana ecosystem, as opposed to other places." Give a technical reason (compute budget, local fee markets, token extensions, Blinks, ZK compression), not a community-size reason. This criterion is weighted heavily.
4. **Clear fund utilisation.** Provide "a well structured budget proposal" with "clear, measurable funding milestones." Size the ask to the milestones, not to your runway; the published average is around $40K.
#### Step 3: Submit the form
Apply at [share.hsforms.com/1GE1hYdApQGaDiCgaiWMXHA5lohw](https://share.hsforms.com/1GE1hYdApQGaDiCgaiWMXHA5lohw). Include a brief project overview, the public-good case, the budget with milestones, and links to code, product and team.
#### Step 4: Review (about one week)
Applications are reviewed on a rolling basis. If yours is selected for deeper evaluation, subject-matter experts will contact you to schedule a discussion, which "may involve technical due diligence, market research, and other analyses."
#### Step 5: Decision (about three weeks)
You are notified by email whether the proposal is accepted. Approved applicants then work with the Foundation's legal team on the grant agreement. Payments are released against milestones.
#### Step 6: Deliver and report
Milestone-based means the next tranche depends on shipping and reporting the previous one. Plan milestones you can hit in four to eight weeks each.
**Tips that matter here:**
- Ask small first. A $15K to $40K grant with three crisp milestones clears faster and builds the track record for a larger second ask.
- If you are a startup, do not disguise a product as a public good. Apply for a convertible grant and be explicit about the commercial plan; the Foundation created the instrument for exactly that case.
- Show your Solana footprint: Superteam Earn wins, a Colosseum submission, contributions to Solana open-source repos. The Foundation names Superteam and Colosseum as its channels for a reason.
- For African founders, Superteam Nigeria and the other regional chapters are the on-ramp the Foundation itself recommends before a Foundation-level ask.
---
## F. Best Advice from Founders
**Answer "why Solana" with engineering.** The page tells you the Foundation wants to know why here and not elsewhere. A concrete technical dependency on Solana is the strongest answer.
**Milestones are the application.** Reviewers fund a plan, not an idea. Three to five measurable milestones with dates and deliverables carry the proposal.
**Use the convertible grant honestly.** It exists so commercial teams can take Foundation money without pretending to be a public good. Founders who are upfront about revenue plans have an instrument built for them.
**Come through the funnel.** Superteam microgrants and Colosseum hackathons are the Foundation's stated feeders. A record there is credibility the reviewers recognise.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. The Foundation publishes its criteria, timeline, instruments and application form, which is more than most grant programs offer. It does not publish grant sizes per project, a grantee list or reviewer names, so calibrating the ask depends on secondary statements.
> **Start here:** Read the [Grants and Funding page](https://solana.org/grants-funding) top to bottom for the four criteria and the timeline, then the [convertible grants announcement](https://solana.com/news/solana-foundation-convertible-grants-investments) to decide which instrument you are applying for. Draft the budget and milestones before anything else.
### How the program actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Public goods are the default** | Standard grants require a "significant open-source contribution" or a "meaningful free community offering." | Carve out the open-source or free piece of your work and fund that. |
| **Commercial teams have a lane** | Convertible grants convert to investment only on a milestone such as a priced round; closed-source is eligible. | Startups can apply without pretending. Say you are raising and let the Foundation route you. |
| **Grants are modest, volume is high** | 500+ projects, $100M+ total, about $40K average public-good grant. | Size the first ask to a milestone plan, not a runway. |
| **The funnel is named** | The page points builders to Superteam ($10K microgrants) and Colosseum (hackathons and accelerator). | Earn a Superteam or Colosseum record first; the Foundation treats it as signal. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Solana Foundation grants team** | Reviews on a rolling basis with subject-matter experts for diligence; criteria are public. | [solana.org/grants-funding](https://solana.org/grants-funding) |
| **Vibhu Norby** (CPO, Solana Foundation) | The 2026 numbers: about $40K average grant, tens of millions a year in non-equity grants, Colosseum alumni with $650M+ raised. | [March 2026 coverage](https://coinpaper.com/15701/solana-foundation-defends-builder-support-as-ecosystem-growth-faces-scrutiny) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Grant form** | [Apply here](https://share.hsforms.com/1GE1hYdApQGaDiCgaiWMXHA5lohw). One form for standard grants, convertible grants and investment interest. |
| **RFP board** | Respond to a Foundation-posted RFP for defined scope and faster alignment; the board is linked from the grants page. |
| **Superteam first** | Win a bounty or a $10K instagrant on [Superteam Earn](https://superteam.fun/earn/grants) to build the record the Foundation recognises. |
| **Colosseum** | Submit to a Colosseum hackathon; the Foundation names it as the pre-seed funding path for winners. |
### What you can't find
The Foundation does not publish individual grant sizes, a list of grantees, reviewer names, the payment currency, or IP terms on the grants page. Secondary coverage in March 2026 mentioned a "Y Combinator track" with up to $50K for Solana projects and a $2M prediction-markets fund with Kalshi; neither appears on the Foundation's grants page, so treat both as unverified until the Foundation publishes them.
---
## G. Pitch Format the Solana Foundation Expects
- The application form: brief project overview, public-good case, budget, milestones, links
- Four sections mirroring the criteria: public good, open source, Solana-specific, fund utilisation
- Three to five measurable milestones with dates and deliverables
- Evidence of shipping: repos, live product, Superteam or Colosseum history
- For convertible grants: the commercial plan and the conversion milestone you expect
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
The Foundation's grants page does not publish a grantee list, and we do not name grantees we cannot verify from a primary source. What the page does state is aggregate: 500+ projects and $100M+ across six continents, with Superteam and Colosseum as named channels. When populating portfolio splits for this page, use a Foundation-published grantee list or RFP award announcements, not third-party trackers.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Not published | The Foundation grants page lists no individual grantees | n/a | Solana |
---
## I. Ecosystem Connections
- **Solana (exclusive):** grants fund work on Solana only, and "why Solana" is a scored criterion.
- **Superteam:** the Foundation's named microgrant channel ($10K instagrants) with 25 regional chapters including Nigeria; the natural first step for African founders.
- **Colosseum:** the Foundation's named hackathon and accelerator channel; the Crypto World's Fair (September 14 to October 12, 2026) is the current competition.
- **Solana Ventures and Solana-native VCs:** a Foundation grant or convertible grant is a common pre-history for Solana Ventures, Frictionless, Big Brain, 6MV and Placeholder investments.
- **Breakpoint:** the Foundation's annual conference (London, November 15 to 17, 2026) is where grantees and reviewers are in one room.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Grant agreements and IP** [Compliance guide](/founder-stack/compliance)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Solana Foundation Grants and Funding](https://solana.org/grants-funding)
- [Solana Foundation grant application form](https://share.hsforms.com/1GE1hYdApQGaDiCgaiWMXHA5lohw)
- [Solana Foundation introduces convertible grants and investments](https://solana.com/news/solana-foundation-convertible-grants-investments)
- [The Solana Foundation](https://solana.org/)
- [Solana Foundation defends builder support, coinpaper.com, March 25, 2026](https://coinpaper.com/15701/solana-foundation-defends-builder-support-as-ecosystem-growth-faces-scrutiny)
- [Superteam Earn grants](https://superteam.fun/earn/grants)
- [Superteam Earn FAQ](https://docs.superteam.fun/the-superteam-handbook/community/faqs/superteam-earn-faq)
- [Colosseum](https://colosseum.com)
---
---
name: Solana Ventures
slug: solana-ventures
buildTypes: ["Infra-protocol", "DeFi-trading-lending", "Stablecoin-payments", "Neobank/wallet"]
thesis: 'Affiliated with Solana Labs (structured as Solana Technology Services LLC per the site footer; the corporate relationship is not stated in detail on the site). Invests in ambitious teams using Solana to accelerate innovation and drive onchain adoption, using capital as an ecosystem growth lever tied to a single chain rather than as a chain-agnostic financial return vehicle.'
website: 'https://solana.ventures'
apply: 'Site "Get in Touch" form at solana.ventures. A Notion-hosted intake at solanalabs.notion.site is also reported as a public application channel; treat it as a secondary, unconfirmed path since we could not verify its current content. Solana Ventures rarely leads and typically co-invests alongside Colosseum, ecosystem funds, or other Solana-native investors; being a Colosseum hackathon winner or a Solana Foundation grantee is a common pre-history for portfolio companies.'
region: 'Global'
hq: 'San Francisco, California, USA'
sectors:
- Infrastructure
- Consumer
- DeFi
- Payments-Stablecoins
sectorsNote: 'Splits are computed from the 11 (of 12 named on the fund''s own site) companies we could classify; Theportal.to lacked enough public detail to sector-tag and is excluded.'
stage:
- Seed
- Series A
chequeMin: null
chequeMax: null
chequeDisplay: 'Reported (third-party VC database, not confirmed on Solana Ventures'' own site): $10K-$250K per deal, consistent with a non-leading, ecosystem co-investment posture'
chains:
- Solana
format: 'Application form'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '2'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Public "Get in Touch" application
category: pipeline-pathway
score: 4
description: >-
A Notion-hosted public application form, an unusually direct front
door for a chain-affiliated investment arm. We could not extract the
specific application questions from the form itself, so treat it as a
confirmed real channel with unverified content.
link: 'https://solanalabs.notion.site/Solana-Ventures-Public-ca82bdef271048918303d608460b3b3e'
- name: Portfolio companies named on-site
category: portfolio-pattern
score: 4
description: >-
Names 12 current or recent positions directly (Phantom, Jito, Squads,
Helius, Pump.fun, Kamino and others), all Solana-native, letting you
benchmark against the exact companies the fund has already backed.
link: 'https://solana.ventures'
- name: Head of Solana Ventures
category: decision-maker-reveal
score: 3
description: >-
Matthew Beck runs Solana Ventures day to day per third-party VC
trackers; not independently confirmed via a public team page on the
fund's own site, which does not appear to publish one.
link: 'https://www.vcsheet.com/who/matthew-beck'
- name: Colosseum hackathon and accelerator
category: pipeline-pathway
score: 4
description: >-
Because Solana Ventures typically co-invests rather than leads, the
most reliable path to a check is arriving with a Colosseum hackathon
win or a Solana Foundation grant already in hand, both of which
function as pre-screening for this fund.
link: 'https://colosseum.com/accelerator'
portfolioSectorSplit:
Infrastructure: 37
DeFi: 27
Consumer: 18
Payments-Stablecoins: 18
portfolioChainSplit:
Solana: 100
portfolioTotalCount: 12
portfolioClassifiedCount: 11
portfolioUnclassifiedCount: 1
---
> **How to use this page:** Solana Ventures is a chain-exclusive investor: everything it backs runs on Solana, and it functions as an ecosystem growth lever more than a chain-agnostic financial return vehicle. If you are not building on Solana, this fund is not for you regardless of sector fit. Read Section E for the public application path and note that the fund typically co-invests rather than leads.
---
## A. Header Block
- **Fund name:** Solana Ventures
- **One-line thesis:** Affiliated with Solana Labs, backing ambitious teams building on Solana to accelerate onchain adoption.
- **Website:** [solana.ventures](https://solana.ventures)
- **CTA:** [Get in touch](https://solana.ventures) via the site's own form
| Tag | Detail |
|-----|--------|
| Region | Global (San Francisco), Solana-exclusive by chain |
| Format | Application form (site intake; a Notion form is also reported) |
| Sectors | Infrastructure, DeFi, consumer, stablecoins and payments |
| Stage | Seed and Series A |
| Cheque Size | Not disclosed on the fund's own site; reported $10K-$250K per deal (third-party) |
| Admissions | Rolling |
---
## C. Overview
Solana Ventures is legally structured as Solana Technology Services LLC per the site footer, and is affiliated with Solana Labs; the site does not spell out the corporate relationship in more detail, so we describe it as affiliated rather than asserting it is Solana Labs' formal investment arm. The fund is run day to day, per third-party VC trackers, by Matthew Beck as Head of Solana Ventures, a claim not independently confirmed on the fund's own site. Unlike a chain-agnostic fund evaluating founders on returns alone, Solana Ventures functions explicitly as an ecosystem growth lever: it invests only in companies building on Solana, frequently co-designs development and go-to-market partnerships alongside its checks (particularly with game studios), and rarely if ever leads a round.
The fund's own site names a real, if short, list of recent and current positions: Phantom, Jito, Squads, Helius, Pump.fun, Kamino, Fin, Cube Exchange, Exponent, Zar, Sphere Pay and Theportal.to, spanning wallet infrastructure, MEV and restaking, RPC infrastructure, consumer applications and DeFi. Solana Ventures has also run joint programs with the Solana Foundation, including a $100 million investment and grant fund launched in 2022 for Korean web3 startups, underscoring its role as an ecosystem-building tool rather than a purely financial one.
The verifiable public application path is the "Get in Touch" form on solana.ventures itself. A Notion-hosted intake at solanalabs.notion.site is also reported as a public channel, but we could not confirm it still resolves to a live, current form or extract its questions during verification, so treat it as secondary and unconfirmed rather than the primary door.
**Key stats:**
- 12 named current or recent portfolio positions, all Solana-native
- Ran a joint $100M investment and grant fund with the Solana Foundation for Korean web3 startups (2022)
- Check size not disclosed on the fund's own site; a third-party database reports $10K-$250K
- Typically co-invests; rarely or never leads
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Matthew Beck | Head of Solana Ventures (reported by third-party VC trackers, not confirmed on the fund's own site) | [X (@matthewabeck1)](https://x.com/matthewabeck1) |
Solana Ventures does not appear to publish a public team page beyond the entity's footer information (Solana Technology Services LLC), so we could not independently confirm a fuller partner roster from the fund's own site.
---
## E. How to Get In: Step-by-Step Application Process
1. **Confirm you are Solana-native.** This is a hard gate, not a preference: Solana Ventures invests exclusively in companies building on Solana. An Ethereum, multi-chain or chain-agnostic pitch is off-thesis regardless of sector.
2. **Build ecosystem credibility first.** A Colosseum hackathon placement or a Solana Foundation grant functions as informal pre-screening; both signal you are already inside the ecosystem the fund exists to grow. See the [Colosseum accelerator](https://colosseum.com/accelerator) page in this directory.
3. **Submit through the "Get in Touch" form on solana.ventures.** This is the fund's own verifiable public channel. A [Notion-hosted intake](https://solanalabs.notion.site/Solana-Ventures-Public-ca82bdef271048918303d608460b3b3e) is also reported by third parties, but treat it as a secondary, unconfirmed path since we could not verify it still resolves to a live form during verification.
4. **Expect a co-investor, not a lead.** Solana Ventures typically joins a round already forming with another lead (Colosseum, an ecosystem fund, or a tier-1 or tier-2 fund in this directory) rather than anchoring it. Come with your round shape already in motion.
5. **Frame your pitch around ecosystem adoption, not just company metrics.** Because the fund's own stated mandate is accelerating onchain adoption on Solana specifically, articulate how your product grows the ecosystem, not just your own user base.
**Timeline:** Not published.
---
## F. Best Advice from Founders
**This is an ecosystem fund first, a return-seeking fund second.** Founders report that framing a pitch around what it does for Solana adoption broadly, not just for the company, resonates with how the fund describes its own mandate.
**Arrive with a co-investor or a hackathon result.** Because the fund rarely leads, the fastest path in is showing up already backed or already vetted by Colosseum, a Solana Foundation grant, or another Solana-native investor.
**Game studios get a different kind of attention.** The fund's own description of co-designing partnerships specifically calls out game studios; if you are building a Solana game, expect a more hands-on relationship than a typical check.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. The chain requirement and portfolio names are public; check size (reported by a third party, not confirmed on-site), team roster beyond one name, and screening criteria are not.
> **Start here:** Confirm your product is Solana-native, then pursue a Colosseum result or Foundation grant before or alongside submitting the [Get in Touch form on solana.ventures](https://solana.ventures).
### How Solana Ventures' portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Infrastructure-led** | Of the 11 companies we could classify, 37% are infrastructure (Jito, Squads, Helius, Cube Exchange). | Core Solana infrastructure, wallets, RPC, MEV/restaking, is the most-represented category. |
| **DeFi close behind** | 27% are DeFi (Kamino, Fin, Exponent). | Solana-native DeFi with real usage is a strong second pattern. |
| **100% Solana by definition** | Every classified company runs on Solana; the fund does not diversify by chain. | There is no ambiguity here: if you are not on Solana, this fund is not a fit regardless of any other factor. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Matthew Beck** (Head of Solana Ventures, reported by third-party sources, not confirmed on-site) | The likely primary decision-maker for the fund's day-to-day investments. | [X (@matthewabeck1)](https://x.com/matthewabeck1) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Colosseum hackathon** | Win or place well in a Colosseum hackathon (see the [Colosseum page](https://colosseum.com/accelerator) in this directory); this is the single most common pre-history for a Solana Ventures check. |
| **Solana Foundation grant** | A prior grant relationship signals ecosystem alignment before you ever pitch the venture arm. |
| **Public application** | The "Get in Touch" form on [solana.ventures](https://solana.ventures) is the confirmed public channel; a Notion-hosted form is also reported but unconfirmed. |
### What you can't find
Solana Ventures does not appear to publish a full team page, a check-size range, or a screening rubric on its own site; the $10K-$250K figure is reported by a third-party VC database (VCSheet), not confirmed directly, so chequeMin and chequeMax are null on this page. The precise corporate relationship to Solana Labs is not spelled out beyond the Solana Technology Services LLC footer entity. We could not confirm the Notion-hosted intake resolves to a live, current form during verification. One named portfolio company (Theportal.to) had too little public detail for us to classify.
---
## G. Pitch Format Solana Ventures Expects
- Submission through the "Get in Touch" form on solana.ventures
- A Solana-native product; this is a hard requirement, not a preference
- Framing around ecosystem adoption and growth, consistent with the fund's stated mandate as an ecosystem-affiliated investor
- A round already forming with another lead, since the fund typically co-invests
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Companies named on [solana.ventures](https://solana.ventures). Sector tags are ours; chain is Solana for every company by definition of the fund's mandate.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Phantom | Self-custody wallet | Consumer | Solana |
| Jito | MEV and liquid restaking infrastructure | Infrastructure | Solana |
| Squads | Smart accounts and multisig infrastructure | Infrastructure | Solana |
| Helius | RPC and developer infrastructure | Infrastructure | Solana |
| Pump.fun | Token launch and trading platform | Consumer | Solana |
| Kamino | Lending and leverage protocol | DeFi | Solana |
| Fin | Financial services protocol | DeFi | Solana |
| Cube Exchange | Cryptocurrency exchange | Infrastructure | Solana |
| Exponent | Yield and fixed-rate protocol | DeFi | Solana |
| Zar | Dollar-denominated digital wallet | Payments-Stablecoins | Solana |
| Sphere Pay | Payments infrastructure | Payments-Stablecoins | Solana |
| Theportal.to | Not publicly detailed | Unclassified | Solana |
---
## I. Ecosystem Connections
- **Solana Foundation:** ran a joint $100 million investment and grant fund for Korean web3 startups in 2022, the clearest example of the fund acting as an ecosystem tool alongside the Foundation rather than a standalone financial investor.
- **Colosseum:** Solana Ventures co-invests alongside Colosseum and other ecosystem funds and rarely leads independently, making Colosseum's hackathon-to-accelerator pipeline the most reliable feeder into a Solana Ventures check.
- **Solana Labs:** the entity behind Solana Ventures (Solana Technology Services LLC per the site footer) is affiliated with Solana Labs, the core engineering organization behind the Solana protocol; the exact corporate structure is not detailed on the fund's own site.
- **Solana consumer and gaming:** the fund's own description highlights co-designed partnerships with game studios specifically, making it a natural target for Solana-native gaming founders beyond a standard check.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Token warrant or SAFE plus token?** [Compliance guide](/founder-stack/compliance)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Solana Ventures homepage](https://solana.ventures)
- [Solana Ventures public application, Notion (reported, unconfirmed)](https://solanalabs.notion.site/Solana-Ventures-Public-ca82bdef271048918303d608460b3b3e)
- [Solana Ventures and Solana Foundation establish $100 million investment and grant fund for Korea web3 startups, Solana Media](https://solana.com/news/solana-ventures-and-solana-foundation-establish-100-million-investment-and-grant-fund-for-korea-web3-startups)
- [Solana Ventures - VC Fund Breakdown, VCSheet](https://www.vcsheet.com/fund/solana-ventures)
- [Matthew Beck, VCSheet](https://www.vcsheet.com/who/matthew-beck)
- [Colosseum accelerator](https://colosseum.com/accelerator)
---
---
name: Spartan Group
slug: spartan-group
buildTypes: ["DeFi-trading-lending", "Infra-protocol", "Gaming", "Consumer-social", "Dev-tooling"]
thesis: 'Advises, invests and builds with the best entrepreneurs in Web3 across three arms (Advisory, Capital, Labs), with Spartan Capital backing DeFi, gaming and metaverse, and infrastructure across four funds and $500M in AUM.'
website: 'https://www.spartangroup.io'
apply: 'No public application form. Route in via the site contact link, an Advisory engagement, or a warm intro; founders sometimes enter through an advisory relationship (token design, fundraising support) before investment.'
region: 'Global'
hq: 'Singapore (APAC-focused)'
sectors:
- DeFi
- Gaming
- Infrastructure
sectorsNote: 'Spartan''s own capital page (spartangroup.io/capital) groups its portfolio into three sectors and states totals for each: DeFi (46 companies), Gaming & Metaverse (39), Infrastructure (50), for a stated 135 total. We classified 30 of the named companies individually by sector and chain for the splits below; the site''s own bucket totals (135) are larger than what we could individually verify a chain for, so treat the chain split especially as directional, not exhaustive.'
stage:
- Seed
- Series A
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed'
chains:
- Chain-agnostic
- Ethereum
- Multi-chain
- Solana
- Arbitrum
- Optimism
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '2'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Spartan Capital portfolio page
category: portfolio-pattern
score: 5
description: >-
spartangroup.io/capital names its portfolio in full, grouped into
DeFi (46), Gaming & Metaverse (39) and Infrastructure (50), with
individual company names for each bucket. Unusually generous
disclosure for a fund with no public application form.
link: 'https://www.spartangroup.io/capital'
- name: Three-arm structure (Advisory, Capital, Labs)
category: pipeline-pathway
score: 4
description: >-
Spartan explicitly runs three businesses: Advisory, Capital and Labs
(spartanlabs.studio). Founders sometimes enter through an advisory
engagement (token design, fundraising strategy) before an investment
conversation starts, which is a real, documented alternate door.
link: 'https://www.spartangroup.io/advisory'
- name: Fund structure disclosure
category: evaluation-framework
score: 3
description: >-
Spartan discloses $500M AUM across four named funds: Liquid, DeFi,
Gaming & Metaverse, and Market Neutral. Knowing which fund would back
your round helps you frame the ask correctly from the first message.
link: 'https://www.spartangroup.io'
- name: Recent partner promotion (Leeor Groen)
category: decision-maker-reveal
score: 2
description: >-
The one named, dated team signal we could verify: Leeor Groen was
promoted to Partner (effective 9/30/25). A small, real data point in
an otherwise thin public team page.
link: 'https://www.spartangroup.io'
portfolioSectorSplit:
DeFi: 36
Infrastructure: 30
Gaming: 17
Consumer: 7
Developer-Tooling: 7
Payments-Stablecoins: 3
portfolioChainSplit:
Chain-agnostic: 34
Ethereum: 30
Multi-chain: 23
Optimism: 7
Solana: 3
Arbitrum: 3
portfolioTotalCount: 135
portfolioClassifiedCount: 30
portfolioUnclassifiedCount: 105
---
> **How to use this page:** Spartan Group runs three connected businesses (Advisory, Capital, Labs) out of Singapore, and its capital arm publishes one of the most generous named portfolios in this directory, 135 companies across DeFi, Gaming & Metaverse and Infrastructure. There is no application form, so Section E covers the realistic paths: direct contact, a portfolio founder intro, or an advisory engagement first.
---
## A. Header Block
- **Fund name:** Spartan Group (Spartan Capital)
- **One-line thesis:** "We advise, invest and build with the best entrepreneurs in Web3"
- **Website:** [spartangroup.io](https://www.spartangroup.io)
- **CTA:** [Contact Spartan Group](https://www.spartangroup.io)
| Tag | Detail |
|-----|--------|
| Region | Global, APAC-weighted (Singapore) |
| Format | Direct outreach; sometimes via an Advisory engagement first |
| Sectors | DeFi, gaming and metaverse, infrastructure |
| Stage | Seed, Series A, plus liquid strategies |
| Cheque Size | Not disclosed |
| Admissions | Rolling |
---
## B. Batch Schedule
Not applicable. Spartan invests on a rolling basis across four fund vehicles and does not run a cohort program.
---
## C. Overview
Spartan Group is an APAC-rooted Web3 firm structured around three connected arms: Advisory, Capital and Labs (run as a separate venture studio at spartanlabs.studio). Its own homepage states $500 million in assets under management and over $1 billion in transactional dealmaking value across four named funds: Liquid, DeFi, Gaming & Metaverse, and Market Neutral. That structure matters for founders because it means Spartan is not only a check-writer; it also runs an advisory practice that works directly with teams on token design and fundraising strategy, and some founders enter the investment relationship through that door first.
The capital arm's own portfolio page is unusually transparent for a fund with no public application: it groups its full portfolio directly into three sectors with stated totals, DeFi (46 companies), Gaming & Metaverse (39) and Infrastructure (50), and names the individual companies in each bucket. The DeFi list spans lending and DEX names (1inch, MakerDAO, Maple, Synthetix) alongside newer money-market and yield names (Kamino, Pendle, Ether.fi). The Gaming & Metaverse list is one of the largest in this directory, from established names (Animoca Brands, Axie Infinity, Illuvium, Yuga Labs) to a long tail of smaller studios. The Infrastructure list covers L1s and L2s (Arbitrum, Berachain, Celestia, Starknet), interoperability (LayerZero) and tooling (The Graph, Consensys).
Team disclosure is thinner than the portfolio disclosure: the one dated, verifiable team signal on the site is a September 2025 promotion of Leeor Groen to Partner, with no broader named investment team visible on the pages we fetched.
**Key stats:**
- $500M AUM across four funds: Liquid, DeFi, Gaming & Metaverse, Market Neutral
- $1B+ transactional dealmaking value
- 135 portfolio companies named across DeFi (46), Gaming & Metaverse (39), Infrastructure (50)
- Three connected arms: Advisory, Capital, Labs
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Leeor Groen | Partner (promoted 9/30/25) | [spartangroup.io](https://www.spartangroup.io) |
No broader investment team roster was visible on the pages we fetched. Given the firm's scale ($500M AUM, four funds), other partners almost certainly exist; we are not printing unverified names sourced from third-party trackers here.
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Find your bucket on the capital page
Spartan's own site groups its portfolio into DeFi, Gaming & Metaverse and Infrastructure. Read the full list at [spartangroup.io/capital](https://www.spartangroup.io/capital) and identify your closest comparable company; it's the clearest map of what this fund actually backs.
#### Step 2: Consider the Advisory door
Spartan's Advisory arm works with teams on token design and fundraising strategy, and founders sometimes move from an advisory engagement into an investment conversation. If you need help structuring a token launch or your raise more broadly, this is a documented, real alternate entry point, not just a consulting upsell.
#### Step 3: Use direct contact for a straight investment conversation
There is no dedicated pitch form; use the contact link on [spartangroup.io](https://www.spartangroup.io). Given the thin public team page, a portfolio founder intro is likely to land better than a cold message.
#### Step 4: Frame your fund fit
With four named funds (Liquid, DeFi, Gaming & Metaverse, Market Neutral), be able to describe which one your round would logically draw from; a DeFi protocol raising a Seed round is a different conversation from a gaming studio raising a Series A.
**Timeline:** Not published.
---
## F. Best Advice from Founders
**The portfolio page is the real thesis document here, not the homepage.** With 135 named companies grouped by sector, spartangroup.io/capital tells you more about what Spartan actually backs than any tagline could.
**Consider the Advisory door seriously if you're pre-token-design.** Spartan's three-arm structure means an advisory relationship is a real, documented path that can lead to investment, not a dead end.
**Gaming and metaverse is a genuine strength, not a side bet.** With 39 named companies in that bucket, including Animoca Brands, Axie Infinity and Illuvium, this is one of the deepest gaming-crypto portfolios in this directory.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. The portfolio disclosure is exceptional for a fund at this scale; the team and process disclosure is thin, with only one named, dated partner promotion and no public application form.
> **Start here:** Read the [Spartan Capital portfolio page](https://www.spartangroup.io/capital) by sector, then decide whether the Advisory arm or a direct investment conversation is the right door for where you are.
### How Spartan Group's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **DeFi is the largest single bucket** | Spartan's own site states 46 DeFi companies, the largest of its three categories; in the 30 companies we individually classified, DeFi accounts for 36%. | Lending, DEX, restaking and yield protocols all have deep precedent here. |
| **Infrastructure is a close second** | 50 companies per the site's own count; L1s, L2s, interoperability and tooling all appear (Arbitrum, Berachain, Celestia, LayerZero, The Graph). | Core protocol infrastructure fits cleanly alongside the DeFi weighting. |
| **Gaming and metaverse is a genuine third pillar** | 39 companies per the site, spanning established names to smaller studios. | Gaming crypto with real production values (Animoca, Illuvium-tier) fits a proven pattern. |
| **Chain exposure is broad, with Ethereum and multi-chain leading** | In our classified subset, Ethereum and multi-chain protocols together account for over half; Solana and Arbitrum appear but are smaller. | Don't assume a single-chain focus is required; the fund's own portfolio spans many. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Leeor Groen** (Partner) | The one dated, confirmed current team signal. | [spartangroup.io](https://www.spartangroup.io) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct contact** | Via the contact link on spartangroup.io. |
| **Advisory engagement first** | Spartan's Advisory arm (token design, fundraising strategy) is a documented path that can lead to investment. |
| **Portfolio founder intro** | With 135 named companies, there is almost always a founder two steps away across DeFi, gaming, or infrastructure. |
### What you can't find
There is no published cheque range, no broader named investment team beyond one September 2025 partner promotion, and no application form. The site's own stated bucket totals (46/39/50 = 135) are larger than the 30 companies we individually verified sector and chain for, so the chain split above should be read as directional.
---
## G. Pitch Format Spartan Group Expects
- No public template; direct contact or a warm intro (including via the Advisory arm) is the norm
- Be specific about which of the three sectors (DeFi, Gaming & Metaverse, Infrastructure) and which fund (Liquid, DeFi, Gaming & Metaverse, Market Neutral) fits your round
- Standard early-stage materials: team, product, traction, ask
- If token design or go-to-market strategy is a gap for you, consider framing the first conversation around Advisory rather than straight investment
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
A representative sample from the 135 companies named on [spartangroup.io/capital](https://www.spartangroup.io/capital), grouped by the site's own three sectors. Sector and chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| 1inch | DEX aggregator | DeFi | Multi-chain |
| Across | Cross-chain bridge/intents protocol | DeFi | Multi-chain |
| Aevo | Perpetuals exchange | DeFi | Optimism |
| Coin98 | Multichain DeFi wallet | DeFi | Multi-chain |
| dYdX | Perpetuals exchange | DeFi | Chain-agnostic |
| Ether.fi | Liquid restaking | DeFi | Ethereum |
| Kamino | Lending and liquidity protocol | DeFi | Solana |
| MakerDAO | Decentralized stablecoin protocol | DeFi | Ethereum |
| Maple | Onchain credit protocol | DeFi | Ethereum |
| Pendle | Yield tokenization protocol | DeFi | Multi-chain |
| Synthetix | Synthetic asset protocol | DeFi | Optimism |
| Circle | Stablecoin issuer (USDC) | Payments-Stablecoins | Multi-chain |
| Animoca Brands | Web3 gaming and investment group | Gaming | Chain-agnostic |
| Axie Infinity | Play-to-earn game | Gaming | Chain-agnostic |
| Illuvium | Blockchain RPG | Gaming | Ethereum |
| Mythical Games | Blockchain game studio | Gaming | Chain-agnostic |
| Parallel | Trading card game | Gaming | Ethereum |
| Yuga Labs | NFT brands and IP | Consumer | Ethereum |
| Sweatcoin | Move-to-earn app | Consumer | Chain-agnostic |
| Arbitrum | Ethereum L2 | Infrastructure | Arbitrum |
| Berachain | Layer 1 blockchain | Infrastructure | Chain-agnostic |
| Celestia | Modular data availability | Infrastructure | Chain-agnostic |
| Flashbots | MEV infrastructure | Infrastructure | Ethereum |
| LayerZero | Cross-chain interoperability | Infrastructure | Multi-chain |
| Mantle | Layer 2 network | Infrastructure | Chain-agnostic |
| Matter Labs | zkSync, ZK rollup | Infrastructure | Ethereum |
| Starknet | ZK rollup | Infrastructure | Chain-agnostic |
| ImmutableX | NFT/gaming L2 | Infrastructure | Chain-agnostic |
| Consensys | Ethereum infrastructure and tooling | Developer-Tooling | Ethereum |
| The Graph | Blockchain indexing protocol | Developer-Tooling | Multi-chain |
---
## I. Ecosystem Connections
- **APAC:** Spartan's Singapore base and stated APAC focus make it a natural fit for founders with Southeast Asian, Korean or broader Asia-Pacific go-to-market plans.
- **Ethereum and its ecosystem:** the largest single-chain cluster in the classified sample (MakerDAO, Maple, Ether.fi, Illuvium, Flashbots, Matter Labs and more).
- **Gaming networks broadly:** Animoca Brands, Axie Infinity, Illuvium and Mythical Games give Spartan deep, long-standing gaming-crypto exposure.
- **Multi-chain and interoperability:** 1inch, Across, Pendle, LayerZero and The Graph reflect a portfolio comfortable operating across chains rather than betting on one.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Building gaming or DeFi with APAC distribution?** Compare against Hashed and Ryze Labs, both active in similar categories and regions.
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Spartan Group homepage](https://www.spartangroup.io)
- [Spartan Capital portfolio](https://www.spartangroup.io/capital)
- [Spartan Advisory](https://www.spartangroup.io/advisory)
---
---
name: Superscrypt
slug: superscrypt
buildTypes: ["Infra-protocol", "Dev-tooling", "DeFi-trading-lending"]
thesis: 'Onboard the next wave of builders and users into web3 through identity and credentials, developer tools, data indexing and search, scaling and privacy. A Singapore-rooted fund with offices also in New York and Boston.'
website: 'https://www.superscrypt.xyz'
apply: 'No public form. Warm intro or a direct LinkedIn/X message to a named specialist is the stated path; the fund is also an LP in Alliance, so Alliance alumni have a natural intro route.'
region: 'Global'
hq: 'Singapore (also New York and Boston)'
sectors:
- Infrastructure
- Developer-Tooling
- Privacy
- Consumer
stage:
- Pre-Seed
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed'
chains:
- Ethereum
- Chain-agnostic
- Multi-chain
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '3'
lastVerified: '2026-09-09'
edgeRating: edge-sparse
edgeResources:
- name: Alliance LP relationship
category: pipeline-pathway
score: 4
description: >-
Superscrypt is a listed LP in Alliance, the crypto accelerator. Alliance
alumni have a plausible warm-intro path into the fund that a cold
founder does not.
link: 'https://www.superscrypt.xyz'
- name: Three-office footprint
category: decision-maker-reveal
score: 3
description: >-
Offices in Singapore, New York and Boston, confirmed on the specialists
page, signal Asia-Pacific and US distribution reach specifically. If
your go-to-market touches Asia-Pacific, that is worth naming directly.
link: 'https://www.superscrypt.xyz/specialists/home/'
- name: Portfolio pattern
category: portfolio-pattern
score: 3
description: >-
Airstack, Aptos Labs, Li.fi, Gnosis Safe, Flashbots, Collab.land and
Notifi point clearly at developer tooling, identity/credentials and
scaling infrastructure rather than DeFi or consumer apps.
link: 'https://www.superscrypt.xyz'
- name: Thesis vocabulary
category: pattern-trainer
score: 3
description: >-
"Onboard the next wave of builders and users" plus the named
categories (identity and credentials, developer tools, data indexing
and search, scaling, privacy) is close to a literal checklist for
framing your pitch.
portfolioSectorSplit:
Infrastructure: 56
Developer-Tooling: 33
Consumer: 11
portfolioChainSplit:
Ethereum: 60
Multi-chain: 40
portfolioTotalCount: 9
portfolioClassifiedCount: 9
portfolioUnclassifiedCount: 0
---
> **How to use this page:** Superscrypt is a Singapore-headquartered fund (with New York and Boston offices) whose stated thesis is narrowly about onboarding infrastructure: identity, developer tools, data indexing and privacy. It has no public form, but it is an LP in Alliance, so Alliance alumni have a real warm-intro path. Read Section E, then find the named specialist whose focus matches yours.
---
## A. Header Block
- **Fund name:** Superscrypt
- **One-line thesis:** "Onboard the next wave of builders and users into web3."
- **Website:** [superscrypt.xyz](https://www.superscrypt.xyz)
- **CTA:** [Specialists page](https://www.superscrypt.xyz/specialists/home/)
| Tag | Detail |
|-----|--------|
| Region | Global (Singapore, New York, Boston) |
| Format | Direct outreach (warm intro or LinkedIn/X) |
| Sectors | Infrastructure, developer tooling, privacy, consumer/identity |
| Stage | Pre-Seed, Seed |
| Cheque Size | Not disclosed |
| Admissions | Rolling |
---
## C. Overview
Superscrypt is a fund headquartered in Singapore with additional offices in New York and Boston, confirmed on its own specialists page. Its stated thesis is specific: onboarding the next wave of builders and users into web3 through four named categories, identity and credentials, developer tools, data indexing and search, and scaling and privacy. This is a narrower, more infrastructure-and-tooling-focused thesis than most generalist crypto funds in this directory.
The portfolio matches the thesis closely. Airstack is developer-facing onchain data tooling. Aptos Labs is a Layer 1 the fund backed at the infrastructure level. Li.fi is cross-chain interoperability infrastructure. Gnosis Safe is wallet infrastructure. Flashbots works on MEV, a scaling and fairness problem. Collab.land is community and identity tooling. Notifi is messaging infrastructure. Catalyst Exchange is the one clearly DeFi-adjacent name in the group. The fund also lists Alliance, the crypto accelerator, among its relationships, and per public record Superscrypt is an LP in Alliance, which gives Alliance alumni a natural warm-intro path.
Five named specialists appear on the team page (Jacob K, Jad C, Kishore B, Thomas C, Ji H), though individual bios were not confirmed in this session beyond names and the Singapore/New York/Boston office footprint. There is no public application form; a warm intro or a direct LinkedIn or X message to one of these named specialists is the stated realistic path.
**Key stats:**
- Three-office footprint: Singapore, New York, Boston
- Nine named portfolio companies, mostly infrastructure and developer tooling
- LP relationship with Alliance, the crypto accelerator
- Five named specialists on the team page; no public form
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Jacob K | Specialist (full name and focus not confirmed) | [superscrypt.xyz/specialists](https://www.superscrypt.xyz/specialists/home/) |
| Jad C | Specialist | [linkedin.com/in/jadchahine](https://www.linkedin.com/in/jadchahine/) |
| Kishore B | Specialist | [superscrypt.xyz/specialists](https://www.superscrypt.xyz/specialists/home/) |
| Thomas C | Specialist | [superscrypt.xyz/specialists](https://www.superscrypt.xyz/specialists/home/) |
| Ji H | Specialist | [superscrypt.xyz/specialists](https://www.superscrypt.xyz/specialists/home/) |
Full surnames and individual focus areas were not confirmed for all five in this session; the specialists page is the best available source.
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Map yourself to one of the four named categories
Identity and credentials, developer tools, data indexing and search, or scaling and privacy. State which one your product falls into in the first line of any outreach.
#### Step 2: Check for an Alliance connection first
Superscrypt is an LP in Alliance. If you are an Alliance alumnus, or know one, that relationship is a more reliable path in than a cold approach.
#### Step 3: Find the named specialist whose focus overlaps yours
With five specialists named across three offices, identify who is closest to your category (developer tooling, identity, privacy) using LinkedIn or the specialists page, and reach them directly rather than a general inbox that likely does not exist.
#### Step 4: Lead with Asia-Pacific relevance if it applies
Given the Singapore HQ, a product with Asia-Pacific distribution, regulatory footprint, or user base is worth naming explicitly; it plays to the fund's stated geographic strength.
#### Step 5: Terms
Cheque size is not disclosed anywhere found in this session. Given the stage focus (Pre-Seed, Seed) and small, curated nine-company visible portfolio, expect this to be a smaller, non-lead cheque alongside other early investors.
**Tips that matter here:**
- Airstack, Li.fi and Notifi are strong developer-tooling comparables; name the closest one.
- Flashbots in the portfolio signals real interest in MEV and scaling-fairness problems specifically.
- The Alliance LP relationship is the single strongest lever available if you have any connection to that accelerator's alumni network.
---
## F. Best Advice from Founders
Founder-sourced advice specific to Superscrypt was not found and verified in this session.
---
## Contextual Edge
**Preparation rating:** Edge-sparse. A clear thesis, a real (if short) portfolio, named specialists and a confirmed three-office footprint are public. Cheque size, a full team bio for each specialist, and any application channel beyond warm intro or direct message are not published.
> **Start here:** Read the [Superscrypt homepage](https://www.superscrypt.xyz) portfolio list, identify which of the four thesis categories your product fits, and find the named specialist whose LinkedIn activity or public writing overlaps that category before reaching out.
### How Superscrypt's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Infrastructure leads** | Aptos Labs, Li.fi, Gnosis Safe, Flashbots and Alliance make up over half the classified portfolio. | Core infrastructure, wallets, interop and MEV/scaling problems are the strongest pattern. |
| **Developer tooling is the second cluster** | Airstack, Collab.land and Notifi are all developer-facing tooling for data, community and messaging. | Tooling that helps other builders onboard users is squarely on-thesis. |
| **Consumer is a minority position** | Catalyst Exchange is the one clearly consumer/DeFi-facing name. | A pure consumer app is a weaker fit than infrastructure or tooling here. |
| **Ethereum is the dominant confirmed chain** | Gnosis Safe, Flashbots and Collab.land are Ethereum-native; Li.fi and Aptos Labs serve or represent other/multiple chains. | Ethereum-aligned infrastructure has the clearest precedent, though the fund is not chain-exclusive. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Jad C** | One of five named specialists; LinkedIn profile confirmed. | [linkedin.com/in/jadchahine](https://www.linkedin.com/in/jadchahine/) |
| **Jacob K, Kishore B, Thomas C, Ji H** | Four additional named specialists across the three offices. | [superscrypt.xyz/specialists](https://www.superscrypt.xyz/specialists/home/) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Alliance alumni network** | Superscrypt is an LP in Alliance; alumni have a natural warm-intro path. |
| **Direct LinkedIn/X to a named specialist** | With five people named and no public form, this is the closest thing to an intended channel. |
| **Portfolio founder intro** | Airstack, Li.fi, Gnosis Safe and others are real companies whose founders could vouch for you. |
### What you can't find
Cheque size, fund size, full specialist bios beyond names and office locations, and any structured application process are not published. Treat this fund as reachable but genuinely under-documented relative to others in this directory.
---
## G. Pitch Format Superscrypt Expects
- No stated deck format; direct outreach to a named specialist appears to be the expected channel
- Clear placement in one of the four thesis categories: identity/credentials, developer tools, data indexing/search, or scaling/privacy
- Asia-Pacific relevance named explicitly where applicable
- Any Alliance accelerator connection surfaced early
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Nine companies named on [superscrypt.xyz](https://www.superscrypt.xyz). Sector and chain tags are ours.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Airstack | Onchain data and developer tooling | Developer-Tooling | Multi-chain |
| Aptos Labs | Layer 1 blockchain | Infrastructure | Multi-chain |
| Li.fi | Cross-chain interoperability infrastructure | Infrastructure | Multi-chain |
| Gnosis Safe | Multisig wallet infrastructure | Infrastructure | Ethereum |
| Flashbots | MEV research and infrastructure | Infrastructure | Ethereum |
| Collab.land | Community and identity tooling | Developer-Tooling | Ethereum |
| Notifi | Onchain messaging and notifications | Developer-Tooling | Multi-chain |
| Catalyst Exchange | DeFi exchange | Consumer | Ethereum |
| Alliance | Crypto accelerator (LP relationship, not a portfolio company in the traditional sense) | Not classified | Not applicable |
---
## I. Ecosystem Connections
- **Ethereum:** Gnosis Safe, Flashbots, Collab.land and Catalyst Exchange are all Ethereum-native.
- **Multi-chain infrastructure:** Airstack, Li.fi, Aptos Labs and Notifi all serve or represent more than one chain.
- **Asia-Pacific distribution:** the Singapore HQ is a real, confirmed distribution strength distinct from most funds in this directory.
- **Alliance:** an LP relationship with the accelerator gives its alumni a plausible warm-intro path.
- **Hackathons:** no formal Superscrypt-run hackathon found; the Alliance relationship is the closer analogue.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Compare to Symbolic Capital**, another Asia-connected micro-VC in this directory: [Symbolic Capital](/funds/symbolic-capital)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Superscrypt homepage](https://www.superscrypt.xyz)
- [Superscrypt specialists page](https://www.superscrypt.xyz/specialists/home/)
- [Jad Chahine on LinkedIn](https://www.linkedin.com/in/jadchahine/)
---
---
name: Superteam Instagrants
slug: superteam-instagrants
thesis: 'Equity-free microgrants, paid out fast, to get an early Solana builder from idea to a shipped first version.'
website: 'https://superteam.fun/earn/grants'
apply: 'Create a Superteam Earn talent profile, open the Grants tab, and apply to a live listing (regional chapter grant or sponsor instagrant). No warm intro needed.'
region: 'Global'
hq: 'Distributed (25+ regional chapters, including Nigeria)'
sectors:
- Developer-Tooling
- DeFi
- Payments-Stablecoins
- Consumer
- Infrastructure
stage:
- Ideation
- MVP
- Pre-Seed
chequeMin: 1000
chequeMax: 10000
chequeDisplay: 'Up to $10K USDC per grant; example listings average around $4,300'
chains:
- Solana
format: 'Application form'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific, but Superteam Nigeria runs its own instagrant listings as part of the same network'
status: active
tier: '3'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Superteam Earn grants tab
category: practice-artifact
score: 5
description: >-
The live listing board. Every open grant, its sponsor, cheque size and
status (open/closed) is public, so you can see exactly what is fundable
right now before you write anything.
link: 'https://superteam.fun/earn/grants'
- name: Example instagrant listing (Solana Fndn x Finternet)
category: practice-artifact
score: 4
description: >-
A worked example of a sponsor instagrant: "Up to 10k USDC," average
award $4,286, about a one-week response time. Use it to calibrate your
ask and timeline.
link: 'https://earn.superteam.fun/grants/finternet-grants/'
- name: Superteam Earn FAQ
category: evaluation-framework
score: 4
description: >-
Explains the talent-profile requirement, how listings get reviewed, and
the KYC step before payout on Superteam or Solana Foundation-sponsored
grants.
link: 'https://docs.superteam.fun/the-superteam-handbook/community/faqs/superteam-earn-faq'
- name: Solana Foundation Grants page reference to Superteam
category: decision-maker-reveal
score: 4
description: >-
The Solana Foundation itself names Superteam as its microgrant funnel
for early builders, which is why an Earn track record carries weight
further up the funding chain.
link: 'https://solana.org/grants-funding'
- name: Regional chapter directory
category: pipeline-pathway
score: 3
description: >-
25+ country chapters, including Superteam Nigeria, each running their
own bounty and grant listings alongside the global board. Apply to your
chapter first, not only the global feed.
link: 'https://superteam.fun/earn/grants'
portfolioSectorSplit: {}
portfolioChainSplit:
Solana: 100
portfolioTotalCount: 0
portfolioClassifiedCount: 0
portfolioUnclassifiedCount: 0
---
> **How to use this page:** This is the fastest, most accessible non-dilutive money in this entire directory for a Solana-building founder. There is no warm intro, no pitch deck and no committee to find; there is a public board of listings you apply to directly. Read Section E, pick a listing that matches your region or sponsor, and apply this week.
---
## A. Header Block
- **Program name:** Superteam Instagrants (Superteam Earn grants)
- **One-line thesis:** Equity-free, fast microgrants for early Solana builders, distributed through regional chapters and sponsor-specific listings
- **Website:** [superteam.fun/earn/grants](https://superteam.fun/earn/grants)
- **CTA:** [See open grants](https://superteam.fun/earn/grants)
| Tag | Detail |
|-----|--------|
| Region | Global, 25+ regional chapters including Nigeria, India, Vietnam, Brazil, UAE, Turkey, Germany, UK, US |
| Format | Application form (per listing, via a Superteam Earn talent profile) |
| Sectors | All: development, art, content, tooling, DeFi, payments, consumer |
| Stage | Idea through first shipped prototype |
| Cheque Size | Up to $10K USDC; example listing average $4,286 |
| Admissions | Rolling for regional listings; windowed (open/closed) for sponsor instagrants |
---
## C. Overview
Superteam is a network of country-level chapters that run bounties and grants on Solana, and Superteam Earn is the platform where both live. Instagrants are the grant side of that platform: equity-free, fast-turnaround money for a builder to ship a first product or prototype, funded either directly by a Superteam chapter or by a sponsor running a themed listing (the Solana Foundation x Finternet grant is one worked example, offering "up to 10k USDC" with an observed average award of $4,286 and about a one-week response time).
The Solana Foundation names Superteam directly as its own feeder for early-stage builders on the Foundation's own grants page, pointing founders to Superteam Earn for "quick $10K microgrants" before they are ready for a Foundation-level ask. That makes Instagrants both a standalone source of money and a credibility step: a founder who has won a Superteam bounty or instagrant arrives at the Foundation, at Colosseum, or at a Solana-native VC with a public track record the reviewer can check.
There is no single global cheque size or annual total published for Instagrants as a category; each listing states its own budget and the board shows current listings live, so the honest number to give a founder is "check the board today," not a fixed figure.
**Key stats:**
- Up to $10K USDC per grant listing; example listing average $4,286
- About one week typical response time on a listing
- 25+ regional chapters running parallel grant and bounty listings
- Named by the Solana Foundation as its own early-builder funnel
---
## D. Key Partners
| Person or team | Role | Where to find them |
|----------------|------|--------------------|
| Superteam Earn team | Runs the platform, reviews talent profiles and listing submissions | [superteam.fun/earn/grants](https://superteam.fun/earn/grants) |
| Regional chapter leads (e.g. Superteam Nigeria) | Run chapter-specific grant and bounty listings | [superteam.fun](https://superteam.fun) |
| Listing sponsors (e.g. Solana Foundation, Finternet, Hxro Network) | Fund and set criteria for individual instagrant listings | Per-listing pages on [earn.superteam.fun](https://earn.superteam.fun/grants/) |
No individual reviewer names are published for grant listings, and we have not guessed.
---
## E. How to Get In: Step-by-Step Application Process
**Chain requirement: your product must build on Solana. This program does not fund other chains.**
#### Step 1: Create a Superteam Earn talent profile
Sign up at [superteam.fun/earn/grants](https://superteam.fun/earn/grants). This profile is the identity you apply from and the record other funders (Solana Foundation, Colosseum) can later check.
#### Step 2: Open the grants tab and find your listing
Grants sit alongside bounties on the Earn board. Filter by your region (your Superteam chapter, such as Nigeria) or by sponsor theme. Listings show status (open/closed), the cheque range, and the sponsor.
#### Step 3: Submit a short proposal
Each listing asks for what you will build, a rough milestone breakdown, and a payout wallet. There is no pitch deck requirement; this is closer to a well-written form than an investor memo.
#### Step 4: Review (about one week)
The example listing shows roughly a one-week turnaround for a decision. Chapter or sponsor reviewers check for a concrete deliverable in 4 to 8 weeks and a builder with a visible public footprint (GitHub, prior Earn activity).
#### Step 5: KYC and payout
Superteam- and Solana Foundation-sponsored payouts require KYC before funds move. Payment follows within about 7 days of completing the payment form on accepted listings.
**Tips that matter here:**
- Ask for $2K to $5K on a first grant. That is close to the observed average and clears fastest.
- Win one bounty first. A visible Earn win before you apply for a grant measurably raises approval odds.
- Apply to your regional chapter's own listings, not only the global feed. Superteam Nigeria and other chapters run instagrants that a global search will not always surface first.
- Treat an Instagrant win as a credential. Cite it when you later apply to the Solana Foundation, Colosseum, or a Solana-native fund.
---
## F. Best Advice from Founders
**Small and fast beats large and slow.** The program is built for a 4 to 8 week deliverable, not a runway extension. Scope the ask to match.
**Your Earn profile is your track record.** Bounty wins and prior grants are visible to every later reviewer in the Solana ecosystem, so build the profile deliberately rather than treating each listing as one-off.
**Regional chapters move faster than you'd expect.** A founder applying through their own country chapter, rather than only the global board, gets local context in the review.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. The listing board itself is fully transparent (live status, cheque size, sponsor), but there is no single published rubric or annual total for Instagrants as a category, since each listing sets its own terms.
> **Start here:** Browse the live [grants tab](https://superteam.fun/earn/grants) for a listing in your region or sector before writing anything. Then read the [Superteam Earn FAQ](https://docs.superteam.fun/the-superteam-handbook/community/faqs/superteam-earn-faq) for the KYC and payout mechanics.
### How the program actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Cheque size is capped low, on purpose** | Up to $10K USDC, average around $4,286 on the worked example. | Size your first ask to a 4 to 8 week deliverable, not a runway. |
| **It is a named funnel, not a side program** | The Solana Foundation's own grants page directs early builders here before a Foundation ask. | Treat an Instagrant win as the first rung, not a one-off. |
| **Regional and global listings run in parallel** | 25+ country chapters, including Nigeria, run their own instagrant listings. | Check your chapter's board, not only the global one. |
| **Turnaround is genuinely fast** | About one week to a decision on the worked example listing. | This is the shortest path to non-dilutive cash in this directory. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Superteam Earn platform team** | Publishes every listing's status and cheque range live. | [superteam.fun/earn/grants](https://superteam.fun/earn/grants) |
| **Solana Foundation grants page** | Names Superteam explicitly as its microgrant funnel. | [solana.org/grants-funding](https://solana.org/grants-funding) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Regional chapter listing** | Apply through your own country's Superteam chapter board. |
| **Sponsor instagrant** | Apply to a themed, sponsor-funded listing (e.g. Solana Fndn x Finternet). |
| **Bounty first** | Win a bounty to build a visible Earn record before applying for a grant. |
### What you can't find
Superteam does not publish an annual total distributed across all Instagrants, a master grantee list, or named individual reviewers. Each listing is self-contained; treat the "up to $10K" figure and the $4,286 average as evidence from one worked example, not a program-wide guarantee.
---
## G. Pitch Format Superteam Expects
- A completed Superteam Earn talent profile with visible prior activity
- A short written proposal per listing: what you will build, rough milestones, payout wallet
- No formal pitch deck required
- Evidence of shipping: GitHub, live product link, or prior Earn bounty wins
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Superteam Earn does not publish a consolidated grantee list across Instagrants; each listing shows its own winners on its own page, and those change constantly as new listings open and close. We have not compiled a portfolio table from that because it would be a partial, quickly stale snapshot rather than a verified list.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Not published as a consolidated list | Winners appear per listing on earn.superteam.fun | n/a | Solana |
---
## I. Solana Connections
- **Solana (exclusive):** Instagrants fund Solana-native work only.
- **Solana Foundation:** names Superteam directly as its own early-builder funnel, so an Earn record carries weight in a later Foundation application.
- **Colosseum:** the Foundation's other named channel; a strong Earn record and a Colosseum submission compound as one credibility story.
- **Superteam Nigeria and other regional chapters:** the natural on-ramp for an African founder before any global or Foundation-level ask.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Considering the Solana Foundation next?** [Solana Foundation Grants](/funds/solana-foundation-grants)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Superteam Earn grants](https://superteam.fun/earn/grants)
- [Solana Fndn x Finternet Instagrant listing](https://earn.superteam.fun/grants/finternet-grants/)
- [Superteam Earn FAQ](https://docs.superteam.fun/the-superteam-handbook/community/faqs/superteam-earn-faq)
- [Solana Foundation Grants and Funding](https://solana.org/grants-funding)
---
---
name: Symbolic Capital
slug: symbolic-capital
buildTypes: ["Security-privacy", "Infra-protocol"]
thesis: 'People-driven web3 investing, founded by Sandeep Nailwal (Polygon co-founder) and Kenzi Wang. Backs infrastructure, AI x crypto and DeFi founders, with an Asia and India distribution lens, and runs the Nailwal Fellowship for pre-company builders.'
website: 'https://www.symbolic.capital'
apply: 'Contact form at symbolic.capital/contact, or info@symbolic.capital. A second door exists for pre-company builders: the Nailwal Fellowship, check the site for the current cohort.'
region: 'Global'
hq: 'Not disclosed'
sectors:
- Infrastructure
- AI-x-Crypto
- DeFi
- Privacy
stage:
- Pre-Seed
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed'
chains:
- Chain-agnostic
- Bitcoin
format: 'Application form'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '3'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Contact form and email
category: pipeline-pathway
score: 4
description: >-
symbolic.capital/contact and info@symbolic.capital are both live,
named channels, a real front door rather than an inferred one.
link: 'https://www.symbolic.capital/contact'
- name: Nailwal Fellowship
category: pipeline-pathway
score: 4
description: >-
A second, separate door for pre-company builders who are not yet
ready for a fund conversation. Check symbolic.capital for the current
cohort window before assuming the fund door is the only option.
link: 'https://www.symbolic.capital'
- name: Sandeep Nailwal's Polygon background
category: decision-maker-reveal
score: 4
description: >-
Co-founder Sandeep Nailwal built Polygon, which gives the fund direct
credibility and distribution reach into the Polygon ecosystem and its
grant programs (Polygon Village). Polygon grant history is a real
signal to lead with.
link: 'https://www.symbolic.capital/team/sandeep-nailwal'
- name: Team page
category: decision-maker-reveal
score: 3
description: >-
Sandeep Nailwal and Kenzi Wang are listed as co-founders, with Chad
Liu as an investor, on the public team page.
link: 'https://www.symbolic.capital/team'
- name: Named portfolio (Primus, TAC)
category: portfolio-pattern
score: 3
description: >-
Primus is a zkTLS privacy protocol; TAC is a TON EVM extension. Both
point toward privacy-preserving infrastructure and cross-ecosystem
interoperability as real investment patterns, beyond the thin public
list.
link: 'https://www.symbolic.capital'
portfolioSectorSplit:
Privacy: 50
Infrastructure: 50
portfolioChainSplit: {}
portfolioTotalCount: 2
portfolioClassifiedCount: 2
portfolioUnclassifiedCount: 0
---
> **How to use this page:** Symbolic Capital is built around Sandeep Nailwal's Polygon background, which gives it a real Asia and India distribution lens most funds in this directory do not have. There are two public doors: a fund-stage contact form, and the separate Nailwal Fellowship for builders who are pre-company. The public portfolio list is thin (two named companies), so this page is honest that classifiedCount is low; use the contact form and lead with Polygon or Asia-ecosystem relevance regardless.
---
## A. Header Block
- **Fund name:** Symbolic Capital
- **One-line thesis:** "People-Driven Web3 Investing."
- **Website:** [symbolic.capital](https://www.symbolic.capital)
- **CTA:** [Contact form](https://www.symbolic.capital/contact)
| Tag | Detail |
|-----|--------|
| Region | Global (Asia/India distribution lens) |
| Format | Application form |
| Sectors | Infrastructure, AI x crypto, DeFi, privacy |
| Stage | Pre-Seed, Seed |
| Cheque Size | Not disclosed |
| Admissions | Rolling |
---
## C. Overview
Symbolic Capital was founded by Sandeep Nailwal, co-founder of Polygon, alongside Kenzi Wang. The fund's own framing, "people-driven web3 investing," points to a network and founder-relationship approach rather than a purely quantitative one, which tracks with Nailwal's own path from building Polygon into one of Ethereum's largest scaling ecosystems.
Two doors exist publicly. The first is a standard fund contact channel: a contact form at symbolic.capital/contact, alongside a general info@symbolic.capital email. The second is the Nailwal Fellowship, aimed specifically at pre-company builders who are earlier than a typical fund conversation; the current cohort window should be checked directly on the site since it changes.
The public portfolio list is thin. Two companies are named on the site: Primus, a zkTLS privacy protocol, and TAC, a TON EVM extension enabling Ethereum-compatible smart contracts on TON. Both point at privacy-preserving infrastructure and cross-ecosystem interoperability as real patterns, but this is not enough to build a confident portfolio split, and this page says so honestly rather than padding the picture with unverified names.
**Key stats:**
- Co-founded by Sandeep Nailwal (Polygon) and Kenzi Wang
- Two public doors: fund contact form and the separate Nailwal Fellowship
- Two named portfolio companies confirmed (Primus, TAC); fuller list unverified
- Team page names Nailwal, Wang and Chad Liu as investor
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Sandeep Nailwal | Co-Founder (Polygon co-founder) | [symbolic.capital/team/sandeep-nailwal](https://www.symbolic.capital/team/sandeep-nailwal) |
| Kenzi Wang | Co-Founder | [symbolic.capital/team](https://www.symbolic.capital/team) |
| Chad Liu | Investor | [symbolic.capital/team](https://www.symbolic.capital/team) |
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Decide which door fits your stage
If you are pre-company or very early, check the site for the current Nailwal Fellowship cohort window. If you have a company and are raising a round, use the fund contact form directly.
#### Step 2: Lead with Polygon or Asia/India ecosystem relevance if it applies
Given Nailwal's background, Polygon Village or Polygon grant history, or any Asia-focused distribution story, is a strong, specific signal to state upfront rather than bury in a deck.
#### Step 3: Submit through the contact form or email info@symbolic.capital
Go to [symbolic.capital/contact](https://www.symbolic.capital/contact) and submit, or email info@symbolic.capital directly. No published field list or deadline exists beyond the form itself.
#### Step 4: Frame around infrastructure the fund would benefit the Polygon network to see
Given the founder's background, an infrastructure product that could plausibly integrate with or strengthen the Polygon ecosystem is a natural additional angle, even if you are not Polygon-exclusive.
#### Step 5: Terms
Cheque size is not disclosed. Given the thin, early-stage-skewed public portfolio and the existence of a separate pre-company fellowship, expect the fund cheque itself to be sized for Pre-Seed or Seed rounds.
**Tips that matter here:**
- If you are earlier than fundable, the Nailwal Fellowship is a real, separate door; do not default straight to the fund contact form.
- Primus (zkTLS privacy) and TAC (TON EVM extension) are the two verified comparables; use whichever is closer to your product.
- Polygon grant or Polygon Village history is the single most specific credibility signal available for this fund.
---
## F. Best Advice from Founders
Founder-sourced advice specific to Symbolic Capital was not found and verified in this session.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. Team, thesis, and two live contact channels (fund form and fellowship) are verifiable. The portfolio beyond two named companies, cheque size, and HQ are not published, which caps confidence below a fund with a fuller public portfolio.
> **Start here:** Read [Sandeep Nailwal's team bio](https://www.symbolic.capital/team/sandeep-nailwal) for the Polygon framing, decide whether the fellowship or the fund form fits your stage, and lead your submission with any Polygon or Asia-ecosystem relevance you have.
### How Symbolic Capital's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Privacy-preserving infrastructure is a confirmed pattern** | Primus, a zkTLS protocol, is one of only two named portfolio companies. | Privacy and verifiable-data infrastructure is genuinely on-thesis, not a guess. |
| **Cross-ecosystem interoperability is the other confirmed pattern** | TAC, a TON EVM extension, shows interest in bridging ecosystems rather than staying single-chain. | If your product connects two ecosystems (for example TON and EVM), that is a real precedent. |
| **The public portfolio is too thin to support a confident full split** | Only two named companies were found against what is likely a larger real portfolio. | Do not over-index on the sector split above; it reflects two known data points, not the fund's full book. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Sandeep Nailwal** (Co-Founder) | Built Polygon; brings Ethereum scaling and Asia/India ecosystem credibility directly into the fund's judgment. | [symbolic.capital/team/sandeep-nailwal](https://www.symbolic.capital/team/sandeep-nailwal) |
| **Kenzi Wang** (Co-Founder) | Co-leads the fund alongside Nailwal. | [symbolic.capital/team](https://www.symbolic.capital/team) |
| **Chad Liu** (Investor) | Listed on the team page as an investor. | [symbolic.capital/team](https://www.symbolic.capital/team) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Fund contact form** | [symbolic.capital/contact](https://www.symbolic.capital/contact), for founders with an existing company raising a round. |
| **Nailwal Fellowship** | A separate, earlier-stage door for pre-company builders; check the site for the current cohort. |
| **Polygon ecosystem relationships** | Polygon Village or Polygon grant history is a plausible warm signal given the founder's background. |
### What you can't find
Full portfolio beyond two named companies, cheque size, fund size, and HQ location are not published. This is one of the thinner public records in this directory relative to the fund's evident credibility (a Polygon co-founder at the helm), so verify directly before relying on any number here.
---
## G. Pitch Format Symbolic Capital Expects
- Submission through the contact form or info@symbolic.capital
- Clear statement of stage: pre-company (fellowship) versus fundable company (fund form)
- Any Polygon ecosystem or Asia/India distribution relevance stated directly
- Infrastructure, AI x crypto, DeFi or privacy framing consistent with the fund's stated sectors
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
Two companies named on [symbolic.capital](https://www.symbolic.capital). Sector tags are ours; chain classification is intentionally left out for both, since neither operates on a single chain from this directory's taxonomy in a way we could verify with confidence.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Primus | zkTLS privacy protocol | Privacy | Not independently verified |
| TAC | TON EVM extension enabling Ethereum-compatible contracts on TON | Infrastructure | Not in chain taxonomy (TON) |
---
## I. Ecosystem Connections
- **Polygon:** Sandeep Nailwal's founding role at Polygon is the fund's single strongest ecosystem tie, even though Polygon itself is not a confirmed portfolio chain here.
- **TON:** TAC's TON EVM extension is a direct, verified TON-adjacent position, though TON itself is outside this directory's chain taxonomy.
- **Asia and India:** the fund's stated distribution lens is a genuine differentiator among the micro-VCs in this batch.
- **Hackathons:** no formal tie found; the Nailwal Fellowship is the closer analogue for early builders.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Compare to Superscrypt**, another Asia-connected micro-VC in this directory: [Superscrypt](/funds/superscrypt)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Symbolic Capital homepage](https://www.symbolic.capital)
- [Symbolic Capital contact](https://www.symbolic.capital/contact)
- [Symbolic Capital team](https://www.symbolic.capital/team)
- [Sandeep Nailwal bio](https://www.symbolic.capital/team/sandeep-nailwal)
---
---
name: Techstars
slug: techstars
buildTypes: ["Lending-credit", "Proptech", "Marketplace-commerce", "Payments-processing", "Healthtech"]
thesis: Investing in the world's best entrepreneurs.
website: 'https://techstars.com'
apply: 'No dedicated Africa program remains open (the Lagos accelerator closed Nov 2024). Global programs apply at apply.techstars.com'
region: 'Global (no active Africa-specific program)'
hq: 'Boulder, Colorado, USA'
sectors:
- Sector-agnostic
stage:
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: ''
status: wound-down
tier: '1'
lastVerified: '2026-07-31'
edgeRating: edge-moderate
edgeResources:
- name: Oyin Solebo interview
category: decision-maker-reveal
score: 4
description: >-
What the Lagos programme looked for, how the screening committee evaluated
African startups, and what made companies stand out. The most
Africa-releva...
link: 'https://www.linkedin.com/in/oyinsolebo/'
- name: Yossi Hasson interview
category: decision-maker-reveal
score: 4
description: >-
The earlier Cape Town programme, fintech focus, and what Barclays looked
for in African fintech startups.
link: 'https://www.linkedin.com/in/yossihasson/'
- name: Raenest raises $11M Series A
category: practice-artifact
score: 4
description: >-
The strongest fundraising outcome from a Techstars Africa alumnus. Raenest
(multi-currency accounts for African freelancers and remote workers)
demons...
link: 'https://techcrunch.com/raenest-series-a/'
- name: Beyonic acquired by MFS Africa
category: practice-artifact
score: 4
description: >-
The only recorded exit from Techstars Africa cohorts. Beyonic (payments
API) was acquired by MFS Africa in 2022, which shows that Techstars alumni
can...
link: 'https://disruptafrica.com/beyonic-mfs-africa/'
- name: Global programme application
category: pipeline-pathway
score: 3
description: >-
Apply through
[techstars.com/accelerators](https://www.techstars.com/accelerators). No
Africa-dedicated programme exists, so African founders apply to...
link: 'https://www.techstars.com/accelerators'
- name: Techstars alumni network
category: pipeline-pathway
score: 3
description: >-
If you know Techstars alumni from any programme worldwide, introductions
to programme directors carry weight. The alumni network is the primary
warm i...
- name: Startup Community Catalyst
category: pipeline-pathway
score: 3
description: >-
The Botswana community programme (2025) is a lighter-touch engagement that
does not include investment but does create connections to the Techstars
ec...
portfolioTotalCount: 24
portfolioClassifiedCount: 24
portfolioUnclassifiedCount: 0
portfolioSectorSplit:
Fintech: 42
E-commerce: 21
SaaS: 8
Enterprise: 4
Logistics: 8
Healthtech: 13
Climate: 4
portfolioModelSplit:
Transaction/Marketplace: 42
Direct sales/Commerce: 12
Enterprise contracts/Licensing: 25
Subscription/SaaS: 21
portfolioGeographySplit:
Kenya: 17
Nigeria: 67
Pan-African: 4
Ghana: 12
logo: "/funds/techstars.png"
---
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| alphabloQ | Kenya | Real estate investment platform enabling fractional property ownership. |
| Peppa.io | Nigeria | Social commerce payment protection platform for buying on social media across Africa. |
| [CDcare](https://www.cdcare.ng/) | Nigeria | Offers zero-interest installment plans for gadgets, appliances, cars and other consumer goods. |
| Cladfy | Kenya | Provides microfinance lenders with credit profiling and digitized loan management tools. |
| [Flick](https://getflick.app/) | Nigeria | Payment platform that lets users connect multiple bank accounts and pay directly from one source. |
| Keble | Nigeria | Fractional real estate investment platform with entry points as low as $10. |
| Keza Africa | Nigeria | Offers flexible smartphone financing plans for new and certified pre-owned devices. |
| Salad | Nigeria | Employee financial services and benefits platform offering access to pay beyond the monthly cycle. |
| [Sidebrief](https://sidebrief.com/) | Nigeria | Platform for cross-border business registration, banking and regulatory compliance in Africa. |
| Towntalk | Nigeria | Logistics protection platform providing real-time location tracking, analytics and insurance access. |
| [Vittas](https://www.vittasinternational.com/) | Nigeria | Digital lender for healthcare providers, using machine learning for medication and equipment financing. |
| Oystr Finance | Nigeria | Infrastructure platform that helps lenders launch and manage micro-loan products. |
| [GetEquity](https://www.getequity.io/) | Nigeria | Facilitates access to private capital through aggregated investment opportunities across asset classes. |
| JumpnPass | Nigeria | Mobile self-checkout platform letting shoppers scan barcodes and pay via smartphone to skip checkout queues. |
| PBR Life Sciences | Nigeria | Provides pharmaceutical and healthcare companies with market data and insights for pricing and strategy. |
| [PressOne Africa](https://pressone.africa/) | Nigeria | Business communication platform delivering call monitoring and customer conversation insights. |
| Rana | Nigeria | Offers affordable solar power subscriptions for SMEs and households as an alternative to generators. |
| 24Seven | Nigeria | Asset-light marketplace letting small businesses and convenience stores order inventory on credit with one-hour delivery. |
| Surge Africa | Pan-African | Facilitates cross-border money transfers across the continent at reduced fees. |
| Swoove | Ghana | Logistics digitalization company offering dispatch automation, fleet management and telematics for carriers. |
| One Plan | Ghana | Helps informal-economy workers set up affordable financial plans, retirement accounts, credit and insurance. |
| Beauty Hut | Ghana | E-commerce platform connecting beauty brands to consumers through web and mobile distribution. |
| Veend | Kenya | Gives individuals and businesses with verifiable income access to on-demand emergency or working-capital funds. |
| Eight Medical | Kenya | Healthtech platform connecting users to emergency medical resources to cut response times. |
> Portfolio compiled 2026-07-29. Sourced primarily from Techstars' two ARM Labs Lagos Accelerator cohorts (2023 cohort 1 via TechCabal, cohort 2 via Techpoint Africa) plus Techstars' own newsroom post on its African investments; country attribution reconciled where sources conflicted (e.g. some listed as Nigeria HQ vs regional operations).
## Key Partners
| Partner | Role | LinkedIn | X |
|---|---|---|---|
| ARM Labs Team | Programme Lead (Lagos) | - | - |
---
## Overview
Techstars is one of the most established accelerator networks in the world, with a model built around mentorship density. Their standard investment is $120K, and while that number is smaller than what some competitors offer, the real value is access to a mentor network of over 10,000 operators, investors, and founders, plus lifetime membership in the Techstars alumni network.
For African founders, Techstars has had a direct presence through ARM Labs Lagos Techstars, a programme focused on Fintech, Mobility, E-commerce, and TalentTech. This was not a generic global programme with an Africa track bolted on but rather a dedicated partnership designed for the African market through ARM (Asset and Resource Management).
---
## How to Get In
### Step 1: Choose Your Programme
Techstars runs multiple accelerator programmes worldwide, each with a specific industry or geographic focus. The most relevant for African founders is ARM Labs Lagos Techstars (status pending confirmation).
- **ARM Labs Lagos Techstars:** Focused on Fintech, Mobility, E-commerce, and TalentTech
- **Other programmes:** Techstars runs programmes across the US, Europe, and other regions with various industry focuses
- **Apply at:** [techstars.com/accelerators](https://techstars.com/accelerators)
### Step 2: Application Timeline
- Applications open twice yearly
- Applications are reviewed within 4 weeks of submission
- Expect to hear back relatively quickly compared to other programmes
### Step 3: What You Need
Techstars expects a working MVP and some early customers. This is not an idea-stage programme (for that, look at Antler). You should have a product that people are using, even if the numbers are still small.
- **MVP:** Required, not optional
- **Early customers:** Even a handful of paying users or active pilots strengthens your application significantly
- **Team:** A committed founding team with complementary skills
The deck is listed as optional, but it is best practice to submit one. Check our [pitch deck guide](/founder-stack/pitch-decks) and create yourself a proper pitch deck.
### Step 4: The Programme
- **Duration:** Approximately 3 months
- **Structure:** Intensive mentorship, funding, and office space
- **Investment:** $120K standard
- **Network:** Access to 10,000+ mentors for life
---
## Best Advice
Techstars values momentum above almost everything else. Having an MVP is table stakes, and what they really want to see is that your company is moving, that customers are responding, and that you are learning and iterating. The velocity of your progress matters more than the absolute size of your numbers.
The mentor network is the standout benefit. 10,000+ mentors means you can find domain experts for almost any challenge you face, from navigating African regulatory environments to scaling enterprise sales in the US. Techstars alumni consistently cite the mentor relationships as the most valuable outcome of the programme.
---
## Contextual Edge
**Preparation rating:** Edge-moderate -- Techstars' Africa-specific programmes have largely wound down, which limits the preparation value. The ARM Labs Lagos Techstars Accelerator (the primary Africa programme) shut down in November 2024, and the Barclays Accelerator Cape Town ended in 2017. No replacement Africa programme has been announced. The most useful preparation material comes from Oyin Solebo (former MD, ARM Labs Lagos Techstars) and the broader Techstars application framework, but founders should understand that the Africa-specific pathway no longer exists in its original form.
> **Start here:** Read [ARM Labs Lagos Techstars launches (TechCrunch)](https://techcrunch.com/arm-labs-lagos-techstars/) (the programme structure, ARM partnership, and what the team looked for in African founders), then read [Techstars restructures programmes (TechCrunch)](https://techcrunch.com/techstars-restructuring/) (the broader contraction from 50+ programmes to ~8 globally and why Africa-dedicated programmes were discontinued). Those two resources show you what Techstars valued in African startups and why the dedicated Africa pipeline closed, which helps you decide whether the remaining global programmes are worth pursuing.
### How Techstars' Africa investments actually break down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Africa programmes shut down** | Barclays Accelerator Cape Town (2016-2017, 2 cohorts of 10). ARM Labs Lagos Techstars (2022-2024, 2 cohorts of 12, ~$2.4M deployed, shut down November 2024). Startup Community Catalyst Botswana (2025, community format, no direct investment). No dedicated Africa accelerator currently operates. | There is no Africa-specific Techstars programme to apply to. African founders can still apply to global Techstars programmes (London is the closest international accelerator), but there is no dedicated Africa pipeline, no Africa-focused mentors, and no Africa-specific deal terms. |
| **Deal terms (current global)** | Updated April 2025: $220K investment for 5% equity (previously $120K for 6% at ARM Labs Lagos). 13-week programme. Access to the Techstars network of 4,000+ alumni companies, 10,000+ mentors, and 3,000+ investors. | The updated terms ($220K/5%) are more founder-friendly than the ARM Labs era ($120K/6%). If you apply to a global programme, you get a standardised deal. The question is whether the Techstars network provides enough Africa-relevant value to justify the equity. |
| **Part of a broader retreat** | YC, Seedstars, Antler, 500 Global, and Flat6Labs all scaled back African operations in the same 2023-2024 period. Techstars went from 50+ programmes to ~8 globally. The Africa contraction is not Africa-specific, it is a global restructuring. | The retreat of international accelerators from Africa means the pipeline that Techstars represented has shifted to local alternatives (Ventures Platform, CcHUB, iHub) and Africa-dedicated VCs. If you were planning to apply to Techstars for Africa-specific support, consider whether a local accelerator or Africa-focused fund is a better fit. |
| **Alumni track record** | Standout Africa alumni: Raenest ($14.3M total, $11M Series A), Kredete ($22M), Healthtracka ($1.5M seed), GetEquity (bootstrapped to profitability), Beyonic (acquired by MFS Africa, 2022). Zero recorded IPOs from Africa cohorts. | The Africa alumni portfolio is small and early. Raenest and Kredete are the strongest outcomes, both raising significant follow-on capital. Beyonic's acquisition by MFS Africa is the only exit. The network value for African founders is more limited than for US or European alumni. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Oyin Solebo** (Former MD, ARM Labs Lagos Techstars) | What the Lagos programme looked for, how the screening committee evaluated African startups, and what made companies stand out. The most Africa-relevant voice from Techstars. | [LinkedIn](https://www.linkedin.com/in/oyinsolebo/) |
| **Yossi Hasson** (Former MD, Barclays Accelerator Cape Town) | The earlier Cape Town programme, fintech focus, and what Barclays looked for in African fintech startups. | [LinkedIn](https://www.linkedin.com/in/yossihasson/) |
### Learn from Techstars Africa alumni
| Resource | Why it matters |
|----------|---------------|
| [Raenest raises $11M Series A](https://techcrunch.com/raenest-series-a/) | The strongest fundraising outcome from a Techstars Africa alumnus. Raenest (multi-currency accounts for African freelancers and remote workers) demonstrates that the Techstars brand and network can help African startups raise follow-on capital from international investors. |
| [Beyonic acquired by MFS Africa](https://disruptafrica.com/beyonic-mfs-africa/) | The only recorded exit from Techstars Africa cohorts. Beyonic (payments API) was acquired by MFS Africa in 2022, which shows that Techstars alumni can reach strategic acquirers in the African fintech space. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Global programme application** | Apply through [techstars.com/accelerators](https://www.techstars.com/accelerators). No Africa-dedicated programme exists, so African founders apply to global programmes. The London accelerator is the closest geographically. Applications are rolling for most programmes. |
| **Techstars alumni network** | If you know Techstars alumni from any programme worldwide, introductions to programme directors carry weight. The alumni network is the primary warm introduction pathway. |
| **Startup Community Catalyst** | The Botswana community programme (2025) is a lighter-touch engagement that does not include investment but does create connections to the Techstars ecosystem. If you are in Southern Africa, this may provide a touchpoint. |
### What you can't find
Whether Techstars plans to relaunch an Africa-dedicated programme is not publicly documented. The specific reasons for shutting down ARM Labs Lagos (beyond the broader global restructuring) are not explained in detail. Return data from Africa cohorts is not available. The current appetite for African startups in global programmes is not quantified. Whether the ARM partnership could be revived or replaced with another African corporate partner is unknown.
---
## Pitch Format
- **Lead with momentum:** What have you built, who is using it, and how fast are those numbers growing
- **Team strength:** Complementary skills, relevant domain experience, execution track record
- **Market clarity:** Clear articulation of the market you are attacking and why your approach wins
- **Mentorship leverage:** Show how you would use the Techstars network to accelerate specific aspects of your business
---
## Real Decks and African Portfolio
Pre-seed and seed stage decks for accelerator programmes need to balance vision with proof of execution. See examples from founders who successfully entered top accelerators.
See: [Pitch Deck Library](/founder-stack/pitch-decks)
### African Portfolio Companies (24 companies across 2 cohorts)
| Company | Country/Region | Deck |
|---|---|---|
| Surge Africa | Nigeria | Outreach pending |
| Rana | Nigeria | Outreach pending |
| PressOne Africa | Nigeria | Outreach pending |
| Jump n Pass | Nigeria | Outreach pending |
| GetEquity | Nigeria | Outreach pending |
| Beauty Hut Africa | Nigeria | Outreach pending |
| Oystr Finance | Nigeria | Outreach pending |
| Keza Africa | East Africa | Outreach pending |
| Keble | Nigeria | Outreach pending |
| Flick | Nigeria | Outreach pending |
| 24Seven (founded by Olufemi Idowu) | Nigeria | Outreach pending |
Companies span Nigeria, Ghana, and East Africa across both cohorts.
---
## African Alumni and Connections
Techstars has had a direct Africa presence through the ARM Labs Lagos Techstars programme. This partnership with ARM (Asset and Resource Management) brought institutional backing and local market knowledge to the accelerator model.
- **ARM Labs Lagos Techstars:** Dedicated Africa programme focused on Fintech, Mobility, E-commerce, and TalentTech
- **Previous programmes:** Techstars previously ran a Cape Town programme
- **Network access:** African alumni get the same lifetime Techstars network access as graduates from any other programme
**What this means for you:** Techstars is one of the few top-tier global accelerators that has run an active, dedicated Africa programme. If you have an MVP and early customers in fintech, mobility, e-commerce, or talent tech, check whether ARM Labs Lagos Techstars is currently accepting applications. The combination of $120K investment, mentorship density, and the Techstars brand opens doors that are otherwise difficult to access from the continent.
---
## Cross-Reference Bar
| Resource | Link |
|---|---|
| Pitch Deck Templates and Examples | [/founder-stack/pitch-decks](/founder-stack/pitch-decks) |
| Legal Documents and Term Sheets | [/founder-stack/documents](/founder-stack/documents) |
| Compliance and Incorporation | [/founder-stack/compliance](/founder-stack/compliance) |
---
## Start Here
Built by [Adtivity](https://adtivity.xyz), the growth layer for founders.
[Join Adtivity Free](https://adtivity.xyz/signup) | [Add Your Profile to The Wall](https://adtivity.xyz/wall)
---
## Sources
- Techstars official site: [techstars.com](https://techstars.com)
- Techstars accelerator programmes: [techstars.com/accelerators](https://techstars.com/accelerators)
- ARM Labs Lagos Techstars: [techstars.com/accelerators/arm-labs-lagos](https://techstars.com/accelerators/arm-labs-lagos)
- Techstars mentor network data: [techstars.com/mentors](https://techstars.com/mentors)
---
---
name: Teranga Capital
slug: teranga-capital
buildTypes: ["Agritech", "Climate-energy", "Marketplace-commerce", "Healthtech"]
thesis: >-
Impact-first equity investor backing SMEs and high-potential startups across
Senegal, Gambia, and expanding into Mauritania, Guinea-Bissau, and Cape Verde.
website: 'https://www.terangacapital.com/en/'
apply: 'https://www.terangacapital.com/en/submit-your-project/'
region: Francophone West Africa
hq: 'Dakar, Senegal'
sectors:
- Sector-agnostic
stage:
- Seed
- Growth
chequeMin: 80000
chequeMax: 500000
chequeDisplay: 50 -- 300 million FCFA (~$80K -- $500K)
format: 'Minority equity, quasi-equity, seed financing'
admissions: Rolling
africaFocus: 'Yes -- Senegal, Gambia, Mauritania, Guinea-Bissau, Cape Verde'
status: active
tier: '3'
lastVerified: '2026-07-29'
edgeRating: edge-moderate
portfolioSectorSplit:
Agritech: 10
Climate: 5
Logistics: 10
SaaS: 5
Infrastructure: 15
Consumer: 45
Edtech: 5
Healthtech: 5
portfolioModelSplit:
Transaction/Marketplace: 20
Hardware/Devices: 10
Enterprise contracts/Licensing: 15
Direct sales/Commerce: 50
Subscription/SaaS: 5
portfolioGeographySplit:
AgriTech: 4
Food Processing: 11
Renewable Energy: 4
Electric Mobility: 4
AgriTech / Solar: 4
Transportation: 4
HR / Employment: 4
Mobile Marketing: 4
Food & Beverage: 11
Food Products: 4
Engineering: 4
Fashion / Textiles: 4
Advertising: 4
Waste Management: 4
Agriculture: 4
Catering: 4
Automotive: 4
Food & Hospitality: 3
Education: 3
Healthcare: 3
Training / Education: 3
E-commerce / Logistics: 3
Telecommunications: 3
portfolioTotalCount: 27
portfolioClassifiedCount: 20
portfolioUnclassifiedCount: 7
logo: "/funds/teranga-capital.png"
---
## Application Timeline
There is no fixed application window -- Teranga Capital accepts project submissions on a rolling basis through their website. The process typically moves from initial submission to screening, then due diligence, and finally investment committee approval. Given their hands-on approach and relatively small team, expect the full cycle to take several months from first contact to term sheet. If you are applying through one of their acceleration programs (I&P Acceleration in Sahel, CATAL1.5°T, I&P Digital Energy, or I&P Acceleration Technologies), those may have specific cohort timelines posted on partner channels.
---
## Overview
Teranga Capital is the first impact investment fund dedicated to SMEs in Senegal, and it was born out of a real gap. Senegal has around 17 million people and a growing startup scene, but the country has historically captured only about 6% of West African private capital while Nigeria takes nearly 60%. That leaves a massive financing desert for small and mid-sized businesses that are too big for microfinance but too small for traditional private equity.
Co-founded by Olivier Furdelle (a former VP at Belgacom with deep experience leading investment transactions across sub-Saharan Africa since 2009) and Omar Cissé (a prominent Senegalese tech entrepreneur), Teranga Capital was designed specifically to serve this "missing middle." The name itself -- "Teranga" -- is the Wolof word for hospitality, and the fund's approach reflects that: they take minority equity stakes so founders keep control, and then wrap capital with coaching, technical assistance, and access to a pan-African network of sister funds spanning Côte d'Ivoire, Niger, Burkina Faso, Mali, Uganda, and Madagascar through the I&P ecosystem.
Their first fund of roughly $7 million has been 70%+ deployed across 27+ portfolio companies spanning everything from solar-powered refrigeration (Senfrais) to digital agricultural marketplaces (Afrikamart) to children's education programs (Atelier des Génies). This breadth is deliberate -- as Furdelle puts it, "We're a provider of early-stage capital no matter the ticket size, whether it's seed, acceleration or growth."
What sets Teranga apart from most Africa-focused funds is their willingness to back traditional businesses alongside tech startups. You will find a dental clinic, a rice processor, a catering company, and an ice cream manufacturer in the same portfolio as a digital logistics platform and a mobile marketing company. If your business creates local jobs and drives economic inclusion in Senegal or the broader region, Teranga is interested -- regardless of whether you have a tech angle.
The fund has also secured backing from serious institutional players including Senegal's sovereign wealth fund (FONSIS), Proparco (the French development finance institution, which provided a €1.5M portfolio guarantee), the European Union, USAID, Mastercard Foundation, and Orange. Their second fund is targeting $10 -- $15M and will expand the geographic footprint into Mauritania, Guinea-Bissau, and Cape Verde.
---
## How to Get In
Your entry point is the [Submit your project](https://www.terangacapital.com/en/submit-your-project/) page on their website, where you fill out an application form with your company details and financing needs. You can also reach them directly at info@terangacapital.com or call +221 33 825 69 99 in Dakar.
Beyond the direct application, Teranga runs several partner-funded acceleration programs that serve as alternative entry points -- particularly if your company is earlier-stage or operating in specific verticals:
- **I&P Acceleration in Sahel** -- for startups and SMEs in the Sahel region
- **I&P Acceleration FARM** -- focused on agricultural SMEs
- **CATAL1.5°T** -- for climate and clean technology ventures
- **I&P Digital Energy** -- energy transition businesses
- **I&P Acceleration Technologies** -- digital startups
These programs typically offer smaller ticket sizes (repayable grants starting around $2,000+) along with structured support, and they can serve as a stepping stone to larger equity investment from Teranga's main fund.
Given that Teranga operates within the I&P ecosystem, warm introductions through other I&P-affiliated funds or alumni founders carry weight. The team is Dakar-based and relationship-driven, so showing up to local startup events, reaching out on LinkedIn, and building a connection with the investment team before formally applying is a smart move.
---
## Best Advice for Getting Funded
**Demonstrate local impact and job creation.** Teranga Capital is an impact fund first, which means your pitch needs to clearly show how your business creates jobs, serves underserved communities, or strengthens local value chains. They care about ESG alignment and the UN Sustainable Development Goals -- so weave your impact story into your financials, not as an afterthought.
**Don't assume you need to be a tech company.** Unlike most VC funds covered in this directory, Teranga actively invests in traditional businesses -- food processing, automotive repair, catering, textiles, healthcare. If you run a strong SME with clear growth potential and you have been told you are "not venture-backable," Teranga might be exactly the right fit. Show operational excellence and a path to scale.
**Be ready for hands-on partnership.** Teranga takes minority stakes but stays deeply involved through coaching, technical assistance, and governance support. They will want to formalize your employment practices, improve your operational standards, and help professionalize your management. Come prepared to welcome that level of engagement rather than resist it.
**Get your financials in order -- even if they are simple.** Many of Teranga's portfolio companies are not running sophisticated financial models when they first apply. But you need clean books, a clear revenue picture, and honest projections. The team includes former banking and corporate finance professionals (Mohamed Ngom came from Crédit Agricole in Paris, for example), so they will scrutinize your numbers.
**Consider the acceleration programs as your foot in the door.** If you are pre-revenue or very early stage, apply to one of the I&P-affiliated acceleration programs first. These offer smaller capital (repayable grants from $2,000+) alongside structured support, and a strong performance there builds the relationship and track record that makes a follow-on equity investment from the main fund much more likely.
---
## Contextual Edge
> Your preparation level before applying: **Medium.** Teranga is more accessible than most equity funds -- they are used to working with businesses that are still formalizing -- but you still need clean financials, a clear growth story, and a demonstrated impact angle. If you are applying through an acceleration program, the bar is lower.
> **Start here:** Read the [funding page](https://www.terangacapital.com/en/funding/) on Teranga's website to understand which of their financing options fits your stage, then review their portfolio companies to see if your business profile matches the pattern.
### Portfolio Breakdown
| Pattern | What the data says | What it means for you |
|---|---|---|
| Sector diversity | 27+ companies across food processing, agritech, energy, mobility, healthcare, education, logistics, telecom, marketing, and textiles | You do not need a tech product to qualify -- Teranga backs real-economy businesses that create jobs and local value |
| Senegal-heavy | Vast majority of portfolio companies are Senegalese, with one company (Xoom) in Gambia | If you are based in Senegal, you are in the sweet spot; Gambia is covered too, and Mauritania/Guinea-Bissau/Cape Verde are opening up |
| Food and agriculture cluster | At least 8 portfolio companies in food processing, agritech, or beverage production (SECAS, Afrikamart, Fruitales, Fruits & Berries, Kood, Le Lionceau, Golden Nuts, Lysa & Co) | This is clearly a sector they understand deeply -- if you are in this space, lean into it |
| Women-led businesses | Notable investments in women-led companies like SECAS (cereal processing) | Gender lens matters here -- highlight women's leadership or gender impact if applicable |
| Traditional + digital mix | Portfolio ranges from a dental clinic and catering company to digital platforms like Afrikamart and Socium Job | They evaluate business fundamentals over business model type |
### Watch the People
| Who | What they reveal | Where to find it |
|---|---|---|
| Olivier Furdelle (Managing Director) | Investment philosophy, sector priorities, and strategic direction; his quotes in press give honest insight into how the fund thinks | [LinkedIn](https://www.linkedin.com/in/olivier-furdelle/), [ImpactAlpha interview](https://impactalpha.com/teranga-capital-taking-risks-to-build-an-impact-ecosystem-in-west-africa/) |
| Mohamed Ngom (Investment Manager / Deputy CEO) | Leads deal execution and portfolio management; key decision-maker on whether your deal moves forward | [LinkedIn](https://sn.linkedin.com/company/teranga-capital) |
| Ibrahima Ba (Director of Operations) | Shapes the hands-on support portfolio companies receive; understanding his background in entrepreneurial networks tells you what kind of post-investment engagement to expect | [LinkedIn](https://sn.linkedin.com/company/teranga-capital) |
| Omar Cissé (Co-founder) | Prominent Senegalese tech entrepreneur; his involvement signals the fund's credibility in the local ecosystem | Press coverage, startup events in Dakar |
### Learn from Funded Companies
| Resource | Why it matters |
|---|---|
| [Afrikamart profile on Teranga's site](https://www.terangacapital.com/en/portefeuille/afrikamart/) | Shows how a digital agritech platform positioned itself for impact capital -- useful model if you are building a marketplace |
| [Teranga Capital portfolio page](https://www.terangacapital.com/en/portefeuille/) | Browse all 27+ companies to find the one closest to your business model and study how they describe their impact |
| [ImpactAlpha feature on Teranga Capital](https://impactalpha.com/teranga-capital-taking-risks-to-build-an-impact-ecosystem-in-west-africa/) | Deep profile covering founding story, investment philosophy, and market context -- essential reading before you apply |
| [Proparco partnership announcement](https://www.proparco.fr/en/news/senegal-proparco-and-teranga-capital-support-financial-inclusion-entrepreneurs) | Shows the fund's institutional backing and how they frame the "missing middle" thesis -- mirror this language in your pitch |
### Find Your Way In
| Pathway | How it works |
|---|---|
| Direct application | Submit through [terangacapital.com/submit-your-project](https://www.terangacapital.com/en/submit-your-project/) with your company details and financing needs |
| I&P Acceleration programs | Apply to one of five acceleration tracks (Sahel, FARM, CATAL1.5°T, Digital Energy, Technologies) for smaller initial capital with a path to larger equity |
| Dakar startup ecosystem | Attend events, engage with the local entrepreneur community, and build relationships with the Teranga team before formally applying |
| I&P network referrals | If you have connections to other I&P-affiliated funds (Comoé Capital, Sinergi, Zira Capital, Inua Capital, Miarakap), ask for an introduction |
| Portfolio founder introductions | Connect with founders of existing portfolio companies -- Teranga's network is tight and a recommendation from inside carries weight |
### What You Can't Find
Teranga Capital does not publish detailed application criteria, rejection rates, or average time-to-close on their website. You also will not find specific financial performance data on their portfolio companies or details about their investment committee composition. The acceleration program timelines and cohort schedules tend to be announced through partner channels (I&P, European Union) rather than on Teranga's own site, so you may need to monitor those sources or email the team directly to ask about upcoming windows.
---
## Pitch Format
There is no publicly documented pitch format requirement. The application starts with the online submission form on their website, where you provide company information and describe your financing needs. For equity investments from the main fund, expect to need a business plan and financial projections during due diligence.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
Given Teranga's impact orientation, your deck should include a clear impact thesis section -- how many jobs you create, what communities you serve, and how your business aligns with ESG principles and the SDGs. Their team speaks both French and English, but since the fund is Dakar-based and operates primarily in Francophone West Africa, having materials available in French is a significant advantage.
---
## African Portfolio Companies
| Company | Sector | Country | What they do |
|---|---|---|---|
| Afrikamart | AgriTech | Senegal | Digital marketplace connecting smallholder farmers with urban retailers |
| SECAS | Food Processing | Senegal | Transforms and commercializes local cereals (millet, corn, cowpea, fonio) |
| Senfrais | Renewable Energy | Senegal | Solar-powered refrigeration units for vehicles |
| Solarbox | Electric Mobility | Senegal | Electric 2- and 3-wheel vehicles for goods and passenger transport |
| Ibriz | AgriTech / Solar | Senegal | Productive solar applications in agriculture |
| Subito | Transportation | Senegal | Private transportation, car rental, and airport shuttles |
| Socium Job | HR / Employment | Senegal | Connects African companies with international talent |
| LAfricaMobile | Mobile Marketing | Senegal | Mobile marketing and large-scale communication services |
| Kood | Food & Beverage | Senegal | Ice cream and frozen yoghurt under the "Milky" brand |
| Le Lionceau | Food Products | Senegal | Baby food purée for infants aged 6 -- 36 months |
| COGELEC | Engineering | Senegal | Electrical engineering, rural electrification, solar and hydraulic equipment |
| Lysa & Co | Food Processing | Senegal | Processes and markets peanuts, cashew, and corn |
| Fruitales | Food Processing | Senegal | Transforms and sells fruits and vegetables, especially fresh chillies |
| Fruits & Berries | Food & Beverage | Senegal | Fresh fruit smoothies and juices with no additives |
| Fa Confection | Fashion / Textiles | Senegal | Traditional and professional clothing |
| Firefly Media | Advertising | Senegal | Public transport advertising on buses |
| SetTic | Waste Management | Senegal | Corporate waste treatment including electronic equipment |
| MSA | Agriculture | Senegal | Locally grown paddy rice processing |
| Nowelli | Catering | Senegal | Individual and collective catering services |
| Teranga Automobiles | Automotive | Senegal | Mechanical and electromechanical vehicle repair |
| Matisse | Food & Hospitality | Senegal | Restaurant complex with bakery, fast-food, and ice cream |
| Atelier des Génies | Education | Senegal | Development programs for children (4 -- 16) and youth (17 -- 25) |
| Golden Nuts and Grain | Food & Beverage | Senegal | Natural juices from local products (bouye, bissap, ginger) |
| Clinique Dentaire Le Cap Vert | Healthcare | Senegal | Dental clinic specializing in oral care |
| CAIF | Training / Education | Senegal | Training center for catering, hospitality, sewing, and hairstyling |
| Oui Carry | E-commerce / Logistics | Senegal | Delivery services and international online shopping facilitation |
| Xoom | Telecommunications | Gambia | Internet service provider |
---
## Key Partners
| Name | Role | Background |
|---|---|---|
| Olivier Furdelle | Managing Director & Co-founder | 20+ years experience; former VP at Belgacom; led investment transactions across sub-Saharan Africa since 2009; ex-Accenture and KPMG |
| Omar Cissé | Co-founder | Prominent Senegalese tech entrepreneur |
| Mohamed Ngom | Investment Manager / Deputy CEO | Joined 2018; former Basel 3 Analyst at Crédit Agricole in Paris; Corporate Finance Master's from Paris Ouest Nanterre |
| Ibrahima Ba | Director of Operations | 20 years private sector development experience; founded Enablis Entrepreneurial Network branch; Howard University BBA |
| Adrienne Ndong | Investment Officer | Former financial analyst at FONGIP; Laval University graduate in market finance |
| Berry Ndiaye | Investment Officer | Background in government SME support and private equity; CESAG Finance degree |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Teranga Capital official website](https://www.terangacapital.com/en/)
- [Teranga Capital -- About Us](https://www.terangacapital.com/en/about-us/)
- [Teranga Capital -- Team](https://www.terangacapital.com/en/about-us/teranga-capital-team/)
- [Teranga Capital -- Portfolio (Investment Phase)](https://www.terangacapital.com/en/portefeuille_tag/investment-phase/)
- [Teranga Capital -- Funding](https://www.terangacapital.com/en/funding/)
- [ImpactAlpha: Teranga Capital -- Taking risks to build an impact ecosystem in West Africa](https://impactalpha.com/teranga-capital-taking-risks-to-build-an-impact-ecosystem-in-west-africa/)
- [Proparco: In Senegal, Proparco and Teranga Capital support the financial inclusion of entrepreneurs](https://www.proparco.fr/en/news/senegal-proparco-and-teranga-capital-support-financial-inclusion-entrepreneurs)
- [Techpression: Teranga Capital's new fund, backed by Senegal's SWF, eyes expansion beyond Dakar](https://techpression.com/teranga-capitals-new-fund-backed-by-senegals-swf-eyes-expansion-beyond-dakar/)
- [Billionaires.Africa: Omar Cissé's Teranga Capital gets $1.8 million for SME expansion](https://www.billionaires.africa/2025/12/06/omar-cisse-teranga-capital-proparco-guarantee-senegal-sme-funding/)
- [IETP: Launch of Teranga Capital, first impact fund dedicated to Senegalese SMEs](https://www.ietp.com/en/content/launch-teranga-capital-first-impact-fund-dedicated-senegalese-smes)
---
---
name: The Baobab Network
slug: the-baobab-network
buildTypes: ["Payments-processing", "Healthtech", "Logistics-supplychain", "Proptech", "Edtech"]
thesis: >-
Investing early in Africa's best startups, providing funding, hands-on venture
support, and global network access to help African founders become industry
leaders.
website: 'https://thebaobabnetwork.com/'
apply: 'https://thebaobabnetwork.com/apply-now/'
region: Pan-African
hq: Nairobi
sectors:
- Sector-agnostic
stage:
- Pre-Seed
- Seed
chequeMin: 100000
chequeMax: 100000
chequeDisplay: $100K for 12.5% equity
format: 12-week remote-first accelerator
admissions: 'Rolling, quarterly cohorts'
africaFocus: >-
Yes -- Kenya, Nigeria, Tanzania, Cameroon, Morocco, Cote d'Ivoire, 10+
countries
status: active
tier: '2'
lastVerified: '2026-07-29'
edgeRating: edge-moderate
portfolioSectorSplit:
Logistics: 19
Fintech: 31
Blockchain: 6
E-commerce: 13
Healthtech: 13
Consumer: 12
Climate: 6
portfolioModelSplit:
Transaction/Marketplace: 63
Enterprise contracts/Licensing: 12
Direct sales/Commerce: 6
Subscription/SaaS: 19
portfolioGeographySplit:
Nigeria: 19
Kenya: 44
Cameroon: 13
Cote d'Ivoire: 6
Morocco: 6
Tanzania: 12
portfolioTotalCount: 16
portfolioClassifiedCount: 16
portfolioUnclassifiedCount: 0
logo: "/funds/the-baobab-network.png"
---
## Overview
The Baobab Network is a Nairobi-based accelerator and early-stage VC that has been backing African tech startups since 2016. Co-founded by Tom Fairburn and Toby Hanington, the firm has steadily scaled its cheque size over the years -- from $25K per company in 2019, to $50K by 2023, and now $100K per startup in exchange for 12.5% equity. Across 65+ portfolio companies in 16+ African countries, their startups have collectively raised $55 million+ in follow-on funding and created over 1,250 jobs.
The programme itself runs as a 12-week remote-first accelerator built around two phases: a two-week intensive consulting sprint focused on your product, business model, and immediate growth blockers, followed by three months of hands-on venture support covering product-market fit, traction, and fundraising readiness. The terms are founder-friendly in important ways -- no board seat, no fees, fast decisions, and lifetime access to Baobab's global network of mentors, investors, and corporate partners after the programme ends. The firm also operates a scout programme for founder referrals, and the post-programme relationship includes co-investment opportunities, venture debt introductions, and additional funding pathways.
What sets Baobab apart from other African accelerators is the combination of being genuinely sector-agnostic (they've backed everything from blockchain payments to carbon accounting to telemedicine) while maintaining a tight thesis around tech-first or tech-enabled business models with asset-light structures. They're not looking for hardware companies or capital-heavy logistics plays, but if you're building software that solves a real problem on the continent, your sector won't disqualify you.
---
## How to Get In
Apply through the open application at thebaobabnetwork.com/apply-now, which routes to their platform. You'll need to submit your pitch deck and financial projections in English, along with details on your team, business traction, scalability, and impact. The eligibility requirements are clear: you must be an African entrepreneur (though international incorporation is fine as long as the business has continental presence), building a tech-first or tech-enabled for-profit venture with at least an MVP or validated customer interest. Solo founders are accepted, but teams are preferred.
The admissions team, led by Venture Partner Wanjiku Kimani, reviews applications on a rolling basis. Response times can be slow given the volume (7,000+ applications per recent cycle), so don't read silence as rejection. If you're at the idea stage, you can still apply -- but you'll need to show market validation through user sign-ups, a verified client waitlist, offline purchases, or other proof that customers will pay.
---
## Best Advice
1. **Reapplication is explicitly encouraged.** Unlike many funds where a rejection feels permanent, Baobab openly invites founders to apply again. Their most successful companies often showed measurable progress between applications. If you're rejected, ask for feedback, address it concretely, and reapply with new traction numbers.
2. **The 12.5% equity stake is the price of entry.** At $100K for 12.5%, you're looking at an implied valuation of $800K. That's a standardised term -- don't expect to negotiate it down. If you've already raised at a higher valuation, this programme might dilute you more than you'd want. If you're pre-revenue or early-traction, the terms plus the network plus the follow-on support ($55M+ raised by portfolio companies) make the maths work.
3. **Show traction, not just TAM.** With a sub-1% acceptance rate from 7,000+ applications, the team has seen every flavour of "Africa's $X billion market." What moves your application forward is evidence that customers want what you're building -- revenue, active users, waitlist sign-ups, pilot agreements. Even small numbers matter if they show momentum.
4. **The post-programme network is the long game.** Baobab's value doesn't end after 12 weeks. The lifetime access to their global network of investors, mentors, and corporate partners is where the real follow-on fundraising happens. Portfolio companies have collectively raised $55M+ after graduating, which means the alumni pipeline to Series A investors is active and warm.
5. **Sector-agnostic means opportunity, but tech-first is non-negotiable.** They've invested in fintech, healthtech, e-commerce, logistics, climate, education, proptech, and digital identity. Your sector won't disqualify you, but your business model must be technology-driven and asset-light. Capital-heavy or non-tech plays won't fit.
---
## Contextual Edge
**Preparation rating:** Moderate -- The Baobab Network publishes cohort announcements and a weekly newsletter (Substack) with African tech ecosystem insights, but the team doesn't do heavy public content about investment criteria. The portfolio announcements and press coverage give you enough to map their patterns.
> **Start here:** Read the [2024 portfolio expansion announcement on Launch Base Africa](https://launchbaseafrica.com/2024/08/27/baobab-network-expands-its-portfolio-with-new-investments-across-africa/) to see the most recent cohort composition (10 startups, 7 countries, multiple sectors), then read the [Disrupt Africa coverage of the 2023 cohort](https://disruptafrica.com/2023/02/17/nairobi-based-accelerator-the-baobab-network-invests-50k-in-5-new-african-startups/) to see how the firm's cheque size and thesis have evolved. Together, those two pieces show you what kinds of founders get selected and how the portfolio has diversified.
### How The Baobab Network's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Geography** | 16+ African countries represented. Kenya is the strongest cluster (RentScore, Lemonade, iFunza, PeerCarbon), followed by Nigeria (Terminal, Aktivate, Messenger), Cameroon (Buyam, Swyft), Tanzania (Medikea, Swahilies), Morocco (VOVE ID), and Cote d'Ivoire (EnvoyX). | East Africa (especially Kenya) is the core deal-flow zone, but the firm actively invests across Francophone and Anglophone Africa. If you're building from a less-covered market like Cameroon or Tanzania, Baobab is one of the few accelerators that will look at you seriously. |
| **Sector** | Genuinely broad: fintech/payments (Lemonade, Hadi Finance), healthtech (Medikea, EnvoyX), logistics (Terminal, Swyft, Messenger), e-commerce (Buyam), proptech (RentScore), climate (PeerCarbon), edtech (iFunza), digital identity (VOVE ID), digital marketing (Aktivate). | No single sector dominates. This is real sector-agnosticism, not just fintech with a few outliers. If your startup solves a genuine problem with technology, your vertical is probably in scope. |
| **Stage** | Pre-seed and seed. MVP required, though idea-stage with strong validation is considered. Cheque has grown from $25K (2019) to $50K (2023) to $100K (2024+). | If you have a working product and early traction, you're in the sweet spot. The rising cheque size signals growing fund capacity and confidence, which bodes well for follow-on support. |
| **Founder profile** | Solo founders accepted but teams preferred. Must be African entrepreneurs, though international incorporation is allowed with continental presence. Tech-first or tech-enabled, for-profit only. | If you're a solo technical founder, you can apply -- but having a co-founder strengthens your odds. The "African entrepreneur" requirement is about founder identity, not where the company is registered. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Niama El Bassunie** (Managing Partner) | Investment strategy, thesis evolution, and what "early in Africa's best startups" means in practice. Former CEO of WaystoCap (Moroccan B2B marketplace). | [LinkedIn](https://www.linkedin.com/in/niama-el-bassunie-cfa-68821a9/) |
| **Art Chupeau** (Managing Partner) | Deal sourcing, portfolio support model, and the firm's pan-African network strategy. | [LinkedIn](https://ke.linkedin.com/in/arthurchupeau) |
| **Tom Fairburn** (Co-founder) | The founding vision, how the accelerator model evolved, and the long-term goal of investing in 1,000 African tech companies. | [LinkedIn](https://www.linkedin.com/in/tom-fairburn-89957842/) |
| **Toby Hanington** (Co-founder) | Application process, what the admissions team looks for, and cohort selection. | [LinkedIn](https://www.linkedin.com/in/tobyhanington/) |
| **Wanjiku Kimani** (Venture Partner, Admissions) | What separates accepted applications from rejected ones. Quoted in cohort announcements describing what makes a strong team. | [LinkedIn](https://ke.linkedin.com/in/wanjiku-kimani-709b1966) |
### Learn from funded portfolio companies
| Resource | Why it matters |
|----------|---------------|
| [Baobab Network expands portfolio with new investments -- Launch Base Africa](https://launchbaseafrica.com/2024/08/27/baobab-network-expands-its-portfolio-with-new-investments-across-africa/) | Details 10 companies from the 2024 cohort with founder names, countries, sectors, and market sizes they're targeting. Study these to understand what a successful Baobab application looks like across different verticals. |
| [Baobab Network invests $50k in 5 new African startups -- Disrupt Africa](https://disruptafrica.com/2023/02/17/nairobi-based-accelerator-the-baobab-network-invests-50k-in-5-new-african-startups/) | Shows the 2023 cohort composition and includes quotes from the admissions team about what they valued in each company. |
| [Baobab Network grows portfolio to 25 -- TechCabal](https://techcabal.com/2022/05/05/the-baobab-network-grows-its-portfolio-to-25-as-it-invests-in-five-new-african-start-ups/) | Earlier cohort data that shows how the firm's thesis and cheque size evolved. Useful for tracking the pattern of what sectors and geographies were added over time. |
| [Baobab Network Substack newsletter](https://baobabnewsletter.substack.com/) | Weekly African tech ecosystem updates. Reading these before you apply shows the team you understand the market context they operate in. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Open application** | Apply directly at [thebaobabnetwork.com/apply-now](https://thebaobabnetwork.com/apply-now/). Rolling admissions, no fixed deadline. Submit pitch deck and financial projections in English. |
| **Scout programme** | Baobab runs a referral programme for founders and ecosystem players to nominate startups. If you know someone in the portfolio, ask for a referral. |
| **Reapplication** | Explicitly encouraged. If you've been rejected, address the feedback and reapply with new traction. The team tracks returning applicants. |
| **Portfolio founder introductions** | With 65+ portfolio companies across 16 countries, there's a good chance someone in the network operates in your market or sector. A warm introduction from a portfolio founder carries weight. |
| **Newsletter and content engagement** | The Baobab Network publishes a weekly newsletter and maintains an active Founders Centre blog. Engaging with their content and ecosystem builds familiarity before you apply. |
### What you can't find
The co-founders (Tom Fairburn, Toby Hanington) have limited public media presence -- no major podcast appearances or in-depth published interviews about the firm's investment methodology. There are no published scorecards, rubrics, or detailed selection frameworks beyond the eligibility criteria on the application page. The firm doesn't publicly disclose its fund size, LP base, or detailed financial terms beyond the $100K/12.5% headline. Individual portfolio company performance data (revenue, growth rates, follow-on round sizes) is not published. The internal venture support curriculum and mentor network roster are not publicly available.
---
## Pitch Format
Apply through the online platform with a pitch deck and financial projections in English. Cover your product, team, traction (even early-stage validation counts), market opportunity, business model, and scalability. The application also asks for details on your startup's social impact, so have a clear answer for how your business creates value beyond returns. Baobab moves fast on decisions and charges no fees, so there's no cost to applying.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Terminal | Nigeria | Logistics and trade infrastructure |
| RentScore | Kenya | Converts rent payments into home ownership equity |
| Lemonade | Kenya | Blockchain-powered digital payments |
| Buyam | Cameroon | E-commerce platform connecting merchants, resellers, and consumers |
| Swyft | Cameroon | Door-to-door delivery and e-commerce fulfilment |
| EnvoyX | Cote d'Ivoire | AI-powered healthcare payment processing |
| VOVE ID | Morocco | Reusable KYC and digital identity verification |
| Medikea | Tanzania | Telemedicine and at-home diagnostics |
| Swahilies | Tanzania | SME bookkeeping and payments platform |
| Messenger | Nigeria | Last-mile logistics and supply chain |
| Aktivate | Nigeria | Influencer marketing discovery and payments |
| iFunza | Kenya | Mobile-first AI education loan marketplace |
| PeerCarbon | Kenya | Carbon accounting and climate finance ecosystem |
| Hadi Finance | Kenya | Education technology and finance |
| Vutia | Kenya | B2B cosmetic marketplace for informal retailers |
| Tripitaca | Kenya | Travel tech for accommodation and financial services |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Niama El Bassunie | Managing Partner | [LinkedIn](https://www.linkedin.com/in/niama-el-bassunie-cfa-68821a9/) | -- |
| Art Chupeau | Managing Partner | [LinkedIn](https://ke.linkedin.com/in/arthurchupeau) | -- |
| Tom Fairburn | Co-founder | [LinkedIn](https://www.linkedin.com/in/tom-fairburn-89957842/) | -- |
| Toby Hanington | Co-founder | [LinkedIn](https://www.linkedin.com/in/tobyhanington/) | -- |
| Wanjiku Kimani | Venture Partner (Admissions) | [LinkedIn](https://ke.linkedin.com/in/wanjiku-kimani-709b1966) | -- |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [The Baobab Network official website](https://thebaobabnetwork.com/)
- [Baobab Network expands its portfolio with new investments across Africa -- Launch Base Africa](https://launchbaseafrica.com/2024/08/27/baobab-network-expands-its-portfolio-with-new-investments-across-africa/)
- [Nairobi-based accelerator The Baobab Network invests $50k in 5 new African startups -- Disrupt Africa](https://disruptafrica.com/2023/02/17/nairobi-based-accelerator-the-baobab-network-invests-50k-in-5-new-african-startups/)
- [The Baobab Network grows its portfolio to 25 -- TechCabal](https://techcabal.com/2022/05/05/the-baobab-network-grows-its-portfolio-to-25-as-it-invests-in-five-new-african-start-ups/)
- [Baobab Network Accelerator 2025: $100K for African Startups -- SME Peaks](https://smepeaks.com/baobab-network-accelerator-2025-offers-100k/)
- [The Baobab Network: Africa's Early-Stage VC Accelerator -- Startup Researcher](https://www.startupresearcher.com/news/investor-of-the-week-baobab-network)
- [Baobab Network to invest in 1,000 African tech companies -- PR Newswire](https://www.prnewswire.com/news-releases/baobab-network-to-invest-in-1000-african-tech-companies-301946348.html)
- [Baobab Network Substack newsletter](https://baobabnewsletter.substack.com/)
---
---
name: Timon Capital
slug: timon-capital
buildTypes: ["Logistics-supplychain", "Marketplace-commerce", "Infra-protocol", "Edtech"]
thesis: >-
Investing in companies that use technology to reshape markets across
sub-Saharan Africa.
website: 'https://www.timoncapital.com/'
apply: Via the website (referral or online submission)
region: Pan-African
hq: Lagos & New York
sectors:
- Sector-agnostic
stage:
- Seed
- Series A
chequeMin: 125000
chequeMax: 5000000
chequeDisplay: ~$125K -- $5M
format: Remote-first
admissions: Rolling
africaFocus: 'Yes -- sub-Saharan Africa (Nigeria, Kenya, East and Southern Africa)'
status: active
tier: '3'
lastVerified: '2026-07-24'
portfolioSectorSplit:
Logistics: 14
E-commerce: 43
Edtech: 14
Fintech: 29
portfolioModelSplit:
Transaction/Marketplace: 72
Direct sales/Commerce: 14
Enterprise contracts/Licensing: 14
portfolioGeographySplit:
Kenya: 43
Nigeria: 57
portfolioTotalCount: 7
portfolioClassifiedCount: 7
portfolioUnclassifiedCount: 0
---
## Overview
Timon Capital is a venture capital firm founded in 2018, headquartered in Lagos and New York, focused on seed-stage technology companies reshaping markets across sub-Saharan Africa. The firm has deployed over $79 million into African startups (including co-investment rounds) and has made 8+ notable investments across B2B commerce, logistics, fintech, education, and healthcare.
The portfolio reflects a clear pattern: technology platforms that digitise traditional industries and enable B2B efficiency. Investments include Lori Systems ($30 million Series A, digital freight logistics), Wasoko (formerly Sokowatch, $14 million Series A, informal retail distribution), Omnibiz ($5 million seed, B2B e-commerce for retailers), Decagon ($1.5 million seed, software engineering training), and Thepeer ($2.1 million seed, fintech API infrastructure). The firm targets companies with functional products and early indications of traction, and positions itself as a first institutional investor that can support through to growth-stage equity financing.
---
## How to Get In
Apply through the website via online submission or through a referral from a trusted contact in the firm's network. The team looks for companies with a functional product and early traction signals, typically at the seed stage, though the firm also participates in larger rounds at the growth stage. The geographic focus is sub-Saharan Africa, with strongest activity in Nigeria and Kenya. The pitch process values clarity about how your technology reshapes an existing market, so frame your story around the inefficiency you're eliminating and the scale of the addressable problem.
---
## Best Advice
1. **B2B market transformation is the pattern.** Every major Timon Capital investment involves technology that digitises a traditional B2B market: freight logistics (Lori Systems), informal retail supply chains (Wasoko), retailer procurement (Omnibiz), developer talent (Decagon). If you're building a platform that makes a fragmented, offline industry more efficient, you're in the fund's conviction zone.
2. **First institutional investor positioning matters.** Timon Capital explicitly positions itself as a first institutional check, which means the team is comfortable with early-stage risk and limited data. If you have a working product and initial traction but haven't raised institutional capital yet, this is the kind of investor that doesn't need a full Series A data room to make a decision.
3. **The Lagos-New York bridge opens both worlds.** With offices in Lagos and New York, the firm connects African founders to US investor networks and vice versa. If your follow-on fundraise will target US-based investors, or if your product serves both African and international customers, the dual presence provides practical value.
4. **Growth-stage follow-on is on the table.** While the firm leads at seed, Timon Capital also participates in growth-stage equity financing globally. This means your first cheque from the fund could lead to meaningful follow-on support as you scale, and the team's growth-stage relationships can help you build your Series A investor syndicate.
---
## Pitch Format
Submit a pitch through the website or via a referral. Cover your technology, market opportunity, traction (product-market fit indicators), team, and vision for how your platform reshapes the industry you're targeting.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Lori Systems | Kenya | Digital freight and logistics platform |
| Wasoko | Kenya | B2B informal retail distribution |
| Omnibiz | Nigeria | B2B e-commerce for retailers |
| Decagon | Nigeria | Software engineering talent development |
| Thepeer | Nigeria | Fintech API infrastructure |
| VendEase | Nigeria | Vending and retail technology |
| HoneyCoin | Kenya | Digital savings platform |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| — | General Partner | — | — |
*Note: Timon Capital's individual partner names are not widely disclosed on public platforms.*
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Timon Capital official website](https://www.timoncapital.com/)
- [Timon Capital portfolio and investment activity -- StartupList Africa](https://startuplist.africa/investor/timon-capital)
- [Timon Capital investor profile -- Digest Africa](https://digestafrica.com/investors/timon-capital)
---
---
name: Tioga Capital
slug: tioga-capital
buildTypes: ["DeFi-trading-lending", "Neobank/wallet", "Dev-tooling", "RWA-tokenization"]
thesis: 'Backing exceptional founders advancing individual sovereignty through novel financial and cryptographic primitives. A European, pre-seed and seed fund that funds self-custody, non-custodial derivatives and privacy-preserving compliance over custodial consumer apps.'
website: 'https://www.tioga.capital'
apply: 'No public application form. The stated path is a direct message on X or an introduction through a portfolio founder.'
region: 'Global'
hq: 'Brussels, Belgium (European fund)'
sectors:
- DeFi
- Privacy
- Infrastructure
- Consumer
- RWA
- Developer-Tooling
- DePIN
stage:
- Pre-Seed
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: ''
chains:
- Chain-agnostic
- Ethereum
- Hyperliquid
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '3'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Tioga portfolio page with stage labels
category: portfolio-pattern
score: 5
description: >-
Nine companies, each tagged with the exact stage Tioga invested at
(mostly Pre-Seed and Seed). A rare level of self-disclosed granularity
for a fund with no public application form.
link: 'https://www.tioga.capital/portfolio'
- name: Felix as a verified Hyperliquid pre-seed check
category: portfolio-pattern
score: 5
description: >-
Felix is one of the few publicly documented pre-seed checks into a
Hyperliquid-native protocol from any fund in this directory. HyperEVM
builders should treat this as a strong first-choice target.
link: 'https://www.tioga.capital/portfolio'
- name: '"Individual sovereignty" thesis filter'
category: evaluation-framework
score: 4
description: >-
The fund states its filter directly: self-custody, privacy-preserving
systems and non-custodial market structure fit; custodial consumer
apps do not. Screen your own pitch against this line before reaching
out.
link: 'https://www.tioga.capital'
- name: Tioga on X
category: pipeline-pathway
score: 3
description: >-
The only verified contact channel. Following and engaging substantively
before DMing is the realistic warm-up given there is no form.
link: 'https://www.tioga.capital'
portfolioSectorSplit:
DeFi: 34
Developer-Tooling: 22
RWA: 11
Infrastructure: 11
Consumer: 11
DePIN: 11
portfolioChainSplit:
Hyperliquid: 50
Multi-chain: 50
portfolioTotalCount: 9
portfolioClassifiedCount: 9
portfolioUnclassifiedCount: 0
sectorsNote: 'Sector split covers all nine companies on the Tioga portfolio page, classified by us from their public descriptions. Chain split covers only the two companies whose chain fits our current chain taxonomy (Felix on Hyperliquid, Chaos Labs multichain); several portfolio companies, including Extended, are Starknet-native, which falls outside the current chain taxonomy, so the chain split should be read as indicative, not complete.'
---
> **How to use this page:** Tioga has no public form, but it publishes a stage-labeled portfolio and holds one of the only verified pre-seed cheques into a Hyperliquid-native protocol in this whole directory. If you are building self-custody, privacy-preserving or non-custodial derivatives infrastructure, especially on Hyperliquid, this fund's thesis language and portfolio are worth reading closely before your X DM.
---
## A. Header Block
- **Fund name:** Tioga Capital
- **One-line thesis:** "Backing exceptional founders advancing individual sovereignty through novel financial and cryptographic primitives."
- **Website:** [tioga.capital](https://www.tioga.capital)
- **CTA:** DM [@TiogaCapital on X](https://www.tioga.capital) or find a portfolio founder to make the intro
| Tag | Detail |
|-----|--------|
| Region | Global (Brussels-origin, European fund) |
| Format | Direct outreach |
| Sectors | DeFi, privacy, infrastructure, consumer, RWA, developer tooling, DePIN |
| Stage | Pre-Seed, Seed |
| Cheque Size | Not disclosed |
| Admissions | Rolling |
---
## C. Overview
Tioga Capital is a European, Brussels-origin early-stage fund built around a single, unusually philosophical thesis: backing founders who advance individual sovereignty through new financial and cryptographic primitives. In practice that means self-custody, non-custodial derivatives, privacy-preserving compliance and new market structure, and it explicitly excludes custodial consumer apps that reintroduce the intermediary the fund is trying to remove.
The portfolio page is the strongest public asset the fund has, because it labels the exact stage of each investment rather than leaving founders to guess. Felix, a lending and RWA-perps protocol on Hyperliquid, was a Pre-Seed check, which makes Tioga one of the very few funds in this directory with a documented pre-seed position in the Hyperliquid ecosystem specifically. Other names include Chaos Labs (risk infrastructure, Pre-Seed), Extended (perpetuals on Starknet, Seed), PV01 (tokenized bonds, Seed), Architect (CeFi derivatives, Seed), Casa (self-custody, Seed), Lens Protocol (decentralized social, Seed), BitRobot (robotics-adjacent DePIN, Seed) and Venly (wallet infrastructure, Seed).
There is no public application form, and no email address was found on the site. The fund's presence on X is the only verified contact surface, which means the practical path in is either a direct message that demonstrates you understand the sovereignty thesis, or an introduction from a founder already in the portfolio.
**Key stats:**
- 9 named portfolio companies, each with a stated stage
- Majority Pre-Seed and Seed, with a handful of Seed-stage follow-ons
- One verified pre-seed Hyperliquid position (Felix)
- No public application form; X and warm intros are the verified channels
---
## D. Key Partners
Individual partner names were not verified on the site in this session. The fund's public identity is its [X account, @TiogaCapital](https://www.tioga.capital), and a portfolio founder intro is the more reliable path to a specific person than guessing at a team page.
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Test your company against "individual sovereignty"
Tioga's thesis is a real filter, not marketing language. Ask directly: does your product remove a custodial intermediary, add a cryptographic guarantee that did not exist before, or preserve privacy while still satisfying compliance? If your product is a custodial consumer app, expect this fund to pass regardless of traction.
#### Step 2: Study the stage labels on the portfolio page
Unlike most funds in this tier, Tioga tells you exactly what stage it invested at for each company. Pitch at the stage that matches your company honestly. Pre-Seed pitches should look like Felix and Chaos Labs: a new primitive, not yet a business with revenue. Seed pitches should show early usage of that primitive.
#### Step 3: Build your comparable
Name the portfolio company closest to your product in your first outreach line. Hyperliquid-native protocols should cite Felix directly. Self-custody products should cite Casa. Non-custodial derivatives should cite Extended or Architect.
#### Step 4: Reach the fund through X or a warm intro
DM [@TiogaCapital](https://www.tioga.capital) with a short, specific message, or ask a founder at Felix, Chaos Labs, Casa or another portfolio company for an introduction. No public email or form was found; do not assume a hidden inbox exists.
#### Step 5: Terms
Cheque size, instrument and lead vs. co-invest posture are not disclosed publicly. Treat the conversation as the place to establish terms rather than assuming a standard check size in advance.
**Tips that matter here:**
- If you are building on Hyperliquid or HyperEVM, lead with that. Felix is one of the strongest, most specific comparables any fund in this directory offers.
- Frame your pitch around the primitive you are introducing, not the market you are entering. "A new market structure" or "a new cryptographic guarantee" is the language the fund itself uses.
- Do not pitch a custodial consumer product here without first addressing why it still advances sovereignty; the fund is explicit that this is the wrong shape for them.
---
## F. Best Advice from Founders
No public founder accounts of the Tioga process were found in this session. The clearest available guidance is the fund's own portfolio page, which functions as a de facto style guide: read the one-line description of each company and match your own pitch to that register, short, primitive-first, and precise about the mechanism.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. Tioga publishes its thesis and a stage-labeled portfolio in unusual detail, which lets you build a real comparable before reaching out. What it does not publish, a cheque range, a team page, an email, or any process detail, means the last mile still runs through X or a warm intro.
> **Start here:** Read the [Tioga portfolio page](https://www.tioga.capital/portfolio) top to bottom and pick the one company whose stage label matches your own round. Open your X DM with "we are building the [comparable] for [your market]."
### How Tioga's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **New financial primitives, not custodial apps** | DeFi and DeFi-adjacent primitives (Felix, Extended, Architect) are a third of the named portfolio. | Non-custodial derivatives and lending protocols are the strongest pattern. |
| **Tooling and risk infrastructure matter** | Chaos Labs (risk) and Venly (wallets) together are a fifth of the portfolio. | Infrastructure that makes DeFi primitives safer or more usable is a real, separate lane, not an afterthought. |
| **RWA, self-custody, social and DePIN, one each** | PV01 (RWA/bonds), Casa (self-custody), Lens Protocol (social) and BitRobot (DePIN) are single, deliberate bets across otherwise distinct sectors. | Tioga is thesis-first, not sector-first: a strong sovereignty story in an unusual category can still land. |
| **Hyperliquid is a real, not incidental, chain bet** | Felix is a documented Pre-Seed position on Hyperliquid. | HyperEVM founders have a concrete, citable precedent at this fund. |
### Watch the people who decide
No individually named partners were verified on the site in this session. The strongest available signal is the stage-labeled portfolio itself, which functions as the fund's public track record.
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Tioga on X** | Public commentary and the fund's only verified contact channel. | [@TiogaCapital](https://www.tioga.capital) |
| **The portfolio page** | Exact stage of every disclosed investment, which doubles as a de facto evaluation rubric. | [tioga.capital/portfolio](https://www.tioga.capital/portfolio) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct message on X** | The only verified public contact channel. |
| **Portfolio founder intro** | Founders at Felix, Chaos Labs, Casa, Extended, Architect, PV01, Lens Protocol, BitRobot or Venly can vouch for you. |
| **Public thesis engagement** | Substantive commentary on sovereignty, self-custody or non-custodial market structure, visible to the fund before you reach out. |
### What you can't find
Tioga does not publish a cheque range, individual partner names, a team page, an email address, response times or selection criteria beyond the thesis statement itself. Several portfolio companies, including Extended, are built on Starknet, which is outside the chain taxonomy this directory currently tracks, so the chain split above should be read as partial.
---
## G. Pitch Format Tioga Expects
- No confirmed deck template; a short, primitive-first written pitch is the safest default
- One sentence naming the sovereignty angle: what custodial or centralized dependency you remove
- The nearest Tioga portfolio comparable, named explicitly
- Stage stated precisely, matched to how the portfolio page labels its own investments
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
All nine companies named on [tioga.capital/portfolio](https://www.tioga.capital/portfolio), with Tioga's own stage labels. Sector and chain tags are ours.
| Company | What they do | Sector | Chain | Tioga's stage label |
|---------|-------------|--------|-------|----------------------|
| Felix | Lending and RWA perpetuals | DeFi | Hyperliquid | Pre-Seed |
| Chaos Labs | Risk infrastructure and monitoring | Developer-Tooling | Multi-chain | Pre-Seed |
| Extended | Perpetuals exchange | DeFi | Starknet (not in current chain taxonomy) | Seed |
| PV01 | Tokenized bonds | RWA | Not verified | Seed |
| Architect | CeFi and onchain derivatives | DeFi | Not verified | Seed |
| Casa | Self-custody infrastructure | Infrastructure | Not verified | Seed |
| Lens Protocol | Decentralized social protocol | Consumer | Not verified | Seed |
| BitRobot | Robotics-adjacent DePIN network | DePIN | Not verified | Seed |
| Venly | Wallet infrastructure | Developer-Tooling | Not verified | Seed |
---
## I. Ecosystem Connections
- **Hyperliquid:** Felix is a verified Pre-Seed position, making Tioga one of the very few funds in this directory with a documented early check on Hyperliquid.
- **Starknet:** Extended is Starknet-native, which shows the fund does not restrict itself to Ethereum mainnet or the most obvious L2s.
- **Ethereum and general EVM:** several portfolio companies operate in the broader Ethereum-aligned DeFi and infrastructure space, though individual chains were not verifiable for all of them.
- **Europe:** the fund's Brussels origin and general European orientation may matter for founders raising primarily from European investors or attending European crypto events.
- **Hackathons:** no formal tie found; a HyperEVM or Starknet hackathon placement would be a relevant, citable signal given the portfolio's chain footprint.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Compare against another Hyperliquid-exposed fund:** [Lattice Fund](/funds/lattice-fund)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Tioga Capital portfolio page](https://www.tioga.capital/portfolio)
- [Tioga Capital homepage](https://www.tioga.capital)
---
---
name: TLcom Capital
slug: tlcom-capital
buildTypes: ["Payments-processing", "Enterprise-B2B", "Agritech", "Healthtech", "Insurtech"]
thesis: >-
Partnering with African entrepreneurs addressing complex challenges on the
continent.
website: 'https://tlcomcapital.com'
apply: 'Pitch submission at tlcomcapital.com/pitch-us; warm intros recommended'
region: 'Pan-African, with a focus on Nigeria, Kenya, Egypt, and South Africa'
hq: 'London, UK, with offices in Nairobi and Lagos'
sectors:
- Sector-agnostic
stage:
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: ''
status: active
tier: '1'
lastVerified: '2026-07-31'
edgeRating: edge-rich
edgeResources:
- name: Maurizio Caio interview
category: decision-maker-reveal
score: 4
description: >-
The "conviction before consensus" philosophy, why business model risk
matters more than tech risk, and what 25+ years in African tech investing
has ta...
link: >-
https://techcrunch.com/2024/04/10/tlcom-capital-closes-tide-africa-fund-ii-154m/
- name: Omobola Johnson interview
category: decision-maker-reveal
score: 4
description: >-
The policy and regulatory lens on African tech investment. Former Nigerian
Minister of ICT (2011-2015), former Accenture. She evaluates how
government...
link: 'https://www.tlcomcapital.com/team/'
- name: Andreata Muforo interview
category: decision-maker-reveal
score: 4
description: >-
The AfDB perspective on development impact and growth-stage evaluation.
Stanford MBA, former AfDB investment officer. Evaluates companies through
both...
link: 'https://www.tlcomcapital.com/team/'
- name: Eloho Omame interview
category: decision-maker-reveal
score: 4
description: >-
The founder ecosystem perspective. Founded FirstCheck Africa (pre-seed
fund for female founders) before joining TLcom. Brings a network of female
foun...
link: 'https://www.tlcomcapital.com/team/'
- name: Andela reaches $1.5B valuation (TechCrunch)
category: practice-artifact
score: 4
description: >-
TLcom's most prominent portfolio company. Andela became a unicorn by
building a marketplace for remote tech talent from Africa. Shows the
"conviction ...
link: 'https://techcrunch.com/2021/09/29/andela-raises-200m-at-1-5b-valuation/'
- name: SeamlessHR raises with Gates Foundation (SeamlessHR blog)
category: practice-artifact
score: 4
description: >-
Demonstrates TLcom's ability to co-invest alongside major institutional
partners. SeamlessHR (HR and payroll SaaS) attracted both the Gates
Foundation...
link: >-
https://seamlesshr.com/blog/seamlesshr-raises-9-million-from-gates-foundation-and-helios/
- name: Direct outreach
category: pipeline-pathway
score: 3
description: >-
Contact through the TLcom website or reach partners directly on LinkedIn.
The team is accessible and responds to well-prepared inbound pitches.
- name: TAPSI pre-seed
category: pipeline-pathway
score: 3
description: >-
For companies raising under $200K at pre-seed, the TAPSI vehicle is a
separate entry point into the TLcom ecosystem. TAPSI investments can
graduate in...
- name: Portfolio founder network
category: pipeline-pathway
score: 3
description: >-
Andela, SeamlessHR, Pula, Autochek, FairMoney, Zone, HUB2, and uLesson
founders can provide warm introductions. The portfolio network spans
Nairobi, L...
- name: DFI ecosystem
category: pipeline-pathway
score: 3
description: >-
With 9+ DFI LPs, connections through BII, AfDB, EIB, IFC, FMO, Proparco,
or any of the other institutional backers create strong warm pathways.
portfolioTotalCount: 31
portfolioClassifiedCount: 30
portfolioUnclassifiedCount: 1
portfolioSectorSplit:
Enterprise: 3
Consumer: 3
Agritech: 7
Edtech: 7
Logistics: 10
E-commerce: 13
SaaS: 10
Fintech: 37
Healthtech: 3
Blockchain: 7
portfolioModelSplit:
Transaction/Marketplace: 53
Enterprise contracts/Licensing: 27
Subscription/SaaS: 17
Hardware/Devices: 3
portfolioGeographySplit:
Nigeria: 45
Kenya: 19
Pan-African: 7
Egypt: 16
South Africa: 7
Cote d'Ivoire: 3
Ghana: 3
logo: "/funds/tlcom-capital.png"
---
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| [Andela](https://andela.com) | Nigeria | A talent marketplace and staffing platform connecting African and global software engineers with remote employers. |
| Terragon Group | Nigeria | A mobile marketing and consumer data analytics company serving brands across Africa. |
| [Twiga Foods](https://twiga.com) | Kenya | A B2B agritech platform that sources and distributes food produce to informal retailers. |
| [uLesson](https://ulesson.com) | Nigeria | An edtech company providing video-based curriculum-aligned learning content for African students. |
| Kobo360 | Nigeria | A digital logistics platform that matched truck owners with cargo owners across Africa. |
| [Pula](https://pula-advisors.com) | Kenya | An insurtech company providing agricultural insurance and data products to smallholder farmers. |
| [Autochek](https://autochek.africa) | Nigeria | An automotive technology platform offering vehicle financing, inspection, and marketplace services across Africa. |
| [Ajua](https://ajua.com) | Kenya | A customer experience and CRM software company serving businesses across Africa. |
| Shara | Pan-African | A fintech company building payment and social lending tools for informal merchants in Kenya and Nigeria. |
| Ilara Health | Kenya | A healthtech company distributing affordable diagnostic devices to primary care clinics. |
| Okra | Nigeria | An open banking and financial data API platform for African fintechs (ceased operations). |
| [SeamlessHR](https://seamlesshr.com) | Nigeria | A cloud-based human resources and payroll management software company for African businesses. |
| [FairMoney](https://fairmoney.io) | Nigeria | A digital bank and lending app offering credit and payment services to consumers in Nigeria. |
| Zone (formerly Appzone) | Nigeria | A blockchain-based payment infrastructure company for banks and fintechs. |
| ILLA | Egypt | A logistics and last-mile delivery technology company operating in Egypt. |
| littlefish | South Africa | A fintech and software company building financial infrastructure tools for South African businesses. |
| [HUB2](https://hub2.io) | Cote d'Ivoire | A payments infrastructure company that aggregates mobile money and banking rails for merchants across francophone Africa. |
| [Educatly](https://educatly.com) | Egypt | An edtech platform matching international students with universities and study-abroad programs. |
| Swypex | Egypt | A B2B fintech providing corporate spend management and payment cards to businesses in Egypt. |
| [Flextock](https://flextock.com) | Egypt | An e-commerce logistics and fulfillment company providing warehousing and delivery infrastructure in Egypt. |
| HoneyCoin | Kenya | A fintech company offering stablecoin-based cross-border payment and business accounts in Africa. |
| Pastel (formerly Sabi Cash) | Nigeria | A fintech company providing digital bookkeeping and financial tools for small merchants. |
| [Vendease](https://vendease.com) | Nigeria | A B2B e-commerce and supply chain platform serving restaurants and food businesses across Africa. |
| Talstack | Nigeria | A SaaS and HR technology company for African businesses, backed by TLcom's TAPSI pre-seed fund. |
| TradeHub | Egypt | A B2B e-commerce platform, backed by TLcom's TAPSI pre-seed fund. |
| Bright Financial | Pan-African | A fintech company operating across Sudan and Ethiopia, backed by TLcom's TAPSI pre-seed fund. |
| Agrails | Kenya | An AI-driven agritech company, backed by TLcom's TAPSI pre-seed fund. |
| TurnStay | South Africa | A fintech and travel booking platform, backed by TLcom's TAPSI pre-seed fund. |
| Kola Market | Ghana | A B2B e-commerce marketplace for informal retailers in Ghana, backed by TLcom's TAPSI pre-seed fund. |
| [Cleva](https://getcleva.com) | Nigeria | A fintech company providing US dollar accounts and cross-border payments for African freelancers and businesses. |
| Knabu | Nigeria | A blockchain-based fintech platform, backed by TLcom's TAPSI pre-seed fund. |
> Portfolio compiled 2026-07-29. Compiled from existing project doc claude/tlcom-capital-research-2026-07-26.md, which sourced portfolio data from TLcom's own portfolio page, TechCrunch, TechCabal, and WeeTracker deal coverage.
## Key Partners
| Partner | Role | LinkedIn | X |
|---|---|---|---|
| Maurizio Caio | Founder and Managing Partner (Lagos) | [linkedin.com/in/mauriziocaio](https://linkedin.com/in/mauriziocaio/) | - |
| Omobola Johnson | Senior Partner (former Nigeria Minister of Communication Technology) | [linkedin.com/in/omobola-johnson-b12461183](https://linkedin.com/in/omobola-johnson-b12461183/) | - |
| Andreata Muforo | Partner (Nairobi) | [linkedin.com/in/andreatamuforo](https://linkedin.com/in/andreatamuforo/) | - |
| Eloho Omame | Partner (pre-seed and female-led focus) | - | - |
---
## Overview
TLcom Capital is one of the largest and most established venture firms dedicated entirely to African technology companies. Their TIDE Africa Fund II stands at $154M, with investment sizes ranging from $500K to $10M per company. For founders who need more than accelerator-level capital but are not yet at the mega-round stage, TLcom fills a critical gap in the African funding landscape.
What sets TLcom apart is their full-stack approach: the TAPSI pre-seed fund invests up to $200K in the earliest-stage companies, serving as a feeder into the larger TIDE fund for follow-on investment. This means TLcom can back you from your first cheque all the way through growth, providing continuity that most African founders struggle to find from a single investor. They have deployed $14M+ in pre-seed capital via TAPSI alone.
With 67 total investments and a latest investment in Flextock (Series A, February 2026), TLcom is actively deploying and deeply embedded in the African tech ecosystem.
---
## How to Get In
### Step 1: Submit Through the Pitch Portal
TLcom has an open pitch portal where founders can submit their companies directly.
- **Submit at:** [tlcomcapital.com/pitch](https://tlcomcapital.com/pitch)
- **What to include:** Company overview, traction data, team background, and funding requirements
### Step 2: TAPSI Pre-Seed Fund
If you are at the earliest stages, TAPSI is TLcom's pre-seed vehicle.
- **Investment:** Up to $200K
- **Purpose:** First institutional cheque for African tech founders
- **Pipeline:** TAPSI serves as a feeder into the TIDE fund, meaning strong TAPSI companies get first consideration for follow-on from TLcom's larger fund
### Step 3: TIDE Africa Fund II
For companies that have progressed beyond pre-seed and need larger capital.
- **Fund size:** $154M
- **Investment range:** $500K to $10M per company
- **Stage:** Seed through growth
### Step 4: Warm Introductions
While the pitch portal is open, warm introductions from portfolio founders, ecosystem partners, or other investors in the African tech space are beneficial. TLcom's team is well-connected across Lagos, Nairobi, and the broader African tech community.
---
## Best Advice
TLcom is looking for technology-enabled businesses that address real, complex challenges on the African continent. Their thesis is rooted in the belief that African entrepreneurs are best positioned to solve African problems, and they back founders who demonstrate deep understanding of the markets they serve.
Focus areas span AI, fintech, healthcare, edtech, agtech, consumer, mobility, proptech, logistics, and media. The breadth is intentional because TLcom is sector-agnostic within the African tech landscape, provided the business is technology-enabled and has clear growth potential.
African leadership and job creation are core to their thesis. This is not a fund that invests in companies that happen to have operations in Africa but rather one that invests in companies that are fundamentally African, led by African founders, and creating value on the continent.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- Maurizio Caio (Founder/Managing Partner), Omobola Johnson (Senior Partner), and Andreata Muforo (Partner) have all given extensive interviews to TechCrunch, Sifted, Disrupt Africa, and TechCabal that articulate the "conviction before consensus" philosophy, evaluation criteria, and what the team passes on. The TIDE Africa Fund II ($154M, April 2024) is Africa's largest early-stage fund, and the majority-female partnership is a genuine structural differentiator. The portfolio (Andela, SeamlessHR, Pula, Autochek, FairMoney) provides clear pattern-matching material.
> **Start here:** Read [TLcom closes TIDE Africa Fund II at $154M (TechCrunch)](https://techcrunch.com/2024/04/10/tlcom-capital-closes-tide-africa-fund-ii-154m/) (the fund structure, DFI LP base, and why "conviction before consensus" defines the strategy), then read [Maurizio Caio on what TLcom looks for (Sifted)](https://sifted.eu/articles/tlcom-capital-africa/) (Caio explains the investment philosophy, why business model risk matters more than tech risk, and what makes TLcom different from other African VCs). Those two resources show you how the team evaluates companies and why the longest track record in African tech VC shapes their pattern recognition.
### How TLcom Capital's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **"Conviction before consensus"** | The fund's tagline and operating philosophy. TLcom backed Andela before the market consensus formed around remote tech talent as a category. Caio: the team looks for companies where they can develop conviction before the broader market sees the opportunity. | If your company is already a consensus bet with every African VC chasing it, TLcom may not add differentiated value. They are looking for companies where their independent analysis reveals an opportunity the market has not yet priced in. Frame your pitch around the non-obvious insight. |
| **Largest early-stage Africa fund** | TIDE Africa Fund I: $71M (February 2020, ~11-12 startups). TIDE Africa Fund II: $154M (April 2024, oversubscribed, 20-25 startups). TAPSI Pre-Seed: $5M, up to $200K cheques. Total: ~$350M AUM. Cheques: $1-3M initial, up to $10M with follow-on. | With $154M in Fund II, TLcom can lead rounds and provide meaningful follow-on capital. If you are raising $2-5M at Series A, TLcom can be your lead investor. The TAPSI pre-seed vehicle ($200K cheques) is a separate entry point for earlier-stage companies. |
| **Majority-female partnership** | Omobola Johnson (Senior Partner, ex-Nigerian Minister of ICT), Andreata Muforo (Partner, Stanford MBA, ex-AfDB), Eloho Omame (Partner, founded FirstCheck Africa). The partnership is majority female, which is unique among Africa's largest VC funds. | The team brings diverse perspectives to evaluation. Johnson's government and corporate background (Accenture, Nigerian Ministry of ICT) means regulatory and policy considerations are part of the investment analysis. Muforo's AfDB background means development impact is evaluated rigorously. |
| **DFI-heavy LP base** | 9+ confirmed DFIs: BII/CDC ($15M), AfDB ($10M), EIB ($10M), IFC ($5.13M), FMO ($10M), Proparco, BIO, Swedfund, DEG Impact. Commercial LPs include Bertelsmann, Visa Foundation, AfricaGrow (Allianz/DEG). | The heaviest DFI backing of any African VC fund means institutional governance expectations are non-negotiable. Clean cap tables, proper board structures, ESG reporting, and impact measurement are baseline requirements. But it also means the team can introduce you to DFI networks for non-dilutive financing, technical assistance, and market access. |
| **Business model risk, not tech risk** | Caio has stated that TLcom focuses on business model risk rather than technology risk. The portfolio reflects this: Andela (talent marketplace), SeamlessHR (HR SaaS), Pula (insurance), Autochek (auto marketplace), FairMoney (lending). All are technology-enabled businesses, not deep tech. | If your competitive advantage is a novel technology that has not been proven in the market, TLcom may not be the best fit. They want companies where the technology works and the question is whether the business model scales. Lead with your unit economics, not your technology breakthrough. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Maurizio Caio** (Founder, Managing Partner) | The "conviction before consensus" philosophy, why business model risk matters more than tech risk, and what 25+ years in African tech investing has taught him. Stanford MBA, ex-Bain/McKinsey. The primary decision-maker and public face of the fund. | [TechCrunch: Fund II close](https://techcrunch.com/2024/04/10/tlcom-capital-closes-tide-africa-fund-ii-154m/) -- [Sifted interview](https://sifted.eu/articles/tlcom-capital-africa/) |
| **Omobola Johnson** (Senior Partner) | The policy and regulatory lens on African tech investment. Former Nigerian Minister of ICT (2011-2015), former Accenture. She evaluates how government policy, regulation, and infrastructure affect company scalability. | [TLcom: Team](https://www.tlcomcapital.com/team/) |
| **Andreata Muforo** (Partner) | The AfDB perspective on development impact and growth-stage evaluation. Stanford MBA, former AfDB investment officer. Evaluates companies through both a commercial and development impact lens. | [TLcom: Team](https://www.tlcomcapital.com/team/) |
| **Eloho Omame** (Partner) | The founder ecosystem perspective. Founded FirstCheck Africa (pre-seed fund for female founders) before joining TLcom. Brings a network of female founders and an understanding of the pre-seed to seed transition. | [TLcom: Team](https://www.tlcomcapital.com/team/) |
### Learn from the TLcom portfolio
| Resource | Why it matters |
|----------|---------------|
| [Andela reaches $1.5B valuation (TechCrunch)](https://techcrunch.com/2021/09/29/andela-raises-200m-at-1-5b-valuation/) | TLcom's most prominent portfolio company. Andela became a unicorn by building a marketplace for remote tech talent from Africa. Shows the "conviction before consensus" thesis in action: TLcom backed Andela before remote work became mainstream. |
| [SeamlessHR raises with Gates Foundation (SeamlessHR blog)](https://seamlesshr.com/blog/seamlesshr-raises-9-million-from-gates-foundation-and-helios/) | Demonstrates TLcom's ability to co-invest alongside major institutional partners. SeamlessHR (HR and payroll SaaS) attracted both the Gates Foundation and Helios Digital Ventures as co-investors, which signals the quality of companies in TLcom's portfolio. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct outreach** | Contact through the TLcom website or reach partners directly on LinkedIn. The team is accessible and responds to well-prepared inbound pitches. |
| **TAPSI pre-seed** | For companies raising under $200K at pre-seed, the TAPSI vehicle is a separate entry point into the TLcom ecosystem. TAPSI investments can graduate into TIDE fund follow-on rounds. |
| **Portfolio founder network** | Andela, SeamlessHR, Pula, Autochek, FairMoney, Zone, HUB2, and uLesson founders can provide warm introductions. The portfolio network spans Nairobi, Lagos, and pan-African companies. |
| **DFI ecosystem** | With 9+ DFI LPs, connections through BII, AfDB, EIB, IFC, FMO, Proparco, or any of the other institutional backers create strong warm pathways. |
### What you can't find
Fund return metrics (IRR, DPI, TVPI) are not publicly disclosed. Individual cheque sizes for most portfolio investments are undisclosed. The specific evaluation scoring framework is not published. Founder testimonials or case studies are not available on the website. The Kobo360 write-off and Okra shutdown are not discussed publicly, so lessons from portfolio failures are not documented. Ido Sum's 2025 departure is not explained in public sources.
---
## Pitch Format
- **Problem clarity:** Show that you understand the specific African challenge you are solving, with nuance that only someone embedded in the market would have
- **Technology differentiation:** How does technology give you an edge over traditional or informal solutions
- **Traction:** Usage data, revenue, partnerships, or other concrete proof of market pull
- **Team:** African leadership, domain expertise, and execution capability
- **Growth path:** How you scale within Africa and eventually beyond
---
## Real Decks and African Portfolio
Decks for Africa-focused funds should demonstrate deep market understanding and technology-enabled approaches to continental challenges.
See: [Pitch Deck Library](/founder-stack/pitch-decks)
### African Portfolio Companies (TIDE + TAPSI)
| Company | Country/Region | Deck |
|---|---|---|
| Andela (unicorn) | Nigeria | Outreach pending |
| Pula | Kenya | Outreach pending |
| uLesson | Nigeria | Outreach pending |
| Autochek | Nigeria | Outreach pending |
| FairMoney | Nigeria | Outreach pending |
| Educatly | Egypt | Outreach pending |
| HUB2 | West Africa | Outreach pending |
| ILLA | Africa | Outreach pending |
| Littlefish | Africa | Outreach pending |
| SeamlessHR | Nigeria | Outreach pending |
| Flextock (latest, Series A Feb 2026) | Egypt | Outreach pending |
### TAPSI Portfolio
| Company | Country/Region | Deck |
|---|---|---|
| Talstack | Nigeria | Outreach pending |
| Bright Financial | Sudan/Ethiopia | Outreach pending |
| Tradehub | Egypt | Outreach pending |
| Agrails | Kenya | Outreach pending |
| TurnStay ($2M seed) | South Africa | Outreach pending |
---
## African Alumni and Connections
**TLcom is an Africa-dedicated fund.** Their entire portfolio is African. Their investment team operates across the continent with offices in Lagos, Nairobi, and London. They understand African regulatory environments, market dynamics, infrastructure challenges, and talent ecosystems at a level that global funds simply cannot match.
This is the fund you go to when you want an investor who does not need a primer on mobile money adoption rates in East Africa or the regulatory complexity of fintech licensing in Nigeria. They already know. Their value-add comes from deep continent-level networks, follow-on capital through the TAPSI-to-TIDE pipeline, and experience helping African companies scale.
---
## Fund-Specific Features
### TAPSI-to-TIDE Pipeline
The TAPSI pre-seed fund is not just a standalone vehicle but rather strategically designed as a feeder into TIDE Africa Fund II. This means:
- **Continuity:** Your first institutional investor can also be your Series A lead
- **Relationship building:** TLcom gets to know you from day one, making follow-on decisions faster and better informed
- **Signal value:** A TAPSI investment signals to other investors that TLcom has conviction in your company
---
## Cross-Reference Bar
| Resource | Link |
|---|---|
| Pitch Deck Templates and Examples | [/founder-stack/pitch-decks](/founder-stack/pitch-decks) |
| Legal Documents and Term Sheets | [/founder-stack/documents](/founder-stack/documents) |
| Compliance and Incorporation | [/founder-stack/compliance](/founder-stack/compliance) |
---
## Start Here
Built by [Adtivity](https://adtivity.xyz), the growth layer for founders.
[Join Adtivity Free](https://adtivity.xyz/signup) | [Add Your Profile to The Wall](https://adtivity.xyz/wall)
---
## Sources
- TLcom Capital official site: [tlcomcapital.com](https://tlcomcapital.com)
- TLcom pitch portal: [tlcomcapital.com/pitch](https://tlcomcapital.com/pitch)
- TIDE Africa Fund II: [tlcomcapital.com/tide-africa](https://tlcomcapital.com/tide-africa)
- TAPSI pre-seed fund: [tlcomcapital.com/tapsi](https://tlcomcapital.com/tapsi)
- Flextock Series A: [crunchbase.com/organization/flextock](https://crunchbase.com/organization/flextock)
---
---
name: UM6P Ventures
slug: um6p-ventures
buildTypes: ["Agritech", "Climate-energy", "Healthtech", "AI-ML"]
thesis: >-
Advancing entrepreneurship and accelerating scientific innovation in Morocco
and Africa through the investment arm of Mohammed VI Polytechnic University.
website: 'https://um6pventures.com/'
apply: 'https://um6pventures.com/call-for-startups'
region: Morocco / Pan-African
hq: 'Ben Guerir, Morocco'
sectors:
- Agritech
- Healthtech
stage:
- Pre-Seed
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: Not publicly disclosed
format: Hybrid
admissions: Rolling + programme-based intake
africaFocus: 'Yes -- Morocco (primary), pan-African'
status: active
tier: '2'
lastVerified: '2026-07-24'
portfolioSectorSplit:
Healthtech: 9
Climate: 46
Agritech: 27
Enterprise: 9
AI-ML: 9
portfolioModelSplit:
Hardware/Devices: 37
Direct sales/Commerce: 36
Enterprise contracts/Licensing: 18
Subscription/SaaS: 9
portfolioGeographySplit:
Morocco: 100
portfolioTotalCount: 11
portfolioClassifiedCount: 11
portfolioUnclassifiedCount: 0
logo: "/funds/um6p-ventures.png"
---
## Overview
UM6P Ventures is the investment arm of Mohammed VI Polytechnic University, established in 2019 and led by CEO Yassine Laghzioui. The firm operates two funds: a Digital Transformation Startup fund and a Deeptech Ventures fund, both targeting pre-seed and seed-stage companies. Backed by OCP Group (one of the world's largest phosphate producers), UM6P Ventures gives portfolio companies something no other African VC can: direct access to a research university's labs, equipment, talent pipeline, and scientific infrastructure.
The portfolio spans 11+ companies, heavily weighted toward deeptech and hard science: DeepEcho (prenatal diagnostics via AI), ATAREC (wave energy), ClimateCrop (gene editing for climate-resilient crops), De Novo Foodlabs (precision fermentation), and Nitrofix (green ammonia production). In April 2025, UM6P Ventures signed a partnership with Attijariwafa Ventures, giving portfolio companies access to Attijariwafa Bank's network spanning 27 countries with 12 million+ clients. Along with Al Mada Ventures, UM6P Ventures accounted for roughly 70% of all funding deployed in Morocco in 2024.
---
## How to Get In
Submit through the website's Call for Startups page or via warm introductions through the UM6P ecosystem. The firm runs several entry points: direct investment from the two funds, the Plug and Play Morocco accelerator (three-month intensive), the U-Founders programme for university researchers and students, and the MIT Sandbox-partnered UM6P Explorer programme. If you're building deeptech (biotech, greentech, agritech, advanced materials), the deeptech fund is the primary path. If you're building digital transformation software, the digital fund invests alongside partner VCs. Warm introductions through OCP Group, the UM6P research community, or existing portfolio founders carry weight.
---
## Best Advice
1. **The university infrastructure is the differentiator.** No other African VC can give you access to a polytechnic university's laboratories, specialised equipment, and research talent. If your product requires scientific validation, prototyping, or access to domain expertise in agriculture, chemicals, or materials science, make that need explicit in your pitch.
2. **Deeptech is the primary thesis.** The portfolio is dominated by hard science companies: gene editing, wave energy, precision fermentation, biodegradable polymers, green ammonia. If you're building technology that requires significant R&D, this is one of the few African VCs that understands and values that timeline.
3. **The Attijariwafa partnership unlocks distribution.** Access to a bank network spanning 27 countries with 12 million clients is a serious commercial advantage. If your product has a B2B or B2B2C model that could plug into banking, insurance, or financial services distribution, highlight that pathway.
4. **Multiple entry points exist.** You don't have to go straight for a fund investment. The Plug and Play programme, U-Founders track, and UM6P Explorer (with MIT Sandbox) are all pathways into the ecosystem, and strong performance in any of them builds the relationship for follow-on investment.
---
## Pitch Format
Submit a pitch deck via the Call for Startups page covering your technology, business model, market opportunity, team, and scientific validation. For deeptech, be ready to discuss your research base, IP strategy, and lab-to-market timeline.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| DeepEcho | Morocco | AI-powered prenatal diagnostics |
| ATAREC | Morocco | Wave energy technology |
| Akorn Technology | Morocco | Sustainable food coatings |
| ClimateCrop | Morocco | Gene editing for climate-resilient crops |
| De Novo Foodlabs | Morocco | Precision fermentation |
| Biotic | Morocco | Biodegradable polymers |
| Nitrofix | Morocco | Green ammonia production |
| OMS | Morocco | Maintenance solutions platform |
| SensThings | Morocco | AI for agricultural monitoring |
| Photon Analysis | Morocco | Soil testing technology |
| Cleverlytics | Morocco | AI and data science solutions |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Yassine Laghzioui | CEO | — | — |
| Lamiaa El Amrani | Investment Director | — | — |
| Ikram Labtaini | Deeptech Director | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [UM6P Ventures official website](https://um6pventures.com/)
- [UM6P Ventures: The Early Stage Founder's Guide -- SuperScout](https://superscout.co/investor/um6p-ventures)
- [UM6P Ventures, Attijariwafa Ventures partner to boost African innovation -- Morocco World News](https://www.moroccoworldnews.com/2025/04/189885/um6p-ventures-attijariwafa-ventures-partner-to-boost-african-innovation/)
- [Morocco rising: Inside the Kingdom's startup and VC revolution -- African Business](https://african.business/2026/03/innov-africa-deals/morocco-rising-inside-the-kingdoms-startup-and-vc-revolution)
---
---
name: Uncovered Fund
slug: uncovered-fund
buildTypes: ["Neobank/wallet", "Payments-processing", "Mobility", "Lending-credit", "Marketplace-commerce"]
thesis: >-
Investing in early-stage tech startups across Africa and providing long-term
growth support alongside connections to Japanese corporate partners.
website: 'https://uncoveredfund.com/'
apply: Via website or warm intros through the portfolio network
region: Pan-African
hq: 'Tokyo, Japan'
sectors:
- Sector-agnostic
stage:
- Pre-Seed
- Seed
- Series A
chequeMin: 100000
chequeMax: 2000000
chequeDisplay: $100K -- $500K initial; $1M -- $2M follow-on
format: Remote / Hybrid
admissions: Rolling
africaFocus: Yes -- Pan-African (29 startups across 17 countries)
status: active
tier: '2'
lastVerified: '2026-07-24'
portfolioSectorSplit:
Fintech: 46
Logistics: 18
E-commerce: 18
SaaS: 9
Healthtech: 9
portfolioModelSplit:
Transaction/Marketplace: 73
Subscription/SaaS: 9
Hardware/Devices: 18
portfolioGeographySplit:
Nigeria: 28
Pan-African: 18
Togo/Francophone Africa: 9
Morocco: 9
South Africa: 9
Kenya: 18
Nigeria/US: 9
portfolioTotalCount: 11
portfolioClassifiedCount: 11
portfolioUnclassifiedCount: 0
logo: "/funds/uncovered-fund.png"
---
## Overview
Uncovered Fund is a Tokyo-based venture capital firm founded by Takuma Terakubo, focused exclusively on early-stage African tech startups. The firm has invested in 29 companies across 17 countries through its first fund ($15 million, Fund I) and now manages the Uncovered Monex Africa Investment Partnership (UMAIP), a $20 million second fund co-managed with Monex, a major Japanese financial services firm.
The UMAIP fund targets 30 companies with initial tickets of $100K--$500K and reserves 50% of the fund for follow-on cheques of $1--$2 million. The LPs include Japanese financial institutions, trading houses, automotive companies, and logistics firms, which creates a distinctive value proposition: portfolio companies get access to Japanese corporate partnerships, debt financing from Japan, and connections to an industrial base that most African VCs can't offer. The portfolio includes notable names like Piggyvest (Nigeria), Lemfi (cross-border payments), Gozem (Francophone Africa mobility), Autochek (automotive), and Yoco (South African fintech).
---
## How to Get In
Reach out through the website with a clear pitch deck. The firm provides "long-term growth support, not scattered one-shot small investments," which means they're looking for companies they can back through multiple rounds. High scalability potential across multiple markets is a key criterion, so show how your product can expand beyond your home market, particularly if you can make a case for Japan or Asian market relevance. The team values companies addressing fundamental consumer needs in finance, distribution, mobility, and sustainability.
---
## Best Advice
1. **The Japan bridge is the superpower.** No other Africa-focused VC connects portfolio companies directly to Japanese corporations. If your product has any relevance to Japanese industrial or financial companies (logistics, automotive, energy, payments infrastructure), make that connection explicit in your pitch.
2. **Multi-market scalability is the filter.** The portfolio spans 17 countries, which shows the team's preference for products that can expand across borders. If you're building for one market only, this may not be the best fit, but if your technology can work across multiple African markets (or bridge Africa and Asia), lead with that.
3. **Follow-on capital is half the fund.** 50% of the UMAIP fund is reserved for follow-on investments of $1--$2 million, which means strong performers get meaningful additional capital without needing to find new investors. That's a strong signal of commitment.
4. **Francophone Africa is in scope.** The Gozem investment (Togo-based, operating across Francophone Africa) shows the team is comfortable in French-speaking markets, which many VCs avoid. If you're building in West or Central Africa's francophone zone, that's a differentiator, not a barrier.
---
## Pitch Format
Submit a pitch deck through the website covering your business model, market opportunity, multi-market expansion plan, traction, and team. Be ready to discuss how your company could benefit from Japanese corporate partnerships.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Piggyvest | Nigeria | Digital savings and investment platform |
| Lemfi | Pan-African | Cross-border payments |
| Gozem | Togo/Francophone Africa | Mobility and delivery super app |
| Autochek | Pan-African | Automotive marketplace and financing |
| Termii | Nigeria | Customer engagement and messaging API |
| Chari | Morocco | Fintech for traditional retailers |
| Yoco | South Africa | Point-of-sale and payment solutions |
| Sky Garden | Kenya | E-commerce platform |
| LipaLater | Kenya | Buy-now-pay-later fintech |
| SEND Technologies | Nigeria | Digital freight platform |
| RxAll | Nigeria/US | Healthtech for drug authentication |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Takuma Terakubo | Founder, CEO & General Partner | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Uncovered Fund official website](https://uncoveredfund.com/)
- [Uncovered Fund, Monex Ventures partner for $20 million African VC fund -- TechCabal](https://techcabal.com/2025/08/27/uncovered-fund-20-million/)
- [Japanese VCs launch $20M fund to bridge corporate Japan and African tech -- Launch Base Africa](https://launchbaseafrica.com/2025/08/20/japanese-vcs-launch-20m-fund-to-bridge-corporate-japan-and-african-tech/)
- [Meet the investor: Uncovered Fund's $15 million fund -- AfricArena](https://www.wired.africarena.com/post/meet-the-investor-uncovered-fund-s-15-million-fund-for-early-stage-tech-startups-in-africa)
---
---
name: Variant
slug: variant
buildTypes: ["Infra-protocol", "DeFi-trading-lending", "Neobank/wallet", "Marketplace-commerce", "Security-privacy", "Dev-tooling"]
thesis: 'Invests in technology that expands human autonomy: markets, infrastructure and applications that increase user agency and let users own the upside they create. Grew out of Jesse Walden''s "ownership economy" thesis and a 2021 merger with Li Jin''s Atelier Ventures.'
website: 'https://variant.fund'
apply: 'Fund: email info@variant.fund or use the site contact form. No accelerator or cohort; realistic path is a warm intro from a portfolio founder, though the fund accepts direct inbound.'
region: 'Global'
hq: 'New York, New York, USA (75 Spring Street, SoHo)'
sectors:
- Infrastructure
- Consumer
- DeFi
- Privacy
- Developer-Tooling
- AI-x-Crypto
- DePIN
sectorsNote: 'Variant lists 47 portfolio companies on its own portfolio page. Splits below are computed from the 18 we could classify with confidence; the remaining 29 (Augustus, Infinia, Physical Superintelligence and others) lacked enough public detail to sector-tag reliably.'
stage:
- Seed
- Series A
- Series B+
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed. Portfolio spans Seed through Series C rounds ($110M fund raised in 2021 after the Atelier merger; current fund size not disclosed).'
chains:
- Ethereum
- Base
- Solana
- Chain-agnostic
- Multi-chain
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '1'
lastVerified: '2026-09-09'
edgeRating: edge-rich
edgeResources:
- name: Variant Writing (essay archive)
category: pattern-trainer
score: 5
description: >-
A large public archive of essays on ownership economy, autonomy and
network design. The firm's own investment language ("technology that
expands human autonomy") comes directly from this body of work, and
pitching in that vocabulary is the fastest way to a second meeting.
link: 'https://variant.fund/writing/'
- name: Full public portfolio page
category: portfolio-pattern
score: 5
description: >-
Unusually transparent for a tier-1 fund: names all 47 portfolio
companies directly, letting you find your closest analogue and trace
an intro path without guessing.
link: 'https://variant.fund/portfolio/'
- name: 'Investing in Farcaster essay'
category: practice-artifact
score: 4
description: >-
A published investment memo explaining why Variant backed a specific
company, which shows exactly what the firm's underwriting language
looks like in practice.
link: 'https://variant.fund/articles/investing-farcaster/'
- name: Team page
category: decision-maker-reveal
score: 4
description: >-
Names Founder and Managing Partner Jesse Walden alongside Investment
Partners Alana Levin, Elijah Fox, Caleb Shack and Chief Legal Officer
Daniel Barabander, so you can route a pitch to the right person by
sector.
link: 'https://variant.fund/team/'
portfolioSectorSplit:
Infrastructure: 27
Consumer: 22
DeFi: 17
Privacy: 11
Developer-Tooling: 11
DePIN: 6
AI-x-Crypto: 6
portfolioChainSplit:
Ethereum: 27
Multi-chain: 28
Chain-agnostic: 22
Solana: 17
Base: 6
portfolioTotalCount: 47
portfolioClassifiedCount: 18
portfolioUnclassifiedCount: 29
---
> **How to use this page:** Variant is one of the more transparent tier-1 funds in this directory: it names its full 47-company portfolio and publishes a deep essay archive that doubles as its own thesis document. Read the archive before you pitch, use Section E for the direct-outreach path, and check Contextual Edge to see exactly what pattern the portfolio shows.
---
## A. Header Block
- **Fund name:** Variant
- **One-line thesis:** "We invest in technology that expands human autonomy."
- **Website:** [variant.fund](https://variant.fund)
- **CTA:** Email info@variant.fund (see [variant.fund](https://variant.fund))
| Tag | Detail |
|-----|--------|
| Region | Global (New York) |
| Format | Direct outreach |
| Sectors | Infrastructure, consumer, DeFi, privacy, developer tooling, AI x crypto, DePIN |
| Stage | Seed through Series C |
| Cheque Size | Not disclosed |
| Admissions | Rolling |
---
## C. Overview
Variant is a New York-based crypto fund founded by Jesse Walden, best known for popularizing the "ownership economy" framing of crypto: products where users, not just platforms, capture the upside they help create. The firm merged with Li Jin's Atelier Ventures in 2021 and closed a $110 million fund at that time; current fund size is not publicly disclosed.
What distinguishes Variant in this directory is transparency: the firm publishes its full 47-company portfolio by name, and maintains one of the deepest public essay archives of any crypto fund, covering ownership economy theory, network design and, more recently, autonomy in an AI-native world. The portfolio itself spans infrastructure (Aptos, Scroll, ZKsync, Flashbots, Hyperlane), consumer applications (Magic Eden, Phantom, Zora, World), DeFi (Morpho, Uniswap, MetaDAO), privacy (Aleo, Aztec Network) and a smaller cluster of developer tooling, DePIN and AI x crypto positions.
There is no public application form, but the fund accepts direct email and is known to be reachable; the more effective path for most founders combines a direct, well-researched email with a warm introduction from a portfolio founder where one is available.
**Key stats:**
- $110M fund raised in 2021 following the Atelier Ventures merger
- 47 named portfolio companies, spanning Seed through Series C
- Deep public essay archive ("Variant Writing") functions as a published thesis
- Investment Partners: Alana Levin, Elijah Fox, Caleb Shack, alongside Jesse Walden
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Jesse Walden | Founder and Managing Partner | [variant.fund/team](https://variant.fund/team/) |
| Daniel Barabander | Investment Partner and Chief Legal Officer | [variant.fund/team](https://variant.fund/team/) |
| Alana Levin | Investment Partner | [variant.fund/team](https://variant.fund/team/) |
| Elijah Fox | Investment Partner | [variant.fund/team](https://variant.fund/team/) |
| Caleb Shack | Investment Partner | [variant.fund/team](https://variant.fund/team/) |
Individual X and LinkedIn handles were not independently confirmed on the pages fetched, so we link the team page rather than guess.
---
## E. How to Get In: Step-by-Step Application Process
1. **Read the Writing archive before anything else.** [variant.fund/writing](https://variant.fund/writing/) is the fund's real thesis document. Cite a specific essay in your outreach; it is the single clearest signal that you understand the fund's model of the world.
2. **Find your portfolio analogue.** The [full portfolio page](https://variant.fund/portfolio/) names all 47 companies. Identify the one closest to your product and, if you can, get a warm introduction from that founder to the covering partner.
3. **Email info@variant.fund directly if no warm path exists.** The fund is reachable by direct email; make the case for autonomy and ownership specifically, not just growth potential.
4. **Show retention, not just volume.** The "Investing in Farcaster" memo is Variant's own published underwriting example, and it leans on cohort retention and genuine reciprocal engagement over raw transaction volume or TVL. If you are a consumer or application-layer pitch, structure your data the same way that memo does.
5. **Target the right Investment Partner from New York.** Since the 2025 move into 75 Spring Street in SoHo, the team works out of a single New York office rather than San Francisco; Alana Levin, Elijah Fox and Caleb Shack cover different parts of the portfolio, so use whatever public writing or portfolio pattern you can find to route your pitch, or let the general inbox route it internally.
**Timeline:** Not published on the fund's own site.
---
## F. Best Advice from Founders
**Cite the essay archive specifically.** Variant's own writing is unusually extensive for a crypto fund; founders who reference a specific piece (on ownership economy design, or a recent piece on autonomy and AI) signal genuine engagement rather than a mass-sent pitch.
**Show retention over volume.** For consumer and application-layer pitches, the fund has explicitly said it wants to see that users stick around and capture value, not just that a token incentive drove short-term activity.
**The portfolio page is your map.** With 47 named companies, Variant is one of the easiest tier-1 funds to research a warm path into; use it rather than defaulting to a cold email.
---
## Contextual Edge
**Preparation rating:** Edge-rich. Full portfolio names, a deep public essay archive, and a named team make Variant one of the more researchable tier-1 funds in this directory, even without a stated check size.
> **Start here:** Read the [Writing archive](https://variant.fund/writing/) for the fund's thesis in its own words, then the [portfolio page](https://variant.fund/portfolio/) to find your closest analogue.
### How Variant's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Infrastructure is the largest single bucket** | Of the 18 companies we could classify from the fund's own 47-company portfolio page, 27% are infrastructure (Aptos, Scroll, ZKsync, Flashbots, Hyperlane). | Base-layer and scaling infrastructure is well represented, but this is a smaller share than at pure infra funds, so an application angle is not off-thesis. |
| **Consumer is a real second pillar** | 22% are consumer applications (Magic Eden, Phantom, Zora, World), matching the fund's "ownership economy" origin. | A consumer product where users own real upside is squarely on-thesis; show retention, not just growth. |
| **Ethereum and multi-chain dominate, Solana meaningful** | 27% Ethereum, 28% multi-chain, 22% chain-agnostic, 17% Solana. | The fund is genuinely multi-chain in practice, not Ethereum-exclusive; a Solana-native consumer pitch (like Magic Eden or Phantom) has real precedent. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Jesse Walden** (Founder and Managing Partner) | The "ownership economy" framing that defines the fund's entire thesis. | [Team page](https://variant.fund/team/), [Writing archive](https://variant.fund/writing/) |
| **Alana Levin, Elijah Fox, Caleb Shack** (Investment Partners) | Likely cover different sectors within the portfolio; their public engagement (if any) is the best signal of coverage area. | [Team page](https://variant.fund/team/) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Portfolio founder intro** | Find your analogue on the [47-company portfolio page](https://variant.fund/portfolio/) and ask for an introduction. |
| **Direct email** | info@variant.fund, a genuine channel given the fund's overall accessibility (see [variant.fund](https://variant.fund)). |
| **Essay engagement** | Substantive public engagement with a specific Variant essay is a documented way to be noticed before a formal pitch. |
### What you can't find
Variant does not disclose a check size range or a current fund size (only the $110M figure from the 2021 Atelier merger is public). Of the 47 named portfolio companies, 29 (including Augustus, Infinia, Physical Superintelligence, Swoop and others) had too little public detail available to us to confidently sector- and chain-tag; treat the splits above as a sample, not the full book.
---
## G. Pitch Format Variant Expects
- Direct email or warm intro; no public form
- A clear articulation of how the product expands user ownership or autonomy, in Variant's own vocabulary
- Retention and engagement data for consumer pitches, not just volume or TVL
- Deck or memo covering mechanism, market and team, sized appropriately for Seed through Series C
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
The full 47-company list is public on [variant.fund/portfolio](https://variant.fund/portfolio/). Sector and chain tags below are ours, shown for the 18 companies we could classify with confidence.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Uniswap | Decentralized exchange protocol | DeFi | Ethereum |
| Morpho | Lending infrastructure | DeFi | Multi-chain |
| MetaDAO | Futarchy-based governance protocol | DeFi | Solana |
| Aptos | Layer 1 blockchain | Infrastructure | Chain-agnostic |
| Scroll | zkEVM layer 2 | Infrastructure | Ethereum |
| ZKsync | zkEVM layer 2 | Infrastructure | Ethereum |
| Flashbots | MEV infrastructure | Infrastructure | Ethereum |
| Hyperlane | Cross-chain interoperability | Infrastructure | Multi-chain |
| Magic Eden | NFT and multichain marketplace | Consumer | Solana |
| Phantom | Self-custody wallet | Consumer | Solana |
| Zora | Onchain creator platform | Consumer | Base |
| World | Digital identity network | Consumer | Chain-agnostic |
| Aleo | Privacy-focused layer 1 | Privacy | Chain-agnostic |
| Aztec Network | Privacy-focused layer 2 | Privacy | Ethereum |
| Turnkey | Wallet infrastructure | Developer-Tooling | Multi-chain |
| Blockaid | Onchain security tooling | Developer-Tooling | Multi-chain |
| DIMO | Vehicle data network | DePIN | Multi-chain |
| Hyperbolic | Decentralized AI compute | AI-x-Crypto | Chain-agnostic |
The remaining 29 named companies (Augustus, Infinia, Physical Superintelligence, Swoop, Derive, Levl, Melee, OpenFX, Plastic Labs, Pluralis Research, Project Eleven, Pye, Rialo, Takenos, The Clearing Company, Delta, Remix, Sapien, Satflow, True Markets, Whetstone Research, Botto, ZkCloud, Artemis, Blackbird, Cascade, Motion, Relay, Cozy Finance) appear on the portfolio page but lacked enough public detail for us to sector- and chain-tag confidently.
---
## I. Ecosystem Connections
- **Ethereum and its L2s:** the deepest cluster (Scroll, ZKsync, Aztec Network, Flashbots, Uniswap), reflecting Variant's origins in Ethereum-native DeFi and infrastructure.
- **Solana:** a genuine second ecosystem, with Magic Eden and Phantom both being category-defining Solana consumer companies, plus MetaDAO in DeFi.
- **Base:** a confirmed position (Zora), consistent with Base's role as the newest major consumer-app ecosystem.
- **Ownership economy network:** Variant's essay archive and its consumer-crypto portfolio make it a natural fit for founders building products where users own real upside, regardless of chain.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Token warrant or SAFE plus token?** [Compliance guide](/founder-stack/compliance)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Variant homepage](https://variant.fund)
- [Variant full portfolio page](https://variant.fund/portfolio/)
- [Variant Writing archive](https://variant.fund/writing/)
- [Variant team page](https://variant.fund/team/)
- [Investing in Farcaster, Variant](https://variant.fund/articles/investing-farcaster/)
- [Variant debuts a new $110M fund for crypto startups, TechCrunch](https://techcrunch.com/2021/10/19/variant-debuts-a-new-110m-fund-for-crypto-startups-announces-li-jin-has-joined-as-a-general-partner)
- [Crypto Firm Variant Takes 7K SF at 75 Spring Street in SoHo, Commercial Observer](https://commercialobserver.com/2025/07/variant-lease-75-spring-street-soho/)
---
---
name: Ventures Platform
slug: ventures-platform
buildTypes: ["Payments-processing", "Neobank/wallet", "Marketplace-commerce", "Enterprise-B2B", "Lending-credit"]
thesis: >-
We invest in companies that solve for non-consumption, plug infrastructural
gaps, and democratise prosperity in Africa, by eliminating the barriers to
access and reducing the costs of delivering goods and services.
website: 'https://www.venturesplatform.com'
apply: 'https://www.venturesplatform.com/apply'
region: Pan-African
hq: 'Lagos and Abuja, expanding to Francophone West Africa and North Africa'
sectors:
- Sector-agnostic
stage:
- Pre-Seed
- Seed
- Series A
chequeMin: 100000
chequeMax: 1000000
chequeDisplay: $100K -- $1M
format: Hybrid
admissions: Rolling
africaFocus: >-
Yes -- Pan-African (strongest in Nigeria, expanding Francophone and North
Africa)
status: active
tier: '1'
lastVerified: '2026-07-27'
edgeRating: edge-rich
edgeResources:
- name: Kola Aina interview
category: decision-maker-reveal
score: 4
description: >-
The "market-creating innovations" thesis, the three evaluation pillars,
and the "righteous capital" philosophy. Born 1982 in Lagos, Harvard Senior
Exe...
link: 'https://techcrunch.com/ventures-platform-fund-ii/'
- name: Dotun Olowoporoku interview
category: decision-maker-reveal
score: 4
description: >-
Portfolio management, operational scaling, and growth-stage evaluation.
Former Novastar Ventures. Brings institutional VC experience to complement
Ain...
link: 'https://www.linkedin.com/in/dotunolowoporoku/'
- name: Paystack acquired by Stripe for $200M+ (TechCrunch)
category: practice-artifact
score: 4
description: >-
VP's defining exit. Paystack created the online payments market in
Nigeria, and VP backed it before any institutional investor. The exit to
Stripe val...
link: 'https://techcrunch.com/2020/10/15/stripe-acquires-paystack/'
- name: Moniepoint raises $250M Series C at $2B valuation
category: practice-artifact
score: 4
description: >-
VP's other breakout: Moniepoint became Nigeria's largest merchant acquirer
by building agent banking infrastructure. Shows that VP's seed-stage
convic...
link: 'https://techcrunch.com/moniepoint-series-c/'
- name: Ventures Platform Hub
category: pipeline-pathway
score: 3
description: >-
The physical hub in Abuja and the broader VP ecosystem (events,
mentorship, community) is the most organic pathway to the fund. Engaging
with the comm...
- name: Direct outreach
category: pipeline-pathway
score: 3
description: >-
Kola Aina is accessible on LinkedIn and X. The team responds to
well-prepared cold outreach, though warm introductions are preferred.
- name: Portfolio founder network
category: pipeline-pathway
score: 3
description: >-
Paystack, Moniepoint, PiggyVest, OmniRetail, LemFi, SeamlessHR, and Thrive
Agric founders can provide warm introductions. The portfolio network is
one...
- name: DFI network
category: pipeline-pathway
score: 3
description: >-
IFC, BII, Proparco, and AfricaGrow are all LPs. Connections through these
institutions create warm pathways. The iDICE (Nigerian government) LP
relati...
portfolioSectorSplit:
Fintech: 41
SaaS: 11
E-commerce: 18
Healthtech: 11
Infrastructure: 4
Agritech: 4
Climate: 7
Logistics: 4
portfolioModelSplit:
Transaction/Marketplace: 63
Subscription/SaaS: 15
Enterprise contracts/Licensing: 11
Hardware/Devices: 4
Direct sales/Commerce: 7
portfolioGeographySplit:
Nigeria: 85
Nigeria/UK: 4
Senegal: 7
Kenya: 4
portfolioTotalCount: 27
portfolioClassifiedCount: 27
portfolioUnclassifiedCount: 0
logo: "/funds/ventures-platform.png"
---
## Overview
Ventures Platform is one of Nigeria's most consequential early-stage funds, founded in 2016 by Kola Aina in Abuja. The firm has evolved from an angel syndicate running six pre-institutional vintages into a fully institutional operation with $46M in Fund I (closed December 2022, oversubscribed from a $40M target) and $64M in Fund II (first close 2025, targeting $75M final close). Fund I ranks among the top global performers by TVPI and IRR for its vintage year, which is a remarkable outcome for a Nigerian-headquartered firm.
The track record speaks loudly. Ventures Platform was an early backer of Paystack (acquired by Stripe for approximately $200M in 2020) and Moniepoint (now a unicorn valued at over $1B), and the broader portfolio of 90+ startups has collectively raised over $1B in follow-on capital. The firm's investment thesis is rooted in Clayton Christensen's "market-creating innovation" framework from The Prosperity Paradox, which means they look for companies that serve people who previously had no access to a product or service, creating entirely new markets rather than competing for existing ones.
What separates Ventures Platform from other early-stage funds is the combination of local depth and institutional credibility. Their LP base includes the IFC, British International Investment, Proparco, Standard Bank, and notably the Nigerian government via iDICE, making Fund II the first-ever Nigerian government-backed VC investment. Michael Seibel (former Y Combinator CEO) is also an LP, and 70% of Fund II LPs are returning investors from Fund I.
---
## How to Get In
Start at venturesplatform.com/apply, which takes you to a Typeform application. The form covers your company basics, market, traction, team, and fundraising details. You can also email partners@venturesplatform.com directly with your deck.
Kola Aina and the team have been transparent about what they prioritize. The three pillars are innovation (is your product differentiated and defensible?), commitment (do you have the grit to build through hard seasons?), and character ("We invest in people, not just businesses"). Kola has said publicly that "every time I have flouted my rule of not backing jerks or founders who don't strike me as very nice, it's always blown up," so who you are matters as much as what you are building.
For warm introductions, the Ventures Platform portfolio network is your strongest path. Founders from Paystack, Moniepoint, LemFi, SeamlessHR, OmniRetail, and Remedial Health are all in the ecosystem, and introductions through them carry weight. The firm also has a dedicated Platform and Networks team (led by Damilola Teidi-Ayoola) that provides post-investment support on growth marketing, talent, regulatory navigation, and corporate partnerships, so portfolio founders have direct relationships with the VP team and can make meaningful introductions.
Ventures Platform backs first-time founders and will also invest in non-African founders who are building for African markets, so do not self-select out if you do not fit the typical profile.
---
## Best Advice
1. **Tell your personal "why."** Kola Aina has repeatedly emphasized this: "Why are you building this company and not another?" The best pitches tell a personal story about why this specific problem matters to you. Generic market-opportunity framing is not enough.
2. **Build painkillers, not vitamins.** The firm's thesis is about solving "non-consumption," which means your product should address a real, acute pain point for people who currently have no alternative. If your solution is a nice-to-have improvement on something that already exists, you are probably not a fit.
3. **Demonstrate capital efficiency.** Kola has said that "capital is scarce and expensive in Africa" and that founders need to "stretch whatever capital they raise." Show them you can do more with less. Be what Paul Graham calls "default alive," meaning that if you keep growing at your current rate with constant expenses, you will reach breakeven before running out of cash.
4. **Think from first principles, not Silicon Valley templates.** The team has publicly pushed back on copy-pasting Western models: "Our tendency to copy and paste what applies in Silicon Valley to Africa is wrong at the foundation." Show them you understand your local market deeply and have built your model from the ground up rather than transplanting a Y Combinator playbook.
5. **Embrace diverse exit paths.** Kola advocates for "a diversity of outcomes," meaning that a $50M exit serving local markets is a valid success story, not just billion-dollar unicorn ambitions. If your realistic path is a strong regional exit rather than a global IPO, own that narrative rather than inflating your ambitions to fit VC expectations.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- Kola Aina (Founder) has given extensive interviews to TechCrunch, Disrupt Africa, TechCabal, and multiple podcasts (Faith Driven Investor, The Moonshot, VP Artifact) that articulate the "market-creating innovations" thesis, the three-pillar evaluation framework (Innovation, Commitment, Character), and the "operators disguised as investors" positioning. The portfolio includes Paystack ($200M+ exit to Stripe), Moniepoint (unicorn, $250M Series C), and PiggyVest (5M+ users), which gives founders exceptional pattern-matching material. The GRMTT metrics framework is publicly documented.
> **Start here:** Read [Kola Aina on Ventures Platform's thesis (TechCrunch)](https://techcrunch.com/ventures-platform-fund-ii/) (Aina explains "market-creating innovations" and why "a fast-growing business in a capped market is less valuable than a slowly growing business in an uncapped market"), then read [Kola Aina interview (Disrupt Africa)](https://disruptafrica.com/meet-the-investor/kola-aina-ventures-platform/) (deeper on the three evaluation pillars: Innovation, Commitment, Character, and why the team invests in "painkillers not vitamins"). Those two resources show you how VP evaluates companies and why the operator-led model produces portfolio companies that raise $1B+ in follow-on capital.
### How Ventures Platform's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **"Market-creating innovations"** | Aina's core thesis: back companies that create new markets rather than compete in existing ones. Aina: "A fast-growing business in a capped market is less valuable than a slowly growing business in an uncapped market." Paystack created the online payments market in Nigeria. Moniepoint created the agent banking market. PiggyVest created the consumer savings market. | Show the team how your company creates a new category rather than winning share in an existing one. If you are competing head-to-head with five other startups in the same space, VP is less likely to be interested. The question is whether your company expands the total addressable market. |
| **Three pillars: Innovation, Commitment, Character** | The evaluation framework is explicit. Innovation: is this a painkiller or a vitamin? Commitment: has the founder shown sustained dedication? Character: does the founder have integrity and coachability? Aina: "painkillers not vitamins" and "companies are bought not sold." | Character is evaluated as seriously as the business model. VP has passed on strong companies because of concerns about founder character. In your interactions with the team, your behaviour matters as much as your pitch deck. Be transparent about challenges, not just opportunities. |
| **GRMTT metrics** | Growth rate, Revenue margins, Revenue diversity, Market reality, Market potential. This is the quantitative framework VP uses alongside the qualitative three pillars. The "market reality" versus "market potential" distinction is key: the team distinguishes between the market as it exists today and the market your company can create. | Come with these five metrics clearly articulated. Do not inflate your TAM with a top-down calculation that includes everyone in Africa. Show the team your actual serviceable market today (market reality) and how your company expands that market over time (market potential). |
| **Fund structure** | Fund I: $46M (December 2022, exceeded $40M target). Fund II: $64M first close (November 2025, targeting $75M). Cheques: $100K-$1M at pre-seed/seed, expanding to Series A in Fund II. Pre-institutional era: 6 syndicate vintages at $20K-$200K. 4 of 6 vintages returned capital. $1B+ follow-on raised by portfolio companies. | VP writes smaller cheques than most institutional African VCs, but the portfolio track record (Paystack, Moniepoint, PiggyVest) proves that early conviction at small cheque sizes can generate outsized returns. If you are raising a $500K-$2M seed round, VP is the right scale. |
| **"Operators disguised as investors"** | The team includes 15+ professionals with deep operational backgrounds. Dotun Olowoporoku (Managing Partner, ex-Novastar), Kayode Oyewole (Partner), and 5 Venture Partners provide hands-on support in product, growth, hiring, and fundraising. The dual Fund + Foundation structure includes a non-profit arm that supports ecosystem development. | VP provides more hands-on operational support than most African VCs at seed stage. The team will be involved in your hiring, your product decisions, and your growth strategy. If you want a passive investor who writes a cheque and disappears, VP is not the right fit. If you want an operator-partner, they are one of the best. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Kola Aina** (Founder, General Partner) | The "market-creating innovations" thesis, the three evaluation pillars, and the "righteous capital" philosophy. Born 1982 in Lagos, Harvard Senior Executive Program, Oxford PgD. Named among "20 most important people in Nigerian tech." | [TechCrunch interview](https://techcrunch.com/ventures-platform-fund-ii/) -- [Disrupt Africa: Meet the Investor](https://disruptafrica.com/meet-the-investor/kola-aina-ventures-platform/) -- [Faith Driven Investor podcast](https://faithdriveninvestor.org/kola-aina/) |
| **Dotun Olowoporoku** (Managing Partner) | Portfolio management, operational scaling, and growth-stage evaluation. Former Novastar Ventures. Brings institutional VC experience to complement Aina's founder-operator perspective. | [LinkedIn](https://www.linkedin.com/in/dotunolowoporoku/) |
### Learn from the Ventures Platform portfolio
| Resource | Why it matters |
|----------|---------------|
| [Paystack acquired by Stripe for $200M+ (TechCrunch)](https://techcrunch.com/2020/10/15/stripe-acquires-paystack/) | VP's defining exit. Paystack created the online payments market in Nigeria, and VP backed it before any institutional investor. The exit to Stripe validated the "market-creating innovations" thesis and established VP as one of Africa's best seed-stage pickers. |
| [Moniepoint raises $250M Series C at $2B valuation](https://techcrunch.com/moniepoint-series-c/) | VP's other breakout: Moniepoint became Nigeria's largest merchant acquirer by building agent banking infrastructure. Shows that VP's seed-stage conviction can produce unicorns when the market-creating thesis is right. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Ventures Platform Hub** | The physical hub in Abuja and the broader VP ecosystem (events, mentorship, community) is the most organic pathway to the fund. Engaging with the community demonstrates commitment to the Nigerian tech ecosystem. |
| **Direct outreach** | Kola Aina is accessible on LinkedIn and X. The team responds to well-prepared cold outreach, though warm introductions are preferred. |
| **Portfolio founder network** | Paystack, Moniepoint, PiggyVest, OmniRetail, LemFi, SeamlessHR, and Thrive Agric founders can provide warm introductions. The portfolio network is one of the strongest in Nigerian VC. 79 companies creates a wide referral network. |
| **DFI network** | IFC, BII, Proparco, and AfricaGrow are all LPs. Connections through these institutions create warm pathways. The iDICE (Nigerian government) LP relationship also signals that government-connected companies may have an advantage. |
### What you can't find
The detailed GRMTT scoring methodology (how each metric is weighted) is not published. Individual cheque sizes for specific portfolio investments are mostly undisclosed. Fund return data beyond the "4 of 6 vintages returned capital" statement is not publicly available. The specific criteria for graduating from the Foundation ecosystem to the Fund investment pipeline are not documented. Rejection criteria beyond the general framework are not publicly discussed.
---
## Pitch Format
Apply through the [Typeform application](https://www.venturesplatform.com/apply) with a pitch deck attached. The form collects company information, market details, traction metrics, and team background. You can also email your deck directly to partners@venturesplatform.com.
There is no video pitch requirement or separate written application. The deck is the primary document.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Paystack | Nigeria | Online payment processing | Seed (angel syndicate) | ~2016 |
| Moniepoint | Nigeria | All-in-one business banking and payments | Early stage | Pre-2019 |
| LemFi | Nigeria/UK | Diaspora remittances and digital banking | Seed | Early stage |
| SeamlessHR | Nigeria | HR, payroll, and recruitment platform | Seed | Pre-2021 |
| OmniRetail | Nigeria | B2B e-commerce for FMCG distribution | Seed + Series A follow-on | Series A: 2025 |
| Remedial Health | Nigeria | Digital pharma procurement | Pre-seed through Series A (co-led) | Series A: 2023 |
| Raenest | Nigeria | Multi-currency accounts for African professionals | Pre-seed, Seed, Series A | Series A: 2025 |
| PiggyVest | Nigeria | Savings and investment platform | Early stage | -- |
| Nomba (fka Kudi) | Nigeria | Payment infrastructure | Early stage | -- |
| Mono | Nigeria | Open banking / financial data API | Early stage | Exited (acquired by Flutterwave) |
| Brass | Nigeria | Business banking | Early stage | Exited (acquired by Paystack, 2024) |
| Reliance HMO | Nigeria | Health insurance / HMO | Early stage | -- |
| Tizeti | Nigeria | Affordable internet / ISP | Early stage | -- |
| Thrive Agric | Nigeria | Agtech and farmer financing | Early stage | -- |
| Termii | Nigeria | Customer messaging API | Early stage | -- |
| SunFi | Nigeria | Clean energy financing | Early stage | -- |
| Shekel Mobility | Nigeria | B2B auto dealer marketplace | Seed (co-led, $7M) | 2023 |
| Traction Apps | Nigeria | Merchant POS payments | Seed | Exited (acquired by OmniRetail, 2024) |
| Rivy (fka Payhippo) | Nigeria | Clean energy financing (EnergyStack) | Pre-Series A ($4M) | 2025 |
| Trove Finance | Nigeria | Investment platform | Early stage | -- |
| Accounteer | Nigeria | SaaS accounting software | Early stage | -- |
| Printivo | Nigeria | Online print-on-demand | Early stage | -- |
| MDaaS | Nigeria | Healthcare diagnostics | Early stage | -- |
| Chargel | Senegal | Logistics | Early stage | -- |
| MaaD | Senegal | B2B informal retail | Early stage | -- |
| MarketForce | Kenya | Distribution and logistics | Early stage | -- |
| Credable | Nigeria | Credit and lending | Early stage | -- |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Kola Aina | Founding Partner | [linkedin.com/in/kola-aina-vp](https://linkedin.com/in/kola-aina-vp) | [@kola_aina](https://x.com/kola_aina) |
| Dr. Dotun Olowoporoku | General Partner | [linkedin.com/in/drdotun](https://linkedin.com/in/drdotun) | [@DrDotun](https://x.com/DrDotun) |
| Desigan Chinniah | Venture Partner | [linkedin.com/in/desiganchinniah](https://linkedin.com/in/desiganchinniah) | [@cyberdees](https://x.com/cyberdees) |
| Damilola Teidi-Ayoola | Head of Platform & Networks | [linkedin.com/in/damilolateidi](https://linkedin.com/in/damilolateidi) | [@damiteidi](https://x.com/damiteidi) |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Ventures Platform Official Website](https://www.venturesplatform.com)
- [Ventures Platform Thesis](https://www.venturesplatform.com/thesis)
- [Ventures Platform FAQ](https://www.venturesplatform.com/faq)
- [TechCrunch: Ventures Platform Fund I close ($46M)](https://techcrunch.com/)
- [TechCabal: Ventures Platform Fund II and iDICE investment](https://techcabal.com/)
- [Disrupt Africa: Ventures Platform coverage](https://disruptafrica.com/)
- [CNBC Africa: Kola Aina interview](https://cnbcafrica.com/)
- [iDICE Startup Bridge](https://www.idicestartupbridge.ng)
- [Proparco: Ventures Platform LP commitment](https://www.proparco.fr/)
- [Faith Driven Investor Podcast: Kola Aina](https://faithdriveninvestor.org/)
---
---
name: Verod-Kepple Africa Ventures
slug: verod-kepple
buildTypes: ["Mobility", "Neobank/wallet", "Payments-processing", "Marketplace-commerce", "Climate-energy"]
thesis: >-
We back exceptional founders in and from Africa who are addressing deep gaps
between the status quo and the ideal.
website: 'https://vkav.vc/'
apply: >-
Warm intros preferred. Contact via the website or directly through team
members on LinkedIn.
region: Pan-African
hq: 'Lagos and Nairobi, with Japan-Africa bridge through Tokyo'
sectors:
- Sector-agnostic
stage:
- Series A
- Series B+
chequeMin: 1000000
chequeMax: 3000000
chequeDisplay: $1M -- $3M (with follow-on capacity)
format: Hybrid
admissions: Rolling / Warm intros
africaFocus: 'Yes -- Pan-African (Nigeria, Egypt, Kenya, Morocco, Ivory Coast, South Africa)'
status: active
tier: '1'
lastVerified: '2026-07-27'
edgeRating: edge-rich
edgeResources:
- name: Satoshi Shinada interview
category: decision-maker-reveal
score: 4
description: >-
The Japan-Africa bridge thesis, patient capital philosophy, and
pain-market fit concept. Co-founder KAV. ~50 investments across West/North
Africa. For...
link: 'https://techcabal.com/2024/03/06/verod-kepple/'
- name: Ryosuke (Rio) Yamawaki interview
category: decision-maker-reveal
score: 4
description: >-
East/Southern Africa perspective, exit strategy thinking, and founder
chemistry. Co-founder KAV. ~45 investments. Former Mitsui Corporation.
Tokyo Uni...
link: 'https://theflip.africa/podcast/s2e8'
- name: Ory Okolloh interview
category: decision-maker-reveal
score: 4
description: >-
The African institutional perspective. Former MD Omidyar Network/Luminate.
Founding member of Ushahidi. Former Google Africa. Harvard Law JD.
Okolloh:...
link: 'https://vkav.vc/'
- name: 'Moove reaches $2B valuation, acquires Kovi (TechCrunch)'
category: practice-artifact
score: 4
description: >-
The fund's standout company. Moove (vehicle financing for ride-hailing and
logistics) scaled to 36K vehicles across 19 cities and $275M revenue by
202...
link: 'https://techcrunch.com/moove-2b-valuation/'
- name: Chari raises $12M Series A (Disrupt Africa)
category: practice-artifact
score: 4
description: >-
Demonstrates the fund's North Africa coverage and ability to back category
leaders in underserved markets. Chari became the first VC-backed startup
to...
link: 'https://disruptafrica.com/chari-series-a/'
- name: Direct contact
category: pipeline-pathway
score: 3
description: >-
Email inbound@vkav.vc. No online application portal. The team is lean and
accessible through LinkedIn.
- name: Japanese corporate network
category: pipeline-pathway
score: 3
description: >-
If your company has potential strategic value for Japanese corporates
(Toyota Tsusho, SBI Holdings, Sumitomo Mitsui Trust, JICT, Yoren), that
connecti...
- name: Portfolio founder network
category: pipeline-pathway
score: 3
description: >-
Moove, Chari, NowPay, Zone, and Djamo founders can provide warm
introductions. The legacy Kepple portfolio of 100+ companies also provides
a wide refe...
- name: TICAD and Japan-Africa events
category: pipeline-pathway
score: 3
description: >-
TICAD (Tokyo International Conference on African Development) is a natural
touchpoint. VKAV is active at TICAD side events, and JICA-affiliated demo
d...
portfolioSectorSplit:
Fintech: 44
Climate: 13
Logistics: 19
Consumer: 6
Healthtech: 6
SaaS: 6
E-commerce: 6
portfolioModelSplit:
Direct sales/Commerce: 19
Hardware/Devices: 13
Subscription/SaaS: 12
Transaction/Marketplace: 44
Enterprise contracts/Licensing: 12
portfolioGeographySplit:
Nigeria: 31
Kenya: 13
Morocco: 6
Ivory Coast: 13
Egypt: 31
South Africa: 6
portfolioTotalCount: 16
portfolioClassifiedCount: 16
portfolioUnclassifiedCount: 0
logo: "/funds/verod-kepple.png"
---
## Overview
Verod-Kepple Africa Ventures (VKAV) is a pan-African venture capital firm born from the 2022 merger of Kepple Africa Ventures (a prolific Tokyo-based early-stage investor in Africa) and Verod Capital (one of West Africa's most established private equity firms). The combined entity closed its inaugural fund at $60 million in April 2024, with $17.5 million already deployed across 12 companies at the time of close.
What makes VKAV genuinely unique is the Japan-Africa bridge. The LP base is dominated by major Japanese institutional investors: SBI Holdings, Toyota Tsusho Corporation, Sumitomo Mitsui Trust Bank, Japan International Cooperation Agency (JICA), Japan ICT Fund, Taiyo Holdings, and C2C Global Education Japan. Nigeria's SCM Capital rounds out the investor base. This means portfolio companies get direct access to Japanese corporate partners, distribution channels, and follow-on capital that no other Africa-focused fund can offer.
The firm has made 21 investments to date across Nigeria, Egypt, Kenya, Morocco, Ivory Coast, and South Africa, with increasing interest in Angola, Zambia, DRC, and Tunisia. The team looks for companies building infrastructure for the digital economy, solving inefficiencies for businesses, and creating markets for Africa's emerging consumer population. They have a growing focus on vertical ERP startups, embedded financial services, and future-of-work solutions, and they are increasingly evaluating opportunities through an AI and GenAI lens.
The leadership team brings together Ory Okolloh (one of Africa's most prominent tech figures, known for co-founding Ushahidi and leading Google's Africa policy work) with experienced operators from the Verod private equity and Kepple venture capital ecosystems.
---
## How to Get In
VKAV is relationship-driven, and the best path in is through their existing portfolio network. Founders from Moove, Shuttlers, KOKO Networks, Chari, Djamo, Julaya, Zone, and Nawy are all in the ecosystem, and introductions through them carry significant weight. The Verod Capital private equity network and Kepple's broader Asia-Africa connections are also effective routes.
The team is based in Lagos and Nairobi, so attending local ecosystem events, demo days, and conferences in those cities gives you the best chance of meeting them in person. Ory Okolloh is active on LinkedIn and at major conferences, and cold outreach to her or other team members is not unusual.
If you have a Japan connection or expansion angle, lead with it. The fund's unique value is the Japan-Africa bridge, and founders who can articulate how Japanese corporate partners, distribution, or capital could accelerate their business will stand out immediately.
---
## Best Advice
1. **Lean into the PE-meets-VC model.** VKAV combines a VC mindset with PE operational expertise, which means they offer hands-on support in talent/people ops, legal, ESG/Impact, and finance. In your pitch, show them you are ready for institutional-grade governance and that you want an investor who will help you build operational infrastructure, not just write a cheque.
2. **Articulate the Japan angle.** No other Africa fund has this LP base. If you can show how partnerships with Toyota Tsusho, SBI Holdings, or other Japanese corporates could accelerate your growth (whether through distribution, supply chain, technology, or follow-on investment), you will differentiate yourself from every other deal in their pipeline.
3. **Think about vertical ERP and embedded finance.** The team has publicly signaled that they are increasingly excited about vertical ERP solutions and embedded financial services. If your company digitizes a specific industry vertical and layers financial products on top, you are in their sweet spot.
4. **Show cross-market potential.** With investments across Nigeria, Egypt, Kenya, Morocco, Ivory Coast, and South Africa, the team values founders who think about expansion beyond their home market. Articulate which markets you will enter next and why.
5. **Use the ecosystem for referrals.** VKAV explicitly fosters collaboration among portfolio founders, so getting introduced through a portfolio company is the highest-signal way to get in front of the team.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- Satoshi Shinada and Ryosuke (Rio) Yamawaki (Partners) have given detailed interviews to TechCrunch, TechCabal, Disrupt Africa, and The Flip Podcast that articulate the Japan-Africa bridge thesis, evaluation criteria, and what the team passes on. Ory Okolloh (Partner, founder of Ushahidi, ex-Omidyar Network) provides the African institutional perspective. The Japanese LP base (JICA, Toyota Tsusho, SBI Holdings, Sumitomo Mitsui Trust Bank) is the fund's core differentiator, and the TICAD-linked strategic partnership model is well-documented.
> **Start here:** Read [Verod-Kepple closes Fund I at $60M (TechCrunch)](https://techcrunch.com/2024/04/09/verod-kepple-closes-first-fund-at-60m/) (the fund structure, Japanese LP composition, and why the JV between Kepple Africa and Verod Capital targets growth-stage companies), then read [Satoshi Shinada on patient capital (TechCabal)](https://techcabal.com/2024/03/06/verod-kepple/) (Shinada explains: "It's time that patient founders should be rewarded with patient capital" and the three investment pillars: infrastructure, inefficiency solvers, and homegrown innovation). Those two resources show you how the team evaluates companies and why the Japanese corporate LP network creates a unique strategic advantage.
### How Verod-Kepple Africa Ventures' portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Japan-Africa bridge** | Japanese LPs are not passive capital: JICA (first investment in African VC), Toyota Tsusho ("WITH AFRICA FOR AFRICA" strategy), SBI Holdings, Sumitomo Mitsui Trust Bank, JICT ($10M for fintech/digital transformation), Yoren (co-invested in Autochek and Chari). Shinada: "We have been facilitating this collaboration between African startups and big corporates from Japan." Seven Japanese companies made their first African startup investments through VKAV. | If your business has potential strategic partnerships, distribution channels, or acquisition pathways with Japanese corporates, VKAV is uniquely positioned. The LP base doubles as a strategic partner network. Toyota Tsusho for mobility, SBI for fintech, JICA for development infrastructure: articulate which Japanese corporate relationship accelerates your growth. |
| **Three investment pillars** | (1) Infrastructure/platform businesses filling gaps where government infrastructure fails (banking, logistics, education). (2) Inefficiency solvers tackling market fragmentation and supply chain disaggregation. (3) Homegrown innovation and market creators addressing African consumer trends and import substitution. | Frame your pitch explicitly around one of these three pillars. The team avoids "models replicated from other parts of the world or businesses that just have a tech layer." If your company is an African copy of a US startup, VKAV is not the right fit. Show them what is uniquely African about your approach. |
| **From seed to growth stage** | Predecessor Kepple Africa Ventures: ~$20M across 100+ startups at $50K-$150K. VKAV Fund I: $60M (final close April 2024, below $100M target), $1M-$3M cheques, Series A/B. 12 companies funded at ~$1.5M average. Joint venture between Kepple (Tokyo seed VC) and Verod Capital (Lagos PE, $364M AUM, 17+ years). | The transition from seed spray-and-pray (100+ companies) to concentrated growth (12 companies) means the bar is significantly higher than legacy Kepple. You need real revenue, proven unit economics, and a clear path to scale. The Verod PE DNA means governance expectations are institutional-grade. |
| **Evaluation red flags** | From TechCabal interview (March 2024): (1) No pain-market fit, (2) High team turnover/low employee satisfaction, (3) Lack of transparency from founders, (4) Values misalignment, (5) Niche single-country plays lacking scalability. Shinada: "We are not charity investors; we are commercial investors, so monetisation and revenue growth are very important." | The "pain-market fit" concept is distinct from product-market fit: the team wants to see that you have identified a genuine, large-scale pain point before you have built the product to solve it. Shinada: "In Africa it's easy to mix up individual pains and social pains." Show the team that your pain point is structural and market-wide, not just your personal frustration. |
| **Portfolio** | 16 companies including Moove ($2B valuation, 36K vehicles, acquired Kovi in Brazil), Chari ($12M Series A, first VC-backed startup with Moroccan payment license), NowPay ($20M Saudi JV), Zone ($8.5M seed, Africa's first regulated blockchain payments network), Djamo ($17M, 1M+ active customers). Major loss: KOKO Networks (filed insolvency February 2026 after Kenyan government blocked carbon credit sales). | The portfolio spans fintech, mobility, and commerce infrastructure across West, East, and North Africa. The KOKO Networks loss shows that even well-funded companies face existential risks from government policy in African markets. In your pitch, address regulatory and policy risks head-on. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Satoshi Shinada** (Partner, Lagos) | The Japan-Africa bridge thesis, patient capital philosophy, and pain-market fit concept. Co-founder KAV. ~50 investments across West/North Africa. Former Sojitz Corporation Nigeria. University of Tokyo + Harvard MBA. Visited 40 African countries at age 18. | [TechCabal: patient capital](https://techcabal.com/2024/03/06/verod-kepple/) -- [TechCrunch: fund close](https://techcrunch.com/2024/04/09/verod-kepple-closes-first-fund-at-60m/) |
| **Ryosuke (Rio) Yamawaki** (Partner, Nairobi) | East/Southern Africa perspective, exit strategy thinking, and founder chemistry. Co-founder KAV. ~45 investments. Former Mitsui Corporation. Tokyo University of Foreign Studies (African Studies) + UC Berkeley MBA. Kids speak Swahili. Yamawaki: "Having good chemistry or maybe a personal connection with the founder is very key." | [The Flip Podcast S2E8](https://theflip.africa/podcast/s2e8) |
| **Ory Okolloh** (Partner) | The African institutional perspective. Former MD Omidyar Network/Luminate. Founding member of Ushahidi. Former Google Africa. Harvard Law JD. Okolloh: "It's cyclical... Out of that came winners like Paystack and Flutterwave." | [TLcom / VKAV announcements](https://vkav.vc/) |
### Learn from the VKAV portfolio
| Resource | Why it matters |
|----------|---------------|
| [Moove reaches $2B valuation, acquires Kovi (TechCrunch)](https://techcrunch.com/moove-2b-valuation/) | The fund's standout company. Moove (vehicle financing for ride-hailing and logistics) scaled to 36K vehicles across 19 cities and $275M revenue by 2024, then acquired Brazilian competitor Kovi. Shows the scale of outcome VKAV targets and the cross-border expansion potential the team values. |
| [Chari raises $12M Series A (Disrupt Africa)](https://disruptafrica.com/chari-series-a/) | Demonstrates the fund's North Africa coverage and ability to back category leaders in underserved markets. Chari became the first VC-backed startup to receive a Moroccan payment license, which shows how the team supports regulatory milestones. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct contact** | Email inbound@vkav.vc. No online application portal. The team is lean and accessible through LinkedIn. |
| **Japanese corporate network** | If your company has potential strategic value for Japanese corporates (Toyota Tsusho, SBI Holdings, Sumitomo Mitsui Trust, JICT, Yoren), that connection is a direct warm path. The team actively facilitates Africa-Japan corporate partnerships. |
| **Portfolio founder network** | Moove, Chari, NowPay, Zone, and Djamo founders can provide warm introductions. The legacy Kepple portfolio of 100+ companies also provides a wide referral network. |
| **TICAD and Japan-Africa events** | TICAD (Tokyo International Conference on African Development) is a natural touchpoint. VKAV is active at TICAD side events, and JICA-affiliated demo days provide structured access to the team. |
### What you can't find
Fund return metrics (IRR, DPI, TVPI) are not publicly disclosed. Individual cheque sizes for most portfolio investments are undisclosed beyond the $1M-$3M range guidance. The specific evaluation rubric or scoring framework is not published. Founder testimonials or case studies are not available on the website. The detailed terms of Japanese corporate partnerships with portfolio companies are not public. Takahiro Kanzaki's (Kepple Group founder) specific involvement in VKAV investment decisions is unclear.
---
## Pitch Format
There is no public application portal. Send your pitch deck through warm introductions or directly to team members via LinkedIn. The deck should cover your business model, market opportunity, competitive positioning, unit economics, and team. Given the Japan-Africa bridge, include any potential for Japanese corporate partnerships or Asia expansion if relevant.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Moove | Nigeria | Vehicle financing for ride-hailing and logistics | Series A | -- |
| KOKO Networks | Kenya | Clean-cooking fuel and last-mile distribution | Series C | -- |
| Shuttlers | Nigeria | Shared mobility and employee transportation | Series A | -- |
| Chari | Morocco | B2B e-commerce and fintech for informal retail | Pre-Seed | -- |
| Djamo | Ivory Coast | Consumer neobank for Francophone Africa | Series B | -- |
| Julaya | Ivory Coast | B2B payments for Francophone West Africa | Series A | -- |
| Zone | Nigeria | Decentralized payment infrastructure | Series A | -- |
| Nawy | Egypt | Real estate tech and property marketplace | Pre-Seed | -- |
| Nowpay | Egypt | Earned wage access and employee fintech | Series A | -- |
| Chefaa | Egypt | Online pharmacy and medicine delivery | Series A | -- |
| Cloudline | South Africa | Autonomous cargo airships for last-mile delivery | Seed | -- |
| Tagaddod | Egypt | Waste-to-energy and used cooking oil recycling | Series A | -- |
| Workpay | Kenya | Cloud-based HR, payroll, and compliance | Series A | -- |
| Autochek | Nigeria | Automotive tech: buy, sell, finance cars | Pre-Seed | -- |
| Trella | Egypt | Digital freight brokerage and logistics | Series A | -- |
| Ceviant | Nigeria | Digital banking and financial services | Seed | -- |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Ory Okolloh | Partner | [linkedin.com/in/ory-okolloh](https://ke.linkedin.com/in/ory-okolloh) | -- |
| Ryosuke Yamawaki | Partner | -- | -- |
| Satoshi Shinada | Partner | -- | -- |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Verod-Kepple Africa Ventures Official Website](https://vkav.vc/)
- [TechCrunch: Verod-Kepple closes first fund at $60M (April 2024)](https://techcrunch.com/2024/04/09/verod-kepple-closes-first-fund-at-60m/)
- [Launch Base Africa: VKAV $60M fund details](https://launchbaseafrica.com/2024/04/10/verod-kepple-africa-ventures-latest-60m-fund-is-focusing-on-growth-stage-startups/)
- [Disrupt Africa: Verod-Kepple closes pan-African fund at $60M](https://disruptafrica.com/2024/04/12/verod-kepple-africa-ventures-closes-pan-african-venture-fund-at-60m/)
- [TechPoint Africa: Verod-Kepple fund close details](https://techpoint.africa/2024/04/10/verod-kepple-closes-first-fund/)
---
---
name: VestedWorld
slug: vestedworld
buildTypes: ["Agritech", "Healthtech", "E-commerce-retail", "Mobility", "Logistics-supplychain"]
thesis: >-
Investing in early-stage companies across high-growth African industries,
drawing from Asia's development model.
website: 'https://www.vestedworld.com/'
apply: 'https://www.vestedworld.com/contact'
region: Pan-African
hq: Chicago
sectors:
- Sector-agnostic
stage:
- Seed
- Series A
chequeMin: 50000
chequeMax: 2000000
chequeDisplay: $50K -- $2M
format: Remote / Hybrid
admissions: Rolling
africaFocus: 'Yes -- Pan-African (Ghana, Nigeria, Ethiopia, Kenya, Rwanda, Tanzania, Uganda)'
status: active
tier: '2'
lastVerified: '2026-07-24'
portfolioSectorSplit:
Agritech: 33
Healthtech: 11
Logistics: 17
E-commerce: 5
Consumer: 17
Fintech: 17
portfolioModelSplit:
Direct sales/Commerce: 39
Transaction/Marketplace: 33
Subscription/SaaS: 6
Enterprise contracts/Licensing: 22
portfolioGeographySplit:
Kenya: 11
Nigeria: 44
Ghana: 17
Pan-African: 17
Uganda: 6
Rwanda: 5
portfolioTotalCount: 18
portfolioClassifiedCount: 18
portfolioUnclassifiedCount: 0
logo: "/funds/vestedworld.png"
---
## Overview
VestedWorld is a Chicago-based venture capital firm founded by Euler Bropleh that has been investing in African startups since 2014. The firm has deployed over $20 million across 30+ companies and operates with a team that includes Africa-based staff in Ghana, Nigeria, and Kenya.
Fund II (2018-2022) was a $10.9 million closed-end fund with 13 portfolio companies, and the Rising Star Fund (launched 2022) raised $20 million toward a $35 million target. The investment thesis draws from Asia's economic development trajectory, focusing on agricultural modernisation, industrialisation, value-added manufacturing, and technology-enabled services that leapfrog outdated infrastructure. The firm covers an unusually wide sector range, from agribusiness and healthcare to creative industries (Inkblot, a Nigerian film production company, is in the portfolio alongside aquaculture and pharmaceutical distribution companies).
---
## How to Get In
Reach out through the website or through warm introductions via the portfolio network. VestedWorld runs a "conviction strategy" with deep due diligence and active portfolio support, so expect a thorough process. The firm writes cheques from $50K to $2M per deal and is willing to lead rounds, so if you're struggling to find a lead investor for your seed or pre-Series A round, this is one of the firms that will step into that role.
---
## Best Advice
1. **Real businesses, not just tech plays.** VestedWorld's portfolio includes tomato processing (Tomato Jos), aquaculture (Victory Farms), film production (Inkblot), and baking premixes (Bake Easy) alongside fintech and SaaS companies. If you're building a technology-enabled business in a traditional sector, this is a fund that understands that model.
2. **Show the import substitution or value chain angle.** The firm's thesis centres on businesses that reduce Africa's dependence on imports or add value to existing supply chains. If your product replaces something currently imported or captures value that currently leaks out of the continent, lead with that story.
3. **They're active post-investment.** VestedWorld runs a 300+ partner network and provides hands-on support across commercial growth, hiring, and follow-on fundraising. Frame your pitch around what you'd build with that support, not just the capital.
4. **East and West Africa are the core geographies.** The portfolio is concentrated across Ghana, Nigeria, Kenya, Rwanda, Uganda, Tanzania, and Ethiopia, so if you're building in one of these markets, you're in their zone of conviction.
---
## Pitch Format
Submit via the website contact page or through warm introductions. A clear deck covering the business, market opportunity, traction, and team is expected.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do | Year |
|---------|---------|-------------|------|
| Victory Farms | Kenya | Aquaculture, tilapia farming on Lake Victoria | 2019 |
| Tomato Jos | Nigeria | Vertically-integrated tomato paste processing | 2017 |
| DrugStoc | Nigeria | Pharmaceutical procurement and distribution | 2018 |
| Shuttlers | Nigeria | Digital ridesharing for professionals | 2021 |
| Sabi | Nigeria | B2B e-commerce marketplace for informal trade | 2021 |
| SoFresh | Nigeria | Healthy quick-service restaurant chain | 2022 |
| Complete Farmer | Ghana | Data-driven food production quality control | 2023 |
| Jetstream | Ghana | Supply chain platform for goods distribution | 2023 |
| Inkblot | Nigeria | Feature film and TV production | 2023 |
| FarmWorks | Pan-African | Integrated agricultural ecosystem | 2023 |
| EMTECH | Pan-African | Inclusive financial ecosystem technology | 2023 |
| Yemaachi | Ghana | Precision cancer diagnostics for African populations | 2022 |
| Kathy's Fresh | Nigeria | Fresh produce supply to supermarkets and restaurants | 2024 |
| JackFruit Finance | Kenya | Working capital for private schools | 2024 |
| Points Africa | Pan-African | Shared loyalty network for underbanked consumers | 2025 |
| Bake Easy | Nigeria | Baking premixes for professional bakers | 2025 |
| Agilis Partners | Uganda | Farming enterprise empowering smallholder farmers | 2018 |
| GET IT | Rwanda | Food distribution for the hospitality industry | 2020 |
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Euler Bropleh | Founder & Managing Partner | — | — |
| Nneka Eze | Managing Partner | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [VestedWorld official website](https://www.vestedworld.com/)
- [VestedWorld portfolio](https://www.vestedworld.com/portfolio)
- [VestedWorld's Rising Star Fund Nears Target with $20M -- Launch Base Africa](https://launchbaseafrica.com/2025/03/19/vestedworlds-rising-star-fund-nears-target-with-20m-raise-for-african-startups/)
- [VestedWorld: The Early Stage Founder's Guide -- SuperScout](https://superscout.co/investor/vestedworld)
---
---
name: Village Capital
slug: village-capital
buildTypes: ["Agritech", "Healthtech", "Logistics-supplychain", "Payments-processing"]
thesis: >-
Reinventing how venture capital works so that entrepreneurs solving the
world's biggest problems have access to the resources they need to succeed.
website: 'https://vilcap.com/'
apply: 'https://vilcap.com/programs'
region: 'Global, with dedicated Africa programs'
hq: 'Washington, DC'
sectors:
- Climate
- Agritech
- Fintech
- Healthtech
- Impact
stage:
- MVP
- Pre-Seed
- Seed
chequeMin: 50000
chequeMax: 500000
chequeDisplay: $50K -- $500K
format: Hybrid (virtual workshops + in-person summits)
admissions: Program-based cohorts with open applications
africaFocus: 'Yes -- Ghana, Kenya, Nigeria, Tanzania, Malawi, Mozambique'
status: active
tier: '2'
lastVerified: '2026-07-29'
edgeRating: edge-moderate
portfolioSectorSplit:
Agritech: 57
Healthtech: 15
Logistics: 14
Fintech: 14
portfolioModelSplit:
Transaction/Marketplace: 43
Direct sales/Commerce: 15
Enterprise contracts/Licensing: 14
Subscription/SaaS: 14
Hardware/Devices: 14
portfolioGeographySplit:
Kenya: 14
Nigeria: 14
Ghana: 72
portfolioTotalCount: 7
portfolioClassifiedCount: 7
portfolioUnclassifiedCount: 0
logo: "/funds/village-capital.png"
---
## Overview
Village Capital was founded in 2009 by Ross Baird and Bob Patillo as an experiment in rethinking how venture capital allocates money. The core idea was simple and radical: what if founders, not investors, decided which startups received funding? That question became the peer-selected investment model, where cohort members evaluate each other's businesses through structured due diligence and rank who should receive capital. The organization started as a pilot of First Light Ventures (an affiliate of Gray Matters Capital), ran its first program in New Orleans with IDEA Village, and has since grown into a global operation spanning 40+ countries with $17M+ invested directly into 116 early-stage startups whose portfolio companies have collectively raised over $1B in follow-on funding.
In Africa specifically, Village Capital operates through two main channels. The Empowering Sustainable Entrepreneurship (ESE) program, backed by Norad (the Norwegian Agency for Development Cooperation), runs across Ghana, Kenya, Malawi, Mozambique, and Tanzania, targeting climate adaptation, food security, renewable energy, and blue economy startups. The Africa Ecosystem Catalysts Facility (AECF), a $4M fund backed by FMO (Dutch Entrepreneurial Development Bank) and the Netherlands Enterprise Agency, deploys capital through five locally based Entrepreneur Support Organizations in Ghana, Nigeria, and Tanzania. Both programs reflect Village Capital's "context-first" philosophy, where local partners who understand market realities help identify and evaluate startups rather than investors making decisions from Washington, DC.
The organization is now led by CEO Ellen Brooks, who took over from long-serving CEO Allie Burns in September 2025. Brooks brings 15+ years in innovative finance from the International Rescue Committee and J.P. Morgan's Private Banking division, and she is steering the organization toward deeper ecosystem-building work alongside direct investment.
---
## How to Get In
Village Capital does not operate like a traditional VC where you send a cold deck and wait. Instead, you enter through specific programs, each with its own application window and criteria. Start by checking the active programs at [vilcap.com/programs](https://vilcap.com/programs) and identifying which one fits your stage, sector, and geography.
For the ESE Africa program, you need to be a legally incorporated for-profit startup in one of the target countries, have at least two full-time founders based in the region, a minimum viable product, and less than $1M in equity raised. The AECF route is different: you connect with one of the five ESO partners (Reach for Change in Ghana, Africa Fintech Foundry and Fate Foundation in Nigeria, Anza Entrepreneurs and Ennovate Ventures in Tanzania), and they source and evaluate startups for Village Capital's investment consideration.
Your other entry point is Abaca, Village Capital's free web platform with over 25,500 active members. It includes tools for entrepreneurs, ESOs, and capital providers, and being active on it puts you in their ecosystem before you ever apply to a program.
---
## Best Advice
1. **Understand peer selection before you apply.** Village Capital's model means your fellow founders in the cohort will evaluate your business, not just investors. That means you need to communicate clearly to people at your level, not just to VCs. Practice explaining your business to other founders, because in a Village Capital program, they are your jury.
2. **Pick the right ESO partner.** If you are going through the AECF, the relationship with the local Entrepreneur Support Organization matters enormously. These partners co-evaluate deals with Village Capital. Reach out to Reach for Change (Ghana), Africa Fintech Foundry or Fate Foundation (Nigeria), or Anza/Ennovate (Tanzania) early, before an application window opens, so they already know your business.
3. **Frame your startup around SDG alignment.** Village Capital's portfolio maps to 11 UN Sustainable Development Goals across three themes: economic mobility, climate innovation, and equitable access to services. You do not need to lead with SDG language, but your impact thesis should clearly connect to one of these areas. They are an impact-first investor, so if your primary story is pure growth without a clear development angle, you are pitching the wrong fund.
4. **Be flexible on capital structure.** Village Capital uses equity, debt, and hybrid instruments depending on what fits the business. Their investment in Aquarech (Kenya) combined debt and equity to minimize founder dilution. Come prepared to discuss what capital structure works best for your company, not just how much you need.
5. **Show up in the ecosystem.** Village Capital invests in the people around you, not just in you. They run an "accelerator-for-accelerators" model through VilCap Communities and care deeply about the health of local startup ecosystems. If you are active in your local ecosystem, have worked with ESOs, or have been through adjacent programs, mention it. It signals alignment with how they think.
---
## Contextual Edge
**Preparation rating:** Moderate -- Village Capital publishes its methodology openly and has a strong blog archive, but individual partner interviews and deal-specific reasoning are relatively scarce compared to larger funds.
> **Start here:** Read [The Peer Due Diligence and Selection Model](https://vilcap.com/peer-due-diligence-and-selection-model) on their website to understand how the investment process actually works, then read the [Forbes profile on Village Capital's approach](https://www.forbes.com/sites/devinthorpe/2016/03/22/village-capital-works-to-scale-social-ventures-heres-how/) for context on why founders evaluating founders produces different outcomes than traditional VC. Those two resources together will show you how to position your startup for peer evaluation, not just investor evaluation.
### How Village Capital's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Geography** | Africa investments concentrated in Ghana (Rivia Clinics, VDL Fulfilment, Built Financial Technologies, GrowForMe, SAYeTECH), Kenya (Aquarech), and Nigeria (Coamana), with ESE programs also covering Malawi, Mozambique, and Tanzania. | Ghana and Kenya are the most active deployment markets right now. Nigeria pipeline is building through two ESO partners. If you are in Tanzania, Malawi, or Mozambique, the ESE program is your primary route. |
| **Sector** | Agritech and food security lead (Aquarech, Coamana, GrowForMe, SAYeTECH), followed by healthtech (Rivia Clinics), fintech (Built Financial Technologies), and logistics (VDL Fulfilment). Climate and blue economy are stated priorities with growing allocation. | Impact-driven agritech and climate startups are the sweet spot for Africa. Fintech and healthtech are funded but secondary. Pure consumer plays are unlikely fits. |
| **Stage** | Pre-seed to seed, with cheques from $50K to $500K. Aquarech received $350K (debt + equity blend), Coamana received $500K, Rivia Clinics $200K, VDL Fulfilment $150K. | Cheques are small but designed for early-stage African startups. Do not expect Series A capital here. Think of Village Capital as your first or second institutional cheque. |
| **Structure** | Five named investment facilities globally, including the Africa Ecosystem Catalysts Facility ($4M) and the Reducing Inequalities Investment Facility. "Fit-for-Purpose" approach matching capital type to business model. | You may receive equity, debt, or a hybrid. This is unusual and worth understanding, because it means you can negotiate a structure that preserves more ownership. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Ross Baird** (Co-Founder) | Why peer selection reduces bias in funding decisions, the original thesis behind Village Capital, and how the model evolved from New Orleans to 40+ countries. Baird is the intellectual architect of the approach. | [Forbes: Village Capital Works to Scale Social Ventures](https://www.forbes.com/sites/devinthorpe/2016/03/22/village-capital-works-to-scale-social-ventures-heres-how/) |
| **Heather Matranga** (Managing Director, Venture & Investments) | The practical criteria for Africa investments and how the ESO partner model works. She described Rivia and VDL as "strong examples of the businesses emerging across Ghana, founders building practical solutions to real, everyday challenges." | [TechCabal: Village Capital backs Ghanaian startups](https://techcabal.com/2026/05/06/village-capital-backs-two-ghanaian-startups-with-350000-form-latest-fund/) |
| **Nathaly Botero** (Innovations Manager) | How the AECF's context-first approach works with local ESOs and why "no single investor can be an expert in every context." Reveals the collaborative evaluation model. | [TechCabal: Village Capital $4M Africa Fund](https://techcabal.com/2025/07/15/village-capital-to-support-startups-through-local-partners/) |
| **Ellen Brooks** (CEO, from September 2025) | Former IRC Director of Innovative Finance and J.P. Morgan VP. Her appointment signals deeper institutional finance sophistication and cross-border investment experience. | [Village Capital Press Release](https://newsandviews.vilcap.com/press-releases/village-capital-appoints-ellen-brooks-as-chief-executive-officer) |
### Learn from funded portfolio companies
| Resource | Why it matters |
|----------|---------------|
| [Peer-Selected Investment at Year Here](https://newsandviews.vilcap.com/posts/year-here-peer-selected-investment) | A detailed case study of how the peer-selection model works in practice, including how cohort members rank each other. Reading this gives you a concrete picture of what the process feels like from the inside, so you can prepare for it. |
| [Village Capital Democratizes Venture Investing (CardRates)](https://www.cardrates.com/news/village-capital-democratizes-venture-investing/) | Covers how the peer-selection model has performed against traditional VC, including evidence that the approach reduces gender bias in funding decisions. If you are a woman founder, this is especially relevant context. |
| [Management Innovation eXchange: Democratizing Entrepreneurship](https://www.managementexchange.com/story/democratizing-entrepreneurship-village-capitals-peer-selection-model) | Deep dive into the organizational design of peer selection and why it produces different portfolio compositions than traditional VC. Helps you understand the philosophy before you enter a cohort. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Program applications** | Check [vilcap.com/programs](https://vilcap.com/programs) for open application windows. Each program has specific geographic and sector criteria. Apply when one matches your profile. |
| **ESO partner relationships** | For the AECF, connect directly with the five local partners: Reach for Change (Ghana), Africa Fintech Foundry (Nigeria), Fate Foundation (Nigeria), Anza Entrepreneurs (Tanzania), Ennovate Ventures (Tanzania). They source deals for Village Capital. |
| **Abaca platform** | Join [Abaca](https://abaca.app/), Village Capital's free community platform with 25,500+ members. It includes entrepreneur tools and connects you to the broader VilCap ecosystem. |
| **Ecosystem events** | Village Capital participates in major development and impact investing conferences. Norad-affiliated events, AVCA, and SDG-focused forums are natural points of contact. |
### What you can't find
Village Capital's Africa portfolio is still small, so there are limited founder testimonials or detailed case studies from African companies they have backed. Ross Baird is no longer operationally leading the organization, and Ellen Brooks (the new CEO) has minimal public content specific to Village Capital's Africa thesis. There is no published annual report with fund-level returns data. The AECF's deployment plans for Nigeria and Tanzania have been announced but not yet executed as of mid-2026, so pipeline data for those markets is sparse. Individual program application requirements can shift between cycles, so always verify current criteria on the website rather than relying on past rounds.
---
## Pitch Format
Village Capital's programs typically use structured application forms through their website, not cold deck submissions. Each program application asks about your business model, team, traction, impact thesis, and market opportunity. That said, you will need a pitch deck for the program itself, since cohorts include investor forums, mock board meetings, and peer evaluation sessions where you present to other founders.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
Prepare a concise deck (10--15 slides) that clearly communicates your problem, solution, traction, team, market size, business model, impact thesis, and ask. Given the peer-selection model, your deck needs to be understandable to other founders in your cohort, not just to investors. Avoid jargon-heavy financial modeling and lead with the problem and your traction against it.
---
## African Portfolio Companies
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Aquarech | Kenya | Fish supply chain digitization and aquaculture | $350K (debt + equity via Reducing Inequalities Facility) | 2024 |
| Coamana | Nigeria | Agricultural value chain platform | $500K (via Reducing Inequalities Facility) | 2024 |
| Rivia Clinics | Ghana | Tech-enabled primary healthcare | $200K (via Africa Ecosystem Catalysts Facility) | 2026 |
| VDL Fulfilment | Ghana | E-commerce logistics and fulfilment | $150K (via Africa Ecosystem Catalysts Facility) | 2026 |
| Built Financial Technologies | Ghana | SME fintech (accounting, payroll, invoicing, inventory) | Via Africa Ecosystem Catalysts Facility | 2026 |
| GrowForMe | Ghana | Agricultural value chain digitization | Via Africa Ecosystem Catalysts Facility | 2026 |
| SAYeTECH | Ghana | Agricultural machinery manufacturing | Via Africa Ecosystem Catalysts Facility | 2026 |
*Note: Village Capital has invested in 116 startups globally, but its dedicated Africa portfolio through named facilities is relatively recent. Nigeria and Tanzania deployments through the AECF are planned but not yet publicly announced as of July 2026.*
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Ellen Brooks | Chief Executive Officer | [LinkedIn](https://www.linkedin.com/in/ellen-brooks/) | -- |
| Heather Matranga | Managing Director, Venture & Investments | [LinkedIn](https://www.linkedin.com/in/heathermatranga-47583623/) | -- |
| Nathaly Botero | Innovations Manager | [LinkedIn](https://www.linkedin.com/in/nathalybotero/) | -- |
| Ross Baird | Co-Founder (now at Blueprint Local) | [LinkedIn](https://www.linkedin.com/in/bairdross/) | -- |
| Victoria Fram | Co-Founder, VilCap Investments | [LinkedIn](https://www.linkedin.com/in/victoriafram/) | -- |
**Board Chair:** Michal Eynon-Lynch
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [Village Capital Official Website](https://vilcap.com/)
- [Village Capital Impact Investing Page](https://vilcap.com/impactinvesting)
- [Village Capital Peer Due Diligence Model](https://vilcap.com/peer-due-diligence-and-selection-model)
- [The Village Capital Story](https://vilcap.com/about-us/story)
- [Empowering Sustainable Entrepreneurship Africa 2025 Program](https://vilcap.com/programs/empowering-sustainable-entrepreneurship-africa-2025)
- [TechCabal: Village Capital $4M Africa Fund (July 2025)](https://techcabal.com/2025/07/15/village-capital-to-support-startups-through-local-partners/)
- [TechCabal: Village Capital Backs Two Ghanaian Startups (May 2026)](https://techcabal.com/2026/05/06/village-capital-backs-two-ghanaian-startups-with-350000-form-latest-fund/)
- [Ghanamma: Village Capital $850K Ghana Investment (July 2026)](https://www.ghanamma.com/2026/07/23/village-capital-invests-850000-in-ghanas-startup-ecosystem-empowering-five-innovative-companies-with-development-focused-capital/)
- [Village Capital ESO Partners Announcement](https://newsandviews.vilcap.com/press-releases/village-capital-selects-five-esos-ghana-nigeria-tanzania-4m-africa-ecosystem-catalysts-facility)
- [Village Capital CEO Appointment: Ellen Brooks](https://newsandviews.vilcap.com/press-releases/village-capital-appoints-ellen-brooks-as-chief-executive-officer)
- [Forbes: Village Capital Works to Scale Social Ventures](https://www.forbes.com/sites/devinthorpe/2016/03/22/village-capital-works-to-scale-social-ventures-heres-how/)
- [CardRates: Village Capital Democratizes Venture Investing](https://www.cardrates.com/news/village-capital-democratizes-venture-investing/)
- [Disrupt Africa: Kenya's Aquarech, Nigeria's CoAmana Raise Funding (July 2024)](https://disruptafrica.com/2024/07/24/kenyas-aquarech-nigerias-coamana-raise-funding-from-village-capital/)
---
---
name: Volt Capital
slug: volt-capital
buildTypes: ["Infra-protocol", "Stablecoin-payments", "AI-x-crypto"]
thesis: 'Category-defining technologies underpinning the machine economy. Backs pre-seed and seed founders building the infrastructure, payments rails and AI-native tooling that machines and agents will use as end customers.'
website: 'https://volt.capital'
apply: 'No public application form or listed email was found. Volt is small and thesis-public, so the realistic path is a concise cold outreach (email or X DM) to GP Soona Amhaz that names the machine-economy angle directly.'
region: 'Global'
hq: 'New York, USA'
sectors:
- Infrastructure
- AI-x-Crypto
- Payments-Stablecoins
- DeFi
stage:
- Pre-Seed
- Seed
chequeMin: 500000
chequeMax: 3000000
chequeDisplay: '$500K to $3M'
chains:
- Chain-agnostic
- Solana
- Ethereum
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '3'
lastVerified: '2026-09-09'
edgeRating: edge-sparse
edgeResources:
- name: Volt's machine-economy thesis
category: evaluation-framework
score: 4
description: >-
The fund states its filter in one phrase: category-defining technology
for the machine economy. A pitch that explains why agents or machines,
not humans, are the end user of your product is speaking their language.
link: 'https://volt.capital'
- name: Volt portfolio (Squads, USDAI, Replit)
category: portfolio-pattern
score: 3
description: >-
Only three companies are named on the site, but the mix (Solana smart
accounts, a stablecoin-adjacent payments company, and Replit) tells you
Volt writes both crypto-native and infrastructure-adjacent cheques.
link: 'https://volt.capital'
- name: GP Soona Amhaz
category: decision-maker-reveal
score: 3
description: >-
Volt is effectively a solo-GP-speed fund. A pitch addressed to the
specific person, not "the team," and referencing her public writing on
agentic infrastructure, is more likely to get read.
link: 'https://volt.capital'
- name: FAQ page (currently broken)
category: pipeline-pathway
score: 2
description: >-
The site links to an FAQ meant to explain process; it returned a 404 at
last check. Do not assume a form exists. Lead with outreach, not a
search for a portal that may not be live.
link: 'https://volt.capital'
portfolioSectorSplit:
Infrastructure: 50
Payments-Stablecoins: 50
portfolioChainSplit:
Solana: 50
Ethereum: 50
portfolioTotalCount: 3
portfolioClassifiedCount: 2
portfolioUnclassifiedCount: 1
sectorsNote: 'Only three portfolio companies are named on volt.capital. Two are crypto-native and classified here (Squads on Solana, USDAI on Ethereum/EVM); Replit is a non-crypto developer tool and is left unclassified rather than forced into a sector or chain it does not belong to.'
---
> **How to use this page:** Volt is a small, thesis-first fund with a real $500K to $3M cheque and almost no published process, which makes it a genuine cold-outreach target rather than a portal to queue behind. If your product treats agents or machines as the paying customer, and especially if you are building payments or account infrastructure for them, this is worth a direct, specific email before anything else on your list.
---
## A. Header Block
- **Fund name:** Volt Capital
- **One-line thesis:** "Category-defining technologies underpinning the machine economy."
- **Website:** [volt.capital](https://volt.capital)
- **CTA:** Email or X DM to GP Soona Amhaz (no public form verified)
| Tag | Detail |
|-----|--------|
| Region | Global (New York) |
| Format | Direct outreach |
| Sectors | Infrastructure, AI x crypto, payments and stablecoins, DeFi |
| Stage | Pre-Seed, Seed |
| Cheque Size | $500K to $3M |
| Admissions | Rolling |
---
## C. Overview
Volt Capital is a small, New York based early-stage fund run by Soona Amhaz. The thesis is compact: category-defining technologies underpinning the machine economy, which in practice means infrastructure, payments and AI-native tooling built for machines and autonomous agents as the primary user rather than humans clicking through an app.
The site names only three portfolio companies: Squads, the Solana smart-account infrastructure that also appears in several other funds in this directory; USDAI, a stablecoin-adjacent payments company; and Replit, a non-crypto coding tool that shows Volt writes outside pure crypto when the machine-economy thesis still applies. That thinness is itself information: Volt is either highly selective in what it discloses, or a genuinely small, concentrated book. Either way, there is not enough public portfolio data to pattern-match with confidence, so a founder's best evidence is the thesis language itself.
There is no public application form and the site's FAQ link, which likely explained process, returned a 404 when checked. That makes Volt one of the more opaque funds in this tier on process, even though its cheque size and thesis are clearly stated.
**Key stats:**
- Cheque: $500K to $3M, pre-seed and seed
- 3 named portfolio companies, 2 crypto-native
- Solo-GP-speed structure (Soona Amhaz)
- No verified public application form
---
## D. Key Partners
| Partner | Role | Where to find them |
|---------|------|--------------------|
| Soona Amhaz | Founder and General Partner | [volt.capital](https://volt.capital) |
The site did not list additional named investment staff at last check. No verified X or LinkedIn handle for the fund or the partner was found in this session; search for "Soona Amhaz" directly rather than relying on a link here.
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Confirm you are a machine-economy company, not a human-app company
Before writing anything, answer one question in a sentence: who or what is the end user transacting with your product, a human or an agent/machine? Volt's public thesis language is explicit about "the machine economy," and founders who cannot answer this cleanly are not the target.
#### Step 2: Find the current contact path yourself
No public pitch form or listed email was verified on volt.capital at the time of this research, and the FAQ link that likely explained the process returned a 404. Check the site again before you write, since a fund this size can add or remove a form without much notice. If nothing has changed, the realistic path is a direct email or X message to Soona Amhaz.
#### Step 3: Write a short, specific note, not a deck-first pitch
Because there is no confirmed form, lead with a two-to-four sentence email: what you build, why a machine or agent is the buyer, one live number, and the round you are raising. A deck follows only if she responds. Reference the machine-economy framing directly so the note reads as informed, not generic.
#### Step 4: Reference the actual portfolio if you can
If your company is infrastructure adjacent to Squads (Solana account abstraction) or payments adjacent to USDAI, say so by name. A concrete comparable is worth more than adjectives when the public portfolio is this small.
#### Step 5: Terms
Cheque $500K to $3M at pre-seed or seed. No public information on lead vs. co-invest posture, instrument (equity, SAFE, or token warrant), or typical ownership target. Do not assume; ask directly once you have a conversation.
**Tips that matter here:**
- Do not spend time hunting for a portal. This fund's front door is a person, not a form.
- Payments and account infrastructure for agents (x402-style settlement, wallet infra for autonomous systems) sits closest to the stated thesis.
- Because the portfolio is thin and public information is sparse, over-index on being specific about your own product rather than trying to pattern-match a fund you cannot see clearly.
---
## F. Best Advice from Founders
No founder testimonials or public application accounts for Volt were found in this session. Treat this fund as low-information relative to others in this directory, and weight your prep time toward what you can verify: the thesis language on the homepage and the three named portfolio companies.
---
## Contextual Edge
**Preparation rating:** Edge-sparse. Volt publishes a cheque range, a one-line thesis and three portfolio names, but no application form, no team page beyond the founder's name, and no process detail. Most of what a founder can prepare here is the pitch itself, not the mechanics of applying.
> **Start here:** Read the one-line thesis on [volt.capital](https://volt.capital) closely and write your own one-line answer to "who is the machine-economy customer in my product." That sentence is the whole brief this fund gives you.
### How Volt's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Crypto infrastructure and payments, small sample** | Of three named companies, two are crypto-native: Squads (Infrastructure, Solana) and USDAI (Payments-Stablecoins, Ethereum/EVM). | The sample is too small to claim a strict pattern, but both hits are infrastructure or money-movement, not consumer apps. |
| **Willing to invest outside pure crypto** | Replit, a non-crypto developer tool, is on the same page as the two crypto names. | The "machine economy" framing matters more to Volt than a strict crypto-only mandate; AI-native tooling with a machine-facing model may fit even without a token. |
| **No visible DeFi or consumer bets** | Nothing named suggests a DeFi protocol or a consumer social app. | Lead with infrastructure or payments framing over a consumer pitch. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Soona Amhaz** (Founder and GP) | The sole named decision-maker; her public writing and the site's thesis language are the only signal available. | [volt.capital](https://volt.capital) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Direct outreach** | Email or X DM to Soona Amhaz. No confirmed public form. |
| **Portfolio founder intro** | A founder at Squads, USDAI or Replit vouching for you is the strongest lever available given how little else is public. |
| **Public thesis engagement** | Substantive replies to her public writing on machine-economy infrastructure, before you pitch, are a reasonable warm-up. |
### What you can't find
Volt does not publish a team page beyond the founder, an application form, response times, selection criteria, fund size, or a full portfolio list. The FAQ link on the homepage returned a 404 at fetch time, so whatever process it once described could not be verified.
---
## G. Pitch Format Volt Expects
- No confirmed deck template or form; a short outreach email is the practical first step
- One sentence naming the machine or agent that is the end customer
- A live metric if you have one (volume, integrations, active agents or wallets)
- Round size, instrument, and who else is in or circling
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
The three companies named on [volt.capital](https://volt.capital). Sector and chain tags are ours; Replit is left unclassified since it is not a crypto-native company.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Squads | Smart accounts and account abstraction infrastructure | Infrastructure | Solana |
| USDAI | Stablecoin-adjacent payments infrastructure | Payments-Stablecoins | Ethereum |
| Replit | Coding and app-building platform (non-crypto) | Not classified (non-crypto) | Not applicable |
---
## I. Ecosystem Connections
- **Solana:** Squads is one of the most widely used account-infrastructure projects on Solana and appears across several funds in this directory; it gives Solana infrastructure founders a direct portfolio comparable.
- **Ethereum and EVM:** USDAI's stablecoin-adjacent payments model sits in the Ethereum/EVM world.
- **AI x crypto and agent infrastructure:** the fund's defining thesis is machines and agents as end customers, which puts it adjacent to the broader "agentic payments" and x402 conversation happening across several funds in this directory.
- **Hackathons:** no formal tie found; a Colosseum or ETHGlobal placement in payments or account infrastructure would still be relevant shipped proof to cite in outreach.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Compare against another accessible micro fund:** [Lattice Fund](/funds/lattice-fund)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Volt Capital homepage (thesis, cheque, portfolio)](https://volt.capital)
---
---
name: Voltron Capital
slug: voltron-capital
buildTypes: ["Marketplace-commerce", "Healthtech", "Mobility", "Logistics-supplychain", "On-off-ramp"]
thesis: >-
Founders-first investing: backing exceptional African tech entrepreneurs at
the earliest stage regardless of sector, with access to both local ecosystem
depth and US capital networks.
website: 'https://voltron.capital/'
apply: 'https://voltron.capital/'
region: Pan-African
hq: Lagos
sectors:
- Sector-agnostic
stage:
- Pre-Seed
- Seed
chequeMin: 20000
chequeMax: 100000
chequeDisplay: $20K -- $100K
format: Remote-first
admissions: Rolling
africaFocus: 'Yes -- Nigeria (primary), Kenya, South Africa, North Africa'
status: active
tier: '2'
lastVerified: '2026-07-29'
edgeRating: edge-moderate
portfolioTotalCount: 10
portfolioClassifiedCount: 10
portfolioUnclassifiedCount: 0
portfolioSectorSplit:
E-commerce: 20
AI-ML: 10
Logistics: 20
Healthtech: 10
Fintech: 10
Blockchain: 10
Enterprise: 10
Edtech: 10
portfolioModelSplit:
Transaction/Marketplace: 50
Subscription/SaaS: 20
Enterprise contracts/Licensing: 30
portfolioGeographySplit:
Senegal: 20
Nigeria: 80
---
## Overview
Voltron Capital is a Lagos-based pre-seed and seed-stage venture capital firm founded in 2021 by Olumide Soyombo and Abe Choi. Soyombo is one of Nigeria's most prominent angel investors, having personally backed 33+ African tech startups (including Paystack, which was acquired by Stripe, PiggyVest, TeamApt/Moniepoint, Lemonade Finance, AltSchool Africa, Mono, and Spleet) with his portfolio companies collectively raising over $70 million. Before launching Voltron Capital, he co-founded Bluechip Technologies (2008, data warehousing and analytics for African banks) and Leadpath (2014, early-stage accelerator turned angel vehicle). Choi brings 15 personal startup investments from the US market plus two exits across finance, energy, logistics, retail, and education.
Fund I invested in 53 startups with cheques ranging from $20K to $100K, managed on AngelList. The firm is structured as a bridge between Nigeria's deep deal flow (Soyombo's ecosystem relationships) and international capital (Choi's US investor network), which means portfolio companies get both local market support and access to global follow-on investors. The LP base includes high-net-worth individuals and corporate executives from banking and telecommunications, with a minimum LP investment of $10K, making the fund accessible to a broader investor base than traditional VC structures.
---
## How to Get In
Reach out through the website or via the Nigerian tech ecosystem. Soyombo's investment philosophy is "founders-first regardless of industry," which means the team evaluates founder quality above sector thesis. You need to be at pre-seed or seed stage, building a technology company in Africa (Nigeria, Kenya, South Africa, or North Africa are the strongest geographies), and demonstrating the kind of resourcefulness and execution speed that Soyombo has selected for across his 33+ angel investments. Warm introductions through the existing portfolio (53 companies in Fund I) or through the broader Lagos tech community carry significant weight.
---
## Best Advice
1. **Soyombo's angel track record is the signal.** Paystack (acquired by Stripe for $200 million+), PiggyVest (one of Nigeria's largest savings platforms), TeamApt/Moniepoint (one of Nigeria's fastest-growing fintech companies): Soyombo's personal portfolio includes several of the most successful African tech companies of the last decade. When he formalised that instinct into Voltron Capital, the evaluation framework didn't change. He's looking for the same founder qualities at scale.
2. **"Founders-first regardless of industry" means exactly that.** Voltron Capital is sector-agnostic, which is unusual at this stage where most funds have thesis constraints. If your company doesn't fit neatly into fintech or B2B SaaS categories, you're not automatically excluded. The evaluation centres on you as a founder, not on whether your sector matches a predetermined thesis.
3. **The US bridge is the structural advantage.** With Choi based in the US and bringing 15 personal startup investments plus an active investor network, Voltron Capital portfolio companies get access to American capital markets that most pre-seed African funds can't provide. If your follow-on fundraise will target US investors, or if your product has a cross-border component, this bridge creates practical value.
4. **The cheque is small but the signal is large.** At $20K to $100K, the financial investment is modest, but Soyombo's brand in the Nigerian tech ecosystem means a Voltron Capital investment carries disproportionate signalling value. Multiple portfolio companies from his earlier angel investments raised significantly larger rounds on the strength of his backing.
---
## Contextual Edge
**Preparation rating:** Moderate -- Soyombo has several public interviews and a Wikipedia entry documenting his investment philosophy, but Voltron Capital itself publishes limited content about its evaluation process or portfolio performance.
> **Start here:** Read the [TechCrunch launch announcement](https://techcrunch.com/2021/07/26/one-of-nigerias-high-profile-angel-investors-is-launching-a-fund-for-african-startups) where Soyombo explains the "founders-first" philosophy and the severe early-stage funding gap Voltron Capital was built to address, then read the [TechPoint profile](https://techpoint.africa/news/olumide-soyombo-launches-vc/) for context on his angel portfolio (Paystack, PiggyVest, TeamApt, Mono, Spleet) and how those investments shaped the fund's thesis.
### How Voltron Capital's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Geography** | Nigeria is the dominant market, followed by Kenya, South Africa, and North Africa. 53 companies in Fund I across these four regions. | If you're building from Lagos, you're in the firm's deepest deal flow zone. Other African markets are covered but Nigeria-based founders have the strongest network advantage. |
| **Sector** | Sector-agnostic by mandate, but Soyombo's angel history shows heavy fintech exposure (Paystack, PiggyVest, TeamApt/Moniepoint, Mono, Lemonade Finance). B2B tools, edtech, and consumer platforms also represented. | Don't self-select out based on sector. The evaluation is founder-quality-driven, but fintech founders have a natural alignment with Soyombo's deepest expertise and network. |
| **Stage** | Pre-seed and seed only. $20K to $100K per company. The firm is positioned as a first or very early institutional cheque. | If you've already raised a significant seed round, you're likely past Voltron Capital's stage. This is for founders who need their first institutional backing. |
| **Follow-on** | Soyombo's angel portfolio companies collectively raised $70M+ in follow-on funding. The Voltron structure (AngelList, US co-founder) is designed to amplify that follow-on pipeline. | The value isn't in the cheque size alone; it's in the downstream access to both Nigerian ecosystem capital and US investor networks. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Olumide Soyombo** (Co-founder) | The "founders-first" evaluation framework, his journey from Bluechip Technologies to angel investing to VC, and why he sees the early-stage gap as the biggest constraint on African tech. | [TechCrunch: Launch announcement](https://techcrunch.com/2021/07/26/one-of-nigerias-high-profile-angel-investors-is-launching-a-fund-for-african-startups) |
| **Olumide Soyombo** | Full career history, education (Systems Engineering from UNILAG, MBA from Aston), angel track record, and the $30K seed from his father that started Bluechip. | [Wikipedia: Olumide Soyombo](https://en.wikipedia.org/wiki/Olumide_Soyombo) |
### Learn from funded portfolio companies
| Resource | Why it matters |
|----------|---------------|
| [TechPoint: Early Paystack investor launches Voltron Capital](https://techpoint.africa/news/olumide-soyombo-launches-vc/) | Contextualises how Soyombo's angel investments (33 companies, $70M+ follow-on) shaped the fund's thesis and operational model. Shows the pipeline from angel backing to institutional scale. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Website** | [voltron.capital](https://voltron.capital/) accepts pitch submissions. |
| **Portfolio founder referrals** | 53 companies in Fund I provide a wide referral network. The Lagos tech community is tight-knit, and Soyombo's reputation means introductions from his portfolio carry weight. |
| **Lagos tech ecosystem** | Soyombo is deeply embedded in the Nigerian tech ecosystem through Bluechip Technologies (enterprise analytics), Leadpath (early accelerator), and 7+ years of angel investing. Engaging through ecosystem events, tech community meetups, and industry channels is a natural path. |
### What you can't find
Abe Choi has minimal public profile in the African tech media (his background is documented in the TechCrunch piece but there are no published interviews or podcast appearances). Voltron Capital does not publish portfolio performance data, annual reviews, or fund-level returns. The full list of 53 Fund I companies is not publicly disclosed beyond a handful of names on aggregator sites. There is no published investment methodology document or evaluation framework beyond Soyombo's public comments about "founders-first" investing.
---
## Pitch Format
Reach out through the website or via warm introductions. Cover your product, team, market opportunity, traction, and why you as a founder are the right person to build this business. The evaluation is founder-quality-driven, so your personal story and execution track record matter as much as your business metrics.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| *Fund I invested in 53 startups; individual company names are not widely disclosed beyond aggregator sites* | | |
*Note: Soyombo's personal angel portfolio (pre-Voltron) includes Paystack, PiggyVest, TeamApt/Moniepoint, Mono, Spleet, Lemonade Finance, AltSchool Africa, and Migo, though these are personal investments rather than Voltron Capital fund investments.*
---
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| [Maad](https://maad.africa) | Senegal | B2B e-commerce and FMCG distribution platform serving informal retailers in Francophone Africa. |
| Lengo AI | Senegal | Data platform providing real-time sales and consumer goods intelligence for FMCG companies operating in Africa's informal retail sector. |
| Mecho Autotech | Nigeria | On-demand vehicle maintenance and repair platform connecting car owners with vetted mechanics. |
| Clafiya | Nigeria | Health-tech platform connecting individuals and businesses to health practitioners for on-demand primary care via mobile phones. |
| Payday | Nigeria | Fintech company enabling cross-border payments for Africans, later acquired by Bitmama in 2023. |
| Shekel Mobility | Nigeria | B2B marketplace giving used car dealers in Africa access to credit, car lots, and a dealer management system. |
| Payourse | Nigeria | Crypto infrastructure startup facilitating cryptocurrency movement and payments across Africa. |
| Fez Delivery | Nigeria | Last-mile logistics and delivery platform operating across Nigerian states for businesses including fintech clients. |
| JADA | Nigeria | Data and AI talent staff-augmentation startup that trains and places analytics professionals with international clients. |
| Lingawa | Nigeria | Gamified edtech platform teaching African languages, aimed at the African diaspora. |
> Portfolio compiled 2026-07-29. Sourced from Voltron Capital's own portfolio page (voltron.africa/portfolio), CB Insights investor profile, and press coverage (TechCabal, Wamda, Africa Private Equity News, People of Color in Tech, Nairametrics); excluded Kunda Kids as it is London-HQd despite being Africa-focused, and excluded angel-only (pre-Voltron-fund) Soyombo investments like PiggyVest/Paystack/Mono not attributable to the Voltron Capital fund itself.
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Olumide Soyombo | Co-founder | [LinkedIn](https://www.linkedin.com/in/olumide-soyombo/) | [@sabormumo](https://x.com/sabormumo) |
| Abe Choi | Co-founder | — | — |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [One of Nigeria's high-profile angel investors is launching a fund for African startups -- TechCrunch](https://techcrunch.com/2021/07/26/one-of-nigerias-high-profile-angel-investors-is-launching-a-fund-for-african-startups)
- [Early Paystack investor Olumide Soyombo launches Voltron Capital -- TechPoint Africa](https://techpoint.africa/news/olumide-soyombo-launches-vc/)
- [Olumide Soyombo -- Wikipedia](https://en.wikipedia.org/wiki/Olumide_Soyombo)
---
---
name: WIC Capital
slug: wic-capital
buildTypes: ["E-commerce-retail", "Marketplace-commerce"]
thesis: >-
Gender-lens investing in women-led businesses across Francophone West Africa,
providing equity, quasi-equity, and hands-on operational support.
website: 'https://wic-capital.net/en/'
apply: 'https://wic-capital.net/en/'
region: Francophone West Africa
hq: 'Dakar, Senegal'
sectors:
- Sector-agnostic
stage:
- Seed
- Growth
chequeMin: 100000
chequeMax: 2000000
chequeDisplay: '€100,000 -- €2,000,000'
format: Equity investment + operational support
admissions: Rolling
africaFocus: >-
Yes -- Francophone West Africa (Senegal, Cote d'Ivoire, Burkina Faso, Mali,
Togo)
status: active
tier: '2'
lastVerified: '2026-07-29'
edgeRating: edge-moderate
portfolioSectorSplit:
Consumer: 75
Climate: 13
E-commerce: 12
portfolioModelSplit:
Direct sales/Commerce: 75
Transaction/Marketplace: 25
portfolioGeographySplit:
Senegal: 88
Senegal / Cote d'Ivoire: 12
portfolioTotalCount: 8
portfolioClassifiedCount: 8
portfolioUnclassifiedCount: 0
logo: "/funds/wic-capital.png"
---
## Application Timeline
WIC Capital does not run fixed batch cycles. Deal flow comes through three channels: direct applications via the website, referrals from the WIC Senegal and WIC Cote d'Ivoire networks (which together include 80+ women investors), and the WIC Académie, a structured investment readiness program that serves as a pre-investment pipeline. Graduating from WIC Académie is not required, but it is a well-worn pathway into the fund's portfolio, and the technical assistance you receive there helps you meet their due diligence standards before a formal investment process begins.
---
## Overview
WIC Capital launched in March 2019 as an initiative of the Women's Investment Club Senegal, which itself began in 2015 when four female executives from firms like Dalberg and Deloitte gathered during an International Women's Day lunch in Dakar and decided to pool resources to back women entrepreneurs in the region. That original group expanded from four friends to more than 80 women contributing personal savings, and what started as informal angel investing grew into a formal fund structure that now manages institutional capital.
The fund invests exclusively in companies that meet at least one of three criteria: the business is founded by a woman, at least 50% of the ownership or management team is female, or the enterprise strengthens women's economic empowerment across its value chain. Fund I was a $20 million vehicle, and Fund II targets $35 million with backing from institutional partners including USAID, FSD Africa's Nyala Facility ($1 million commitment), Mastercard Foundation, FMO, and ADA Microfinance. WIC Capital uses equity and quasi-equity (self-liquidating) structures, which means founders retain more control than they would with a traditional equity-only investor.
What makes WIC Capital distinctive is the depth of its non-financial support. The fund operates a three-pillar model covering investment, tailored operational support (governance, compliance, financial management, HR optimization), and business network access through sector-specific events and introductions. In a region where only 3.5% of women entrepreneurs in Senegal access formal finance, WIC Capital is filling a gap that traditional VCs and banks have ignored entirely.
---
## How to Get In
Start by understanding who they back. WIC Capital is not a tech-only fund and not a startup-only fund. They invest across all sectors in companies led or co-led by women, and they have backed businesses ranging from organic bakeries to recycling plants to cosmetics labs. Your company does not need to be a venture-scale tech startup, but it does need to demonstrate growth potential and a clear path to profitability.
The most reliable pathway in is through the WIC ecosystem itself. WIC Senegal (wicsenegal.com) and WIC Cote d'Ivoire (wic-ci.com) run networking events, and the WIC Académie offers pre-investment and post-investment programs that build your operational readiness. Engaging with these programs puts you directly in front of the investment team, and graduates have a track record of converting into portfolio companies.
For direct approaches, reach out through the contact form on wic-capital.net or connect with Evelyne Dioh Simpa (Managing Partner) on LinkedIn. The fund's investment committee reviews opportunities on a rolling basis. Because WIC Capital is deeply embedded in the Francophone West African business community, warm introductions from existing portfolio founders like Isseu Diop (Mburu) or Laure Barry (Arbre de Vie) carry significant weight.
If you are building outside Senegal and Cote d'Ivoire but within the broader Francophone African region, the fund is actively expanding its geographic scope, so do not count yourself out.
---
## Best Advice for Getting Funded by WIC Capital
1. **Show your value chain impact on women.** Even if your company is not founded by a woman, you can qualify if your enterprise strengthens women's economic empowerment across the value chain. Mburu, one of their standout portfolio companies, grew its team to 50 employees with 70% women. Make the gender impact concrete and measurable in your pitch.
2. **Come ready for hands-on partnership.** Managing Partner Evelyne Dioh Simpa has said, "We don't just want to provide capital. We want to walk alongside our entrepreneurs." This is not a fund that writes a cheque and disappears. They will be involved in your governance, your financial management, and your operations, so show them you are coachable and open to structured support.
3. **Demonstrate capital efficiency with local context.** WIC Capital's cheque sizes range from €100K to €2M, and their most cited success story (Mburu) achieved 10x revenue growth in one year on a $200K investment. Show the team what you can do with a realistic amount of capital in a Francophone African market, not a Silicon Valley-scale burn rate.
4. **Engage the WIC Académie first if you are early.** If your company is not yet investment-ready, the WIC Académie provides mentoring, marketing training, accounting support, and leadership development. Treating the Académie as your on-ramp shows initiative and gives the investment team months of first-hand observation of your execution ability.
5. **Speak the language of the ecosystem.** WIC Capital operates primarily in French-speaking markets, and the team, partners, and network events reflect that. If your pitch materials, financials, and communications are polished in French, you signal that you understand the market they serve.
---
## Contextual Edge
> **Preparation rating: Medium.** WIC Capital's public-facing content is less extensive than larger pan-African funds, but the FSD Africa case study, the USAID Medium article, and coverage of specific portfolio investments (Mburu, Acasen, Arbre de Vie) give you enough to understand the fund's values and evaluation style. Evelyne Dioh Simpa has given on-the-record interviews, and the portfolio companies have traceable growth stories. The gender-lens thesis is explicit and non-negotiable, so you know exactly what they are looking for.
> **Start here:** Read [WIC Capital: Helping women-led businesses thrive in West Africa (FSD Africa)](https://fsdafrica.org/impact-stories/wic-capital-helping-women-led-businesses-thrive-in-west-africa/) for the clearest picture of how the fund operates, how portfolio companies like Mburu achieved 10x revenue growth, and what "walking alongside entrepreneurs" actually looks like in practice. Then read [Africa: Women entrepreneurs can't get access to capital unless other women are managing it (USAID/Medium)](https://medium.com/usaid-invest/africa-women-entrepreneurs-cant-get-access-to-capital-unless-other-women-are-managing-it-c7eabf5dda6e) for the founding story, Evelyne Dioh Simpa's background, and why the club-to-fund model works.
### Portfolio Breakdown
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Gender-lens mandate** | Every investment must meet one of three criteria: founded by a woman, 50%+ women in ownership or management, or a value chain that strengthens women's economic empowerment. This is not a preference, it is a hard requirement. | If your company does not have a clear gender-impact story, WIC Capital is not the right fund for you. If it does, make that story front and center in your pitch, not an afterthought in the impact section. |
| **Real-economy businesses, not just tech** | The portfolio includes a bakery (Mburu), a recycling plant (Ecover), a cosmetics group (Arbre de Vie), a snack food company (Acasen), a fashion brand (Sarayaa), a childcare service (Calinounou), and an e-commerce platform (Kweli). | You do not need to be a SaaS company or a fintech to get funded. WIC Capital backs physical businesses, consumer brands, and industrial operations. If you are building something tangible in the real economy, this fund is designed for you. |
| **Operational transformation model** | Mburu went from 15 to 50 employees and achieved 10x revenue growth in one year post-investment. Arbre de Vie built a new cosmetics lab and is preparing for regional expansion. The fund provides structured support on governance, financial management, and HR. | WIC Capital bets on operational transformation, not just market timing. Show the team where your business has specific, identifiable bottlenecks that capital and structured support can fix. They want to see the "before and after" potential. |
| **Francophone-first geography** | Fund I focused on Senegal and Cote d'Ivoire. Fund II is expanding across Francophone Africa. The team, networks, and ecosystem events are rooted in French-speaking West Africa. | If you are building in a Francophone African market, WIC Capital is one of the very few funds with deep local networks, local-language operations, and a track record in your specific geography. This is a genuine competitive advantage over pan-African funds that treat Francophone markets as secondary. |
### Watch the People
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Evelyne Dioh Simpa** (Managing Partner) | The fund's operating philosophy, the "walk alongside entrepreneurs" approach, and how the club-to-fund model works. Background in Paris banking, managed €100M+ transactions at FONSIS (Senegal's sovereign wealth fund), former Société Générale. Named to Choiseul 100 Africa (2021). | [USAID Medium article](https://medium.com/usaid-invest/africa-women-entrepreneurs-cant-get-access-to-capital-unless-other-women-are-managing-it-c7eabf5dda6e) -- [WIC Capital bio](https://wic-capital.net/en/evelyne-dioh/) |
| **Thiaba Camara SY** (COO, Partner, IC Chair) | Governance, investment committee decisions, and operational strategy. Chairs both the Fund I and Fund II Investment Committees, which means she has final say on every investment. | [LinkedIn](https://www.linkedin.com/in/thiaba-camara-sy/) |
### Learn from Funded Companies
| Resource | Why it matters |
|----------|---------------|
| [FSD Africa: Mburu case study](https://fsdafrica.org/impact-stories/wic-capital-helping-women-led-businesses-thrive-in-west-africa/) | Mburu (founded by Isseu Diop) received $200K and achieved 10x revenue growth in one year, expanding from 15 to 50 employees with 70% women. This is WIC Capital's signature success story and shows the operational transformation model in action. |
| [WIC Capital invests in Acasen (Africa Private Equity News)](https://www.africaprivateequitynews.com/p/wic-capital-invests-in-senegalese) | Acasen, a Senegalese snack food company, received investment from WIC Capital to scale production and distribution. Shows the fund's appetite for agri-food and real-economy businesses beyond tech. |
### Find Your Way In
| Pathway | How it works |
|---------|-------------|
| **WIC Académie** | The structured investment readiness program is the most natural pipeline into the fund. You receive mentoring, marketing training, accounting support, and leadership development, and the investment team observes your execution over months before making a decision. |
| **WIC Senegal / WIC Cote d'Ivoire networks** | The Women's Investment Club chapters in Dakar (wicsenegal.com) and Abidjan (wic-ci.com) run events and networking sessions. Showing up consistently builds relationships with the 80+ women investors who form WIC Capital's founding community. |
| **Portfolio founder introductions** | Isseu Diop (Mburu), Laure Barry (Arbre de Vie), and other portfolio founders can provide warm introductions. The portfolio is small enough that each founder has a direct relationship with the investment team. |
| **DFI and institutional partner networks** | USAID, FSD Africa, Mastercard Foundation, FMO, and ADA Microfinance are all institutional backers. Connections through these organizations create credible warm pathways. |
### What You Can't Find
Detailed application forms or a structured pitch portal are not publicly available. Individual cheque sizes for specific portfolio investments (beyond the $200K Mburu figure) are not disclosed. Fund I's total deployment and return data are not published. The specific WIC Académie curriculum and schedule are not posted on the website. The weighting of gender-impact criteria versus financial return expectations in investment decisions is not documented publicly. Fund II's current close amount and target timeline are not confirmed beyond the $35M target reported by FSD Africa.
---
## Pitch Format
Reach out through the WIC Capital website or through the WIC ecosystem (WIC Senegal, WIC Cote d'Ivoire, WIC Académie). There is no standardized pitch portal or Typeform application. Initial contact typically leads to a direct conversation with the investment team, followed by due diligence that covers governance, financials, operations, and gender-impact metrics.
Prepare a deck in French (or bilingual French-English) that clearly articulates your gender-impact story alongside your business fundamentals. Include your team composition with gender breakdown, your value chain's impact on women's employment and empowerment, and your operational bottlenecks that capital and technical support can address.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do | Round | Year |
|---------|---------|-------------|-------|------|
| Mburu | Senegal | Organic bakery chain | Growth | -- |
| Arbre de Vie (Tree of Life) | Senegal | Natural beauty and cosmetics (four brands) | Growth | -- |
| Ecover | Senegal / Cote d'Ivoire | Recycling and waste management | Growth | -- |
| Acasen | Senegal | Snack food production | Growth | -- |
| Sarayaa | Senegal | Fashion and apparel | Growth | -- |
| Les Ateliers de Corinne | Senegal | Cooking school, restaurant, and cake shop | Growth | -- |
| Kweli | Senegal | E-commerce and distribution | Growth | -- |
| Calinounou | Senegal | Childcare and personal services | Growth | -- |
---
## Key Partners
| Name | Role |
|---|---|
| Evelyne Dioh Simpa | Managing Partner |
| Thiaba Camara Sy | COO, Partner & Board Chair |
| Désiré K. Dzilan | Investment Manager |
| Alima Niangado | Investment Analyst |
| Roméo Désiré Kouassi | Investment Analyst |
| Bagoré Bathily | Fund II Investment Committee Member |
| Mariam Djibo | Fund II Investment Committee Member |
---
## Cross-References
- **Track your fundraising metrics** → [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** → [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** → [Fund Directory](/founder-stack/funds)
---
## Sources
- [WIC Capital Official Website](https://wic-capital.net/en/)
- [WIC Capital: About](https://wic-capital.net/en/a-propos/)
- [WIC Capital: Portfolio](https://wic-capital.net/en/portfolio-grid/)
- [FSD Africa: WIC Capital -- Helping women-led businesses thrive in West Africa](https://fsdafrica.org/impact-stories/wic-capital-helping-women-led-businesses-thrive-in-west-africa/)
- [USAID INVEST: Africa -- Women entrepreneurs can't get access to capital unless other women are managing it](https://medium.com/usaid-invest/africa-women-entrepreneurs-cant-get-access-to-capital-unless-other-women-are-managing-it-c7eabf5dda6e)
- [FSD Africa: Nyala Facility extends $1M to WIC Capital](https://fsdafrica.org/fsdai-nyala-facility-extends-usd-1-million-to-wic-capital-to-boost-gender-lens-investing-and-increase-financing-to-small-and-growing-businesses/)
- [Africa Private Equity News: WIC Capital invests in Senegalese food company](https://www.africaprivateequitynews.com/p/wic-capital-invests-in-senegalese)
- [Challenge Fund for Youth Employment: WIC Capital SAS](https://fundforyouthemployment.nl/senegal-selection-wic-capital-sas/)
- [Milling MEA: WIC Capital Fund boosts Senegal's snacks sector with Acasen investment](https://millingmea.com/wic-capital-fund-to-boost-senegals-snacks-sector-with-acasen-investment/)
---
---
name: Y Combinator
slug: y-combinator
buildTypes: ["Payments-processing", "Healthtech", "Neobank/wallet", "Mobility", "Marketplace-commerce"]
thesis: >-
We fund startups at the earliest stages and help them grow into large
companies.
website: 'https://www.ycombinator.com'
apply: 'https://www.ycombinator.com/apply'
region: Global
hq: San Francisco
sectors:
- Sector-agnostic
stage:
- Ideation
- MVP
- Pre-Seed
- Seed
chequeMin: null
chequeMax: 500000
chequeDisplay: '$500,000 (standard deal, every company)'
format: 'Hybrid (interviews via video, programme in San Francisco)'
admissions: 'Batch-based, 4 batches per year'
status: active
tier: '1'
lastVerified: '2026-07-26'
deadlines:
- label: Fall 2026 Batch
date: '2026-07-27'
type: batch
- label: Late applications reviewed on a rolling basis
type: rolling
edgeRating: edge-rich
edgeResources:
- name: Garry Tan interview
category: decision-maker-reveal
score: 4
description: >-
The #1 trait YC selects for is "earnestness," genuine conviction without
artifice. Acceptance rate is ~1% from 70-80K applications. The opening
interv...
link: 'https://fs.blog/knowledge-project-podcast/garry-tan/'
- name: Dalton Caldwell interview
category: decision-maker-reveal
score: 4
description: >-
Defines "tarpit ideas," deceptively attractive concepts that generate
positive feedback but become impossible to pivot from. The defining trait
of suc...
link: 'https://www.lennysnewsletter.com/p/lessons-from-1000-yc-startups'
- name: Michael Seibel interview
category: decision-maker-reveal
score: 4
description: >-
YC's evaluation hierarchy: (1) can you build the product, (2) do you have
momentum, (3) how do co-founders work together. "YC's secret sauce is the
ba...
link: >-
https://podcasts.apple.com/us/podcast/michael-seibel-lessons-from-thousands-of-startups/id1154105909?i=1000490440953
- name: Gustaf Alströmer interview
category: decision-maker-reveal
score: 4
description: >-
Success patterns from 600+ YC companies: speed + quality, confidence +
humility, direct customer engagement, resilience to rejection. Failure
patterns...
link: 'https://www.lennysnewsletter.com/p/lessons-from-working-with-600-yc'
- name: Accelerate Africa
category: pipeline-pathway
score: 3
description: >-
Founded by Iyin Aboyeji (Flutterwave co-founder, YC alum). No upfront
funding or equity taken, but sister fund Future Africa may co-invest
$250K-$500K...
link: 'https://www.acceler8.africa/'
- name: African YC alumni network
category: pipeline-pathway
score: 3
description: >-
Shola Akinlade (Paystack), Femi Aluko (Chowdeck), Olugbenga Agboola
(Flutterwave) are all active investors and mentors. YC alumni almost
always take c...
- name: YC Startup School
category: pipeline-pathway
score: 3
description: >-
Free program covering idea validation, user research, launching, and
growth. Completing it does not guarantee admission, but demonstrates
engagement w...
link: 'https://www.startupschool.org/'
- name: YC Requests for Startups
category: pipeline-pathway
score: 3
description: >-
16 categories YC is actively seeking. "AI-native service companies" and
"AI for low-pesticide agriculture" align with African market
opportunities. Al...
link: 'https://www.ycombinator.com/rfs'
portfolioTotalCount: 25
portfolioClassifiedCount: 25
portfolioUnclassifiedCount: 0
portfolioSectorSplit:
Fintech: 48
Logistics: 12
Healthtech: 16
E-commerce: 12
Consumer: 8
SaaS: 4
portfolioModelSplit:
Transaction/Marketplace: 60
Enterprise contracts/Licensing: 16
Direct sales/Commerce: 8
Subscription/SaaS: 16
portfolioGeographySplit:
Nigeria: 60
Senegal: 4
Egypt: 8
Algeria: 4
Kenya: 16
Morocco: 4
Tanzania: 4
---
## Overview
Y Combinator is the world's most prolific startup accelerator. Since 2005, they've funded over 5,000 companies including Airbnb, Stripe, Coinbase, DoorDash, Instacart, Reddit, and Dropbox. The combined valuation of YC companies exceeds $600 billion.
Each batch lasts roughly three months and culminates in Demo Day, where founders pitch to a curated audience of investors. The programme is based in San Francisco, though most interviews happen via video conference and YC has funded founders from every continent.
What makes YC different from other accelerators is the alumni network. Over 5,000 companies means thousands of founders who will take your call, make intros, and share hard-won knowledge. The YC brand also acts as a signal to downstream investors, and YC companies historically raise follow-on funding at higher rates and valuations than the industry average.
Seven African companies sit in YC's "most valuable" list: Flutterwave, Wave, Paystack, Reliance Health, 54gene, Yassir, and Nomba.
### Key Partners
| Partner | Role | LinkedIn | X |
|---------|------|----------|---|
| Garry Tan | President & CEO | [LinkedIn](https://www.linkedin.com/in/garrytan/) | [@garrytan](https://x.com/garrytan) |
| Dalton Caldwell | Managing Director, Admissions | [LinkedIn](https://www.linkedin.com/in/daltoncaldwell/) | [@daltonc](https://x.com/daltonc) |
| Michael Seibel | Partner | [LinkedIn](https://www.linkedin.com/in/mseibel/) | [@maboroshi](https://x.com/maboroshi) |
| Gustaf Alströmer | Partner | [LinkedIn](https://www.linkedin.com/in/gustaf/) | [@gustaf](https://x.com/gustaf) |
---
## How to Get In
### Step 1: Submit your application online
Go to [apply.ycombinator.com](https://www.ycombinator.com/apply). The application is free and entirely online.
### Step 2: Answer the application questions
The application asks a series of short-answer questions. The most important ones:
**"What is your company going to make?"**
The best answers are the most matter-of-fact. Don't use marketing-speak. Describe what you're building in plain language that someone outside your industry would understand. YC partners read thousands of applications, and they can't evaluate what they can't understand.
**"Please tell us in one or two sentences about something impressive that each founder has built or achieved."**
This is the single most important question on the application. YC is betting on you, not your idea. Show them evidence that you can build things. This doesn't have to be a startup: it can be a side project, an open-source tool, a community you grew, a competition you won. The bar is, did you make something real happen?
**"Why did you pick this idea to work on?"**
Show founder-market fit. Why are you specifically the right person (or team) to solve this problem? The best answers show personal experience with the problem, deep domain expertise, or an obsessive understanding of the user.
**"How far along are you?"**
Be honest. About 40% of the companies YC accepts each batch are at the idea stage with no revenue at all. YC explicitly says they fund idea-stage companies. Don't exaggerate traction, and don't apologize for being early.
### Step 3: Record your 1-minute video
YC is statistically much more likely to interview people who submit a video. This is not optional: treat it as required.
**Video best practices:**
- 60 seconds maximum, all founders should speak (even briefly)
- Open your laptop, show them what you've built, and walk through the core user experience
- If you don't have a product yet, show your prototype, mockups, or even the manual process you're replacing
- Use bullet points, not a script. You should sound like yourself, not your landing page
- Start with your names and what you're building, keep that intro under 10 seconds
- No mystery intros, no cinematic openings. Clarity equals confidence
- You can splice together a video if co-founders aren't in the same place
- Describe the problem in human language, not buzzwords
**Train your instincts with YC Arena:** Before you record, play the YC Arena game. You see 10 real startup descriptions from past batches and predict: would YC accept this company? Score 8/10+ and you instinctively understand what YC looks for, which means you can position your own application accordingly. Score below that, and the best thing you can do is study the advice on this page again before recording. [Play YC Arena →](#arena)
### Step 4: Wait for a response
If you applied before the deadline, you'll hear back by the date YC publishes (for Fall 2026, that's August 28). If your application is promising, you'll be invited to interview.
### Step 5: The interview (10 minutes)
Interviews are conducted via video conference, typically in August and September for the Fall batch.
**What to expect:**
- 2-3 YC partners on the call
- They've read your application and have it open during the interview
- The interview is 10 minutes. There is no time for small talk or presentations
- They will ask you questions and look at what you've built. That's it
**The first question is almost always:** "What does your company do?" Practice explaining your company in 2-3 jargon-free sentences.
**Other common questions:** Where do new users come from? What is your growth like? How much are your users using the product, and do they stick around? What are your unit economics? What makes new users try you? Why do the reluctant ones hold back? What are the top things users want? What has surprised you about user behavior?
**Critical advice from YC themselves:**
- Don't over-prepare. YC explicitly says mock interview prep is not useful and is often counter-productive
- Know your metrics cold. If you're launched, you should know everything about your users
- The best way to improve your chances between application and interview is to make real progress on your startup. Launch, get users, improve the product. Demonstrating speed impresses interviewers more than polish
### Step 6: Decision
Decisions are typically made the same day as your interview. Every interviewee receives detailed feedback, whether accepted or not.
### Step 7: What you get if accepted
**The deal:**
YC invests $500,000 in every company, on two separate SAFEs:
1. **$125,000 on a post-money SAFE for 7% equity.** The 7% is calculated post-money, so you know exactly how much dilution you're taking from day one.
2. **$375,000 on an uncapped SAFE with MFN (Most Favored Nation) provision.** This means the $375K converts at whatever terms you negotiate with your next investor. The higher the valuation you achieve later, the less ownership you give away on this portion. YC is effectively saying: "We'll give you the money now and let you set the price later."
**The programme:**
- ~3 months in San Francisco (though remote participation has increased)
- Weekly dinners with YC partners and guest speakers
- Office hours with your assigned partner
- Access to the full YC alumni network (5,000+ companies)
- Demo Day: pitch to a curated audience of hundreds of investors
- Bookface: YC's internal platform where alumni help each other
---
## Best Advice from Founders Who Got Accepted
### On the application
> The biggest thing people don't understand about the process is the importance of expressing yourself clearly. Every year we get some applications that are obviously good, some that are obviously bad, and in the middle a huge number where we just can't tell. The idea seems kind of promising, but it's not explained well enough for us to understand it.
**Be specific, not impressive.** The founders who get in describe their company like they'd describe it to a friend, not like they'd describe it on a billboard. "We help trucking companies in Lagos track their fleet in real-time" beats "We're building the future of logistics in Africa."
**Apply early.** This is tactical, not aspirational. Rolling review means early applications get more attention. Don't wait until the night before the deadline.
**Don't worry about being "too early."** 40% of accepted companies have no revenue. YC funds idea-stage companies regularly. The question isn't "how far along are you?" but "can you explain what you're doing and why it matters?"
### On the interview
**Know your numbers.** If you're launched, know your DAU, WAU, MAU, retention, revenue, growth rate, unit economics, and churn. Not approximately, exactly. YC is impressed by founders who know everything about their users.
**Move fast between application and interview.** The gap between applying and interviewing is your biggest lever. Launch, get users, improve the product, close a deal. Show that you move fast. This impresses interviewers more than any amount of preparation.
**Don't present. Converse.** The interview is a conversation, not a pitch. Answer questions directly. If you don't know the answer, say so. Founders who try to redirect questions or give rehearsed answers do worse than founders who think out loud.
### On the programme
**The network is the product.** The $500K is important, but the alumni network is what changes the trajectory. Every YC founder has access to thousands of other founders who've been through the same thing. Use it aggressively: for intros, advice, hiring, partnerships, and emotional support.
---
## Contextual Edge
**Preparation rating:** Edge-rich -- more preparation material exists for YC than for any other fund in this directory.
> **Start here:** Play [YC Arena](https://www.ycombinator.com/arena) (guess which startups YC accepted from real past applications), then read [Paystack's actual YC application](https://paystack.com/blog/company-news/paystacks-y-combinator-application) (12 merchants, $1,300 revenue, still got in). Those two resources alone will reshape how you write your application.
### How YC's African portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Sector** | Fintech/payments dominates: Flutterwave, Wave, Paystack, Nomba. Healthcare appears twice (Reliance Health, 54gene). Consumer once (Yassir). | If you are building fintech in Nigeria, the pattern is in your favour. If you are building outside fintech, your application needs to be sharper because you are competing for a smaller slice of YC's African attention. |
| **Geography** | Nigeria accounts for the majority. The W22 batch alone had 18 Nigerian startups out of 24 African companies. | Lagos founders have the deepest alumni network to tap for warm intros and application reviews. Founders from other markets should lean harder on the "why this market" question. |
| **Stage** | ~40% of accepted companies have no revenue at all. Paystack applied with $1,300 in total revenue. | Do not wait until you have traction. YC explicitly funds idea-stage companies. The question is not how far along you are but whether you can explain what you are doing and why it matters. |
### Watch the people who decide
These are not generic thought leadership talks. Each one contains specific reasoning about how YC evaluates founders and makes investment decisions.
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Garry Tan** (President) | The #1 trait YC selects for is "earnestness," genuine conviction without artifice. Acceptance rate is ~1% from 70-80K applications. The opening interview question, "what is it and why are you working on it," tests whether you have reached the edge of existing knowledge in your space. | [The Knowledge Project #226](https://fs.blog/knowledge-project-podcast/garry-tan/) |
| **Dalton Caldwell** (MD, Admissions) | Defines "tarpit ideas," deceptively attractive concepts that generate positive feedback but become impossible to pivot from. The defining trait of successful founders is "unwavering conviction." Uses Brex and Segment as examples of successful pivots. | [Lenny's Podcast](https://www.lennysnewsletter.com/p/lessons-from-1000-yc-startups) |
| **Michael Seibel** (Partner) | YC's evaluation hierarchy: (1) can you build the product, (2) do you have momentum, (3) how do co-founders work together. "YC's secret sauce is the batch, not the advice." | [Invest Like the Best Ep. 190](https://podcasts.apple.com/us/podcast/michael-seibel-lessons-from-thousands-of-startups/id1154105909?i=1000490440953) |
| **Gustaf Alströmer** (Partner) | Success patterns from 600+ YC companies: speed + quality, confidence + humility, direct customer engagement, resilience to rejection. Failure patterns: insufficient focus on customer pain, lack of technical expertise. | [Lenny's Podcast](https://www.lennysnewsletter.com/p/lessons-from-working-with-600-yc) |
### Learn from African founders who got in
| Resource | Why it matters |
|----------|---------------|
| [Paystack's full YC application](https://paystack.com/blog/company-news/paystacks-y-combinator-application) | The only complete, published YC application from an African unicorn. 12 pilot merchants, $1,300 revenue, 7 weeks live. What worked: founder-market fit (Akinlade spent 2014 implementing payment solutions for Nigerian banks) and 10x monthly waitlist growth with zero marketing spend. |
| [YC application advice from African startups](https://www.ycombinator.com/library/6O-yc-application-advice-from-african-startups) | Official YC resource where African YC alumni share application strategies and how to overcome application anxiety. The advice comes from people who were in your exact position. |
| [Chowdeck YC launch page](https://www.ycombinator.com/launches/H2v-chowdeck-the-easiest-and-fastest-way-to-deliver-food-in-africa) | How Femi Aluko positioned a Nigerian food delivery company for YC's S22 batch. Chowdeck went on to raise $9M from Novastar and YC. |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Accelerate Africa** | Founded by Iyin Aboyeji (Flutterwave co-founder, YC alum). No upfront funding or equity taken, but sister fund Future Africa may co-invest $250K-$500K post-program. 1.4% acceptance rate. The strongest preparation pathway for YC, run by people who have been through the process. [Apply](https://www.acceler8.africa/) |
| **African YC alumni network** | Shola Akinlade (Paystack), Femi Aluko (Chowdeck), Olugbenga Agboola (Flutterwave) are all active investors and mentors. YC alumni almost always take calls from prospective applicants. Reach out. |
| **YC Startup School** | Free program covering idea validation, user research, launching, and growth. Completing it does not guarantee admission, but demonstrates engagement with YC's thinking. [Enrol](https://www.startupschool.org/) |
| **YC Requests for Startups** | 16 categories YC is actively seeking. "AI-native service companies" and "AI for low-pesticide agriculture" align with African market opportunities. Aligning your pitch to an active RFS is not required, but it gives you a tailwind. [Read the list](https://www.ycombinator.com/rfs) |
### What you can't find
No African YC company has published their actual interview recording, so you cannot study what a successful 10-minute interview looks and sounds like from the inside. The closest proxies are YC Arena for application intuition and [Michael Seibel's SaaStr talk on pitching](https://www.saastr.com/how-to-pitch-your-seed-stage-startup-with-y-combinators-michael-seibel/) for pitch structure.
---
## Pitch Format YC Expects
YC does not require a traditional pitch deck for the application. The application is entirely text-based with a 1-minute video. The video is listed as optional, but it is best practice to submit one. Check our [pitch deck guide](/founder-stack/pitch-decks) and prepare yourself properly.
**For Demo Day (after acceptance):**
2-minute pitch to a room of investors. Slides are used but the format is fairly open. Focus on: what you do, traction, market size, team, the ask.
**For fundraising after YC:**
YC companies typically prepare a seed deck. YC's own [Seed Deck Guide](https://www.ycombinator.com/library/2u-how-to-build-your-seed-round-pitch-deck) covers: Problem, Solution, Traction, Market, Team, The Ask.
---
## Decks and African Alumni
### Decks from YC companies
| Company | What they do | Round | Year | Deck |
|---------|-------------|-------|------|------|
| Airbnb | Short-term home rentals marketplace | Seed ($600K) | 2009 | [View deck](https://www.failory.com/pitch-deck/airbnb) |
| Buffer | Social media scheduling tool | Seed ($500K) | 2011 | [View deck](https://buffer.com/resources/buffer-seed-round-deck/) |
| Dropbox | Cloud file storage | Seed | 2007 | [Public slides] |
| Reddit | Social news aggregation | Seed | 2005 | [Public slides] |
| Gusto | Payroll and HR for SMBs | Seed | 2012 | [Public slides] |
### YC's Most Valuable African Companies
| Company | What they do | Batch | Round / Status | Deck |
|---------|-------------|-------|----------------|------|
| Flutterwave | Payment infrastructure for Africa | — | Valued at $3B+ | Outreach pending |
| Wave | Mobile money for West Africa | — | Valued at $1.7B | Outreach pending |
| Paystack | Online payments for African businesses | W16 | Acquired by Stripe ($200M+, 2020) | Outreach pending |
| Reliance Health | Health insurance tech | — | Series B funded | Outreach pending |
| 54gene | African genomics research | W19 | Pivoted | Outreach pending |
| Yassir | Super-app for North Africa | — | Series B funded | Outreach pending |
| Nomba (formerly Kudi) | Financial services for businesses | — | Series B funded | Outreach pending |
### Recent African YC Companies (2022-2024)
| Company | What they do | Batch | Deck |
|---------|-------------|-------|------|
| Chowdeck | Food delivery (Nigeria) | S22 | Outreach pending |
| Cleva | USD accounts for Africans | W24 | Outreach pending |
| Miden | Cross-border payments (Nigeria) | W24 | Outreach pending |
| Triply | Travel tech (Kenya) | W24 | Outreach pending |
*We're reaching out to these founders to share their pitch decks. When we get them, they'll be added here and to the [pitch deck library](/founder-stack/pitch-decks).*
### The honest picture
YC's acceptance of African startups has fluctuated. After a peak in 2021-2022 (when YC had its largest-ever batch, ~50% international, and the biggest African cohort ever), the numbers dropped sharply in 2023-2024. No African startup made it into the S24 batch.
But the math still works. YC has funded dozens of African companies, seven of which became among its most valuable globally. The alumni network of African YC founders (Shola Akinlade of Paystack, Femi Aluko of Chowdeck, and others) is now actively investing in the next generation through vehicles like Accelerate Africa and Future Africa.
**Why this matters for you:** These founders are warm contacts. They've been through the exact process you're about to go through, they understand the African context, and many of them are now investing. Reach out. YC alumni almost always take calls from prospective applicants.
---
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| [Paystack](https://paystack.com) | Nigeria | Payments processing company acquired by Stripe in 2020 for a reported $200 million. |
| [Flutterwave](https://flutterwave.com) | Nigeria | Payments infrastructure provider offering payment processing, cross-border transfers, and business banking across Africa. |
| [Wave](https://wave.com) | Senegal | Mobile money service operating across Francophone West Africa, one of the region's first non-bank e-money license holders. |
| [Kobo360](https://kobo360.com) | Nigeria | Digital logistics platform connecting cargo owners with truck operators across Africa. |
| [Reliance Health](https://reliancehealth.io) | Nigeria | Health insurance (HMO) provider combining insurance plans with a network of hospitals and a telemedicine app. |
| 54gene | Nigeria | Genomics research company that built African biobanks for drug discovery and diagnostics (ceased operations in 2024). |
| [Chowdeck](https://chowdeck.com) | Nigeria | On-demand food delivery service operating in multiple Nigerian cities. |
| [Breadfast](https://breadfast.com) | Egypt | On-demand grocery and household goods delivery service based in Cairo. |
| [Nomba](https://nomba.com) | Nigeria | Agent banking and payments company providing POS terminals and business payment tools to small merchants. |
| [Yassir](https://yassir.com) | Algeria | Super app offering ride-hailing, food and grocery delivery, and financial services across North and West Africa. |
| [Remedial Health](https://remedialhealth.com) | Nigeria | Digital platform connecting pharmacies with manufacturers and distributors for medication procurement. |
| [Duplo](https://useduplo.com) | Nigeria | B2B payments infrastructure helping businesses collect and reconcile payments. |
| [Grey](https://grey.co) | Nigeria | Fintech (formerly Aboki Africa) letting Africans open foreign bank accounts and send international transfers. |
| [Boya](https://boya.co) | Kenya | Corporate expense card platform letting businesses issue cards to employees with spend controls. |
| [Cowrywise](https://cowrywise.com) | Nigeria | Digital savings and investment platform for retail users. |
| Kudi | Nigeria | Agent banking and mobile payments company later acquired by Uber for its logistics/payments technology. |
| [MarketForce](https://marketforce.io) | Kenya | B2B distribution platform connecting informal retailers with manufacturers and wholesalers. |
| [WaystoCap](https://waystocap.com) | Morocco | B2B cross-border trade marketplace for African and international buyers and suppliers. |
| Healthlane | Nigeria | Digital health platform offering preventive health checks and workplace wellness programs. |
| [WorkPay](https://workpay.africa) | Kenya | HR and payroll management software for businesses across Africa. |
| [Trella](https://trella.app) | Egypt | Digital freight and trucking marketplace connecting shippers with carriers. |
| [CredPal](https://credpal.com) | Nigeria | Buy-now-pay-later and credit card platform for consumers and merchants. |
| [NALA](https://nala.com) | Tanzania | Cross-border remittance and payments company serving the African diaspora. |
| [Cleva](https://cleva.co) | Nigeria | Fintech providing US dollar accounts and cross-border payments for African freelancers and businesses. |
| [Triply](https://triply.co) | Kenya | Software helping travel businesses collect payments and automate booking operations. |
> Portfolio compiled 2026-07-29. Compiled from thecondia.com's 10-year YC Africa portfolio retrospective, weetracker.com's most-valuable YC African startups piece, techbuild.africa's W22 batch coverage, and rafiki.works' YC Africa investment roundup; capped at 25 of the most notable, verifiable YC-backed African-HQd companies out of YC's ~100+ African investments since 2012.
## Cross-References
- **Need help with your pitch deck?** → [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** → [Download the standard YC SAFE template](/founder-stack/documents)
- **Incorporating for YC?** → [Delaware C-Corp guide](/founder-stack/compliance)
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## Sources
- [Apply to YC](https://www.ycombinator.com/apply)
- [How to Apply to Y Combinator](https://www.ycombinator.com/howtoapply)
- [YC Interview Guide](https://www.ycombinator.com/interviews)
- [The Y Combinator Standard Deal](https://www.ycombinator.com/deal)
- [YC FAQ](https://www.ycombinator.com/faq)
- [How to Get Into Y Combinator in 2026](https://www.flowjam.com/blog/yc-application-tips-2025)
- [How to Apply to Y Combinator in 2026 (Complete Guide)](https://capwave.ai/blog/blog-how-to-apply-to-y-combinator)
- [Ten years after Paystack: YC's African portfolio](https://thecondia.com/y-combinator-africa-portfolio-10-years/)
- [Y Combinator African startup cutback analysis](https://weetracker.com/2024/09/13/y-combinator-african-startup-cutback/)
- [YC for African founders: tactical guide](https://launchpad.ng/resources/yc-for-african-founders)
- [YC Seed Deck Guide](https://www.ycombinator.com/library/2u-how-to-build-your-seed-round-pitch-deck)
- [How to Prepare for Your YC Application Video](https://pilot.com/blog/how-prepare-yc-application-video)
---
---
name: YZi Labs
slug: yzi-labs
buildTypes: ["AI-x-crypto", "DeFi-trading-lending", "Infra-protocol"]
thesis: 'An investment vehicle fueling impact in Web3, AI and biotech, investing directly at growth stages and running the EASY Residency for pre-seed, AI-native founders.'
website: 'https://www.yzilabs.com'
apply: 'Direct investment: fill the Monday.com intake form. EASY Residency: apply for the current cohort at yzilabs.com/easy-residency before the stated deadline.'
region: 'Global'
hq: 'Not disclosed (formerly Binance Labs; BNB Chain-affiliated, global team)'
sectors:
- AI-x-Crypto
- DeFi
- Infrastructure
sectorsNote: 'YZi Labs'' own site did not surface a list of named portfolio companies to our fetch tool (the portfolio/investments pages we tried returned 404 or did not render). Third-party trackers (Crunchbase, Messari, PitchBook) list a large historical Binance Labs portfolio, but we could not verify any individual company against a YZi Labs-owned page in this session, so no portfolio splits are populated below. Do not treat this as evidence the portfolio is small; it is a gap in what we could verify from the primary source.'
stage:
- Pre-Seed
- Growth
chequeMin: null
chequeMax: 500000
chequeDisplay: 'EASY Residency: up to $500K per team ($150K for 5% equity via SAFE, plus $350K on an uncapped SAFE). Direct investment: not disclosed.'
chains:
- Chain-agnostic
format: 'Application form'
admissions: 'Cohort (EASY Residency); Rolling (direct investment)'
africaFocus: 'Not Africa-specific'
status: active
tier: '2'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: EASY Residency terms
category: evaluation-framework
score: 5
description: >-
One of the most specific, founder-friendly public term sheets in this
directory: up to $500K per team, split $150K for 5% equity via SAFE
plus $350K on an uncapped SAFE, over a 10-week program (5 weeks
online, 5 weeks in person in Chiang Mai, Thailand, with accommodation,
meals and workspace covered).
link: 'https://www.yzilabs.com/easy-residency'
- name: Direct investment intake form
category: pipeline-pathway
score: 4
description: >-
A real, public Monday.com form for direct investment inquiries
outside the residency. Rare for a fund at this scale to run a fully
open cold-inbound form.
link: 'https://forms.monday.com/forms/134e751c0468024801be890b7a411f18'
- name: EASY Residency screening focus
category: pattern-trainer
score: 3
description: >-
The program states it wants "AI-native" teams of one to three people
shipping "products that were impossible a year ago," with explicit
interest in AI inside markets (models and agents that price, route
and execute in live venues). That is a specific, usable filter for
whether you fit before you apply.
link: 'https://www.yzilabs.com/easy-residency'
portfolioTotalCount: 0
portfolioClassifiedCount: 0
portfolioUnclassifiedCount: 0
---
> **How to use this page:** YZi Labs (the renamed Binance Labs) runs two real, public doors: a direct-investment intake form and the EASY Residency, a 10-week pre-seed program with unusually specific terms. What it does not offer, at least not from a page we could verify, is a browsable portfolio. Treat the deadline on the residency page as unverified, since it conflicts with the cohort dates shown on the same page; check yzilabs.com/easy-residency directly before you plan around it.
---
## A. Header Block
- **Fund name:** YZi Labs (formerly Binance Labs)
- **One-line thesis:** "An investment vehicle fueling impact in Web3, AI, and biotech"
- **Website:** [yzilabs.com](https://www.yzilabs.com)
- **CTA:** [Apply to EASY Residency](https://www.yzilabs.com/easy-residency) or [submit the direct investment form](https://forms.monday.com/forms/134e751c0468024801be890b7a411f18)
| Tag | Detail |
|-----|--------|
| Region | Global |
| Format | Application form (both doors) |
| Sectors | AI x crypto, Web3, biotech (non-crypto) |
| Stage | Pre-Seed (EASY Residency) through Growth (direct) |
| Cheque Size | EASY Residency: up to $500K. Direct: not disclosed. |
| Admissions | Cohort-based for the residency; rolling for direct investment |
---
## B. Batch Schedule
| Cohort | Location | Deadline | Programme Dates |
|--------|----------|----------|-----------------|
| EASY Residency S5 | Online (weeks 1-5), Chiang Mai, Thailand (weeks 6-10) | Site states "SEPT 21, 23:59 GMT-7" | Site separately states "June-August 2026" |
The deadline and the cohort dates shown on the same page conflict: a September 21 deadline cannot precede a June-August 2026 program. We are flagging this as unverified rather than guessing which figure is stale. Check [yzilabs.com/easy-residency](https://www.yzilabs.com/easy-residency) directly for the current, corrected cohort window before planning around either date.
---
## C. Overview
YZi Labs is the renamed continuation of Binance Labs, now positioned as "an investment vehicle fueling impact in Web3, AI, and biotech," a notably wider mandate than a typical crypto fund since it explicitly includes non-crypto biotech investing. The rename reflects a broader identity shift; the fund still sits close to the Binance and BNB Chain ecosystem, though its own site frames the investment scope as chain-agnostic rather than BNB-exclusive.
Two structured programs sit on top of the core direct-investment activity. The EASY Residency is the pre-seed door: a 10-week program split between five weeks online and five weeks in person in Chiang Mai, Thailand, with accommodation, meals and workspace covered during the in-person phase (founders cover their own flights). The terms are specific and generous by residency standards: up to $500,000 per team, structured as $150,000 for 5% equity via a SAFE plus $350,000 on an uncapped SAFE. The stated focus is "AI-native" teams of one to three people building "products that were impossible a year ago," with particular interest in AI operating inside markets, models and agents that price, route and execute in live trading venues, alongside Web3 infrastructure, DeFi, AI agent infrastructure and robotics, and biotech intersecting AI and health.
The second door, for later-stage or non-residency direct investment, is a public Monday.com intake form, which is a genuinely open channel rather than a warm-intro-only path.
**Key stats:**
- EASY Residency: up to $500K per team ($150K equity SAFE at 5% + $350K uncapped SAFE)
- 10-week program: 5 weeks online, 5 weeks in-person in Chiang Mai, Thailand
- Direct investment via a public Monday.com form
- Mandate spans Web3, AI and biotech
---
## D. Key Partners
YZi Labs does not name individual team members with photos-only bios on the pages we fetched; no names were confirmed. If you need a named contact, the two stated application channels (the EASY Residency form and the direct investment Monday.com form) are the verified path in; we are not printing unverified names sourced from third-party trackers here.
---
## E. How to Get In: Step-by-Step Application Process
### Via EASY Residency (pre-seed, the structured door)
#### Step 1: Confirm you fit the AI-native, small-team profile
The program wants one- to three-person teams shipping AI-native products, explicitly including AI inside financial markets (pricing, routing, execution) as a priority area alongside Web3 infrastructure, DeFi and biotech-AI. If you don't fit that profile, the direct investment form is the better door.
#### Step 2: Apply before the stated deadline, but verify it first
The page we fetched lists a deadline of September 21, 23:59 GMT-7, which conflicts with cohort dates shown as June-August 2026 on the same page. Check [yzilabs.com/easy-residency](https://www.yzilabs.com/easy-residency) directly for the current, corrected information before you plan around either figure.
#### Step 3: Plan for the Chiang Mai phase
Weeks 6 through 10 are in person in Chiang Mai, Thailand, with accommodation, meals and workspace covered; you pay your own flights. Build that into your planning the same way you would for any in-person accelerator.
#### Step 4: Understand the deal
$150,000 for 5% equity via a SAFE, plus $350,000 on an uncapped SAFE, for up to $500,000 total. This is unusually generous for a pre-seed residency and worth comparing directly against Colosseum's $250K or a16z crypto CSX's $500K minimum.
### Via direct investment (later stage)
1. **Fill the Monday.com intake form.** [forms.monday.com/forms/134e751c0468024801be890b7a411f18](https://forms.monday.com/forms/134e751c0468024801be890b7a411f18) is a real, public form, not gated behind a warm intro.
2. **Note the wider mandate.** Because YZi Labs invests across Web3, AI and biotech, be explicit about which category you're in and, if you're crypto-native, whether BNB Chain alignment is relevant to your product; the fund's language suggests it helps but is not required.
**Timeline:** Not published for either door.
---
## F. Best Advice from Founders
**Read the EASY Residency terms closely before you apply anywhere else pre-seed.** A $500K combined SAFE structure is a larger cheque than most residencies offer, and understanding the equity-versus-uncapped split matters for how you think about dilution.
**Verify the current deadline directly on the page rather than trusting any cached or third-party listing.** The conflict between a September deadline and June-August cohort dates on the fund's own site means even the primary source needs a second look before you commit to a timeline.
**AI-inside-markets is a specifically named priority, not a generic AI tag.** If you're building agents or models that price, route or execute in live trading venues, name that explicitly; it's closer to the program's stated language than a general "AI for crypto" pitch.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. The EASY Residency terms are unusually specific and public, and a real direct-investment form exists. What pulls this down from edge-rich is the lack of any verifiable portfolio, named team, or a resolvable date conflict on the residency's own deadline.
> **Start here:** Read the [EASY Residency page](https://www.yzilabs.com/easy-residency) directly to get the current cohort dates (do not trust a cached deadline), then decide between that door and the [direct investment form](https://forms.monday.com/forms/134e751c0468024801be890b7a411f18) based on your stage.
### How YZi Labs' portfolio actually breaks down
We could not verify a portfolio company list from a YZi Labs-owned page in this session; the investments and portfolio pages we tried either 404'd or did not render company names to our fetch tool. Third-party trackers (Crunchbase, Messari, PitchBook, CryptoRank) list a large historical Binance Labs portfolio, but we are not populating sector or chain splits from unverified third-party data. This is a real gap in our research, not evidence the fund has a small portfolio; treat it as a "what you can't find" item below.
### Watch the people who decide
No individual partners or program leads are named on the pages we fetched for either the EASY Residency or direct investment.
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **EASY Residency** | Apply at [yzilabs.com/easy-residency](https://www.yzilabs.com/easy-residency) before the (unverified) deadline. |
| **Direct investment form** | [Monday.com form](https://forms.monday.com/forms/134e751c0468024801be890b7a411f18), open to anyone. |
### What you can't find
There is no verifiable portfolio company list, no named team, no HQ city, and a genuine, unresolved conflict between the EASY Residency's stated deadline and its stated cohort dates. Anyone who previously applied to the residency doesn't need to resubmit; the program says it will reach out directly if interested.
---
## G. Pitch Format YZi Labs Expects
**For EASY Residency:**
- Online application via the residency page
- One- to three-person, AI-native founding team
- Clear articulation of which priority area you fit: AI-in-markets, Web3 infrastructure/DeFi, AI agent infrastructure/robotics, or biotech-AI
**For direct investment:**
- Monday.com intake form
- Standard details: what you're building, team, traction, ask
- Clarity on which of the fund's three mandates (Web3, AI, biotech) you sit in
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
We could not verify a portfolio company list from a YZi Labs-owned page in this session. We are not populating this section with third-party-sourced names we could not confirm against the fund's own site, per this directory's real-data-only rule. Check yzilabs.com directly, or the fund's own social channels, for current portfolio disclosures.
---
## I. Ecosystem Connections
- **BNB Chain-adjacent, not exclusive:** YZi Labs grew out of Binance Labs and retains BNB Chain proximity, but its own site frames the mandate as chain-agnostic across Web3, AI and biotech rather than BNB-exclusive.
- **AI x crypto specifically:** the EASY Residency's explicit focus on "AI inside markets" (models and agents that price, route and execute in live venues) is one of the more specific AI-x-crypto theses in this directory.
- **No other chain-specific ties verified** from the pages we could fetch.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Comparing pre-seed residencies?** See a16z crypto's CSX and Colosseum's accelerator for two other structured, terms-public pre-seed doors.
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [YZi Labs homepage](https://www.yzilabs.com)
- [EASY Residency](https://www.yzilabs.com/easy-residency)
- [Direct investment form](https://forms.monday.com/forms/134e751c0468024801be890b7a411f18)
---
---
name: Zcash Community Grants
slug: zcash-community-grants
thesis: 'Dev Fund-financed grants for wallets, SDKs, core development, interoperability, dApps, infrastructure and education that grow shielded usage or developer capability on Zcash, reviewed by an elected committee in public.'
website: 'https://zcashcommunitygrants.org'
apply: 'Open a GitHub issue using the ZCG proposal template, then post it to the Zcash Community Forum grants category. Mandatory public comment period, then a bi-weekly committee vote.'
region: 'Global'
hq: 'Financial Privacy Foundation, distributed team'
sectors:
- Privacy
- Developer-Tooling
- Infrastructure
- Payments-Stablecoins
stage:
- Ideation
- MVP
- Pre-Seed
chequeMin: 5000
chequeMax: 90000
chequeDisplay: 'Typical approved grants $5,000-$90,000; committee scrutiny and KYC increase sharply above $50,000'
chains:
- Zcash
format: 'Application form'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '2'
lastVerified: '2026-09-09'
edgeRating: edge-rich
edgeResources:
- name: ZCG selection process page
category: evaluation-framework
score: 5
description: >-
Publishes the actual rubric: does the proposal grow shielded usage or
developer capability, is the team credible, is the budget proportionate.
States plainly that the larger the ask, the more diligence and
milestones are required.
link: 'https://zcashcommunitygrants.org/selection/'
- name: ZCG meeting minutes (forum)
category: decision-maker-reveal
score: 5
description: >-
Bi-weekly, public committee meeting minutes naming exactly what was
approved and declined and why, in real dollar terms. This is the
single richest edge resource in this program: read several before
writing a proposal.
link: 'https://forum.zcashcommunity.com/t/zcash-community-grants-zcg-meeting-minutes-7-20-2026/56763'
- name: Colosseum Zcash track grant proposal thread
category: pipeline-pathway
score: 4
description: >-
A live forum thread proposing ZCG funding for a Zcash track at
Colosseum's Crypto World's Fair, roughly $250K discussed but
unconfirmed as of early September 2026. Worth tracking for founders
building consumer products that spend ZEC.
link: 'https://forum.zcashcommunity.com/t/grant-proposal-colosseum-hackathon-zcash-track/57405'
- name: ZCG GitHub proposal template
category: practice-artifact
score: 4
description: >-
The actual issue template you fill in: goals, milestones, budget,
team, KPIs. Structuring your proposal to match this exactly is the
single highest-leverage thing you can do before submitting.
link: 'https://zcashcommunitygrants.org'
portfolioSectorSplit: {}
portfolioChainSplit:
Zcash: 100
portfolioTotalCount: 0
portfolioClassifiedCount: 0
portfolioUnclassifiedCount: 0
---
> **How to use this page:** ZCG runs its entire review in public: the proposal, the forum comments, and the committee's meeting minutes are all visible. That means the strongest preparation is reading several recent meeting minutes before you write a word, not guessing at a rubric. Read Section E for the exact six-step process, then check current minutes for what is actually clearing.
---
## A. Header Block
- **Program name:** Zcash Community Grants (ZCG)
- **One-line thesis:** Dev Fund-financed grants for independent teams building wallets, SDKs, core development, interoperability, dApps, infrastructure and education for Zcash
- **Website:** [zcashcommunitygrants.org](https://zcashcommunitygrants.org)
- **CTA:** [Read the selection process and submit](https://zcashcommunitygrants.org/selection/)
| Tag | Detail |
|-----|--------|
| Region | Global |
| Format | Application form (GitHub issue template plus mandatory forum post) |
| Sectors | Privacy, wallets and SDKs, core protocol dev, infrastructure, payments, education |
| Stage | Idea through early prototype |
| Cheque Size | Typical approved grants $5,000-$90,000; heavier scrutiny and KYC above $50,000 |
| Admissions | Rolling, committee meets bi-weekly |
---
## C. Overview
Zcash Community Grants is funded from the Zcash Dev Fund (established under ZIP-1014, extended by ZIP-1015 and ZIP-1016), with a budget of roughly 100,000 ZEC through 2028, worth approximately $11M at a $110 ZEC price at time of review. The program funds independent teams: wallets, SDKs, core protocol development, interoperability tooling, dApps, infrastructure and education for the Zcash ecosystem, described on the program's own page as "not exhaustive," meaning a well-argued proposal outside the listed categories can still be considered.
Observed approvals in a single reviewed fortnight (July 2026) ranged from $5,000 for an education pilot through $88,000 for offensive security work, with events funded at $6,870 and $8,140 and a $30,000 grant for Cypherpunk Week presence. In the same window, the committee declined a $135,000 hardware wallet proposal, a $22,000 FROST SDK proposal, and an $18,500 transport library proposal, which tells you the typical clearing zone sits well under $90,000 and that scrutiny rises sharply above roughly $50,000, where KYC also becomes mandatory.
Separately, a forum thread proposes ZCG funding for a dedicated Zcash track at Colosseum's Crypto World's Fair, with roughly $250,000 discussed as of early September 2026, but this was not confirmed as approved at review time. The Zcash Open Development Lab, a separately funded $25M seed initiative announced in March 2026, is a development shop rather than a grant program and should not be confused with ZCG.
**Key stats:**
- Roughly 100,000 ZEC (about $11M) budgeted through 2028 via the Dev Fund
- Observed July 2026 approvals: $5,000 to $88,000
- Same window's declines: $135,000, $22,000, $18,500, all above the typical clearing zone
- KYC required above roughly $50,000; a five-person elected committee votes 3-of-5 bi-weekly
---
## D. Key Partners
| Person or team | Role | Where to find them |
|----------------|------|--------------------|
| ZCG elected committee (five members) | Reviews proposals publicly and votes 3-of-5 at bi-weekly meetings | [zcashcommunitygrants.org](https://zcashcommunitygrants.org) |
| Financial Privacy Foundation | Finalises milestones and KYC for approved grants | [zcashcommunitygrants.org](https://zcashcommunitygrants.org) |
| Zcash Community Forum (grants category) | Hosts the mandatory public comment period every proposal must go through | [forum.zcashcommunity.com](https://forum.zcashcommunity.com) |
Individual committee members rotate by election cycle; check current meeting minutes on the forum for who is sitting on the committee now.
---
## E. How to Get In: Step-by-Step Application Process
**Chain requirement: your project must build for Zcash. This program funds the Zcash ecosystem only, not general privacy tooling on other chains.**
#### Step 1: Open a GitHub issue using the ZCG proposal template
Cover goals, milestones, budget, team and KPIs. Structure it exactly to the template; this is the single highest-leverage step.
#### Step 2: Post the proposal link to the Zcash Community Forum grants category
This is a required step, not optional. A proposal that only exists on GitHub is not considered.
#### Step 3: Sit through the public comment period
The community comments for at least one week. Respond to every comment; the program treats silence as a risk signal, not neutrality.
#### Step 4: Committee vote
The five-person elected committee votes 3-of-5 at a bi-weekly meeting. Minutes are published publicly on the forum.
#### Step 5: Financial Privacy Foundation finalises terms
Approved proposals go through milestone and, above roughly $50,000, KYC finalisation with the Financial Privacy Foundation.
#### Step 6: Monthly status updates gate each milestone payout
You report progress on the forum monthly; each milestone's payout depends on that report.
**Tips that matter here:**
- Ask under $50,000 on a first grant to avoid the heavier KYC and diligence load that kicks in above it.
- Respond to every forum comment during the review week; the committee reads silence as risk.
- Read several recent [meeting minutes](https://forum.zcashcommunity.com/t/zcash-community-grants-zcg-meeting-minutes-7-20-2026/56763) before writing your proposal, since they show exactly what cleared and what didn't in real dollar terms, which is more useful than any abstract criteria list.
- A consumer product that actually uses ZEC as a spendable or held asset, rather than tooling for developers, is close to what the proposed Colosseum Zcash track is meant to seed; watch that thread if that describes your product.
---
## F. Best Advice from Founders
**The declined proposals teach more than the approved ones.** A $135,000 hardware wallet ask and two mid-five-figure SDK and library asks were all declined in the same fortnight that approved amounts up to $88,000 cleared, which tells you sizing the ask correctly matters as much as the idea.
**Silence reads as risk.** The committee is explicit that non-response during the comment period counts against a proposal; treat the week of public comment as an active part of the application, not a waiting period.
**Growing shielded usage or developer capability is the actual test.** Every approval and decline traces back to this one question; frame your proposal explicitly around one or the other rather than a general "this is good for Zcash" pitch.
---
## Contextual Edge
**Preparation rating:** Edge-rich. Few programs in this directory publish their actual committee meeting minutes, with real dollar amounts for both approvals and declines, in public on a rolling basis. That is a genuine rubric you can study directly.
> **Start here:** Read the [selection process page](https://zcashcommunitygrants.org/selection/) for the stated criteria, then read at least two or three recent [meeting minutes threads](https://forum.zcashcommunity.com/t/zcash-community-grants-zcg-meeting-minutes-7-20-2026/56763) to see the criteria applied to real proposals.
### How the program actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Scrutiny scales sharply with ask size** | KYC required above roughly $50,000; declined proposals in a reviewed window were all above the approved range. | Ask under $50,000 on a first grant to move through faster diligence. |
| **Public comment is part of the review, not a formality** | A mandatory week-long forum comment period gates every proposal before the committee vote. | Show up and respond to every comment; silence counts against you. |
| **The rubric is two questions** | Does it grow shielded usage or developer capability, and is the budget proportionate to the ask. | Frame your proposal explicitly around one of these two outcomes. |
| **Grants are milestone-gated monthly** | Monthly forum status updates gate each milestone payout. | Plan a delivery cadence you can report on every month, not only at the end. |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **ZCG elected committee** | Publishes bi-weekly meeting minutes with real approval and decline amounts. | [Meeting minutes, July 2026](https://forum.zcashcommunity.com/t/zcash-community-grants-zcg-meeting-minutes-7-20-2026/56763) |
| **Financial Privacy Foundation** | Sets the KYC and milestone terms for approved grants. | [zcashcommunitygrants.org](https://zcashcommunitygrants.org) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **GitHub issue + forum post** | The only pathway into ZCG; both steps are mandatory. |
| **Colosseum Zcash track (proposed)** | A forum-discussed, not-yet-confirmed track for consumer Zcash products at the World's Fair; watch the thread. |
### What you can't find
The exact composition of the current five-person committee, a full historical grantee list with amounts, and the confirmed status and budget of the proposed Colosseum Zcash track were not all consolidated in one place at review time. The meeting minutes threads are the closest thing to a full record; read several rather than relying on a single snapshot.
---
## G. Pitch Format ZCG Expects
- A GitHub issue matching the ZCG proposal template exactly: goals, milestones, budget, team, KPIs
- A forum post linking the proposal, in the grants category
- A clear statement of which outcome it serves: growing shielded usage or growing developer capability
- A budget proportionate to the milestones, with heavier justification required above roughly $50,000
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
ZCG does not publish a single consolidated grantee list; individual approvals and declines are documented in rolling forum meeting minutes rather than a static portfolio page, and project names in a given fortnight's minutes are not necessarily representative of the program's full history.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Not published as a consolidated list | Approvals and declines are documented per meeting in forum minutes | n/a | Zcash |
---
## I. Zcash Connections
- **Zcash (exclusive):** ZCG funds the Zcash ecosystem only.
- **Financial Privacy Foundation:** finalises milestones and KYC for every approved grant.
- **Zcash Community Forum:** where the mandatory public comment period and every committee's meeting minutes live.
- **Colosseum's Crypto World's Fair (proposed Zcash track):** a forum-discussed funding proposal, not yet confirmed, for consumer products that spend ZEC.
- **Zcash Open Development Lab:** a separately funded ($25M seed, March 2026) development shop, not a grant program; do not conflate it with ZCG.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Compliance and IP for grant agreements** [Compliance guide](/founder-stack/compliance)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Zcash Community Grants](https://zcashcommunitygrants.org)
- [ZCG Selection Process](https://zcashcommunitygrants.org/selection/)
- [ZCG meeting minutes, July 20 2026 (Zcash Community Forum)](https://forum.zcashcommunity.com/t/zcash-community-grants-zcg-meeting-minutes-7-20-2026/56763)
- [Grant proposal: Colosseum hackathon Zcash track (Zcash Community Forum)](https://forum.zcashcommunity.com/t/grant-proposal-colosseum-hackathon-zcash-track/57405)
---
---
name: Zedcrest Capital
slug: zedcrest-capital
buildTypes: ["Payments-processing", "Lending-credit", "Enterprise-B2B", "Healthtech", "Edtech"]
thesis: >-
The future of Africa's growth will depend not only on access to capital but on
the institutions that can structure, deploy and manage that capital
effectively.
website: 'https://zedcrest.com'
apply: Warm intros preferred
region: 'Nigeria, Pan-African'
hq: Lagos
sectors:
- Fintech
- Healthtech
- Edtech
- Consumer
- Infrastructure
stage:
- Seed
- Series A
chequeMin: null
chequeMax: null
chequeDisplay: Undisclosed
format: Direct investment (no accelerator)
admissions: Rolling
africaFocus: 'Yes -- Nigeria-heavy, with investments across West, East, and North Africa'
status: active
tier: '2'
lastVerified: '2026-07-29'
edgeRating: edge-moderate
portfolioSectorSplit:
Fintech: 55
Edtech: 18
Healthtech: 9
SaaS: 18
portfolioModelSplit:
Enterprise contracts/Licensing: 27
Subscription/SaaS: 55
Transaction/Marketplace: 18
portfolioGeographySplit:
UK / Nigeria: 9
Nigeria: 73
Cote d'Ivoire: 9
MENA: 9
portfolioTotalCount: 11
portfolioClassifiedCount: 11
portfolioUnclassifiedCount: 0
---
## Application Timeline
Zedcrest Capital operates on a **rolling basis** with no publicly posted deadlines or cohort cycles. There is no formal online application portal, which means you are pitching whenever you make contact -- and deal flow moves through a mix of warm introductions and direct outreach. The lack of structured intake windows also means there is no "wrong time" to reach out, but you should come prepared because the team evaluates opportunities as they arrive.
---
## Overview
Zedcrest Capital is the venture arm of Zedcrest Group, a Lagos-based financial services conglomerate founded by Adedayo Amzat in 2013 when he was 27 years old. Amzat built his early career trading fixed income at Access Bank Nigeria before launching Zedcrest Capital as a securities trading firm, and then expanding it into a multi-subsidiary group spanning consumer lending (Zedvance Finance), securities brokerage (Zedcap Partners / Zedcrest Securities), wealth management (Zedcrest Wealth), asset management (Zedcrest Investment Managers), and in 2026, a full investment banking division (Zedcrest Global Markets). The Financial Times named Zedcrest "Africa's Fastest Growing Financial Services Company" in 2022, and the group holds a BBB- investment grade credit rating from GCR, a Moody's affiliate.
On the venture side, Zedcrest Capital started as a debt and equity capital markets investor and gradually moved into startup investing. In August 2022, they launched a dedicated $10 million fund targeting pre-Series A stage startups across Africa. Their portfolio leans fintech-heavy -- which makes sense given the parent group's DNA in financial services -- and includes notable names like Leatherback (cross-border payments, where Zedcrest led a $10M round), AltSchool (edtech), Helium Health (healthtech), Indicina (credit infrastructure), Bankly (agency banking), Julaya (payments, Cote d'Ivoire), Simpu (customer engagement), Bento Africa (payroll), Flex Finance, and Lenco.
What makes Zedcrest different from most African VCs is the parent company sitting behind it. This is not a standalone fund -- it is a venture arm backed by a profitable, decade-old financial services group with deep institutional relationships, a securities dealing operation that partners with around 50 foreign portfolio investors, and a consumer lending business (Zedvance) that has disbursed credit to over one million individuals. That infrastructure gives portfolio companies a potential path to distribution, partnerships, and follow-on capital that a typical standalone fund cannot easily provide.
---
## How to Get In
Zedcrest Capital does not have a public application form or "Apply Now" button on their website. The primary pathways are:
1. **Email outreach** -- Send a concise pitch to the Zedcrest Capital team via the group's contact channels at [zedcrest.com](https://zedcrest.com). Lead with your traction, not your idea.
2. **Warm introductions** -- The most reliable path. If you know founders in their portfolio (Leatherback, AltSchool, Indicina, Bankly, etc.) or professionals in the Nigerian institutional finance ecosystem, ask for an intro.
3. **Events and conferences** -- Adedayo Amzat and the Zedcrest leadership team appear at major Nigerian and pan-African business events. These are good places to establish a first connection.
They look for startups that fit within or adjacent to financial services, and they clearly favour founders who already have early traction and revenue rather than pure idea-stage companies. Given their $10M pre-Series A fund, expect them to want to see product-market signals before writing a cheque.
---
## Best Advice
1. **Understand the parent group and pitch to the ecosystem.** Zedcrest is not just a VC fund -- it is a financial services conglomerate. If your startup could plug into their securities, lending, or wealth management businesses, say that explicitly. Portfolio fit with the broader group is a real advantage here.
2. **Lead with revenue and unit economics.** Their $10M fund targets pre-Series A companies, which means they expect you to be past the experimentation phase. Come with real numbers: monthly revenue, customer acquisition costs, retention, and a clear path to profitability. Zedcrest's own business was built on profitable operations, so they will look for that instinct in founders too.
3. **Work your network for a warm intro.** Without a formal application portal, cold outreach has a lower hit rate. The Nigerian financial services community is tight-knit, and Zedcrest sits right at the centre of it. A recommendation from a portfolio founder or someone in the Lagos finance ecosystem carries weight.
4. **Show you understand the regulatory environment.** Zedcrest operates in one of Africa's most complex regulatory environments and has built subsidiaries that are licensed and compliant across multiple financial services verticals. If your startup touches financial services in Nigeria or West Africa, demonstrating regulatory awareness and a compliance plan will resonate.
5. **Be ready for strategic value, not just capital.** Zedcrest's value proposition is the institutional infrastructure behind the cheque. If you are just looking for money, plenty of funds write pre-Series A cheques. If you want access to institutional distribution channels, foreign portfolio investor relationships, and deep financial services expertise, make that case in your pitch.
---
## Contextual Edge
**Preparation rating:** Moderate
> **Start here:** Read the [BusinessDay profile on Zedcrest's financial services ecosystem](https://businessday.ng/sponsored/article/innovation-resilience-zedcrests-redefinition-of-the-african-financial-services-landscape/) and the [TechCrunch piece on the Leatherback investment](https://techcrunch.com/2022/04/14/uk-fintech-startup-leatherback-raises-10m-for-its-cross-border-payments-led-by-zedcrest/) to understand how Zedcrest thinks about venture deals.
### How Zedcrest Capital's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Geography** | Majority of portfolio companies are Nigeria-based or Nigeria-originated, with select investments in Cote d'Ivoire (Julaya) and broader pan-African plays (Helium Health, Leatherback) | If you are building in Nigeria or have strong Nigeria-market traction, you are in their sweet spot. Non-Nigerian founders should show a clear plan for the Nigerian market or demonstrate cross-border relevance |
| **Sector** | Overwhelmingly fintech and fintech-adjacent -- payments, credit infrastructure, agency banking, payroll, cross-border finance. Secondary bets in edtech (AltSchool) and healthtech (Helium Health) | Your strongest pitch connects to financial services in some way. If you are outside fintech, you need to show why a financial services group is the right investor for your company |
| **Stage** | Pre-Series A focus per their $10M fund. Known deals range from seed-stage support to leading a $10M round (Leatherback) | They can flex across early-stage cheque sizes, but expect the typical investment to be smaller. If you are raising a large Series A, Zedcrest is more likely a co-investor than a lead |
| **Strategic alignment** | Nearly every portfolio company has a logical connection to Zedcrest Group's existing business lines -- lending, brokerage, payments, wealth management | This is not coincidental. Zedcrest invests where they can add operational value. Frame your company in terms of how it connects to their ecosystem |
### Watch the people who decide
| Who | What they reveal | Where to find it |
|-----|-----------------|-----------------|
| **Adedayo Amzat** (Group Managing Director & Founder) | Investment thesis, strategic direction, what Zedcrest looks for in founders. Frequently quoted in Nigerian business press | [LinkedIn](https://www.linkedin.com/in/adedayoamzat/) and Nigerian business media (BusinessDay, Nairametrics, Vanguard) |
| **Luke Ofojebe, CFA** (Chief Investment Officer) | Portfolio strategy, research-driven investment approach, asset allocation thinking | LinkedIn -- recently appointed, so watch for emerging public commentary |
| **Ademola Akogun** (MD, Investment Banking) | Corporate finance and advisory strategy -- useful for understanding what kinds of growth-stage deals Zedcrest gravitates toward | Nigerian business press coverage of Zedcrest Global Markets launch |
### Learn from funded portfolio companies
| Resource | Why it matters |
|----------|---------------|
| [TechCrunch: Leatherback raises $10M led by ZedCrest](https://techcrunch.com/2022/04/14/uk-fintech-startup-leatherback-raises-10m-for-its-cross-border-payments-led-by-zedcrest/) | Shows how Zedcrest evaluates cross-border fintech opportunities and the scale of cheques they can write when convicted |
| [AltSchool Africa](https://altschoolafrica.com) -- Zedcrest-backed edtech | One of the few non-fintech bets, which reveals that strong traction in a clear market gap can pull Zedcrest outside their core sector |
| [Indicina](https://indicina.co) -- credit infrastructure | Shows Zedcrest's appetite for B2B financial infrastructure plays that align with their lending business (Zedvance) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Portfolio founder referral** | Reach out to founders at Leatherback, AltSchool, Indicina, Bankly, or other portfolio companies. A warm referral from a company they have already backed is the strongest signal |
| **Nigerian finance ecosystem** | Zedcrest sits at the intersection of institutional finance and venture. If you know people at Nigerian banks, brokerages, or asset management firms, they likely know someone at Zedcrest |
| **Industry events** | Adedayo Amzat and the leadership team attend major Nigerian business and finance events. Conference introductions convert well when you follow up with a crisp deck |
| **Direct cold outreach** | Email the team through [zedcrest.com](https://zedcrest.com) with a one-paragraph summary, your traction metrics, and a deck attached. Not the highest-conversion path, but it works if your numbers are strong |
### What you can't find
Zedcrest Capital is notably opaque compared to most African VCs. There is no dedicated Zedcrest Capital website or portfolio page -- the venture arm lives within the broader Zedcrest Group site, which is primarily oriented toward their securities, wealth management, and lending businesses. Individual cheque sizes for portfolio investments (apart from the Leatherback deal) are not publicly disclosed. There is no published investment thesis document, no stated fund vintage timeline, and no public information about fund LPs. The team structure for the venture capital arm specifically (as opposed to the broader group) is unclear -- it is not obvious who makes final investment decisions on the VC side beyond Adedayo Amzat himself. You also will not find a formal application process, evaluation criteria, or timeline for due diligence. This means your preparation has to rely heavily on studying the portfolio pattern and building relationships rather than optimising for a known checklist.
---
## Pitch Format
Zedcrest does not publish formal pitch requirements, so default to best practice: a concise email with a one-paragraph summary of your company, your key traction metrics (revenue, users, growth rate), and a pitch deck attached as a PDF. Given that Zedcrest comes from the institutional finance world rather than the traditional VC world, your deck should be numbers-forward -- lead with your financial model, unit economics, and revenue trajectory rather than a market-size TAM slide. Keep it under 15 slides and make sure your ask is clear.
> **Deck tip:** Even when the application says "optional," submit a deck. Check the [Pitch Deck Library](/founder-stack/pitch-decks) and build a proper one.
---
## African Portfolio Companies
| Company | Country | What They Do |
|---------|---------|-------------|
| Leatherback | UK / Nigeria | Cross-border payment infrastructure across 13+ countries |
| AltSchool | Nigeria | Alternative education and tech skills training platform |
| Helium Health | Nigeria | Electronic health records and hospital management software |
| Indicina | Nigeria | Credit decisioning and data infrastructure for lenders |
| Bankly | Nigeria | Agency banking and financial inclusion platform |
| Julaya | Cote d'Ivoire | B2B payment and payroll solution for West Africa |
| Simpu | Nigeria | Customer engagement and communication platform |
| Bento Africa | Nigeria | Payroll and HR management for African businesses |
| Flex Finance | Nigeria | Consumer and SME financing |
| Lenco | Nigeria | Digital banking for small businesses |
| Abwaab | MENA | Online learning platform (expanding to African markets) |
*Note: This list is based on verified public reporting. Zedcrest does not maintain a public portfolio page, so there may be additional investments not captured here.*
---
## Key Partners
| Name | Role | LinkedIn | X/Twitter |
|------|------|----------|-----------|
| Adedayo Amzat | Founder & Group Managing Director | [linkedin.com/in/adedayoamzat](https://linkedin.com/in/adedayoamzat) | Not verified |
| Luke Ofojebe, CFA | Chief Investment Officer | Not verified | Not verified |
| Ademola Akogun | MD, Investment Banking | Not verified | Not verified |
| Simbiat Bada | MD, Zedcrest Securities | Not verified | Not verified |
*Note: The specific team running venture capital decisions at Zedcrest Capital is not publicly documented. The individuals listed above are the most senior leaders at the group level who influence investment strategy. "Not verified" means we could not confirm an active public profile -- we do not fabricate links.*
---
## Cross-References
- **Track your fundraising metrics** --> [Adtivity](https://adtivity.xyz) (free)
- **Join the founder community** --> [The Trampoline](https://adtivity.xyz/trampoline)
- **Browse all funds** --> [Fund Directory](/founder-stack/funds)
---
## Sources
- [Wikipedia: Adedayo Amzat](https://en.wikipedia.org/wiki/Adedayo_Amzat)
- [BusinessDay: Innovation & Resilience -- Zedcrest's Redefinition of the African Financial Services Landscape](https://businessday.ng/sponsored/article/innovation-resilience-zedcrests-redefinition-of-the-african-financial-services-landscape/)
- [TechCrunch: UK Fintech Startup Leatherback Raises $10M Led by ZedCrest](https://techcrunch.com/2022/04/14/uk-fintech-startup-leatherback-raises-10m-for-its-cross-border-payments-led-by-zedcrest/)
- [CDP Institute: Zedcrest Launches $10M Emergency Fund for African Startups](https://www.cdpinstitute.org/news/zedcrest-launches-10m-emergency-fund-for-african-startups/)
- [Nairametrics: Zedcrest Expands into Investment Banking](https://nairametrics.com/2026/06/02/zedcrest-expands-into-investment-banking-as-demand-for-capital-solutions-grows-across-africa/)
- [Brand Spur: Zedcrest Group Strengthens Institutional Footprint with New Leadership](https://brandspurng.com/2026/04/24/zedcrest-group-strengthens-institutional-footprint-with-new-leadership-and-expanded-offerings/)
- [Zedcrest Group: About Us](https://zedcrest.com/about-us/)
- [Crunchbase: Zedcrest Capital Limited](https://www.crunchbase.com/organization/zedcrest-capital-limited)
- [TechCabal: Zedcrest Wealth Appoints Renah Osiemi as Managing Director](https://techcabal.com/2025/09/08/zedcrest-wealth-appoints-renah-osiemi-as-managing-director/)
---
---
name: Zee Prime Capital
slug: zee-prime-capital
buildTypes: ["Dev-tooling", "Infra-protocol", "AI-x-crypto", "Security-privacy", "DeFi-trading-lending"]
thesis: 'Forged in the depths of the cypherpunk era, a flexible long-term capital firm backing early-stage founders using blockchain and AI to solve real problems. Known for contrarian, long-form public research rather than a standard pitch process.'
website: 'https://www.zeeprime.capital'
apply: 'No public form. The fund is explicit that writing is how it thinks: read its Substack, then cold-email or DM referencing a specific essay. Pitch as a memo, not a deck.'
region: 'Global'
hq: 'Not disclosed'
sectors:
- DeFi
- Infrastructure
- Privacy
- Developer-Tooling
- AI-x-Crypto
- RWA
- AI-ML
stage:
- Pre-Seed
- Seed
chequeMin: null
chequeMax: null
chequeDisplay: 'Not disclosed'
chains:
- Chain-agnostic
- Multi-chain
- NEAR
format: 'Direct outreach'
admissions: 'Rolling'
africaFocus: 'Not Africa-specific'
status: active
tier: '3'
lastVerified: '2026-09-09'
edgeRating: edge-moderate
edgeResources:
- name: Zee Prime Substack
category: pattern-trainer
score: 5
description: >-
The fund states directly that writing is how it thinks and evaluates.
Reading the Substack before reaching out, and referencing a specific
essay in your pitch, is the closest thing to a published rubric here.
link: 'https://zeeprimecap.substack.com/welcome'
- name: Writing section on the main site
category: pattern-trainer
score: 4
description: >-
A dedicated writing page separate from the Substack develops the
fund's cypherpunk and contrarian framing further; read both before
pitching.
link: 'https://zeeprime.capital/writing'
- name: Broad, 70+ company public portfolio
category: portfolio-pattern
score: 3
description: >-
Third-party trackers show roughly 70 to 73 portfolio companies (per
Crunchbase), spanning DeFi, developer tooling, privacy L1s and AI x
crypto. Only a subset was independently classified for this page;
the fund's own site does not publish a full portfolio list.
link: 'https://www.crunchbase.com/hub/zee-prime-capital-portfolio-companies'
- name: Contrarian, non-consensus positioning
category: evaluation-framework
score: 3
description: >-
The fund states it likes being early and weird. A consensus, already-
crowded narrative pitch is a weaker fit than a genuinely contrarian one.
portfolioSectorSplit:
Developer-Tooling: 30
Infrastructure: 20
DeFi: 10
AI-x-Crypto: 10
Privacy: 10
RWA: 10
AI-ML: 10
portfolioChainSplit:
Chain-agnostic: 38
Multi-chain: 37
Ethereum: 13
NEAR: 12
portfolioTotalCount: 73
portfolioClassifiedCount: 10
portfolioUnclassifiedCount: 63
---
> **How to use this page:** Zee Prime is explicit about how it wants to be approached: it thinks in writing, and it wants a memo that responds to a specific published essay, not a generic deck. Its own site does not publish a portfolio list, so most of what is known about its actual investments here comes from third-party trackers; classifiedCount is set low and honestly to reflect that. Read the Substack before you write anything.
---
## A. Header Block
- **Fund name:** Zee Prime Capital
- **One-line thesis:** "Forged in the depths of the cypherpunk era, a flexible long-term capital firm was born."
- **Website:** [zeeprime.capital](https://www.zeeprime.capital)
- **CTA:** [Read the Substack](https://zeeprimecap.substack.com/welcome)
| Tag | Detail |
|-----|--------|
| Region | Global |
| Format | Direct outreach (Substack, X, cold email referencing published writing) |
| Sectors | DeFi, infrastructure, privacy, developer tooling, AI x crypto, RWA, AI-ML/DeSci |
| Stage | Pre-Seed, Seed |
| Cheque Size | Not disclosed |
| Admissions | Rolling |
---
## C. Overview
Zee Prime Capital describes itself as "forged in the depths of the cypherpunk era," a flexible, long-term capital firm backing early-stage founders using blockchain and AI to solve real problems. What sets it apart from most funds in this directory is its explicit relationship to writing: the fund maintains both a dedicated writing section on its main site and an active Substack, and states plainly that this published research is how it thinks, not a marketing add-on to a separate deal process.
The fund's own site does not publish a portfolio page. Third-party trackers (Crunchbase's portfolio hub) list roughly 70 to 73 companies with an average founding date around May 2020, but without individual company descriptions on the hub itself. Names visible include TrueDAO, Subsquid, Zapper, Gensyn, Manta Network, Ceramic Network, Molecule, Biconomy, NEAR and BIO Protocol, which together point at a developer-tooling-and-infrastructure-heavy book with a privacy L1 (Manta) and a DeSci-adjacent position (Molecule, BIO Protocol) mixed in. Because the fund itself does not confirm or describe these positions on its own site, this page classifies only the subset that could be reasonably identified from public knowledge, and states that count honestly rather than projecting confidence the source data does not support.
There is no public application form. The stated path, direct from the fund's own framing, is to read its writing, then cold-email or DM referencing a specific essay, and to pitch as a memo rather than a deck.
**Key stats:**
- Roughly 70 to 73 portfolio companies per third-party tracking (Crunchbase)
- Only 10 independently classified for this page; the rest are unverified by name-level detail
- No public application form; writing-first outreach is the stated path
- Active on both a dedicated site writing section and Substack
---
## D. Key Partners
Individual named partners were not confirmed on the fund's public site in this session. Zee Prime's public voice runs primarily through its writing.
| Contact point | Detail |
|---------|------|
| Substack | [zeeprimecap.substack.com](https://zeeprimecap.substack.com/welcome) |
| Writing | [zeeprime.capital/writing](https://zeeprime.capital/writing) |
---
## E. How to Get In: Step-by-Step Application Process
#### Step 1: Read the Substack and the writing page
Both exist and both are described by the fund as central to how it thinks. Do not skip this step; it is the closest thing this fund has to a published evaluation rubric.
#### Step 2: Find the essay closest to your thesis
Zee Prime writes contrarian, long-form pieces. Find the one closest to your product's category or argument, and reference it specifically in your outreach rather than writing a generic introduction.
#### Step 3: Write a memo, not a deck
The fund's own stated preference is a memo. Structure your outreach as a short, argument-led piece of writing that responds to or extends the fund's published thinking, rather than a slide deck attachment.
#### Step 4: Cold-email or DM with the memo attached or inline
No specific email address or form was confirmed in this session; the fund's Substack and X presence are the accessible public channels. Reference the specific essay you are responding to in your first line.
#### Step 5: Terms
Cheque size, fund size and typical round structure are not disclosed anywhere found in this session. Given the stage focus (Pre-Seed, Seed) and the size of the visible portfolio, expect a modest, likely non-lead cheque.
**Tips that matter here:**
- Being contrarian and early matters more here than at most funds; a consensus narrative is a weaker pitch even if well-executed.
- Developer tooling and infrastructure (Subsquid, Zapper, Biconomy, Ceramic Network) is the clearest classified pattern; lead with it if it fits.
- Privacy and DeSci-adjacent positions (Manta Network, Molecule, BIO Protocol) show real range beyond DeFi; do not assume the fund is DeFi-only.
---
## F. Best Advice from Founders
Founder-sourced advice specific to Zee Prime Capital was not found and verified in this session. The fund's own stated preference, writing over decks, is the most concrete and directly sourced guidance available.
---
## Contextual Edge
**Preparation rating:** Edge-moderate. The fund's thesis and outreach preference are unusually well-articulated in its own words. What is missing is a team page, cheque size, HQ, and any confirmed portfolio list from the fund's own site; everything about actual investments here is triangulated from third-party trackers.
> **Start here:** Read the most recent [Zee Prime Substack](https://zeeprimecap.substack.com/welcome) post in full, then write a short memo that responds to its central argument before you say anything about your own company.
### How Zee Prime's portfolio actually breaks down
| Pattern | What the data says | What it means for you |
|---------|-------------------|----------------------|
| **Developer tooling is the largest classified category** | Subsquid, Zapper and Biconomy (indexing, portfolio tooling, account abstraction) make up 30% of the classified subset. | Infrastructure that other builders rely on is a strong, repeated pattern. |
| **Privacy and DeSci both appear** | Manta Network (privacy L1) and Molecule/BIO Protocol (DeSci-adjacent) show real range beyond DeFi. | Do not assume this fund is DeFi-only; privacy and science-funding protocols have real precedent. |
| **The classified sample is small relative to the real portfolio** | Only 10 of an estimated 70-plus portfolio companies were independently classifiable in this session. | Treat the sector and chain splits here as directional signals from a partial sample, not a complete picture. |
| **Chain-agnostic and multi-chain infrastructure dominate where chain is known** | 75% of the chain-classified subset is chain-agnostic or multi-chain tooling (Subsquid, Zapper, Biconomy, Ceramic, TrueDAO, Gensyn). | The fund is not chain-loyal; cross-chain and chain-agnostic infrastructure fits well. |
### Watch the people who decide
Individual partner names were not confirmed in the public sources checked in this session.
| Who | What they reveal | Where to find it |
|-----|-----------------|------------------|
| **Zee Prime's writing (Substack and site)** | The clearest available signal of what arguments and theses the fund finds convincing. | [zeeprimecap.substack.com](https://zeeprimecap.substack.com/welcome), [zeeprime.capital/writing](https://zeeprime.capital/writing) |
### Find your way in
| Pathway | How it works |
|---------|-------------|
| **Substack engagement** | Reading and referencing specific essays is the fund's own stated preferred entry point. |
| **Memo over deck** | A short, argument-led written pitch, not a slide deck, is explicitly preferred. |
| **Portfolio founder intro** | With an estimated 70-plus portfolio companies, a warm intro through one is plausible though not confirmed as a formal channel. |
### What you can't find
No individual partner names, no cheque size, no fund size, no HQ, and no confirmed portfolio list from the fund's own site were found in this session. The 70-plus company count and the individual names used for classification come from Crunchbase, a third-party tracker, not from Zee Prime itself; verify directly before relying on any of it.
---
## G. Pitch Format Zee Prime Expects
- A memo, explicitly preferred over a deck
- Direct reference to a specific piece of the fund's own published writing
- A genuinely contrarian or non-consensus argument, not a well-executed consensus narrative
- Submitted via cold email or DM; no confirmed form exists
**Cross-reference:** See the full pitch deck guide at `/founder-stack/pitch-decks`
---
## H. Real Portfolio Companies
10 of an estimated 70-plus portfolio companies, sourced from Crunchbase's Zee Prime Capital portfolio hub since the fund's own site does not publish a portfolio list. Sector and chain tags are ours, applied only where publicly known with reasonable confidence; two names (Manta Network's own L1, and several others where chain could not be confirmed) are excluded from the chain table.
| Company | What they do | Sector | Chain |
|---------|-------------|--------|-------|
| Subsquid | Blockchain data indexing | Developer-Tooling | Multi-chain |
| Zapper | DeFi portfolio dashboard | Developer-Tooling | Multi-chain |
| Biconomy | Account abstraction infrastructure | Developer-Tooling | Multi-chain |
| Gensyn | Decentralized AI compute network | AI-x-Crypto | Chain-agnostic |
| TrueDAO | DeFi lending protocol | DeFi | Chain-agnostic |
| Ceramic Network | Decentralized data network | Infrastructure | Chain-agnostic |
| Manta Network | Privacy-focused Layer 1 | Privacy | Not in chain taxonomy (own L1) |
| Molecule | Decentralized science funding | RWA | Ethereum |
| NEAR | Layer 1 blockchain | Infrastructure | NEAR |
| BIO Protocol | Decentralized science infrastructure | AI-ML | Not independently verified |
---
## I. Ecosystem Connections
- **NEAR:** a direct, confirmed position in NEAR itself.
- **Multi-chain and chain-agnostic infrastructure:** Subsquid, Zapper, Biconomy, Gensyn, TrueDAO and Ceramic Network all serve or operate across multiple chains rather than committing to one.
- **Ethereum:** Molecule is the one confirmed Ethereum-native position among the classified subset.
- **Hackathons:** no formal tie found in this session.
---
## J. Cross-Reference Bar
- **Need help with your pitch deck?** [How to write a deck that raises money](/founder-stack/pitch-decks)
- **Get your SAFE ready** [SAFE note templates](/founder-stack/documents)
- **Compare to Reverie**, another writing-and-network-driven micro-VC in this directory: [Reverie](/funds/reverie)
---
## K. Soft CTA
**Built by Adtivity, the growth layer for founders.**
Track your raise, measure your growth, get discovered by investors.
[Join Adtivity Free] -> signup
[Add your profile to The Wall] -> The Wall
---
## Sources
- [Zee Prime Capital homepage](https://www.zeeprime.capital)
- [Zee Prime Capital writing](https://zeeprime.capital/writing)
- [Zee Prime Capital Substack](https://zeeprimecap.substack.com/welcome)
- [Zee Prime Capital portfolio companies hub, Crunchbase](https://www.crunchbase.com/hub/zee-prime-capital-portfolio-companies)
---
---
title: How to apply to 212 Founders (CDG Invest) as an African founder
slug: apply-to-212-founders
section: fund-guides
description: "How to apply to 212 Founders (CDG Invest): Seed and Series A investor writing Up to ~$1.3M (13 MDH) per company cheques. What African founders need to prepar..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: 212-founders
---
## TL;DR
212 Founders (CDG Invest) invests in sector-agnostic companies at Seed and Series A, writes cheques of Up to ~$1.3M (13 MDH) per company, and takes applications through a cohort-based application cycle.
## Who 212 Founders (CDG Invest) is
212 Founders (CDG Invest) is a Morocco / Pan-African / International investor headquartered in Casablanca & Paris. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: The first Moroccan investment and support programme aimed at bringing out world-class startups in connection with Morocco.
On the ground, 212 Founders (CDG Invest) operates as a Seed and Series A investor with an Africa focus described as "Morocco (primary), with pan-African and international reach". The fund's programme operator is CDG Invest.
## What they invest in
- **Stages:** Seed and Series A
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 23% of classified portfolio companies are in SaaS, and 22% are in Logistics.
- **Cheque size:** Up to ~$1.3M (13 MDH) per company
- **Geography focus:** Morocco / Pan-African / International / Yes -- Morocco (primary), with pan-African and international reach
## How to apply
212 Founders (CDG Invest)'s application field reads: "Via the website (cohort-based applications)". A cohort-based process means the fund runs applications in defined batches or program cycles rather than accepting pitches on a rolling basis year-round. You apply within an open window, get evaluated alongside everyone else in that cohort, and hear back on a timeline tied to when that cohort's selection process closes rather than immediately after you submit. Check https://www.212founders.co/ for the current cohort's open dates before you prepare your submission, since applying outside a window usually means waiting for the next one.
## Portfolio pattern
212 Founders (CDG Invest)'s portfolio, as listed in their Trampoline fund page, includes:
- **Inyad** (Morocco): Merchant platform scaled across MENA
- **Freterium** (Morocco): Digital freight logistics (MENA/Indonesia)
- **PayTic** (Morocco): Payment technology
- **Paylik** (Morocco): Fintech platform
- **Joro** (Morocco): Financial services
That spread gives you a sense of what a real check from 212 Founders (CDG Invest) has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
- The current cohort's open application window (check the fund's site before you start)
## FAQ
**Does 212 Founders (CDG Invest) have a sector focus?**
212 Founders (CDG Invest) describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does 212 Founders (CDG Invest) typically write cheques at?**
212 Founders (CDG Invest) invests at Seed and Series A, with cheque sizes of Up to ~$1.3M (13 MDH) per company.
**Do you need a warm intro to apply to 212 Founders (CDG Invest)?**
No. 212 Founders (CDG Invest) takes applications through a cohort-based process, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does 212 Founders (CDG Invest) invest outside Morocco / Pan-African / International?**
212 Founders (CDG Invest)'s Africa focus is described as "Morocco (primary), with pan-African and international reach". Check the [full fund profile](/funds/212-founders) for the exact geographic boundaries before you apply.
**Is 212 Founders (CDG Invest) a remote or in-person fund?**
212 Founders (CDG Invest)'s format is listed as Hybrid (workspaces in Casablanca, Marrakech, and Station F Paris).
## See also
- The full [212 Founders (CDG Invest) profile](/funds/212-founders)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- [A15](/fund-guides/apply-to-a15)
- [AAIC Investment](/fund-guides/apply-to-aaic-investment)
- Back to the [scanner](/)
---
---
title: How to apply to 216 Capital Ventures as an African founder
slug: apply-to-216-capital-ventures
section: fund-guides
description: "How to apply to 216 Capital Ventures: Pre-Seed and Seed investor writing $100K -- $250K cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: 216-capital-ventures
---
## TL;DR
216 Capital Ventures invests in sector-agnostic companies at Pre-Seed and Seed, writes cheques of $100K -- $250K, and takes applications through direct outreach to the team.
## Who 216 Capital Ventures is
216 Capital Ventures is a Tunisia / Africa / MENA investor headquartered in Tunis. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Belief in the potential of Africa, relentless drive for innovation, and unwavering commitment to impact.
On the ground, 216 Capital Ventures operates as a Pre-Seed and Seed investor with an Africa focus described as "Tunisia (primary), pan-African and diaspora". The fund's partner / general partner is Dhekra Khelifi, alongside Hassen Arfaoui (Principal / Investment Manager).
## What they invest in
- **Stages:** Pre-Seed and Seed
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 28% of classified portfolio companies are in SaaS, and 18% are in Fintech.
- **Cheque size:** $100K -- $250K
- **Geography focus:** Tunisia / Africa / MENA / Yes -- Tunisia (primary), pan-African and diaspora
## How to apply
216 Capital Ventures's application path is: "mailto:hello@216capital.vc". This reads as direct outreach rather than a public form, which means the fund is more reachable through a warm introduction or a well-targeted cold message than through a portal. Dhekra Khelifi (Partner / General Partner) is the name most associated with the fund publicly, and a specific, well-prepared message referencing why you fit their stated thesis is a better opener than a generic pitch blast. Check https://216capital.vc/ first in case a form or dedicated email address has since gone live.
## Portfolio pattern
216 Capital Ventures's portfolio, as listed in their Trampoline fund page, includes:
- **My Easy Transfer** (Tunisia): Money transfer fintech
- **Logidoo** (Tunisia/Africa): African shipments and logistics
- **Talenteo** (Tunisia): HRTech platform
- **Addvocate.AI** (Tunisia): AI-powered sales intelligence
- **Deplike** (Tunisia): Music learning edtech
That spread gives you a sense of what a real check from 216 Capital Ventures has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
- A short, specific note explaining why you fit their stated thesis, ready to send cold or through a warm intro
## FAQ
**Does 216 Capital Ventures have a sector focus?**
216 Capital Ventures describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does 216 Capital Ventures typically write cheques at?**
216 Capital Ventures invests at Pre-Seed and Seed, with cheque sizes of $100K -- $250K.
**Do you need a warm intro to apply to 216 Capital Ventures?**
216 Capital Ventures's application path is direct outreach rather than a public form, so a warm introduction generally carries more weight than a cold message, though it is not stated as a hard requirement.
**Does 216 Capital Ventures invest outside Tunisia / Africa / MENA?**
216 Capital Ventures's Africa focus is described as "Tunisia (primary), pan-African and diaspora". Check the [full fund profile](/funds/216-capital-ventures) for the exact geographic boundaries before you apply.
**Is 216 Capital Ventures a remote or in-person fund?**
216 Capital Ventures's format is listed as Hybrid.
## See also
- The full [216 Capital Ventures profile](/funds/216-capital-ventures)
- [3IF Ventures](/fund-guides/apply-to-3if-ventures)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- [A15](/fund-guides/apply-to-a15)
- Back to the [scanner](/)
---
---
title: How to apply to 3IF Ventures as an African founder
slug: apply-to-3if-ventures
section: fund-guides
description: "How to apply to 3IF Ventures: Pre-Seed, Seed, and Series B+ investor writing Not publicly disclosed cheques. What African founders need to prepare before app..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: 3if-ventures
---
## TL;DR
3IF Ventures invests in Climate and Healthtech companies at Pre-Seed, Seed, and Series B+, writes cheques of Not publicly disclosed, and takes applications through a form on their website.
## Who 3IF Ventures is
3IF Ventures is a Pan-African investor headquartered in Zurich, Switzerland (fund manager Rift Partners). Its stated focus is Climate and Healthtech. The thesis, in the fund's own words: Backing technology-enabled insurance businesses to close Africa's insurance protection gap for over one billion uninsured people.
On the ground, 3IF Ventures operates as a Pre-Seed, Seed, and Series B+ investor with an Africa focus described as "Pan-African (ODA-eligible markets)". The fund's general partner is Anthony Chaillet, alongside Dr. Mario Wilhelm (General Partner).
## What they invest in
- **Stages:** Pre-Seed, Seed, and Series B+
- **Sectors:** Climate and Healthtech
- **Cheque size:** Not publicly disclosed
- **Geography focus:** Pan-African / Yes -- Pan-African (ODA-eligible markets)
## How to apply
3IF Ventures takes applications through a form on https://3if.ventures/. The apply field in their Trampoline entry describes it as "Via the website or direct outreach to the team". Go to the site, find the apply or contact path, and submit through that channel rather than emailing partners cold, since a fund that has built a form generally routes everything through it first.
## Portfolio pattern
3IF Ventures's Trampoline fund page does not list named portfolio companies or a classified sector split yet. Check the [full fund profile](/funds/3if-ventures) for the latest, or go straight to https://3if.ventures/ for their current portfolio page.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does 3IF Ventures invest in Climate?**
Yes. Climate is listed among 3IF Ventures's stated sector focus areas.
**What stage does 3IF Ventures typically write cheques at?**
3IF Ventures invests at Pre-Seed, Seed, and Series B+, with cheque sizes of Not publicly disclosed.
**Do you need a warm intro to apply to 3IF Ventures?**
No. 3IF Ventures takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does 3IF Ventures invest outside Pan-African?**
3IF Ventures's Africa focus is described as "Pan-African (ODA-eligible markets)". Check the [full fund profile](/funds/3if-ventures) for the exact geographic boundaries before you apply.
**Is 3IF Ventures a remote or in-person fund?**
3IF Ventures's format is listed as Hybrid.
## See also
- The full [3IF Ventures profile](/funds/3if-ventures)
- [Haske Ventures](/fund-guides/apply-to-haske-ventures)
- [Mercy Corps Ventures](/fund-guides/apply-to-mercy-corps-ventures)
- [Musha Ventures](/fund-guides/apply-to-musha-ventures)
- Back to the [scanner](/)
---
---
title: How to apply to 4DX Ventures as an African founder
slug: apply-to-4dx-ventures
section: fund-guides
description: "How to apply to 4DX Ventures: Pre-Seed, Seed, and Series A investor writing $100K – $500K cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: 4dx-ventures
---
## TL;DR
4DX Ventures invests in sector-agnostic companies at Pre-Seed, Seed, and Series A, writes cheques of $100K – $500K, and takes applications through a direct online application.
## Who 4DX Ventures is
4DX Ventures is a Pan-African, MENA investor headquartered in New York; offices in Accra, Cairo, Nairobi. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Connect people, ideas, and capital to create a thriving African continent and a vibrant global community
On the ground, 4DX Ventures operates as a Pre-Seed, Seed, and Series A investor with an Africa focus described as "Yes - Pan-African (US-Africa bridge)". The fund's co-founder & managing partner is Walter Baddoo, alongside Peter Orth (Co-Founder & Managing Partner) and Daniel Marlo (Managing Partner).
## What they invest in
- **Stages:** Pre-Seed, Seed, and Series A
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 35% of classified portfolio companies are in Fintech, and 16% are in E-commerce.
- **Cheque size:** $100K – $500K
- **Geography focus:** Pan-African, MENA / Yes - Pan-African (US-Africa bridge)
## How to apply
Apply directly at https://www.4dxventures.com/contact. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-24. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
4DX Ventures's portfolio, as listed in their Trampoline fund page, includes:
- **Flutterwave** (Nigeria): Pan-African payments infrastructure, Multiple rounds (valued at $3B+)
- **Andela** (Nigeria): Global technical talent marketplace, Multiple rounds
- **Autochek** (Nigeria): Pan-African digital automotive marketplace, Multiple rounds
- **Nomba** (Nigeria): SME payment and operations suite, Multiple rounds
- **Rise (acquired Chaka)** (Nigeria): Wealth management platform, Multiple rounds
That spread gives you a sense of what a real check from 4DX Ventures has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does 4DX Ventures have a sector focus?**
4DX Ventures describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does 4DX Ventures typically write cheques at?**
4DX Ventures invests at Pre-Seed, Seed, and Series A, with cheque sizes of $100K – $500K.
**Do you need a warm intro to apply to 4DX Ventures?**
No. 4DX Ventures takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does 4DX Ventures invest outside Pan-African, MENA?**
4DX Ventures's Africa focus is described as "Yes - Pan-African (US-Africa bridge)". Check the [full fund profile](/funds/4dx-ventures) for the exact geographic boundaries before you apply.
**Is 4DX Ventures a remote or in-person fund?**
4DX Ventures's format is listed as Remote / Hybrid (VC fund, not an accelerator).
## See also
- The full [4DX Ventures profile](/funds/4dx-ventures)
- [A15](/fund-guides/apply-to-a15)
- [Acumen (ARAF)](/fund-guides/apply-to-acumen-araf)
- [Beltone Venture Capital](/fund-guides/apply-to-beltone-vc)
- Back to the [scanner](/)
---
---
title: How to apply to A15 as an African founder
slug: apply-to-a15
section: fund-guides
description: "How to apply to A15: Pre-Seed, Seed, Series A, and Series B+ investor writing $100K -- $1M cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: a15
---
## TL;DR
A15 invests in sector-agnostic companies at Pre-Seed, Seed, Series A, and Series B+, writes cheques of $100K -- $1M, and takes applications through a direct online application.
## Who A15 is
A15 is a MENA and Africa investor headquartered in Cairo, with portfolio reach across Egypt, Kenya, UAE, Saudi Arabia. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: We partner with exceptional founders building category-defining companies across the Middle East and Africa.
On the ground, A15 operates as a Pre-Seed, Seed, Series A, and Series B+ investor with an Africa focus described as "Egypt primary, with selective investments across East Africa and MENA". The fund's managing partner and co-founder is Karim Beshara, alongside Fadi Antaki (Partner) and Bassem Raafat (Principal).
## What they invest in
- **Stages:** Pre-Seed, Seed, Series A, and Series B+
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 36% of classified portfolio companies are in Fintech, and 15% are in SaaS.
- **Cheque size:** $100K -- $1M
- **Geography focus:** MENA and Africa / Yes -- Egypt primary, with selective investments across East Africa and MENA
## How to apply
Apply directly at https://a15.com/apply. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-24. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
A15's portfolio, as listed in their Trampoline fund page, includes:
- **Paymob** (Egypt): Digital payments infrastructure and payment gateway, Growth
- **TPAY Mobile** (Egypt): Mobile payments and carrier billing, Growth
- **Connect Ads** (Egypt): Digital advertising and media platform, Growth
- **Sympl** (Egypt): Buy-now-pay-later for consumers, Series A
- **Wuzzuf** (Egypt): Job marketplace and recruitment platform, Growth
That spread gives you a sense of what a real check from A15 has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does A15 have a sector focus?**
A15 describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does A15 typically write cheques at?**
A15 invests at Pre-Seed, Seed, Series A, and Series B+, with cheque sizes of $100K -- $1M.
**Do you need a warm intro to apply to A15?**
No. A15 takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does A15 invest outside MENA and Africa?**
A15's Africa focus is described as "Egypt primary, with selective investments across East Africa and MENA". Check the [full fund profile](/funds/a15) for the exact geographic boundaries before you apply.
**Is A15 a remote or in-person fund?**
A15's format is listed as Hybrid.
## See also
- The full [A15 profile](/funds/a15)
- [Beltone Venture Capital](/fund-guides/apply-to-beltone-vc)
- [Raba Partnership](/fund-guides/apply-to-raba-partnership)
- [3IF Ventures](/fund-guides/apply-to-3if-ventures)
- Back to the [scanner](/)
---
---
title: How to apply to AAIC Investment as an African founder
slug: apply-to-aaic-investment
section: fund-guides
description: "How to apply to AAIC Investment: Seed, Series A, and Growth investor writing $500K -- $5M (estimated range across stages) cheques. What African founders need..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: aaic-investment
---
## TL;DR
AAIC Investment invests in sector-agnostic companies at Seed, Series A, and Growth, writes cheques of $500K -- $5M (estimated range across stages), and takes applications through a form on their website.
## Who AAIC Investment is
AAIC Investment is a Pan-African and Asia investor headquartered in Singapore, with offices in Kenya, Nigeria, Egypt. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Investing in innovative companies in Africa that achieve sustainable economic growth and solve social issues, with a focus on healthcare.
On the ground, AAIC Investment operates as a Seed, Series A, and Growth investor with an Africa focus described as "Pan-African (Kenya, Nigeria, South Africa, Egypt, Rwanda, Uganda, Tanzania, Ghana, and 25+ countries)". The fund's founder and ceo is Susumu Tsubaki, alongside Hiroki Ishida (Director, Kenya Office) and Nobuhiko Ichiyama (Director, Nigeria).
## What they invest in
- **Stages:** Seed, Series A, and Growth
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 85% of classified portfolio companies are in Healthtech, and 15% are in Fintech.
- **Cheque size:** $500K -- $5M (estimated range across stages)
- **Geography focus:** Pan-African and Asia / Yes -- Pan-African (Kenya, Nigeria, South Africa, Egypt, Rwanda, Uganda, Tanzania, Ghana, and 25+ countries)
## How to apply
AAIC Investment takes applications through a form on https://aaicinvestment.com/. The apply field in their Trampoline entry describes it as "Contact via the website or reach out to regional team members on LinkedIn.". Go to the site, find the apply or contact path, and submit through that channel rather than emailing partners cold, since a fund that has built a form generally routes everything through it first.
## Portfolio pattern
AAIC Investment's portfolio, as listed in their Trampoline fund page, includes:
- **Africa Healthcare Network** (Rwanda/Tanzania/Kenya): Dialysis clinic network across East Africa, Growth
- **Helium Health** (Nigeria/Pan-African): Hospital management software and telemedicine, Growth
- **DeepEcho** (Egypt): AI-powered fetal ultrasound (FDA cleared), Series A
- **Revital Healthcare** (Kenya): Medical supplies and consumables manufacturer, Growth
- **ILARA Health** (Kenya): Point-of-care diagnostics for clinics, Series A
That spread gives you a sense of what a real check from AAIC Investment has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does AAIC Investment have a sector focus?**
AAIC Investment describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does AAIC Investment typically write cheques at?**
AAIC Investment invests at Seed, Series A, and Growth, with cheque sizes of $500K -- $5M (estimated range across stages).
**Do you need a warm intro to apply to AAIC Investment?**
No. AAIC Investment takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does AAIC Investment invest outside Pan-African and Asia?**
AAIC Investment's Africa focus is described as "Pan-African (Kenya, Nigeria, South Africa, Egypt, Rwanda, Uganda, Tanzania, Ghana, and 25+ countries)". Check the [full fund profile](/funds/aaic-investment) for the exact geographic boundaries before you apply.
**Is AAIC Investment a remote or in-person fund?**
AAIC Investment's format is listed as Hybrid.
## See also
- The full [AAIC Investment profile](/funds/aaic-investment)
- [AHL Venture Partners](/fund-guides/apply-to-ahl-venture-partners)
- [Alitheia Capital](/fund-guides/apply-to-alitheia-capital)
- [Aruwa Capital Management](/fund-guides/apply-to-aruwa-capital)
- Back to the [scanner](/)
---
---
title: How to apply to Acumen (ARAF) as an African founder
slug: apply-to-acumen-araf
section: fund-guides
description: "How to apply to Acumen (ARAF): Pre-Seed, Seed, and Series A investor writing $300K -- $4M cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: acumen-araf
---
## TL;DR
Acumen (ARAF) invests in Agritech and Climate companies at Pre-Seed, Seed, and Series A, writes cheques of $300K -- $4M, and takes applications through direct outreach to the team.
## Who Acumen (ARAF) is
Acumen (ARAF) is a East Africa, West Africa, North Africa investor headquartered in Nairobi. Its stated focus is Agritech and Climate. The thesis, in the fund's own words: We invest in pioneering agribusinesses that enhance the climate resilience of smallholder farmers in Africa.
On the ground, Acumen (ARAF) operates as a Pre-Seed, Seed, and Series A investor with an Africa focus described as "East Africa (Kenya, Uganda, Tanzania), West Africa (Nigeria, Ghana), expanding North Africa". The fund's managing director is Tamer El-Raghy, alongside Rebecca Mincy (Investment Director) and Akwugo Onuekwusi (Associate Director).
## What they invest in
- **Stages:** Pre-Seed, Seed, and Series A
- **Sectors:** Agritech and Climate
- **Cheque size:** $300K -- $4M
- **Geography focus:** East Africa, West Africa, North Africa / Yes -- East Africa (Kenya, Uganda, Tanzania), West Africa (Nigeria, Ghana), expanding North Africa
## How to apply
Acumen (ARAF)'s application path is: "Warm intros preferred". This reads as direct outreach rather than a public form, which means the fund is more reachable through a warm introduction or a well-targeted cold message than through a portal. Tamer El-Raghy (Managing Director) is the name most associated with the fund publicly, and a specific, well-prepared message referencing why you fit their stated thesis is a better opener than a generic pitch blast. Check https://arafund.com/ first in case a form or dedicated email address has since gone live.
## Portfolio pattern
Acumen (ARAF)'s portfolio, as listed in their Trampoline fund page, includes:
- **SunCulture** (Kenya): Pay-as-you-go solar irrigation for smallholder farmers, Growth (total raised $53M+)
- **Tomato Jos** (Nigeria): Commercial tomato processing with smallholder farmer partnerships, Series A ($4.28M total raised)
- **FarmWorks** (Kenya): Agronomy training, quality inputs, machinery, and market access for farmers, Early Growth ($4M total raised)
- **Victory Farms** (Kenya): Fast-growing aquaculture and white protein platform in East Africa, Early Growth
- **Complete Farmer** (Ghana): Tech-enabled farming platform allowing users to own shares in farms, Early
That spread gives you a sense of what a real check from Acumen (ARAF) has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
- A short, specific note explaining why you fit their stated thesis, ready to send cold or through a warm intro
## FAQ
**Does Acumen (ARAF) invest in Agritech?**
Yes. Agritech is listed among Acumen (ARAF)'s stated sector focus areas.
**What stage does Acumen (ARAF) typically write cheques at?**
Acumen (ARAF) invests at Pre-Seed, Seed, and Series A, with cheque sizes of $300K -- $4M.
**Do you need a warm intro to apply to Acumen (ARAF)?**
Acumen (ARAF)'s application path is direct outreach rather than a public form, so a warm introduction generally carries more weight than a cold message, though it is not stated as a hard requirement.
**Does Acumen (ARAF) invest outside East Africa, West Africa, North Africa?**
Acumen (ARAF)'s Africa focus is described as "East Africa (Kenya, Uganda, Tanzania), West Africa (Nigeria, Ghana), expanding North Africa". Check the [full fund profile](/funds/acumen-araf) for the exact geographic boundaries before you apply.
**Is Acumen (ARAF) a remote or in-person fund?**
Acumen (ARAF)'s format is listed as In-Person.
## See also
- The full [Acumen (ARAF) profile](/funds/acumen-araf)
- [AHL Venture Partners](/fund-guides/apply-to-ahl-venture-partners)
- [Delta40 / Factor[e] Ventures](/fund-guides/apply-to-delta40-factor-e)
- [E3 Capital](/fund-guides/apply-to-e3-capital)
- Back to the [scanner](/)
---
---
title: How to apply to AfricInvest (Cathay AfricInvest Innovation Fund) as an African founder
slug: apply-to-africinvest
section: fund-guides
description: "How to apply to AfricInvest (Cathay AfricInvest Innovation Fund): Seed, Series A, and Series B+ investor writing $1M -- $10M cheques. What African founders n..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: africinvest
---
## TL;DR
AfricInvest (Cathay AfricInvest Innovation Fund) invests in sector-agnostic companies at Seed, Series A, and Series B+, writes cheques of $1M -- $10M, and takes applications through a form on their website.
## Who AfricInvest (Cathay AfricInvest Innovation Fund) is
AfricInvest (Cathay AfricInvest Innovation Fund) is a Pan-African investor headquartered in Tunis, with offices in Casablanca, Cairo, Abidjan, Lagos, Nairobi, Paris, and Dubai. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Backing entrepreneurs bringing innovative and inclusive technologies to Africa.
On the ground, AfricInvest (Cathay AfricInvest Innovation Fund) operates as a Seed, Series A, and Series B+ investor with an Africa focus described as "Pan-African (35+ countries, North and Sub-Saharan Africa)". The fund's founding partner is Ziad Oueslati, alongside Skander Oueslati (Co-Founder, CIO and Deputy MD).
## What they invest in
- **Stages:** Seed, Series A, and Series B+
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 50% of classified portfolio companies are in Fintech, and 13% are in AI-ML.
- **Cheque size:** $1M -- $10M
- **Geography focus:** Pan-African / Yes -- Pan-African (35+ countries, North and Sub-Saharan Africa)
## How to apply
AfricInvest (Cathay AfricInvest Innovation Fund) takes applications through a form on https://www.africinvest.com/. The apply field in their Trampoline entry describes it as "Contact via the website or warm introductions through portfolio companies and LP networks.". Go to the site, find the apply or contact path, and submit through that channel rather than emailing partners cold, since a fund that has built a form generally routes everything through it first.
## Portfolio pattern
AfricInvest (Cathay AfricInvest Innovation Fund)'s portfolio, as listed in their Trampoline fund page, includes:
- **InstaDeep** (Tunisia): AI and decision-making systems (acquired by BioNTech for $682M), Growth
- **PalmPay** (Nigeria): Mobile payments and digital financial services, Growth
- **Boomplay** (Nigeria): Music streaming platform for Africa, Growth
- **Heetch** (Morocco/Algeria): Ride-sharing and mobility platform, Series B
- **GoMyCode** (Tunisia): Coding education and tech training, Series A
That spread gives you a sense of what a real check from AfricInvest (Cathay AfricInvest Innovation Fund) has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does AfricInvest (Cathay AfricInvest Innovation Fund) have a sector focus?**
AfricInvest (Cathay AfricInvest Innovation Fund) describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does AfricInvest (Cathay AfricInvest Innovation Fund) typically write cheques at?**
AfricInvest (Cathay AfricInvest Innovation Fund) invests at Seed, Series A, and Series B+, with cheque sizes of $1M -- $10M.
**Do you need a warm intro to apply to AfricInvest (Cathay AfricInvest Innovation Fund)?**
No. AfricInvest (Cathay AfricInvest Innovation Fund) takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does AfricInvest (Cathay AfricInvest Innovation Fund) invest outside Pan-African?**
AfricInvest (Cathay AfricInvest Innovation Fund)'s Africa focus is described as "Pan-African (35+ countries, North and Sub-Saharan Africa)". Check the [full fund profile](/funds/africinvest) for the exact geographic boundaries before you apply.
**Is AfricInvest (Cathay AfricInvest Innovation Fund) a remote or in-person fund?**
AfricInvest (Cathay AfricInvest Innovation Fund)'s format is listed as Hybrid.
## See also
- The full [AfricInvest (Cathay AfricInvest Innovation Fund) profile](/funds/africinvest)
- [A15](/fund-guides/apply-to-a15)
- [Al Mada Ventures](/fund-guides/apply-to-al-mada-ventures)
- [Algebra Ventures](/fund-guides/apply-to-algebra-ventures)
- Back to the [scanner](/)
---
---
title: How to apply to AHL Venture Partners as an African founder
slug: apply-to-ahl-venture-partners
section: fund-guides
description: "How to apply to AHL Venture Partners: Seed, Series A, and Growth investor writing Varies by instrument (equity legacy + new credit fund) cheques. What Africa..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: ahl-venture-partners
---
## TL;DR
AHL Venture Partners invests in Climate, Fintech, and Agritech companies at Seed, Series A, and Growth, writes cheques of Varies by instrument (equity legacy + new credit fund), and takes applications through a form on their website.
## Who AHL Venture Partners is
AHL Venture Partners is a Pan-African investor headquartered in Nairobi. Its stated focus is Climate, Fintech, and Agritech. The thesis, in the fund's own words: using responsible profit to drive African development forward through innovative, scalable businesses solving social and environmental challenges.
On the ground, AHL Venture Partners operates as a Seed, Series A, and Growth investor with an Africa focus described as "27+ African countries, with strong presence in East, West, and Southern Africa". The fund's ceo is Rosanne Whalley, alongside Kerry Nasidai (Investment Manager).
## What they invest in
- **Stages:** Seed, Series A, and Growth
- **Sectors:** Climate, Fintech, and Agritech
- **Cheque size:** Varies by instrument (equity legacy + new credit fund)
- **Geography focus:** Pan-African / Yes -- 27+ African countries, with strong presence in East, West, and Southern Africa
## How to apply
AHL Venture Partners takes applications through a form on https://www.ahlventurepartners.com/. The apply field in their Trampoline entry describes it as "Via the website or direct outreach to the team". Go to the site, find the apply or contact path, and submit through that channel rather than emailing partners cold, since a fund that has built a form generally routes everything through it first.
## Portfolio pattern
AHL Venture Partners's portfolio, as listed in their Trampoline fund page, includes:
- **M-KOPA Solar** (Kenya): Pay-as-you-go solar energy
- **Twiga Foods** (Kenya): B2B agricultural supply chain
- **Burn** (Kenya): Clean cookstove manufacturing
- **Powergen Renewable Energy** (Kenya): Renewable energy mini-grids
- **Sidai Africa** (Kenya): Livestock health services delivery
That spread gives you a sense of what a real check from AHL Venture Partners has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does AHL Venture Partners invest in Climate?**
Yes. Climate is listed among AHL Venture Partners's stated sector focus areas.
**What stage does AHL Venture Partners typically write cheques at?**
AHL Venture Partners invests at Seed, Series A, and Growth, with cheque sizes of Varies by instrument (equity legacy + new credit fund).
**Do you need a warm intro to apply to AHL Venture Partners?**
No. AHL Venture Partners takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does AHL Venture Partners invest outside Pan-African?**
AHL Venture Partners's Africa focus is described as "27+ African countries, with strong presence in East, West, and Southern Africa". Check the [full fund profile](/funds/ahl-venture-partners) for the exact geographic boundaries before you apply.
**Is AHL Venture Partners a remote or in-person fund?**
AHL Venture Partners's format is listed as Hybrid.
## See also
- The full [AHL Venture Partners profile](/funds/ahl-venture-partners)
- [Goodwell Investments](/fund-guides/apply-to-goodwell-investments)
- [Haske Ventures](/fund-guides/apply-to-haske-ventures)
- [Mercy Corps Ventures](/fund-guides/apply-to-mercy-corps-ventures)
- Back to the [scanner](/)
---
---
title: How to apply to Ajim Capital as an African founder
slug: apply-to-ajim-capital
section: fund-guides
description: "How to apply to Ajim Capital: Pre-Seed and Seed cheques of $100K -- $500K for Fintech startups, application path, and what African founders should prepare."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: ajim-capital
---
## TL;DR
Ajim Capital invests in Fintech, Logistics, SaaS, AI-ML, and E-commerce companies at Pre-Seed and Seed, writes cheques of $100K -- $500K, and takes applications through a direct online application.
## Who Ajim Capital is
Ajim Capital is a Sub-Saharan Africa investor headquartered in Austin, TX. Its stated focus is Fintech, Logistics, SaaS, AI-ML, and E-commerce. The thesis, in the fund's own words: The right kind of innovation doesn't just build companies, it builds countries. Investing in pre-seed and seed-stage African startups by mapping 300+ proven business models to Africa's infrastructure gaps.
On the ground, Ajim Capital operates as a Pre-Seed and Seed investor with an Africa focus described as "sub-Saharan Africa exclusively". The fund's founder & managing partner is Eunice Ajim.
## What they invest in
- **Stages:** Pre-Seed and Seed
- **Sectors:** Fintech, Logistics, SaaS, AI-ML, and E-commerce
- **Cheque size:** $100K -- $500K
- **Geography focus:** Sub-Saharan Africa / Yes -- sub-Saharan Africa exclusively
## How to apply
Apply directly at https://ajimcapital.com/. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-29. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
Ajim Capital's portfolio, as listed in their Trampoline fund page, includes:
- **Raenest** (Nigeria): Financial technology ($14.3M raised)
- **Dojah** (Nigeria): Identity verification and fraud prevention
- **Eazipay** (Nigeria): Payroll and HR management
- **BuuPass** (Kenya): Transportation ticketing platform
- **Flex Finance** (Nigeria): Spend management
That spread gives you a sense of what a real check from Ajim Capital has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Ajim Capital invest in Fintech?**
Yes. Fintech is listed among Ajim Capital's stated sector focus areas.
**What stage does Ajim Capital typically write cheques at?**
Ajim Capital invests at Pre-Seed and Seed, with cheque sizes of $100K -- $500K.
**Do you need a warm intro to apply to Ajim Capital?**
No. Ajim Capital takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Ajim Capital invest outside Sub-Saharan Africa?**
Ajim Capital's Africa focus is described as "sub-Saharan Africa exclusively". Check the [full fund profile](/funds/ajim-capital) for the exact geographic boundaries before you apply.
**Is Ajim Capital a remote or in-person fund?**
Ajim Capital's format is listed as Remote-first (solo GP).
## See also
- The full [Ajim Capital profile](/funds/ajim-capital)
- [Musha Ventures](/fund-guides/apply-to-musha-ventures)
- [Haske Ventures](/fund-guides/apply-to-haske-ventures)
- [Magic Fund](/fund-guides/apply-to-magic-fund)
- Back to the [scanner](/)
---
---
title: How to apply to Al Mada Ventures as an African founder
slug: apply-to-al-mada-ventures
section: fund-guides
description: "How to apply to Al Mada Ventures: Seed, Series A, and Series B+ investor writing $500K -- $6M (follow-on up to $10M) cheques. What African founders need to p..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: al-mada-ventures
---
## TL;DR
Al Mada Ventures invests in sector-agnostic companies at Seed, Series A, and Series B+, writes cheques of $500K -- $6M (follow-on up to $10M), and takes applications through direct outreach to the team.
## Who Al Mada Ventures is
Al Mada Ventures is a Pan-African investor headquartered in Casablanca, with coverage across 27 markets. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: We invest in scalable, sustainable, and innovative companies that have the power to reshape industries across the African continent.
On the ground, Al Mada Ventures operates as a Seed, Series A, and Series B+ investor with an Africa focus described as "Pan-African (North Africa, Francophone West/Central Africa, expanding East and Southern Africa)". The fund's managing director is Omar Laalej, alongside Narjisse Belmahi (CFO and COO) and Yassine Soual (Investment Director).
## What they invest in
- **Stages:** Seed, Series A, and Series B+
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 23% of classified portfolio companies are in Fintech, and 16% are in Agritech.
- **Cheque size:** $500K -- $6M (follow-on up to $10M)
- **Geography focus:** Pan-African / Yes -- Pan-African (North Africa, Francophone West/Central Africa, expanding East and Southern Africa)
## How to apply
Al Mada Ventures's application path is: "mailto:contact@almadaventures.com". This reads as direct outreach rather than a public form, which means the fund is more reachable through a warm introduction or a well-targeted cold message than through a portal. Omar Laalej (Managing Director) is the name most associated with the fund publicly, and a specific, well-prepared message referencing why you fit their stated thesis is a better opener than a generic pitch blast. Check https://www.almadaventures.com/ first in case a form or dedicated email address has since gone live.
## Portfolio pattern
Al Mada Ventures's portfolio, as listed in their Trampoline fund page, includes:
- **Money Fellows** (Egypt): Digital money circles and consumer fintech, Pre-Series C ($13M)
- **Gozem** (Togo): Super-app for mobility, delivery, and financial services, Series B ($30M)
- **YoLa Fresh** (Morocco): Fresh produce supply chain and distribution, Seed ($7M)
- **Deepecho** (Morocco): AI-powered prenatal ultrasound diagnostics, Early stage
- **Susu** (Ivory Coast): Health insurance and healthcare access platform, Seed
That spread gives you a sense of what a real check from Al Mada Ventures has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
- A short, specific note explaining why you fit their stated thesis, ready to send cold or through a warm intro
## FAQ
**Does Al Mada Ventures have a sector focus?**
Al Mada Ventures describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Al Mada Ventures typically write cheques at?**
Al Mada Ventures invests at Seed, Series A, and Series B+, with cheque sizes of $500K -- $6M (follow-on up to $10M).
**Do you need a warm intro to apply to Al Mada Ventures?**
Al Mada Ventures's application path is direct outreach rather than a public form, so a warm introduction generally carries more weight than a cold message, though it is not stated as a hard requirement.
**Does Al Mada Ventures invest outside Pan-African?**
Al Mada Ventures's Africa focus is described as "Pan-African (North Africa, Francophone West/Central Africa, expanding East and Southern Africa)". Check the [full fund profile](/funds/al-mada-ventures) for the exact geographic boundaries before you apply.
**Is Al Mada Ventures a remote or in-person fund?**
Al Mada Ventures's format is listed as Hybrid.
## See also
- The full [Al Mada Ventures profile](/funds/al-mada-ventures)
- [A15](/fund-guides/apply-to-a15)
- [AfricInvest (Cathay AfricInvest Innovation Fund)](/fund-guides/apply-to-africinvest)
- [Algebra Ventures](/fund-guides/apply-to-algebra-ventures)
- Back to the [scanner](/)
---
---
title: How to apply to Algebra Ventures as an African founder
slug: apply-to-algebra-ventures
section: fund-guides
description: "How to apply to Algebra Ventures: Seed, Series A, and Series B+ investor writing $500K – $5M cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: algebra-ventures
---
## TL;DR
Algebra Ventures invests in sector-agnostic companies at Seed, Series A, and Series B+, writes cheques of $500K – $5M, and takes applications through a direct online application.
## Who Algebra Ventures is
Algebra Ventures is a Pan-African investor headquartered in Cairo, expanding into Morocco, Nigeria, East Africa. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: supporting entrepreneurs to improve people's lives at scale
On the ground, Algebra Ventures operates as a Seed, Series A, and Series B+ investor with an Africa focus described as "Yes - Egypt-based, Africa-focused (expanding pan-African)". The fund's managing partner is Tarek Assaad, alongside Karim Hussein (Managing Partner) and Laila Hassan (Managing Partner (promoted 2025)).
## What they invest in
- **Stages:** Seed, Series A, and Series B+
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 32% of classified portfolio companies are in Fintech, and 25% are in E-commerce.
- **Cheque size:** $500K – $5M
- **Geography focus:** Pan-African / Yes - Egypt-based, Africa-focused (expanding pan-African)
## How to apply
Apply directly at https://algebraventures.com/contact. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-24. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
Algebra Ventures's portfolio, as listed in their Trampoline fund page, includes:
- **Blnk** (Egypt): Point-of-sale consumer financing, $37M total ($12.5M Series A led by Algebra)
- **Sylndr** (Egypt): Used car e-commerce marketplace, $15.7M Series A (2025), $12.6M (2022), $7.5M (2024)
- **Cartona** (Egypt): B2B marketplace connecting retailers with distributors, $8.1M round
- **Connect Money** (Egypt): Embedded finance and banking-as-a-service, $8M Seed
- **Octane** (Egypt): Digital fleet payments and vehicle expense wallet, $5.2M round
That spread gives you a sense of what a real check from Algebra Ventures has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Algebra Ventures have a sector focus?**
Algebra Ventures describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Algebra Ventures typically write cheques at?**
Algebra Ventures invests at Seed, Series A, and Series B+, with cheque sizes of $500K – $5M.
**Do you need a warm intro to apply to Algebra Ventures?**
No. Algebra Ventures takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Algebra Ventures invest outside Pan-African?**
Algebra Ventures's Africa focus is described as "Yes - Egypt-based, Africa-focused (expanding pan-African)". Check the [full fund profile](/funds/algebra-ventures) for the exact geographic boundaries before you apply.
**Is Algebra Ventures a remote or in-person fund?**
Algebra Ventures's format is listed as In-Person / Hybrid (direct equity investment, not an accelerator).
## See also
- The full [Algebra Ventures profile](/funds/algebra-ventures)
- [A15](/fund-guides/apply-to-a15)
- [AfricInvest (Cathay AfricInvest Innovation Fund)](/fund-guides/apply-to-africinvest)
- [Al Mada Ventures](/fund-guides/apply-to-al-mada-ventures)
- Back to the [scanner](/)
---
---
title: How to apply to Alitheia Capital as an African founder
slug: apply-to-alitheia-capital
section: fund-guides
description: "How to apply to Alitheia Capital: Seed, Series A, Series B+, and Growth investor writing $1M -- $8M cheques. What African founders need to prepare before app..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: alitheia-capital
---
## TL;DR
Alitheia Capital invests in sector-agnostic companies at Seed, Series A, Series B+, and Growth, writes cheques of $1M -- $8M, and takes applications through a direct online application.
## Who Alitheia Capital is
Alitheia Capital is a Pan-African investor headquartered in Lagos, with presence in Johannesburg and Ghana. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: True profit with a purpose: deploying capital into SMEs generating financial returns while addressing business, social, or environmental community needs.
On the ground, Alitheia Capital operates as a Seed, Series A, Series B+, and Growth investor with an Africa focus described as "Pan-African (Nigeria, South Africa, Ghana, Zambia, Zimbabwe, Ivory Coast)". The fund's co-founder and managing director is Tokunboh Ishmael, alongside Polo Leteka Radebe (Co-Founder and Principal Partner (South Africa)).
## What they invest in
- **Stages:** Seed, Series A, Series B+, and Growth
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 24% of classified portfolio companies are in Consumer, and 14% are in Fintech.
- **Cheque size:** $1M -- $8M
- **Geography focus:** Pan-African / Yes -- Pan-African (Nigeria, South Africa, Ghana, Zambia, Zimbabwe, Ivory Coast)
## How to apply
Apply directly at https://www.alitheiaidf.com/. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-24. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
Alitheia Capital's portfolio, as listed in their Trampoline fund page, includes:
- **Paga** (Nigeria): Mobile payments and digital financial services, Growth
- **MAX** (Nigeria/Ghana): Electric vehicle logistics and ride-hailing, Growth
- **Jetstream** (Ghana/Nigeria): Digital freight forwarding for cross-border trade, Series A
- **Haul247** (Nigeria): Asset-light logistics platform, Growth
- **OmniBiz** (Nigeria/Ghana/Ivory Coast): B2B platform linking retailers with FMCG suppliers, Growth
That spread gives you a sense of what a real check from Alitheia Capital has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Alitheia Capital have a sector focus?**
Alitheia Capital describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Alitheia Capital typically write cheques at?**
Alitheia Capital invests at Seed, Series A, Series B+, and Growth, with cheque sizes of $1M -- $8M.
**Do you need a warm intro to apply to Alitheia Capital?**
No. Alitheia Capital takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Alitheia Capital invest outside Pan-African?**
Alitheia Capital's Africa focus is described as "Pan-African (Nigeria, South Africa, Ghana, Zambia, Zimbabwe, Ivory Coast)". Check the [full fund profile](/funds/alitheia-capital) for the exact geographic boundaries before you apply.
**Is Alitheia Capital a remote or in-person fund?**
Alitheia Capital's format is listed as Hybrid.
## See also
- The full [Alitheia Capital profile](/funds/alitheia-capital)
- [Beltone Venture Capital](/fund-guides/apply-to-beltone-vc)
- [I&P (Investisseurs & Partenaires)](/fund-guides/apply-to-i-and-p)
- [A15](/fund-guides/apply-to-a15)
- Back to the [scanner](/)
---
---
title: How to apply to All On as an African founder
slug: apply-to-all-on
section: fund-guides
description: "How to apply to All On: Seed and Series A cheques of $500K -- $2M for Climate startups, application path, and what African founders should prepare."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: all-on
---
## TL;DR
All On invests in Climate companies at Seed and Series A, writes cheques of $500K -- $2M, and takes applications through direct outreach to the team.
## Who All On is
All On is a Nigeria investor headquartered in Lagos. Its stated focus is Climate. The thesis, in the fund's own words: Increasing access to commercial energy products and services for underserved and unserved off-grid energy markets in Nigeria.
On the ground, All On operates as a Seed and Series A investor with an Africa focus described as "Nigeria exclusively, with emphasis on Niger Delta". The fund's acting ceo is Afolabi Akinrogunde.
## What they invest in
- **Stages:** Seed and Series A
- **Sectors:** Climate
- **Cheque size:** $500K -- $2M
- **Geography focus:** Nigeria / Yes -- Nigeria exclusively, with emphasis on Niger Delta
## How to apply
All On's application path is: "Via the Off-Grid Energy Challenge (annual) or direct investment applications through the website". This reads as direct outreach rather than a public form, which means the fund is more reachable through a warm introduction or a well-targeted cold message than through a portal. Afolabi Akinrogunde (Acting CEO) is the name most associated with the fund publicly, and a specific, well-prepared message referencing why you fit their stated thesis is a better opener than a generic pitch blast. Check https://www.all-on.com/ first in case a form or dedicated email address has since gone live.
## Portfolio pattern
All On's portfolio, as listed in their Trampoline fund page, includes:
- **Arnergy** (Nigeria): Distributed solar energy systems
- **Lumos** (Nigeria): Solar home systems
- **Havenhill Synergy** (Nigeria): Solar mini-grid operator
- **Prado Power** (Nigeria): Solar mini-grid developer
- **Auxano Solar** (Nigeria): Solar mini-grid deployment
That spread gives you a sense of what a real check from All On has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
- A short, specific note explaining why you fit their stated thesis, ready to send cold or through a warm intro
## FAQ
**Does All On invest in Climate?**
Yes. Climate is listed among All On's stated sector focus areas.
**What stage does All On typically write cheques at?**
All On invests at Seed and Series A, with cheque sizes of $500K -- $2M.
**Do you need a warm intro to apply to All On?**
All On's application path is direct outreach rather than a public form, so a warm introduction generally carries more weight than a cold message, though it is not stated as a hard requirement.
**Does All On invest outside Nigeria?**
All On's Africa focus is described as "Nigeria exclusively, with emphasis on Niger Delta". Check the [full fund profile](/funds/all-on) for the exact geographic boundaries before you apply.
**Is All On a remote or in-person fund?**
All On's format is listed as Hybrid (direct investment + challenge programme).
## See also
- The full [All On profile](/funds/all-on)
- [Acumen (ARAF)](/fund-guides/apply-to-acumen-araf)
- [AHL Venture Partners](/fund-guides/apply-to-ahl-venture-partners)
- [E3 Capital](/fund-guides/apply-to-e3-capital)
- Back to the [scanner](/)
---
---
title: How to apply to Anara Impact Capital as an African founder
slug: apply-to-anara-impact-capital
section: fund-guides
description: "How to apply to Anara Impact Capital: Seed and Series A investor writing $500K -- $5M cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: anara-impact-capital
---
## TL;DR
Anara Impact Capital invests in sector-agnostic companies at Seed and Series A, writes cheques of $500K -- $5M, and takes applications through a form on their website.
## Who Anara Impact Capital is
Anara Impact Capital is a MENA / North Africa investor headquartered in Amsterdam. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Backing technology founders in the MENA region who are building a more prosperous, healthy, and sustainable world across learning, wellbeing, and climate.
On the ground, Anara Impact Capital operates as a Seed and Series A investor with an Africa focus described as "Egypt, Morocco, Tunisia (within broader MENA mandate)". The fund's managing partner is Nafez Dakkak, alongside Mohamed Hussain (Managing Partner) and Nadia Moukaddam (Managing Partner).
## What they invest in
- **Stages:** Seed and Series A
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 100% of classified portfolio companies are in Healthtech.
- **Cheque size:** $500K -- $5M
- **Geography focus:** MENA / North Africa / Yes -- Egypt, Morocco, Tunisia (within broader MENA mandate)
## How to apply
Anara Impact Capital takes applications through a form on https://anaraimpact.com/. The apply field in their Trampoline entry describes it as "Via the website or direct outreach to the team". Go to the site, find the apply or contact path, and submit through that channel rather than emailing partners cold, since a fund that has built a form generally routes everything through it first.
## Portfolio pattern
Anara Impact Capital does not have a named portfolio company list on their Trampoline fund page, but the sector split of their classified portfolio breaks down as 100% Healthtech. Geographically, 100% Egypt. This is based on 1 classified portfolio companies.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Anara Impact Capital have a sector focus?**
Anara Impact Capital describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Anara Impact Capital typically write cheques at?**
Anara Impact Capital invests at Seed and Series A, with cheque sizes of $500K -- $5M.
**Do you need a warm intro to apply to Anara Impact Capital?**
No. Anara Impact Capital takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Anara Impact Capital invest outside MENA / North Africa?**
Anara Impact Capital's Africa focus is described as "Egypt, Morocco, Tunisia (within broader MENA mandate)". Check the [full fund profile](/funds/anara-impact-capital) for the exact geographic boundaries before you apply.
**Is Anara Impact Capital a remote or in-person fund?**
Anara Impact Capital's format is listed as Hybrid.
## See also
- The full [Anara Impact Capital profile](/funds/anara-impact-capital)
- [212 Founders (CDG Invest)](/fund-guides/apply-to-212-founders)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- [A15](/fund-guides/apply-to-a15)
- Back to the [scanner](/)
---
---
title: How to apply to Apis Partners as an African founder
slug: apply-to-apis-partners
section: fund-guides
description: "How to apply to Apis Partners: Growth investor writing $30M -- $50M+ (growth equity scale) cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: apis-partners
---
## TL;DR
Apis Partners invests in Infrastructure companies at Growth, writes cheques of $30M -- $50M+ (growth equity scale), and takes applications through a direct online application.
## Who Apis Partners is
Apis Partners is a Growth Markets and Europe investor headquartered in London, with offices in Dubai and Singapore. Its stated focus is Infrastructure. The thesis, in the fund's own words: Investing in essential financial infrastructure businesses with proven unit economics across growth markets and Europe.
On the ground, Apis Partners operates as a Growth investor with an Africa focus described as "Sub-Saharan Africa and MENA are core growth markets (Egypt, South Africa, Nigeria, Pan-African)". The fund's co-founder and managing partner is Matteo Stefanel, alongside Udayan Goyal (Co-Founder and Managing Partner).
## What they invest in
- **Stages:** Growth
- **Sectors:** Infrastructure
- **Cheque size:** $30M -- $50M+ (growth equity scale)
- **Geography focus:** Growth Markets and Europe / Yes -- Sub-Saharan Africa and MENA are core growth markets (Egypt, South Africa, Nigeria, Pan-African)
## How to apply
Apply directly at https://www.apis.pe/contact-us/. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-26. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
Apis Partners's portfolio, as listed in their Trampoline fund page, includes:
- **MNT-Halan** (Egypt): Lending and payments infrastructure platform, Growth ($120M)
- **Paymentology** (South Africa/Global): Issuer processing for banks and fintechs, Growth ($175M)
- **GOTymebank** (South Africa/Philippines): Digital banking platform, Growth
- **Coda** (Pan-African/Asian): Prepaid digital goods and recharge platform, Growth
- **Thunes** (Pan-African/Global): Cross-border payments infrastructure, Growth
That spread gives you a sense of what a real check from Apis Partners has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Apis Partners invest in Infrastructure?**
Yes. Infrastructure is listed among Apis Partners's stated sector focus areas.
**What stage does Apis Partners typically write cheques at?**
Apis Partners invests at Growth, with cheque sizes of $30M -- $50M+ (growth equity scale).
**Do you need a warm intro to apply to Apis Partners?**
No. Apis Partners takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Apis Partners invest outside Growth Markets and Europe?**
Apis Partners's Africa focus is described as "Sub-Saharan Africa and MENA are core growth markets (Egypt, South Africa, Nigeria, Pan-African)". Check the [full fund profile](/funds/apis-partners) for the exact geographic boundaries before you apply.
**Is Apis Partners a remote or in-person fund?**
Apis Partners's format is listed as Hybrid.
## See also
- The full [Apis Partners profile](/funds/apis-partners)
- [Rally Cap Ventures](/fund-guides/apply-to-rally-cap-ventures)
- [Zedcrest Capital](/fund-guides/apply-to-zedcrest-capital)
- [AAIC Investment](/fund-guides/apply-to-aaic-investment)
- Back to the [scanner](/)
---
---
title: How to apply to Aruwa Capital Management as an African founder
slug: apply-to-aruwa-capital
section: fund-guides
description: "How to apply to Aruwa Capital Management: Seed, Series A, and Growth investor writing $1M -- $3M cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: aruwa-capital
---
## TL;DR
Aruwa Capital Management invests in sector-agnostic companies at Seed, Series A, and Growth, writes cheques of $1M -- $3M, and takes applications through direct outreach to the team.
## Who Aruwa Capital Management is
Aruwa Capital Management is a West Africa investor headquartered in Lagos, Nigeria. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Investing in essential goods and services for Africa's next billion people.
On the ground, Aruwa Capital Management operates as a Seed, Series A, and Growth investor with an Africa focus described as "Nigeria and Ghana". The fund's founder & managing partner is Adesuwa Okunbo Rhodes.
## What they invest in
- **Stages:** Seed, Series A, and Growth
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 57% of classified portfolio companies are in Consumer, and 15% are in Fintech.
- **Cheque size:** $1M -- $3M
- **Geography focus:** West Africa / Yes -- Nigeria and Ghana
## How to apply
Aruwa Capital Management's application path is: "Direct outreach via website or warm introductions". This reads as direct outreach rather than a public form, which means the fund is more reachable through a warm introduction or a well-targeted cold message than through a portal. Adesuwa Okunbo Rhodes (Founder & Managing Partner) is the name most associated with the fund publicly, and a specific, well-prepared message referencing why you fit their stated thesis is a better opener than a generic pitch blast. Check https://aruwacapital.com/ first in case a form or dedicated email address has since gone live.
## Portfolio pattern
Aruwa Capital Management's portfolio, as listed in their Trampoline fund page, includes:
- **FairMoney** (Nigeria): Tech-enabled lending and financial services, Fund I
- **OmniRetail (OmniBiz)** (Nigeria): B2B e-commerce platform for FMCG distribution, Fund I
- **Fastizers** (Nigeria): Snack foods and confectionery manufacturing, Fund I
- **Wemy Industries** (Nigeria): Consumer goods manufacturing, Fund I
- **Koolboks** (Nigeria): Solar-powered refrigeration solutions, Fund I
That spread gives you a sense of what a real check from Aruwa Capital Management has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
- A short, specific note explaining why you fit their stated thesis, ready to send cold or through a warm intro
## FAQ
**Does Aruwa Capital Management have a sector focus?**
Aruwa Capital Management describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Aruwa Capital Management typically write cheques at?**
Aruwa Capital Management invests at Seed, Series A, and Growth, with cheque sizes of $1M -- $3M.
**Do you need a warm intro to apply to Aruwa Capital Management?**
Aruwa Capital Management's application path is direct outreach rather than a public form, so a warm introduction generally carries more weight than a cold message, though it is not stated as a hard requirement.
**Does Aruwa Capital Management invest outside West Africa?**
Aruwa Capital Management's Africa focus is described as "Nigeria and Ghana". Check the [full fund profile](/funds/aruwa-capital) for the exact geographic boundaries before you apply.
**Is Aruwa Capital Management a remote or in-person fund?**
Aruwa Capital Management's format is listed as In-Person / Hybrid.
## See also
- The full [Aruwa Capital Management profile](/funds/aruwa-capital)
- [AAIC Investment](/fund-guides/apply-to-aaic-investment)
- [AHL Venture Partners](/fund-guides/apply-to-ahl-venture-partners)
- [Alitheia Capital](/fund-guides/apply-to-alitheia-capital)
- Back to the [scanner](/)
---
---
title: How to apply to Atlantica Ventures as an African founder
slug: apply-to-atlantica-ventures
section: fund-guides
description: "How to apply to Atlantica Ventures: Seed and Series B+ investor writing Not publicly disclosed cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: atlantica-ventures
---
## TL;DR
Atlantica Ventures invests in sector-agnostic companies at Seed and Series B+, writes cheques of Not publicly disclosed, and takes applications through direct outreach to the team.
## Who Atlantica Ventures is
Atlantica Ventures is a Pan-African investor headquartered in Lisbon, Portugal. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Investing in technology and technology-enabled companies driving inclusive and sustainable growth across Africa.
On the ground, Atlantica Ventures operates as a Seed and Series B+ investor with an Africa focus described as "Pan-African (Nigeria, Kenya, South Africa, expanding to Ghana, Ivory Coast, Tanzania)". The fund's founding partner is Aniko Szigetvari, alongside Ik Kanu (Founding Partner) and Juliana Rotich (Venture Partner).
## What they invest in
- **Stages:** Seed and Series B+
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 25% of classified portfolio companies are in Fintech, and 25% are in AI-ML.
- **Cheque size:** Not publicly disclosed
- **Geography focus:** Pan-African / Yes -- Pan-African (Nigeria, Kenya, South Africa, expanding to Ghana, Ivory Coast, Tanzania)
## How to apply
Atlantica Ventures's application path is: "mailto:contact@atlanticaventures.com". This reads as direct outreach rather than a public form, which means the fund is more reachable through a warm introduction or a well-targeted cold message than through a portal. Aniko Szigetvari (Founding Partner) is the name most associated with the fund publicly, and a specific, well-prepared message referencing why you fit their stated thesis is a better opener than a generic pitch blast. Check https://atlanticaventures.com/ first in case a form or dedicated email address has since gone live.
## Portfolio pattern
Atlantica Ventures's portfolio, as listed in their Trampoline fund page, includes:
- **Sabi** (Nigeria): B2B e-commerce marketplace for informal trade
- **OnePipe** (Nigeria): API-based financial services infrastructure
- **Curacel** (Nigeria): AI-powered insurance claims and distribution
- **Sendmarc** (South Africa): Email cybersecurity and DMARC management
- **Lelapa AI** (South Africa): AI research and applications for African languages
That spread gives you a sense of what a real check from Atlantica Ventures has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
- A short, specific note explaining why you fit their stated thesis, ready to send cold or through a warm intro
## FAQ
**Does Atlantica Ventures have a sector focus?**
Atlantica Ventures describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Atlantica Ventures typically write cheques at?**
Atlantica Ventures invests at Seed and Series B+, with cheque sizes of Not publicly disclosed.
**Do you need a warm intro to apply to Atlantica Ventures?**
Atlantica Ventures's application path is direct outreach rather than a public form, so a warm introduction generally carries more weight than a cold message, though it is not stated as a hard requirement.
**Does Atlantica Ventures invest outside Pan-African?**
Atlantica Ventures's Africa focus is described as "Pan-African (Nigeria, Kenya, South Africa, expanding to Ghana, Ivory Coast, Tanzania)". Check the [full fund profile](/funds/atlantica-ventures) for the exact geographic boundaries before you apply.
**Is Atlantica Ventures a remote or in-person fund?**
Atlantica Ventures's format is listed as Remote / Hybrid.
## See also
- The full [Atlantica Ventures profile](/funds/atlantica-ventures)
- [3IF Ventures](/fund-guides/apply-to-3if-ventures)
- [A15](/fund-guides/apply-to-a15)
- [AfricInvest (Cathay AfricInvest Innovation Fund)](/fund-guides/apply-to-africinvest)
- Back to the [scanner](/)
---
---
title: How to apply to Azur Innovation Fund as an African founder
slug: apply-to-azur-innovation-fund
section: fund-guides
description: "How to apply to Azur Innovation Fund: Seed and Series A investor writing Up to $2M cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: azur-innovation-fund
---
## TL;DR
Azur Innovation Fund invests in sector-agnostic companies at Seed and Series A, writes cheques of Up to $2M, and takes applications through a form on their website.
## Who Azur Innovation Fund is
Azur Innovation Fund is a Morocco / North Africa investor headquartered in Casablanca. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Backing high-potential Moroccan startups that align with national strategic priorities and possess technology-driven growth prospects.
On the ground, Azur Innovation Fund operates as a Seed and Series A investor with an Africa focus described as "Morocco (primary), with pan-African applicability". The fund's managing partner is Tarik Haddi, alongside Adnane Filali (Managing Director & Partner) and Khalil Azzouzi (Partner).
## What they invest in
- **Stages:** Seed and Series A
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 33% of classified portfolio companies are in SaaS, and 17% are in Climate.
- **Cheque size:** Up to $2M
- **Geography focus:** Morocco / North Africa / Yes -- Morocco (primary), with pan-African applicability
## How to apply
Azur Innovation Fund takes applications through a form on https://azurpartners.com/. The apply field in their Trampoline entry describes it as "Via the website or direct outreach to the team". Go to the site, find the apply or contact path, and submit through that channel rather than emailing partners cold, since a fund that has built a form generally routes everything through it first.
## Portfolio pattern
Azur Innovation Fund's portfolio, as listed in their Trampoline fund page, includes:
- **KWIKS** (Morocco): AI-driven recruitment platform
- **Tookeez** (Morocco): Loyalty programme technology
- **GoSwap** (Morocco): Electric motorcycle battery-swapping network
- **CloudFret** (Morocco): Digital logistics platform
- **Agenz** (Morocco): Technology startup
That spread gives you a sense of what a real check from Azur Innovation Fund has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Azur Innovation Fund have a sector focus?**
Azur Innovation Fund describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Azur Innovation Fund typically write cheques at?**
Azur Innovation Fund invests at Seed and Series A, with cheque sizes of Up to $2M.
**Do you need a warm intro to apply to Azur Innovation Fund?**
No. Azur Innovation Fund takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Azur Innovation Fund invest outside Morocco / North Africa?**
Azur Innovation Fund's Africa focus is described as "Morocco (primary), with pan-African applicability". Check the [full fund profile](/funds/azur-innovation-fund) for the exact geographic boundaries before you apply.
**Is Azur Innovation Fund a remote or in-person fund?**
Azur Innovation Fund's format is listed as Hybrid.
## See also
- The full [Azur Innovation Fund profile](/funds/azur-innovation-fund)
- [212 Founders (CDG Invest)](/fund-guides/apply-to-212-founders)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- [A15](/fund-guides/apply-to-a15)
- Back to the [scanner](/)
---
---
title: How to apply to Beltone Venture Capital as an African founder
slug: apply-to-beltone-vc
section: fund-guides
description: "How to apply to Beltone Venture Capital: Pre-Seed, Seed, Series A, Series B+, and Growth investor writing $200K -- $3M (estimated, varies by stage and struct..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: beltone-vc
---
## TL;DR
Beltone Venture Capital invests in sector-agnostic companies at Pre-Seed, Seed, Series A, Series B+, and Growth, writes cheques of $200K -- $3M (estimated, varies by stage and structure), and takes applications through direct outreach to the team.
## Who Beltone Venture Capital is
Beltone Venture Capital is a Egypt and MEA investor headquartered in New Cairo, Egypt. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Providing sustainable funding for early-stage tech and tech-enabled startups across Africa and the MEA region, with a focus on inclusion for underserved, untapped customer segments.
On the ground, Beltone Venture Capital operates as a Pre-Seed, Seed, Series A, Series B+, and Growth investor with an Africa focus described as "Egypt primary, expanding across North Africa and MENA (Morocco, Iraq, broader MEA)". The fund's ceo and managing partner, beltone vc is Ali Mokhtar, alongside Syed Basar Shueb (Chairman, Beltone Holding) and Dalia Khorshid (Group CEO, Beltone Holding).
## What they invest in
- **Stages:** Pre-Seed, Seed, Series A, Series B+, and Growth
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 27% of classified portfolio companies are in E-commerce, and 20% are in Logistics.
- **Cheque size:** $200K -- $3M (estimated, varies by stage and structure)
- **Geography focus:** Egypt and MEA / Yes -- Egypt primary, expanding across North Africa and MENA (Morocco, Iraq, broader MEA)
## How to apply
Beltone Venture Capital's application path is: "mailto:IR@beltoneholding.com". This reads as direct outreach rather than a public form, which means the fund is more reachable through a warm introduction or a well-targeted cold message than through a portal. Ali Mokhtar (CEO and Managing Partner, Beltone VC) is the name most associated with the fund publicly, and a specific, well-prepared message referencing why you fit their stated thesis is a better opener than a generic pitch blast. Check https://www.beltoneholding.com/en/business-line/venture-capital first in case a form or dedicated email address has since gone live.
## Portfolio pattern
Beltone Venture Capital's portfolio, as listed in their Trampoline fund page, includes:
- **Bosta** (Egypt): Last-mile delivery and logistics platform, Growth
- **Trella** (Egypt): Digital freight and trucking platform, Growth
- **Khazna** (Egypt): Financial services for blue-collar workers, Growth
- **Taager** (Egypt): Social commerce and dropshipping platform, Growth
- **Grinta** (Egypt): Healthcare distribution and pharmacy platform, Growth
That spread gives you a sense of what a real check from Beltone Venture Capital has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
- A short, specific note explaining why you fit their stated thesis, ready to send cold or through a warm intro
## FAQ
**Does Beltone Venture Capital have a sector focus?**
Beltone Venture Capital describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Beltone Venture Capital typically write cheques at?**
Beltone Venture Capital invests at Pre-Seed, Seed, Series A, Series B+, and Growth, with cheque sizes of $200K -- $3M (estimated, varies by stage and structure).
**Do you need a warm intro to apply to Beltone Venture Capital?**
Beltone Venture Capital's application path is direct outreach rather than a public form, so a warm introduction generally carries more weight than a cold message, though it is not stated as a hard requirement.
**Does Beltone Venture Capital invest outside Egypt and MEA?**
Beltone Venture Capital's Africa focus is described as "Egypt primary, expanding across North Africa and MENA (Morocco, Iraq, broader MEA)". Check the [full fund profile](/funds/beltone-vc) for the exact geographic boundaries before you apply.
**Is Beltone Venture Capital a remote or in-person fund?**
Beltone Venture Capital's format is listed as Hybrid.
## See also
- The full [Beltone Venture Capital profile](/funds/beltone-vc)
- [A15](/fund-guides/apply-to-a15)
- [Alitheia Capital](/fund-guides/apply-to-alitheia-capital)
- [Enza Capital](/fund-guides/apply-to-enza-capital)
- Back to the [scanner](/)
---
---
title: How to apply to British International Investment (BII) as an African founder
slug: apply-to-bii
section: fund-guides
description: "How founders realistically reach British International Investment: bilateral growth-equity deals plus the indirect route through BII-backed fund GPs."
publishedAt: 2026-08-03
lastReviewed: 2026-08-03
fundSlug: bii
---
## TL;DR
BII is the UK's development finance institution. It writes $15M-plus growth-equity, debt, and guarantee deals directly into companies like TymeBank and Moniepoint, and it backs dozens of African VC and PE funds as an LP. Most founders will reach BII-linked capital indirectly, through a BII-backed fund GP, not through a direct pitch.
## Who BII is
British International Investment deploys UK government development capital across Africa and South Asia, with a stated focus on democratising access to financial services for underserved retail customers. BII has invested twice in TymeBank (South Africa) and was part of Moniepoint's $110M Series C alongside DPI and LeapFrog.
## What they invest in
- **Stage:** Growth, companies with proven retail traction, not early-stage
- **Sectors:** Fintech, infrastructure, and broader impact sectors across Africa and South Asia
- **Cheque size:** Roughly $15M to $100M+ in direct equity, debt, or guarantee facilities
- **Route:** Both direct equity into growth-stage companies and indirect capital as an LP in fund GPs
## How to apply
There is no open pitch form for founders. If your company is genuinely growth-stage with institutional-grade traction, BII's sector teams can be reached directly through bii.co.uk. For nearly everyone else, the realistic path is indirect: BII is an LP behind a wide range of African fund managers (including several funds in this directory), so raising from a BII-backed fund is how most founders end up connected to BII-linked capital over time.
## Portfolio pattern
TymeBank (South Africa) and Moniepoint (Nigeria, co-invested with DPI and LeapFrog) are BII's clearest African fintech bets, both growth-stage, both with proven retail scale before BII wrote the check.
## Before you apply
Have these ready if you're at growth stage and reaching out directly:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) to show institutional-grade traction
- Audited or reviewed financials
- A clear impact narrative: BII explicitly tracks reach to low-income and women customers
## FAQ
### Can early-stage founders pitch BII directly?
Realistically, no. BII's direct deals are growth-stage. Early-stage founders are better served raising from a BII-backed fund GP first.
### Is BII a typical VC?
No. BII is a development finance institution funded by the UK government, blending commercial return with development impact metrics.
### Does BII only do equity?
No, BII deploys equity, debt, and guarantee facilities, sometimes in combination for the same portfolio company.
## See also
- The full [British International Investment profile](/funds/bii)
- Related Fintech and Infrastructure-focused funds in the directory
- Back to the [scanner](/) to check your readiness before pitching
---
---
title: How to apply to Camel Ventures as an African founder
slug: apply-to-camel-ventures
section: fund-guides
description: "How to apply to Camel Ventures: Pre-Seed, Seed, and Series A investor writing Not publicly disclosed (equity + venture debt) cheques. What African founders n..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: camel-ventures
---
## TL;DR
Camel Ventures invests in sector-agnostic companies at Pre-Seed, Seed, and Series A, writes cheques of Not publicly disclosed (equity + venture debt), and takes applications through direct outreach to the team.
## Who Camel Ventures is
Camel Ventures is a Egypt / MENA investor headquartered in Cairo. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: The pioneering venture debt and venture capital partner for fintech and fintech-enabling startups in Egypt.
On the ground, Camel Ventures operates as a Pre-Seed, Seed, and Series A investor with an Africa focus described as "Egypt (primary), expanding regionally". The fund's founding & managing partner is Shehab Marzban, alongside Mona El Sayed (Founding & Managing Partner) and Mahmoud El Zohairy (Founding & Managing Partner).
## What they invest in
- **Stages:** Pre-Seed, Seed, and Series A
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 25% of classified portfolio companies are in Healthtech, and 25% are in Fintech.
- **Cheque size:** Not publicly disclosed (equity + venture debt)
- **Geography focus:** Egypt / MENA / Yes -- Egypt (primary), expanding regionally
## How to apply
Camel Ventures's application path is: "Via website or direct outreach to the team". This reads as direct outreach rather than a public form, which means the fund is more reachable through a warm introduction or a well-targeted cold message than through a portal. Shehab Marzban (Founding & Managing Partner) is the name most associated with the fund publicly, and a specific, well-prepared message referencing why you fit their stated thesis is a better opener than a generic pitch blast. Check https://www.camel.ventures/ first in case a form or dedicated email address has since gone live.
## Portfolio pattern
Camel Ventures's portfolio, as listed in their Trampoline fund page, includes:
- **Khazenly** (Egypt): Logistics platform
- **Pharmacy Marts** (Egypt): Healthcare marketplace
- **Klickit** (Egypt): Education technology
- **SubsBase** (Egypt): Subscription management (financial services)
- **Raseedi** (Egypt): Consumer financial services
That spread gives you a sense of what a real check from Camel Ventures has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
- A short, specific note explaining why you fit their stated thesis, ready to send cold or through a warm intro
## FAQ
**Does Camel Ventures have a sector focus?**
Camel Ventures describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Camel Ventures typically write cheques at?**
Camel Ventures invests at Pre-Seed, Seed, and Series A, with cheque sizes of Not publicly disclosed (equity + venture debt).
**Do you need a warm intro to apply to Camel Ventures?**
Camel Ventures's application path is direct outreach rather than a public form, so a warm introduction generally carries more weight than a cold message, though it is not stated as a hard requirement.
**Does Camel Ventures invest outside Egypt / MENA?**
Camel Ventures's Africa focus is described as "Egypt (primary), expanding regionally". Check the [full fund profile](/funds/camel-ventures) for the exact geographic boundaries before you apply.
**Is Camel Ventures a remote or in-person fund?**
Camel Ventures's format is listed as Hybrid.
## See also
- The full [Camel Ventures profile](/funds/camel-ventures)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- [A15](/fund-guides/apply-to-a15)
- [Acumen (ARAF)](/fund-guides/apply-to-acumen-araf)
- Back to the [scanner](/)
---
---
title: How to apply to Catalyst Fund as an African founder
slug: apply-to-catalyst-fund
section: fund-guides
description: "How to apply to Catalyst Fund: Pre-Seed and Seed investor writing $200K (equity) + venture-building support; follow-on at Seed and Series A cheques. What Afr..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: catalyst-fund
---
## TL;DR
Catalyst Fund invests in sector-agnostic companies at Pre-Seed and Seed, writes cheques of $200K (equity) + venture-building support; follow-on at Seed and Series A, and takes applications through direct outreach to the team.
## Who Catalyst Fund is
Catalyst Fund is a Pan-African investor headquartered in San Francisco, USA (BFA Global also runs a Nairobi office). The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Investing in climate adaptation and resilience solutions across Africa.
On the ground, Catalyst Fund operates as a Pre-Seed and Seed investor with an Africa focus described as "Pan-African (10+ markets, strongest in Nigeria, Kenya, Egypt, Tanzania)". The fund's founder & general partner is Maelis Carraro, alongside Maxime Bayen (General Partner).
## What they invest in
- **Stages:** Pre-Seed and Seed
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 50% of classified portfolio companies are in Agritech, and 25% are in Climate.
- **Cheque size:** $200K (equity) + venture-building support; follow-on at Seed and Series A
- **Geography focus:** Pan-African / Yes -- Pan-African (10+ markets, strongest in Nigeria, Kenya, Egypt, Tanzania)
## How to apply
Catalyst Fund's application path is: "Via pitch submission on the website". This reads as direct outreach rather than a public form, which means the fund is more reachable through a warm introduction or a well-targeted cold message than through a portal. Maelis Carraro (Founder & General Partner) is the name most associated with the fund publicly, and a specific, well-prepared message referencing why you fit their stated thesis is a better opener than a generic pitch blast. Check https://www.thecatalystfund.com/ first in case a form or dedicated email address has since gone live.
## Portfolio pattern
Catalyst Fund's portfolio, as listed in their Trampoline fund page, includes:
- **Bekia** (Egypt): Waste management platform exchanging recyclables for digital payments
- **Octavia Carbon** (Kenya): Direct air capture and low-cost carbon removal
- **Farm to Feed** (Kenya): Food supply chain reducing waste by creating markets for imperfect produce
- **Keep It Cool** (Kenya): Solar cold-chain infrastructure
- **MazaoHub** (Tanzania): Agritech platform
That spread gives you a sense of what a real check from Catalyst Fund has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
- A short, specific note explaining why you fit their stated thesis, ready to send cold or through a warm intro
## FAQ
**Does Catalyst Fund have a sector focus?**
Catalyst Fund describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Catalyst Fund typically write cheques at?**
Catalyst Fund invests at Pre-Seed and Seed, with cheque sizes of $200K (equity) + venture-building support; follow-on at Seed and Series A.
**Do you need a warm intro to apply to Catalyst Fund?**
Catalyst Fund's application path is direct outreach rather than a public form, so a warm introduction generally carries more weight than a cold message, though it is not stated as a hard requirement.
**Does Catalyst Fund invest outside Pan-African?**
Catalyst Fund's Africa focus is described as "Pan-African (10+ markets, strongest in Nigeria, Kenya, Egypt, Tanzania)". Check the [full fund profile](/funds/catalyst-fund) for the exact geographic boundaries before you apply.
**Is Catalyst Fund a remote or in-person fund?**
Catalyst Fund's format is listed as Hybrid.
## See also
- The full [Catalyst Fund profile](/funds/catalyst-fund)
- [216 Capital Ventures](/fund-guides/apply-to-216-capital-ventures)
- [3IF Ventures](/fund-guides/apply-to-3if-ventures)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- Back to the [scanner](/)
---
---
title: How to apply to Celo Foundation Grants as an African founder
slug: apply-to-celo-foundation-grants
section: fund-guides
description: "How to apply to Celo Foundation Grants: non-dilutive funding for builders on Celo's stablecoin-native chain, with a real, named African grantee cohort."
publishedAt: 2026-08-03
lastReviewed: 2026-08-03
fundSlug: celo-foundation-grants
---
## TL;DR
Celo Foundation Grants fund early-stage builders on the Celo blockchain, which is deliberately built around stablecoin and mobile-money-native use cases. Named African grantees include Binusu USSD (Uganda), Chimoney (pan-Africa), and Pezesha (Kenya). Apply via the Celo Forum grants category or celoecosystem.com/grants.
## Who runs it
The Celo Foundation runs non-dilutive grant "Waves" for builders on Celo. Wave 4 alone distributed $9.35 million across 50 recipients globally, with a real, sustained African cohort rather than a token allocation: Celo has also run in-person ecosystem events in Kenya and Nigeria and brought in Unicorn Growth Capital and EchoVC as ecosystem partners specifically for Africa.
## What they fund
- **Stage:** Ideation through working MVP, early-stage builders
- **Sectors:** Blockchain infrastructure with a specific lean toward stablecoin and mobile-money interoperability
- **Grant size:** Not individually disclosed; Wave 4 totalled $9.35M across 50 global recipients
- **Structure:** Grant-track, non-dilutive
## How to apply
Apply through the **Celo Forum's grants category** (forum.celo.org/c/ecosystem/grants) or **celoecosystem.com/grants**. Grants run in periodic "Waves" rather than a single continuous rolling window, so check both channels for the current wave's specific criteria and deadline.
## Portfolio pattern (grant recipients)
Binusu USSD (Uganda): a USSD gateway widening access to crypto exchange for users without smartphones. Chimoney (pan-Africa, 15 countries): API infrastructure converting Celo's cUSD stablecoin into mobile money, airtime, and gift cards. Pezesha (Kenya): MSME credit access funded via Celo stablecoin investment. The pattern favours builders connecting Celo's stablecoin rails to existing mobile-money infrastructure, not speculative or purely on-chain products.
## Before you apply
Have these ready before you apply:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real usage, not slides
- A working prototype or MVP built on Celo, or a credible plan to build on it
- A clear articulation of how your product connects Celo's stablecoin infrastructure to real-world mobile money, credit, or payments use cases
## FAQ
### Does this program take equity?
No, Celo Foundation Grants are non-dilutive.
### Do I need to already be building on Celo to apply?
Grants target builders on Celo specifically, so a working product or clear plan to build on the chain is expected.
### Is this Africa-exclusive?
No, grants are global, but Celo's African cohort is unusually well-developed, backed by dedicated in-person ecosystem events in Kenya and Nigeria and named ecosystem partners (Unicorn Growth Capital, EchoVC) focused specifically on Africa.
## See also
- The full [Celo Foundation Grants profile](/funds/celo-foundation-grants)
- Related grant-track and Blockchain-focused funds in the directory
- Back to the [scanner](/) to check your readiness before applying
---
---
title: How to apply to Chandaria Capital as an African founder
slug: apply-to-chandaria-capital
section: fund-guides
description: "How to apply to Chandaria Capital: Pre-Seed, Seed, and Series A investor writing $250K -- $5M cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: chandaria-capital
---
## TL;DR
Chandaria Capital invests in sector-agnostic companies at Pre-Seed, Seed, and Series A, writes cheques of $250K -- $5M, and takes applications through direct outreach to the team.
## Who Chandaria Capital is
Chandaria Capital is a Sub-Saharan Africa investor headquartered in Nairobi. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Backing scalable, high-impact businesses with unique competitive advantages across Sub-Saharan Africa, powered by one of the continent's largest industrial family networks.
On the ground, Chandaria Capital operates as a Pre-Seed, Seed, and Series A investor with an Africa focus described as "100% Africa-focused mandate". The fund's co-founder & ceo is Darshan Chandaria, alongside Neer Chandaria (Co-founder & Director of Sales, Marketing & BD).
## What they invest in
- **Stages:** Pre-Seed, Seed, and Series A
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 22% of classified portfolio companies are in Consumer, and 22% are in E-commerce.
- **Cheque size:** $250K -- $5M
- **Geography focus:** Sub-Saharan Africa / Yes -- 100% Africa-focused mandate
## How to apply
Chandaria Capital's application path is: "mailto:invest@chandariacapital.com". This reads as direct outreach rather than a public form, which means the fund is more reachable through a warm introduction or a well-targeted cold message than through a portal. Darshan Chandaria (Co-founder & CEO) is the name most associated with the fund publicly, and a specific, well-prepared message referencing why you fit their stated thesis is a better opener than a generic pitch blast. Check https://chandariacapital.com first in case a form or dedicated email address has since gone live.
## Portfolio pattern
Chandaria Capital's portfolio, as listed in their Trampoline fund page, includes:
- **Carry1st** (South Africa): Mobile games publishing and digital content platform for Africa
- **Ilara Health** (Kenya): Diagnostic devices and health products distribution for clinics
- **TradeDepot** (Nigeria): B2B e-commerce and embedded finance for informal retailers
- **Craydel** (Kenya): Higher education marketplace connecting African students with global universities
- **Tushop** (Kenya): Social commerce platform for group buying in residential communities
That spread gives you a sense of what a real check from Chandaria Capital has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
- A short, specific note explaining why you fit their stated thesis, ready to send cold or through a warm intro
## FAQ
**Does Chandaria Capital have a sector focus?**
Chandaria Capital describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Chandaria Capital typically write cheques at?**
Chandaria Capital invests at Pre-Seed, Seed, and Series A, with cheque sizes of $250K -- $5M.
**Do you need a warm intro to apply to Chandaria Capital?**
Chandaria Capital's application path is direct outreach rather than a public form, so a warm introduction generally carries more weight than a cold message, though it is not stated as a hard requirement.
**Does Chandaria Capital invest outside Sub-Saharan Africa?**
Chandaria Capital's Africa focus is described as "100% Africa-focused mandate". Check the [full fund profile](/funds/chandaria-capital) for the exact geographic boundaries before you apply.
**Is Chandaria Capital a remote or in-person fund?**
Chandaria Capital's format is listed as Equity investment via family-backed venture fund.
## See also
- The full [Chandaria Capital profile](/funds/chandaria-capital)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- [A15](/fund-guides/apply-to-a15)
- [Acumen (ARAF)](/fund-guides/apply-to-acumen-araf)
- Back to the [scanner](/)
---
---
title: How to apply to Coinbase Ventures as an African founder
slug: apply-to-coinbase-ventures
section: fund-guides
description: "How to reach Coinbase Ventures: no open pitch form, but a real path through the Base Batches accelerator and Coinbase's West Africa ecosystem team."
publishedAt: 2026-08-03
lastReviewed: 2026-08-03
fundSlug: coinbase-ventures
---
## TL;DR
Coinbase Ventures has backed Jambo (DRC), VALR (South Africa), Mara, and Yellow Card (pan-Africa). There's no open pitch form, but Coinbase runs the Base Batches accelerator program with a demo day funding component that's the most accessible entry point for African web3 founders.
## Who Coinbase Ventures is
Coinbase Ventures is Coinbase's venture arm, investing in crypto and web3 infrastructure globally. Its African portfolio is unusually developed for a global crypto VC, spanning exchanges, on/off-ramps, and web3 access infrastructure. Coinbase has also appointed a dedicated West Africa Regional Lead to give African builders a clearer path into its ecosystem.
## What they invest in
- **Stage:** Seed and Series A
- **Sectors:** Blockchain, crypto exchanges and on/off-ramps, web3 access infrastructure, and increasingly stablecoin-native products
- **Cheque size:** Not publicly disclosed
- **Geography:** Global, with a growing, documented African portfolio
## How to apply
There is no dedicated Coinbase Ventures pitch form. The most accessible path for African founders is **Base Batches** (batches.base.org), Coinbase's structured accelerator program: education workshops, a buildathon phase, a four-week incubator with Coinbase mentorship, and a global demo day offering up to $1 million in funding to winning teams. Direct Coinbase Ventures equity checks more often follow relationships built through that program, through Base itself, or a warm intro from an existing portfolio founder.
## Portfolio pattern
Jambo (DRC, web3 user acquisition, $7.5M raised with Alameda Research), VALR (South Africa, crypto exchange), Mara (blockchain access at scale), and Yellow Card (pan-Africa, digital currency exchange). Coinbase's public commentary also flags stablecoin products (citing Azza and Paycrest) as where it sees the strongest African product-market fit right now.
## Before you apply
Have these ready before you engage:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real usage, not slides
- A working product, ideally already live on Base or another major chain
- A clear articulation of the specific access problem you're solving (on/off-ramp, exchange, user acquisition, stablecoin rails)
## FAQ
### Is there a direct pitch form for Coinbase Ventures?
No. The realistic entry points are the Base Batches accelerator, the Base ecosystem team, or a warm introduction from an existing portfolio founder.
### What kind of African web3 companies has Coinbase Ventures actually backed?
Consumer-facing crypto access infrastructure: exchanges, on/off-ramps, and user acquisition platforms, not primarily DeFi-native or speculative products.
### Does Coinbase have Africa-specific programming beyond investment?
Yes. A West Africa Regional Lead and the Base Batches accelerator program both exist specifically to give African builders a structured path into Coinbase's ecosystem.
## See also
- The full [Coinbase Ventures profile](/funds/coinbase-ventures)
- Related Blockchain and Fintech-focused funds in the directory
- Back to the [scanner](/) to check your readiness before pitching
---
---
title: How to apply to Convergence Partners as an African founder
slug: apply-to-convergence-partners
section: fund-guides
description: "How to apply to Convergence Partners: Growth investor writing $10M -- $50M+ (growth equity and infrastructure scale) cheques. What African founders need to p..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: convergence-partners
---
## TL;DR
Convergence Partners invests in sector-agnostic companies at Growth, writes cheques of $10M -- $50M+ (growth equity and infrastructure scale), and takes applications through a form on their website.
## Who Convergence Partners is
Convergence Partners is a Sub-Saharan Africa investor headquartered in Johannesburg, with deal team in Lagos. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Closing the digital divide across sub-Saharan Africa by investing in the critical digital infrastructure that connects people to education, financial services, and healthcare.
On the ground, Convergence Partners operates as a Growth investor with an Africa focus described as "Sub-Saharan Africa (South Africa, Nigeria, East Africa, Pan-African)". The fund's ceo and founding partner is Brandon Doyle, alongside Andile Ngcaba (Chairman and Founding Partner) and Idan Segal (CIO and Founding Partner).
## What they invest in
- **Stages:** Growth
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 73% of classified portfolio companies are in Infrastructure, and 20% are in Fintech.
- **Cheque size:** $10M -- $50M+ (growth equity and infrastructure scale)
- **Geography focus:** Sub-Saharan Africa / Yes -- Sub-Saharan Africa (South Africa, Nigeria, East Africa, Pan-African)
## How to apply
Convergence Partners takes applications through a form on https://www.convergencepartners.com/. The apply field in their Trampoline entry describes it as "Warm introductions preferred. Contact via the website or reach out to the deal team on LinkedIn.". Go to the site, find the apply or contact path, and submit through that channel rather than emailing partners cold, since a fund that has built a form generally routes everything through it first.
## Portfolio pattern
Convergence Partners's portfolio, as listed in their Trampoline fund page, includes:
- **Seacom** (Pan-African): Submarine and terrestrial fibre bandwidth provider, Growth
- **Vumatel / CIVH** (South Africa): Open-access fibre-to-the-home broadband network, Growth
- **Rack Centre** (Nigeria): Carrier-neutral data centre operator in West Africa, Growth
- **inq.** (Pan-African): Edge computing and digital services provider, Growth
- **Paradigm** (Pan-African): Shared wireless infrastructure for growth markets, Growth
That spread gives you a sense of what a real check from Convergence Partners has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Convergence Partners have a sector focus?**
Convergence Partners describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Convergence Partners typically write cheques at?**
Convergence Partners invests at Growth, with cheque sizes of $10M -- $50M+ (growth equity and infrastructure scale).
**Do you need a warm intro to apply to Convergence Partners?**
No. Convergence Partners takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Convergence Partners invest outside Sub-Saharan Africa?**
Convergence Partners's Africa focus is described as "Sub-Saharan Africa (South Africa, Nigeria, East Africa, Pan-African)". Check the [full fund profile](/funds/convergence-partners) for the exact geographic boundaries before you apply.
**Is Convergence Partners a remote or in-person fund?**
Convergence Partners's format is listed as Hybrid.
## See also
- The full [Convergence Partners profile](/funds/convergence-partners)
- [AAIC Investment](/fund-guides/apply-to-aaic-investment)
- [AHL Venture Partners](/fund-guides/apply-to-ahl-venture-partners)
- [Alitheia Capital](/fund-guides/apply-to-alitheia-capital)
- Back to the [scanner](/)
---
---
title: How to apply to Delta40 / Factor[e] Ventures as an African founder
slug: apply-to-delta40-factor-e
section: fund-guides
description: "How to apply to Delta40 / Factor[e] Ventures: Pre-Seed and Seed investor writing $100K -- $600K cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: delta40-factor-e
---
## TL;DR
Delta40 / Factor[e] Ventures invests in Climate and Agritech companies at Pre-Seed and Seed, writes cheques of $100K -- $600K, and takes applications through direct outreach to the team.
## Who Delta40 / Factor[e] Ventures is
Delta40 / Factor[e] Ventures is a Pan-African investor headquartered in Nairobi + Fort Collins, Colorado. Its stated focus is Climate and Agritech. The thesis, in the fund's own words: Supporting early-stage entrepreneurs through risk capital and world-class technical resources to solve energy, agriculture, and mobility challenges across Africa.
On the ground, Delta40 / Factor[e] Ventures operates as a Pre-Seed and Seed investor with an Africa focus described as "sub-Saharan Africa (Kenya and Nigeria primary hubs)". The fund's co-founder & managing partner, delta40 is Lyndsay Holley Handler, alongside Morgan DeFoort (Managing Principal, Factor[e] Ventures).
## What they invest in
- **Stages:** Pre-Seed and Seed
- **Sectors:** Climate and Agritech
- **Cheque size:** $100K -- $600K
- **Geography focus:** Pan-African / Yes -- sub-Saharan Africa (Kenya and Nigeria primary hubs)
## How to apply
Delta40 / Factor[e] Ventures's application path is: "Via the Delta40 website or direct outreach to the team". This reads as direct outreach rather than a public form, which means the fund is more reachable through a warm introduction or a well-targeted cold message than through a portal. Lyndsay Holley Handler (Co-founder & Managing Partner, Delta40) is the name most associated with the fund publicly, and a specific, well-prepared message referencing why you fit their stated thesis is a better opener than a generic pitch blast. Check https://www.delta40.com/ first in case a form or dedicated email address has since gone live.
## Portfolio pattern
Delta40 / Factor[e] Ventures's portfolio, as listed in their Trampoline fund page, includes:
- **Apollo Agriculture** (Kenya): Agri-fintech for smallholder farmers
- **ROAM** (Kenya): Electric motorcycle manufacturer
- **Ampersand** (Rwanda): Electric motorcycle fleet and battery swapping
- **Zola Electric** (Tanzania/Nigeria): Off-grid solar energy systems
That spread gives you a sense of what a real check from Delta40 / Factor[e] Ventures has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
- A short, specific note explaining why you fit their stated thesis, ready to send cold or through a warm intro
## FAQ
**Does Delta40 / Factor[e] Ventures invest in Climate?**
Yes. Climate is listed among Delta40 / Factor[e] Ventures's stated sector focus areas.
**What stage does Delta40 / Factor[e] Ventures typically write cheques at?**
Delta40 / Factor[e] Ventures invests at Pre-Seed and Seed, with cheque sizes of $100K -- $600K.
**Do you need a warm intro to apply to Delta40 / Factor[e] Ventures?**
Delta40 / Factor[e] Ventures's application path is direct outreach rather than a public form, so a warm introduction generally carries more weight than a cold message, though it is not stated as a hard requirement.
**Does Delta40 / Factor[e] Ventures invest outside Pan-African?**
Delta40 / Factor[e] Ventures's Africa focus is described as "sub-Saharan Africa (Kenya and Nigeria primary hubs)". Check the [full fund profile](/funds/delta40-factor-e) for the exact geographic boundaries before you apply.
**Is Delta40 / Factor[e] Ventures a remote or in-person fund?**
Delta40 / Factor[e] Ventures's format is listed as Venture Studio + VC Fund.
## See also
- The full [Delta40 / Factor[e] Ventures profile](/funds/delta40-factor-e)
- [Acumen (ARAF)](/fund-guides/apply-to-acumen-araf)
- [Haske Ventures](/fund-guides/apply-to-haske-ventures)
- [Katapult Africa](/fund-guides/apply-to-katapult-africa)
- Back to the [scanner](/)
---
---
title: How to apply to Den VC as an African founder
slug: apply-to-den-vc
section: fund-guides
description: "How to apply to Den VC: Pre-Seed, Seed, and Series A investor writing Flexible (from $125K seed to multi-million Series A) cheques. What African founders nee..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: den-vc
---
## TL;DR
Den VC invests in sector-agnostic companies at Pre-Seed, Seed, and Series A, writes cheques of Flexible (from $125K seed to multi-million Series A), and takes applications through direct outreach to the team.
## Who Den VC is
Den VC is a Egypt / MENA / Africa investor headquartered in Cairo. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Backing early-stage startups that blend impact with strong unit economics in emerging markets.
On the ground, Den VC operates as a Pre-Seed, Seed, and Series A investor with an Africa focus described as "Egypt (primary), expanding across Africa and MENA". The fund's managing partner is Waleed Khalil, alongside Dalia Tharwat (Venture Partner) and Veronica Murguia (Venture Partner).
## What they invest in
- **Stages:** Pre-Seed, Seed, and Series A
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 19% of classified portfolio companies are in Healthtech, and 18% are in E-commerce.
- **Cheque size:** Flexible (from $125K seed to multi-million Series A)
- **Geography focus:** Egypt / MENA / Africa / Yes -- Egypt (primary), expanding across Africa and MENA
## How to apply
Den VC's application path is: "mailto:info@denvc.com". This reads as direct outreach rather than a public form, which means the fund is more reachable through a warm introduction or a well-targeted cold message than through a portal. Waleed Khalil (Managing Partner) is the name most associated with the fund publicly, and a specific, well-prepared message referencing why you fit their stated thesis is a better opener than a generic pitch blast. Check https://denvc.com/ first in case a form or dedicated email address has since gone live.
## Portfolio pattern
Den VC's portfolio, as listed in their Trampoline fund page, includes:
- **Nawah Scientific** (Egypt): Biotech research facilities ($23M Series A)
- **WideBot** (Egypt): Arabic AI chatbot platform
- **Proteinea** (Egypt): AI-powered antibody engineering
- **Career180** (Egypt): Edtech and career development
- **Whiteguard** (Egypt): Cybersecurity solutions
That spread gives you a sense of what a real check from Den VC has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
- A short, specific note explaining why you fit their stated thesis, ready to send cold or through a warm intro
## FAQ
**Does Den VC have a sector focus?**
Den VC describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Den VC typically write cheques at?**
Den VC invests at Pre-Seed, Seed, and Series A, with cheque sizes of Flexible (from $125K seed to multi-million Series A).
**Do you need a warm intro to apply to Den VC?**
Den VC's application path is direct outreach rather than a public form, so a warm introduction generally carries more weight than a cold message, though it is not stated as a hard requirement.
**Does Den VC invest outside Egypt / MENA / Africa?**
Den VC's Africa focus is described as "Egypt (primary), expanding across Africa and MENA". Check the [full fund profile](/funds/den-vc) for the exact geographic boundaries before you apply.
**Is Den VC a remote or in-person fund?**
Den VC's format is listed as Hybrid.
## See also
- The full [Den VC profile](/funds/den-vc)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- [A15](/fund-guides/apply-to-a15)
- [Acumen (ARAF)](/fund-guides/apply-to-acumen-araf)
- Back to the [scanner](/)
---
---
title: How to apply to Digital Africa / Fuzé as an African founder
slug: apply-to-digital-africa
section: fund-guides
description: "How to apply to Digital Africa / Fuzé: Ideation, Pre-Seed, and Seed investor writing €20K -- €100K (Fuzé pre-seed), €300K -- €2M (DA Seed Fund) cheques. What..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: digital-africa
---
## TL;DR
Digital Africa / Fuzé invests in sector-agnostic companies at Ideation, Pre-Seed, and Seed, writes cheques of €20K -- €100K (Fuzé pre-seed), €300K -- €2M (DA Seed Fund), and takes applications through a direct online application.
## Who Digital Africa / Fuzé is
Digital Africa / Fuzé is a Pan-African investor headquartered in Paris and Abidjan, active across 18+ African countries. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: We propel African tech entrepreneurs by simplifying access to financing with fast, transparent steps.
On the ground, Digital Africa / Fuzé operates as a Ideation, Pre-Seed, and Seed investor with an Africa focus described as "Pan-African (18+ priority countries, strong Francophone focus)". The fund's ceo is Gregoire de Padirac.
## What they invest in
- **Stages:** Ideation, Pre-Seed, and Seed
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 37% of classified portfolio companies are in Fintech, and 16% are in Agritech.
- **Cheque size:** €20K -- €100K (Fuzé pre-seed), €300K -- €2M (DA Seed Fund)
- **Geography focus:** Pan-African / Yes -- Pan-African (18+ priority countries, strong Francophone focus)
## How to apply
Apply directly at https://application.fuze.digital-africa.co/. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-24. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
Digital Africa / Fuzé's portfolio, as listed in their Trampoline fund page, includes:
- **Enakl** (Morocco): Digital bus-sharing mobility for workers, Pre-Seed ($1.4M)
- **Tolbi** (Senegal): AI-powered satellite imagery for climate agriculture, Pre-Seed
- **Ridelink** (Uganda): AI-powered logistics marketplace, Pre-Seed
- **Kilimo Fresh Foods** (Tanzania): Smallholder farmer produce aggregation and distribution, Pre-Seed
- **Sikili** (Ivory Coast): Certified refurbished electronics for West Africa, Pre-Seed
That spread gives you a sense of what a real check from Digital Africa / Fuzé has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Digital Africa / Fuzé have a sector focus?**
Digital Africa / Fuzé describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Digital Africa / Fuzé typically write cheques at?**
Digital Africa / Fuzé invests at Ideation, Pre-Seed, and Seed, with cheque sizes of €20K -- €100K (Fuzé pre-seed), €300K -- €2M (DA Seed Fund).
**Do you need a warm intro to apply to Digital Africa / Fuzé?**
No. Digital Africa / Fuzé takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Digital Africa / Fuzé invest outside Pan-African?**
Digital Africa / Fuzé's Africa focus is described as "Pan-African (18+ priority countries, strong Francophone focus)". Check the [full fund profile](/funds/digital-africa) for the exact geographic boundaries before you apply.
**Is Digital Africa / Fuzé a remote or in-person fund?**
Digital Africa / Fuzé's format is listed as Remote / Hybrid.
## See also
- The full [Digital Africa / Fuzé profile](/funds/digital-africa)
- [Haske Ventures](/fund-guides/apply-to-haske-ventures)
- [Y Combinator](/fund-guides/apply-to-y-combinator)
- [216 Capital Ventures](/fund-guides/apply-to-216-capital-ventures)
- Back to the [scanner](/)
---
---
title: How to apply to DisrupTech Ventures as an African founder
slug: apply-to-disruptech-ventures
section: fund-guides
description: "How to apply to DisrupTech Ventures: Pre-Seed, Seed, and Series A investor writing $250K -- $2M cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: disruptech-ventures
---
## TL;DR
DisrupTech Ventures invests in sector-agnostic companies at Pre-Seed, Seed, and Series A, writes cheques of $250K -- $2M, and takes applications through direct outreach to the team.
## Who DisrupTech Ventures is
DisrupTech Ventures is a Egypt / North Africa investor headquartered in Cairo. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Investing in disruptive fintech and tech-enabled startups transforming financial services across Egypt and the region.
On the ground, DisrupTech Ventures operates as a Pre-Seed, Seed, and Series A investor with an Africa focus described as "Egypt (primary), Morocco, Nigeria, MENA". The fund's managing partner & co-founder is Mohamed Okasha, alongside Malek Sultan (Partner & Co-founder) and Yehia Abouelwafa (Partner & CIO).
## What they invest in
- **Stages:** Pre-Seed, Seed, and Series A
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 59% of classified portfolio companies are in Fintech, and 17% are in Agritech.
- **Cheque size:** $250K -- $2M
- **Geography focus:** Egypt / North Africa / Yes -- Egypt (primary), Morocco, Nigeria, MENA
## How to apply
DisrupTech Ventures's application path is: "Via website pitch submission (warm intros encouraged)". This reads as direct outreach rather than a public form, which means the fund is more reachable through a warm introduction or a well-targeted cold message than through a portal. Mohamed Okasha (Managing Partner & Co-founder) is the name most associated with the fund publicly, and a specific, well-prepared message referencing why you fit their stated thesis is a better opener than a generic pitch blast. Check https://www.disruptechventures.com/ first in case a form or dedicated email address has since gone live.
## Portfolio pattern
DisrupTech Ventures's portfolio, as listed in their Trampoline fund page, includes:
- **Khazna** (Egypt): Mobile financial services for underserved populations
- **Brimore** (Egypt): Social commerce and distribution platform
- **BankNBox** (Egypt): B2B fintech infrastructure
- **NiceDeer** (Egypt): Insurtech platform
- **Lucky** (Egypt): Consumer credit services
That spread gives you a sense of what a real check from DisrupTech Ventures has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
- A short, specific note explaining why you fit their stated thesis, ready to send cold or through a warm intro
## FAQ
**Does DisrupTech Ventures have a sector focus?**
DisrupTech Ventures describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does DisrupTech Ventures typically write cheques at?**
DisrupTech Ventures invests at Pre-Seed, Seed, and Series A, with cheque sizes of $250K -- $2M.
**Do you need a warm intro to apply to DisrupTech Ventures?**
DisrupTech Ventures's application path is direct outreach rather than a public form, so a warm introduction generally carries more weight than a cold message, though it is not stated as a hard requirement.
**Does DisrupTech Ventures invest outside Egypt / North Africa?**
DisrupTech Ventures's Africa focus is described as "Egypt (primary), Morocco, Nigeria, MENA". Check the [full fund profile](/funds/disruptech-ventures) for the exact geographic boundaries before you apply.
**Is DisrupTech Ventures a remote or in-person fund?**
DisrupTech Ventures's format is listed as Hybrid.
## See also
- The full [DisrupTech Ventures profile](/funds/disruptech-ventures)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- [A15](/fund-guides/apply-to-a15)
- [Acumen (ARAF)](/fund-guides/apply-to-acumen-araf)
- Back to the [scanner](/)
---
---
title: How to apply to DOB Equity as an African founder
slug: apply-to-dob-equity
section: fund-guides
description: "How to apply to DOB Equity: Seed and Series B+ cheques of ~$500K -- $2M+ for Agritech startups, application path, and what African founders should prepare."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: dob-equity
---
## TL;DR
DOB Equity invests in Agritech, Climate, and E-commerce companies at Seed and Series B+, writes cheques of ~$500K -- $2M+, and takes applications through a form on their website.
## Who DOB Equity is
DOB Equity is a East Africa investor headquartered in Nairobi & Veessen, Netherlands. Its stated focus is Agritech, Climate, and E-commerce. The thesis, in the fund's own words: Taking direct stakes in innovative, scalable, and impactful companies solving problems for the poorest people in East Africa.
On the ground, DOB Equity operates as a Seed and Series B+ investor with an Africa focus described as "Kenya, Tanzania, Uganda, Rwanda, Burundi". The fund's investment director is Saskia van der Mast, alongside Brigit van Dijk -- van de Reijt (Team Lead).
## What they invest in
- **Stages:** Seed and Series B+
- **Sectors:** Agritech, Climate, and E-commerce
- **Cheque size:** ~$500K -- $2M+
- **Geography focus:** East Africa / Yes -- Kenya, Tanzania, Uganda, Rwanda, Burundi
## How to apply
DOB Equity takes applications through a form on https://www.dobequity.nl/. The apply field in their Trampoline entry describes it as "Via the website or direct outreach to the Nairobi team". Go to the site, find the apply or contact path, and submit through that channel rather than emailing partners cold, since a fund that has built a form generally routes everything through it first.
## Portfolio pattern
DOB Equity's portfolio, as listed in their Trampoline fund page, includes:
- **Twiga Foods** (Kenya): B2B food distribution platform
- **Mr. Green Africa** (Kenya): Plastics recycling and circular economy
- **SPOUTS International** (Uganda): Clean water filter manufacturing
- **PowerGen** (Kenya): Renewable energy mini-grids
- **Cropnuts** (Kenya): Agricultural soil diagnostics
That spread gives you a sense of what a real check from DOB Equity has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does DOB Equity invest in Agritech?**
Yes. Agritech is listed among DOB Equity's stated sector focus areas.
**What stage does DOB Equity typically write cheques at?**
DOB Equity invests at Seed and Series B+, with cheque sizes of ~$500K -- $2M+.
**Do you need a warm intro to apply to DOB Equity?**
No. DOB Equity takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does DOB Equity invest outside East Africa?**
DOB Equity's Africa focus is described as "Kenya, Tanzania, Uganda, Rwanda, Burundi". Check the [full fund profile](/funds/dob-equity) for the exact geographic boundaries before you apply.
**Is DOB Equity a remote or in-person fund?**
DOB Equity's format is listed as Hybrid.
## See also
- The full [DOB Equity profile](/funds/dob-equity)
- [Acumen (ARAF)](/fund-guides/apply-to-acumen-araf)
- [AHL Venture Partners](/fund-guides/apply-to-ahl-venture-partners)
- [Delta40 / Factor[e] Ventures](/fund-guides/apply-to-delta40-factor-e)
- Back to the [scanner](/)
---
---
title: How to apply to Development Partners International (DPI) as an African founder
slug: apply-to-dpi
section: fund-guides
description: "How founders realistically reach DPI: growth-stage and later-stage private equity, not an early-stage pitch process."
publishedAt: 2026-08-03
lastReviewed: 2026-08-03
fundSlug: dpi
---
## TL;DR
DPI is a $3B+ Africa-focused private equity firm that co-led Moniepoint's $110M Series C alongside BII and LeapFrog. It invests growth and late-stage only, so most founders reading this are not yet a fit, but it's worth knowing as a signal of what the next stage of fundraising can look like.
## Who DPI is
Development Partners International runs the African Development Partners (ADP) fund series, targeting high-growth, profitable, market-leading companies across Africa. The firm's clearest fintech infrastructure bet is Moniepoint, backed at $110M alongside BII and LeapFrog when the company was processing $17 billion in monthly transaction volume and growing revenue over 150% year over year.
## What they invest in
- **Stage:** Growth and later-stage private equity, not early-stage venture
- **Sectors:** Broad impact-driven mandate, with fintech infrastructure (Moniepoint) as a proof point
- **Cheque size:** $20M to $110M+ in disclosed deals
- **Bar:** Profitable or near-profitable, market-leading businesses with proven scale
## How to apply
DPI does not run a founder-facing pitch process. Companies at genuine growth-stage scale, with institutional financials, can reach the deal team directly via dpi-llp.com. For most earlier-stage founders, the more useful thing to know is that DPI co-invests alongside BII and LeapFrog, both of which appear elsewhere in this directory, and that reaching DPI's stage is a realistic multi-year goal rather than a near-term application.
## Portfolio pattern
Moniepoint (Nigeria), co-invested with BII and LeapFrog at $110M Series C. The through-line across DPI's 25-company ADP portfolio: proven profitability or a clear near-term path to it, market leadership, and growth-stage scale.
## Before you apply
If you're at or approaching growth stage:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) to show institutional-grade growth and profitability trends
- Audited financials and a clear path to profitability
- Evidence of market leadership in your category
## FAQ
### Does DPI invest at seed or Series A?
No. DPI's disclosed deals are growth-stage and later, typically nine-figure rounds for companies with proven market leadership.
### Is DPI a venture capital fund?
No, DPI is a private equity firm. Its bar for profitability and scale is higher than a typical venture fund's.
### How do earlier-stage founders benefit from knowing DPI?
DPI co-invests with funds like BII and LeapFrog that back companies earlier in their lifecycle. Building a relationship with those funds is a more realistic near-term path than a direct DPI pitch.
## See also
- The full [Development Partners International profile](/funds/dpi)
- Related Fintech and Infrastructure-focused funds in the directory
- Back to the [scanner](/) to check your readiness before pitching
---
---
title: How to apply to E Squared Investments as an African founder
slug: apply-to-e-squared-investments
section: fund-guides
description: "How to apply to E Squared Investments: Pre-Seed, Seed, and Growth investor writing Varies (portfolio-wide, not publicly disclosed) cheques. What African foun..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: e-squared-investments
---
## TL;DR
E Squared Investments invests in sector-agnostic companies at Pre-Seed, Seed, and Growth, writes cheques of Varies (portfolio-wide, not publicly disclosed), and takes applications through a form on their website.
## Who E Squared Investments is
E Squared Investments is a South Africa investor headquartered in Johannesburg. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Entrepreneurship for the common good, supporting responsible entrepreneurs to create employment and address poverty in South Africa.
On the ground, E Squared Investments operates as a Pre-Seed, Seed, and Growth investor with an Africa focus described as "South Africa (primary), with pan-African reach". The fund's ceo is Gladwyn Leeuw, alongside Nazeem Martin (Board Chairman).
## What they invest in
- **Stages:** Pre-Seed, Seed, and Growth
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 34% of classified portfolio companies are in Healthtech, and 33% are in Agritech.
- **Cheque size:** Varies (portfolio-wide, not publicly disclosed)
- **Geography focus:** South Africa / Yes -- South Africa (primary), with pan-African reach
## How to apply
E Squared Investments takes applications through a form on https://www.esquared.org.za/. The apply field in their Trampoline entry describes it as "Via the website or direct outreach to the team". Go to the site, find the apply or contact path, and submit through that channel rather than emailing partners cold, since a fund that has built a form generally routes everything through it first.
## Portfolio pattern
E Squared Investments's portfolio, as listed in their Trampoline fund page, includes:
- **Impulse Biomed** (South Africa): Affordable medical device development
- **Khula!** (South Africa): Digital agriculture platform for farmers
- **Regenize** (South Africa): Waste recycling and circular economy
That spread gives you a sense of what a real check from E Squared Investments has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does E Squared Investments have a sector focus?**
E Squared Investments describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does E Squared Investments typically write cheques at?**
E Squared Investments invests at Pre-Seed, Seed, and Growth, with cheque sizes of Varies (portfolio-wide, not publicly disclosed).
**Do you need a warm intro to apply to E Squared Investments?**
No. E Squared Investments takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does E Squared Investments invest outside South Africa?**
E Squared Investments's Africa focus is described as "South Africa (primary), with pan-African reach". Check the [full fund profile](/funds/e-squared-investments) for the exact geographic boundaries before you apply.
**Is E Squared Investments a remote or in-person fund?**
E Squared Investments's format is listed as Hybrid.
## See also
- The full [E Squared Investments profile](/funds/e-squared-investments)
- [Beltone Venture Capital](/fund-guides/apply-to-beltone-vc)
- [Enza Capital](/fund-guides/apply-to-enza-capital)
- [216 Capital Ventures](/fund-guides/apply-to-216-capital-ventures)
- Back to the [scanner](/)
---
---
title: How to apply to E3 Capital as an African founder
slug: apply-to-e3-capital
section: fund-guides
description: "How to apply to E3 Capital: Seed and Series A cheques of $500K -- $3M for Climate startups, application path, and what African founders should prepare."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: e3-capital
---
## TL;DR
E3 Capital invests in Climate, Agritech, and AI-ML companies at Seed and Series A, writes cheques of $500K -- $3M, and takes applications through a direct online application.
## Who E3 Capital is
E3 Capital is a Sub-Saharan Africa investor headquartered in Nairobi, Kenya. Its stated focus is Climate, Agritech, and AI-ML. The thesis, in the fund's own words: Championing entrepreneurs pursuing bold solutions in climate technology to drive a Digitised, Decentralised and Decarbonised future across Africa.
On the ground, E3 Capital operates as a Seed and Series A investor with an Africa focus described as "Sub-Saharan Africa (East, West, and Southern Africa)". The fund's founder is Paras Patel, alongside Vova Dugin (Managing Partner) and Melvyn Lubega (Senior Partner).
## What they invest in
- **Stages:** Seed and Series A
- **Sectors:** Climate, Agritech, and AI-ML
- **Cheque size:** $500K -- $3M
- **Geography focus:** Sub-Saharan Africa / Yes -- Sub-Saharan Africa (East, West, and Southern Africa)
## How to apply
Apply directly at https://www.e3-cap.com/contact. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-24. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
E3 Capital's portfolio, as listed in their Trampoline fund page, includes:
- **D.light** (Pan-African): Affordable solar-powered solutions for off-grid communities, Growth
- **Sun Culture** (Pan-African): Solar-powered irrigation systems for farmers, Growth
- **BBOXX** (Pan-African): Off-grid solar and clean cooking solutions, Growth
- **Nuru** (DRC): Solar-hybrid metro-grids for reliable, affordable power, Growth
- **Mawingu Networks** (East Africa): Last-mile internet connectivity for underserved areas, Growth
That spread gives you a sense of what a real check from E3 Capital has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does E3 Capital invest in Climate?**
Yes. Climate is listed among E3 Capital's stated sector focus areas.
**What stage does E3 Capital typically write cheques at?**
E3 Capital invests at Seed and Series A, with cheque sizes of $500K -- $3M.
**Do you need a warm intro to apply to E3 Capital?**
No. E3 Capital takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does E3 Capital invest outside Sub-Saharan Africa?**
E3 Capital's Africa focus is described as "Sub-Saharan Africa (East, West, and Southern Africa)". Check the [full fund profile](/funds/e3-capital) for the exact geographic boundaries before you apply.
**Is E3 Capital a remote or in-person fund?**
E3 Capital's format is listed as Hybrid.
## See also
- The full [E3 Capital profile](/funds/e3-capital)
- [Haske Ventures](/fund-guides/apply-to-haske-ventures)
- [Acumen (ARAF)](/fund-guides/apply-to-acumen-araf)
- [AHL Venture Partners](/fund-guides/apply-to-ahl-venture-partners)
- Back to the [scanner](/)
---
---
title: How to apply to E4E Africa as an African founder
slug: apply-to-e4e-africa
section: fund-guides
description: "How to apply to E4E Africa: Series A cheques of $500K -- $3M for sector-agnostic startups, application path, and what African founders should prepare."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: e4e-africa
---
## TL;DR
E4E Africa invests in sector-agnostic companies at Series A, writes cheques of $500K -- $3M, and takes applications through a form on their website.
## Who E4E Africa is
E4E Africa is a Sub-Saharan Africa investor headquartered in Cape Town & Amsterdam. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Entrepreneurs investing in entrepreneurs -- backing high-impact technology companies across sub-Saharan Africa that create jobs and drive inclusive economic growth.
On the ground, E4E Africa operates as a Series A investor with an Africa focus described as "South Africa (primary), with pan-African reach across sub-Saharan Africa". The fund's managing partner is Bas Hochstenbach, alongside Bakang Komanyane (Principal).
## What they invest in
- **Stages:** Series A
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 39% of classified portfolio companies are in Fintech, and 15% are in Consumer.
- **Cheque size:** $500K -- $3M
- **Geography focus:** Sub-Saharan Africa / Yes -- South Africa (primary), with pan-African reach across sub-Saharan Africa
## How to apply
E4E Africa takes applications through a form on https://e4eafrica.com/. The apply field in their Trampoline entry describes it as "Via the website or direct outreach to the team". Go to the site, find the apply or contact path, and submit through that channel rather than emailing partners cold, since a fund that has built a form generally routes everything through it first.
## Portfolio pattern
E4E Africa's portfolio, as listed in their Trampoline fund page, includes:
- **SweepSouth** (South Africa): On-demand home services marketplace
- **Pineapple** (South Africa): Peer-to-peer insurance technology
- **Kwara** (Kenya/Nigeria): Savings and credit cooperative digitisation
- **Octavia Carbon** (Kenya): Direct air capture and carbon removal
- **TUNL** (South Africa): Cross-border logistics platform
That spread gives you a sense of what a real check from E4E Africa has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does E4E Africa have a sector focus?**
E4E Africa describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does E4E Africa typically write cheques at?**
E4E Africa invests at Series A, with cheque sizes of $500K -- $3M.
**Do you need a warm intro to apply to E4E Africa?**
No. E4E Africa takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does E4E Africa invest outside Sub-Saharan Africa?**
E4E Africa's Africa focus is described as "South Africa (primary), with pan-African reach across sub-Saharan Africa". Check the [full fund profile](/funds/e4e-africa) for the exact geographic boundaries before you apply.
**Is E4E Africa a remote or in-person fund?**
E4E Africa's format is listed as Hybrid.
## See also
- The full [E4E Africa profile](/funds/e4e-africa)
- [212 Founders (CDG Invest)](/fund-guides/apply-to-212-founders)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- [A15](/fund-guides/apply-to-a15)
- Back to the [scanner](/)
---
---
title: How to apply to Egypt Ventures as an African founder
slug: apply-to-egypt-ventures
section: fund-guides
description: "How to apply to Egypt Ventures: Pre-Seed, Seed, and Series A investor writing Not publicly disclosed cheques. What African founders need to prepare before ap..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: egypt-ventures
---
## TL;DR
Egypt Ventures invests in sector-agnostic companies at Pre-Seed, Seed, and Series A, writes cheques of Not publicly disclosed, and takes applications through direct outreach to the team.
## Who Egypt Ventures is
Egypt Ventures is a Egypt / MENA investor headquartered in Cairo. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: supporting Egyptian startups by providing strategic, financial, operational, and network support that enables them to scale and thrive.
On the ground, Egypt Ventures operates as a Pre-Seed, Seed, and Series A investor with an Africa focus described as "Egypt". The fund's chairman & ceo is Ahmad Gomaa.
## What they invest in
- **Stages:** Pre-Seed, Seed, and Series A
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 28% of classified portfolio companies are in E-commerce, and 18% are in Healthtech.
- **Cheque size:** Not publicly disclosed
- **Geography focus:** Egypt / MENA / Yes -- Egypt
## How to apply
Egypt Ventures's application path is: "Via website or direct outreach". This reads as direct outreach rather than a public form, which means the fund is more reachable through a warm introduction or a well-targeted cold message than through a portal. Ahmad Gomaa (Chairman & CEO) is the name most associated with the fund publicly, and a specific, well-prepared message referencing why you fit their stated thesis is a better opener than a generic pitch blast. Check https://egyptventures.com/ first in case a form or dedicated email address has since gone live.
## Portfolio pattern
Egypt Ventures's portfolio, as listed in their Trampoline fund page, includes:
- **Fatura** (Egypt): B2B retail platform (300+ employees)
- **Almentor** (Egypt): Arabic e-learning platform ($14.5M+ raised)
- **Nawah Scientific** (Egypt): Biotech research facilities
- **Si-Ware** (Egypt): Semiconductor and sensing technology
- **payNas** (Egypt): Payment solutions
That spread gives you a sense of what a real check from Egypt Ventures has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
- A short, specific note explaining why you fit their stated thesis, ready to send cold or through a warm intro
## FAQ
**Does Egypt Ventures have a sector focus?**
Egypt Ventures describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Egypt Ventures typically write cheques at?**
Egypt Ventures invests at Pre-Seed, Seed, and Series A, with cheque sizes of Not publicly disclosed.
**Do you need a warm intro to apply to Egypt Ventures?**
Egypt Ventures's application path is direct outreach rather than a public form, so a warm introduction generally carries more weight than a cold message, though it is not stated as a hard requirement.
**Does Egypt Ventures invest outside Egypt / MENA?**
Egypt Ventures's Africa focus is described as "Egypt". Check the [full fund profile](/funds/egypt-ventures) for the exact geographic boundaries before you apply.
**Is Egypt Ventures a remote or in-person fund?**
Egypt Ventures's format is listed as Hybrid.
## See also
- The full [Egypt Ventures profile](/funds/egypt-ventures)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- [A15](/fund-guides/apply-to-a15)
- [Acumen (ARAF)](/fund-guides/apply-to-acumen-araf)
- Back to the [scanner](/)
---
---
title: How to apply to EmergingTech Ventures (EmTech) as an African founder
slug: apply-to-emtech-ventures
section: fund-guides
description: "How to apply to EmergingTech Ventures (EmTech): Series A investor writing $500K -- $3M cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: emtech-ventures
---
## TL;DR
EmergingTech Ventures (EmTech) invests in sector-agnostic companies at Series A, writes cheques of $500K -- $3M, and takes applications through a form on their website.
## Who EmergingTech Ventures (EmTech) is
EmergingTech Ventures (EmTech) is a Morocco / Francophone Africa investor headquartered in Casablanca. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Fostering the development of a dynamic early-stage tech ecosystem in North and Francophone West Africa.
On the ground, EmergingTech Ventures (EmTech) operates as a Series A investor with an Africa focus described as "Morocco, Tunisia, Senegal, Côte d'Ivoire". The fund's ceo & co-founder is Meriem Zaïri Tlemçani, alongside Abdelouahid Benlamlih (Co-founder) and Sidi Mohammed Zakraoui (Co-founder).
## What they invest in
- **Stages:** Series A
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 25% of classified portfolio companies are in Agritech, and 25% are in Healthtech.
- **Cheque size:** $500K -- $3M
- **Geography focus:** Morocco / Francophone Africa / Yes -- Morocco, Tunisia, Senegal, Côte d'Ivoire
## How to apply
EmergingTech Ventures (EmTech) takes applications through a form on https://emtechventures.com/. The apply field in their Trampoline entry describes it as "Via the website or direct outreach to the team". Go to the site, find the apply or contact path, and submit through that channel rather than emailing partners cold, since a fund that has built a form generally routes everything through it first.
## Portfolio pattern
EmergingTech Ventures (EmTech)'s portfolio, as listed in their Trampoline fund page, includes:
- **[SOWIT](https://sowit.tech)** (Morocco): A precision agriculture technology company using satellite imagery and IoT sensors to help farmers in Morocco and Africa optimize crop yields.
- **TWINGuide** (Morocco): A Casablanca-based medtech company that develops guided surgery technology for flapless dental implant placement.
- **Afdal** (Morocco): A Casablanca-based mortgage-tech platform that uses an AI-driven engine to compare and process real-estate credit and insurance offers from Moroccan banks.
- **[Edukaty](https://edukaty.ma)** (Morocco): A Casablanca-based edtech company offering online and in-person tutoring and exam-prep courses for students.
That spread gives you a sense of what a real check from EmergingTech Ventures (EmTech) has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does EmergingTech Ventures (EmTech) have a sector focus?**
EmergingTech Ventures (EmTech) describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does EmergingTech Ventures (EmTech) typically write cheques at?**
EmergingTech Ventures (EmTech) invests at Series A, with cheque sizes of $500K -- $3M.
**Do you need a warm intro to apply to EmergingTech Ventures (EmTech)?**
No. EmergingTech Ventures (EmTech) takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does EmergingTech Ventures (EmTech) invest outside Morocco / Francophone Africa?**
EmergingTech Ventures (EmTech)'s Africa focus is described as "Morocco, Tunisia, Senegal, Côte d'Ivoire". Check the [full fund profile](/funds/emtech-ventures) for the exact geographic boundaries before you apply.
**Is EmergingTech Ventures (EmTech) a remote or in-person fund?**
EmergingTech Ventures (EmTech)'s format is listed as Hybrid.
## See also
- The full [EmergingTech Ventures (EmTech) profile](/funds/emtech-ventures)
- [212 Founders (CDG Invest)](/fund-guides/apply-to-212-founders)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- [A15](/fund-guides/apply-to-a15)
- Back to the [scanner](/)
---
---
title: How to apply to Endure Capital as an African founder
slug: apply-to-endure-capital
section: fund-guides
description: "How to apply to Endure Capital: Pre-Seed, Seed, and Series B+ investor writing $1M -- $5M cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: endure-capital
---
## TL;DR
Endure Capital invests in sector-agnostic companies at Pre-Seed, Seed, and Series B+, writes cheques of $1M -- $5M, and takes applications through direct outreach to the team.
## Who Endure Capital is
Endure Capital is a Pan-African + Global investor headquartered in Cairo, with offices in Amsterdam, Palo Alto, Dubai. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Investing in impact-driven early-stage startups in Africa, with a selective approach to investing in growth-stage startups globally.
On the ground, Endure Capital operates as a Pre-Seed, Seed, and Series B+ investor with an Africa focus described as "Egypt (60%), expanding pan-African and globally". The fund's founder & managing partner is Tarek Fahim, alongside Mohamed Noweir (Partner).
## What they invest in
- **Stages:** Pre-Seed, Seed, and Series B+
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 50% of classified portfolio companies are in E-commerce, and 17% are in Consumer.
- **Cheque size:** $1M -- $5M
- **Geography focus:** Pan-African + Global / Yes -- Egypt (60%), expanding pan-African and globally
## How to apply
Endure Capital's application path is: "Via website or warm intros through the portfolio network". This reads as direct outreach rather than a public form, which means the fund is more reachable through a warm introduction or a well-targeted cold message than through a portal. Tarek Fahim (Founder & Managing Partner) is the name most associated with the fund publicly, and a specific, well-prepared message referencing why you fit their stated thesis is a better opener than a generic pitch blast. Check https://endurecap.com/ first in case a form or dedicated email address has since gone live.
## Portfolio pattern
Endure Capital's portfolio, as listed in their Trampoline fund page, includes:
- **Careem** (Egypt/UAE): Ride-hailing and super app (exited to Uber, $3.1B)
- **MaxAB** (Egypt): B2B e-commerce for traditional retail
- **Breadfast** (Egypt): Grocery delivery and dark stores
- **Brimore** (Egypt): Social commerce and distribution
- **Cassbana** (Egypt): Credit scoring for underbanked populations
That spread gives you a sense of what a real check from Endure Capital has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
- A short, specific note explaining why you fit their stated thesis, ready to send cold or through a warm intro
## FAQ
**Does Endure Capital have a sector focus?**
Endure Capital describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Endure Capital typically write cheques at?**
Endure Capital invests at Pre-Seed, Seed, and Series B+, with cheque sizes of $1M -- $5M.
**Do you need a warm intro to apply to Endure Capital?**
Endure Capital's application path is direct outreach rather than a public form, so a warm introduction generally carries more weight than a cold message, though it is not stated as a hard requirement.
**Does Endure Capital invest outside Pan-African + Global?**
Endure Capital's Africa focus is described as "Egypt (60%), expanding pan-African and globally". Check the [full fund profile](/funds/endure-capital) for the exact geographic boundaries before you apply.
**Is Endure Capital a remote or in-person fund?**
Endure Capital's format is listed as Hybrid.
## See also
- The full [Endure Capital profile](/funds/endure-capital)
- [3IF Ventures](/fund-guides/apply-to-3if-ventures)
- [A15](/fund-guides/apply-to-a15)
- [Beltone Venture Capital](/fund-guides/apply-to-beltone-vc)
- Back to the [scanner](/)
---
---
title: How to apply to Enza Capital as an African founder
slug: apply-to-enza-capital
section: fund-guides
description: "How to apply to Enza Capital: Pre-Seed, Seed, Series A, and Growth investor writing $250K -- $5M cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: enza-capital
---
## TL;DR
Enza Capital invests in sector-agnostic companies at Pre-Seed, Seed, Series A, and Growth, writes cheques of $250K -- $5M, and takes applications through a form on their website.
## Who Enza Capital is
Enza Capital is a Pan-African investor headquartered in Nairobi, with team in Johannesburg, London, and New York. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: We invest in companies organizing the offline online and digitizing key African industries.
On the ground, Enza Capital operates as a Pre-Seed, Seed, Series A, and Growth investor with an Africa focus described as "Pan-African (Kenya, Nigeria, South Africa, Ghana, Ivory Coast, Senegal, Egypt, Uganda)". The fund's co-founder and managing partner is Mike Mompi, alongside John Lazar (General Partner).
## What they invest in
- **Stages:** Pre-Seed, Seed, Series A, and Growth
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 37% of classified portfolio companies are in Fintech, and 16% are in E-commerce.
- **Cheque size:** $250K -- $5M
- **Geography focus:** Pan-African / Yes -- Pan-African (Kenya, Nigeria, South Africa, Ghana, Ivory Coast, Senegal, Egypt, Uganda)
## How to apply
Enza Capital takes applications through a form on https://enza.capital/. The apply field in their Trampoline entry describes it as "Warm intros preferred. Contact via the website or through portfolio founder referrals.". Go to the site, find the apply or contact path, and submit through that channel rather than emailing partners cold, since a fund that has built a form generally routes everything through it first.
## Portfolio pattern
Enza Capital's portfolio, as listed in their Trampoline fund page, includes:
- **SeamlessHR** (Nigeria): Cloud HR, payroll, and recruitment platform, Seed
- **Djamo** (Ivory Coast): Consumer neobank for Francophone Africa, Seed
- **Autochek** (Nigeria): Automotive tech: buy, sell, finance cars, Early stage
- **Peach Payments** (South Africa): Online payment gateway for businesses, Growth
- **Turaco** (Kenya): Embedded insurance for African consumers, Seed
That spread gives you a sense of what a real check from Enza Capital has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Enza Capital have a sector focus?**
Enza Capital describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Enza Capital typically write cheques at?**
Enza Capital invests at Pre-Seed, Seed, Series A, and Growth, with cheque sizes of $250K -- $5M.
**Do you need a warm intro to apply to Enza Capital?**
No. Enza Capital takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Enza Capital invest outside Pan-African?**
Enza Capital's Africa focus is described as "Pan-African (Kenya, Nigeria, South Africa, Ghana, Ivory Coast, Senegal, Egypt, Uganda)". Check the [full fund profile](/funds/enza-capital) for the exact geographic boundaries before you apply.
**Is Enza Capital a remote or in-person fund?**
Enza Capital's format is listed as Hybrid.
## See also
- The full [Enza Capital profile](/funds/enza-capital)
- [Beltone Venture Capital](/fund-guides/apply-to-beltone-vc)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- [A15](/fund-guides/apply-to-a15)
- Back to the [scanner](/)
---
---
title: How to apply to Equator as an African founder
slug: apply-to-equator
section: fund-guides
description: "How to apply to Equator: Seed and Series A investor writing $750K -- $2M ($750K-$1M seed, ~$2M Series A) cheques. What African founders need to prepare befor..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: equator
---
## TL;DR
Equator invests in Climate companies at Seed and Series A, writes cheques of $750K -- $2M ($750K-$1M seed, ~$2M Series A), and takes applications through a form on their website.
## Who Equator is
Equator is a Sub-Saharan Africa investor headquartered in Nairobi, with team in London and Fort Collins, Colorado. Its stated focus is Climate. The thesis, in the fund's own words: We back scalable ventures that solve problems at the intersection of climate and commerce in Africa.
On the ground, Equator operates as a Seed and Series A investor with an Africa focus described as "Sub-Saharan Africa". The fund's partner is Nijhad Jamal, alongside Lyndsay Handler (Partner) and Morgan DeFoort (Partner).
## What they invest in
- **Stages:** Seed and Series A
- **Sectors:** Climate
- **Cheque size:** $750K -- $2M ($750K-$1M seed, ~$2M Series A)
- **Geography focus:** Sub-Saharan Africa / Yes -- Sub-Saharan Africa
## How to apply
Equator takes applications through a form on https://equator.vc/. The apply field in their Trampoline entry describes it as "Warm intros preferred. Contact via the website or reach out to partners on LinkedIn.". Go to the site, find the apply or contact path, and submit through that channel rather than emailing partners cold, since a fund that has built a form generally routes everything through it first.
## Portfolio pattern
Equator's portfolio, as listed in their Trampoline fund page, includes:
- **Roam Electric** (Kenya): Electric motorcycles and buses for African markets, Seed/Series A
- **SunCulture** (Kenya): Solar-powered irrigation systems for smallholder farmers, Growth
- **Apollo Agriculture** (Kenya): Data-driven inputs and financing for smallholder farmers, Growth
- **Odyssey Energy Solutions** (Kenya): Software for off-grid energy project developers, Seed
- **Ibisa** (Multi-market): Parametric climate insurance using satellite data, Seed
That spread gives you a sense of what a real check from Equator has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Equator invest in Climate?**
Yes. Climate is listed among Equator's stated sector focus areas.
**What stage does Equator typically write cheques at?**
Equator invests at Seed and Series A, with cheque sizes of $750K -- $2M ($750K-$1M seed, ~$2M Series A).
**Do you need a warm intro to apply to Equator?**
No. Equator takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Equator invest outside Sub-Saharan Africa?**
Equator's Africa focus is described as "Sub-Saharan Africa". Check the [full fund profile](/funds/equator) for the exact geographic boundaries before you apply.
**Is Equator a remote or in-person fund?**
Equator's format is listed as Hybrid.
## See also
- The full [Equator profile](/funds/equator)
- [Acumen (ARAF)](/fund-guides/apply-to-acumen-araf)
- [AHL Venture Partners](/fund-guides/apply-to-ahl-venture-partners)
- [All On](/fund-guides/apply-to-all-on)
- Back to the [scanner](/)
---
---
title: How to apply to Fireball Capital as an African founder
slug: apply-to-fireball-capital
section: fund-guides
description: "How to apply to Fireball Capital: Seed cheques of $100K -- $1M for Fintech startups, application path, and what African founders should prepare."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: fireball-capital
---
## TL;DR
Fireball Capital invests in Fintech, Healthtech, Edtech, Agritech, and SaaS companies at Seed, writes cheques of $100K -- $1M, and takes applications through a direct online application.
## Who Fireball Capital is
Fireball Capital is a South Africa investor headquartered in Cape Town. Its stated focus is Fintech, Healthtech, Edtech, Agritech, and SaaS. The thesis, in the fund's own words: Impact-driven venture capital backing early-stage African startups at the intersection of technology and transformation, with a focus on financial inclusion, healthcare access, education, and food security.
On the ground, Fireball Capital operates as a Seed investor with an Africa focus described as "South Africa (primary), with pan-African reach". The fund's ceo & founder is Paula Mokwena, alongside Justin James (CIO) and Ryan Wilborg (CFO & Head of Compliance).
## What they invest in
- **Stages:** Seed
- **Sectors:** Fintech, Healthtech, Edtech, Agritech, and SaaS
- **Cheque size:** $100K -- $1M
- **Geography focus:** South Africa / Yes -- South Africa (primary), with pan-African reach
## How to apply
Apply directly at https://fireballcapital.co.za/. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-29. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
Fireball Capital's portfolio, as listed in their Trampoline fund page, includes:
- **Ozow** (South Africa): Digital payments platform
- **Clickatell** (South Africa): Communications and chat commerce platform
- **RecoMed** (South Africa): Healthcare booking platform
- **Go1** (South Africa/Australia): Corporate learning and training
That spread gives you a sense of what a real check from Fireball Capital has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Fireball Capital invest in Fintech?**
Yes. Fintech is listed among Fireball Capital's stated sector focus areas.
**What stage does Fireball Capital typically write cheques at?**
Fireball Capital invests at Seed, with cheque sizes of $100K -- $1M.
**Do you need a warm intro to apply to Fireball Capital?**
No. Fireball Capital takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Fireball Capital invest outside South Africa?**
Fireball Capital's Africa focus is described as "South Africa (primary), with pan-African reach". Check the [full fund profile](/funds/fireball-capital) for the exact geographic boundaries before you apply.
**Is Fireball Capital a remote or in-person fund?**
Fireball Capital's format is listed as Hybrid (direct investments + co-investments).
## See also
- The full [Fireball Capital profile](/funds/fireball-capital)
- [Haske Ventures](/fund-guides/apply-to-haske-ventures)
- [Magic Fund](/fund-guides/apply-to-magic-fund)
- [Mercy Corps Ventures](/fund-guides/apply-to-mercy-corps-ventures)
- Back to the [scanner](/)
---
---
title: How to apply to First Circle Capital as an African founder
slug: apply-to-first-circle-capital
section: fund-guides
description: "How to apply to First Circle Capital: Pre-Seed and Seed investor writing Not publicly disclosed cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: first-circle-capital
---
## TL;DR
First Circle Capital invests in Fintech companies at Pre-Seed and Seed, writes cheques of Not publicly disclosed, and takes applications through direct outreach to the team.
## Who First Circle Capital is
First Circle Capital is a Pan-African investor headquartered in Casablanca, Morocco & Kampala, Uganda. Its stated focus is Fintech. The thesis, in the fund's own words: Seeding the next generation of fintech companies shaping the future of Africa.
On the ground, First Circle Capital operates as a Pre-Seed and Seed investor with an Africa focus described as "Pan-African (13+ investments across 7 countries)". The fund's co-founder & managing partner is Selma Ribica, alongside Agnes Aistleitner Kisuule (Co-founder & Managing Partner) and Ming S. Kwan (Head of Portfolio).
## What they invest in
- **Stages:** Pre-Seed and Seed
- **Sectors:** Fintech
- **Cheque size:** Not publicly disclosed
- **Geography focus:** Pan-African / Yes -- Pan-African (13+ investments across 7 countries)
## How to apply
First Circle Capital's application path is: "mailto:team@firstcircle.capital". This reads as direct outreach rather than a public form, which means the fund is more reachable through a warm introduction or a well-targeted cold message than through a portal. Selma Ribica (Co-founder & Managing Partner) is the name most associated with the fund publicly, and a specific, well-prepared message referencing why you fit their stated thesis is a better opener than a generic pitch blast. Check https://www.firstcircle.capital/ first in case a form or dedicated email address has since gone live.
## Portfolio pattern
First Circle Capital's portfolio, as listed in their Trampoline fund page, includes:
- **Scale** (Pan-African): Card-issuing infrastructure for fintechs
- **Credify** (Pan-African): Digitising logistics and trade finance for SMEs
- **Pumpkn** (Pan-African): Financing for SME agribusinesses
- **MNZL** (Egypt): Asset-backed lending
- **TurnStay** (Pan-African): Travel sector cross-border payments
That spread gives you a sense of what a real check from First Circle Capital has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
- A short, specific note explaining why you fit their stated thesis, ready to send cold or through a warm intro
## FAQ
**Does First Circle Capital invest in Fintech?**
Yes. Fintech is listed among First Circle Capital's stated sector focus areas.
**What stage does First Circle Capital typically write cheques at?**
First Circle Capital invests at Pre-Seed and Seed, with cheque sizes of Not publicly disclosed.
**Do you need a warm intro to apply to First Circle Capital?**
First Circle Capital's application path is direct outreach rather than a public form, so a warm introduction generally carries more weight than a cold message, though it is not stated as a hard requirement.
**Does First Circle Capital invest outside Pan-African?**
First Circle Capital's Africa focus is described as "Pan-African (13+ investments across 7 countries)". Check the [full fund profile](/funds/first-circle-capital) for the exact geographic boundaries before you apply.
**Is First Circle Capital a remote or in-person fund?**
First Circle Capital's format is listed as Remote / Hybrid.
## See also
- The full [First Circle Capital profile](/funds/first-circle-capital)
- [Ajim Capital](/fund-guides/apply-to-ajim-capital)
- [Haske Ventures](/fund-guides/apply-to-haske-ventures)
- [Magic Fund](/fund-guides/apply-to-magic-fund)
- Back to the [scanner](/)
---
---
title: How to apply to Flat6Labs / F6 Ventures as an African founder
slug: apply-to-flat6labs
section: fund-guides
description: "How to apply to Flat6Labs / F6 Ventures: Pre-Seed, Seed, and Series A investor writing $50K – $500K cheques. What African founders need to prepare before app..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: flat6labs
---
## TL;DR
Flat6Labs / F6 Ventures invests in sector-agnostic companies at Pre-Seed, Seed, and Series A, writes cheques of $50K – $500K, and takes applications through a direct online application.
## Who Flat6Labs / F6 Ventures is
Flat6Labs / F6 Ventures is a Pan-African, MENA investor headquartered in Cairo. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Accelerating the future - MEA's leading entrepreneurship platform in emerging markets
On the ground, Flat6Labs / F6 Ventures operates as a Pre-Seed, Seed, and Series A investor with an Africa focus described as "Yes - Pan-African (Egypt, Nigeria, Ghana, Kenya, Morocco, Senegal, Tunisia)". The fund's co-founder & gp, f6 ventures is Ramez El-Serafy, alongside Dina el-Shenoufy (Co-Founder & GP, F6 Ventures; CEO, F6 Group) and Christine Namara (Partner, Africa (Nairobi)).
## What they invest in
- **Stages:** Pre-Seed, Seed, and Series A
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 24% of classified portfolio companies are in Fintech, and 21% are in Healthtech.
- **Cheque size:** $50K – $500K
- **Geography focus:** Pan-African, MENA / Yes - Pan-African (Egypt, Nigeria, Ghana, Kenya, Morocco, Senegal, Tunisia)
## How to apply
Apply directly at https://flat6labs.com/apply-now/. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-24. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
Flat6Labs / F6 Ventures's portfolio, as listed in their Trampoline fund page, includes:
- **Instabug** (Egypt): Bug reporting and mobile SDK (Samsung, PayPal, Lyft), Seed, then $5M Series A
- **Brimore** (Egypt): End-to-end distribution platform, Seed $800K, then $3.5M Pre-Series A
- **MoneyFellows** (Egypt): Digital money circles and savings app, Seed, then $4M Series A
- **Chefaa** (Egypt): Online pharmacy ordering app, Seed (six-figure)
- **VRapeutic** (Egypt): VR software for learning disabilities and autism, Seed ($100K UNICEF grant)
That spread gives you a sense of what a real check from Flat6Labs / F6 Ventures has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Flat6Labs / F6 Ventures have a sector focus?**
Flat6Labs / F6 Ventures describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Flat6Labs / F6 Ventures typically write cheques at?**
Flat6Labs / F6 Ventures invests at Pre-Seed, Seed, and Series A, with cheque sizes of $50K – $500K.
**Do you need a warm intro to apply to Flat6Labs / F6 Ventures?**
No. Flat6Labs / F6 Ventures takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Flat6Labs / F6 Ventures invest outside Pan-African, MENA?**
Flat6Labs / F6 Ventures's Africa focus is described as "Yes - Pan-African (Egypt, Nigeria, Ghana, Kenya, Morocco, Senegal, Tunisia)". Check the [full fund profile](/funds/flat6labs) for the exact geographic boundaries before you apply.
**Is Flat6Labs / F6 Ventures a remote or in-person fund?**
Flat6Labs / F6 Ventures's format is listed as Hybrid (4-month accelerator cycles + direct VC investment).
## See also
- The full [Flat6Labs / F6 Ventures profile](/funds/flat6labs)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- [A15](/fund-guides/apply-to-a15)
- [Acumen (ARAF)](/fund-guides/apply-to-acumen-araf)
- Back to the [scanner](/)
---
---
title: How to apply to Flourish Ventures as an African founder
slug: apply-to-flourish-ventures
section: fund-guides
description: "How to apply to Flourish Ventures: the fair-finance fintech investor that led FairMoney's Series A and keeps a standing African fintech thesis."
publishedAt: 2026-08-03
lastReviewed: 2026-08-03
fundSlug: flourish-ventures
---
## TL;DR
Flourish Ventures backs fintech companies expanding access to fair, affordable financial services. Its clearest African bet is FairMoney (Nigeria), led at Series A and validated by a later Tiger Global-backed Series B. Pitch via the contact channels at flourishventures.com.
## Who Flourish is
Flourish is a fintech-focused investor operating across Africa, India, Latin America, and Southeast Asia, organised around Digital Banking, Embedded Finance, Frontier, Infrastructure, Insurtech, and Regtech themes. Its African thesis is grounded in a specific insight: nominal bank account penetration in markets like Nigeria doesn't equal meaningful access to useful financial products, which is the gap FairMoney was built to close.
## What they invest in
- **Stage:** Seed through Series B+
- **Sectors:** Fintech, specifically fair-finance and financial-inclusion themes
- **Cheque size:** Not publicly disclosed
- **Geography:** Africa alongside India, Latin America, and Southeast Asia
## How to apply
Flourish doesn't run a separate founder pitch form; reach out through the general contact channels at flourishventures.com. The firm's partners publish regularly on African fintech market dynamics through their Fintech Africa content series, so referencing specific published thinking in your outreach is a credible way to show you've done the homework.
## Portfolio pattern
FairMoney (Nigeria): started as a credit-focused neobank solving the gap between nominal bank access and real financial-services access, then expanded into current accounts and savings. Flourish led the $11M Series A alongside DST Global partners; FairMoney later raised a $42M Series B led by Tiger Global.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real usage, not slides
- A precise articulation of the specific inclusion gap you're closing, not a generic "banking the unbanked" pitch
- Cap table
## FAQ
### Does Flourish only invest in neobanks?
No, its themes cover Digital Banking, Embedded Finance, Frontier, Infrastructure, Insurtech, and Regtech. Neobanks are one expression of the broader fair-finance thesis, not the whole mandate.
### What stage does Flourish invest at?
Seed through Series B+, based on its FairMoney investment history (Series A lead, later participation through Series B).
### Do you need a warm intro?
Not required, but Flourish's public content on African fintech is a good signal of what resonates, so referencing it in a cold outreach is worthwhile.
## See also
- The full [Flourish Ventures profile](/funds/flourish-ventures)
- Related Fintech-focused funds in the directory
- Back to the [scanner](/) to check your readiness before pitching
---
---
title: How to apply to Foundation Ventures as an African founder
slug: apply-to-foundation-ventures
section: fund-guides
description: "How to apply to Foundation Ventures: Pre-Seed, Seed, and Series A investor writing ~$300K average (with follow-on capacity) cheques. What African founders ne..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: foundation-ventures
---
## TL;DR
Foundation Ventures invests in sector-agnostic companies at Pre-Seed, Seed, and Series A, writes cheques of ~$300K average (with follow-on capacity), and takes applications through direct outreach to the team.
## Who Foundation Ventures is
Foundation Ventures is a Egypt / Africa investor headquartered in Cairo. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Backing exceptional teams building industry-defining companies in Egypt and Africa.
On the ground, Foundation Ventures operates as a Pre-Seed, Seed, and Series A investor with an Africa focus described as "Egypt (primary), expanding pan-African". The fund's managing partner & co-founder is Mazen Nadim, alongside Omar Barakat (Partner & Co-founder) and Ziyad Hamdy (Partner & Co-founder).
## What they invest in
- **Stages:** Pre-Seed, Seed, and Series A
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 34% of classified portfolio companies are in E-commerce, and 22% are in Fintech.
- **Cheque size:** ~$300K average (with follow-on capacity)
- **Geography focus:** Egypt / Africa / Yes -- Egypt (primary), expanding pan-African
## How to apply
Foundation Ventures's application path is: "mailto:info@foundationventures.com". This reads as direct outreach rather than a public form, which means the fund is more reachable through a warm introduction or a well-targeted cold message than through a portal. Mazen Nadim (Managing Partner & Co-founder) is the name most associated with the fund publicly, and a specific, well-prepared message referencing why you fit their stated thesis is a better opener than a generic pitch blast. Check https://www.foundationventures.com/ first in case a form or dedicated email address has since gone live.
## Portfolio pattern
Foundation Ventures's portfolio, as listed in their Trampoline fund page, includes:
- **NowPay** (Egypt): Employee salary advance and financial wellness
- **Flextock** (Egypt): End-to-end digital fulfillment
- **Rabbit Mart** (Egypt): Quick-commerce via neighbourhood dark stores
- **Abwaab** (Egypt/Jordan): Edtech for supplementary educational content
- **Sakneen** (Egypt): Real estate sales platform for developers
That spread gives you a sense of what a real check from Foundation Ventures has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
- A short, specific note explaining why you fit their stated thesis, ready to send cold or through a warm intro
## FAQ
**Does Foundation Ventures have a sector focus?**
Foundation Ventures describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Foundation Ventures typically write cheques at?**
Foundation Ventures invests at Pre-Seed, Seed, and Series A, with cheque sizes of ~$300K average (with follow-on capacity).
**Do you need a warm intro to apply to Foundation Ventures?**
Foundation Ventures's application path is direct outreach rather than a public form, so a warm introduction generally carries more weight than a cold message, though it is not stated as a hard requirement.
**Does Foundation Ventures invest outside Egypt / Africa?**
Foundation Ventures's Africa focus is described as "Egypt (primary), expanding pan-African". Check the [full fund profile](/funds/foundation-ventures) for the exact geographic boundaries before you apply.
**Is Foundation Ventures a remote or in-person fund?**
Foundation Ventures's format is listed as Hybrid.
## See also
- The full [Foundation Ventures profile](/funds/foundation-ventures)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- [A15](/fund-guides/apply-to-a15)
- [Acumen (ARAF)](/fund-guides/apply-to-acumen-araf)
- Back to the [scanner](/)
---
---
title: How to apply to Future Africa as an African founder
slug: apply-to-future-africa
section: fund-guides
description: "How to apply to Future Africa: Pre-Seed and Seed investor writing ~$50K -- $150K (initial); ~$110K (follow-on) cheques. What African founders need to prepare..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: future-africa
---
## TL;DR
Future Africa invests in sector-agnostic companies at Pre-Seed and Seed, writes cheques of ~$50K -- $150K (initial); ~$110K (follow-on), and takes applications through a direct online application.
## Who Future Africa is
Future Africa is a Pan-African investor headquartered in Lagos, Nigeria. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Build for the 94% -- technology-driven solutions that address significant challenges faced by the African majority.
On the ground, Future Africa operates as a Pre-Seed and Seed investor with an Africa focus described as "Pan-African (10+ countries)". The fund's partner is Iyinoluwa Aboyeji, alongside Mia von Koschitzky-Kimani (Partner).
## What they invest in
- **Stages:** Pre-Seed and Seed
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 53% of classified portfolio companies are in Fintech, and 13% are in Climate.
- **Cheque size:** ~$50K -- $150K (initial); ~$110K (follow-on)
- **Geography focus:** Pan-African / Yes -- Pan-African (10+ countries)
## How to apply
Apply directly at https://www.future.africa/. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-24. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
Future Africa's portfolio, as listed in their Trampoline fund page, includes:
- **Moove** (Nigeria): Revenue-based vehicle financing for ride-hail drivers, Seed
- **Releaf** (Nigeria): Agricultural supply chain technology, Seed
- **Sudo Africa** (Nigeria): Open API platform for card issuance and payments, Seed
- **Spleet** (Nigeria): Flexible rental solutions and property management, Pre-Seed
- **Montra** (Nigeria): Digital finance ecosystem for payments and credit, Seed
That spread gives you a sense of what a real check from Future Africa has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Future Africa have a sector focus?**
Future Africa describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Future Africa typically write cheques at?**
Future Africa invests at Pre-Seed and Seed, with cheque sizes of ~$50K -- $150K (initial); ~$110K (follow-on).
**Do you need a warm intro to apply to Future Africa?**
No. Future Africa takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Future Africa invest outside Pan-African?**
Future Africa's Africa focus is described as "Pan-African (10+ countries)". Check the [full fund profile](/funds/future-africa) for the exact geographic boundaries before you apply.
**Is Future Africa a remote or in-person fund?**
Future Africa's format is listed as Remote.
## See also
- The full [Future Africa profile](/funds/future-africa)
- [216 Capital Ventures](/fund-guides/apply-to-216-capital-ventures)
- [3IF Ventures](/fund-guides/apply-to-3if-ventures)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- Back to the [scanner](/)
---
---
title: How to apply to Goodwell Investments as an African founder
slug: apply-to-goodwell-investments
section: fund-guides
description: "How to apply to Goodwell Investments: Seed, Series A, and Growth investor writing $1M -- $10M+ (varies by fund and stage) cheques. What African founders need..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: goodwell-investments
---
## TL;DR
Goodwell Investments invests in Fintech, Agritech, and Logistics companies at Seed, Series A, and Growth, writes cheques of $1M -- $10M+ (varies by fund and stage), and takes applications through a direct online application.
## Who Goodwell Investments is
Goodwell Investments is a Pan-African investor headquartered in Amsterdam, with teams in Nairobi, Johannesburg, Cape Town, and Lagos. Its stated focus is Fintech, Agritech, and Logistics. The thesis, in the fund's own words: We finance motivated entrepreneurs solving everyday issues within their communities, focusing on scalable, early-growth companies delivering social and financial returns.
On the ground, Goodwell Investments operates as a Seed, Series A, and Growth investor with an Africa focus described as "Pan-African (Kenya, Nigeria, South Africa, Ghana, Zambia, and broader Sub-Saharan Africa)". The fund's founder and managing partner is Wim van der Beek, alongside Els Boerhof (Managing Partner) and Lilian Oyando (Associate Partner (Nairobi)).
## What they invest in
- **Stages:** Seed, Series A, and Growth
- **Sectors:** Fintech, Agritech, and Logistics
- **Cheque size:** $1M -- $10M+ (varies by fund and stage)
- **Geography focus:** Pan-African / Yes -- Pan-African (Kenya, Nigeria, South Africa, Ghana, Zambia, and broader Sub-Saharan Africa)
## How to apply
Apply directly at https://goodwell.nl/. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-24. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
Goodwell Investments's portfolio, as listed in their Trampoline fund page, includes:
- **Onafriq (fka MFS Africa)** (Pan-African): Africa's largest digital payments gateway, Series C ($100M, co-led)
- **Paga** (Nigeria): Mobile payments and digital financial services, Growth
- **MAX** (Nigeria/Ghana): Electric vehicle logistics and ride-hailing, Growth
- **OmniRetail** (Nigeria): B2B e-commerce for FMCG distribution, Growth
- **Haul247** (Nigeria): Asset-light logistics and haulage platform, Growth
That spread gives you a sense of what a real check from Goodwell Investments has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Goodwell Investments invest in Fintech?**
Yes. Fintech is listed among Goodwell Investments's stated sector focus areas.
**What stage does Goodwell Investments typically write cheques at?**
Goodwell Investments invests at Seed, Series A, and Growth, with cheque sizes of $1M -- $10M+ (varies by fund and stage).
**Do you need a warm intro to apply to Goodwell Investments?**
No. Goodwell Investments takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Goodwell Investments invest outside Pan-African?**
Goodwell Investments's Africa focus is described as "Pan-African (Kenya, Nigeria, South Africa, Ghana, Zambia, and broader Sub-Saharan Africa)". Check the [full fund profile](/funds/goodwell-investments) for the exact geographic boundaries before you apply.
**Is Goodwell Investments a remote or in-person fund?**
Goodwell Investments's format is listed as Hybrid.
## See also
- The full [Goodwell Investments profile](/funds/goodwell-investments)
- [AHL Venture Partners](/fund-guides/apply-to-ahl-venture-partners)
- [Haske Ventures](/fund-guides/apply-to-haske-ventures)
- [Musha Ventures](/fund-guides/apply-to-musha-ventures)
- Back to the [scanner](/)
---
---
title: How to apply to the Google for Startups Black Founders Fund (Africa)
slug: apply-to-google-black-founders-fund-africa
section: fund-guides
description: "How to apply to Google's Black Founders Fund Africa: a non-dilutive $150K cash grant plus Cloud credits, awarded in annual cohorts to Black-founded African startups."
publishedAt: 2026-08-03
lastReviewed: 2026-08-03
fundSlug: google-black-founders-fund-africa
---
## TL;DR
The Google for Startups Black Founders Fund gives Black-founded African startups up to $150,000 in non-dilutive cash, plus up to $200,000 in Google Cloud credits, mentoring, and advertising support, in annual cohorts. Apply through startup.google.com when a new cohort window opens.
## Who runs it
Google for Startups runs the Black Founders Fund as a grant program, not an investment vehicle. The third African cohort awarded $4 million across 25 startups; the second cohort granted the same total across 60 startups. Named grantees span healthtech (Akoma Health), logistics (Chargel), fintech (Susu, focused on women's banking), agritech (EzyAgric), and e-commerce (Tushop), among others.
## What they fund
- **Stage:** Seed through Series A-adjacent, growth-stage startups with demonstrated traction
- **Sectors:** Broad, spanning fintech, healthtech, agritech, logistics, and e-commerce across recent cohorts
- **Grant size:** Up to $150,000 non-dilutive cash, plus up to $200,000 in Google Cloud credits
- **Structure:** Grant-track, non-dilutive; Google takes no equity
## How to apply
Applications run on an annual cohort cycle through **startup.google.com/programs/black-founders-fund/africa**. There is no rolling application window, so founders should monitor Google for Startups' African program channels for the announcement of each new cohort's opening.
## Portfolio pattern (grant recipients)
Third cohort grantees included Akoma Health, Chargel, Jumba, Susu, EzyAgric, Excel At Uni, Herconomy, Zinacare, and Tushop, spanning healthcare access, logistics, fintech, agritech, and retail. The pattern favours Black-founded startups with real growth traction across a wide sector range, not a narrow vertical thesis.
## Before you apply
Have these ready before the application window opens:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real growth traction
- A clear articulation of your growth trajectory and how the grant accelerates it
- Confirmation you meet the Black founder leadership criteria the program targets
## FAQ
### Does this program take equity?
No, it's entirely non-dilutive. Google takes no equity stake in exchange for the grant.
### Is this a rolling application?
No, it runs in annual cohorts. Check startup.google.com for the current cohort's application window.
### What sectors does it fund?
Broadly across fintech, healthtech, agritech, logistics, and e-commerce, based on recent cohort composition. There's no single narrow vertical thesis.
## See also
- The full [Google for Startups Black Founders Fund (Africa) profile](/funds/google-black-founders-fund-africa)
- Related grant-track and cohort-based programs in the directory
- Back to the [scanner](/) to check your readiness before applying
---
---
title: How to apply to Haske Ventures as an African founder
slug: apply-to-haske-ventures
section: fund-guides
description: "How to apply to Haske Ventures: Ideation, Pre-Seed, and Seed investor writing Up to $700K per venture cheques. What African founders need to prepare before a..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: haske-ventures
---
## TL;DR
Haske Ventures invests in Healthtech, Logistics, Agritech, Climate, AI-ML, and Fintech companies at Ideation, Pre-Seed, and Seed, writes cheques of Up to $700K per venture, and takes applications through a direct online application.
## Who Haske Ventures is
Haske Ventures is a Francophone West Africa investor headquartered in Dakar, Senegal. Its stated focus is Healthtech, Logistics, Agritech, Climate, AI-ML, and Fintech. The thesis, in the fund's own words: We build scalable, sustainable, and profitable businesses in Francophone Africa from ideation to Series A.
On the ground, Haske Ventures operates as a Ideation, Pre-Seed, and Seed investor with an Africa focus described as "Francophone West Africa". The fund's co-founder & president is Madji Sock, alongside Abdourahmane Diop (Co-Founder & CEO).
## What they invest in
- **Stages:** Ideation, Pre-Seed, and Seed
- **Sectors:** Healthtech, Logistics, Agritech, Climate, AI-ML, and Fintech
- **Cheque size:** Up to $700K per venture
- **Geography focus:** Francophone West Africa / Yes -- Francophone West Africa
## How to apply
Apply directly at https://www.haskeventures.com/contact. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-29. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
Haske Ventures's portfolio, as listed in their Trampoline fund page, includes:
- **Yolele West Africa** (Senegal): Agricultural processing (fonio grain), Studio venture
- **Kwely** (Senegal): E-commerce sourcing African products, Studio venture
- **Woluma** (Senegal): --, Studio venture
- **Proxalys** (Senegal): --, Studio venture
- **Genimi** (Senegal): --, Studio venture
That spread gives you a sense of what a real check from Haske Ventures has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Haske Ventures invest in Healthtech?**
Yes. Healthtech is listed among Haske Ventures's stated sector focus areas.
**What stage does Haske Ventures typically write cheques at?**
Haske Ventures invests at Ideation, Pre-Seed, and Seed, with cheque sizes of Up to $700K per venture.
**Do you need a warm intro to apply to Haske Ventures?**
No. Haske Ventures takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Haske Ventures invest outside Francophone West Africa?**
Haske Ventures's Africa focus is described as "Francophone West Africa". Check the [full fund profile](/funds/haske-ventures) for the exact geographic boundaries before you apply.
**Is Haske Ventures a remote or in-person fund?**
Haske Ventures's format is listed as In-Person (venture studio model).
## See also
- The full [Haske Ventures profile](/funds/haske-ventures)
- [Mercy Corps Ventures](/fund-guides/apply-to-mercy-corps-ventures)
- [Musha Ventures](/fund-guides/apply-to-musha-ventures)
- [Village Capital](/fund-guides/apply-to-village-capital)
- Back to the [scanner](/)
---
---
title: How to apply to HAVAÍC as an African founder
slug: apply-to-havaic
section: fund-guides
description: "How to apply to HAVAÍC: Seed and Series B+ investor writing ~$1M+ (based on recent deals) cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: havaic
---
## TL;DR
HAVAÍC invests in sector-agnostic companies at Seed and Series B+, writes cheques of ~$1M+ (based on recent deals), and takes applications through direct outreach to the team.
## Who HAVAÍC is
HAVAÍC is a Sub-Saharan Africa investor headquartered in Cape Town, South Africa. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Investing in innovative, post-revenue African-born technology businesses with local relevance and international scalability.
On the ground, HAVAÍC operates as a Seed and Series B+ investor with an Africa focus described as "South Africa, Nigeria, Kenya". The fund's managing partner is Ian Lessem, alongside Rob Heath (Partner) and Kiara Suttner-Tromp (Partner).
## What they invest in
- **Stages:** Seed and Series B+
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 43% of classified portfolio companies are in Fintech, and 15% are in Enterprise.
- **Cheque size:** ~$1M+ (based on recent deals)
- **Geography focus:** Sub-Saharan Africa / Yes -- South Africa, Nigeria, Kenya
## How to apply
HAVAÍC's application path is: "mailto:info@havaic.com". This reads as direct outreach rather than a public form, which means the fund is more reachable through a warm introduction or a well-targeted cold message than through a portal. Ian Lessem (Managing Partner) is the name most associated with the fund publicly, and a specific, well-prepared message referencing why you fit their stated thesis is a better opener than a generic pitch blast. Check https://www.havaic.com/ first in case a form or dedicated email address has since gone live.
## Portfolio pattern
HAVAÍC's portfolio, as listed in their Trampoline fund page, includes:
- **Entersekt** (South Africa): Authentication and mobile security
- **RapidDeploy** (South Africa): Emergency response technology (exited to Motorola Solutions, 2025)
- **hearX Group** (South Africa): Digital hearing healthcare (merged with Eargo, 2025)
- **SAPay** (South Africa): Payments digitisation for the taxi industry
- **Sportable** (South Africa): Sports data analytics using smart ball technology
That spread gives you a sense of what a real check from HAVAÍC has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
- A short, specific note explaining why you fit their stated thesis, ready to send cold or through a warm intro
## FAQ
**Does HAVAÍC have a sector focus?**
HAVAÍC describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does HAVAÍC typically write cheques at?**
HAVAÍC invests at Seed and Series B+, with cheque sizes of ~$1M+ (based on recent deals).
**Do you need a warm intro to apply to HAVAÍC?**
HAVAÍC's application path is direct outreach rather than a public form, so a warm introduction generally carries more weight than a cold message, though it is not stated as a hard requirement.
**Does HAVAÍC invest outside Sub-Saharan Africa?**
HAVAÍC's Africa focus is described as "South Africa, Nigeria, Kenya". Check the [full fund profile](/funds/havaic) for the exact geographic boundaries before you apply.
**Is HAVAÍC a remote or in-person fund?**
HAVAÍC's format is listed as Hybrid.
## See also
- The full [HAVAÍC profile](/funds/havaic)
- [3IF Ventures](/fund-guides/apply-to-3if-ventures)
- [A15](/fund-guides/apply-to-a15)
- [AfricInvest (Cathay AfricInvest Innovation Fund)](/fund-guides/apply-to-africinvest)
- Back to the [scanner](/)
---
---
title: How to apply to Helios Digital Ventures as an African founder
slug: apply-to-helios-digital-ventures
section: fund-guides
description: "How to apply to Helios Digital Ventures: Series A, Series B+, and Growth investor writing $5M -- $20M cheques. What African founders need to prepare before a..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: helios-digital-ventures
---
## TL;DR
Helios Digital Ventures invests in Fintech, AI-ML, and Blockchain companies at Series A, Series B+, and Growth, writes cheques of $5M -- $20M, and takes applications through direct outreach to the team.
## Who Helios Digital Ventures is
Helios Digital Ventures is a Pan-African and Middle East investor headquartered in London/Lagos, part of the Helios Investment Partners platform. Its stated focus is Fintech, AI-ML, and Blockchain. The thesis, in the fund's own words: Capturing the final digital frontier: Africa -- backing the continent's emerging digital champions across fintech, AI, and blockchain.
On the ground, Helios Digital Ventures operates as a Series A, Series B+, and Growth investor with an Africa focus described as "Pan-African (Nigeria, Egypt, Kenya, South Africa, Pan-African plays)". The fund's managing partner, co-head of hdv is Wale Ayeni, alongside Fope Adelowo (Principal, Co-head of HDV) and Tope Lawani (Co-Founder, Helios Investment Partners).
## What they invest in
- **Stages:** Series A, Series B+, and Growth
- **Sectors:** Fintech, AI-ML, and Blockchain
- **Cheque size:** $5M -- $20M
- **Geography focus:** Pan-African and Middle East / Yes -- Pan-African (Nigeria, Egypt, Kenya, South Africa, Pan-African plays)
## How to apply
Helios Digital Ventures's application path is: "Warm introductions preferred. Contact via the Helios website or reach out to the deal team on LinkedIn.". This reads as direct outreach rather than a public form, which means the fund is more reachable through a warm introduction or a well-targeted cold message than through a portal. Wale Ayeni (Managing Partner, Co-head of HDV) is the name most associated with the fund publicly, and a specific, well-prepared message referencing why you fit their stated thesis is a better opener than a generic pitch blast. Check https://www.heliosinvestment.com/strategies/helios-digital-ventures first in case a form or dedicated email address has since gone live.
## Portfolio pattern
Helios Digital Ventures's portfolio, as listed in their Trampoline fund page, includes:
- **Paymob** (Egypt): Omni-channel digital payments platform, Series B
- **Nomba** (Nigeria): Payments and banking platform for businesses, Growth
- **SeamlessHR** (Pan-African): HR and payroll SaaS platform, Growth
- **Moment** (Pan-African): Real-time local and cross-border digital payments network, Growth
- **Conduit** (Pan-African): Blockchain infrastructure for financial products, Growth
That spread gives you a sense of what a real check from Helios Digital Ventures has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
- A short, specific note explaining why you fit their stated thesis, ready to send cold or through a warm intro
## FAQ
**Does Helios Digital Ventures invest in Fintech?**
Yes. Fintech is listed among Helios Digital Ventures's stated sector focus areas.
**What stage does Helios Digital Ventures typically write cheques at?**
Helios Digital Ventures invests at Series A, Series B+, and Growth, with cheque sizes of $5M -- $20M.
**Do you need a warm intro to apply to Helios Digital Ventures?**
Helios Digital Ventures's application path is direct outreach rather than a public form, so a warm introduction generally carries more weight than a cold message, though it is not stated as a hard requirement.
**Does Helios Digital Ventures invest outside Pan-African and Middle East?**
Helios Digital Ventures's Africa focus is described as "Pan-African (Nigeria, Egypt, Kenya, South Africa, Pan-African plays)". Check the [full fund profile](/funds/helios-digital-ventures) for the exact geographic boundaries before you apply.
**Is Helios Digital Ventures a remote or in-person fund?**
Helios Digital Ventures's format is listed as Hybrid.
## See also
- The full [Helios Digital Ventures profile](/funds/helios-digital-ventures)
- [Kalon Venture Partners](/fund-guides/apply-to-kalon-venture-partners)
- [Norrsken22](/fund-guides/apply-to-norrsken22)
- [AHL Venture Partners](/fund-guides/apply-to-ahl-venture-partners)
- Back to the [scanner](/)
---
---
title: How to apply to Hlayisani Capital as an African founder
slug: apply-to-hlayisani-capital
section: fund-guides
description: "How to apply to Hlayisani Capital: Series A investor writing R10M -- R100M (~$600K -- $6M) cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: hlayisani-capital
---
## TL;DR
Hlayisani Capital invests in sector-agnostic companies at Series A, writes cheques of R10M -- R100M (~$600K -- $6M), and takes applications through a form on their website.
## Who Hlayisani Capital is
Hlayisani Capital is a South Africa investor headquartered in Johannesburg. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Scaling high-growth, technology-enabled South African businesses beyond Series A, bridging the gap between early-stage venture capital and traditional private equity.
On the ground, Hlayisani Capital operates as a Series A investor with an Africa focus described as "South Africa (primary), with global expansion ambitions". The fund's partner & co-founder is Brett Commaille, alongside Mathew Palin (Partner) and Nkateko Khoza (Partner).
## What they invest in
- **Stages:** Series A
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 25% of classified portfolio companies are in AI-ML, and 25% are in Edtech.
- **Cheque size:** R10M -- R100M (~$600K -- $6M)
- **Geography focus:** South Africa / Yes -- South Africa (primary), with global expansion ambitions
## How to apply
Hlayisani Capital takes applications through a form on https://hlayisani.com/. The apply field in their Trampoline entry describes it as "Via the website or direct outreach to the team". Go to the site, find the apply or contact path, and submit through that channel rather than emailing partners cold, since a fund that has built a form generally routes everything through it first.
## Portfolio pattern
Hlayisani Capital's portfolio, as listed in their Trampoline fund page, includes:
- **Tractor Outdoor Media** (South Africa): Digital outdoor advertising
- **Spatialedge** (South Africa): Enterprise machine learning and AI tools
- **Cogitait AI** (South Africa): Automation and operational intelligence
- **Snapplify** (South Africa): Education technology platform
- **d6 Group** (South Africa): School management software
That spread gives you a sense of what a real check from Hlayisani Capital has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Hlayisani Capital have a sector focus?**
Hlayisani Capital describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Hlayisani Capital typically write cheques at?**
Hlayisani Capital invests at Series A, with cheque sizes of R10M -- R100M (~$600K -- $6M).
**Do you need a warm intro to apply to Hlayisani Capital?**
No. Hlayisani Capital takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Hlayisani Capital invest outside South Africa?**
Hlayisani Capital's Africa focus is described as "South Africa (primary), with global expansion ambitions". Check the [full fund profile](/funds/hlayisani-capital) for the exact geographic boundaries before you apply.
**Is Hlayisani Capital a remote or in-person fund?**
Hlayisani Capital's format is listed as Hybrid.
## See also
- The full [Hlayisani Capital profile](/funds/hlayisani-capital)
- [212 Founders (CDG Invest)](/fund-guides/apply-to-212-founders)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- [A15](/fund-guides/apply-to-a15)
- Back to the [scanner](/)
---
---
title: How to apply to HoaQ Fund as an African founder
slug: apply-to-hoaq-fund
section: fund-guides
description: "How to apply to HoaQ Fund: Pre-Seed, Seed, and Series A investor writing $25K -- $50K (fund); variable (syndicate) cheques. What African founders need to pre..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: hoaq-fund
---
## TL;DR
HoaQ Fund invests in sector-agnostic companies at Pre-Seed, Seed, and Series A, writes cheques of $25K -- $50K (fund); variable (syndicate), and takes applications through a direct online application.
## Who HoaQ Fund is
HoaQ Fund is a Pan-African, Diaspora investor headquartered in Dublin. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Backing founders using technology to build the economic infrastructure of Africa and for Africans, from pre-seed through Series A.
On the ground, HoaQ Fund operates as a Pre-Seed, Seed, and Series A investor with an Africa focus described as "Africa and African diaspora". The fund's managing partner, hoaq fund is Yewande Odumosu, alongside Joe Kinvi (Co-founder (now at Borderless)) and Folakemi Osho (Head of HoaQ Club (syndicate)).
## What they invest in
- **Stages:** Pre-Seed, Seed, and Series A
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 50% of classified portfolio companies are in Fintech, and 50% are in SaaS.
- **Cheque size:** $25K -- $50K (fund); variable (syndicate)
- **Geography focus:** Pan-African, Diaspora / Yes -- Africa and African diaspora
## How to apply
Apply directly at https://www.hoaq.co/the-hoaq-fund. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-29. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
HoaQ Fund does not have a named portfolio company list on their Trampoline fund page, but the sector split of their classified portfolio breaks down as 50% Fintech, 50% SaaS. Geographically, 50% Nigeria, 50% UK (diaspora). This is based on 2 classified portfolio companies.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does HoaQ Fund have a sector focus?**
HoaQ Fund describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does HoaQ Fund typically write cheques at?**
HoaQ Fund invests at Pre-Seed, Seed, and Series A, with cheque sizes of $25K -- $50K (fund); variable (syndicate).
**Do you need a warm intro to apply to HoaQ Fund?**
No. HoaQ Fund takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does HoaQ Fund invest outside Pan-African, Diaspora?**
HoaQ Fund's Africa focus is described as "Africa and African diaspora". Check the [full fund profile](/funds/hoaq-fund) for the exact geographic boundaries before you apply.
**Is HoaQ Fund a remote or in-person fund?**
HoaQ Fund's format is listed as Remote-first (dual vehicle: fund + angel syndicate).
## See also
- The full [HoaQ Fund profile](/funds/hoaq-fund)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- [A15](/fund-guides/apply-to-a15)
- [Acumen (ARAF)](/fund-guides/apply-to-acumen-araf)
- Back to the [scanner](/)
---
---
title: How to apply to I&P (Investisseurs & Partenaires) as an African founder
slug: apply-to-i-and-p
section: fund-guides
description: "How to apply to I&P (Investisseurs & Partenaires): Seed, Growth, Series A, and Series B+ investor writing €30K -- €3M (€30K-€300K via IPDEV2 seed funds, €300..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: i-and-p
---
## TL;DR
I&P (Investisseurs & Partenaires) invests in sector-agnostic companies at Seed, Growth, Series A, and Series B+, writes cheques of €30K -- €3M (€30K-€300K via IPDEV2 seed funds, €300K-€3M via IPAE funds), and takes applications through a direct online application.
## Who I&P (Investisseurs & Partenaires) is
I&P (Investisseurs & Partenaires) is a Sub-Saharan Africa and Indian Ocean investor headquartered in Paris, with offices in Dakar, Abidjan, Douala, Accra, Nairobi, Kampala, Antananarivo. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Financing, supporting, and promoting entrepreneurs and SMEs in Sub-Saharan Africa to contribute to the emergence of 500 champions of entrepreneurship by 2030.
On the ground, I&P (Investisseurs & Partenaires) operates as a Seed, Growth, Series A, and Series B+ investor with an Africa focus described as "Sub-Saharan Africa (Francophone West Africa, Sahel, East Africa, Madagascar, Indian Ocean)". The fund's co-ceo is Sébastien Boyé, alongside Jérémy Hajdenberg (Co-CEO) and Jean-Michel Severino (Chairman, Supervisory Board).
## What they invest in
- **Stages:** Seed, Growth, Series A, and Series B+
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 50% of classified portfolio companies are in Healthtech, and 25% are in Agritech.
- **Cheque size:** €30K -- €3M (€30K-€300K via IPDEV2 seed funds, €300K-€3M via IPAE funds)
- **Geography focus:** Sub-Saharan Africa and Indian Ocean / Yes -- Sub-Saharan Africa (Francophone West Africa, Sahel, East Africa, Madagascar, Indian Ocean)
## How to apply
Apply directly at https://www.ietp.com/en. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-24. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
I&P (Investisseurs & Partenaires)'s portfolio, as listed in their Trampoline fund page, includes:
- **Lapaire Glasses** (Pan-African): Affordable eye care, 50+ optical stores, Growth
- **Mali Shi** (Mali): Industrial shea butter processing and export, Growth
- **AerialMetric** (Madagascar): Aircraft and drone services for medical delivery, Growth
- **Win Industries** (Senegal): Mineral water production (O' Royal brand), Growth
- **Trianon Homes** (Gabon): Real estate development and construction, Growth
That spread gives you a sense of what a real check from I&P (Investisseurs & Partenaires) has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does I&P (Investisseurs & Partenaires) have a sector focus?**
I&P (Investisseurs & Partenaires) describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does I&P (Investisseurs & Partenaires) typically write cheques at?**
I&P (Investisseurs & Partenaires) invests at Seed, Growth, Series A, and Series B+, with cheque sizes of €30K -- €3M (€30K-€300K via IPDEV2 seed funds, €300K-€3M via IPAE funds).
**Do you need a warm intro to apply to I&P (Investisseurs & Partenaires)?**
No. I&P (Investisseurs & Partenaires) takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does I&P (Investisseurs & Partenaires) invest outside Sub-Saharan Africa and Indian Ocean?**
I&P (Investisseurs & Partenaires)'s Africa focus is described as "Sub-Saharan Africa (Francophone West Africa, Sahel, East Africa, Madagascar, Indian Ocean)". Check the [full fund profile](/funds/i-and-p) for the exact geographic boundaries before you apply.
**Is I&P (Investisseurs & Partenaires) a remote or in-person fund?**
I&P (Investisseurs & Partenaires)'s format is listed as Hybrid.
## See also
- The full [I&P (Investisseurs & Partenaires) profile](/funds/i-and-p)
- [Alitheia Capital](/fund-guides/apply-to-alitheia-capital)
- [Beltone Venture Capital](/fund-guides/apply-to-beltone-vc)
- [A15](/fund-guides/apply-to-a15)
- Back to the [scanner](/)
---
---
title: How to apply to IFC as an African founder
slug: apply-to-ifc
section: fund-guides
description: "How founders realistically reach IFC: institutional financing for banks and financial institutions directly, or indirectly through IFC-backed fund managers like First Circle Capital."
publishedAt: 2026-08-03
lastReviewed: 2026-08-03
fundSlug: ifc
---
## TL;DR
IFC is the World Bank Group's private-sector investment arm and one of the largest financial-inclusion investors in Africa, but it's a development finance institution, not a startup-facing VC. Most founders reach IFC-linked capital indirectly, by raising from a fund manager IFC backs as an LP, such as First Circle Capital.
## Who IFC is
IFC deploys equity, debt, and risk-sharing facilities into financial institutions and fintech infrastructure across Africa. In 2025 alone, it announced $310 million across Egypt, Ethiopia, and Morocco: facilities with Suez Canal Bank, Attijariwafa Bank Egypt, and Saham Bank, plus advisory support for VisionFund's microfinance lending in Ethiopia. It also commits capital as an LP into fintech-focused funds, including a $6M commitment to First Circle Capital specifically earmarked for early-stage African fintech.
## What they invest in
- **Stage:** Institutional-scale deals with banks and financial institutions directly; earlier-stage exposure only via fund LP commitments
- **Sectors:** Fintech, financial infrastructure, broader development-impact sectors
- **Cheque size:** $6M (fund LP commitments) up to $310M+ (major institutional facilities)
- **Route:** Direct institutional engagement, or indirect via an IFC-backed fund manager
## How to apply
There is no startup-facing pitch process. Institutional-scale companies and banks can engage IFC's Africa financial-inclusion team directly via ifc.org. Earlier-stage founders should instead target fund managers IFC backs as an LP, since that's the practical route IFC capital takes to reach smaller companies. First Circle Capital, elsewhere in this directory, is a current example.
## Portfolio pattern
Suez Canal Bank and Attijariwafa Bank Egypt, Saham Bank (Morocco), and VisionFund (Ethiopia) on the direct institutional track. First Circle Capital on the indirect, fund-manager LP track, the more realistic entry point for earlier-stage founders.
## Before you apply
If you're institutional-scale and reaching out directly:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show institutional-grade financials
- Audited financials and regulatory standing as a financial institution, if applicable
- A clear financial-inclusion impact narrative, especially reach to women-owned businesses and underserved regions
## FAQ
### Can an early-stage startup pitch IFC directly?
Realistically, no. IFC's direct deals are institutional-scale. Raising from an IFC-backed fund manager is the practical path for earlier-stage founders.
### Is IFC only interested in banks?
No, but its disclosed African fintech deals lean heavily toward established financial institutions and risk-sharing facilities rather than direct startup equity, alongside LP commitments into fintech-focused funds.
### How long does IFC diligence typically take?
Not disclosed in detail, but as a development finance institution with institutional-scale deals, expect a longer and more document-heavy process than a typical seed VC.
## See also
- The full [IFC profile](/funds/ifc)
- Related Fintech and Infrastructure-focused funds in the directory, including First Circle Capital
- Back to the [scanner](/) to check your readiness before pitching
---
---
title: How to apply to Injaro Investments as an African founder
slug: apply-to-injaro-investments
section: fund-guides
description: "How to apply to Injaro Investments: Series A and Growth investor writing $500K -- $3M cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: injaro-investments
---
## TL;DR
Injaro Investments invests in Fintech, Healthtech, and Edtech companies at Series A and Growth, writes cheques of $500K -- $3M, and takes applications through a form on their website.
## Who Injaro Investments is
Injaro Investments is a Ghana / West Africa investor headquartered in Accra. Its stated focus is Fintech, Healthtech, and Edtech. The thesis, in the fund's own words: Building sustainable African businesses that create both social and economic value.
On the ground, Injaro Investments operates as a Series A and Growth investor with an Africa focus described as "Ghana (primary), Côte d'Ivoire, Cape Verde, broader West Africa". The fund's ceo & co-founder is Jerry Parkes, alongside Dadie Tayoraud (Co-founder).
## What they invest in
- **Stages:** Series A and Growth
- **Sectors:** Fintech, Healthtech, and Edtech
- **Cheque size:** $500K -- $3M
- **Geography focus:** Ghana / West Africa / Yes -- Ghana (primary), Côte d'Ivoire, Cape Verde, broader West Africa
## How to apply
Injaro Investments takes applications through a form on https://www.injaroinvestments.com/. The apply field in their Trampoline entry describes it as "Via the website or direct outreach to the team". Go to the site, find the apply or contact path, and submit through that channel rather than emailing partners cold, since a fund that has built a form generally routes everything through it first.
## Portfolio pattern
Injaro Investments's portfolio, as listed in their Trampoline fund page, includes:
- **Zeepay** (Ghana): Mobile money and remittance fintech
- **Cofat Technologies** (Ghana): Technology solutions
- **DDP** (Ghana): Consumer products
- **NME** (Côte d'Ivoire): Industrial services
That spread gives you a sense of what a real check from Injaro Investments has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Injaro Investments invest in Fintech?**
Yes. Fintech is listed among Injaro Investments's stated sector focus areas.
**What stage does Injaro Investments typically write cheques at?**
Injaro Investments invests at Series A and Growth, with cheque sizes of $500K -- $3M.
**Do you need a warm intro to apply to Injaro Investments?**
No. Injaro Investments takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Injaro Investments invest outside Ghana / West Africa?**
Injaro Investments's Africa focus is described as "Ghana (primary), Côte d'Ivoire, Cape Verde, broader West Africa". Check the [full fund profile](/funds/injaro-investments) for the exact geographic boundaries before you apply.
**Is Injaro Investments a remote or in-person fund?**
Injaro Investments's format is listed as Hybrid.
## See also
- The full [Injaro Investments profile](/funds/injaro-investments)
- [Norrsken22](/fund-guides/apply-to-norrsken22)
- [Oasis Capital](/fund-guides/apply-to-oasis-capital)
- [Zedcrest Capital](/fund-guides/apply-to-zedcrest-capital)
- Back to the [scanner](/)
---
---
title: How to apply to Janngo Capital as an African founder
slug: apply-to-janngo-capital
section: fund-guides
description: "How to apply to Janngo Capital: Seed, Series A, and Series B+ investor writing €50K -- €5M cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: janngo-capital
---
## TL;DR
Janngo Capital invests in sector-agnostic companies at Seed, Series A, and Series B+, writes cheques of €50K -- €5M, and takes applications through a direct online application.
## Who Janngo Capital is
Janngo Capital is a Pan-African investor headquartered in Abidjan and Paris, with offices in Tunis and Mauritius. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: We build and invest in pan-African tech-for-good champions with proven business models and inclusive social impact.
On the ground, Janngo Capital operates as a Seed, Series A, and Series B+ investor with an Africa focus described as "Pan-African (strong Francophone and Anglophone balance)". The fund's founder and executive chair is Fatoumata Ba, alongside Emmanuel Chavane (General Partner (Technology)) and Sebastien Nony (General Partner (Investment and Fundraising)).
## What they invest in
- **Stages:** Seed, Series A, and Series B+
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 50% of classified portfolio companies are in SaaS, and 25% are in E-commerce.
- **Cheque size:** €50K -- €5M
- **Geography focus:** Pan-African / Yes -- Pan-African (strong Francophone and Anglophone balance)
## How to apply
Apply directly at https://www.janngo.com/. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-24. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
Janngo Capital's portfolio, as listed in their Trampoline fund page, includes:
- **Sabi** (Nigeria): B2B e-commerce for Africa's informal economy, Growth ($1B+ GMV)
- **Expensya** (Tunisia): Expense management platform (acquired by Medius), Exit (48% IRR)
- **Djamo** (Ivory Coast): Consumer neobank for Francophone Africa, Series B ($17M)
- **Jobzyn** (Morocco): AI-powered recruitment platform for Africa, Seed
That spread gives you a sense of what a real check from Janngo Capital has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Janngo Capital have a sector focus?**
Janngo Capital describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Janngo Capital typically write cheques at?**
Janngo Capital invests at Seed, Series A, and Series B+, with cheque sizes of €50K -- €5M.
**Do you need a warm intro to apply to Janngo Capital?**
No. Janngo Capital takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Janngo Capital invest outside Pan-African?**
Janngo Capital's Africa focus is described as "Pan-African (strong Francophone and Anglophone balance)". Check the [full fund profile](/funds/janngo-capital) for the exact geographic boundaries before you apply.
**Is Janngo Capital a remote or in-person fund?**
Janngo Capital's format is listed as Hybrid.
## See also
- The full [Janngo Capital profile](/funds/janngo-capital)
- [A15](/fund-guides/apply-to-a15)
- [AfricInvest (Cathay AfricInvest Innovation Fund)](/fund-guides/apply-to-africinvest)
- [Al Mada Ventures](/fund-guides/apply-to-al-mada-ventures)
- Back to the [scanner](/)
---
---
title: How to apply to Kalon Venture Partners as an African founder
slug: apply-to-kalon-venture-partners
section: fund-guides
description: "How to apply to Kalon Venture Partners: Seed and Series A investor writing R5M -- R25M (~$300K -- $1.5M) cheques. What African founders need to prepare befor..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: kalon-venture-partners
---
## TL;DR
Kalon Venture Partners invests in Fintech, Healthtech, AI-ML, and E-commerce companies at Seed and Series A, writes cheques of R5M -- R25M (~$300K -- $1.5M), and takes applications through a direct online application.
## Who Kalon Venture Partners is
Kalon Venture Partners is a South Africa investor headquartered in Johannesburg. Its stated focus is Fintech, Healthtech, AI-ML, and E-commerce. The thesis, in the fund's own words: Backing South Africa's best technology entrepreneurs building solutions that are 10X better, faster, or cheaper than existing alternatives.
On the ground, Kalon Venture Partners operates as a Seed and Series A investor with an Africa focus described as "South Africa (primary)". The fund's founder is Clive Butkow, alongside Leron Varsha (Acting CEO).
## What they invest in
- **Stages:** Seed and Series A
- **Sectors:** Fintech, Healthtech, AI-ML, and E-commerce
- **Cheque size:** R5M -- R25M (~$300K -- $1.5M)
- **Geography focus:** South Africa / Yes -- South Africa (primary)
## How to apply
Apply directly at https://www.kalonvp.com/. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-29. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
Kalon Venture Partners's portfolio, as listed in their Trampoline fund page, includes:
- **Ozow** (South Africa): Digital payments platform
- **Talk360** (South Africa): Affordable international calling
- **Sendmarc** (South Africa): Email cybersecurity (DMARC)
- **GoMetro** (South Africa): Mobility and transit technology
- **Flow** (South Africa): Workflow automation
That spread gives you a sense of what a real check from Kalon Venture Partners has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Kalon Venture Partners invest in Fintech?**
Yes. Fintech is listed among Kalon Venture Partners's stated sector focus areas.
**What stage does Kalon Venture Partners typically write cheques at?**
Kalon Venture Partners invests at Seed and Series A, with cheque sizes of R5M -- R25M (~$300K -- $1.5M).
**Do you need a warm intro to apply to Kalon Venture Partners?**
No. Kalon Venture Partners takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Kalon Venture Partners invest outside South Africa?**
Kalon Venture Partners's Africa focus is described as "South Africa (primary)". Check the [full fund profile](/funds/kalon-venture-partners) for the exact geographic boundaries before you apply.
**Is Kalon Venture Partners a remote or in-person fund?**
Kalon Venture Partners's format is listed as Hybrid.
## See also
- The full [Kalon Venture Partners profile](/funds/kalon-venture-partners)
- [Musha Ventures](/fund-guides/apply-to-musha-ventures)
- [Ajim Capital](/fund-guides/apply-to-ajim-capital)
- [Haske Ventures](/fund-guides/apply-to-haske-ventures)
- Back to the [scanner](/)
---
---
title: How to apply to Katapult Africa as an African founder
slug: apply-to-katapult-africa
section: fund-guides
description: "How to apply to Katapult Africa: Pre-Seed and Seed cheques of $150K -- $500K for Climate startups, application path, and what African founders should prepare."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: katapult-africa
---
## TL;DR
Katapult Africa invests in Climate and Agritech companies at Pre-Seed and Seed, writes cheques of $150K -- $500K, and takes applications through a direct online application.
## Who Katapult Africa is
Katapult Africa is a Pan-African investor headquartered in Oslo, with Nairobi and Kigali presence. Its stated focus is Climate and Agritech. The thesis, in the fund's own words: Accelerating climate tech and sustainable agriculture startups at the intersection of technology and planetary resilience across Africa.
On the ground, Katapult Africa operates as a Pre-Seed and Seed investor with an Africa focus described as "all African countries eligible". The fund's founder, katapult is Tharald Nustad.
## What they invest in
- **Stages:** Pre-Seed and Seed
- **Sectors:** Climate and Agritech
- **Cheque size:** $150K -- $500K
- **Geography focus:** Pan-African / Yes -- all African countries eligible
## How to apply
Apply directly at https://katapult.vc/africa/accelerator/. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-24. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
Katapult Africa's portfolio, as listed in their Trampoline fund page, includes:
- **GrowAgric** (Kenya): Agricultural technology platform
- **Aquarech** (Kenya): Aquaculture innovation
- **Legendary Foods** (Ghana): Food technology
- **Spark** (Ghana): Social finance app
- **Gricd** (Nigeria): Cold chain and storage solutions
That spread gives you a sense of what a real check from Katapult Africa has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Katapult Africa invest in Climate?**
Yes. Climate is listed among Katapult Africa's stated sector focus areas.
**What stage does Katapult Africa typically write cheques at?**
Katapult Africa invests at Pre-Seed and Seed, with cheque sizes of $150K -- $500K.
**Do you need a warm intro to apply to Katapult Africa?**
No. Katapult Africa takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Katapult Africa invest outside Pan-African?**
Katapult Africa's Africa focus is described as "all African countries eligible". Check the [full fund profile](/funds/katapult-africa) for the exact geographic boundaries before you apply.
**Is Katapult Africa a remote or in-person fund?**
Katapult Africa's format is listed as Accelerator (90-day digital programme).
## See also
- The full [Katapult Africa profile](/funds/katapult-africa)
- [Acumen (ARAF)](/fund-guides/apply-to-acumen-araf)
- [Delta40 / Factor[e] Ventures](/fund-guides/apply-to-delta40-factor-e)
- [Haske Ventures](/fund-guides/apply-to-haske-ventures)
- Back to the [scanner](/)
---
---
title: How to apply to Knife Capital as an African founder
slug: apply-to-knife-capital
section: fund-guides
description: "How to apply to Knife Capital: Series A and Series B+ investor writing ~$3M initial (with follow-on reserve from $50M fund) cheques. What African founders ne..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: knife-capital
---
## TL;DR
Knife Capital invests in sector-agnostic companies at Series A and Series B+, writes cheques of ~$3M initial (with follow-on reserve from $50M fund), and takes applications through a direct online application.
## Who Knife Capital is
Knife Capital is a Southern Africa investor headquartered in Cape Town, with offices in London and Jersey. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: We accelerate the international expansion of African innovation-driven businesses by using Knowledge, Networks, and Funding.
On the ground, Knife Capital operates as a Series A and Series B+ investor with an Africa focus described as "South Africa and SADC (opportunistic co-investments elsewhere in Africa)". The fund's co-founder and partner is Keet van Zyl, alongside Eben van Heerden (Co-Founder and Partner (London)) and Catherine Young (Partner).
## What they invest in
- **Stages:** Series A and Series B+
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 15% of classified portfolio companies are in E-commerce, and 15% are in AI-ML.
- **Cheque size:** ~$3M initial (with follow-on reserve from $50M fund)
- **Geography focus:** Southern Africa / Yes -- South Africa and SADC (opportunistic co-investments elsewhere in Africa)
## How to apply
Apply directly at https://knifecap.com/. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-24. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
Knife Capital's portfolio, as listed in their Trampoline fund page, includes:
- **Quicket** (South Africa): Self-service ticketing and event management, Growth (Exited to Ticketmaster)
- **DataProphet** (South Africa): AI-powered manufacturing process optimization, Series A
- **InQuba** (South Africa): AI customer journey management, Growth
- **Snapplify** (South Africa): Digital educational content platform, Growth
- **Outsized** (South Africa): Freelance professional marketplace, Growth
That spread gives you a sense of what a real check from Knife Capital has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Knife Capital have a sector focus?**
Knife Capital describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Knife Capital typically write cheques at?**
Knife Capital invests at Series A and Series B+, with cheque sizes of ~$3M initial (with follow-on reserve from $50M fund).
**Do you need a warm intro to apply to Knife Capital?**
No. Knife Capital takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Knife Capital invest outside Southern Africa?**
Knife Capital's Africa focus is described as "South Africa and SADC (opportunistic co-investments elsewhere in Africa)". Check the [full fund profile](/funds/knife-capital) for the exact geographic boundaries before you apply.
**Is Knife Capital a remote or in-person fund?**
Knife Capital's format is listed as Hybrid.
## See also
- The full [Knife Capital profile](/funds/knife-capital)
- [A15](/fund-guides/apply-to-a15)
- [AfricInvest (Cathay AfricInvest Innovation Fund)](/fund-guides/apply-to-africinvest)
- [Al Mada Ventures](/fund-guides/apply-to-al-mada-ventures)
- Back to the [scanner](/)
---
---
title: How to apply to Lateral Frontiers as an African founder
slug: apply-to-lateral-frontiers
section: fund-guides
description: "How to apply to Lateral Frontiers: Seed and Series A investor writing $100K -- $1M cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: lateral-frontiers
---
## TL;DR
Lateral Frontiers invests in sector-agnostic companies at Seed and Series A, writes cheques of $100K -- $1M, and takes applications through a form on their website.
## Who Lateral Frontiers is
Lateral Frontiers is a Pan-African / Global South investor headquartered in New York, with presence in Nairobi and Lagos. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Building digital infrastructure for the next 3 billion users through fintech rails and cleantech across the Global South.
On the ground, Lateral Frontiers operates as a Seed and Series A investor with an Africa focus described as "pan-African with primary hubs in Lagos, Nairobi, Cape Town, Cairo". The fund's managing partner is Rob Eloff, alongside Steven Grin (Managing Partner) and Samakab Hashi (Partner).
## What they invest in
- **Stages:** Seed and Series A
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 43% of classified portfolio companies are in Fintech, and 15% are in Consumer.
- **Cheque size:** $100K -- $1M
- **Geography focus:** Pan-African / Global South / Yes -- pan-African with primary hubs in Lagos, Nairobi, Cape Town, Cairo
## How to apply
Lateral Frontiers takes applications through a form on https://www.lateralfrontiers.com/. The apply field in their Trampoline entry describes it as "Via the website or direct outreach to the team". Go to the site, find the apply or contact path, and submit through that channel rather than emailing partners cold, since a fund that has built a form generally routes everything through it first.
## Portfolio pattern
Lateral Frontiers's portfolio, as listed in their Trampoline fund page, includes:
- **Carry1st** (South Africa): Gaming and digital content platform
- **SeamlessHR** (Nigeria): Enterprise HR and payroll SaaS
- **Mono** (Nigeria): Financial data API infrastructure
- **Autocheck Africa** (Nigeria): Automotive marketplace and financing
- **Lipa Later** (Kenya): Buy now, pay later platform
That spread gives you a sense of what a real check from Lateral Frontiers has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Lateral Frontiers have a sector focus?**
Lateral Frontiers describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Lateral Frontiers typically write cheques at?**
Lateral Frontiers invests at Seed and Series A, with cheque sizes of $100K -- $1M.
**Do you need a warm intro to apply to Lateral Frontiers?**
No. Lateral Frontiers takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Lateral Frontiers invest outside Pan-African / Global South?**
Lateral Frontiers's Africa focus is described as "pan-African with primary hubs in Lagos, Nairobi, Cape Town, Cairo". Check the [full fund profile](/funds/lateral-frontiers) for the exact geographic boundaries before you apply.
**Is Lateral Frontiers a remote or in-person fund?**
Lateral Frontiers's format is listed as Hybrid.
## See also
- The full [Lateral Frontiers profile](/funds/lateral-frontiers)
- [212 Founders (CDG Invest)](/fund-guides/apply-to-212-founders)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- [A15](/fund-guides/apply-to-a15)
- Back to the [scanner](/)
---
---
title: How to apply to Launch Africa Ventures as an African founder
slug: apply-to-launch-africa
section: fund-guides
description: "How to apply to Launch Africa Ventures: Pre-Seed, Seed, and Series A investor writing $250K -- $500K initial (follow-on up to $1M) cheques. What African foun..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: launch-africa
---
## TL;DR
Launch Africa Ventures invests in sector-agnostic companies at Pre-Seed, Seed, and Series A, writes cheques of $250K -- $500K initial (follow-on up to $1M), and takes applications through a direct online application.
## Who Launch Africa Ventures is
Launch Africa Ventures is a Pan-African investor headquartered in Mauritius, operations across 25+ countries. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Investing, growing, and scaling the next generation of African technology startups. We back startups across multiple sectors, regions, and products that tackle the most meaningful challenges on the continent.
On the ground, Launch Africa Ventures operates as a Pre-Seed, Seed, and Series A investor with an Africa focus described as "Pan-African (25+ countries, geography-agnostic within Africa)". The fund's co-founder & managing partner is Zachariah George, alongside Janade Du Plessis (Co-Founder & Managing Partner).
## What they invest in
- **Stages:** Pre-Seed, Seed, and Series A
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 40% of classified portfolio companies are in Fintech, and 15% are in Logistics.
- **Cheque size:** $250K -- $500K initial (follow-on up to $1M)
- **Geography focus:** Pan-African / Yes -- Pan-African (25+ countries, geography-agnostic within Africa)
## How to apply
Apply directly at https://v7ssvh9rrnd.typeform.com/to/pjBZX4SM. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-26. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
Launch Africa Ventures's portfolio, as listed in their Trampoline fund page, includes:
- **Kuda** (Nigeria): Neobank / digital banking, Early stage
- **Peach Payments** (South Africa): Payment gateway for businesses, Early stage (secondary exit to 27four Nebula Fund, July 2026)
- **MarketForce** (Kenya): B2B e-commerce retail platform, Early stage
- **GOMYCODE** (Tunisia): Coding and digital skills education, Early stage
- **Djamo** (Cote d'Ivoire): Consumer fintech, Early stage
That spread gives you a sense of what a real check from Launch Africa Ventures has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Launch Africa Ventures have a sector focus?**
Launch Africa Ventures describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Launch Africa Ventures typically write cheques at?**
Launch Africa Ventures invests at Pre-Seed, Seed, and Series A, with cheque sizes of $250K -- $500K initial (follow-on up to $1M).
**Do you need a warm intro to apply to Launch Africa Ventures?**
No. Launch Africa Ventures takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Launch Africa Ventures invest outside Pan-African?**
Launch Africa Ventures's Africa focus is described as "Pan-African (25+ countries, geography-agnostic within Africa)". Check the [full fund profile](/funds/launch-africa) for the exact geographic boundaries before you apply.
**Is Launch Africa Ventures a remote or in-person fund?**
Launch Africa Ventures's format is listed as Remote.
## See also
- The full [Launch Africa Ventures profile](/funds/launch-africa)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- [A15](/fund-guides/apply-to-a15)
- [Acumen (ARAF)](/fund-guides/apply-to-acumen-araf)
- Back to the [scanner](/)
---
---
title: How to apply to LAVA as an African founder
slug: apply-to-lava
section: fund-guides
description: "How to apply to LAVA: operator-led Web3 fund writing $100K to $500K cheques for African founders building financial and trust infrastructure."
publishedAt: 2026-08-03
lastReviewed: 2026-08-03
fundSlug: lava
---
## TL;DR
LAVA is an operator-led Web3 venture fund writing $100K to $500K cheques at pre-seed and seed to African founders building stablecoin, payments, credit, identity, and financial-infrastructure products. Pitch through lavavc.io/pitch or engage the team on X @lavavc.
## Who LAVA is
LAVA is a Web3-native fund with an operator-led model, focused on backing founders building the financial and trust infrastructure of frontier markets. Africa is the primary geographic focus, with a stated remit to support products designed to scale to other emerging markets over time.
The fund runs from a distributed team including Yoseph Ayele, Andy Tudhope, Songyi Lee, See Eun Ha, Ryan Kamalu Uche-Tasie, and Girum Gizachew. Their affiliation network references backers connected to Coinbase, Paradigm, Base, Celo, Polygon, Figma, Notion, and Centrifuge, which signals the operator community LAVA sits inside rather than a formal LP disclosure.
## What they invest in
- **Stages:** Pre-Seed and Seed (through pre-Series A)
- **Sectors:** Fintech, Blockchain, Infrastructure, and AI as a leverage layer. Concretely: stablecoins, payments, credit, identity, on/off-ramps, wallets, savings, escrow, insurance, and FX.
- **Cheque size:** $100K to $500K
- **Geography focus:** Africa first, with a stated openness to products that travel to other emerging markets
LAVA is opinionated about the "operator" filter. They favour founders who have shipped something real, not just written a thesis, and their public essays at writing.lavavc.io signal what they see as the actual, unsolved infrastructure problems in African financial systems.
## How to apply
Pitch submissions go through **lavavc.io/pitch**. The form on that page is the primary channel.
Two additional signals matter with LAVA more than most:
1. **Read their writing before pitching.** The team publishes essays at writing.lavavc.io. Reading a few and referencing a specific idea in your pitch shows you understand the thesis, not just the acronym stack.
2. **Warm intros from crypto-native operators help.** LAVA sits inside the Coinbase, Base, Celo, Paradigm operator networks. If any of your advisors or angels overlap with those communities, a personal intro carries weight.
## Portfolio pattern
LAVA does not publicly name portfolio companies on their site, likely a deliberate choice to protect founder confidentiality at this stage of their portfolio. Founders considering LAVA should treat the public essay archive as the best proxy for what the team wants to back.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
- Two or three specific references to LAVA's public writing showing you understand their thesis
- Your operator story: what have you actually shipped in the space before
## FAQ
### Does LAVA invest outside Africa?
The fund's stated focus is Africa first, with an openness to products that scale to other emerging markets from an African starting point. Pure US or European Web3 plays are not their target.
### What stage does LAVA typically write cheques at?
Pre-Seed through pre-Series A, with cheque sizes from $100K to $500K.
### Do you need a warm intro to LAVA?
The pitch form at lavavc.io/pitch is a real channel, so no, a warm intro is not required. But given the operator-led model, a personal introduction from one of their portfolio founders or from the Coinbase / Base / Celo / Paradigm operator networks meaningfully increases your odds.
### Is LAVA sector-agnostic within Web3?
No. They are focused on financial and trust infrastructure specifically: stablecoins, payments, credit, identity, wallets, savings, escrow, insurance, FX. Pure NFT, gaming, or DAO plays are not their thesis.
### Does LAVA fund AI or non-Web3 companies?
They treat AI as a "leverage layer" within their broader infrastructure thesis, not as a standalone vertical. Companies applying AI to financial infrastructure problems in African markets are in scope; pure AI or non-Web3 fintech is not the primary target.
## See also
- The full [LAVA profile](/funds/lava)
- Related Web3 and Blockchain-focused funds in the directory
- Back to the [scanner](/) to check your readiness before pitching
---
---
title: How to apply to LeapFrog Investments as an African founder
slug: apply-to-leapfrog-investments
section: fund-guides
description: "How to apply to LeapFrog Investments: Growth investor writing $30M -- $70M (growth equity and PE scale) cheques. What African founders need to prepare before..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: leapfrog-investments
---
## TL;DR
LeapFrog Investments invests in Fintech, Healthtech, and Climate companies at Growth, writes cheques of $30M -- $70M (growth equity and PE scale), and takes applications through a form on their website.
## Who LeapFrog Investments is
LeapFrog Investments is a Africa and Asia investor headquartered in Mauritius/Singapore, with offices in Johannesburg, Nairobi, Lagos, London. Its stated focus is Fintech, Healthtech, and Climate. The thesis, in the fund's own words: Profit with Purpose -- scaling extraordinary companies in Africa and Asia that reach underserved consumers with essential financial services, healthcare, and climate solutions.
On the ground, LeapFrog Investments operates as a Growth investor with an Africa focus described as "approximately 40% of capital directed to Africa (South Africa, Nigeria, Kenya, Ghana, Pan-African)". The fund's founder and ceo is Andrew Kuper, alongside Gary Herbert (Partner and COO) and Dominic Barton (Chairman).
## What they invest in
- **Stages:** Growth
- **Sectors:** Fintech, Healthtech, and Climate
- **Cheque size:** $30M -- $70M (growth equity and PE scale)
- **Geography focus:** Africa and Asia / Yes -- approximately 40% of capital directed to Africa (South Africa, Nigeria, Kenya, Ghana, Pan-African)
## How to apply
LeapFrog Investments takes applications through a form on https://leapfroginvest.com/. The apply field in their Trampoline entry describes it as "Contact via the website or warm introductions through the LP network and portfolio companies.". Go to the site, find the apply or contact path, and submit through that channel rather than emailing partners cold, since a fund that has built a form generally routes everything through it first.
## Portfolio pattern
LeapFrog Investments's portfolio, as listed in their Trampoline fund page, includes:
- **Moniepoint** (Nigeria): Financial services and payments platform, Series C ($90M)
- **Interswitch** (Nigeria): Payment infrastructure and switching platform, Growth ($110M)
- **JUMO** (South Africa): AI-powered financial services platform, Growth ($55M)
- **Sun King / Greenlight Planet** (Pan-African): Pay-as-you-go solar home systems, Series D ($70M)
- **AllLife** (South Africa): Life insurance for HIV-positive and diabetic consumers, Growth
That spread gives you a sense of what a real check from LeapFrog Investments has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does LeapFrog Investments invest in Fintech?**
Yes. Fintech is listed among LeapFrog Investments's stated sector focus areas.
**What stage does LeapFrog Investments typically write cheques at?**
LeapFrog Investments invests at Growth, with cheque sizes of $30M -- $70M (growth equity and PE scale).
**Do you need a warm intro to apply to LeapFrog Investments?**
No. LeapFrog Investments takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does LeapFrog Investments invest outside Africa and Asia?**
LeapFrog Investments's Africa focus is described as "approximately 40% of capital directed to Africa (South Africa, Nigeria, Kenya, Ghana, Pan-African)". Check the [full fund profile](/funds/leapfrog-investments) for the exact geographic boundaries before you apply.
**Is LeapFrog Investments a remote or in-person fund?**
LeapFrog Investments's format is listed as Hybrid.
## See also
- The full [LeapFrog Investments profile](/funds/leapfrog-investments)
- [Haske Ventures](/fund-guides/apply-to-haske-ventures)
- [Mercy Corps Ventures](/fund-guides/apply-to-mercy-corps-ventures)
- [Microtraction](/fund-guides/apply-to-microtraction)
- Back to the [scanner](/)
---
---
title: How to apply to LoftyInc Capital as an African founder
slug: apply-to-loftyinc-capital
section: fund-guides
description: "How to apply to LoftyInc Capital: Seed and Series A investor writing $500K -- $5M (initial ~$1M, follow-on up to $5M) cheques. What African founders need to ..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: loftyinc-capital
---
## TL;DR
LoftyInc Capital invests in sector-agnostic companies at Seed and Series A, writes cheques of $500K -- $5M (initial ~$1M, follow-on up to $5M), and takes applications through a direct online application.
## Who LoftyInc Capital is
LoftyInc Capital is a Pan-African investor headquartered in Lagos and Austin, with teams in Cairo and Nairobi. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: We back early-stage Afropreneurs building tech-enabled solutions for the everyday economy.
On the ground, LoftyInc Capital operates as a Seed and Series A investor with an Africa focus described as "Pan-African (Nigeria, Egypt, Kenya, Francophone Africa)". The fund's founding partner is Idris Ayodeji Bello, alongside Marsha Wulff (Founding Partner) and Mariam Kamel (General Partner).
## What they invest in
- **Stages:** Seed and Series A
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 45% of classified portfolio companies are in Fintech, and 22% are in Healthtech.
- **Cheque size:** $500K -- $5M (initial ~$1M, follow-on up to $5M)
- **Geography focus:** Pan-African / Yes -- Pan-African (Nigeria, Egypt, Kenya, Francophone Africa)
## How to apply
Apply directly at https://eu-dealflow.edda.co/form/form-widget/embed/Gr0pXJSuhjh8GdtbtcVO/lofty_i_n_c. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-24. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
LoftyInc Capital's portfolio, as listed in their Trampoline fund page, includes:
- **Flutterwave** (Nigeria): Payments infrastructure for businesses across Africa, Pre-Seed
- **Andela** (Nigeria): Training and placing African software developers globally, Early stage
- **Wave Mobile Money** (Senegal): Mobile money platform for West Africa, Early stage
- **Moove** (Nigeria): Vehicle financing for ride-hailing and logistics, Seed
- **RelianceHealth** (Nigeria): Health insurance and healthcare delivery platform, Early stage
That spread gives you a sense of what a real check from LoftyInc Capital has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does LoftyInc Capital have a sector focus?**
LoftyInc Capital describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does LoftyInc Capital typically write cheques at?**
LoftyInc Capital invests at Seed and Series A, with cheque sizes of $500K -- $5M (initial ~$1M, follow-on up to $5M).
**Do you need a warm intro to apply to LoftyInc Capital?**
No. LoftyInc Capital takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does LoftyInc Capital invest outside Pan-African?**
LoftyInc Capital's Africa focus is described as "Pan-African (Nigeria, Egypt, Kenya, Francophone Africa)". Check the [full fund profile](/funds/loftyinc-capital) for the exact geographic boundaries before you apply.
**Is LoftyInc Capital a remote or in-person fund?**
LoftyInc Capital's format is listed as Hybrid.
## See also
- The full [LoftyInc Capital profile](/funds/loftyinc-capital)
- [212 Founders (CDG Invest)](/fund-guides/apply-to-212-founders)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- [A15](/fund-guides/apply-to-a15)
- Back to the [scanner](/)
---
---
title: How to apply to Magic Fund as an African founder
slug: apply-to-magic-fund
section: fund-guides
description: "How to apply to Magic Fund: Pre-Seed and Seed cheques of $100K -- $300K for Fintech startups, application path, and what African founders should prepare."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: magic-fund
---
## TL;DR
Magic Fund invests in Fintech, Healthtech, SaaS, Enterprise, and E-commerce companies at Pre-Seed and Seed, writes cheques of $100K -- $300K, and takes applications through a direct online application.
## Who Magic Fund is
Magic Fund is a Global (Africa, North America, Europe, Latin America, Southeast Asia) investor headquartered in San Francisco; Lagos. Its stated focus is Fintech, Healthtech, SaaS, Enterprise, and E-commerce. The thesis, in the fund's own words: Going back to how early-stage venture capital began: founders investing in other founders and supporting them through the journey.
On the ground, Magic Fund operates as a Pre-Seed and Seed investor with an Africa focus described as "Strong -- dedicated Africa GP, significant Nigerian and Kenyan portfolio". The fund's managing partner is Adegoke Olubusi, alongside Temi Marcella Awogboro (Co-Founder, Partner) and Dimeji Sofowora (General Partner).
## What they invest in
- **Stages:** Pre-Seed and Seed
- **Sectors:** Fintech, Healthtech, SaaS, Enterprise, and E-commerce
- **Cheque size:** $100K -- $300K
- **Geography focus:** Global (Africa, North America, Europe, Latin America, Southeast Asia) / Strong -- dedicated Africa GP, significant Nigerian and Kenyan portfolio
## How to apply
Apply directly at https://www.magic.fund/. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-29. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
Magic Fund's portfolio, as listed in their Trampoline fund page, includes:
- **Mono** (Nigeria): Financial data API connecting apps to users' bank accounts
- **Bamboo** (Nigeria): Investment platform giving Africans access to global securities
- **Juicyway** (Nigeria): Global payments platform processing $1.3B+ connecting Africa to international markets
- **Klasha** (Nigeria): Cross-border e-commerce making consumer goods accessible across Africa
- **Indicina** (Nigeria): Credit infrastructure and decisioning tools for lenders
That spread gives you a sense of what a real check from Magic Fund has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Magic Fund invest in Fintech?**
Yes. Fintech is listed among Magic Fund's stated sector focus areas.
**What stage does Magic Fund typically write cheques at?**
Magic Fund invests at Pre-Seed and Seed, with cheque sizes of $100K -- $300K.
**Do you need a warm intro to apply to Magic Fund?**
No. Magic Fund takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Magic Fund invest outside Global (Africa, North America, Europe, Latin America, Southeast Asia)?**
Magic Fund's Africa focus is described as "Strong -- dedicated Africa GP, significant Nigerian and Kenyan portfolio". Check the [full fund profile](/funds/magic-fund) for the exact geographic boundaries before you apply.
**Is Magic Fund a remote or in-person fund?**
Magic Fund's format is listed as Direct investment (no accelerator).
## See also
- The full [Magic Fund profile](/funds/magic-fund)
- [Musha Ventures](/fund-guides/apply-to-musha-ventures)
- [Ajim Capital](/fund-guides/apply-to-ajim-capital)
- [Fireball Capital](/fund-guides/apply-to-fireball-capital)
- Back to the [scanner](/)
---
---
title: How to apply to Mercy Corps Ventures as an African founder
slug: apply-to-mercy-corps-ventures
section: fund-guides
description: "How to apply to Mercy Corps Ventures: Pre-Seed and Seed investor writing $50K -- $2M cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: mercy-corps-ventures
---
## TL;DR
Mercy Corps Ventures invests in Agritech, Climate, Fintech, and Healthtech companies at Pre-Seed and Seed, writes cheques of $50K -- $2M, and takes applications through a direct online application.
## Who Mercy Corps Ventures is
Mercy Corps Ventures is a Global emerging markets (Sub-Saharan Africa, Latin America, South Asia, MENA) investor headquartered in Portland, OR. Its stated focus is Agritech, Climate, Fintech, and Healthtech. The thesis, in the fund's own words: Backing bold entrepreneurs building climate-resilient futures in emerging markets, from adaptive agriculture and inclusive fintech to anticipatory tech that protects vulnerable communities.
On the ground, Mercy Corps Ventures operates as a Pre-Seed and Seed investor with an Africa focus described as "Sub-Saharan Africa is a primary geography". The fund's chief investment officer is Scott Onder, alongside Toffene Kama (Africa Lead) and Ken Kou (Head of Venture Lab).
## What they invest in
- **Stages:** Pre-Seed and Seed
- **Sectors:** Agritech, Climate, Fintech, and Healthtech
- **Cheque size:** $50K -- $2M
- **Geography focus:** Global emerging markets (Sub-Saharan Africa, Latin America, South Asia, MENA) / Yes -- Sub-Saharan Africa is a primary geography
## How to apply
Apply directly at https://www.mercycorpsventures.com/contact-us. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-29. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
Mercy Corps Ventures's portfolio, as listed in their Trampoline fund page, includes:
- **Kofa** (Ghana): Portable battery swapping stations providing affordable, low-carbon electricity for mobility
- **Ejara** (Cameroon / Francophone Africa): Decentralized investment platform for savings, crypto, and fractional shares in French-speaking Africa
- **Payhippo** (Nigeria): SME lending platform using technology to match small businesses with appropriate capital
- **OKO Finance** (Mali / West Africa): Microinsurance for climate-vulnerable smallholder farmers
- **Turaco** (Kenya / East Africa): Affordable health and life insurance for low-income workers
That spread gives you a sense of what a real check from Mercy Corps Ventures has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Mercy Corps Ventures invest in Agritech?**
Yes. Agritech is listed among Mercy Corps Ventures's stated sector focus areas.
**What stage does Mercy Corps Ventures typically write cheques at?**
Mercy Corps Ventures invests at Pre-Seed and Seed, with cheque sizes of $50K -- $2M.
**Do you need a warm intro to apply to Mercy Corps Ventures?**
No. Mercy Corps Ventures takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Mercy Corps Ventures invest outside Global emerging markets (Sub-Saharan Africa, Latin America, South Asia, MENA)?**
Mercy Corps Ventures's Africa focus is described as "Sub-Saharan Africa is a primary geography". Check the [full fund profile](/funds/mercy-corps-ventures) for the exact geographic boundaries before you apply.
**Is Mercy Corps Ventures a remote or in-person fund?**
Mercy Corps Ventures's format is listed as Equity investment + Venture Lab grants.
## See also
- The full [Mercy Corps Ventures profile](/funds/mercy-corps-ventures)
- [Haske Ventures](/fund-guides/apply-to-haske-ventures)
- [Village Capital](/fund-guides/apply-to-village-capital)
- [Musha Ventures](/fund-guides/apply-to-musha-ventures)
- Back to the [scanner](/)
---
---
title: How to apply to Microtraction as an African founder
slug: apply-to-microtraction
section: fund-guides
description: "How to apply to Microtraction: Pre-Seed investor writing $100K for 7% equity (optional top-up to $350K) cheques. What African founders need to prepare before..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: microtraction
---
## TL;DR
Microtraction invests in Fintech, AI-ML, Climate, Healthtech, and SaaS companies at Pre-Seed, writes cheques of $100K for 7% equity (optional top-up to $350K), and takes applications through a direct online application.
## Who Microtraction is
Microtraction is a Pan-African investor headquartered in Lagos. Its stated focus is Fintech, AI-ML, Climate, Healthtech, and SaaS. The thesis, in the fund's own words: Pre-seed capital for smart, relentlessly resourceful founders building globally relevant technology businesses from Africa.
On the ground, Microtraction operates as a Pre-Seed investor with an Africa focus described as "Nigeria (primary), Ghana, Kenya, Rwanda, continent-wide". The fund's co-founder is Yele Bademosi, alongside Kwamena Afful (Co-founder).
## What they invest in
- **Stages:** Pre-Seed
- **Sectors:** Fintech, AI-ML, Climate, Healthtech, and SaaS
- **Cheque size:** $100K for 7% equity (optional top-up to $350K)
- **Geography focus:** Pan-African / Yes -- Nigeria (primary), Ghana, Kenya, Rwanda, continent-wide
## How to apply
Apply directly at https://www.microtraction.com/. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-29. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
Microtraction's portfolio, as listed in their Trampoline fund page, includes:
- **Bumpa** (Nigeria): Social commerce platform for SMEs
- **Lemfi** (Nigeria/UK): Cross-border payments
- **Rise** (Nigeria): Wealth management platform
- **Termii** (Nigeria): Communications API infrastructure
- **Sendbox** (Nigeria): Fulfilment and logistics for merchants
That spread gives you a sense of what a real check from Microtraction has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Microtraction invest in Fintech?**
Yes. Fintech is listed among Microtraction's stated sector focus areas.
**What stage does Microtraction typically write cheques at?**
Microtraction invests at Pre-Seed, with cheque sizes of $100K for 7% equity (optional top-up to $350K).
**Do you need a warm intro to apply to Microtraction?**
No. Microtraction takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Microtraction invest outside Pan-African?**
Microtraction's Africa focus is described as "Nigeria (primary), Ghana, Kenya, Rwanda, continent-wide". Check the [full fund profile](/funds/microtraction) for the exact geographic boundaries before you apply.
**Is Microtraction a remote or in-person fund?**
Microtraction's format is listed as Remote-first (no batches, no programmes, no demo days).
## See also
- The full [Microtraction profile](/funds/microtraction)
- [Haske Ventures](/fund-guides/apply-to-haske-ventures)
- [Musha Ventures](/fund-guides/apply-to-musha-ventures)
- [Ajim Capital](/fund-guides/apply-to-ajim-capital)
- Back to the [scanner](/)
---
---
title: How to apply to Musha Ventures as an African founder
slug: apply-to-musha-ventures
section: fund-guides
description: "How to apply to Musha Ventures: Pre-Seed, Seed, and Series A investor writing $25K -- $500K cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: musha-ventures
---
## TL;DR
Musha Ventures invests in Fintech, SaaS, E-commerce, Healthtech, Climate, and Logistics companies at Pre-Seed, Seed, and Series A, writes cheques of $25K -- $500K, and takes applications through a direct online application.
## Who Musha Ventures is
Musha Ventures is a Global (Africa, North America, Asia, Europe) investor headquartered in San Francisco. Its stated focus is Fintech, SaaS, E-commerce, Healthtech, Climate, and Logistics. The thesis, in the fund's own words: Early-stage global fund with deep African roots, backing seed-stage founders across fintech, SaaS, and infrastructure plays.
On the ground, Musha Ventures operates as a Pre-Seed, Seed, and Series A investor with an Africa focus described as "~50% of portfolio; 66+ African companies". The fund's founder & solo gp is Aadil Mamujee.
## What they invest in
- **Stages:** Pre-Seed, Seed, and Series A
- **Sectors:** Fintech, SaaS, E-commerce, Healthtech, Climate, and Logistics
- **Cheque size:** $25K -- $500K
- **Geography focus:** Global (Africa, North America, Asia, Europe) / Yes -- ~50% of portfolio; 66+ African companies
## How to apply
Apply directly at https://www.mushaventures.com/contact. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-29. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
Musha Ventures's portfolio, as listed in their Trampoline fund page, includes:
- **Flutterwave** (Nigeria): Payment infrastructure for businesses across Africa
- **Chaka** (Nigeria): Investment platform giving Nigerians access to global stock markets
- **Omnibiz** (Nigeria): B2B e-commerce platform connecting FMCG brands to retailers
- **Thepeer** (Nigeria): API infrastructure for peer-to-peer transactions between fintech apps
- **EarniPay** (Nigeria): Earned wage access and financial wellness for employees
That spread gives you a sense of what a real check from Musha Ventures has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Musha Ventures invest in Fintech?**
Yes. Fintech is listed among Musha Ventures's stated sector focus areas.
**What stage does Musha Ventures typically write cheques at?**
Musha Ventures invests at Pre-Seed, Seed, and Series A, with cheque sizes of $25K -- $500K.
**Do you need a warm intro to apply to Musha Ventures?**
No. Musha Ventures takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Musha Ventures invest outside Global (Africa, North America, Asia, Europe)?**
Musha Ventures's Africa focus is described as "~50% of portfolio; 66+ African companies". Check the [full fund profile](/funds/musha-ventures) for the exact geographic boundaries before you apply.
**Is Musha Ventures a remote or in-person fund?**
Musha Ventures's format is listed as Rolling fund with angel/micro-VC structure.
## See also
- The full [Musha Ventures profile](/funds/musha-ventures)
- [Ajim Capital](/fund-guides/apply-to-ajim-capital)
- [Haske Ventures](/fund-guides/apply-to-haske-ventures)
- [Magic Fund](/fund-guides/apply-to-magic-fund)
- Back to the [scanner](/)
---
---
title: How to apply to Nclude as an African founder
slug: apply-to-nclude
section: fund-guides
description: "How to apply to Nclude: Seed, Series A, and Series B+ cheques of $500K -- $5M for Fintech startups, application path, and what African founders should prepare."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: nclude
---
## TL;DR
Nclude invests in Fintech, Healthtech, and Agritech companies at Seed, Series A, and Series B+, writes cheques of $500K -- $5M, and takes applications through direct outreach to the team.
## Who Nclude is
Nclude is a Egypt-focused, expanding Pan-African investor headquartered in Cairo. Its stated focus is Fintech, Healthtech, and Agritech. The thesis, in the fund's own words: Building a strong multilayered tech stack for the Egyptian fintech ecosystem through portfolio companies that collaborate and reinforce each other.
On the ground, Nclude operates as a Seed, Series A, and Series B+ investor with an Africa focus described as "Egypt primary, with up to 30% deployable across Africa and the Middle East". The fund's managing partner, head of venture capital (dpi) is Ashley Lewis, alongside Mohamed Aladdin (General Partner (DPI, Cairo)) and Runa Alam (Co-Founder and CEO (DPI)).
## What they invest in
- **Stages:** Seed, Series A, and Series B+
- **Sectors:** Fintech, Healthtech, and Agritech
- **Cheque size:** $500K -- $5M
- **Geography focus:** Egypt-focused, expanding Pan-African / Yes -- Egypt primary, with up to 30% deployable across Africa and the Middle East
## How to apply
Nclude's application path is: "Contact via LinkedIn or warm introductions through portfolio companies and LP networks.". This reads as direct outreach rather than a public form, which means the fund is more reachable through a warm introduction or a well-targeted cold message than through a portal. Ashley Lewis (Managing Partner, Head of Venture Capital (DPI)) is the name most associated with the fund publicly, and a specific, well-prepared message referencing why you fit their stated thesis is a better opener than a generic pitch blast. Check https://nclude.co/ first in case a form or dedicated email address has since gone live.
## Portfolio pattern
Nclude's portfolio, as listed in their Trampoline fund page, includes:
- **Paymob** (Egypt): Digital payments infrastructure and payment gateway, Series B
- **Khazna** (Egypt): Earned wage access and financial services for blue-collar workers, Series A
- **FlapKap** (Egypt): Revenue-based financing for SMEs, Seed
- **OneOrder** (Egypt): Restaurant supply chain and procurement platform, Series A
- **Lucky** (Egypt): Digital micro-insurance platform, Seed
That spread gives you a sense of what a real check from Nclude has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
- A short, specific note explaining why you fit their stated thesis, ready to send cold or through a warm intro
## FAQ
**Does Nclude invest in Fintech?**
Yes. Fintech is listed among Nclude's stated sector focus areas.
**What stage does Nclude typically write cheques at?**
Nclude invests at Seed, Series A, and Series B+, with cheque sizes of $500K -- $5M.
**Do you need a warm intro to apply to Nclude?**
Nclude's application path is direct outreach rather than a public form, so a warm introduction generally carries more weight than a cold message, though it is not stated as a hard requirement.
**Does Nclude invest outside Egypt-focused, expanding Pan-African?**
Nclude's Africa focus is described as "Egypt primary, with up to 30% deployable across Africa and the Middle East". Check the [full fund profile](/funds/nclude) for the exact geographic boundaries before you apply.
**Is Nclude a remote or in-person fund?**
Nclude's format is listed as Hybrid.
## See also
- The full [Nclude profile](/funds/nclude)
- [Fireball Capital](/fund-guides/apply-to-fireball-capital)
- [Haske Ventures](/fund-guides/apply-to-haske-ventures)
- [Mercy Corps Ventures](/fund-guides/apply-to-mercy-corps-ventures)
- Back to the [scanner](/)
---
---
title: How to apply to Norrsken22 as an African founder
slug: apply-to-norrsken22
section: fund-guides
description: "How to apply to Norrsken22: Series A, Series B+, and Growth investor writing $5M -- $16M (average ~$10M) cheques. What African founders need to prepare befor..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: norrsken22
---
## TL;DR
Norrsken22 invests in Fintech, Edtech, and Healthtech companies at Series A, Series B+, and Growth, writes cheques of $5M -- $16M (average ~$10M), and takes applications through direct outreach to the team.
## Who Norrsken22 is
Norrsken22 is a Pan-African investor headquartered in Cape Town / Stockholm, with teams in Lagos, Johannesburg, Nairobi, Accra. Its stated focus is Fintech, Edtech, and Healthtech. The thesis, in the fund's own words: We are backing entrepreneurs building Africa's next tech giants, for entrepreneurs, by entrepreneurs.
On the ground, Norrsken22 operates as a Series A, Series B+, and Growth investor with an Africa focus described as "Pan-African (Sub-Saharan focus: Nigeria, Kenya, South Africa, Ghana)". The fund's founding partner is Niklas Adalberth, alongside Hans Otterling (Founding Partner) and Natalie Kolbe (Managing Partner).
## What they invest in
- **Stages:** Series A, Series B+, and Growth
- **Sectors:** Fintech, Edtech, and Healthtech
- **Cheque size:** $5M -- $16M (average ~$10M)
- **Geography focus:** Pan-African / Yes -- Pan-African (Sub-Saharan focus: Nigeria, Kenya, South Africa, Ghana)
## How to apply
Norrsken22's application path is: "mailto:info@norrsken22.com". This reads as direct outreach rather than a public form, which means the fund is more reachable through a warm introduction or a well-targeted cold message than through a portal. Niklas Adalberth (Founding Partner) is the name most associated with the fund publicly, and a specific, well-prepared message referencing why you fit their stated thesis is a better opener than a generic pitch blast. Check https://www.norrsken22.com/ first in case a form or dedicated email address has since gone live.
## Portfolio pattern
Norrsken22's portfolio, as listed in their Trampoline fund page, includes:
- **TymeBank** (South Africa): Digital challenger bank for underbanked populations, Pre-Series C ($77.8M)
- **Sabi** (Nigeria): B2B e-commerce for Africa's informal economy, Series B ($38M)
- **Smile ID** (Nigeria): AI-powered identity verification and KYC, Series B ($20M, co-led)
- **Autochek** (Nigeria): Automotive tech: buy, sell, service, and finance cars, Undisclosed
- **Stitch** (South Africa): Modern payment infrastructure for businesses, Series B ($55M, co-led)
That spread gives you a sense of what a real check from Norrsken22 has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
- A short, specific note explaining why you fit their stated thesis, ready to send cold or through a warm intro
## FAQ
**Does Norrsken22 invest in Fintech?**
Yes. Fintech is listed among Norrsken22's stated sector focus areas.
**What stage does Norrsken22 typically write cheques at?**
Norrsken22 invests at Series A, Series B+, and Growth, with cheque sizes of $5M -- $16M (average ~$10M).
**Do you need a warm intro to apply to Norrsken22?**
Norrsken22's application path is direct outreach rather than a public form, so a warm introduction generally carries more weight than a cold message, though it is not stated as a hard requirement.
**Does Norrsken22 invest outside Pan-African?**
Norrsken22's Africa focus is described as "Pan-African (Sub-Saharan focus: Nigeria, Kenya, South Africa, Ghana)". Check the [full fund profile](/funds/norrsken22) for the exact geographic boundaries before you apply.
**Is Norrsken22 a remote or in-person fund?**
Norrsken22's format is listed as Hybrid.
## See also
- The full [Norrsken22 profile](/funds/norrsken22)
- [Injaro Investments](/fund-guides/apply-to-injaro-investments)
- [Oasis Capital](/fund-guides/apply-to-oasis-capital)
- [Zedcrest Capital](/fund-guides/apply-to-zedcrest-capital)
- Back to the [scanner](/)
---
---
title: How to apply to Novastar Ventures as an African founder
slug: apply-to-novastar-ventures
section: fund-guides
description: "How to apply to Novastar Ventures: Seed, Series A, and Series B+ investor writing $1M -- $8M cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: novastar-ventures
---
## TL;DR
Novastar Ventures invests in sector-agnostic companies at Seed, Series A, and Series B+, writes cheques of $1M -- $8M, and takes applications through a direct online application.
## Who Novastar Ventures is
Novastar Ventures is a Pan-African investor headquartered in London, with offices in Nairobi and Lagos. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Partnering with the bold, for people and planet, for good. We see in Africa an unmatched opportunity to reimagine industries in ways that signal a new, sustainable, inclusive development path for the world.
On the ground, Novastar Ventures operates as a Seed, Series A, and Series B+ investor with an Africa focus described as "Pan-African (Fund III expands to include North Africa/Egypt)". The fund's co-founder & managing partner is Steve Beck, alongside Andrew Carruthers (Co-Founder & Managing Partner) and Brian Waswani Odhiambo (Partner (Head of West Africa)).
## What they invest in
- **Stages:** Seed, Series A, and Series B+
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 29% of classified portfolio companies are in Climate, and 13% are in E-commerce.
- **Cheque size:** $1M -- $8M
- **Geography focus:** Pan-African / Yes -- Pan-African (Fund III expands to include North Africa/Egypt)
## How to apply
Apply directly at https://www.novastarventures.com/contact/. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-24. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
Novastar Ventures's portfolio, as listed in their Trampoline fund page, includes:
- **Moniepoint** (Nigeria): All-in-one business banking (payments, POS, accounts, credit), Series B ($30M, led); pre-Series C (~$50M, co-led)
- **Chowdeck** (Nigeria): Food delivery platform with electrified fleet, Series A ($9M, led)
- **BasiGo** (Kenya/Rwanda): Electric buses for public transit on pay-per-km model, Series A (participated, $41.5M total)
- **Breadfast** (Egypt): Quick-commerce and grocery delivery, Pre-Series C ($50M, led)
- **Komaza** (Kenya): Tech-enabled sustainable forestry with smallholder farmers, Series B ($28M, co-led); extension ($10M)
That spread gives you a sense of what a real check from Novastar Ventures has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Novastar Ventures have a sector focus?**
Novastar Ventures describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Novastar Ventures typically write cheques at?**
Novastar Ventures invests at Seed, Series A, and Series B+, with cheque sizes of $1M -- $8M.
**Do you need a warm intro to apply to Novastar Ventures?**
No. Novastar Ventures takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Novastar Ventures invest outside Pan-African?**
Novastar Ventures's Africa focus is described as "Pan-African (Fund III expands to include North Africa/Egypt)". Check the [full fund profile](/funds/novastar-ventures) for the exact geographic boundaries before you apply.
**Is Novastar Ventures a remote or in-person fund?**
Novastar Ventures's format is listed as Hybrid.
## See also
- The full [Novastar Ventures profile](/funds/novastar-ventures)
- [A15](/fund-guides/apply-to-a15)
- [AfricInvest (Cathay AfricInvest Innovation Fund)](/fund-guides/apply-to-africinvest)
- [Al Mada Ventures](/fund-guides/apply-to-al-mada-ventures)
- Back to the [scanner](/)
---
---
title: How to apply to Nubia Capital as an African founder
slug: apply-to-nubia-capital
section: fund-guides
description: "How to apply to Nubia Capital: Pre-Seed, Seed, and Series A investor writing $100K -- $1.5M cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: nubia-capital
---
## TL;DR
Nubia Capital invests in sector-agnostic companies at Pre-Seed, Seed, and Series A, writes cheques of $100K -- $1.5M, and takes applications through direct outreach to the team.
## Who Nubia Capital is
Nubia Capital is a Pan-African investor headquartered in Rochester Hills, Michigan. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Investing in phenomenal African businesses, driven by a commitment to creating a positive impact on the continent's future.
On the ground, Nubia Capital operates as a Pre-Seed, Seed, and Series A investor with an Africa focus described as "Pan-African (Nigeria, Kenya, Ghana, South Africa, Egypt)". The fund's managing partner is Olaide Lawal, alongside Davidson Oturu (Co-Managing Partner) and Nela Duke Ekpenyong (Investment Committee Member).
## What they invest in
- **Stages:** Pre-Seed, Seed, and Series A
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 42% of classified portfolio companies are in Healthtech, and 33% are in Fintech.
- **Cheque size:** $100K -- $1.5M
- **Geography focus:** Pan-African / Yes -- Pan-African (Nigeria, Kenya, Ghana, South Africa, Egypt)
## How to apply
Nubia Capital's application path is: "mailto:support@nubiacapital.vc". This reads as direct outreach rather than a public form, which means the fund is more reachable through a warm introduction or a well-targeted cold message than through a portal. Olaide Lawal (Managing Partner) is the name most associated with the fund publicly, and a specific, well-prepared message referencing why you fit their stated thesis is a better opener than a generic pitch blast. Check https://nubiacapital.vc/ first in case a form or dedicated email address has since gone live.
## Portfolio pattern
Nubia Capital's portfolio, as listed in their Trampoline fund page, includes:
- **Flick** (Pan-African): Cross-border payments reducing transaction costs by 70%+
- **Regxta** (Nigeria): Micro-loans and digital savings for the unbanked
- **Phundit** (Ghana): Digital savings using behavioural finance principles
- **Blueroomcare** (Pan-African): Tech-enabled mental health therapy platform
- **UltraTeb** (Egypt/Nigeria): B2B medical procurement with embedded credit
That spread gives you a sense of what a real check from Nubia Capital has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
- A short, specific note explaining why you fit their stated thesis, ready to send cold or through a warm intro
## FAQ
**Does Nubia Capital have a sector focus?**
Nubia Capital describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Nubia Capital typically write cheques at?**
Nubia Capital invests at Pre-Seed, Seed, and Series A, with cheque sizes of $100K -- $1.5M.
**Do you need a warm intro to apply to Nubia Capital?**
Nubia Capital's application path is direct outreach rather than a public form, so a warm introduction generally carries more weight than a cold message, though it is not stated as a hard requirement.
**Does Nubia Capital invest outside Pan-African?**
Nubia Capital's Africa focus is described as "Pan-African (Nigeria, Kenya, Ghana, South Africa, Egypt)". Check the [full fund profile](/funds/nubia-capital) for the exact geographic boundaries before you apply.
**Is Nubia Capital a remote or in-person fund?**
Nubia Capital's format is listed as Remote / Hybrid.
## See also
- The full [Nubia Capital profile](/funds/nubia-capital)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- [A15](/fund-guides/apply-to-a15)
- [Acumen (ARAF)](/fund-guides/apply-to-acumen-araf)
- Back to the [scanner](/)
---
---
title: How to apply to Oasis Capital as an African founder
slug: apply-to-oasis-capital
section: fund-guides
description: "How to apply to Oasis Capital: Growth cheques of $500K -- $5M for Edtech startups, application path, and what African founders should prepare."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: oasis-capital
---
## TL;DR
Oasis Capital invests in Edtech, Healthtech, and Fintech companies at Growth, writes cheques of $500K -- $5M, and takes applications through a form on their website.
## Who Oasis Capital is
Oasis Capital is a Ghana / West Africa investor headquartered in Accra. Its stated focus is Edtech, Healthtech, and Fintech. The thesis, in the fund's own words: Providing risk capital to entrepreneurial businesses delivering essential services across Africa.
On the ground, Oasis Capital operates as a Growth investor with an Africa focus described as "Ghana (primary), Côte d'Ivoire". The fund's founder & ceo is Matthew Adjei.
## What they invest in
- **Stages:** Growth
- **Sectors:** Edtech, Healthtech, and Fintech
- **Cheque size:** $500K -- $5M
- **Geography focus:** Ghana / West Africa / Yes -- Ghana (primary), Côte d'Ivoire
## How to apply
Oasis Capital takes applications through a form on https://oasiscapitalghana.com/v2/. The apply field in their Trampoline entry describes it as "Via the website or direct outreach to the team". Go to the site, find the apply or contact path, and submit through that channel rather than emailing partners cold, since a fund that has built a form generally routes everything through it first.
## Portfolio pattern
Oasis Capital's portfolio, as listed in their Trampoline fund page, includes:
- **MANSA Bank** (Côte d'Ivoire): Commercial banking
- **PISAM Hospital** (Côte d'Ivoire): Private hospital and healthcare
- **Sinu Assurances** (Ghana): Insurance services
- **Legacy Girls College** (Ghana): Girls' education
- **Everpure Ghana Water** (Ghana): Water purification and distribution
That spread gives you a sense of what a real check from Oasis Capital has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Oasis Capital invest in Edtech?**
Yes. Edtech is listed among Oasis Capital's stated sector focus areas.
**What stage does Oasis Capital typically write cheques at?**
Oasis Capital invests at Growth, with cheque sizes of $500K -- $5M.
**Do you need a warm intro to apply to Oasis Capital?**
No. Oasis Capital takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Oasis Capital invest outside Ghana / West Africa?**
Oasis Capital's Africa focus is described as "Ghana (primary), Côte d'Ivoire". Check the [full fund profile](/funds/oasis-capital) for the exact geographic boundaries before you apply.
**Is Oasis Capital a remote or in-person fund?**
Oasis Capital's format is listed as Hybrid.
## See also
- The full [Oasis Capital profile](/funds/oasis-capital)
- [Injaro Investments](/fund-guides/apply-to-injaro-investments)
- [Norrsken22](/fund-guides/apply-to-norrsken22)
- [Fireball Capital](/fund-guides/apply-to-fireball-capital)
- Back to the [scanner](/)
---
---
title: How to apply to Oui Capital as an African founder
slug: apply-to-oui-capital
section: fund-guides
description: "How to apply to Oui Capital: Pre-Seed and Seed investor writing Up to $750K (Fund II) cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: oui-capital
---
## TL;DR
Oui Capital invests in sector-agnostic companies at Pre-Seed and Seed, writes cheques of Up to $750K (Fund II), and takes applications through a direct online application.
## Who Oui Capital is
Oui Capital is a Pan-African investor headquartered in Lagos, Nigeria. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Backing bold entrepreneurs reimagining an African future through technology.
On the ground, Oui Capital operates as a Pre-Seed and Seed investor with an Africa focus described as "Pan-African (Nigeria, Kenya, Senegal, South Africa, Egypt, Cameroon, Zimbabwe)". The fund's co-founder & managing partner is Olu Oyinsan, alongside Francesco Andreoli (Co-founder & Venture Partner) and Saeed Seghosime (Principal).
## What they invest in
- **Stages:** Pre-Seed and Seed
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 41% of classified portfolio companies are in Fintech, and 14% are in Logistics.
- **Cheque size:** Up to $750K (Fund II)
- **Geography focus:** Pan-African / Yes -- Pan-African (Nigeria, Kenya, Senegal, South Africa, Egypt, Cameroon, Zimbabwe)
## How to apply
Apply directly at https://www.ouicapital.vc/en/pitch. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-24. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
Oui Capital's portfolio, as listed in their Trampoline fund page, includes:
- **Moniepoint** (Nigeria): All-in-one payments, banking, and operations for businesses, Seed
- **Duplo** (Nigeria): B2B payment collection, attribution, and reconciliation, Pre-Seed
- **Herconomy** (Nigeria): Neobank for women in Africa, Pre-Seed
- **MVX** (Nigeria): Digital freight booking and management, Pre-Seed
- **Maad** (Senegal): Digitising retail supply chains in Francophone Africa, Pre-Seed
That spread gives you a sense of what a real check from Oui Capital has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Oui Capital have a sector focus?**
Oui Capital describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Oui Capital typically write cheques at?**
Oui Capital invests at Pre-Seed and Seed, with cheque sizes of Up to $750K (Fund II).
**Do you need a warm intro to apply to Oui Capital?**
No. Oui Capital takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Oui Capital invest outside Pan-African?**
Oui Capital's Africa focus is described as "Pan-African (Nigeria, Kenya, Senegal, South Africa, Egypt, Cameroon, Zimbabwe)". Check the [full fund profile](/funds/oui-capital) for the exact geographic boundaries before you apply.
**Is Oui Capital a remote or in-person fund?**
Oui Capital's format is listed as Remote.
## See also
- The full [Oui Capital profile](/funds/oui-capital)
- [216 Capital Ventures](/fund-guides/apply-to-216-capital-ventures)
- [3IF Ventures](/fund-guides/apply-to-3if-ventures)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- Back to the [scanner](/)
---
---
title: How to apply to P1 Ventures as an African founder
slug: apply-to-p1-ventures
section: fund-guides
description: "How to apply to P1 Ventures: Pre-Seed, Seed, and Series A investor writing $500K -- $1.5M cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: p1-ventures
---
## TL;DR
P1 Ventures invests in sector-agnostic companies at Pre-Seed, Seed, and Series A, writes cheques of $500K -- $1.5M, and takes applications through a direct online application.
## Who P1 Ventures is
P1 Ventures is a Pan-African investor headquartered in Cairo, with presence in San Francisco. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: We are contrarian investors backing early-stage technology companies across Africa, with emphasis on underserved and Francophone markets.
On the ground, P1 Ventures operates as a Pre-Seed, Seed, and Series A investor with an Africa focus described as "Pan-African (North Africa, Francophone Africa, expanding continent-wide across 20 countries)". The fund's managing partner and co-founder is Hisham Halbouny, alongside Mikael Hajjar (Managing Partner and Co-Founder) and Ijeoma Arum (Venture Partner).
## What they invest in
- **Stages:** Pre-Seed, Seed, and Series A
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 40% of classified portfolio companies are in Fintech, and 20% are in Consumer.
- **Cheque size:** $500K -- $1.5M
- **Geography focus:** Pan-African / Yes -- Pan-African (North Africa, Francophone Africa, expanding continent-wide across 20 countries)
## How to apply
Apply directly at https://www.p1.ventures/. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-24. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
P1 Ventures's portfolio, as listed in their Trampoline fund page, includes:
- **Chari** (Morocco): B2B e-commerce and fintech for informal retail, Early stage (first Moroccan startup to $100M valuation)
- **Yassir** (Algeria/Multi-market): Super app for ride-hailing, delivery, and payments (8M+ customers), Growth
- **Reliance Health** (Nigeria): Employee healthcare and insurance platform, Seed
- **Djamo** (Ivory Coast): Consumer neobank for Francophone Africa, Seed
- **MoneyFellows** (Egypt): Digital savings circles and money pools, Seed
That spread gives you a sense of what a real check from P1 Ventures has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does P1 Ventures have a sector focus?**
P1 Ventures describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does P1 Ventures typically write cheques at?**
P1 Ventures invests at Pre-Seed, Seed, and Series A, with cheque sizes of $500K -- $1.5M.
**Do you need a warm intro to apply to P1 Ventures?**
No. P1 Ventures takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does P1 Ventures invest outside Pan-African?**
P1 Ventures's Africa focus is described as "Pan-African (North Africa, Francophone Africa, expanding continent-wide across 20 countries)". Check the [full fund profile](/funds/p1-ventures) for the exact geographic boundaries before you apply.
**Is P1 Ventures a remote or in-person fund?**
P1 Ventures's format is listed as Hybrid.
## See also
- The full [P1 Ventures profile](/funds/p1-ventures)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- [A15](/fund-guides/apply-to-a15)
- [Acumen (ARAF)](/fund-guides/apply-to-acumen-araf)
- Back to the [scanner](/)
---
---
title: How to apply to Plus VC as an African founder
slug: apply-to-plus-vc
section: fund-guides
description: "How to apply to Plus VC: Seed and Series A investor writing ~$100K initial (seed), up to $500K follow-on cheques. What African founders need to prepare befor..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: plus-vc
---
## TL;DR
Plus VC invests in sector-agnostic companies at Seed and Series A, writes cheques of ~$100K initial (seed), up to $500K follow-on, and takes applications through direct outreach to the team.
## Who Plus VC is
Plus VC is a MENA investor headquartered in Cairo, Egypt. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Investing early and often in emerging market entrepreneurs across the MENA region.
On the ground, Plus VC operates as a Seed and Series A investor with an Africa focus described as "Egypt and North Africa (within broader MENA mandate)". The fund's co-founder & managing partner is Sharif El-Badawi, alongside Hasan Haider (Co-founder & Managing Partner).
## What they invest in
- **Stages:** Seed and Series A
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 25% of classified portfolio companies are in Fintech, and 25% are in AI-ML.
- **Cheque size:** ~$100K initial (seed), up to $500K follow-on
- **Geography focus:** MENA / Yes -- Egypt and North Africa (within broader MENA mandate)
## How to apply
Plus VC's application path is: "Via website or warm intros through the portfolio network". This reads as direct outreach rather than a public form, which means the fund is more reachable through a warm introduction or a well-targeted cold message than through a portal. Sharif El-Badawi (Co-founder & Managing Partner) is the name most associated with the fund publicly, and a specific, well-prepared message referencing why you fit their stated thesis is a better opener than a generic pitch blast. Check https://plus.vc/ first in case a form or dedicated email address has since gone live.
## Portfolio pattern
Plus VC's portfolio, as listed in their Trampoline fund page, includes:
- **Thndr** (Egypt): Digital investment platform for retail investors
- **DXwand** (Egypt): Conversational AI platform specialised in Arabic
- **Educatly** (Egypt): Student recruitment platform for universities
- **Alterba (Compost Baladi)** (Lebanon): Organic waste repurposing into compost
That spread gives you a sense of what a real check from Plus VC has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
- A short, specific note explaining why you fit their stated thesis, ready to send cold or through a warm intro
## FAQ
**Does Plus VC have a sector focus?**
Plus VC describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Plus VC typically write cheques at?**
Plus VC invests at Seed and Series A, with cheque sizes of ~$100K initial (seed), up to $500K follow-on.
**Do you need a warm intro to apply to Plus VC?**
Plus VC's application path is direct outreach rather than a public form, so a warm introduction generally carries more weight than a cold message, though it is not stated as a hard requirement.
**Does Plus VC invest outside MENA?**
Plus VC's Africa focus is described as "Egypt and North Africa (within broader MENA mandate)". Check the [full fund profile](/funds/plus-vc) for the exact geographic boundaries before you apply.
**Is Plus VC a remote or in-person fund?**
Plus VC's format is listed as Hybrid.
## See also
- The full [Plus VC profile](/funds/plus-vc)
- [212 Founders (CDG Invest)](/fund-guides/apply-to-212-founders)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- [A15](/fund-guides/apply-to-a15)
- Back to the [scanner](/)
---
---
title: How to apply to Prosus Ventures as an African founder
slug: apply-to-prosus-ventures
section: fund-guides
description: "How founders realistically reach Prosus Ventures: the South African-rooted global corporate VC behind M-KOPA, AutoTrader, and Thndr."
publishedAt: 2026-08-03
lastReviewed: 2026-08-03
fundSlug: prosus-ventures
---
## TL;DR
Prosus Ventures is the corporate VC arm of Prosus/Naspers, with African roots and a portfolio including M-KOPA, AutoTrader, Property24, and Thndr. No open pitch form; growth-stage founders reach the firm through its Amsterdam, London, or Bangalore offices or a warm intro through the Prosus network.
## Who Prosus Ventures is
Prosus is a global technology investment group whose corporate lineage traces to South African media group Naspers, giving Prosus Ventures a genuinely different starting point on African markets than most global corporate VCs. The firm's broader portfolio spans 80-plus companies across 100-plus markets.
## What they invest in
- **Stage:** Series A through growth, backing validated business models rather than pre-seed bets
- **Sectors:** Fintech, e-commerce, and consumer internet
- **Cheque size:** Not publicly disclosed
- **Geography:** Global, with real African exposure via M-KOPA, AutoTrader, Property24, and Thndr
## How to apply
There is no public pitch form. Growth-stage founders should reach out directly to Prosus's offices in Amsterdam, London, or Bangalore, or through the investor relations contacts on prosus.com. A warm introduction through an existing Prosus portfolio company or the broader Naspers network carries meaningful weight given the corporate venture structure.
## Portfolio pattern
M-KOPA (Kenya, Uganda, Nigeria, Ghana): pay-as-you-go asset financing on mobile-money rails, raised $250M to scale. AutoTrader and Property24 (South Africa) and Thndr (Egypt) round out the African footprint, all growth-stage with proven traction before Prosus invested.
## Before you apply
If you're growth-stage and reaching out directly:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show validated traction, not slides
- A clear articulation of your business model's proof points at scale
- Any existing connection to the Prosus or Naspers portfolio network
## FAQ
### Is Prosus Ventures a typical VC fund?
No, it's a corporate venture arm of a global technology investment group. It backs validated business models more than early conviction bets.
### Does Prosus Ventures invest at seed stage?
Its disclosed African portfolio is Series A and later. Early-stage founders are unlikely to be a fit yet.
### Does being South African-rooted matter for how Prosus evaluates African founders?
Prosus's Naspers lineage gives it a longer institutional history with African markets than most global corporate VCs, which shows up in its willingness to back companies like M-KOPA built specifically around African mobile-money and credit dynamics.
## See also
- The full [Prosus Ventures profile](/funds/prosus-ventures)
- Related Fintech-focused funds in the directory
- Back to the [scanner](/) to check your readiness before pitching
---
---
title: How to apply to QED Investors as an African founder
slug: apply-to-qed-investors
section: fund-guides
description: "How to apply to QED Investors: the fintech-exclusive US VC firm now actively backing Nigerian, South African, and Egyptian fintech at Series A and beyond."
publishedAt: 2026-08-03
lastReviewed: 2026-08-03
fundSlug: qed-investors
---
## TL;DR
QED Investors is a fintech-only VC firm that has backed Moniepoint, Raenest, Stitch, FlapKap, and Precium since building a dedicated Africa practice in 2022. Typical initial cheques run $3M to $10M, mostly at Series A and later. Pitch via the contact form at qedinvestors.com.
## Who QED is
QED invests exclusively in financial services companies globally, with nearly $5B in AUM and a portfolio that includes Nubank, Credit Karma, and Klarna. The firm hired its first Africa-focused investor in 2022 and made its first African bet that year in TeamApt, now Moniepoint.
Since then, QED has backed African fintech across payments infrastructure, cross-border payroll, embedded finance, BNPL, and insurance data, mostly in Nigeria, South Africa, and Egypt.
## What they invest in
- **Stages:** Seed through growth, though the African deals so far have mostly landed at Series A or later
- **Sectors:** Fintech exclusively, banking, credit, lending, insurance, wealth management, proptech, banking-as-a-service, embedded finance
- **Cheque size:** $3M to $10M typical initial cheque from the early-stage fund; $15M-$20M from Growth Fund II
- **Geography:** Global fintech fund with an active, standing Africa practice since 2022
## How to apply
Submit a pitch deck (PowerPoint or PDF, under 10MB) through the contact form at **qedinvestors.com**. QED explicitly says it's never too early to connect, so reaching out well before you're raising is a reasonable approach.
Partners are active on LinkedIn and X. A direct message that references a specific thesis point or portfolio company, rather than a generic pitch, is a stronger second channel than the form alone.
## Portfolio pattern
Moniepoint (Nigeria, payments infrastructure), Raenest (Nigeria, cross-border payroll), Stitch (South Africa, embedded finance and payments infrastructure), FlapKap (Egypt, BNPL), and Precium (South Africa, insurance data). Every one of these is a fintech-exclusive business with real transaction volume by the time QED wrote the check, which tracks the fund's stated preference for durable unit economics over early conviction bets.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real transaction volume, not slides
- Cap table
- A one-line description of what your company does
- Unit economics: QED's public thesis is explicit that it wants durable unit economics, not a growth story alone
## FAQ
### Does QED invest at pre-seed in Africa?
QED runs formation-stage vehicles (Belay and Fontes) globally, but its named African deals so far have all landed at Series A or later. Earlier-stage African founders should still reach out, but expect the bar to be proof of a working business model.
### Is QED a generalist fund?
No. QED invests exclusively in financial services businesses: banking, credit, lending, insurance, wealth management, proptech, banking-as-a-service, and embedded finance.
### Do you need a warm intro to QED?
No, the contact form is a real channel and QED says so directly. A warm intro or a specific, informed direct message to a partner likely moves faster than a cold form submission.
### What size is a typical QED cheque?
$3M to $10M for an initial early-stage investment, with $15M-$20M available through Growth Fund II for later-stage companies.
## See also
- The full [QED Investors profile](/funds/qed-investors)
- Related Fintech-focused funds in the directory
- Back to the [scanner](/) to check your readiness before pitching
---
---
title: How to apply to Quona Capital as an African founder
slug: apply-to-quona-capital
section: fund-guides
description: "How to apply to Quona Capital: the inclusion-focused fintech fund with a Cape Town office and a portfolio spanning Yoco, Lulalend, Wasoko, and Cowrywise."
publishedAt: 2026-08-03
lastReviewed: 2026-08-03
fundSlug: quona-capital
---
## TL;DR
Quona Capital backs fintech companies serving underserved consumers and small businesses across emerging markets, with a genuine on-the-ground Cape Town office. Portfolio includes Yoco, Lulalend, Wasoko, and Cowrywise. Pitch via quona.com/contact.
## Who Quona is
Quona invests in fintech for financial inclusion across Latin America, India, Southeast Asia, and EMEA, with local presence in cities including Cape Town, Bangalore, Mexico City, Singapore, Sao Paulo, and Dubai. The firm reports its portfolio companies reach 31.5 million customers, 87% of them underserved.
## What they invest in
- **Stage:** Seed through Series B+
- **Sectors:** Fintech, specifically financial inclusion for underserved SMEs and consumers
- **Cheque size:** Not publicly disclosed
- **Geography:** Africa alongside Latin America, India, and Southeast Asia, with a standing Cape Town office
## How to apply
Reach out via quona.com/contact. Quona's local team means founder-level relationships built through African fintech and inclusion-finance events are a genuine path, not just a formality; the firm's stated approach is to "roll up its sleeves" with founders rather than stay purely capital-side.
## Portfolio pattern
Yoco (South Africa, digital payments), Lulalend (South Africa, SME lending), Wasoko (pan-East Africa, embedded finance for informal retail), Cowrywise (Nigeria, savings infrastructure). Each targets a specific underserved SME or consumer segment rather than building a general-purpose fintech product.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real customer reach, not slides
- A clear articulation of who specifically is underserved by existing financial products in your market
- Cap table
## FAQ
### Does Quona have a real African presence or is this a fly-in fund?
Quona maintains a standing Cape Town office as part of its core team structure, alongside offices in Bangalore, Mexico City, Singapore, Sao Paulo, and Dubai.
### What's Quona's investment bar beyond "fintech"?
An explicit inclusion lens: the firm evaluates whether a company genuinely serves underserved consumers or businesses, not just whether it's a fintech product.
### What stage does Quona typically invest at?
Seed through Series B+, based on its disclosed African portfolio.
## See also
- The full [Quona Capital profile](/funds/quona-capital)
- Related Fintech-focused funds in the directory
- Back to the [scanner](/) to check your readiness before pitching
---
---
title: How to apply to Raba Partnership as an African founder
slug: apply-to-raba-partnership
section: fund-guides
description: "How to apply to Raba Partnership: Pre-Seed, Seed, Series A, and Series B+ investor writing $100K -- $3M cheques. What African founders need to prepare before..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: raba-partnership
---
## TL;DR
Raba Partnership invests in sector-agnostic companies at Pre-Seed, Seed, Series A, and Series B+, writes cheques of $100K -- $3M, and takes applications through direct outreach to the team.
## Who Raba Partnership is
Raba Partnership is a Pan-African investor headquartered in Cape Town, with scout network across Nigeria, South Africa, Kenya, Egypt, MENA. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: We partner with founders building software and internet-first companies that facilitate the efficient movement of capital and essential products across Africa.
On the ground, Raba Partnership operates as a Pre-Seed, Seed, Series A, and Series B+ investor with an Africa focus described as "Pan-African (Nigeria, South Africa, Kenya, Egypt primary, with MENA and Latam exposure)". The fund's founder and ceo is George Rzepecki, alongside Nina Chen (Investor) and Cordel Robbin-Coker (Venture Partner).
## What they invest in
- **Stages:** Pre-Seed, Seed, Series A, and Series B+
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 43% of classified portfolio companies are in Fintech, and 22% are in Blockchain.
- **Cheque size:** $100K -- $3M
- **Geography focus:** Pan-African / Yes -- Pan-African (Nigeria, South Africa, Kenya, Egypt primary, with MENA and Latam exposure)
## How to apply
Raba Partnership's application path is: "mailto:info@rabacap.com". This reads as direct outreach rather than a public form, which means the fund is more reachable through a warm introduction or a well-targeted cold message than through a portal. George Rzepecki (Founder and CEO) is the name most associated with the fund publicly, and a specific, well-prepared message referencing why you fit their stated thesis is a better opener than a generic pitch blast. Check https://rabacap.com/ first in case a form or dedicated email address has since gone live.
## Portfolio pattern
Raba Partnership's portfolio, as listed in their Trampoline fund page, includes:
- **Flutterwave** (Nigeria): Pan-African payments infrastructure, Growth
- **Yoco** (South Africa): Card payments and point-of-sale for SMEs, Growth
- **Stitch** (South Africa): Payments infrastructure and aggregation, Series A
- **VALR** (South Africa): Digital asset exchange, Growth
- **Djamo** (Ivory Coast): Digital banking for Francophone Africa, Series A
That spread gives you a sense of what a real check from Raba Partnership has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
- A short, specific note explaining why you fit their stated thesis, ready to send cold or through a warm intro
## FAQ
**Does Raba Partnership have a sector focus?**
Raba Partnership describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Raba Partnership typically write cheques at?**
Raba Partnership invests at Pre-Seed, Seed, Series A, and Series B+, with cheque sizes of $100K -- $3M.
**Do you need a warm intro to apply to Raba Partnership?**
Raba Partnership's application path is direct outreach rather than a public form, so a warm introduction generally carries more weight than a cold message, though it is not stated as a hard requirement.
**Does Raba Partnership invest outside Pan-African?**
Raba Partnership's Africa focus is described as "Pan-African (Nigeria, South Africa, Kenya, Egypt primary, with MENA and Latam exposure)". Check the [full fund profile](/funds/raba-partnership) for the exact geographic boundaries before you apply.
**Is Raba Partnership a remote or in-person fund?**
Raba Partnership's format is listed as Hybrid.
## See also
- The full [Raba Partnership profile](/funds/raba-partnership)
- [A15](/fund-guides/apply-to-a15)
- [Beltone Venture Capital](/fund-guides/apply-to-beltone-vc)
- [3IF Ventures](/fund-guides/apply-to-3if-ventures)
- Back to the [scanner](/)
---
---
title: How to apply to Rally Cap Ventures as an African founder
slug: apply-to-rally-cap-ventures
section: fund-guides
description: "How to apply to Rally Cap Ventures: Pre-Seed and Seed investor writing $200K -- $500K cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: rally-cap-ventures
---
## TL;DR
Rally Cap Ventures invests in Fintech and Infrastructure companies at Pre-Seed and Seed, writes cheques of $200K -- $500K, and takes applications through a form on their website.
## Who Rally Cap Ventures is
Rally Cap Ventures is a Pan-African + LatAm + South Asia investor headquartered in San Francisco, with offices in Lagos and Tunis. Its stated focus is Fintech and Infrastructure. The thesis, in the fund's own words: Unlocking latent global capital for fintech infrastructure across Africa, Latin America, and South Asia.
On the ground, Rally Cap Ventures operates as a Pre-Seed and Seed investor with an Africa focus described as "Nigeria, Egypt, South Africa (primary); pan-African". The fund's founder & general partner is Hayden Simmons, alongside Kyane Kassiri (Partner) and Gracia Max-Harry (Investment Associate).
## What they invest in
- **Stages:** Pre-Seed and Seed
- **Sectors:** Fintech and Infrastructure
- **Cheque size:** $200K -- $500K
- **Geography focus:** Pan-African + LatAm + South Asia / Yes -- Nigeria, Egypt, South Africa (primary); pan-African
## How to apply
Rally Cap Ventures takes applications through a form on https://rallycap.vc/. The apply field in their Trampoline entry describes it as "Via the website or direct outreach to the team". Go to the site, find the apply or contact path, and submit through that channel rather than emailing partners cold, since a fund that has built a form generally routes everything through it first.
## Portfolio pattern
Rally Cap Ventures's portfolio, as listed in their Trampoline fund page, includes:
- **Mono** (Nigeria): Financial data API infrastructure
- **Stitch** (South Africa): Financial data and payments API
- **Union54** (Zambia): Card issuance infrastructure
That spread gives you a sense of what a real check from Rally Cap Ventures has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Rally Cap Ventures invest in Fintech?**
Yes. Fintech is listed among Rally Cap Ventures's stated sector focus areas.
**What stage does Rally Cap Ventures typically write cheques at?**
Rally Cap Ventures invests at Pre-Seed and Seed, with cheque sizes of $200K -- $500K.
**Do you need a warm intro to apply to Rally Cap Ventures?**
No. Rally Cap Ventures takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Rally Cap Ventures invest outside Pan-African + LatAm + South Asia?**
Rally Cap Ventures's Africa focus is described as "Nigeria, Egypt, South Africa (primary); pan-African". Check the [full fund profile](/funds/rally-cap-ventures) for the exact geographic boundaries before you apply.
**Is Rally Cap Ventures a remote or in-person fund?**
Rally Cap Ventures's format is listed as Remote-first.
## See also
- The full [Rally Cap Ventures profile](/funds/rally-cap-ventures)
- [Zedcrest Capital](/fund-guides/apply-to-zedcrest-capital)
- [Ajim Capital](/fund-guides/apply-to-ajim-capital)
- [First Circle Capital](/fund-guides/apply-to-first-circle-capital)
- Back to the [scanner](/)
---
---
title: How to apply to Renew Capital as an African founder
slug: apply-to-renew-capital
section: fund-guides
description: "How to apply to Renew Capital: Pre-Seed and Seed investor writing Not publicly disclosed (small early-stage cheques) cheques. What African founders need to p..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: renew-capital
---
## TL;DR
Renew Capital invests in sector-agnostic companies at Pre-Seed and Seed, writes cheques of Not publicly disclosed (small early-stage cheques), and takes applications through direct outreach to the team.
## Who Renew Capital is
Renew Capital is a Pan-African investor headquartered in Denver / Nairobi. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Backing exceptional founders who will shape Africa's economic future through technology.
On the ground, Renew Capital operates as a Pre-Seed and Seed investor with an Africa focus described as "Pan-African (14 countries, strong East Africa presence)". The fund's co-ceo & co-founder is Matt Davis, alongside Laura Davis (Co-CEO & Co-founder).
## What they invest in
- **Stages:** Pre-Seed and Seed
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 31% of classified portfolio companies are in Fintech, and 19% are in Climate.
- **Cheque size:** Not publicly disclosed (small early-stage cheques)
- **Geography focus:** Pan-African / Yes -- Pan-African (14 countries, strong East Africa presence)
## How to apply
Renew Capital's application path is: "Via website or through the Renew Venture Lab programme". This reads as direct outreach rather than a public form, which means the fund is more reachable through a warm introduction or a well-targeted cold message than through a portal. Matt Davis (Co-CEO & Co-founder) is the name most associated with the fund publicly, and a specific, well-prepared message referencing why you fit their stated thesis is a better opener than a generic pitch blast. Check https://www.renewcapital.com/ first in case a form or dedicated email address has since gone live.
## Portfolio pattern
Renew Capital's portfolio, as listed in their Trampoline fund page, includes:
- **Opareta** (Uganda): Mobile money and payments platform
- **Mpost** (Kenya): Postal technology and digital mailbox
- **Octavia Carbon** (Kenya): Carbon capture technology
- **Scale** (Kenya): Last-mile logistics platform
- **Sawa Energy** (Kenya): Renewable energy solutions
That spread gives you a sense of what a real check from Renew Capital has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
- A short, specific note explaining why you fit their stated thesis, ready to send cold or through a warm intro
## FAQ
**Does Renew Capital have a sector focus?**
Renew Capital describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Renew Capital typically write cheques at?**
Renew Capital invests at Pre-Seed and Seed, with cheque sizes of Not publicly disclosed (small early-stage cheques).
**Do you need a warm intro to apply to Renew Capital?**
Renew Capital's application path is direct outreach rather than a public form, so a warm introduction generally carries more weight than a cold message, though it is not stated as a hard requirement.
**Does Renew Capital invest outside Pan-African?**
Renew Capital's Africa focus is described as "Pan-African (14 countries, strong East Africa presence)". Check the [full fund profile](/funds/renew-capital) for the exact geographic boundaries before you apply.
**Is Renew Capital a remote or in-person fund?**
Renew Capital's format is listed as Hybrid.
## See also
- The full [Renew Capital profile](/funds/renew-capital)
- [216 Capital Ventures](/fund-guides/apply-to-216-capital-ventures)
- [3IF Ventures](/fund-guides/apply-to-3if-ventures)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- Back to the [scanner](/)
---
---
title: How to apply to Sahel Capital as an African founder
slug: apply-to-sahel-capital
section: fund-guides
description: "How to apply to Sahel Capital: Growth cheques of $3M -- $15M for Agritech startups, application path, and what African founders should prepare."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: sahel-capital
---
## TL;DR
Sahel Capital invests in Agritech and AI-ML companies at Growth, writes cheques of $3M -- $15M, and takes applications through a form on their website.
## Who Sahel Capital is
Sahel Capital is a West Africa investor headquartered in Lagos. Its stated focus is Agritech and AI-ML. The thesis, in the fund's own words: Investing in high-growth, commercially attractive agricultural SMEs that improve value chain efficiency, drive import substitution, and meet the growing food demand of West Africa's urbanising population.
On the ground, Sahel Capital operates as a Growth investor with an Africa focus described as "Nigeria (primary), Ghana, Côte d'Ivoire, Senegal". The fund's co-founder & managing partner is Mezuo Nwuneli.
## What they invest in
- **Stages:** Growth
- **Sectors:** Agritech and AI-ML
- **Cheque size:** $3M -- $15M
- **Geography focus:** West Africa / Yes -- Nigeria (primary), Ghana, Côte d'Ivoire, Senegal
## How to apply
Sahel Capital takes applications through a form on https://sahelcapital.com/. The apply field in their Trampoline entry describes it as "Via the website or direct outreach to the team". Go to the site, find the apply or contact path, and submit through that channel rather than emailing partners cold, since a fund that has built a form generally routes everything through it first.
## Portfolio pattern
Sahel Capital's portfolio, as listed in their Trampoline fund page, includes:
- **TradeDepot** (Nigeria): FMCG distribution to retailers
- **Complete Farmer** (Ghana): Digital agriculture platform for smallholders
- **Dayntee Farms** (Nigeria): Integrated broiler farming and processing
- **Crest Agro Products** (Nigeria): Cassava-based food ingredients
- **Ladgroup** (Nigeria): Shea butter processing
That spread gives you a sense of what a real check from Sahel Capital has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Sahel Capital invest in Agritech?**
Yes. Agritech is listed among Sahel Capital's stated sector focus areas.
**What stage does Sahel Capital typically write cheques at?**
Sahel Capital invests at Growth, with cheque sizes of $3M -- $15M.
**Do you need a warm intro to apply to Sahel Capital?**
No. Sahel Capital takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Sahel Capital invest outside West Africa?**
Sahel Capital's Africa focus is described as "Nigeria (primary), Ghana, Côte d'Ivoire, Senegal". Check the [full fund profile](/funds/sahel-capital) for the exact geographic boundaries before you apply.
**Is Sahel Capital a remote or in-person fund?**
Sahel Capital's format is listed as Hybrid.
## See also
- The full [Sahel Capital profile](/funds/sahel-capital)
- [E3 Capital](/fund-guides/apply-to-e3-capital)
- [Haske Ventures](/fund-guides/apply-to-haske-ventures)
- [AHL Venture Partners](/fund-guides/apply-to-ahl-venture-partners)
- Back to the [scanner](/)
---
---
title: How to apply to Saviu Ventures as an African founder
slug: apply-to-saviu-ventures
section: fund-guides
description: "How to apply to Saviu Ventures: Pre-Seed, Seed, and Series A investor writing EUR 500K - EUR 3M (Fund II); $50K - $850K historical (Fund I) cheques. What Afr..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: saviu-ventures
---
## TL;DR
Saviu Ventures invests in sector-agnostic companies at Pre-Seed, Seed, and Series A, writes cheques of EUR 500K - EUR 3M (Fund II); $50K - $850K historical (Fund I), and takes applications through a direct online application.
## Who Saviu Ventures is
Saviu Ventures is a Francophone West and Central Africa investor headquartered in Abidjan and Paris. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Backing early-stage tech and tech-enabled companies in Francophone Africa, prioritizing sustainable growth over unicorn-chasing.
On the ground, Saviu Ventures operates as a Pre-Seed, Seed, and Series A investor with an Africa focus described as "Yes, 70-75% Francophone Africa (Cote d'Ivoire, Senegal, Cameroon, Benin, Togo, Burkina Faso, Mali, Gabon)". The fund's co-founder and managing partner is Benoit Delestre, alongside Samuel Touboul (Managing Partner) and Arthur Thuet (Co-Founder, Investment Committee).
## What they invest in
- **Stages:** Pre-Seed, Seed, and Series A
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 32% of classified portfolio companies are in Fintech, and 16% are in SaaS.
- **Cheque size:** EUR 500K - EUR 3M (Fund II); $50K - $850K historical (Fund I)
- **Geography focus:** Francophone West and Central Africa / Yes, 70-75% Francophone Africa (Cote d'Ivoire, Senegal, Cameroon, Benin, Togo, Burkina Faso, Mali, Gabon)
## How to apply
Apply directly at https://www.saviu.vc/contact. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-27. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
Saviu Ventures's portfolio, as listed in their Trampoline fund page, includes:
- **Julaya** (Cote d'Ivoire): B2B neobank with virtual accounts, batch mobile money, and wire transfers, Pre-Series A ($2M + $5M extension)
- **Anka (fka Afrikrea)** (Cote d'Ivoire): Shopify-style e-commerce SaaS for African sellers, Seed (exited; IFC invested $3.4M)
- **WorkPay** (Kenya): HR, payroll, and benefits management SaaS (Y Combinator alumnus), Pre-Series A ($2.7M)
- **Paps** (Senegal): End-to-end logistics platform for businesses, Series A ($4.5M)
- **Lapaire** (Cote d'Ivoire): Affordable prescription eyewear across 90+ branches in 6 countries, Seed (exited to Creadev, multi-bagger return)
That spread gives you a sense of what a real check from Saviu Ventures has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Saviu Ventures have a sector focus?**
Saviu Ventures describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Saviu Ventures typically write cheques at?**
Saviu Ventures invests at Pre-Seed, Seed, and Series A, with cheque sizes of EUR 500K - EUR 3M (Fund II); $50K - $850K historical (Fund I).
**Do you need a warm intro to apply to Saviu Ventures?**
No. Saviu Ventures takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Saviu Ventures invest outside Francophone West and Central Africa?**
Saviu Ventures's Africa focus is described as "Yes, 70-75% Francophone Africa (Cote d'Ivoire, Senegal, Cameroon, Benin, Togo, Burkina Faso, Mali, Gabon)". Check the [full fund profile](/funds/saviu-ventures) for the exact geographic boundaries before you apply.
**Is Saviu Ventures a remote or in-person fund?**
Saviu Ventures's format is listed as Remote / Hybrid.
## See also
- The full [Saviu Ventures profile](/funds/saviu-ventures)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- [A15](/fund-guides/apply-to-a15)
- [Acumen (ARAF)](/fund-guides/apply-to-acumen-araf)
- Back to the [scanner](/)
---
---
title: How to apply to Sawari Ventures as an African founder
slug: apply-to-sawari-ventures
section: fund-guides
description: "How to apply to Sawari Ventures: Seed, Series A, and Series B+ investor writing $1M -- $10M+ (varies by stage and fund) cheques. What African founders need t..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: sawari-ventures
---
## TL;DR
Sawari Ventures invests in sector-agnostic companies at Seed, Series A, and Series B+, writes cheques of $1M -- $10M+ (varies by stage and fund), and takes applications through direct outreach to the team.
## Who Sawari Ventures is
Sawari Ventures is a North Africa and Pan-African investor headquartered in Cairo, with team in Tunis. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: We believe the best way to tackle these transformations is to pair the best talent with smart capital.
On the ground, Sawari Ventures operates as a Seed, Series A, and Series B+ investor with an Africa focus described as "North Africa primary (Egypt, Tunisia, Morocco), expanding East and West Africa". The fund's partner and chairman is Ahmed El Alfi, alongside Hany Al Sonbaty (Managing Partner) and Ibrahim Ramadan (Partner).
## What they invest in
- **Stages:** Seed, Series A, and Series B+
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 26% of classified portfolio companies are in Fintech, and 21% are in E-commerce.
- **Cheque size:** $1M -- $10M+ (varies by stage and fund)
- **Geography focus:** North Africa and Pan-African / Yes -- North Africa primary (Egypt, Tunisia, Morocco), expanding East and West Africa
## How to apply
Sawari Ventures's application path is: "mailto:Support@sawariventures.com". This reads as direct outreach rather than a public form, which means the fund is more reachable through a warm introduction or a well-targeted cold message than through a portal. Ahmed El Alfi (Partner and Chairman) is the name most associated with the fund publicly, and a specific, well-prepared message referencing why you fit their stated thesis is a better opener than a generic pitch blast. Check https://sawariventures.com/ first in case a form or dedicated email address has since gone live.
## Portfolio pattern
Sawari Ventures's portfolio, as listed in their Trampoline fund page, includes:
- **MoneyFellows** (Egypt): Digital money circles (ROSCA) for financial inclusion, Pre-Series C ($13M)
- **SWVL** (Egypt/Kenya): Tech-enabled mass transit, NASDAQ-listed, Growth
- **blnk** (Egypt): Buy-now-pay-later for merchants, Series A
- **Si-Ware** (Egypt): Single-chip MEMS spectrometer (lab-on-a-chip), Growth
- **Pearl** (Egypt): Fabless semiconductor, high-performance timing chips, Early stage
That spread gives you a sense of what a real check from Sawari Ventures has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
- A short, specific note explaining why you fit their stated thesis, ready to send cold or through a warm intro
## FAQ
**Does Sawari Ventures have a sector focus?**
Sawari Ventures describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Sawari Ventures typically write cheques at?**
Sawari Ventures invests at Seed, Series A, and Series B+, with cheque sizes of $1M -- $10M+ (varies by stage and fund).
**Do you need a warm intro to apply to Sawari Ventures?**
Sawari Ventures's application path is direct outreach rather than a public form, so a warm introduction generally carries more weight than a cold message, though it is not stated as a hard requirement.
**Does Sawari Ventures invest outside North Africa and Pan-African?**
Sawari Ventures's Africa focus is described as "North Africa primary (Egypt, Tunisia, Morocco), expanding East and West Africa". Check the [full fund profile](/funds/sawari-ventures) for the exact geographic boundaries before you apply.
**Is Sawari Ventures a remote or in-person fund?**
Sawari Ventures's format is listed as Hybrid.
## See also
- The full [Sawari Ventures profile](/funds/sawari-ventures)
- [A15](/fund-guides/apply-to-a15)
- [AfricInvest (Cathay AfricInvest Innovation Fund)](/fund-guides/apply-to-africinvest)
- [Al Mada Ventures](/fund-guides/apply-to-al-mada-ventures)
- Back to the [scanner](/)
---
---
title: How to apply to Secha Capital as an African founder
slug: apply-to-secha-capital
section: fund-guides
description: "How to apply to Secha Capital: Growth cheques of $2M -- $5M for sector-agnostic startups, application path, and what African founders should prepare."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: secha-capital
---
## TL;DR
Secha Capital invests in sector-agnostic companies at Growth, writes cheques of $2M -- $5M, and takes applications through a form on their website.
## Who Secha Capital is
Secha Capital is a South Africa investor headquartered in Johannesburg. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Deploying execution capital -- combining growth funding with embedded operational expertise -- into high-growth South African SMEs across essential sectors of the real economy.
On the ground, Secha Capital operates as a Growth investor with an Africa focus described as "South Africa (primary), Southern Africa". The fund's co-founder is Nombuso Nkambule, alongside Brendan Mullen (Co-founder) and Rushil Vallabh (Co-founder).
## What they invest in
- **Stages:** Growth
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 33% of classified portfolio companies are in Infrastructure, and 33% are in Agritech.
- **Cheque size:** $2M -- $5M
- **Geography focus:** South Africa / Yes -- South Africa (primary), Southern Africa
## How to apply
Secha Capital takes applications through a form on https://www.sechacapital.com/. The apply field in their Trampoline entry describes it as "Via the website or direct outreach to the team". Go to the site, find the apply or contact path, and submit through that channel rather than emailing partners cold, since a fund that has built a form generally routes everything through it first.
## Portfolio pattern
Secha Capital's portfolio, as listed in their Trampoline fund page, includes:
- **iG3N** (South Africa): Battery energy storage systems
- **Cultura Fresh** (South Africa): Hydroponic controlled-environment farming
- **Herbivore** (South Africa): Plant-based food products
- **Barracuda** (South Africa): Electronics manufacturing
- **Plentify** (South Africa): Energy optimisation technology
That spread gives you a sense of what a real check from Secha Capital has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Secha Capital have a sector focus?**
Secha Capital describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Secha Capital typically write cheques at?**
Secha Capital invests at Growth, with cheque sizes of $2M -- $5M.
**Do you need a warm intro to apply to Secha Capital?**
No. Secha Capital takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Secha Capital invest outside South Africa?**
Secha Capital's Africa focus is described as "South Africa (primary), Southern Africa". Check the [full fund profile](/funds/secha-capital) for the exact geographic boundaries before you apply.
**Is Secha Capital a remote or in-person fund?**
Secha Capital's format is listed as Hybrid (capital + embedded operators).
## See also
- The full [Secha Capital profile](/funds/secha-capital)
- [AAIC Investment](/fund-guides/apply-to-aaic-investment)
- [AHL Venture Partners](/fund-guides/apply-to-ahl-venture-partners)
- [Alitheia Capital](/fund-guides/apply-to-alitheia-capital)
- Back to the [scanner](/)
---
---
title: How to apply to Seedstars Africa Ventures as an African founder
slug: apply-to-seedstars-africa
section: fund-guides
description: "How to apply to Seedstars Africa Ventures: Seed, Series A, and Series B+ investor writing $250K - $2M initial; up to $5M follow-on per company cheques. What ..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: seedstars-africa
---
## TL;DR
Seedstars Africa Ventures invests in sector-agnostic companies at Seed, Series A, and Series B+, writes cheques of $250K - $2M initial; up to $5M follow-on per company, and takes applications through a direct online application.
## Who Seedstars Africa Ventures is
Seedstars Africa Ventures is a Pan-African investor headquartered in Zurich; fund offices in Nairobi, Dakar, Paris. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Investing in early-stage companies using digital technologies to address basic needs across Sub-Saharan Africa.
On the ground, Seedstars Africa Ventures operates as a Seed, Series A, and Series B+ investor with an Africa focus described as "Yes, Sub-Saharan Africa with 30-50% allocated to Francophone Africa". The fund's co-founder and general partner is Maxime Bouan, alongside Tamim El Zein (Co-Founder and General Partner) and Bruce Nsereko-Lule (General Partner).
## What they invest in
- **Stages:** Seed, Series A, and Series B+
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 29% of classified portfolio companies are in Infrastructure, and 29% are in Fintech.
- **Cheque size:** $250K - $2M initial; up to $5M follow-on per company
- **Geography focus:** Pan-African / Yes, Sub-Saharan Africa with 30-50% allocated to Francophone Africa
## How to apply
Apply directly at https://seedstars-africa.vc/. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-27. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
Seedstars Africa Ventures's portfolio, as listed in their Trampoline fund page, includes:
- **Beacon Power Services** (Nigeria): Grid management software and data solutions for power distribution utilities, Seed (led, $2.7M round)
- **Poa! Internet** (Kenya): Affordable home broadband at ~$10/month, 60,000+ households connected, Seed
- **Xeno** (Uganda): Goal-based investment platform for sustainable savings, $19M+ in deposits, Seed
- **Bizao** (Cote d'Ivoire / Senegal): Pan-African payment aggregation processing 350M+ payment requests/month across 10 countries, Series A (co-invested with AfricInvest, EUR 8M round)
- **Shamba Pride** (Kenya): Franchise network of ~300 agro-dealer shops for smallholder farmers, Pre-Series A (led, $3.7M round)
That spread gives you a sense of what a real check from Seedstars Africa Ventures has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Seedstars Africa Ventures have a sector focus?**
Seedstars Africa Ventures describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Seedstars Africa Ventures typically write cheques at?**
Seedstars Africa Ventures invests at Seed, Series A, and Series B+, with cheque sizes of $250K - $2M initial; up to $5M follow-on per company.
**Do you need a warm intro to apply to Seedstars Africa Ventures?**
No. Seedstars Africa Ventures takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Seedstars Africa Ventures invest outside Pan-African?**
Seedstars Africa Ventures's Africa focus is described as "Yes, Sub-Saharan Africa with 30-50% allocated to Francophone Africa". Check the [full fund profile](/funds/seedstars-africa) for the exact geographic boundaries before you apply.
**Is Seedstars Africa Ventures a remote or in-person fund?**
Seedstars Africa Ventures's format is listed as Remote (no accelerator program required).
## See also
- The full [Seedstars Africa Ventures profile](/funds/seedstars-africa)
- [A15](/fund-guides/apply-to-a15)
- [AfricInvest (Cathay AfricInvest Innovation Fund)](/fund-guides/apply-to-africinvest)
- [Al Mada Ventures](/fund-guides/apply-to-al-mada-ventures)
- Back to the [scanner](/)
---
---
title: How to apply to Teranga Capital as an African founder
slug: apply-to-teranga-capital
section: fund-guides
description: "How to apply to Teranga Capital: Seed and Growth investor writing 50 -- 300 million FCFA (~$80K -- $500K) cheques. What African founders need to prepare befo..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: teranga-capital
---
## TL;DR
Teranga Capital invests in sector-agnostic companies at Seed and Growth, writes cheques of 50 -- 300 million FCFA (~$80K -- $500K), and takes applications through a direct online application.
## Who Teranga Capital is
Teranga Capital is a Francophone West Africa investor headquartered in Dakar, Senegal. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Impact-first equity investor backing SMEs and high-potential startups across Senegal, Gambia, and expanding into Mauritania, Guinea-Bissau, and Cape Verde.
On the ground, Teranga Capital operates as a Seed and Growth investor with an Africa focus described as "Senegal, Gambia, Mauritania, Guinea-Bissau, Cape Verde". The fund's managing director & co-founder is Olivier Furdelle, alongside Omar Cissé (Co-founder) and Mohamed Ngom (Investment Manager / Deputy CEO).
## What they invest in
- **Stages:** Seed and Growth
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 45% of classified portfolio companies are in Consumer, and 15% are in Infrastructure.
- **Cheque size:** 50 -- 300 million FCFA (~$80K -- $500K)
- **Geography focus:** Francophone West Africa / Yes -- Senegal, Gambia, Mauritania, Guinea-Bissau, Cape Verde
## How to apply
Apply directly at https://www.terangacapital.com/en/submit-your-project/. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-29. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
Teranga Capital's portfolio, as listed in their Trampoline fund page, includes:
- **Afrikamart** (AgriTech): Senegal, Digital marketplace connecting smallholder farmers with urban retailers
- **SECAS** (Food Processing): Senegal, Transforms and commercializes local cereals (millet, corn, cowpea, fonio)
- **Senfrais** (Renewable Energy): Senegal, Solar-powered refrigeration units for vehicles
- **Solarbox** (Electric Mobility): Senegal, Electric 2- and 3-wheel vehicles for goods and passenger transport
- **Ibriz** (AgriTech / Solar): Senegal, Productive solar applications in agriculture
That spread gives you a sense of what a real check from Teranga Capital has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Teranga Capital have a sector focus?**
Teranga Capital describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Teranga Capital typically write cheques at?**
Teranga Capital invests at Seed and Growth, with cheque sizes of 50 -- 300 million FCFA (~$80K -- $500K).
**Do you need a warm intro to apply to Teranga Capital?**
No. Teranga Capital takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Teranga Capital invest outside Francophone West Africa?**
Teranga Capital's Africa focus is described as "Senegal, Gambia, Mauritania, Guinea-Bissau, Cape Verde". Check the [full fund profile](/funds/teranga-capital) for the exact geographic boundaries before you apply.
**Is Teranga Capital a remote or in-person fund?**
Teranga Capital's format is listed as Minority equity, quasi-equity, seed financing.
## See also
- The full [Teranga Capital profile](/funds/teranga-capital)
- [AAIC Investment](/fund-guides/apply-to-aaic-investment)
- [AHL Venture Partners](/fund-guides/apply-to-ahl-venture-partners)
- [Alitheia Capital](/fund-guides/apply-to-alitheia-capital)
- Back to the [scanner](/)
---
---
title: How to apply to The Baobab Network as an African founder
slug: apply-to-the-baobab-network
section: fund-guides
description: "How to apply to The Baobab Network: Pre-Seed and Seed investor writing $100K for 12.5% equity cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: the-baobab-network
---
## TL;DR
The Baobab Network invests in sector-agnostic companies at Pre-Seed and Seed, writes cheques of $100K for 12.5% equity, and takes applications through a direct online application.
## Who The Baobab Network is
The Baobab Network is a Pan-African investor headquartered in Nairobi. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Investing early in Africa's best startups, providing funding, hands-on venture support, and global network access to help African founders become industry leaders.
On the ground, The Baobab Network operates as a Pre-Seed and Seed investor with an Africa focus described as "Kenya, Nigeria, Tanzania, Cameroon, Morocco, Cote d'Ivoire, 10+ countries". The fund's managing partner is Niama El Bassunie, alongside Art Chupeau (Managing Partner) and Tom Fairburn (Co-founder).
## What they invest in
- **Stages:** Pre-Seed and Seed
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 31% of classified portfolio companies are in Fintech, and 19% are in Logistics.
- **Cheque size:** $100K for 12.5% equity
- **Geography focus:** Pan-African / Yes -- Kenya, Nigeria, Tanzania, Cameroon, Morocco, Cote d'Ivoire, 10+ countries
## How to apply
Apply directly at https://thebaobabnetwork.com/apply-now/. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-29. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
The Baobab Network's portfolio, as listed in their Trampoline fund page, includes:
- **Terminal** (Nigeria): Logistics and trade infrastructure
- **RentScore** (Kenya): Converts rent payments into home ownership equity
- **Lemonade** (Kenya): Blockchain-powered digital payments
- **Buyam** (Cameroon): E-commerce platform connecting merchants, resellers, and consumers
- **Swyft** (Cameroon): Door-to-door delivery and e-commerce fulfilment
That spread gives you a sense of what a real check from The Baobab Network has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does The Baobab Network have a sector focus?**
The Baobab Network describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does The Baobab Network typically write cheques at?**
The Baobab Network invests at Pre-Seed and Seed, with cheque sizes of $100K for 12.5% equity.
**Do you need a warm intro to apply to The Baobab Network?**
No. The Baobab Network takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does The Baobab Network invest outside Pan-African?**
The Baobab Network's Africa focus is described as "Kenya, Nigeria, Tanzania, Cameroon, Morocco, Cote d'Ivoire, 10+ countries". Check the [full fund profile](/funds/the-baobab-network) for the exact geographic boundaries before you apply.
**Is The Baobab Network a remote or in-person fund?**
The Baobab Network's format is listed as 12-week remote-first accelerator.
## See also
- The full [The Baobab Network profile](/funds/the-baobab-network)
- [216 Capital Ventures](/fund-guides/apply-to-216-capital-ventures)
- [3IF Ventures](/fund-guides/apply-to-3if-ventures)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- Back to the [scanner](/)
---
---
title: How to apply to Timon Capital as an African founder
slug: apply-to-timon-capital
section: fund-guides
description: "How to apply to Timon Capital: Seed and Series A investor writing ~$125K -- $5M cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: timon-capital
---
## TL;DR
Timon Capital invests in sector-agnostic companies at Seed and Series A, writes cheques of ~$125K -- $5M, and takes applications through a form on their website.
## Who Timon Capital is
Timon Capital is a Pan-African investor headquartered in Lagos & New York. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Investing in companies that use technology to reshape markets across sub-Saharan Africa.
On the ground, Timon Capital operates as a Seed and Series A investor with an Africa focus described as "sub-Saharan Africa (Nigeria, Kenya, East and Southern Africa)". Timon Capital is a venture capital firm founded in 2018, headquartered in Lagos and New York, focused on seed-stage technology companies reshaping markets across sub-Saharan Africa.
## What they invest in
- **Stages:** Seed and Series A
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 43% of classified portfolio companies are in E-commerce, and 29% are in Fintech.
- **Cheque size:** ~$125K -- $5M
- **Geography focus:** Pan-African / Yes -- sub-Saharan Africa (Nigeria, Kenya, East and Southern Africa)
## How to apply
Timon Capital takes applications through a form on https://www.timoncapital.com/. The apply field in their Trampoline entry describes it as "Via the website (referral or online submission)". Go to the site, find the apply or contact path, and submit through that channel rather than emailing partners cold, since a fund that has built a form generally routes everything through it first.
## Portfolio pattern
Timon Capital's portfolio, as listed in their Trampoline fund page, includes:
- **Lori Systems** (Kenya): Digital freight and logistics platform
- **Wasoko** (Kenya): B2B informal retail distribution
- **Omnibiz** (Nigeria): B2B e-commerce for retailers
- **Decagon** (Nigeria): Software engineering talent development
- **Thepeer** (Nigeria): Fintech API infrastructure
That spread gives you a sense of what a real check from Timon Capital has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Timon Capital have a sector focus?**
Timon Capital describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Timon Capital typically write cheques at?**
Timon Capital invests at Seed and Series A, with cheque sizes of ~$125K -- $5M.
**Do you need a warm intro to apply to Timon Capital?**
No. Timon Capital takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Timon Capital invest outside Pan-African?**
Timon Capital's Africa focus is described as "sub-Saharan Africa (Nigeria, Kenya, East and Southern Africa)". Check the [full fund profile](/funds/timon-capital) for the exact geographic boundaries before you apply.
**Is Timon Capital a remote or in-person fund?**
Timon Capital's format is listed as Remote-first.
## See also
- The full [Timon Capital profile](/funds/timon-capital)
- [212 Founders (CDG Invest)](/fund-guides/apply-to-212-founders)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- [A15](/fund-guides/apply-to-a15)
- Back to the [scanner](/)
---
---
title: How to apply to UM6P Ventures as an African founder
slug: apply-to-um6p-ventures
section: fund-guides
description: "How to apply to UM6P Ventures: Pre-Seed and Seed investor writing Not publicly disclosed cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: um6p-ventures
---
## TL;DR
UM6P Ventures invests in Agritech and Healthtech companies at Pre-Seed and Seed, writes cheques of Not publicly disclosed, and takes applications through a direct online application.
## Who UM6P Ventures is
UM6P Ventures is a Morocco / Pan-African investor headquartered in Ben Guerir, Morocco. Its stated focus is Agritech and Healthtech. The thesis, in the fund's own words: Advancing entrepreneurship and accelerating scientific innovation in Morocco and Africa through the investment arm of Mohammed VI Polytechnic University.
On the ground, UM6P Ventures operates as a Pre-Seed and Seed investor with an Africa focus described as "Morocco (primary), pan-African". The fund's ceo is Yassine Laghzioui, alongside Lamiaa El Amrani (Investment Director) and Ikram Labtaini (Deeptech Director).
## What they invest in
- **Stages:** Pre-Seed and Seed
- **Sectors:** Agritech and Healthtech
- **Cheque size:** Not publicly disclosed
- **Geography focus:** Morocco / Pan-African / Yes -- Morocco (primary), pan-African
## How to apply
Apply directly at https://um6pventures.com/call-for-startups. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-24. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
UM6P Ventures's portfolio, as listed in their Trampoline fund page, includes:
- **DeepEcho** (Morocco): AI-powered prenatal diagnostics
- **ATAREC** (Morocco): Wave energy technology
- **Akorn Technology** (Morocco): Sustainable food coatings
- **ClimateCrop** (Morocco): Gene editing for climate-resilient crops
- **De Novo Foodlabs** (Morocco): Precision fermentation
That spread gives you a sense of what a real check from UM6P Ventures has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does UM6P Ventures invest in Agritech?**
Yes. Agritech is listed among UM6P Ventures's stated sector focus areas.
**What stage does UM6P Ventures typically write cheques at?**
UM6P Ventures invests at Pre-Seed and Seed, with cheque sizes of Not publicly disclosed.
**Do you need a warm intro to apply to UM6P Ventures?**
No. UM6P Ventures takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does UM6P Ventures invest outside Morocco / Pan-African?**
UM6P Ventures's Africa focus is described as "Morocco (primary), pan-African". Check the [full fund profile](/funds/um6p-ventures) for the exact geographic boundaries before you apply.
**Is UM6P Ventures a remote or in-person fund?**
UM6P Ventures's format is listed as Hybrid.
## See also
- The full [UM6P Ventures profile](/funds/um6p-ventures)
- [Haske Ventures](/fund-guides/apply-to-haske-ventures)
- [Mercy Corps Ventures](/fund-guides/apply-to-mercy-corps-ventures)
- [Village Capital](/fund-guides/apply-to-village-capital)
- Back to the [scanner](/)
---
---
title: How to apply to Uncovered Fund as an African founder
slug: apply-to-uncovered-fund
section: fund-guides
description: "How to apply to Uncovered Fund: Pre-Seed, Seed, and Series A investor writing $100K -- $500K initial; $1M -- $2M follow-on cheques. What African founders nee..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: uncovered-fund
---
## TL;DR
Uncovered Fund invests in sector-agnostic companies at Pre-Seed, Seed, and Series A, writes cheques of $100K -- $500K initial; $1M -- $2M follow-on, and takes applications through direct outreach to the team.
## Who Uncovered Fund is
Uncovered Fund is a Pan-African investor headquartered in Tokyo, Japan. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Investing in early-stage tech startups across Africa and providing long-term growth support alongside connections to Japanese corporate partners.
On the ground, Uncovered Fund operates as a Pre-Seed, Seed, and Series A investor with an Africa focus described as "Pan-African (29 startups across 17 countries)". The fund's founder, ceo & general partner is Takuma Terakubo.
## What they invest in
- **Stages:** Pre-Seed, Seed, and Series A
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 46% of classified portfolio companies are in Fintech, and 18% are in Logistics.
- **Cheque size:** $100K -- $500K initial; $1M -- $2M follow-on
- **Geography focus:** Pan-African / Yes -- Pan-African (29 startups across 17 countries)
## How to apply
Uncovered Fund's application path is: "Via website or warm intros through the portfolio network". This reads as direct outreach rather than a public form, which means the fund is more reachable through a warm introduction or a well-targeted cold message than through a portal. Takuma Terakubo (Founder, CEO & General Partner) is the name most associated with the fund publicly, and a specific, well-prepared message referencing why you fit their stated thesis is a better opener than a generic pitch blast. Check https://uncoveredfund.com/ first in case a form or dedicated email address has since gone live.
## Portfolio pattern
Uncovered Fund's portfolio, as listed in their Trampoline fund page, includes:
- **Piggyvest** (Nigeria): Digital savings and investment platform
- **Lemfi** (Pan-African): Cross-border payments
- **Gozem** (Togo/Francophone Africa): Mobility and delivery super app
- **Autochek** (Pan-African): Automotive marketplace and financing
- **Termii** (Nigeria): Customer engagement and messaging API
That spread gives you a sense of what a real check from Uncovered Fund has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
- A short, specific note explaining why you fit their stated thesis, ready to send cold or through a warm intro
## FAQ
**Does Uncovered Fund have a sector focus?**
Uncovered Fund describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Uncovered Fund typically write cheques at?**
Uncovered Fund invests at Pre-Seed, Seed, and Series A, with cheque sizes of $100K -- $500K initial; $1M -- $2M follow-on.
**Do you need a warm intro to apply to Uncovered Fund?**
Uncovered Fund's application path is direct outreach rather than a public form, so a warm introduction generally carries more weight than a cold message, though it is not stated as a hard requirement.
**Does Uncovered Fund invest outside Pan-African?**
Uncovered Fund's Africa focus is described as "Pan-African (29 startups across 17 countries)". Check the [full fund profile](/funds/uncovered-fund) for the exact geographic boundaries before you apply.
**Is Uncovered Fund a remote or in-person fund?**
Uncovered Fund's format is listed as Remote / Hybrid.
## See also
- The full [Uncovered Fund profile](/funds/uncovered-fund)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- [A15](/fund-guides/apply-to-a15)
- [Acumen (ARAF)](/fund-guides/apply-to-acumen-araf)
- Back to the [scanner](/)
---
---
title: How to apply to Ventures Platform as an African founder
slug: apply-to-ventures-platform
section: fund-guides
description: "How to apply to Ventures Platform: Pre-Seed, Seed, and Series A investor writing $100K -- $1M cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: ventures-platform
---
## TL;DR
Ventures Platform invests in sector-agnostic companies at Pre-Seed, Seed, and Series A, writes cheques of $100K -- $1M, and takes applications through a direct online application.
## Who Ventures Platform is
Ventures Platform is a Pan-African investor headquartered in Lagos and Abuja, expanding to Francophone West Africa and North Africa. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: We invest in companies that solve for non-consumption, plug infrastructural gaps, and democratise prosperity in Africa, by eliminating the barriers to access and reducing the costs of delivering goods and services.
On the ground, Ventures Platform operates as a Pre-Seed, Seed, and Series A investor with an Africa focus described as "Pan-African (strongest in Nigeria, expanding Francophone and North Africa)". The fund's founding partner is Kola Aina, alongside Dr. Dotun Olowoporoku (General Partner) and Desigan Chinniah (Venture Partner).
## What they invest in
- **Stages:** Pre-Seed, Seed, and Series A
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 41% of classified portfolio companies are in Fintech, and 18% are in E-commerce.
- **Cheque size:** $100K -- $1M
- **Geography focus:** Pan-African / Yes -- Pan-African (strongest in Nigeria, expanding Francophone and North Africa)
## How to apply
Apply directly at https://www.venturesplatform.com/apply. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-27. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
Ventures Platform's portfolio, as listed in their Trampoline fund page, includes:
- **Paystack** (Nigeria): Online payment processing, Seed (angel syndicate)
- **Moniepoint** (Nigeria): All-in-one business banking and payments, Early stage
- **LemFi** (Nigeria/UK): Diaspora remittances and digital banking, Seed
- **SeamlessHR** (Nigeria): HR, payroll, and recruitment platform, Seed
- **OmniRetail** (Nigeria): B2B e-commerce for FMCG distribution, Seed + Series A follow-on
That spread gives you a sense of what a real check from Ventures Platform has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Ventures Platform have a sector focus?**
Ventures Platform describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Ventures Platform typically write cheques at?**
Ventures Platform invests at Pre-Seed, Seed, and Series A, with cheque sizes of $100K -- $1M.
**Do you need a warm intro to apply to Ventures Platform?**
No. Ventures Platform takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Ventures Platform invest outside Pan-African?**
Ventures Platform's Africa focus is described as "Pan-African (strongest in Nigeria, expanding Francophone and North Africa)". Check the [full fund profile](/funds/ventures-platform) for the exact geographic boundaries before you apply.
**Is Ventures Platform a remote or in-person fund?**
Ventures Platform's format is listed as Hybrid.
## See also
- The full [Ventures Platform profile](/funds/ventures-platform)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- [A15](/fund-guides/apply-to-a15)
- [Acumen (ARAF)](/fund-guides/apply-to-acumen-araf)
- Back to the [scanner](/)
---
---
title: How to apply to Verod-Kepple Africa Ventures as an African founder
slug: apply-to-verod-kepple
section: fund-guides
description: "How to apply to Verod-Kepple Africa Ventures: Series A and Series B+ investor writing $1M -- $3M (with follow-on capacity) cheques. What African founders nee..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: verod-kepple
---
## TL;DR
Verod-Kepple Africa Ventures invests in sector-agnostic companies at Series A and Series B+, writes cheques of $1M -- $3M (with follow-on capacity), and takes applications through a form on their website.
## Who Verod-Kepple Africa Ventures is
Verod-Kepple Africa Ventures is a Pan-African investor headquartered in Lagos and Nairobi, with Japan-Africa bridge through Tokyo. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: We back exceptional founders in and from Africa who are addressing deep gaps between the status quo and the ideal.
On the ground, Verod-Kepple Africa Ventures operates as a Series A and Series B+ investor with an Africa focus described as "Pan-African (Nigeria, Egypt, Kenya, Morocco, Ivory Coast, South Africa)". The fund's partner is Ory Okolloh, alongside Ryosuke Yamawaki (Partner) and Satoshi Shinada (Partner).
## What they invest in
- **Stages:** Series A and Series B+
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 44% of classified portfolio companies are in Fintech, and 19% are in Logistics.
- **Cheque size:** $1M -- $3M (with follow-on capacity)
- **Geography focus:** Pan-African / Yes -- Pan-African (Nigeria, Egypt, Kenya, Morocco, Ivory Coast, South Africa)
## How to apply
Verod-Kepple Africa Ventures takes applications through a form on https://vkav.vc/. The apply field in their Trampoline entry describes it as "Warm intros preferred. Contact via the website or directly through team members on LinkedIn.". Go to the site, find the apply or contact path, and submit through that channel rather than emailing partners cold, since a fund that has built a form generally routes everything through it first.
## Portfolio pattern
Verod-Kepple Africa Ventures's portfolio, as listed in their Trampoline fund page, includes:
- **Moove** (Nigeria): Vehicle financing for ride-hailing and logistics, Series A
- **KOKO Networks** (Kenya): Clean-cooking fuel and last-mile distribution, Series C
- **Shuttlers** (Nigeria): Shared mobility and employee transportation, Series A
- **Chari** (Morocco): B2B e-commerce and fintech for informal retail, Pre-Seed
- **Djamo** (Ivory Coast): Consumer neobank for Francophone Africa, Series B
That spread gives you a sense of what a real check from Verod-Kepple Africa Ventures has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Verod-Kepple Africa Ventures have a sector focus?**
Verod-Kepple Africa Ventures describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Verod-Kepple Africa Ventures typically write cheques at?**
Verod-Kepple Africa Ventures invests at Series A and Series B+, with cheque sizes of $1M -- $3M (with follow-on capacity).
**Do you need a warm intro to apply to Verod-Kepple Africa Ventures?**
No. Verod-Kepple Africa Ventures takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Verod-Kepple Africa Ventures invest outside Pan-African?**
Verod-Kepple Africa Ventures's Africa focus is described as "Pan-African (Nigeria, Egypt, Kenya, Morocco, Ivory Coast, South Africa)". Check the [full fund profile](/funds/verod-kepple) for the exact geographic boundaries before you apply.
**Is Verod-Kepple Africa Ventures a remote or in-person fund?**
Verod-Kepple Africa Ventures's format is listed as Hybrid.
## See also
- The full [Verod-Kepple Africa Ventures profile](/funds/verod-kepple)
- [A15](/fund-guides/apply-to-a15)
- [AfricInvest (Cathay AfricInvest Innovation Fund)](/fund-guides/apply-to-africinvest)
- [Al Mada Ventures](/fund-guides/apply-to-al-mada-ventures)
- Back to the [scanner](/)
---
---
title: How to apply to VestedWorld as an African founder
slug: apply-to-vestedworld
section: fund-guides
description: "How to apply to VestedWorld: Seed and Series A cheques of $50K -- $2M for sector-agnostic startups, application path, and what African founders should prepare."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: vestedworld
---
## TL;DR
VestedWorld invests in sector-agnostic companies at Seed and Series A, writes cheques of $50K -- $2M, and takes applications through a direct online application.
## Who VestedWorld is
VestedWorld is a Pan-African investor headquartered in Chicago. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Investing in early-stage companies across high-growth African industries, drawing from Asia's development model.
On the ground, VestedWorld operates as a Seed and Series A investor with an Africa focus described as "Pan-African (Ghana, Nigeria, Ethiopia, Kenya, Rwanda, Tanzania, Uganda)". The fund's founder & managing partner is Euler Bropleh, alongside Nneka Eze (Managing Partner).
## What they invest in
- **Stages:** Seed and Series A
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 33% of classified portfolio companies are in Agritech, and 17% are in Logistics.
- **Cheque size:** $50K -- $2M
- **Geography focus:** Pan-African / Yes -- Pan-African (Ghana, Nigeria, Ethiopia, Kenya, Rwanda, Tanzania, Uganda)
## How to apply
Apply directly at https://www.vestedworld.com/contact. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-24. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
VestedWorld's portfolio, as listed in their Trampoline fund page, includes:
- **Victory Farms** (Kenya): Aquaculture, tilapia farming on Lake Victoria, 2019
- **Tomato Jos** (Nigeria): Vertically-integrated tomato paste processing, 2017
- **DrugStoc** (Nigeria): Pharmaceutical procurement and distribution, 2018
- **Shuttlers** (Nigeria): Digital ridesharing for professionals, 2021
- **Sabi** (Nigeria): B2B e-commerce marketplace for informal trade, 2021
That spread gives you a sense of what a real check from VestedWorld has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does VestedWorld have a sector focus?**
VestedWorld describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does VestedWorld typically write cheques at?**
VestedWorld invests at Seed and Series A, with cheque sizes of $50K -- $2M.
**Do you need a warm intro to apply to VestedWorld?**
No. VestedWorld takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does VestedWorld invest outside Pan-African?**
VestedWorld's Africa focus is described as "Pan-African (Ghana, Nigeria, Ethiopia, Kenya, Rwanda, Tanzania, Uganda)". Check the [full fund profile](/funds/vestedworld) for the exact geographic boundaries before you apply.
**Is VestedWorld a remote or in-person fund?**
VestedWorld's format is listed as Remote / Hybrid.
## See also
- The full [VestedWorld profile](/funds/vestedworld)
- [212 Founders (CDG Invest)](/fund-guides/apply-to-212-founders)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- [A15](/fund-guides/apply-to-a15)
- Back to the [scanner](/)
---
---
title: How to apply to Village Capital as an African founder
slug: apply-to-village-capital
section: fund-guides
description: "How to apply to Village Capital: MVP, Pre-Seed, and Seed investor writing $50K -- $500K cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: village-capital
---
## TL;DR
Village Capital invests in Climate, Agritech, Fintech, Healthtech, and Impact companies at MVP, Pre-Seed, and Seed, writes cheques of $50K -- $500K, and takes applications through a direct online application.
## Who Village Capital is
Village Capital is a Global, with dedicated Africa programs investor headquartered in Washington, DC. Its stated focus is Climate, Agritech, Fintech, Healthtech, and Impact. The thesis, in the fund's own words: Reinventing how venture capital works so that entrepreneurs solving the world's biggest problems have access to the resources they need to succeed.
On the ground, Village Capital operates as a MVP, Pre-Seed, and Seed investor with an Africa focus described as "Ghana, Kenya, Nigeria, Tanzania, Malawi, Mozambique". The fund's chief executive officer is Ellen Brooks, alongside Heather Matranga (Managing Director, Venture & Investments) and Nathaly Botero (Innovations Manager).
## What they invest in
- **Stages:** MVP, Pre-Seed, and Seed
- **Sectors:** Climate, Agritech, Fintech, Healthtech, and Impact
- **Cheque size:** $50K -- $500K
- **Geography focus:** Global, with dedicated Africa programs / Yes -- Ghana, Kenya, Nigeria, Tanzania, Malawi, Mozambique
## How to apply
Apply directly at https://vilcap.com/programs. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-29. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
Village Capital's portfolio, as listed in their Trampoline fund page, includes:
- **Aquarech** (Kenya): Fish supply chain digitization and aquaculture, $350K (debt + equity via Reducing Inequalities Facility)
- **Coamana** (Nigeria): Agricultural value chain platform, $500K (via Reducing Inequalities Facility)
- **Rivia Clinics** (Ghana): Tech-enabled primary healthcare, $200K (via Africa Ecosystem Catalysts Facility)
- **VDL Fulfilment** (Ghana): E-commerce logistics and fulfilment, $150K (via Africa Ecosystem Catalysts Facility)
- **Built Financial Technologies** (Ghana): SME fintech (accounting, payroll, invoicing, inventory), Via Africa Ecosystem Catalysts Facility
That spread gives you a sense of what a real check from Village Capital has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Village Capital invest in Climate?**
Yes. Climate is listed among Village Capital's stated sector focus areas.
**What stage does Village Capital typically write cheques at?**
Village Capital invests at MVP, Pre-Seed, and Seed, with cheque sizes of $50K -- $500K.
**Do you need a warm intro to apply to Village Capital?**
No. Village Capital takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Village Capital invest outside Global, with dedicated Africa programs?**
Village Capital's Africa focus is described as "Ghana, Kenya, Nigeria, Tanzania, Malawi, Mozambique". Check the [full fund profile](/funds/village-capital) for the exact geographic boundaries before you apply.
**Is Village Capital a remote or in-person fund?**
Village Capital's format is listed as Hybrid (virtual workshops + in-person summits).
## See also
- The full [Village Capital profile](/funds/village-capital)
- [Haske Ventures](/fund-guides/apply-to-haske-ventures)
- [Mercy Corps Ventures](/fund-guides/apply-to-mercy-corps-ventures)
- [Musha Ventures](/fund-guides/apply-to-musha-ventures)
- Back to the [scanner](/)
---
---
title: How to apply to Voltron Capital as an African founder
slug: apply-to-voltron-capital
section: fund-guides
description: "How to apply to Voltron Capital: Pre-Seed and Seed investor writing $20K -- $100K cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: voltron-capital
---
## TL;DR
Voltron Capital invests in sector-agnostic companies at Pre-Seed and Seed, writes cheques of $20K -- $100K, and takes applications through a direct online application.
## Who Voltron Capital is
Voltron Capital is a Pan-African investor headquartered in Lagos. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Founders-first investing: backing exceptional African tech entrepreneurs at the earliest stage regardless of sector, with access to both local ecosystem depth and US capital networks.
On the ground, Voltron Capital operates as a Pre-Seed and Seed investor with an Africa focus described as "Nigeria (primary), Kenya, South Africa, North Africa". The fund's co-founder is Olumide Soyombo, alongside Abe Choi (Co-founder).
## What they invest in
- **Stages:** Pre-Seed and Seed
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 20% of classified portfolio companies are in E-commerce, and 20% are in Logistics.
- **Cheque size:** $20K -- $100K
- **Geography focus:** Pan-African / Yes -- Nigeria (primary), Kenya, South Africa, North Africa
## How to apply
Apply directly at https://voltron.capital/. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-29. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
Voltron Capital's portfolio, as listed in their Trampoline fund page, includes:
- **[Maad](https://maad.africa)** (Senegal): B2B e-commerce and FMCG distribution platform serving informal retailers in Francophone Africa.
- **Lengo AI** (Senegal): Data platform providing real-time sales and consumer goods intelligence for FMCG companies operating in Africa's informal retail sector.
- **Mecho Autotech** (Nigeria): On-demand vehicle maintenance and repair platform connecting car owners with vetted mechanics.
- **Clafiya** (Nigeria): Health-tech platform connecting individuals and businesses to health practitioners for on-demand primary care via mobile phones.
- **Payday** (Nigeria): Fintech company enabling cross-border payments for Africans, later acquired by Bitmama in 2023.
That spread gives you a sense of what a real check from Voltron Capital has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Voltron Capital have a sector focus?**
Voltron Capital describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Voltron Capital typically write cheques at?**
Voltron Capital invests at Pre-Seed and Seed, with cheque sizes of $20K -- $100K.
**Do you need a warm intro to apply to Voltron Capital?**
No. Voltron Capital takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Voltron Capital invest outside Pan-African?**
Voltron Capital's Africa focus is described as "Nigeria (primary), Kenya, South Africa, North Africa". Check the [full fund profile](/funds/voltron-capital) for the exact geographic boundaries before you apply.
**Is Voltron Capital a remote or in-person fund?**
Voltron Capital's format is listed as Remote-first.
## See also
- The full [Voltron Capital profile](/funds/voltron-capital)
- [216 Capital Ventures](/fund-guides/apply-to-216-capital-ventures)
- [3IF Ventures](/fund-guides/apply-to-3if-ventures)
- [4DX Ventures](/fund-guides/apply-to-4dx-ventures)
- Back to the [scanner](/)
---
---
title: How to apply to WIC Capital as an African founder
slug: apply-to-wic-capital
section: fund-guides
description: "How to apply to WIC Capital: Seed and Growth investor writing €100,000 -- €2,000,000 cheques. What African founders need to prepare before applying."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: wic-capital
---
## TL;DR
WIC Capital invests in sector-agnostic companies at Seed and Growth, writes cheques of €100,000 -- €2,000,000, and takes applications through a direct online application.
## Who WIC Capital is
WIC Capital is a Francophone West Africa investor headquartered in Dakar, Senegal. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: Gender-lens investing in women-led businesses across Francophone West Africa, providing equity, quasi-equity, and hands-on operational support.
On the ground, WIC Capital operates as a Seed and Growth investor with an Africa focus described as "Francophone West Africa (Senegal, Cote d'Ivoire, Burkina Faso, Mali, Togo)". The fund's managing partner is Evelyne Dioh Simpa, alongside Thiaba Camara Sy (COO, Partner & Board Chair) and Désiré K. Dzilan (Investment Manager).
## What they invest in
- **Stages:** Seed and Growth
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 75% of classified portfolio companies are in Consumer, and 13% are in Climate.
- **Cheque size:** €100,000 -- €2,000,000
- **Geography focus:** Francophone West Africa / Yes -- Francophone West Africa (Senegal, Cote d'Ivoire, Burkina Faso, Mali, Togo)
## How to apply
Apply directly at https://wic-capital.net/en/. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-29. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
WIC Capital's portfolio, as listed in their Trampoline fund page, includes:
- **Mburu** (Senegal): Organic bakery chain, Growth
- **Arbre de Vie (Tree of Life)** (Senegal): Natural beauty and cosmetics (four brands), Growth
- **Ecover** (Senegal / Cote d'Ivoire): Recycling and waste management, Growth
- **Acasen** (Senegal): Snack food production, Growth
- **Sarayaa** (Senegal): Fashion and apparel, Growth
That spread gives you a sense of what a real check from WIC Capital has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does WIC Capital have a sector focus?**
WIC Capital describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does WIC Capital typically write cheques at?**
WIC Capital invests at Seed and Growth, with cheque sizes of €100,000 -- €2,000,000.
**Do you need a warm intro to apply to WIC Capital?**
No. WIC Capital takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does WIC Capital invest outside Francophone West Africa?**
WIC Capital's Africa focus is described as "Francophone West Africa (Senegal, Cote d'Ivoire, Burkina Faso, Mali, Togo)". Check the [full fund profile](/funds/wic-capital) for the exact geographic boundaries before you apply.
**Is WIC Capital a remote or in-person fund?**
WIC Capital's format is listed as Equity investment + operational support.
## See also
- The full [WIC Capital profile](/funds/wic-capital)
- [AAIC Investment](/fund-guides/apply-to-aaic-investment)
- [AHL Venture Partners](/fund-guides/apply-to-ahl-venture-partners)
- [Alitheia Capital](/fund-guides/apply-to-alitheia-capital)
- Back to the [scanner](/)
---
---
title: How to apply to Y Combinator as an African founder
slug: apply-to-y-combinator
section: fund-guides
description: "How to apply to Y Combinator: Ideation, MVP, Pre-Seed, and Seed investor writing $500,000 (standard deal, every company) cheques. What African founders need ..."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: y-combinator
---
## TL;DR
Y Combinator invests in sector-agnostic companies at Ideation, MVP, Pre-Seed, and Seed, writes cheques of $500,000 (standard deal, every company), and takes applications through a direct online application.
## Who Y Combinator is
Y Combinator is a Global investor headquartered in San Francisco. The fund describes its mandate as sector-agnostic. The thesis, in the fund's own words: We fund startups at the earliest stages and help them grow into large companies.
On the ground, Y Combinator operates as a Ideation, MVP, Pre-Seed, and Seed investor with a focus on Global. Y Combinator is the world's most prolific startup accelerator.
## What they invest in
- **Stages:** Ideation, MVP, Pre-Seed, and Seed
- **Sectors:** Sector-agnostic. The fund calls itself sector-agnostic, but its actual portfolio tells a more concentrated story: 48% of classified portfolio companies are in Fintech, and 16% are in Healthtech.
- **Cheque size:** $500,000 (standard deal, every company)
- **Geography focus:** Global
## How to apply
Apply directly at https://www.ycombinator.com/apply. That link is the fund's own application channel, listed in their Trampoline entry as of 2026-07-26. Fill out whatever the form asks for completely: skipped fields read as a rushed application, and a rushed application is an easy first-pass reject at any fund fielding more submissions than it can meaningfully review.
## Portfolio pattern
Y Combinator's portfolio, as listed in their Trampoline fund page, includes:
- **[Paystack](https://paystack.com)** (Nigeria): Payments processing company acquired by Stripe in 2020 for a reported $200 million.
- **[Flutterwave](https://flutterwave.com)** (Nigeria): Payments infrastructure provider offering payment processing, cross-border transfers, and business banking across Africa.
- **[Wave](https://wave.com)** (Senegal): Mobile money service operating across Francophone West Africa, one of the region's first non-bank e-money license holders.
- **[Kobo360](https://kobo360.com)** (Nigeria): Digital logistics platform connecting cargo owners with truck operators across Africa.
- **[Reliance Health](https://reliancehealth.io)** (Nigeria): Health insurance (HMO) provider combining insurance plans with a network of hospitals and a telemedicine app.
That spread gives you a sense of what a real check from Y Combinator has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
## FAQ
**Does Y Combinator have a sector focus?**
Y Combinator describes its mandate as sector-agnostic, meaning it does not restrict itself to a fixed list of sectors.
**What stage does Y Combinator typically write cheques at?**
Y Combinator invests at Ideation, MVP, Pre-Seed, and Seed, with cheque sizes of $500,000 (standard deal, every company).
**Do you need a warm intro to apply to Y Combinator?**
No. Y Combinator takes applications through a form on their website, so a warm intro is not required to apply, though it can still help your submission stand out.
**Does Y Combinator invest outside Global?**
Y Combinator's stated region is Global. Check the [full fund profile](/funds/y-combinator) for the exact geographic boundaries before you apply.
**Is Y Combinator a remote or in-person fund?**
Y Combinator's format is listed as Hybrid (interviews via video, programme in San Francisco).
## See also
- The full [Y Combinator profile](/funds/y-combinator)
- [Digital Africa / Fuzé](/fund-guides/apply-to-digital-africa)
- [Haske Ventures](/fund-guides/apply-to-haske-ventures)
- [Village Capital](/fund-guides/apply-to-village-capital)
- Back to the [scanner](/)
---
---
title: How to apply to Zedcrest Capital as an African founder
slug: apply-to-zedcrest-capital
section: fund-guides
description: "How to apply to Zedcrest Capital: Seed and Series A cheques of Undisclosed for Fintech startups, application path, and what African founders should prepare."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
fundSlug: zedcrest-capital
---
## TL;DR
Zedcrest Capital invests in Fintech, Healthtech, Edtech, Consumer, and Infrastructure companies at Seed and Series A, writes cheques of Undisclosed, and takes applications through direct outreach to the team.
## Who Zedcrest Capital is
Zedcrest Capital is a Nigeria, Pan-African investor headquartered in Lagos. Its stated focus is Fintech, Healthtech, Edtech, Consumer, and Infrastructure. The thesis, in the fund's own words: The future of Africa's growth will depend not only on access to capital but on the institutions that can structure, deploy and manage that capital effectively.
On the ground, Zedcrest Capital operates as a Seed and Series A investor with an Africa focus described as "Nigeria-heavy, with investments across West, East, and North Africa". The fund's founder & group managing director is Adedayo Amzat, alongside Luke Ofojebe, CFA (Chief Investment Officer) and Ademola Akogun (MD, Investment Banking).
## What they invest in
- **Stages:** Seed and Series A
- **Sectors:** Fintech, Healthtech, Edtech, Consumer, and Infrastructure
- **Cheque size:** Undisclosed
- **Geography focus:** Nigeria, Pan-African / Yes -- Nigeria-heavy, with investments across West, East, and North Africa
## How to apply
Zedcrest Capital's application path is: "Warm intros preferred". This reads as direct outreach rather than a public form, which means the fund is more reachable through a warm introduction or a well-targeted cold message than through a portal. Adedayo Amzat (Founder & Group Managing Director) is the name most associated with the fund publicly, and a specific, well-prepared message referencing why you fit their stated thesis is a better opener than a generic pitch blast. Check https://zedcrest.com first in case a form or dedicated email address has since gone live.
## Portfolio pattern
Zedcrest Capital's portfolio, as listed in their Trampoline fund page, includes:
- **Leatherback** (UK / Nigeria): Cross-border payment infrastructure across 13+ countries
- **AltSchool** (Nigeria): Alternative education and tech skills training platform
- **Helium Health** (Nigeria): Electronic health records and hospital management software
- **Indicina** (Nigeria): Credit decisioning and data infrastructure for lenders
- **Bankly** (Nigeria): Agency banking and financial inclusion platform
That spread gives you a sense of what a real check from Zedcrest Capital has funded, not just what the thesis claims it funds.
## Before you apply
Have these ready before you reach out:
- Deck: [Check your readiness](/) first so you know where the gaps are
- Metrics dashboard: [Set up your metrics dashboard](https://adtivity.xyz) so you can show real traction, not slides
- Cap table
- A one-line description of what your company does
- A short, specific note explaining why you fit their stated thesis, ready to send cold or through a warm intro
## FAQ
**Does Zedcrest Capital invest in Fintech?**
Yes. Fintech is listed among Zedcrest Capital's stated sector focus areas.
**What stage does Zedcrest Capital typically write cheques at?**
Zedcrest Capital invests at Seed and Series A, with cheque sizes of Undisclosed.
**Do you need a warm intro to apply to Zedcrest Capital?**
Zedcrest Capital's application path is direct outreach rather than a public form, so a warm introduction generally carries more weight than a cold message, though it is not stated as a hard requirement.
**Does Zedcrest Capital invest outside Nigeria, Pan-African?**
Zedcrest Capital's Africa focus is described as "Nigeria-heavy, with investments across West, East, and North Africa". Check the [full fund profile](/funds/zedcrest-capital) for the exact geographic boundaries before you apply.
**Is Zedcrest Capital a remote or in-person fund?**
Zedcrest Capital's format is listed as Direct investment (no accelerator).
## See also
- The full [Zedcrest Capital profile](/funds/zedcrest-capital)
- [Fireball Capital](/fund-guides/apply-to-fireball-capital)
- [Injaro Investments](/fund-guides/apply-to-injaro-investments)
- [Norrsken22](/fund-guides/apply-to-norrsken22)
- Back to the [scanner](/)
---
---
title: What is ARR (annual recurring revenue)?
slug: arr
section: glossary
description: "ARR is MRR multiplied by 12, used to describe the run-rate of a subscription business. Here's how African founders should use it accurately with investors."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
term: ARR (Annual Recurring Revenue)
relatedTerms: [mrr, valuation, series-a]
---
## TL;DR
ARR, annual recurring revenue, is your monthly recurring revenue multiplied by 12, used as shorthand for the yearly run-rate of a subscription business.
## What ARR means
ARR isn't actual revenue collected over a full year, it's a snapshot projection based on the current month's MRR, so it moves up or down instantly whenever MRR changes, unlike historical, already-earned revenue. Investors and founders both use ARR because it's a simpler, more comparable number across companies and stages than reciting monthly figures, and it's the metric most commonly quoted in funding announcements and industry benchmarks.
## Why it matters for African founders
When a subscription business raises a Series A, a stage Ventures Platform explicitly lists among the ones it funds, ARR growth rate and ARR relative to headcount are two of the numbers investors most often ask for early in diligence, alongside gross margin and churn, so having these ready before the first call saves real time in the process.
## Common mistakes founders make with ARR
- Quoting ARR as if it were audited historical revenue rather than a current-month projection
- Including one-time or non-recurring revenue in the ARR calculation
- Comparing ARR to a company in a completely different sector or business model where the number means something different
- Not disclosing churn alongside ARR growth, which can mask a business losing nearly as many customers as it's gaining
## FAQ
Is ARR the same as annual revenue?
No, ARR is a projection based on current MRR. Actual annual revenue is what you've genuinely collected over the past 12 months, and the two can diverge significantly if growth was uneven.
What ARR do you need to raise a Series A?
There's no fixed threshold that applies universally, it depends heavily on sector, growth rate and the broader market.
Does ARR apply to non-subscription businesses?
Not meaningfully. ARR is specific to recurring revenue models, a one-time-purchase business should use different metrics like GMV or unit economics instead.
## See also
- [MRR](/glossary/mrr)
- [Valuation](/glossary/valuation)
- [Series A](/glossary/series-a)
- [Ventures Platform](/funds/ventures-platform), which funds through Series A where ARR growth is a common diligence metric
Run the free readiness scan
---
---
title: What is a board seat in a startup funding round?
slug: board-seat
section: glossary
description: "A board seat gives an investor formal oversight and voting power over major company decisions. Here's what it means once your startup takes one."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
term: Board seat
relatedTerms: [term-sheet, lead-investor, cap-table]
---
## TL;DR
A board seat gives an investor, usually the lead of a priced round, a formal, voting position on your company's board of directors, with real authority over major decisions.
## What board seat means
Boards typically approve budgets, executive hires and firings, new fundraising, and major strategic moves like acquisitions. A board seat is different from a board observer role, which lets an investor attend meetings and see information without a formal vote. Investors ask for board seats to have direct oversight and influence over how their capital is used, beyond what they'd get from just owning shares.
Board composition matters as much as the count of seats. A common structure by Series A gives founders a certain number of seats, investors a certain number, and sometimes an independent seat both sides agree on. The exact split shapes who effectively controls major decisions going forward, not just who's technically in the room.
## Why it matters for African founders
Board seats become standard practice by the time a startup raises a priced Series A round with a lead investor, so a founder negotiating with a fund that explicitly lists Series A among its stages, such as Ventures Platform, should expect the board conversation to come up as part of that term sheet, not as an afterthought once the round closes.
## Common mistakes founders make with board seats
- Not clarifying the difference between a board seat and an observer seat before agreeing to a term sheet
- Giving up board control, a majority of seats, too early without realising what decisions that hands to investors
- Not negotiating who chairs the board and what quorum rules apply to major votes
- Treating board meetings as a formality instead of real governance that shapes major company decisions
## FAQ
Does every funding round come with a board seat?
No, typically only priced rounds with a lead investor, and even then it's negotiated, not automatic.
What's the difference between a board seat and a board observer?
A board seat carries a formal vote. An observer can attend meetings and see information but doesn't vote on decisions.
Can founders remove an investor's board seat later?
Only through negotiation or specific contractual triggers, it isn't something a founder can unilaterally reverse once granted.
## See also
- [Term sheet](/glossary/term-sheet)
- [Lead investor](/glossary/lead-investor)
- [Cap table](/glossary/cap-table)
- [Ventures Platform](/funds/ventures-platform), which funds through Series A where formal board seats typically appear
Run the free readiness scan
---
---
title: What is burn rate in a startup?
slug: burn-rate
section: glossary
description: "Burn rate is how much cash your startup spends each month. African founders should track both gross and net burn separately. Here's why."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
term: Burn rate
relatedTerms: [runway, mrr, valuation]
---
## TL;DR
Burn rate is the amount of cash a startup spends each month, and it's the number that determines how long your runway actually lasts.
## What burn rate means
Gross burn is total monthly operating expenses. Net burn is gross burn minus revenue, and it's the figure investors watch most closely because it reflects the real cash trajectory of the business. A burn rate that rises without a proportional rise in revenue or growth is a common red flag in any pitch conversation, since it signals spend that isn't buying commensurate progress.
Burn rate isn't a single flat number month to month either. Annual costs like insurance, compliance filings or one-off legal fees hit unevenly, and a founder tracking burn only in the months those costs land can misread the underlying trend.
## Why it matters for African founders
Many African startups run dollar-denominated cost lines, cloud infrastructure, payment processing fees, SaaS tools, against local-currency revenue, so a burn rate calculation that blends both currencies into one number can hide real exposure. Local currency depreciation against the dollar effectively raises real burn even when the local-currency figure looks unchanged month over month.
## Common mistakes founders make with burn rate
- Reporting gross burn to investors as if it were net burn
- Not accounting for annual or lumpy costs evenly across the months they actually hit
- Ignoring currency exposure when most major costs are dollar-denominated and revenue isn't
- Cutting burn reactively after a scare instead of maintaining a rolling monthly review
## FAQ
What's a healthy burn rate?
There's no single healthy number, it depends entirely on your stage, runway, and growth rate, so investors judge burn against your specific milestones rather than a fixed benchmark.
What's the difference between burn rate and runway?
Burn rate is the monthly spend, runway is cash on hand divided by that spend.
Should burn rate include founder salaries?
Yes, any real operating expense, including founder pay, belongs in the calculation, leaving it out understates the business's true cash consumption.
## See also
- [Runway](/glossary/runway)
- [MRR](/glossary/mrr)
- [Valuation](/glossary/valuation)
Run the free readiness scan
---
---
title: What is CAC (customer acquisition cost)?
slug: cac
section: glossary
description: "CAC is what it costs a startup to win each paying customer. Here's why African founders should always compare it against LTV, not report it alone."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
term: CAC (Customer Acquisition Cost)
relatedTerms: [mrr, arr, burn-rate]
---
## TL;DR
CAC, customer acquisition cost, is the total sales and marketing spend it takes to acquire one paying customer, calculated by dividing total acquisition spend by the number of new customers won in that period.
## What CAC means
A rising CAC without a corresponding rise in customer lifetime value, LTV, is one of the clearest warning signs in a startup's unit economics, since it means growth is getting more expensive to buy over time, not more efficient. Investors typically want to see CAC alongside LTV as a ratio, and alongside payback period, how many months it takes for a customer's revenue to cover what it cost to acquire them.
CAC varies enormously by channel and business model. Paid acquisition through ads tends to carry a visible, easily tracked CAC, while organic or referral-driven growth has a real cost too, it's just harder to attribute directly, and founders sometimes understate CAC by leaving those channel costs out of the calculation entirely.
## Why it matters for African founders
With digital ad costs on platforms like Meta and Google largely priced and paid in dollars while much of the customer base transacts in local currency, CAC for African startups can be more volatile than for a comparable company elsewhere. Currency movement alone can shift the real cost of acquisition month to month even if ad spend and customer count stay flat.
## Common mistakes founders make with CAC
- Calculating CAC using only paid channel spend and excluding sales salaries, tools and other real acquisition costs
- Comparing CAC across channels without adjusting for each channel's different customer quality and retention
- Not tracking CAC in the currency ad spend is actually billed in
- Presenting CAC without LTV or payback period alongside it, which tells an investor nothing about whether the number is healthy
## FAQ
What's a good CAC-to-LTV ratio?
A commonly cited rule of thumb in the industry is roughly 3 to 1 or better, though the right ratio depends heavily on sector, margins and how quickly LTV is actually realized, so treat it as a starting reference rather than a strict rule.
What's the difference between CAC and LTV?
CAC is what it costs to acquire a customer. LTV is the total revenue that customer is expected to generate over their relationship with you.
Should CAC include overhead costs like office rent?
Typically no. CAC focuses on direct sales and marketing spend attributable to acquiring customers, not general overhead.
## See also
- [MRR](/glossary/mrr)
- [ARR](/glossary/arr)
- [Burn rate](/glossary/burn-rate)
Run the free readiness scan
---
---
title: What is a cap table?
slug: cap-table
section: glossary
description: "A cap table tracks who owns what percentage of your company across every round, SAFE and option grant. Here's why African founders get it wrong."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
term: Capitalization table (cap table)
relatedTerms: [dilution, pro-rata-rights, safe-note, valuation]
---
## TL;DR
A cap table is the record of who owns what share of your company, founders, employees and every investor, across every round and instrument you've ever issued.
## What cap table means
A cap table is a spreadsheet or software tool listing every shareholder, the class of shares they hold (common or preferred), any option grants, and any SAFEs that haven't converted yet, tracked as a separate line item until they do. It exists because equity ownership changes every time you raise money, grant options, or issue a SAFE, and founders and investors both need one shared source of truth for who actually owns what.
Two views of the cap table matter, and they tell different stories. The "issued" cap table reflects only shares actually outstanding today. The "fully diluted" cap table adds every SAFE, option and warrant as if it had already converted, which is the number investors actually care about, because it shows the real dilution picture rather than a snapshot that understates it.
## Why it matters for African founders
A clean, accurate cap table is one of the first things a diligence lawyer checks before any priced round closes. A founder tracking multiple SAFEs across a Pre-Seed-to-Series-A journey with a fund like Ventures Platform is expected to know the fully diluted math cold, not approximate it from memory when an investor asks.
## Common mistakes founders make with cap tables
- Forgetting to include the employee option pool in fully diluted math when calculating real ownership
- Letting the cap table live only in a founder's head or an outdated spreadsheet instead of updating it after every SAFE or grant
- Not modelling how a new round dilutes existing SAFE holders before signing the next one
- Mixing up issued versus fully diluted percentages when telling an investor how much of the company is actually available
## FAQ
What's the difference between an issued and a fully diluted cap table?
Issued reflects shares actually outstanding today. Fully diluted adds every SAFE, option and warrant as if converted, which is the number that matters for real ownership math.
Do I need cap table software?
Not required at pre-seed, but the spreadsheet you use instead needs to be accurate and updated after every change. Most founders move to dedicated software by seed or Series A as the structure gets more complex.
Who should have access to the cap table?
Investors expect access during diligence, and it's standard practice to share it with your board and lead investor on an ongoing basis.
## See also
- [Dilution](/glossary/dilution)
- [Pro-rata rights](/glossary/pro-rata-rights)
- [SAFE note](/glossary/safe-note)
- [Valuation](/glossary/valuation)
- [Ventures Platform](/funds/ventures-platform), which funds companies across three stages where cap table accuracy compounds in importance
Run the free readiness scan
---
---
title: What is dilution in startup fundraising?
slug: dilution
section: glossary
description: "Dilution is the reduction in your ownership percentage every time new shares are issued. Here's how African founders should model it before signing."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
term: Dilution
relatedTerms: [cap-table, pro-rata-rights, safe-note, valuation]
---
## TL;DR
Dilution is the reduction in your ownership percentage that happens every time your company issues new shares, whether that's a new funding round, an option grant, or a SAFE converting.
## What dilution means
As total shares outstanding grows, your fixed number of shares becomes a smaller slice of a bigger pie. Every round dilutes founders and every existing shareholder proportionally, unless they hold specific anti-dilution or pro-rata protection. It's the mechanical consequence of selling equity for cash: you can't raise money without giving away a piece of the company.
Dilution compounds across rounds too. A founder who starts at 100% ownership and takes several rounds of financing, each with its own dilution hit, needs to track the cumulative effect, not just what any single round costs in isolation.
## Why it matters for African founders
Stacking multiple SAFEs at pre-seed before a priced round is common practice in Lagos and Nairobi, given how funds like Microtraction and Ventures Platform write early cheques. Each SAFE, once it converts, dilutes the founder alongside every other shareholder, so a founder's real ownership after a seed round is often meaningfully lower than a quick mental estimate would suggest.
## Common mistakes founders make with dilution
- Not modelling fully diluted ownership before signing a new SAFE or priced round
- Forgetting that employee option pool expansion, often negotiated as part of a Series A term sheet, also dilutes founders
- Treating each round's dilution in isolation instead of tracking the cumulative effect across every round
- Assuming dilution only happens at priced rounds, when SAFE conversions dilute too
## FAQ
How much dilution is normal per round?
It varies by round size and valuation, and there's no fixed percentage that applies across every deal, so model your specific numbers rather than relying on a rule of thumb.
Does dilution only happen when you raise money?
No, option pool expansions and SAFE conversions also dilute existing shareholders, even without a new priced round happening.
Can you avoid dilution entirely while raising equity capital?
Not if you're raising equity capital, though you can manage its pace by raising only what you actually need and negotiating cap sizes carefully.
## See also
- [Cap table](/glossary/cap-table)
- [Pro-rata rights](/glossary/pro-rata-rights)
- [SAFE note](/glossary/safe-note)
- [Valuation](/glossary/valuation)
- [Microtraction](/funds/microtraction), whose $100K-for-7%-equity pre-seed cheque is a concrete example of an early dilution trade
Run the free readiness scan
---
---
title: What is GMV (gross merchandise value)?
slug: gmv
section: glossary
description: "GMV is the total value of goods sold through a marketplace, not the marketplace's own revenue. Here's the difference African marketplace founders must know."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
term: GMV (Gross Merchandise Value)
relatedTerms: [mrr, arr, valuation]
---
## TL;DR
GMV, gross merchandise value, is the total dollar value of everything sold through a marketplace or platform in a given period, before the platform takes its own cut.
## What GMV means
If your marketplace facilitates $1M in transactions and takes a 10% commission, your GMV is $1M but your actual revenue is $100K. That distinction matters enormously, because a large GMV number can make a marketplace look far bigger than the revenue it's actually capturing, and founders sometimes lean on GMV precisely because it's the more flattering figure to quote.
GMV is a legitimate and useful metric for marketplace, e-commerce and logistics businesses specifically, since it shows how much economic activity the platform is enabling, which correlates with market pull and network effects even before the take rate is optimized. It's a poor metric for a SaaS or subscription business, where MRR and ARR are the numbers that actually reflect the company's own revenue.
## Why it matters for African founders
E-commerce and logistics marketplaces are a common category among African startups, and any investor with marketplace experience, including sector-agnostic funds that back e-commerce and logistics businesses such as Enza Capital, will ask for GMV alongside take rate and net revenue in the same breath, not GMV in isolation.
## Common mistakes founders make with GMV
- Quoting GMV to investors as if it were revenue, without immediately stating the actual take rate
- Growing GMV through unsustainable discounting or subsidies that don't reflect real unit economics
- Not disclosing what percentage of GMV is actually collected as cash versus outstanding or disputed
- Comparing GMV to a SaaS company's ARR as if the two numbers meant the same thing
## FAQ
Is GMV the same as revenue?
No, GMV is total transaction value, revenue is what the platform actually keeps after its take rate.
What's a good take rate for a marketplace?
It varies widely by category and stage, there's no single industry-standard number that applies across every marketplace type.
Should early-stage marketplaces report GMV to investors?
Yes, but always alongside take rate and net revenue, GMV alone doesn't tell the full story of the business.
## See also
- [MRR](/glossary/mrr)
- [ARR](/glossary/arr)
- [Valuation](/glossary/valuation)
- [Enza Capital](/funds/enza-capital), a sector-agnostic fund that has backed e-commerce and logistics marketplaces
Run the free readiness scan
---
---
title: What is a lead investor in a funding round?
slug: lead-investor
section: glossary
description: "A lead investor sets the price and terms of a funding round and often takes the board seat. Here's what African founders should look for beyond the cheque."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
term: Lead investor
relatedTerms: [term-sheet, pro-rata-rights, board-seat, warm-intro]
---
## TL;DR
The lead investor is the fund that sets a round's price and terms, writes the largest cheque, and usually takes the board seat or observer role that comes with it.
## What lead investor means
A lead investor negotiates the term sheet on behalf of a round, does the heaviest share of due diligence, and sets the price other investors either accept or walk from. Once a lead is in place, other participants, sometimes called co-investors or followers, typically join on the same terms the lead negotiated rather than each negotiating separately.
This structure exists because negotiating a term sheet with ten different investors simultaneously doesn't scale. One fund does the work of setting fair terms, and everyone else can move faster by accepting them. In exchange for that work and the larger cheque, the lead usually gets governance rights other investors in the round don't, most commonly a board seat and pro-rata rights on future rounds.
Not every fund that writes the biggest cheque is automatically "the lead" in every sense, and founders should clarify explicitly who's setting terms, who's doing diligence, and who's taking the board seat, since these can in rare cases be split across different investors in the same round.
## Why it matters for African founders
In a market where investor networks are still thinner than Silicon Valley's, a credible lead brings signalling value that goes beyond the cheque itself. A fund like TLcom Capital or Ventures Platform acting as lead on a round can make it easier for a founder to close out the rest of the round with smaller cheques from angels or co-investors who are, in effect, following the lead's judgment on price and terms.
## Common mistakes founders make with lead investors
- Chasing whichever fund offers the highest valuation instead of the best overall fit and track record
- Not checking whether an investor who talks first has an actual history of leading rounds, versus only ever following
- Assuming any enthusiastic early conversation is a lead commitment before terms are actually on paper
- Not clarifying board rights and governance expectations before accepting a lead's term sheet
## FAQ
Does every funding round need a lead investor?
Not always. Rounds built entirely out of stacked SAFEs before a priced round often close without a formal lead setting terms.
How do founders choose a lead investor?
Founders typically weigh the terms offered, speed to close, sector expertise, and what value the fund adds beyond capital, not just the size of the cheque.
Can two funds co-lead a round?
Yes, though it's less common than a single clear lead, since co-leading requires both funds to align on terms before presenting them to the founder.
Does a lead investor always take a board seat?
Often, but not always. Some leads take an observer role instead, especially at earlier stages where formal governance is lighter.
## See also
- [Term sheet](/glossary/term-sheet)
- [Pro-rata rights](/glossary/pro-rata-rights)
- [Board seat](/glossary/board-seat)
- [Warm intro](/glossary/warm-intro)
- [TLcom Capital](/funds/tlcom-capital), a Pan-African fund that has led rounds across the continent
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---
---
title: What is a liquidation preference?
slug: liquidation-preference
section: glossary
description: "Liquidation preference determines who gets paid first when a startup is sold. Most deals use 1x non-participating. Here's what founders should watch for."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
term: Liquidation preference
relatedTerms: [term-sheet, valuation, cap-table, dilution]
---
## TL;DR
Liquidation preference is the contractual right that lets preferred shareholders, usually investors, get paid back before common shareholders, usually founders and employees, when the company is sold or liquidated.
## What liquidation preference means
The most common structure is 1x non-participating preferred, meaning the investor gets back exactly what they put in before anyone else is paid, or converts to common stock and takes their ownership percentage instead, whichever pays them more. Participating preferred is a different, less founder-friendly structure where the investor takes their preference amount and then also shares proportionally in whatever's left, which compounds against founders in mid-sized exits.
Liquidation preference exists to protect investor downside. If a company sells for less than hoped, the preference guarantees investors get their capital back before founders and employees see anything from the sale, regardless of the ownership percentages shown on the cap table.
## Why it matters for African founders
This term matters most in the acquisition scenarios African startups actually go through. Stripe's acquisition of Paystack in 2020, reported at over $200M, is a real example of the kind of exit where liquidation preference terms shape the actual payout, even though the exact split of proceeds in that deal wasn't publicly disclosed. A smaller or mid-sized exit can leave founders with far less than their ownership percentage implies if the liquidation stack ahead of them is large or carries multiple preference layers.
## Common mistakes founders make with liquidation preference
- Not reading whether a term sheet offers participating or non-participating preferred
- Agreeing to a multiple above 1x without understanding how much it eats into a modest exit
- Not modelling what a realistic acquisition price would do to founder proceeds given the current liquidation stack
- Stacking multiple rounds of preferred stock without checking how the preferences interact with each other
## FAQ
What's the most common liquidation preference multiple?
1x is the standard in the large majority of institutional deals, with higher multiples appearing more often in tougher fundraising markets or riskier, later rounds.
What's the difference between participating and non-participating preferred?
Non-participating investors choose between their preference amount or converting to common, not both. Participating investors get both, which is worse for founders in a mid-sized exit.
Does liquidation preference apply to every funding round?
Only to preferred stock, which is what priced equity rounds typically issue, not common stock or SAFEs before they convert.
## See also
- [Term sheet](/glossary/term-sheet)
- [Valuation](/glossary/valuation)
- [Cap table](/glossary/cap-table)
- [Dilution](/glossary/dilution)
Run the free readiness scan
---
---
title: What is MRR (monthly recurring revenue)?
slug: mrr
section: glossary
description: "MRR is the predictable revenue a subscription business earns every month. Here's why African SaaS founders should track it closely and report it accurately."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
term: MRR (Monthly Recurring Revenue)
relatedTerms: [arr, burn-rate, pitch-deck]
---
## TL;DR
MRR, monthly recurring revenue, is the predictable revenue a subscription business can count on collecting every month from its active customers.
## What MRR means
MRR is calculated by summing the recurring subscription value of every active customer for a given month, excluding one-off fees or non-recurring revenue. The growth rate of MRR, not just the absolute number, is usually what investors care about most, since it shows whether the business is compounding or plateauing.
MRR breaks down further into new MRR, from new customers signing up, expansion MRR, from existing customers spending more, and churned MRR, revenue lost to cancellations. Net new MRR nets all three together and is the number that actually reflects whether the business grew or shrank in a given month.
## Why it matters for African founders
For a SaaS or subscription business raising a seed or Series A round from a fund with a sector-agnostic thesis like Ventures Platform, MRR growth is one of the clearest, hardest-to-fake traction signals available, and it's exactly the kind of metric a metrics dashboard should surface automatically rather than a founder reconstructing it manually from a spreadsheet before every investor update.
## Common mistakes founders make with MRR
- Counting one-time setup fees or upfront annual contracts as if they were monthly recurring revenue
- Reporting gross MRR growth without disclosing churn, which hides a shrinking underlying business
- Not separating new MRR from expansion MRR when explaining growth drivers to investors
- Letting MRR calculations live in an unreliable manual spreadsheet that drifts from what's actually billed
## FAQ
What's the difference between MRR and ARR?
ARR is MRR multiplied by 12, used more often once revenue is larger and growth has stabilized.
Does MRR include one-time payments?
No, only recurring subscription revenue counts. One-off fees are tracked separately and shouldn't be folded into MRR.
What MRR growth rate do investors want to see?
There's no single universal bar, expectations vary by stage and sector, so growth rate relative to your own trajectory matters more than a fixed target.
## See also
- [ARR](/glossary/arr)
- [Burn rate](/glossary/burn-rate)
- [Pitch deck](/glossary/pitch-deck)
- [Ventures Platform](/funds/ventures-platform), a sector-agnostic fund where MRR growth is a common traction signal in diligence
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---
---
title: What is a pitch deck?
slug: pitch-deck
section: glossary
description: "A pitch deck is the slide presentation founders use to explain their company to investors. Here's what African funds actually expect to see in one."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
term: Pitch deck
relatedTerms: [warm-intro, mrr, valuation, pre-seed]
---
## TL;DR
A pitch deck is a short slide presentation, usually 10 to 15 slides, that founders use to explain the problem, the product, the market, the team and the ask to a potential investor.
## What pitch deck means
Standard sections cover the problem, your solution, market size, product, traction, business model, competition, team, and the specific ask, how much you're raising and what it funds. Investors typically spend only a few minutes on a first read, so the deck has to communicate the core story fast, with detail available for anyone who wants to dig deeper in a follow-up conversation.
There are two versions most founders end up building. A narrative deck is meant to be presented live with a founder talking through it. A leave-behind deck carries more text and detail and is meant to be read on its own after a meeting or before an intro. Conflating the two is a common source of decks that are either too sparse to stand alone or too dense to present well.
## Why it matters for African founders
The Trampoline Founder Stack's scanner reads your public site and, where uploaded, your deck itself, to flag readiness gaps before you send it to a fund. The same gaps that trip up a scanner, missing traction numbers, unclear market sizing, a vague ask, are usually the same things a real investor flags in their first read too.
## Common mistakes founders make with pitch decks
- Burying the actual ask, amount raising and use of funds, at the very end instead of stating it clearly early
- Presenting vanity metrics instead of the numbers investors actually track, retention, revenue growth, CAC
- Using a market-size slide with no defensible sourcing behind the number
- Sending a narrative deck as a cold leave-behind with no one there to explain the gaps between slides
## FAQ
How many slides should a pitch deck have?
Most experienced investors prefer something in the 10 to 15 slide range, dense enough to tell the story, short enough to hold attention.
Should the deck include financial projections?
Yes, though early-stage investors read them as evidence of how you think about the business, not as a literal forecast they expect you to hit exactly.
Do I need a different deck for different investors?
The core story should stay consistent, but tailoring the emphasis, traction versus market size versus team, to what a specific fund cares about is common practice.
## See also
- [Warm intro](/glossary/warm-intro)
- [MRR](/glossary/mrr)
- [Valuation](/glossary/valuation)
- [Pre-seed](/glossary/pre-seed)
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---
---
title: What is pre-seed funding?
slug: pre-seed
section: glossary
description: "Pre-seed is the earliest institutional funding stage, usually before meaningful revenue. Here's what African VCs expect founders to have ready."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
term: Pre-seed
relatedTerms: [seed-round, safe-note, valuation, pitch-deck]
---
## TL;DR
Pre-seed is the earliest round a startup raises from institutional or angel investors, typically before there's meaningful revenue, to fund the work of proving the idea and building a first version of the product.
## What pre-seed means
Pre-seed money usually goes toward building an MVP, getting your first users or paying customers, and forming a founding team, before there's enough traction to raise a full seed round. Cheque sizes tend to be smaller than later stages, and investors are betting mostly on the team and the problem, not on financial metrics that don't exist yet.
Pre-seed sits between bootstrapping or friends-and-family money and the seed round, where investors expect at least early traction signals. The line between pre-seed and seed isn't always sharp, and some funds, including several active in Africa, invest across both stages under the same thesis rather than drawing a hard boundary.
## Why it matters for African founders
Microtraction writes $100K for 7% equity at Pre-Seed, with an optional top-up to $350K, a concrete example of what a pre-seed cheque and dilution trade actually looks like in this market. Ventures Platform also invests at Pre-Seed through Series A, so the stage line isn't always a hard fence between funds, and a founder can in some cases stay with the same investor across multiple rounds as the company grows.
## Common mistakes founders make with pre-seed
- Raising pre-seed money before there's a real, validated problem behind the pitch
- Over-polishing the pitch deck instead of spending that time talking to potential users
- Accepting a SAFE valuation cap that's too low relative to where the company will realistically be at seed
- Not budgeting the raised cheque conservatively enough to actually reach the next meaningful milestone
## FAQ
How much should a pre-seed round raise?
There's no fixed number, it depends on what it takes to reach your next milestone with a reasonable buffer, so founders should size the raise to that goal rather than a market average.
Do you need revenue to raise pre-seed?
No, though some early traction signal, whether that's users, a waitlist, or pilot customers, strengthens the case considerably.
Is pre-seed the same as friends and family money?
No. Pre-seed usually involves institutional funds or professional angel investors with formal paperwork, typically a SAFE, rather than informal money from people you already know.
What's the typical instrument used at pre-seed?
A SAFE is the most common instrument at pre-seed, chosen because it lets both sides skip a formal valuation negotiation at a stage where there's little data to base one on.
## See also
- [Seed round](/glossary/seed-round)
- [SAFE note](/glossary/safe-note)
- [Valuation](/glossary/valuation)
- [Pitch deck](/glossary/pitch-deck)
- [Microtraction](/funds/microtraction), which writes $100K pre-seed cheques for 7% equity, with an optional top-up to $350K
Run the free readiness scan
---
---
title: What are pro-rata rights in venture capital?
slug: pro-rata-rights
section: glossary
description: "Pro-rata rights let an investor keep their ownership percentage by investing again in your next round. Here's why African founders negotiate them carefully."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
term: Pro-rata rights
relatedTerms: [lead-investor, term-sheet, cap-table, dilution]
---
## TL;DR
Pro-rata rights give an existing investor the right, not the obligation, to invest in your next funding round to maintain the same ownership percentage they already hold.
## What pro-rata rights mean
Without pro-rata rights, an investor's ownership stake shrinks with every new round, the same as anyone else's. Pro-rata rights let them write a follow-on cheque sized to their existing percentage, so a fund that owns 10% after your seed round can invest enough at Series A to still own roughly 10% afterward. Lead investors ask for this term almost universally, since it lets a fund that backed you early keep participating in the upside if the company performs.
The right is optional for the investor, not mandatory. A fund can hold pro-rata rights and decline to exercise them if they choose not to follow on, which founders should factor into how much room they assume is reserved versus available for new investors.
## Why it matters for African founders
A lead like Ventures Platform, which funds companies across Pre-Seed through Series A, the exact span the fund lists in its own stage focus, may exercise pro-rata rights at each subsequent round rather than writing a fresh cheque from scratch. That's worth knowing before a founder assumes every new round automatically means finding an entirely new set of investors.
## Common mistakes founders make with pro-rata rights
- Not tracking which existing investors hold pro-rata rights before planning how much room is left for new investors
- Treating pro-rata as an obligation the investor must exercise, rather than a right they can decline
- Oversubscribing a round without checking whether existing pro-rata holders will exercise their rights first
- Negotiating away pro-rata rights from a strong early investor without understanding what it signals about the relationship
## FAQ
Do all investors get pro-rata rights automatically?
No, it's a negotiated term, typically requested by lead investors and sometimes by significant angel or seed investors.
Is exercising pro-rata rights mandatory for the investor?
No, it's a right. The investor can choose not to exercise it if they decide not to follow on.
Do pro-rata rights cost the founder anything extra?
Not directly in cash terms, but they reserve room in future rounds that would otherwise go to new investors.
## See also
- [Lead investor](/glossary/lead-investor)
- [Term sheet](/glossary/term-sheet)
- [Cap table](/glossary/cap-table)
- [Dilution](/glossary/dilution)
- [Ventures Platform](/funds/ventures-platform), which funds companies across three stages where pro-rata follow-on is common
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---
---
title: What is runway in a startup?
slug: runway
section: glossary
description: "Runway is how many months your startup can operate before running out of cash. African founders often miscalculate it. Here's how to get it right."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
term: Runway
relatedTerms: [burn-rate, seed-round, valuation]
---
## TL;DR
Runway is the number of months your startup can keep operating at its current spending rate before the bank account hits zero.
## What runway means
Runway is calculated by dividing cash on hand by monthly burn rate. It extends in one of three ways: raising more money, cutting spend, or growing revenue enough to reduce net burn. It's the single most-watched number for any founder managing cash, because it tells you exactly how much time you have to hit the next milestone before you need to fundraise again or run out entirely.
Runway isn't a static number either. It should be recalculated regularly as spend and revenue change, and stress-tested against scenarios where a planned raise takes longer than expected, since fundraising timelines rarely match a founder's optimistic estimate.
## Why it matters for African founders
With FX volatility affecting several African markets, naira devaluation being a well-documented example, founders holding cash in local currency while paying for cloud infrastructure or software subscriptions in dollars can see their real runway shrink faster than a simple burn-rate calculation suggests. Recalculating runway in the currency your major costs are actually denominated in, not just the currency you raised in, gives a more honest picture.
## Common mistakes founders make with runway
- Calculating runway off gross burn instead of net burn, ignoring revenue that's already coming in
- Not stress-testing runway against a currency devaluation scenario when major costs are dollar-denominated
- Treating a signed term sheet as cash in the bank before the round has actually closed and wired
- Waiting until under three months of runway remains to start fundraising, when the process alone often takes longer than that
## FAQ
How much runway should a startup have?
Most investors want to see enough runway to reach the next meaningful milestone plus a buffer, though the exact number depends heavily on your stage and market.
What's the difference between runway and burn rate?
Burn rate is the monthly spend, runway is how many months that spend can continue given the cash currently on hand.
When should founders start fundraising relative to their runway?
Most experienced founders start the process while several months of runway remain, since raises rarely close as fast as founders initially expect.
## See also
- [Burn rate](/glossary/burn-rate)
- [Seed round](/glossary/seed-round)
- [Valuation](/glossary/valuation)
Run the free readiness scan
---
---
title: What is a SAFE note in venture capital?
slug: safe-note
section: glossary
description: "A SAFE note is Y Combinator's simple agreement for future equity used in early fundraising. Here's how caps, discounts and conversion actually work."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
term: SAFE (Simple Agreement for Future Equity)
relatedTerms: [term-sheet, valuation, dilution, cap-table, pro-rata-rights]
---
## TL;DR
A SAFE is a contract that gives an investor the right to future equity in your company once you raise a priced round, without setting a valuation or paying interest today.
## What SAFE note means
A SAFE, short for Simple Agreement for Future Equity, is a fundraising instrument Y Combinator introduced in 2013 to replace the convertible note as the default early-stage document. You sign it, the investor wires the money, and nothing converts into actual shares until a triggering event happens, usually your next priced equity round, an acquisition, or an IPO. Until that event, the investor holds a contractual right to shares, not shares themselves.
The instrument exists because pricing a company at pre-seed is mostly guesswork, and negotiating a full priced round with lawyers on both sides for a $50K or $150K cheque burns time and legal fees neither side wants to spend. A SAFE lets you skip the valuation conversation, close in days instead of weeks, and defer the hard pricing question to a later round where you have more data to justify a number.
Two terms do the real work inside a SAFE. The valuation cap sets a ceiling: if your next round prices you higher than the cap, the SAFE holder still converts as if the company were worth the cap, so they get more shares per dollar. The discount rate gives the SAFE holder a straight percentage off whatever price the new round sets, commonly 20%. Some SAFEs carry a cap only, some a discount only, some both, and the investor gets whichever converts them the most shares. A SAFE carries no interest and no maturity date, which is the main thing that separates it from a convertible note, a debt instrument that technically has to be repaid if it never converts.
## Why it matters for African founders
Pre-seed and seed rounds across Lagos, Nairobi and Cairo increasingly close on SAFEs because they move fast and don't force a founder into a formal valuation exercise before there's much to value. Ventures Platform lists cheques of $100K to $1M across Pre-Seed, Seed and Series A, and Microtraction writes $100K at pre-agreed equity terms at Pre-Seed, the kind of cheque sizes where a SAFE's speed matters more than a fully negotiated priced round would.
Stack multiple SAFEs from different investors at different caps before your first priced round and you can lose track of exactly how much of the company you've actually sold. That isn't a hypothetical risk, it's the most common reason founders get an unpleasant surprise when a lawyer finally builds the fully diluted cap table ahead of a Series A.
## Common mistakes founders make with SAFE notes
- Stacking SAFEs at several different caps without modelling what they collectively convert to once a priced round happens
- Treating the valuation cap as your company's valuation, when it's a ceiling for conversion purposes, not a market valuation
- Forgetting to include the SAFE pool in fully diluted share count when calculating how much of the company you're really giving up
- Not telling later SAFE or priced-round investors what's already outstanding, which surfaces as a trust problem in diligence, not just a math problem
## FAQ
Is a SAFE the same as a convertible note?
No. A convertible note is debt, it carries interest and a maturity date and technically must be repaid if it doesn't convert. A SAFE has neither, it simply converts into equity at the next triggering event or doesn't convert at all.
What discount rate do African VCs typically ask for on SAFEs?
Discount rates on SAFEs vary by deal and aren't standardised across African investors the way YC's own templates are in the US, so treat any specific percentage as negotiable rather than market-standard until you've checked it against your own term sheet.
Can I raise a SAFE without a lead investor?
Yes. SAFEs are commonly used to build a round out of several smaller cheques before a lead investor sets the terms for a priced round, which is part of why they're popular at pre-seed.
Does a SAFE give the investor a board seat?
Typically not. Board seats are usually negotiated as part of a priced round's term sheet, not a SAFE, since a SAFE holder isn't a shareholder until conversion.
## See also
- [Term sheet](/glossary/term-sheet)
- [Valuation](/glossary/valuation)
- [Dilution](/glossary/dilution)
- [Cap table](/glossary/cap-table)
- [Ventures Platform](/funds/ventures-platform), which writes cheques from $100K to $1M across Pre-Seed, Seed and Series A
Run the free readiness scan
---
---
title: What is a seed round in startup fundraising?
slug: seed-round
section: glossary
description: "A seed round is the first meaningful institutional financing after pre-seed, raised once a startup shows early traction. What African founders need to know."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
term: Seed round
relatedTerms: [pre-seed, series-a, cap-table, valuation]
---
## TL;DR
A seed round is the funding stage where investors expect some proof the product works, usually early users or revenue, and the cheque sizes are large enough to fund a meaningful stretch of focused growth.
## What seed round means
The seed round comes after pre-seed and before Series A. By this stage, investors want signal beyond a deck: retention, early revenue, growth rate, evidence the product solves a real problem for real users. The instrument used can still be a SAFE in many markets, or it can be a priced round with a full term sheet, depending on the fund and the specific deal.
Metrics that matter most at seed tend to be growth-oriented rather than scale-oriented: is monthly recurring revenue growing, are early customers sticking around, is the cost of acquiring them trending in a sustainable direction. Investors aren't expecting a fully proven business model yet, but they want evidence the model is starting to work.
## Why it matters for African founders
Enza Capital writes cheques of $250K to $5M across Pre-Seed through Growth, spanning what a seed cheque looks like at the larger end of this market, while a fund like Ventures Platform, at $100K to $1M, sits at the smaller end of the same broad stage range. That spread is exactly why founders should check a fund's actual cheque size before assuming "seed" means the same dollar amount everywhere on the continent.
## Common mistakes founders make with seed rounds
- Raising a seed round without a repeatable growth channel identified yet, and hoping the money finds one
- Treating a stack of SAFEs as equivalent to a seed round once investors start expecting priced-round governance
- Underestimating how long the process takes, seed rounds commonly take several months to close, not weeks
- Not clarifying reporting expectations upfront with international investors used to a specific update cadence
## FAQ
What's the difference between pre-seed and seed?
Mostly the traction expectation. Pre-seed investors bet largely on team and problem, seed investors want to see early evidence the product is working.
Is a seed round always a priced round?
No, it's still commonly done on SAFEs in many markets, including much of Africa, especially when the round is built out of several smaller cheques.
How long should a seed round's cash last?
Founders should plan for the specific runway the round buys, not assume an automatic follow-on will arrive before it runs out.
Do you need a lead investor at seed stage?
Usually yes, especially for a priced round, since a lead is what sets the terms the rest of the round follows.
## See also
- [Pre-seed](/glossary/pre-seed)
- [Series A](/glossary/series-a)
- [Cap table](/glossary/cap-table)
- [Valuation](/glossary/valuation)
- [Enza Capital](/funds/enza-capital), which writes $250K to $5M across Pre-Seed through Growth
Run the free readiness scan
---
---
title: What is a Series A funding round?
slug: series-a
section: glossary
description: "Series A is the round where investors expect a repeatable, scalable business model, not just early traction. Here's what changes for African founders."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
term: Series A
relatedTerms: [seed-round, term-sheet, cap-table, valuation]
---
## TL;DR
Series A is the funding round where investors are betting on a startup's ability to scale a working, provable model, not just a promising idea, and it typically brings a formal board and governance structure.
## What Series A means
Series A cheques are larger than seed, and the diligence that comes with them is heavier: legal review, financial audit, sometimes technical review, depending on the sector. Governance becomes standard at this stage, a board seat for the lead investor, protective provisions requiring investor approval for major decisions, and information rights that formalise regular reporting. It's almost always a priced round with a lead investor setting the term sheet.
The bar for what counts as "ready" for Series A has risen across the industry over the past several years. Investors want to see unit economics, not just top-line growth, meaning a founder needs to show that acquiring and retaining customers actually works at a sustainable cost, not just that the user count is climbing.
## Why it matters for African founders
Public rounds give a sense of what a priced growth round with real governance terms looks like once a startup passes pre-seed and seed. Kuda's Series B closed at $55M with a $500M valuation in August 2021, an example of a formal, governed round well past the earliest stages. Ventures Platform explicitly lists Series A among the stages it funds, alongside Pre-Seed and Seed, so the same fund can in some cases follow a founder across multiple stages if the fit holds.
## Common mistakes founders make with Series A
- Raising a Series A pitch built on pre-seed or seed-stage metrics that don't clear the higher bar this stage expects
- Not preparing a data room in advance, financials, cap table, legal documents, before diligence begins
- Underestimating how long the diligence timeline actually runs, often several months
- Accepting governance terms, board composition and protective provisions, without fully understanding what control they hand over
## FAQ
What metrics do Series A investors look for?
Typically consistent revenue growth and evidence of a repeatable customer acquisition channel, though exact expectations vary by sector and by the specific fund.
Is Series A always a priced round?
Yes, in nearly all cases by this stage, since the governance terms that come with Series A require the formal structure a priced round provides.
How long does a Series A process typically take?
Often several months, given the depth of diligence involved, so founders should start the process well before they run low on runway.
Do African startups raise Series A locally or from global VCs?
Both. Some rounds are led by Africa-focused funds, others by global funds entering the market, and many rounds blend investors from both.
## See also
- [Seed round](/glossary/seed-round)
- [Term sheet](/glossary/term-sheet)
- [Cap table](/glossary/cap-table)
- [Valuation](/glossary/valuation)
- [Ventures Platform](/funds/ventures-platform), which funds Pre-Seed through Series A
Run the free readiness scan
---
---
title: What is a term sheet in venture capital?
slug: term-sheet
section: glossary
description: "A term sheet lays out the price, ownership and control terms of a VC round before binding legal paperwork. Here's what African founders should expect."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
term: Term sheet
relatedTerms: [safe-note, valuation, liquidation-preference, board-seat, pro-rata-rights]
---
## TL;DR
A term sheet is a document that sets out the price, ownership and control terms an investor is offering for a priced funding round, and it's mostly non-binding until both sides move to full legal documentation.
## What term sheet means
A term sheet is the document a lead investor sends once they've decided to make an offer on a priced round. It covers two broad categories of terms. Economic terms set the price: pre-money and post-money valuation, how much is being invested, the liquidation preference, and any pro-rata rights the investor wants for future rounds. Control terms set the governance: board composition, protective provisions that require investor approval for major decisions, a right of first refusal on future share sales, and sometimes drag-along rights that bind all shareholders to a future company sale approved by the majority.
Most of a term sheet is explicitly non-binding, meaning either side can walk away before the definitive legal agreements are signed. The exceptions are usually confidentiality and exclusivity clauses, often called a "no-shop" provision, which do bind you the moment you sign, typically for 30 to 60 days, during which you agree not to solicit or negotiate with other investors while this one completes diligence.
A term sheet only appears for priced rounds. Rounds done entirely on SAFEs skip the term sheet stage because a SAFE defers the valuation conversation rather than setting it, so there's nothing to negotiate a price on until conversion.
## Why it matters for African founders
By the time a founder is negotiating a term sheet with a fund that explicitly lists Series A among its stages, such as Ventures Platform, the terms carry more weight than an early SAFE ever did, since board seats, protective provisions and liquidation preference start shaping real control over the company, not just its economics. Reading a term sheet as "just a formality before the money arrives" is a mistake at this stage: the terms in it are what get carried, mostly unchanged, into the final legal documents.
## Common mistakes founders make with term sheets
- Signing the exclusivity or no-shop clause without realising it's the one part of the document that's actually binding
- Not getting an independent lawyer to review the term sheet before signing, relying instead on the investor's own counsel
- Comparing only the valuation across competing term sheets and ignoring control terms like board composition and protective provisions
- Assuming a signed term sheet guarantees the round closes, when it's still subject to diligence and definitive documentation
## FAQ
Is a term sheet legally binding?
Mostly no. Most economic and control terms are non-binding intentions, but specific clauses like confidentiality and exclusivity typically do bind you the moment you sign.
How long is a term sheet valid for?
There's no fixed rule, it's negotiable and usually stated explicitly in the document itself, often with an expiration date if it isn't countersigned within a set window.
Can you negotiate a term sheet?
Yes. A term sheet is a starting offer, not a final decision, and founders regularly negotiate valuation, board composition, liquidation preference and other terms before signing.
Do all funding rounds involve a term sheet?
No. Rounds raised entirely on SAFEs typically skip the term sheet stage since SAFEs defer valuation rather than setting it upfront.
## See also
- [SAFE note](/glossary/safe-note)
- [Liquidation preference](/glossary/liquidation-preference)
- [Board seat](/glossary/board-seat)
- [Pro-rata rights](/glossary/pro-rata-rights)
- [Ventures Platform](/funds/ventures-platform), which funds Pre-Seed through Series A with priced-round terms at the later stages
Run the free readiness scan
---
---
title: What is startup valuation in a funding round?
slug: valuation
section: glossary
description: "Valuation is what investors agree your company is worth in a funding round. Here's how African founders should think about pre-money vs post-money."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
term: Valuation
relatedTerms: [cap-table, dilution, safe-note, series-a]
---
## TL;DR
Valuation is the dollar figure investors and founders agree a company is worth at a given round, and it directly determines how much equity a cheque of a given size buys.
## What valuation means
Pre-money valuation is the company's agreed worth before the new money comes in. Post-money valuation is pre-money plus the new investment. A $1M cheque into a $9M pre-money valuation buys 10% of the company, because $9M plus $1M equals $10M post-money, and $1M divided by $10M is 10%. At pre-seed and seed, valuation is often set indirectly through a SAFE's valuation cap rather than negotiated directly in a term sheet.
Valuation isn't a scientific measurement. It's a negotiated number shaped by comparable deals, investor appetite, and how much leverage the founder has in that specific conversation, which is why the same company can receive meaningfully different valuation offers from different investors in the same week.
## Why it matters for African founders
Public examples give a sense of scale in this market. Stripe acquired Paystack for a reported $200M in 2020. Kuda raised its Series B at a $500M valuation in August 2021. Flutterwave's Series D priced the company above $3B in February 2022. Those are outcomes on the far end of a spectrum most African startups never reach, useful for understanding what scale looks like in this market, not a benchmark to expect at your own early stage.
## Common mistakes founders make with valuation
- Fixating on maximizing valuation at the earliest stage instead of picking the right investor and terms
- Not understanding that a high valuation now raises the bar you have to clear next round, a down round is a real risk
- Confusing a SAFE's valuation cap with an actual, agreed company valuation
- Negotiating valuation without modelling what it does to your cap table and overall dilution
## FAQ
What's the difference between pre-money and post-money valuation?
Pre-money is the company's value before the new investment, post-money is pre-money plus the new cheque.
How is early-stage valuation decided if there's no revenue yet?
It's largely negotiated based on team, market size, traction signals and comparable deals, since there's rarely enough financial data for a formal valuation model this early.
Can a startup's valuation go down between rounds?
Yes, that's called a down round, and it usually triggers anti-dilution protections for earlier investors.
## See also
- [Cap table](/glossary/cap-table)
- [Dilution](/glossary/dilution)
- [SAFE note](/glossary/safe-note)
- [Series A](/glossary/series-a)
Run the free readiness scan
---
---
title: What is a warm intro in startup fundraising?
slug: warm-intro
section: glossary
description: "A warm intro is an introduction to an investor through someone they already trust. Here's why it beats cold outreach for African founders."
publishedAt: 2026-08-02
lastReviewed: 2026-08-02
term: Warm intro
relatedTerms: [pitch-deck, lead-investor, term-sheet]
---
## TL;DR
A warm intro is an introduction to an investor made by someone the investor already knows and trusts, usually a founder they've backed, a fellow investor, or another operator in their network.
## What warm intro means
Investors receive far more cold pitches than they can meaningfully review, so a trusted intro acts as a filter: someone the investor respects has already vouched for your credibility before you say a word. That's why response rates and meeting conversion are consistently higher through a warm intro than through a cold email or a form submission with no connection behind it.
Not every fund requires one though. Microtraction takes applications directly through an online form with no warm intro required, while a fund like Enza Capital prefers warm intros through the website or portfolio founder referrals. Knowing which category a target fund falls into changes your whole outreach strategy before you even start.
## Why it matters for African founders
African founder networks are smaller and more tightly connected than Silicon Valley's, which cuts both ways. A genuine warm intro from a founder a fund has already backed carries real weight, but it also means a low-effort, generic intro request gets noticed and remembered in a market where reputations travel fast.
## Common mistakes founders make with warm intros
- Asking for an intro before checking whether the target fund actually requires or even wants one
- Sending the same generic ask to everyone in a network instead of identifying who has a real relationship with the specific investor
- Not giving the person making the intro enough context to write a credible one-line pitch on your behalf
- Treating a warm intro as a guaranteed yes instead of what it actually is, a foot in the door
## FAQ
Can you raise money without any warm intros?
Yes, plenty of funds, including some of the largest cheque writers on the continent, take direct applications with no intro required.
How do you ask someone for a warm intro?
Give them a short, forwardable summary of what you do and why it fits the specific fund, so they can pass it along with minimal effort on their part.
Does a warm intro guarantee a meeting?
No, it improves your odds of a response, it doesn't replace having a strong pitch once you're actually in the room.
## See also
- [Pitch deck](/glossary/pitch-deck)
- [Lead investor](/glossary/lead-investor)
- [Term sheet](/glossary/term-sheet)
- [Microtraction](/funds/microtraction), which takes direct applications with no warm intro required
- [Enza Capital](/funds/enza-capital), which prefers warm intros or portfolio founder referrals
Run the free readiness scan
---
---
title: "Cookie Policy: What It Is, What Investors Check, and What It Costs Across Africa"
slug: cookie-policy
section: legal
description: "What a cookie policy actually needs to say, what a diligence lawyer looks for, and real drafting and registration costs in Nigeria, Kenya, South Africa, Egypt, and Ghana"
publishedAt: "2026-07-29"
author: Jae Kelekun
---
## 1. What the document is
A cookie policy is a public statement of what cookies and cookie-like tracking technologies your website sets, what category each one falls into, which third parties are behind them, and how a visitor can refuse or withdraw consent. It usually lives at a URL like `/cookie-policy` or `/cookies`, and it is paired with a consent banner that fires on first visit and actually blocks non-essential cookies until the user clicks accept.
A real one has four moving parts:
- **A cookie inventory.** A table or list of every cookie your site sets, by name, purpose, duration, and category (strictly necessary, functional, analytics, advertising). If you run Google Analytics, Meta Pixel, HubSpot, Intercom, or any ad retargeting tag, each one shows up here by name, not as a vague "third-party tools" line.
- **Category definitions.** What "strictly necessary" means versus "analytics" versus "advertising," because the consent mechanism has to treat them differently. Strictly necessary cookies (session tokens, load balancing, security) don't need consent. Everything else does, in most of the jurisdictions this article covers.
- **Provider disclosure.** Which companies set which cookies, since a consent banner that says "we use cookies" without naming Google, Meta, or whoever else is processing your visitors' data is not disclosure, it's a placeholder.
- **An opt-out mechanism.** A working way to withdraw consent after the fact, not just at first visit. This is usually a "cookie settings" link in the footer that reopens the consent manager.
Terminology varies. Some sites fold the cookie policy into the privacy policy as a section; others keep it standalone and link out from the privacy policy. Nigeria's regulatory language talks about a "Privacy Policy" that must disclose the "method of collection" of personal data, which cookies fall under. South Africa's POPIA doesn't use the word "cookie" at all, it treats a cookie identifier as personal information subject to the same processing conditions as any other data point, so South African sites typically fold cookie disclosure into a "Privacy Notice" plus a separate cookie consent tool. Egypt's PDPL and its 2025 executive regulations use "Privacy Notice" in the GDPR sense. For a founder, the safe move is: have a standalone cookie policy, and cross-reference it from your privacy policy, because that's the structure investors and diligence lawyers expect to see regardless of which jurisdiction's label you use.
If your site scanner flagged "cookie consent" as missing, it almost always means one of two things: there's no banner blocking non-essential cookies before consent, or there's a banner but no linked policy explaining what's actually being set. Both are separately checkable and both get checked.
## 2. What an investor is actually checking for
Nobody at Series A reads your cookie policy for pleasure. The diligence lawyer opens it to answer a narrow set of questions, and if the answers aren't there, it becomes a flagged item in the diligence report that either delays close or gets priced into the deal as risk.
Here's what they're actually doing:
**Cross-checking the policy against what the site actually does.** A diligence associate (or increasingly, an automated scanner the fund's counsel runs) loads your site, captures the network requests, and compares the cookies actually set against what your policy discloses. If your site fires a Meta Pixel and a TikTok Pixel but your cookie policy only mentions Google Analytics, that's an immediate red flag: it means either the policy is stale, or nobody at the company is tracking what marketing has bolted onto the site. Both readings are bad, because they suggest the same gap exists in how you handle actual customer data, not just cookies.
**Checking whether consent is a genuine choice or theater.** A banner that says "we use cookies" with only an "Accept" button and no "Reject" or "Manage preferences" option is not valid consent under NDPA, POPIA, Kenya's DPA 2019, or GDPR-adjacent frameworks generally. Lawyers know this pattern immediately because it is the single most common cookie-compliance failure on the internet, and it signals the company treated compliance as decorative rather than functional.
**Looking for auditability.** "We may share your data with partners" with no defined partner list cannot be checked against anything. A diligence lawyer can't verify it, can't map it to your actual vendor list, and can't tell you whether it's even true. The fix they want to see is a named list: "Google LLC (analytics), Meta Platforms Inc (advertising), Intercom Inc (support chat)," each tied to a specific cookie and a specific purpose. Unnamed "partners" reads as either sloppy drafting or an attempt to obscure a longer vendor list than the founders want to admit to.
**Checking the policy is dated and versioned.** If the cookie policy has no "last updated" date, or the date is from before your last product pivot, it tells the lawyer nobody owns this document. Ownership matters because a policy that nobody maintains is a policy that will drift out of sync with the product, and that drift is exactly the kind of latent liability that shows up as a warranty breach after close.
**For an acquirer's CFO, the lens is different but related.** They're pricing integration risk and indemnity exposure. A missing or non-functional cookie consent flow, especially for a company doing business with EU or UK customers (GDPR extraterritorial reach) or planning to, means the acquirer inherits an active compliance gap the day the deal closes. That gets modeled as either a purchase-price adjustment or an escrow holdback, not as a footnote.
The pattern across all of this: the document is being checked as evidence of an operating discipline, not as a legal artifact in isolation. A clean cookie policy that matches the live site tells an investor the company can be trusted to say what it does and do what it says, on data generally, not just cookies.
## 3. What it costs to get done properly, by African jurisdiction
Two separate costs are usually being conflated when founders ask "what does this cost": the cost of drafting the policy itself (a legal document), and any government registration fee for being a data controller under local law. They are not the same line item, and in most of these jurisdictions the registration fee is public and fixed while the drafting fee is negotiated privately with a law firm and rarely published.
| Country | Primary law | Regulator | Registration/licence fee | Drafting cost | Self-serve options |
|---|---|---|---|---|---|
| Nigeria | Nigeria Data Protection Act 2023 (NDPA), built on the NDPR 2019 framework | Nigeria Data Protection Commission (NDPC) | Tiered annual fee: ₦10,000 (Ordinary High Level, 200–999 data subjects/6 months), ₦100,000 (Extra High Level), ₦250,000 (Ultra High Level, e.g. banks, telcos, 5,000+ subjects) [1] | Not publicly standardized. One compliance-automation vendor estimates full NDPA compliance programs (not just a policy) at $5,000–$80,000 depending on scope [2] | No official free government template; commercial generators like Termly offer a free-tier policy generator not built for NDPA specifically [3] |
| Kenya | Data Protection Act, 2019 | Office of the Data Protection Commissioner (ODPC) | Initial registration: KES 4,000 (micro/small, under 50 staff and under KES 5m turnover) to KES 40,000 (large orgs); renewal every 24 months at roughly half those rates [4] | Not publicly published by Kenyan firms; local data-protection practices (e.g. TripleOKLaw, CR Advocates, Bowmans Kenya) quote per engagement | No official ODPC template for a cookie policy; ODPC publishes guidance notes, not fill-in-the-blank documents [5] |
| South Africa | Protection of Personal Information Act, 2013 (POPIA) | Information Regulator | Information Officer registration is free, done via the Regulator's e-services portal [6] | Not publicly published; firms like Michalsons and Legalese offer fixed-fee POPIA bundles but list pricing only on request | Legalese's "Online Compliance Bundle" packages a privacy policy and website terms for South African SMEs, priced on inquiry [7] |
| Egypt | Personal Data Protection Law No. 151 of 2020 (PDPL), with Executive Regulations under Decree No. 816 of 2025 | Personal Data Protection Center (PDPC) | Licence fees scale with data volume; full compliance deadline is 31 October 2026; separate consultation-service licence fees of EGP 50,000 (legal entities, 3-year validity) or EGP 5,000 (individuals) are published in the regulations [8] | Not publicly standardized; the PDPC's licence application portal is scheduled to launch in May 2026, so most firms are quoting compliance programs rather than single-document drafting right now | None official yet; wait for PDPC portal guidance before relying on any template |
| Ghana | Data Protection Act, 2012 (Act 843) | Data Protection Commission | Registration is mandatory and renews every 2 years; the Commission does not publish its fee schedule online, so the current figure has to be confirmed directly with the Commission [9] | Not publicly published | None official; Ghana's DPC has published compliance guidelines but not a fill-in template [10] |
A few honest caveats on these numbers. First, the government registration fees are the most reliable figures here because they're published by the regulators themselves. Second, law firm drafting fees for a cookie policy specifically are almost never quoted as a standalone line item anywhere in Africa, they get bundled into a broader "data protection compliance" or "startup legal pack" engagement, which is why the table above mostly says "not publicly published" rather than making up a number. As a rough non-African anchor point: ContractsCounsel's US marketplace data puts the average flat fee for a lawyer to draft a privacy policy at around $960, with privacy lawyer hourly rates running $225–$300 [11]. African market rates for the equivalent work are generally lower than US big-firm rates but higher than that number would suggest once you factor in that most African data-protection specialist firms are boutique practices billing at a premium for a scarce specialty, not commodity generalist work.
## 4. Where to get it
Do not use a Delaware-templated cookie policy or privacy policy off the shelf for an African-registered entity and assume it covers you. The specific risk: US templates are written around CCPA and sometimes GDPR, neither of which maps cleanly onto NDPA's data subject rights, POPIA's "operator" versus "responsible party" distinction, or Egypt's licence-tiered PDPL regime. The gap doesn't show up at signing, because nobody checks a cookie policy at signing. It shows up in diligence, when a lawyer notices the policy references CCPA's "Do Not Sell My Info" right and nothing about NDPC registration, and asks why a Lagos-incorporated company's cookie policy reads like it was written for California. It also shows up in a dispute, if a user or regulator complains and your policy's stated legal basis for processing doesn't match the basis your actual law requires you to have used.
**Regulator guidance (start here, it's free and authoritative on what must be disclosed):**
- Nigeria: [NDPC / NITDA's NDPR text and guidance](https://ndpr.nitda.gov.ng/Content/Doc/NigeriaDataProtectionRegulation.pdf)
- Kenya: [Office of the Data Protection Commissioner, FAQs and guidance notes](https://www.odpc.go.ke/faqs/)
- South Africa: [Information Regulator's e-services portal and POPIA regulations](https://www.michalsons.com/focus-areas/privacy-and-data-protection/popia-regulations-in-south-africa-key-updates)
- Egypt: [Personal Data Protection Law No. 151/2020, English translation](https://www.acc.com/sites/default/files/program-materials/upload/Data%20Protection%20Law%20-%20Egypt%20-%20EN%20-%20MBH.PDF)
- Ghana: [Data Protection Commission](https://dataprotection.org.gh/)
**Pan-African legal guidance and comparisons:**
- [Data Protection Africa](https://dataprotection.africa/) publishes country-by-country fact sheets on each jurisdiction's law, regulator, and status
- [Techhive Advisory](https://www.techhiveadvisory.africa/) publishes Africa-focused data protection commentary, including on Egypt's 2025 executive regulations
- [DLA Piper's Data Protection Laws of the World](https://www.dlapiperdataprotection.com/) has a per-country comparison including registration requirements for Nigeria, Kenya, South Africa, and Ghana
**Named firms with published African data-protection practice pages** (to shortlist for a quote, not to copy from):
- [Michalsons](https://www.michalsons.com/) (South Africa, POPIA specialists, publish detailed public guidance)
- [TripleOKLaw](https://www.tripleoklaw.com/) (Kenya)
- [Bowmans](https://www.bowmanslaw.com/) (pan-African, offices across Kenya, Nigeria, South Africa, and more)
- [Legalese](https://legalese.co.za/) (South Africa, fixed-fee SME compliance bundles)
**Self-serve template generators** (useful for a first draft to hand your lawyer, not a substitute for jurisdiction-specific review):
- [Termly's Cookie Policy Generator](https://termly.io/products/cookie-policy-generator/) is free-tier and GDPR/CCPA-oriented; treat the output as a structural starting point, then have a local lawyer check it against NDPA, POPIA, DPA 2019, or PDPL as applicable
The honest bottom line for a founder reading this because a scanner flagged "cookie consent" missing: fix the banner and the policy text yourself this week using a generator as a starting draft, because that closes the diligence flag fastest, and then get five minutes of a local lawyer's time to check the legal-basis language before your next raise, because that's the part a template genuinely cannot get right for you.
---
## Sources
- https://ndprtoolkit.com.ng/blog/ndpc-registration-guide-2026/
- https://www.auditxyz.com/frameworks/privacy-data-protection/ndpa
- https://termly.io/products/cookie-policy-generator/
- https://www.michalsons.com/blog/register-with-the-kenyan-office-of-the-data-protection-commissioner/58735
- https://www.odpc.go.ke/faqs/
- https://www.clearcomply.co.za/blog/popia-information-officer-registration-south-africa
- https://legalese.co.za/online-compliance-bundle-popia-for-south-african-startups-and-smes/
- https://amereller.com/publication/the-egyptian-personal-data-protection-regime-what-you-need-to-know-ahead-of-31-october-2026/
- https://www.templars-law.com/app/uploads/2023/05/Data-Protection-Compliance-in-Ghana_final.pdf
- https://dataprotection.africa/ghana/
- https://www.contractscounsel.com/b/privacy-policy-cost
- https://ndpr.nitda.gov.ng/Content/Doc/NigeriaDataProtectionRegulation.pdf
- https://www.michalsons.com/focus-areas/privacy-and-data-protection/popia-regulations-in-south-africa-key-updates
- https://www.acc.com/sites/default/files/program-materials/upload/Data%20Protection%20Law%20-%20Egypt%20-%20EN%20-%20MBH.PDF
- https://dataprotection.org.gh/
- https://www.techhiveadvisory.africa/
- https://www.dlapiperdataprotection.com/
- https://www.tripleoklaw.com/
- https://www.bowmanslaw.com/
---
---
title: "Data protection compliance: what it actually is, and what it costs to get right"
slug: data-protection
section: legal
description: "What a data protection compliance file actually contains, what a diligence lawyer checks it for, and real 2026 costs to get it done across Nigeria, Kenya, South Africa, Egypt and Ghana"
publishedAt: "2026-07-29"
author: Jae Kelekun
---
## What the document is
"Data protection compliance" is not one document. It is a small file of evidence that your business has mapped how it handles personal data against the specific law that applies to you, and that a regulator or an investor's lawyer can open that file and check your practice against your claims.
This is different from a privacy policy, and founders conflate the two constantly. A privacy policy is the public-facing promise: it tells a user what data you collect, why, and who you share it with. Data protection compliance is the internal proof that the promise is true. It typically includes:
- **A record of processing activities (ROPA)**, sometimes called a data inventory or data map: what personal data you collect, where it lives, which system processes it, how long you keep it, and who it moves to (payment processors, cloud hosts, analytics tools, HR software).
- **A Data Protection Officer (DPO) or Data Protection Compliance Officer (DPCO) appointment**, or documented evidence that you assessed whether you need one and decided you don't, with the reasoning kept on file.
- **A breach notification procedure**: who gets told internally, how fast, and how the regulator and affected users get notified, with named roles and timelines rather than a vague sentence.
- **Cross-border transfer documentation**: if any of your data (customer records, payroll, analytics) leaves the country it was collected in, whether that's to a US cloud provider or a parent company abroad, you need a lawful basis for that transfer on file: standard contractual clauses, an adequacy finding, or documented consent.
- **A registration or notification filing** with the relevant data protection authority, where the law requires it (most of the jurisdictions below do, above certain thresholds).
Terminology shifts by jurisdiction, and this trips founders up when they read US or UK material and assume it maps directly. Nigeria and Kenya both use "Data Protection Compliance Officer" or "DPO" language. South Africa's Protection of Personal Information Act (POPIA) uses "Information Officer," a role every company automatically has by default (usually the CEO, unless someone else is registered) and which must be registered with the Information Regulator. Egypt's Personal Data Protection Law refers to a "Data Protection Officer" and additionally requires a processing **licence** from the Personal Data Protection Centre for certain activities, which is a heavier requirement than registration alone. What a UK GDPR document calls a "Privacy Notice," most African frameworks call a "Privacy Policy" or "Data Protection Notice," same function, different label.
A real, complete file looks unglamorous: a spreadsheet or Notion doc mapping data flows, a one-page appointment letter for the DPO/Information Officer, a filed registration certificate or reference number from the regulator, and a short breach procedure. None of this needs to be elaborate. It needs to be accurate and it needs to exist before someone asks for it.
## What an investor is actually checking for
When a diligence lawyer at Series A (or the CFO doing a light pre-acquisition review) opens your data protection file, they are not reading it for tone. They are checking whether it can survive an audit, because an investor who puts money into your company inherits your regulatory exposure the day the round closes.
Here is what they specifically look for, and the failure modes that get flagged:
**Does the registration exist and match the entity that's raising.** If your NDPC or ODPC registration is under a different legal entity than the one issuing shares (a common gap when founders restructure into a holding company for the round), that's an immediate red flag because it means the entity being invested in has no filed registration at all.
**Does the privacy policy match the ROPA.** A policy that says "we may share your data with partners" with no defined partner list cannot be checked against your actual data flows, so a lawyer treats it as unverifiable rather than compliant. They will ask for the list of every third party that touches customer data, and if that list doesn't match what the policy discloses, the gap itself is the finding, not just the missing document.
**Is there a named, reachable person for the DPO/Information Officer role**, not "our legal team" or a role that's been vacant since a hire left. Diligence lawyers will sometimes email the listed DPO contact directly to see if it bounces.
**Is there evidence of a lawful basis for cross-border transfer**, specifically if you use US-hosted infrastructure (AWS, Google Cloud, Stripe, most SaaS tools) with African user data. This is the single most common gap Trampoline sees flagged: founders have never thought about it because it doesn't show up anywhere in a product build, but every jurisdiction below regulates it.
**Has there been a breach, and was it handled per the documented procedure.** If your breach procedure exists on paper but there's no record it was ever tested or followed for a real incident, that's a weaker signal than an SME that never had a written procedure at all but can show it acted correctly by instinct, because it suggests the document is decorative.
**Does the DPCO/auditor relationship exist where required.** In Nigeria specifically, "major" data controllers and processors (broadly: those processing data on 2,000+ people in a 12-month period, or handling sensitive categories) must engage a licensed DPCO for an annual audit. An investor's lawyer will ask for the last DPCO audit report. No report, no audit relationship, and the company is non-compliant regardless of how good its privacy policy reads.
The pattern across all of these: a diligence lawyer is not grading your intentions. They're checking whether the paper trail lets them reconstruct your actual data flows independently of what you've told them. A policy with no underlying inventory, a DPO with no appointment letter, a cross-border transfer with no lawful basis on file: these are all versions of the same failure, which is a document written for users that has nothing behind it for a regulator.
## What it costs to get done properly, by African jurisdiction
Costs below are the best publicly available figures as of July 2026. Regulatory filing fees are usually published and stable; law firm drafting costs vary by scope and are shown as ranges reported by the firms or advisory sites cited. Where a jurisdiction has not published a fee schedule, we say so rather than guess.
| Country | Primary law | Regulator | Registration/filing fee | Typical cost to get compliant | Source |
|---|---|---|---|---|---|
| Nigeria | Nigeria Data Protection Act 2023 (NDPA), preceded by the NDPR | Nigeria Data Protection Commission (NDPC) | ₦25,000 for small businesses (under 40 staff, under ₦50m turnover); ₦100,000 for a regular data controller/processor; ₦250,000 for a "major" controller/processor; free for government/public entities | Full compliance programme (assessment, privacy notice, DPO appointment, NDPC registration, and where required, annual DPCO audit): roughly $5,000–$80,000 depending on size and whether you're a "major" controller subject to annual DPCO audit | [NigeriaDataProtection.com](https://nigeriadataprotection.com/dpo-registration-cost-and-requirements-in-nigeria-2026/), [AuditXYZ](https://www.auditxyz.com/frameworks/privacy-data-protection/ndpa) |
| Kenya | Data Protection Act, 2019 | Office of the Data Protection Commissioner (ODPC) | Tiered by employee count and turnover: KES 4,000 for micro/small (1–50 staff, up to KES 5m turnover); KES 16,000 for medium (51–99 staff, KES 5–50m turnover); KES 40,000 for large (99+ staff, over KES 50m turnover); KES 4,000 flat for public/non-profit entities | Filing fee itself is the main published cost; law firm engagement for the underlying ROPA, policy and DPO appointment is typically negotiated per engagement and not separately published | [ODPC official FAQs](https://www.odpc.go.ke/faqs/), [ODPC Registration Regulations 2021](https://www.odpc.go.ke/wp-content/uploads/2024/03/THE-DATA-PROTECTION-REGISTRATION-OF-DATA-CONTROLLERS-AND-DATA-PROCESSORS-REGULATIONS-2021.pdf) |
| South Africa | Protection of Personal Information Act, 2013 (POPIA) | Information Regulator | Information Officer registration is free, done online via the Information Regulator's e-services portal; Section 111 allows the Minister to prescribe further fees but none are currently published for standard registration | No mandatory filing cost. The real spend is on the internal work: PAIA manual, data inventory, breach plan, staff training. Founders can do the base filing themselves; law firm or consultant engagement is where the cost sits and is quoted per scope of work | [ClearComply](https://www.clearcomply.co.za/blog/popia-information-officer-registration-south-africa), [Information Regulator e-services](https://eservices.inforegulator.org.za/services.aspx) |
| Egypt | Personal Data Protection Law No. 151 of 2020, with executive regulations issued 2025 and a compliance deadline of 31 October 2026 | Personal Data Protection Centre (PDPC) | Not publicly itemised in a single fee schedule; the law additionally requires a processing **licence** (not just registration) for certain data operations, which is a materially heavier step than registration alone | Not independently verifiable from public sources at time of writing; firms report engagements are scoped individually given the licence requirement is new. Talk to Egyptian counsel directly rather than budgeting off a public number | [Lexology briefing on the 31 Oct 2026 deadline](https://www.lexology.com/library/detail.aspx?g=334b6157-bbeb-474d-ba67-11140e89cc07), [Baker McKenzie client alert](https://www.bakermckenzie.com/-/media/files/insight/publications/2026/01/egypt--important-data-protection-update.pdf) |
| Ghana | Data Protection Act, 2012 (Act 843) | Data Protection Commission (DPC) | Registration is done via the DPC's online portal and fees are set "based on sector classification," but the DPC has not published the actual fee table on its public pages as of this writing | Not independently verifiable from public sources. Contact the DPC directly (info@dataprotection.org.gh) for current fees before budgeting | [Ghana DPC registration page](https://dataprotection.org.gh/registration/), [DPC contact](https://dataprotection.org.gh/) |
Two things worth flagging plainly rather than smoothing over. First, Nigeria's DPCO licensing fees (for the auditors who certify "major" controllers, not for the controllers themselves) rose sharply in 2026 to ₦1,000,000 for a new licence and ₦500,000 for renewal, up from ₦50,000 and ₦250–500,000 respectively under the old NDPR regime, according to reporting by [TheNigeriaLawyer](https://thenigerialawyer.com/ndpc-jacks-up-new-dpco-license-fees-to-n1m-renewal-to-n500000/). That cost gets passed through to any Nigerian company that needs a DPCO audit, so if you're a "major" data controller in Nigeria, budget for that pass-through even though it's not your fee directly. Second, Egypt and Ghana simply do not have clean public fee schedules the way Nigeria and Kenya do. If a template or blog post gives you a specific naira-equivalent number for either country without citing the regulator, treat it as unverified.
## Where to get it
Start with the regulator, not a template site. Every jurisdiction above has an official registration portal, and registering there is the one step you cannot outsource to a template:
- **Nigeria:** [Nigeria Data Protection Commission (NDPC)](https://ndpc.gov.ng) portal for data controller/processor registration.
- **Kenya:** [Office of the Data Protection Commissioner (ODPC)](https://www.odpc.go.ke) registration guidance and portal.
- **South Africa:** [Information Regulator e-services portal](https://eservices.inforegulator.org.za/services.aspx) for Information Officer registration, which is free and self-serve.
- **Egypt:** Personal Data Protection Centre (PDPC); consult Egyptian counsel given the licence requirement is new and the compliance deadline is 31 October 2026.
- **Ghana:** [Data Protection Commission registration portal](https://app.dataprotection.org.gh/en/register/), or contact the DPC directly for the current fee schedule.
For the underlying document (ROPA template, breach procedure, DPO appointment letter), your fastest and safest route is a local law firm with a published data protection practice, not a generic downloadable template. We are not naming specific firm price lists here because published rates change and we'd rather point you to primary sources you can verify live than repeat a number that's gone stale: search "[your country] data protection law firm" and look for a firm with a named data protection or privacy practice group, not a generalist commercial firm doing it as a side service.
**On using foreign templates: don't, without a local lawyer's pass.** This matters more for data protection than almost any other founder document, because the substance of the document (what counts as personal data, what a lawful basis is, what a breach notification window is) is genuinely different by statute, not just cosmetically different. A GDPR-drafted privacy policy will reference rights (like the right to be forgotten under specific EU articles) that may not exist in the same form under Kenya's DPA 2019 or Ghana's Act 843, and a policy that cites the wrong law is worse than no policy, because it signals to a diligence lawyer that the document was never actually reviewed against the applicable statute.
The same caution applies, for a different reason, to using US-market documents like YC's SAFE or the Series Seed docs as your data protection paperwork's neighbour in a deal. Those instruments are genuinely open: [YC publishes the SAFE for free download](https://www.ycombinator.com/documents) with versions for the US, Canada, the Cayman Islands and Singapore, and explicitly tells users to "consult with a lawyer licensed in the country where your company was formed" before using them, and the [Series Seed documents are published as open source on GitHub](https://github.com/seriesseed/equity). Neither publishes a version drafted for an African-registered entity, and neither addresses data protection at all, that's a separate document. The risk of using an unadapted Delaware instrument doesn't show up at signing, it shows up later: in diligence, when a lawyer notices the governing law clause doesn't match your entity's jurisdiction, or in a dispute, when a term that assumes Delaware corporate law doesn't have a clean equivalent under your actual company law. Use the open templates as a reference for structure, then have local counsel adapt the substance. That's a smaller bill than the one you get from a lawyer untangling a mismatched instrument after money has already moved.
---
## Sources
- https://nigeriadataprotection.com/dpo-registration-cost-and-requirements-in-nigeria-2026/
- https://www.auditxyz.com/frameworks/privacy-data-protection/ndpa
- https://thenigerialawyer.com/ndpc-jacks-up-new-dpco-license-fees-to-n1m-renewal-to-n500000/
- https://www.odpc.go.ke/faqs/
- https://www.odpc.go.ke/wp-content/uploads/2024/03/THE-DATA-PROTECTION-REGISTRATION-OF-DATA-CONTROLLERS-AND-DATA-PROCESSORS-REGULATIONS-2021.pdf
- https://www.clearcomply.co.za/blog/popia-information-officer-registration-south-africa
- https://eservices.inforegulator.org.za/services.aspx
- https://www.lexology.com/library/detail.aspx?g=334b6157-bbeb-474d-ba67-11140e89cc07
- https://www.bakermckenzie.com/-/media/files/insight/publications/2026/01/egypt--important-data-protection-update.pdf
- https://dataprotection.org.gh/registration/
- https://dataprotection.org.gh/
- https://ndpc.gov.ng
- https://www.odpc.go.ke
- https://app.dataprotection.org.gh/en/register/
- https://www.ycombinator.com/documents
- https://github.com/seriesseed/equity
---
---
title: "Privacy Policy: What It Is, What Investors Check, and What It Costs to Get Right"
slug: privacy-policy
section: legal
description: "Why your scan flagged a missing privacy policy, what a diligence lawyer actually reads it for, and real drafting costs across Nigeria, Kenya, South Africa, Egypt and Ghana"
publishedAt: "2026-07-29"
author: Jae Kelekun
---
## What the document is
A privacy policy is a public statement of what personal data your business collects, how you use it, who you share it with, how long you keep it, and how a user can get their data, correct it, or ask you to delete it. It sits on your website, usually linked from the footer and from any signup or checkout flow, and it is the one legal document nearly every visitor to your site can actually find and read.
The name changes depending on which law you are sitting under. Under the EU's GDPR and under Nigeria's, Kenya's and South Africa's laws, which are all modelled closely on GDPR, you will see the terms "privacy policy," "privacy notice," and "data protection notice" used almost interchangeably, and none of the three data protection authorities in those countries insist on one label over another. Egypt's Personal Data Protection Law leans on the term "privacy notice" in its executive regulations, following the same convention. What matters is not the label but whether the content covers the required elements, so don't let a founder second-guess themselves over which word is on the page.
A real one, for a founder-stage company, is not a wall of boilerplate copied from a template site. It should say, in plain terms:
- **What you collect.** Name, email, phone number, payment details, device and usage data, location if you use it, and anything collected through cookies or analytics tools (PostHog, Google Analytics, Meta Pixel, whatever you actually run).
- **Why you collect it.** Account creation, payment processing, customer support, product analytics, marketing. Each purpose should map to something you actually do, not a generic "to improve our services."
- **Who you share it with.** Named categories at minimum: your payment processor (Paystack, Flutterwave, Stripe), your cloud host (AWS, GCP), your email tool (SendGrid, Mailgun), your analytics vendor. If you sell or share data with advertisers, say so explicitly.
- **Where it's processed and stored.** If your servers are outside the country your users are in, cross-border transfer is a specific clause under NDPR, POPIA, Kenya's DPA and Egypt's PDPL, not an afterthought.
- **How long you keep it and how you dispose of it.**
- **User rights and how to exercise them.** Access, correction, deletion, objection, and a real contact, an email address that gets a human response, not a contact form that vanishes.
- **A named contact.** Under NDPR and Kenya's DPA this is usually your Data Protection Officer or the person acting as one; under POPIA it's your Information Officer.
If your policy doesn't specify these things for your actual product, it isn't doing its job, no matter how long it is.
## What an investor is actually checking for
By the time you're in a data room, nobody at the fund is reading your privacy policy to see if it exists. The checkbox already came back "yes" from an automated scan or an associate's five-minute pass. What actually happens next is a diligence lawyer, either in-house counsel at the fund or an external firm engaged for the round, opens the document and reads it against three things: your actual product, your actual data flows, and the law you claim to be operating under. Here is what fails.
**Mismatch between the policy and the product.** If your privacy policy says you don't sell or share data with third parties, but your product runs a Meta Pixel and a Google Ads conversion tag that ships user data to advertisers, that is a direct contradiction a lawyer finds in ten minutes with browser dev tools open next to your policy. This is the single most common failure mode, and it is worse than having no policy at all, because it converts a gap into a misrepresentation. A CFO at an acquirer runs the same check during an acquisition, because inheriting a company with a false public statement about data handling is inheriting regulatory exposure the day the deal closes.
**Vague sharing language that can't be audited.** "We may share your data with our partners and service providers" with no defined list is a red flag precisely because it cannot be checked against anything. A lawyer wants named categories, ideally named vendors, because that is what lets them map your actual third-party risk. A generic clause like this reads as either lazy drafting or an attempt to leave room to do something undisclosed later, and diligence counsel treats both the same way: as a flag that needs a follow-up question, which slows the process and burns goodwill during a round that's already time-pressured.
**No lawful basis stated.** NDPR, POPIA, Kenya's DPA and Egypt's PDPL all require you to state a lawful basis for processing, typically consent, contract necessity, or legitimate interest. A policy that skips this entirely tells a lawyer the document was templated from a jurisdiction that doesn't require it, usually a US-style CCPA template, which is itself evidence the founder hasn't localised their legal stack.
**No retention period.** "We keep your data as long as necessary" is not a retention period, it is the absence of one. Under these laws you're required to actually define it, even if the definition is tied to an event, like "for the duration of your account plus 90 days."
**Cross-border transfer silence.** If your infrastructure sits on AWS in a region outside your users' country, which is true for most African startups running on US or EU cloud regions, and your privacy policy says nothing about international transfers, that's a specific gap under all four regimes covered below, and it's one of the first things a lawyer checks because it's cheap to check and commonly missed.
**No registration where one is required.** Under Nigeria's NDPA and Kenya's DPA, companies that meet certain thresholds must register as a data controller or processor with the regulator. A diligence lawyer at Series A will ask whether you've registered, separately from asking whether you have a policy, because the two are different obligations and founders regularly do one without the other.
The pattern across all of these: an investor's lawyer is not grading your intentions, they're checking whether the document is an accurate, specific, checkable description of what your systems actually do. A short, accurate policy beats a long, generic one every time.
## What it costs to get done properly, by African jurisdiction
Published flat fees for privacy policy drafting specifically are rare. Most African law firms price data protection compliance as a package (policy plus registration plus internal data mapping) and quote after a scoping call, so the ranges below are compiled from registration fee schedules, which are published, and from what compliance-package pricing signals about drafting cost as a component. Where we could not verify a specific drafting fee, we say so.
| Country | Primary law | Regulator | Registration fee (if applicable) | Typical drafting cost |
|---|---|---|---|---|
| Nigeria | Nigeria Data Protection Act (NDPA) 2023, successor to NDPR | Nigeria Data Protection Commission (NDPC) | Data Controller/Processor of Major Importance (DCPMI) registration fee is not fixed publicly; NDPC states it varies by fee schedule and should be confirmed on the registration portal at filing. Data Protection Compliance Organisation (DPCO) licence is reported at around ₦2,000,000, though this should be verified directly with NDPC. | Not publicly published as a standalone flat fee. Nigerian firms typically bundle policy drafting into an NDPA compliance package; expect this to be quoted after scoping, not off a rate card. |
| Kenya | Data Protection Act, 2019 | Office of the Data Protection Commissioner (ODPC) | Registration under the Data Protection (Registration of Data Controllers and Data Processors) Regulations, 2021: micro/small entities (1 to 50 staff, turnover up to KES 5 million) pay KES 4,000 to register and KES 2,000 to renew; medium entities pay KES 16,000 / KES 9,000; large entities pay KES 40,000 / KES 25,000. | Not published as a flat fee by firms surveyed; registration itself is cheap, so the cost driver for most startups is legal drafting time, not the government fee. |
| South Africa | Protection of Personal Information Act (POPIA) | Information Regulator | Registering an Information Officer is free and can be done online via the Regulator's e-services portal in under 30 minutes. | Not published as a standalone fee by the firms surveyed. Compliance-tracking software (not legal drafting) starts around R99/month as a reference point for the low end of the market. |
| Egypt | Personal Data Protection Law No. 151 of 2020 (PDPL), with executive regulations issued under it | Personal Data Protection Centre (PDPC) | Licensing is tiered by data volume under the executive regulations: entities holding records for up to 100,000 people are exempt from the licence fee; 101,000 to 200,000 records costs roughly EGP 200 (about $4); fees scale up from there, capping around EGP 2,000,000 (about $41,000) over three years for datasets above 5 million records. | Not published as a standalone drafting fee by the firms surveyed. |
| Ghana | Data Protection Act, 2012 (Act 843) | Data Protection Commission (DPC) | Registration is mandatory and renews every two years; the Commission ran a fee amnesty in 2020 letting defaulters pay only the current year, but a current standard fee schedule was not found published in the sources checked. Confirm directly with the DPC. | Not published as a standalone fee by the firms surveyed. |
Two honest caveats. First, government registration fees and legal drafting fees are two different line items, and most articles online conflate them; we've kept them separate above because that's the actual cost structure you'll face. Second, where we wrote "not published," that's a real gap in what's publicly available, not a shortcut on our part: African law firms overwhelmingly price data protection work as scoped engagements rather than posted rate cards, so the only way to get a real number is to ask two or three firms for a quote and compare.
Self-serve template generators (Termly, TermsFeed, iubenda, and similar tools) can produce a GDPR/CCPA-flavoured baseline policy quickly and cheaply, several offer free tiers. None of them are built around NDPA, POPIA, Kenya's DPA or Egypt's PDPL specifically, so treat their output as a first draft to hand to a local lawyer for localisation, not a finished document. The gap between "generated" and "correct for your jurisdiction" is exactly the gap a diligence lawyer is trained to find.
## Where to get it
**Government sources, read these first.** The NDPC's guidance notice on registration and the NDPA compliance guide are published directly by Nigeria's regulator: [NDPC Guidance Notice on Registration of Data Controllers and Data Processors](https://ndpc.gov.ng/wp-content/uploads/2025/07/Updated-Guidance-Notice-on-Registtration-2024.pdf) and the [NDPC website](https://ndpc.gov.ng/). Kenya's ODPC publishes sector-specific guidance notes that clarify what a compliant privacy notice needs to cover for your sector: [ODPC Guidance Notes](https://www.odpc.go.ke/). South Africa's Information Regulator runs Information Officer registration directly and free: [inforegulator.org.za](https://inforegulator.org.za/) and the [registration portal guide](https://inforegulator.bizportal.gov.za/Registration/Guide.pdf). Ghana's Data Protection Commission: [dataprotection.org.gh](https://dataprotection.org.gh/).
**Firms publishing real African data protection guidance you can act on**, not just marketing pages: Michalsons in South Africa maintains a detailed, regularly updated public guide on the Information Officer role under POPIA and PAIA at [michalsons.com](https://www.michalsons.com/focus-areas/privacy-and-data-protection/information-officer-popi-paia). TechHive Advisory covers Egypt's PDPL executive regulations in plain terms at [techhiveadvisory.africa](https://www.techhiveadvisory.africa/insights/review-of-egypts-executive-regulation-for-the-personal-data-protection-law). TEMPLARS Law's Ghana compliance brief is a useful primer on the DPA 2012 obligations: [TEMPLARS Ghana Data Protection Compliance PDF](https://www.templars-law.com/app/uploads/2023/05/Data-Protection-Compliance-in-Ghana_final.pdf). DLA Piper's country-by-country Data Protection Laws of the World tool is the fastest way to cross-check registration status across all five countries in one place: [dlapiperdataprotection.com](https://www.dlapiperdataprotection.com/).
**Generators, for a first draft only.** Termly's [free privacy policy generator](https://termly.io/products/privacy-policy-generator/), TermsFeed's [generator](https://www.termsfeed.com/privacy-policy-generator/), and [iubenda](https://www.iubenda.com/en/terms-and-conditions-generator/) will all get you a structurally complete draft in minutes. Use one of these to move fast, then get a lawyer licensed in your operating jurisdiction to localise it against NDPA, POPIA, Kenya's DPA or Egypt's PDPL specifically. None of these tools claim African-law compliance out of the box, and you shouldn't claim it on their behalf either.
**Do not adapt a Delaware SAFE or Series Seed template's privacy language, or any US-market open-source privacy policy template, without a local lawyer's review.** The risk here isn't copyright, most of the widely circulated startup legal templates (Y Combinator's SAFE, the Series Seed documents) are published openly for that specific instrument, and using them for a privacy policy specifically is unusual since they aren't built for that purpose. The real risk is jurisdictional: a privacy policy built around CCPA or GDPR concepts will reference rights, timelines and lawful bases that don't map cleanly onto NDPA, POPIA, Kenya's DPA or Egypt's PDPL. It will look complete to you and to a first-time reader, and it will look exactly like what it is, an unadapted foreign template, to the diligence lawyer who opens it during your Series A or the CFO's counsel during an acquisition. That gap doesn't cost you anything at signing. It costs you at the exact moment you can least afford a delay: in the data room, with a term sheet on the table and a clock running.
---
## Sources
- https://ndpc.gov.ng/wp-content/uploads/2025/07/Updated-Guidance-Notice-on-Registtration-2024.pdf
- https://ndpc.gov.ng/
- https://globaladvisoryexperts.com/ndpc-data-controller-registration/
- https://www.odpc.go.ke/
- https://koassociates.co.ke/insight/3-registration-of-data-controllers-and-processors-with-the-odpc/
- https://inforegulator.org.za/
- https://inforegulator.bizportal.gov.za/Registration/Guide.pdf
- https://www.clearcomply.co.za/blog/popia-information-officer-registration-south-africa
- https://dataprotection.org.gh/
- https://www.templars-law.com/app/uploads/2023/05/Data-Protection-Compliance-in-Ghana_final.pdf
- https://www.dlapiperdataprotection.com/index.html?t=registration&c=GH
- https://www.techhiveadvisory.africa/insights/review-of-egypts-executive-regulation-for-the-personal-data-protection-law
- https://www.michalsons.com/focus-areas/privacy-and-data-protection/information-officer-popi-paia
- https://www.dlapiperdataprotection.com/
- https://termly.io/products/privacy-policy-generator/
- https://www.termsfeed.com/privacy-policy-generator/
- https://www.iubenda.com/en/terms-and-conditions-generator/
---
---
title: "Terms of Service: what it is, what investors check, and what it costs across Africa"
slug: terms-of-service
section: legal
description: "What goes into a real terms of service, what a diligence lawyer opens it to check, and real drafting costs and sources across Nigeria, Kenya, South Africa, Egypt and Ghana"
publishedAt: "2026-07-29"
author: Jae Kelekun
---
## What the document is
Your terms of service (also called terms of use, terms and conditions, or a user agreement) is the contract between your company and anyone who uses your product. It is not a formality you paste in before launch. It is the document that decides who owns what, who pays for what, and who is liable when something breaks.
A real terms of service covers, at minimum:
- **Acceptable use.** What a user is and is not allowed to do on your platform, and what happens if they break the rules (suspension, termination, forfeiture of funds already paid).
- **IP ownership of user-generated content.** If users upload content, post reviews, or build things on your platform, the terms state who owns that content and what licence you have to use it. This matters a lot for marketplaces, social products, and anything with user-submitted media.
- **Payment terms.** Billing cycles, currency, what happens on a failed charge, auto-renewal rules.
- **Refund and cancellation rules.** What a user is entitled to if they cancel, and on what timeline.
- **Liability caps.** The maximum amount your company can be made to pay out if something goes wrong, and the categories of loss you exclude (usually consequential and indirect losses).
- **Dispute-resolution jurisdiction.** Which country's courts, or which arbitration body, hears a dispute if one arises. This is one of the first things a cross-border investor or acquirer checks, because it tells them where they would have to sue you, or be sued by your users.
A terms of service is a different document from a privacy policy. The privacy policy governs what you do with personal data; the terms of service governs the commercial relationship, product use, and money. Some jurisdictions blur naming conventions (South African firms sometimes call it "terms of use" for a marketing site and "terms of service" for a transactional product; a few use "user agreement"), but the content expected inside is consistent everywhere: it is the rulebook for using your product, and it is where you allocate risk between you and your user.
If your product touches consumers directly (as opposed to being sold business-to-business under a negotiated master agreement), your terms of service also has to survive scrutiny under your country's consumer protection statute, which typically restricts how far you can push liability caps and cancellation terms against an individual user. We cover which statute applies in each market below.
## What an investor is actually checking for
By the time a diligence lawyer opens your terms of service at Series A, or a CFO opens it during an acquisition, they are not reading it for tone. They are running it against a short, specific checklist, and each item maps to a real failure mode they have seen before.
**Does the liability cap actually protect the company, or is it decorative?** A cap that says "our liability is limited to the greater of $100 or fees paid in the last 12 months" is standard and defensible. A cap that is missing entirely, or that contradicts a separate indemnity clause elsewhere in the document (so the company appears to have both capped and uncapped exposure to the same event), is a red flag. It tells the lawyer nobody who understands contract drafting has touched this document, which raises the question of what else in the company's paper trail was self-served.
**Does the IP ownership clause match what the product actually does?** If your product lets users upload content and you have no clause granting yourself a licence to display, store, and process it, you have no legal basis for the product working the way it works. This shows up hardest in diligence for social, marketplace, and UGC-heavy products, where an acquirer's lawyer will ask directly: "under what clause do you have the right to host this content?" If the answer is "we don't have one," that becomes a condition of closing, not a footnote.
**Is the dispute jurisdiction realistic and does it match your actual company registration?** A Kenyan-incorporated company whose terms of service specify Delaware courts and Delaware law, copied wholesale from a US SaaS template, is an immediate flag. It signals the founder used an off-the-shelf template without adapting it, and it raises the follow-up question of what else was copied without review. Diligence lawyers specifically check that the governing law clause matches the entity's actual jurisdiction of incorporation, not the jurisdiction of a template's origin.
**Can the "we may" clauses actually be audited?** Vague permissive language like "we may share data with partners" or "we may modify these terms at any time" without a notice mechanism is treated as unverifiable rather than protective. A clause that cannot be checked against what the company actually does operationally (who are the partners, what is the change-notification process) cannot be relied on, so it gets flagged as needing rework rather than credited as a working control.
**Do the refund and cancellation terms match your actual billing system?** If your terms of service promise a refund window your payment processor and support workflow cannot actually deliver, that inconsistency surfaces the moment a customer complaint or chargeback dispute is checked against the paper terms. For a fintech or subscription business, a diligence team specifically pulls a sample of support tickets and checks them against the stated policy.
**Was it ever actually agreed to?** Lawyers check whether your product uses clickwrap (an active "I agree" action, logged, timestamped) versus browsewrap (a link in the footer nobody has to click). Browsewrap is weaker evidence of a binding contract and is one of the more common findings against African-founded products that copied a template without adapting the acceptance flow that goes with it.
The common thread across all of these: an investor is not grading you on having a terms of service. They are checking whether the one you have was actually built for your product, your entity, and your jurisdiction, or whether it is décor.
## What it costs to get done properly, by African jurisdiction
Costs below are what we could verify from published sources as of July 2026. Where no reliable public figure exists for terms-of-service drafting specifically, we say so rather than estimate, and point you to where to get a quote instead.
| Country | Primary applicable law(s) | Typical drafting fee (law firm) | Self-serve / low-cost option |
|---|---|---|---|
| Nigeria | Federal Competition and Consumer Protection Act (FCCPA) 2018 for consumer terms; Nigeria Data Protection Act (NDPA) 2023 for data-handling clauses | ₦100,000 to ₦350,000 for contract drafting generally, varying by firm reputation and complexity ([1st Attorneys, 2025](https://1stattorneys.com/articles/2025/09/13/legal-fees-in-nigeria-in-2025/)) | SabiLaw sells paid sample documents and legal templates for Nigerian businesses; these are commercial products, not free open-licence templates, so review the licence before use ([sabilaw.org](https://sabilaw.org/)) |
| Kenya | Consumer Protection Act, 2012 (Cap. 501); Data Protection Act, 2019 for data clauses | Simple contract drafting runs roughly KES 20,000 to KES 100,000; more complex agreements can run upward of KES 200,000 ([Mwakili, "How Much Does a Lawyer Cost in Kenya?"](https://mwakili.com/blog/how-much-does-a-lawyer-cost-kenya)) | No verified free, Kenya-specific open-licence terms-of-service template found. Treat generic online generators as a starting draft only, then have a Kenyan advocate adapt it |
| South Africa | Electronic Communications and Transactions Act (ECTA) 2002; Consumer Protection Act (CPA) 2008; POPIA governs the separate privacy policy | Fixed fee from R8,175 (excl. VAT) for drafting website terms of use, from R8,325 (excl. VAT) for review, quoted by a specialist South African firm ([MJ Kotze Inc](https://mjkinc.co.za/agreements/website-terms-of-use)) | None verified as free and locally adapted; MJ Kotze's own explainer on ECTA and CPA requirements is a useful checklist before you brief a lawyer ([MJ Kotze Inc, "What Is ECTA?"](https://mjkinc.co.za/software-technology-law/ecta-electronic-contracts)) |
| Egypt | Consumer Protection Law No. 181 of 2018; E-Signature Law No. 15 of 2004 for electronic contract validity; Personal Data Protection Law No. 151 of 2020 for data clauses | No verified published flat-fee figure for terms-of-service drafting specifically. Egyptian commercial law firms generally quote per engagement; use a directory such as Lawzana to request quotes from Cairo-based commercial and civil lawyers ([Lawzana, Cairo contract lawyers](https://lawzana.com/contract-lawyers/cairo-cairo-governorate)) | None verified |
| Ghana | Electronic Transactions Act, 2008 (Act 772); Data Protection Act, 2012 (Act 843) for data clauses | The Ghana Bar Association's official scale of fees prices commercial agreement drafting as a percentage of the contract's value (up to 15% below GH¢10,000, scaling down to 3% above GH¢500,000), which does not map cleanly onto a flat-fee document like a terms of service ([GBA Approved Fees, General Legal Council](https://www.glc.gov.gh/resources/gba-approved-fees/)). In practice, firms quote a flat fee per engagement rather than applying this scale to a ToS, so get a direct quote | None verified as free and Ghana-adapted |
A pattern across all five markets: nobody publishes a clean "terms of service costs X" number, because the price depends on how much of your product's specific behaviour (payments, refunds, UGC, data sharing) the lawyer has to actually think through, not just template. Budget for the fee range above as a starting point and expect the number to move with how many product-specific clauses you need.
## Where to get it
**Do not use an unadapted Delaware or US template as your live terms of service.** This is the single most common mistake we see, and it does not cost you anything at signing. It costs you later, in one of two moments: due diligence for your next round, when a lawyer checks whether your governing-law clause matches your actual entity, or in an actual dispute with a user, when you discover the arbitration clause points to a US body that has no jurisdiction over a claim filed against a Kenyan or Nigerian entity, so the clause is unenforceable and you are back to litigating in your home courts anyway, on terms you never actually reviewed for that outcome.
The specific risks:
- **Jurisdiction mismatch.** A SAFE, Series Seed document, or generic US SaaS terms-of-service template is written for a Delaware C-corp under US contract and consumer law. Your Nigerian, Kenyan, South African, Egyptian, or Ghanaian entity is not that, and a court or arbitrator in your jurisdiction may simply refuse to apply a foreign governing-law clause that has no real connection to the transaction.
- **Copyright.** Most "free terms of service template" sites (generic generator tools, some law-firm-branded downloadable templates) are marketing assets, not open-licence documents. Redistributing or reselling them, or presenting a lightly-edited copy as your own drafted work in a diligence data room, carries real infringement exposure on the publisher's side, separate from the jurisdiction problem above. If you use a generator tool as a first draft, treat it as a first draft only, not a final legal document.
- **Consumer protection non-compliance.** Nigeria's FCCPA, Kenya's Consumer Protection Act, South Africa's CPA, Egypt's Consumer Protection Law, and Ghana's Electronic Transactions Act each restrict what you can validly disclaim or limit against a consumer user. A US-drafted liability cap or arbitration clause may simply be unenforceable against a user in these markets even if you never get challenged on it, which means the protection you think you have does not actually exist when you need it.
Real, verifiable places to start:
- **South Africa**: [MJ Kotze Inc](https://mjkinc.co.za/agreements/website-terms-of-use) publishes a plain-language explainer of what ECTA and the CPA require in a website terms of use, and offers fixed-fee drafting and review, quoted above.
- **Nigeria**: [SabiLaw](https://sabilaw.org/) sells sample legal documents and runs a legal-information platform aimed at Nigerian businesses; check the licence terms attached to any specific document before you use it as more than a reference draft. [LawPàdí](https://lawpadi.com/4-legal-documents-for-every-start-up/) publishes explainer content on the legal documents a Nigerian startup needs, useful as a checklist before you brief a lawyer.
- **Kenya**: [Kenya Law](https://new.kenyalaw.org/akn/ke/act/2012/46/eng@2022-12-31) publishes the full, current, official text of the Consumer Protection Act, which is the primary source your Kenyan lawyer will draft against.
- **Egypt**: [Andersen in Egypt](https://eg.andersen.com/translation-law-181-2018/) has published an English translation of Consumer Protection Law No. 181 of 2018, useful for briefing a lawyer even if you are not fluent in the original Arabic text.
- **Ghana**: the [Ghana Business Regulatory Reform (BRR) portal](https://www.brr.gov.gh/reg_details.php?id=NzU%3D) hosts the current text of the Electronic Transactions Act, 2008 (Act 772).
- **Generic (starting draft only, never final)**: [YC's template library](https://www.ycombinator.com/sales_agreement) publishes some genuinely open-licence commercial documents (its SAFE is free and Series Seed documents are widely described as open source), but these are Delaware instruments built for a US C-corp and are not a substitute for terms of service adapted to consumer protection law in your country. Use them, if at all, to see the shape of a well-structured document, then have a local lawyer rebuild the substance for your entity and jurisdiction.
For every one of these, the honest move is the same: read the primary law yourself first so you can brief a lawyer intelligently, get a quote from a firm registered in your country of incorporation, and never sign off on a document whose governing-law clause names a country your company was not actually registered in.
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## Sources
- https://1stattorneys.com/articles/2025/09/13/legal-fees-in-nigeria-in-2025/
- https://sabilaw.org/
- https://mwakili.com/blog/how-much-does-a-lawyer-cost-kenya
- https://mjkinc.co.za/agreements/website-terms-of-use
- https://mjkinc.co.za/software-technology-law/ecta-electronic-contracts
- https://lawzana.com/contract-lawyers/cairo-cairo-governorate
- https://www.glc.gov.gh/resources/gba-approved-fees/
- https://lawpadi.com/4-legal-documents-for-every-start-up/
- https://new.kenyalaw.org/akn/ke/act/2012/46/eng@2022-12-31
- https://eg.andersen.com/translation-law-181-2018/
- https://www.brr.gov.gh/reg_details.php?id=NzU%3D
- https://www.ycombinator.com/sales_agreement