Payments & financial infrastructure
Acceptance, settlement, ledgers, identity and compliance tooling.
- 9 companies · 26% of the portfolio
- 6 follow-on investments
Allocation by sector
Where the capital sits today.
Thirty-four companies across five sectors. These are aggregate figures for the two funds; individual holdings are disclosed privately to limited partners and co-investors.
Credit & lending
Underwriting built on cash flow and transaction data rather than collateral.
- 7 companies · 21% of the portfolio
- 4 follow-on investments
Commerce & logistics
Fulfilment, delivery density and software for independent retailers.
- 6 companies · 18% of the portfolio
- 3 follow-on investments
Energy access
Distributed generation, metering and asset finance.
- 5 companies · 15% of the portfolio
- 2 follow-on investments
Vertical software
Operating systems for healthcare, agriculture and pharmacy.
- 7 companies · 20% of the portfolio
- 3 follow-on investments
Why no names
Founders own their announcements. We confirm holdings and provide references privately during LP and co-investor diligence, subject to the company's consent.
- No portfolio logos published
- References on request
Allocation by stage
Concentrated at the beginning, reserved for later.
Half of Fund II is reserved for follow-on. That is the difference between owning a meaningful stake at Series A and being diluted out of a company that is working.
| Stage | Companies | Capital deployed | Median initial cheque |
|---|---|---|---|
| Pre-seedFirst institutional cheque | 12 | $7.4M | $400K |
| SeedRepeatable revenue | 17 | $31.8M | $1.6M |
| Series A follow-onExisting portfolio only | 5 | $14.2M | $2.8M |
| TotalBoth funds | 34 | $53.4M | — |
Figures as at 30 September 2026. Capital deployed excludes fees, expenses and unrealised fair-value movements.
Allocation by geography
One team, invested across six regions.
| Region | Companies | Share of portfolio | Focus |
|---|---|---|---|
| East Africa | 11 | 32% | Payments, energy, vertical software |
| West Africa | 9 | 26% | Payments, credit, commerce |
| Southern Africa | 5 | 15% | Financial infrastructure, logistics |
| Middle East | 4 | 12% | Cross-border payments, compliance |
| Southeast Asia | 3 | 9% | Trade infrastructure, vertical software |
| Latin America | 2 | 6% | Commerce logistics |
Outcomes so far
What the portfolio has produced.
Venture returns are concentrated. Three companies drive most of the value in Fund I; the rest provided learning, references and, in several cases, liquidity through secondary sales.
3Realised exits
2.1xMedian entry multiple at exit
18Companies that raised a follow-on
72%Seed companies reaching Series A
| Sector | Region | Entry | Outcome |
|---|---|---|---|
| Payments acceptanceMerchant acquiring | West Africa | Pre-seed, 2020 | Acquired by a licensed bank, 2024 |
| B2B commerceRetail distribution | West Africa | Seed, 2021 | Acquired by a regional distributor, 2025 |
| Trade infrastructureCross-border documentation | Southeast Asia | Seed, 2022 | Secondary sale to a growth fund, 2025 |
| Payroll softwareSmall-business payroll | East Africa | Seed, 2021 | Wound down, 2023 — part of capital returned |
Described by sector and region rather than name. Past performance is not indicative of future results.
Why this page looks like this. Many firms publish logos because it looks like
momentum. We would rather be accurate. If you are a founder considering a round, we will tell you
exactly what we have backed in your sector and put you in touch with founders we have worked with —
with their permission. If you are an LP or co-investor, the full portfolio schedule is available in
the data room.