Fund II is live: $120M for pre-seed and seed in emerging markets

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Dubai · Johannesburg

[email protected]

Investment thesis

The next decade of emerging markets will be built on rails.

We invest where the constraint is structural — payments that settle, credit priced on cash flow, goods that arrive, power that stays on. These are unglamorous businesses with long compounding curves, and they are what we underwrite.

Stage
Pre-seed & seed
Cheque size
$250K – $3M
Markets
Africa, LatAm, SEA
Why this thesis

Apps were the last decade. Infrastructure is the next one.

Consumer internet in emerging markets grew on top of systems that were never designed for it. A merchant can now accept a card, but settlement still takes days, reconciliation is manual and credit is priced against collateral rather than transaction history.

These gaps are not bugs in a market — they are the market. The companies that close them sell to other businesses, carry recurring revenue, and become the default layer that the next generation of applications is forced to build on. That is a venture-scale outcome with far less consumer risk than another marketplace.

  • B2B and infrastructure-first. Our companies sell to banks, merchants, telcos or platforms — not directly to fickle consumers.
  • Embedded, not optional. Once a payment rail or ledger is integrated, switching costs are real.
  • Local by design. Regulatory depth and on-the-ground distribution beat imported playbooks.
$4.1T of emerging-market payment volume is expected to move over new rails by 2030 — most of it still on infrastructure that was built for cash.
Where we invest

Five sectors. One shared constraint: broken rails.

We have a written view of each sector and a map of the companies in it. If you are building something that does not fit one of these, we will tell you quickly — and often introduce you to a firm that specialises in it.

Payments & financial infrastructure

The plumbing behind money movement: acceptance, settlement, ledgers, identity, compliance tooling and cross-border corridors.

  • Account-to-account and card rails
  • KYC, AML and fraud infrastructure
  • Treasury and reconciliation software

Credit & lending

Underwriting that uses cash flow, transaction data or supply-chain relationships instead of collateral that most businesses do not have.

  • Merchant and working-capital finance
  • Embedded lending infrastructure
  • Scorecards and credit decisioning

Commerce & logistics

The physical layer of digital commerce: fulfilment, first and middle mile, inventory financing and the software independents run on.

  • Last-mile and route optimisation
  • B2B distribution and fulfilment
  • Retail operating systems

Energy access

Distributed generation, metering and asset finance for the 600 million people and millions of businesses without reliable grid power.

  • Pay-as-you-go solar and storage
  • Metering and grid software
  • Clean cooking and productive-use assets

Vertical software

Operating systems for fragmented industries — healthcare, agriculture, pharmacy, education — where the workflow itself is the moat.

  • Clinic, pharmacy and lab systems
  • Agri supply-chain software
  • Payroll, benefits and HR infrastructure

What we do not fund

Clarity saves everyone time. We rarely invest below the listed boundaries, and we say so in the first call rather than the fourth.

  • Pre-revenue consumer apps
  • Regulated deposit-taking or lending without a licence path
  • Capital-intensive hardware with no software layer
Investment criteria

What has to be true before we write a cheque.

We are not looking for a finished company. We are looking for evidence that the founder has found something real and is unusually well placed to serve it.

01

A market that is being forced open

Regulation, infrastructure or a distribution shift creates a window. We want to see why this company can win now, not in five years.

02

A founder with unfair access

Operator experience in the sector, a distribution relationship, a licence, or a technical insight that others cannot copy in a quarter.

03

Revenue, not just traction

Paying customers, repeat usage, gross margin above 45%, and a clear contribution margin per account. Pilot purgatory is not a business.

04

A valuation that leaves room

At our entry price, a realistic exit must still return the fund. We walk away from good companies priced for someone else's return.

Fund parameters

Where Fund II can invest.

Parameter Pre-seed Seed Series A (follow-on)
Cheque sizeInitial or follow-on $250K – $750K $750K – $3M $2M – $5M
Target ownershipFully diluted 8 – 12% 10 – 15% Maintain or extend
Company stageWhat must already exist Product live, first design partners $500K+ ARR, repeatable sales $3M+ ARR, institutional round
BoardGovernance Observer rights One board seat Seat or observer, per round
GeographyWhere we are active Kenya, Nigeria, Ghana, Mexico, Indonesia Same, plus South Africa Portfolio follow-on only

Indicative parameters. Every investment is subject to investment committee approval, legal documentation and availability of capital.

Work with us

We write the first cheque.
Then we help you earn the next one.

If you are building the payments, credit, logistics, energy or software rails of an emerging market, we would like to meet you — whether you are raising today or twelve months from now.

First cheques of $250K – $3M Pre-seed and seed Decision in 21 days