Guess what? August is a busy month at Future Studio: a new cohort of the Pre-Entrepreneurship Bootcamp has walked through our doors, an event we love organizing is coming back next week, and we’re keeping an eye on what’s happening elsewhere in the ecosystem. Let us tell you all about it, grab a coffee, get comfortable.

They arrived without an idea. That was the point.

On August 17, about a hundred people walked through our doors for Day 1 of Cohort 1 of the Pre-Entrepreneurship Bootcamp. Selected from nearly 500 applications, so the selection was tough. And yet, if you'd asked them that morning "so what's your project?", many wouldn't have known how to answer.

And that’s exactly why we chose them.

This bootcamp was never meant to be an MVP factory. We don’t ask anyone to show up with a fully formed idea in their pocket. What we want to build is something else entirely: the reflex to spot a real problem, the willingness to test before convincing yourself, the ability to take a “no” and try again.

Over four weeks, they’ll explore, stumble, adjust, and try again, surrounded by real mentors and real structure. See you on September 11 for Demo Day, where we’ll find out what that kind of work produces when you give it the time.

Here’s a little secret between us: we’ll be keeping an eye on them and sharing highlights throughout the program. Stay connected on our socials, it’ll be worth it.

Save the date: Founders Live is back on August 28, 2026

The concept is simple, and that’s exactly what makes it work: five entrepreneurs take the stage, each pitches their project, and the audience decides. No closed jury, no backroom decisions. Just live votes, and one winner who walks away with a prize.

What we really love about this format is everything it creates around the pitch.

Founders Live is the kind of evening where you’ll find, in the same room, founders in the middle of doubt, curious investors, mentors who’ve already lived it all, and an audience that simply comes to feel the energy with them. The pitch is the excuse. The connections made afterward, that’s often where the real value lies.

The next edition is Friday, August 28, 2026. Want to be in the audience and listen to inspiring entrepreneurs? Register fast, spots are limited: registration

Taking you somewhere new: heading to the Caribbean

On Friday, September 25, we’re preparing a slightly different kind of evening. A masterclass and a real exchange around the opportunities between Benin and the Caribbean, two ecosystems that have more in common than we tend to think, and clearly have things to learn from each other.

Because a good network never stops at a border.

150 spots will be available, and we already know they’ll fill up fast. We’ll share a lot more very soon, promise. In the meantime, note the date somewhere.

Alright, a quick tour of the ecosystem before we go.

A million dollars for the creative economy

Chocolate City Group just launched Founders Fund Africa, a one-million-dollar accelerator for founders building in music, film, design, or creative tech. Applications close August 28 (yes, the same day as our Founders Live, the coincidence made us smile). If you know someone in these fields, share this fast. Apply here

Francophone Africa’s visibility problem

TechCabal put out an edition that says out loud what we’ve been thinking quietly for a while: francophone startups are still fighting for investor attention, even though the region is home to some of the continent’s fastest-growing economies. In the first half of 2026, three francophone markets combined raised only 25 million dollars together.

The real bottleneck isn’t potential. It’s visibility.

And honestly, that hits close to home. Read the article

84% of funding goes to just 30 companies

An analysis published this week shows Africa raised roughly 1.44 billion dollars for its startups in the first half of 2026, a figure that looks stable on the surface. But in reality, only about thirty companies captured the bulk of that capital, while early-stage startups are finding it harder and harder to convince investors.

Without funding for young startups today, there won’t be a real new generation ready to raise big rounds tomorrow.

It’s a reminder we always keep in mind. Read article

And that's exactly why we do what we do at Future Studio. A well-prepared founder today has a much better shot at convincing investors tomorrow.

That’s it for this edition. See you in the next one, hopefully with even more concrete news to share.

Know a founder who should be reading this? Forward this newsletter to them, they’ll thank you.

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Sena 💛

It’s been a minute, hasn’t it? Too long, if you ask me. But I promise this silence wasn’t for nothing: a lot has been happening on our end, and I’ve been dying to fill you in.

Let’s start slow today, with a question I hear all the time, one that’s close to my heart: “I don’t have an idea yet ,do I even belong in the startup world?”

Spoiler: yes. And I’m going to tell you why, because it’s probably one of the biggest myths we all tell ourselves at some point.

Get comfy, we’ve got a lot to catch up on today!

The Myth of the Genius Idea

Okay, let’s be honest: we all picture entrepreneurship as a lightning-bolt moment. You know, that cliché scene where someone wakes up in the middle of the night with THE idea that changes everything. Good news? The real story is way simpler and honestly, a lot more reassuring.

Most founders who succeed don’t start with a brilliant idea. They start with a problem. Something they’ve lived through, noticed, or just understand better than most people around them. The idea comes later. Always.

So what actually matters before the idea?

• Being able to spot a real problem (not just something that annoyed you one Tuesday morning)

• Testing instead of assuming

• Learning fast, especially from your mistakes

• Being consistent, more than inspired

Waiting for “the right idea” is often just a fancy way of putting off the moment you actually start. The founders who go the furthest? They build their reflexes first : spotting, testing, listening, and the idea lands on top of that, not the other way around.

You don't need the idea yet. You need the reflexes to spot a problem and create a solution around it.

And guess what? That’s exactly what we’ve built for you over the next few weeks.

The best entrepreneurs didn’t start with a brilliant idea. They learned to observe, understand problems, and build useful solutions. That’s it. That’s already huge.

We’re opening applications for our Pre-Entrepreneurship Bootcamp cohort, and I genuinely can’t wait for you to be part of it.

Over 4 weeks, you’ll learn to:

• develop your entrepreneurial mindset;

• spot real opportunities;

• understand what the market actually needs;

• build your first startup concept;

• pitch your project to a jury on Demo Day.

You’ll be surrounded by entrepreneurs, mentors, and experts who’ll share their real experience with you, helping you turn your curiosity into an actual startup journey.

We’re selecting 100 motivated participants, ready to learn and ready to act. And good news: the Bootcamp is open to every city in Benin: Cotonou, Parakou, Porto-Novo, Abomey, Bohicon, Natitingou... wherever you are!

Student, young professional, or mid-career switch: if entrepreneurship’s been on your mind seriously, this spot is for you.

Applications are open until August 9, don’t wait too long!

Apply here →

Renew Capital just selected 15 African startups for the first edition of its Venture Lab program (EmFi series), after receiving a strong number of applications, funding and structured support for founders in growth phase.

Edtech startup Craydel is expanding into Ghana, aiming to make studying abroad more accessible for African students through AI, another sign of edtech momentum in West Africa.

Launch Africa Ventures is backing 15 more startups, even as early-stage funding slows across the continent , the VC firm remains one of Africa’s most active, with over 180 portfolio companies across 25 countries.

Case Study: ANKA (formerly Afrikrea)

Okay, I love this one. Founded in Abidjan in 2016 by Moulaye Tabouré, Abdoul Kadry Diallo, and Luc Perussault-Diallo, Afrikrea was born from a simple observation: African creators had no way to sell, get paid, and ship their products internationally. No perfectly polished product plan at the start, just a real problem worth solving.

Over time, the team grew the project way beyond a simple marketplace, adding payment and logistics solutions to actually match what sellers needed. The result: rebranded as ANKA in 2024, with over $13.5M raised from investors including IFC, Proparco, and BPI France.

For you, future founder: the idea rarely arrives fully formed. ANKA never stopped adjusting to what the market actually wanted. Where you start matters less than how well you adapt along the way.

PMF: The Smallest Testable Step

Little secret between us: you don’t need a finished product to know if your idea holds up. Just the smallest possible action that tells you whether your assumption is right.

• Service idea? Offer it directly to five people, no code required.

• Product idea? Sketch it, show it to ten strangers, and watch what they do, not what they say.

This small test won’t tell you if your idea is perfect. It’ll just tell you if it’s worth a second step. And that’s already huge.

That’s it for this edition, but I promise, we won’t go quiet for that long again!

Know someone who doesn’t have an idea yet but is dreaming of starting something? Send them this newsletter, you might just change their month.

Talk soon,
Sena

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For the last three years, the startup world has been flooded with one message: AI is the future.

Investors are funding it. Enterprises are adopting it. Founders are racing to add it to their products. Every week, a new AI model promises to be faster, smarter, cheaper, and more capable than the one before.

Yet beneath the excitement, a different conversation is beginning to emerge “Is AI becoming too expensive?”

In recent months, some of the world’s most AI-forward companies have started publicly discussing a problem that was largely ignored during the hype cycle: AI bills.

According to reports, Uber exhausted its annual AI budget in just four months. Microsoft has reportedly reduced reliance on some third-party AI tools because of escalating usage costs. Nvidia’s Vice President of Applied Deep Learning, Bryan Catanzaro, even stated that for his team, compute costs are already higher than employee costs. OpenAI CEO Sam Altman recently acknowledged that AI spending has suddenly become “a huge issue” for some customers.

That is a remarkable shift.

The technology that was supposed to reduce operating costs is, in some cases, creating an entirely new category of expenses.

The lesson is beginning to beclear:

The future may be AI, but sustainable businesses will be built by founders who understand AI economics.

Why AI Costs More Than Most Founders Expect

Many founders think AI costs are limited to an API subscription or a monthly ChatGPT bill, but the reality is more complex.

Every AI interaction consumes computing resources. Every prompt, document analysis, image generation request, chatbot conversation, and autonomous agent action consumes tokens and processing power.

As AI systems become more sophisticated, costs can increase dramatically. But the challenge is not only inference costs.

There are also expenses related to:

• Model hosting

• Cloud infrastructure

• Monitoring and maintenance

• Fine-tuning and retraining

• Data storage

• Engineering talent

• Security and compliance

Do African Founders Have Any Advantage ?

Ironically, this cost challenge may create an advantage for African startups.

Unlike heavily funded Silicon Valley companies, African founders are often forced to think about unit economics. That capital constraints has encouraged discipline from day one. And discipline is becoming one of the most valuable skills in AI.

Don’t Build GPT for Every Problem

One of the most expensive mistakes a startup can make is assuming that every feature requires a frontier model. Many use cases do not.

If you are building:

• Customer support automation

• Document search

• Internal knowledge assistants

• FAQ bots

• Content classification

• Workflow automation

you may not need the most expensive model available.

Smaller models, retrieval systems, rule-based workflows, and hybrid approaches can often deliver 80–90% of the value at a fraction of the cost.

This is increasingly becoming the strategy of mature AI companies themselves.

Instead of sending every request to the most powerful model, they route simpler tasks to smaller, cheaper models and reserve premium models only for complex requests. Arcee AI argues that intelligent model routing can reduce costs dramatically while maintaining performance.

For startups with limited resources, this mindset is essential.

Measure ROI Before Scaling Usage

One theme appearing repeatedly in enterprise AI discussions is the lack of visibility into usage costs.

Teams adopt AI tools increasing usage that eventually leads to increase it token bills.

Some organizations have discovered that AI spending is becoming comparable to a second payroll. Others have found that unrestricted usage created massive, unexpected expenses.

Startups should learn from these mistakes early.

Before scaling AI usage:

• Track cost per user

• Track cost per transaction

• Track cost per generated output

• Monitor token consumption

• Establish usage limits

• Measure whether AI improves customer outcomes

If an AI feature costs $1,000 per month but generates only $200 in value, it is not innovation. It is a liability.

The Real Opportunity

The good news is that AI costs are not moving in only one direction.

Inference costs have fallen significantly over the past few years, and smaller models continue to improve rapidly. New infrastructure approaches and more efficient model architectures are making AI increasingly accessible.

The long-term trajectory is still favorable.

AI will almost certainly become a foundational layer of modern software.

But those who succeed will not be the startups that use the most AI, instead, it will be those who use the right amount of AI.

As an african founder, your goal is not tokenmaxxing. It’s building products where AI creates measurable value, keeping infrastructure lean, choosing models strategically, and focusing relentlessly on customer outcomes.

Because in the end, investors fund businesses, customers pay for solutions. And neither of them care how many tokens you burned to get there.

The future is not AI at any cost. The future is sustainable AI.

Lipa Later (Kenya): When an Acquisition Accelerates an Existing Downfall

Founded in 2018, Lipa Later emerged as one of East Africa’s pioneers in the Buy Now, Pay Later (BNPL) space. Its ambition was to make consumer credit more accessible while building a broader digital commerce ecosystem.

After raising more than $15 million, the company appeared well-positioned to accelerate its growth. However, by 2024, it was struggling to attract new investors as its debt burden continued to grow.

Against this backdrop, Lipa Later acquired the e-commerce platform Sky Garden for approximately $1.9 million. It was an ambitious strategic move, but it quickly raised concerns about the company’s ability to absorb a business that was itself facing challenges.

A few months later, the situation worsened. On March 24, 2025, the company was placed under administration to assess whether its operations could be restructured or whether its assets should be liquidated.

Takeaway for Founders :

Before expanding your scope, make sure your core business is strong enough to support that growth.

PMF

The “First Win” Rule

Users don’t stay for potential. They stay for a tangible outcome.

A first win is the smallest positive result that makes a user think:

“Okay, this actually works.”

For a first win to be effective, it must:

• Happen quickly.

• Be visible and easy to recognize.

• Feel earned through using the product, rather than being handed to the user automatically.

Examples

Marketplace: Completing a first successful transaction.

SaaS: Performing an action that genuinely saves time or reduces costs.

Fintech: Successfully making a first transfer or movement of real funds.

Without a first win, users don’t create a positive memory of the product. Without that positive memory, they have no compelling reason to return. And without repeated usage, there is no retention.


That’s all for today, I’ll see you in the next one. Bye.

Last week, I went into detail about SAFEs (if you haven’t read it yet, you can find it here). This week, we’ll go further into the fundraising journey. As usual, I’ll share insights from case studies and introduce a few more startup terms to expand your “startup English” vocabulary.

Let’s get started.

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Startup Funding 101: Understanding Funding Rounds

Startup funding happens in stages called funding rounds. Each round helps a company reach a new milestone, from building an idea to scaling globally.

Bootstrapping

This is the earliest stage, where founders use personal savings or early revenue to build their startup without outside investors. It allows founders to keep full ownership but can limit growth speed.

Pre-Seed Round

This is usually the first external funding round. Startups use the money to build an MVP, test the market, and form an early team. Investors at this stage mainly bet on the founders and the vision.

Seed Round

At seed stage, startups already have a product and some early traction. The funding is used to improve the product, grow users, and hire key talent. Investors now look for signs of product-market fit and customer demand.

Series A

Series A funding helps startups scale. Companies at this stage usually have proven traction and a clearer business model. The capital is often used for team expansion, marketing, and entering new markets.

Series B and Beyond

These later rounds focus on rapid growth and market expansion. Companies may scale internationally, launch new products, or prepare for acquisitions or IPOs.

The Big Lesson

Funding rounds are not just about raising money. Each round is meant to help startups achieve a specific milestone before moving to the next stage of growth.

Startup Terminology of the week

• MVP (Minimum Viable Product)

The simplest version of a product that includes only the essential features needed for users to test it and provide feedback.

Example:
“The founders launched an MVP before investing in a full-scale product.”

• Dilution

Dilution happens when founders give up a percentage of ownership in their company after issuing shares to new investors.

Example:
“The founders accepted some dilution in exchange for the funding needed to grow the company.”

• Valuation

Valuation is the estimated financial value of a startup or company.

Example:
“The startup reached a valuation of $10 million after its latest funding round.”

• Traction

Traction is proof that customers want and are actively using a startup’s product or service.

Example:
“The company showed strong traction with over 50,000 active users in six months.”

Case Study

Kippa (Nigeria): Finding a market is not enough — you need a viable business model

Kippa is a Nigerian fintech that aimed to become the everyday financial tool for small businesses across Africa. The startup offered simple accounting and payment solutions to help merchants better manage their operations, in a massive market that was still largely underserved by digital tools.

In 2023, Kippa raised $11.6 million to accelerate its growth and strengthen its presence in the African SME market. On paper, the positioning seemed solid: millions of small merchants needed more accessible and simpler financial tools.

But a problem quickly emerged: small merchants were using the product… without generating enough revenue to sustain the business model. At the same time, competition became extremely aggressive. Many fintechs began targeting the same segment with similar offerings, making user acquisition and retention increasingly expensive.

Eventually, despite strong early traction and a real market need, Kippa ended up shutting down its operations.

The lesson is important for founders:

Solving a problem does not automatically guarantee a sustainable business. A market can be huge, but if users have low ability or willingness to pay, growth becomes fragile. Before scaling, a startup must validate not only the usefulness of its product, but also the strength of its economic engine.

PMF

Activation is a product, not a step

Many startups treat activation as just one step in the user journey. That’s a mistake.

Activation is the product itself… just compressed into a few minutes.

If a user doesn’t quickly feel the value of your product, they probably won’t “discover it later.”

In practice:

• Activation is not the onboarding screens. It’s the moment the user clearly understands the product’s value.

• Every click before that moment adds friction.

• Your product roadmap should protect activation with the same importance as revenue.

Example:
When we moved from a 7-step activation flow to just 3 steps, there was no dramatic miracle. Users simply stopped dropping off along the way.

• Join us for Founders Live Cotonou next week, on 29 May 2026!

  Five bold startups will each have 99 seconds to pitch their idea to a local and global audience, followed by 4 minutes of live Q&A. You decide the winner, your vote counts!

  Want to be a part of the audience? Reserve your spot here.

See you in the next one. Bye!

I’m Sena, your startup bestie, bringing you the latest insights, trends, and stories from Future Media, the media arm of Future Studio.

Last week, we explored the essentials of startup funding and what every founder should know before raising capital. I hope you’ve been following along and taking advantage of the insights shared. If you missed that edition, you can catch up h

ere.

Today, as promised, we’re diving into SAFEs, one of the most common fundraising instruments used by startups around the world.

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So, what’s SAFE?

Simple Agreement for Future Equity (SAFE), created by Y Combinator is a fundraising instrument startup use to raise money without immediately deciding the company’s valuation or issuing shared right away.

Let me explain to you.
Imagine you want to start a cafe, but you need money to start the business. An investor gives you the money but instead of giving them ownership or equity. You promises to give them a small ownership piece later.

Your investor does not get part of the company today. But if one day if your cafe becomes huge, or other people invest money too, then your investor can turn their investment into a little piece of the business.

That way, you get help early, and your investor gets rewarded if the business grows.

Why founders use SAFEs

Early-stage startups often face two problems:

1. The company is too early to value properly

2. Legal and negotiation costs for priced equity rounds are expensive and slow

A SAFE delays the valuation discussion until a later institutional round.

Instead of saying:

“My startup is worth exactly $2M today”

you say:

“Invest now, and your investment will convert into shares later when professional investors price the company.”

Example

You raise:

• $25,000 from an angel investor using a SAFE

The SAFE says:

• valuation cap: $2M

• discount: 20%

A year later, you raise a seed round at a $5M valuation.

The SAFE investor now converts their investment into equity using:

• either the discount

• or the valuation cap
  whichever gives them the better deal.

Because the SAFE had a $2M cap, they convert as if the company were valued at $2M instead of $5M — meaning they receive more shares for taking early risk.

Main SAFE Terminologies

1. Valuation Cap

The maximum valuation at which the SAFE converts.

Founder perspective:

• lower cap = more investor ownership later

• higher cap = better for founders

2. Discount

A percentage reduction on the future round price.

Example:

• new investors buy shares at $1/share

• SAFE investor gets them at $0.80/share with a 20% discount

3. MFN (Most Favored Nation)

If you later offer better SAFE terms to another investor, earlier investors can adopt those better terms.

What SAFEs are NOT

A SAFE is:

• not a loan

• usually has no interest

• usually has no maturity date

Unlike convertible notes, SAFEs generally do not create debt on the company balance sheet.

Advantages for founders

• Fast to close

• Lower legal costs

• Founder-friendly compared to many traditional instruments

• Delays valuation negotiation

• Useful for pre-seed and very early-stage rounds

Risks founders should understand

Many first-time founders think:

“SAFE money isn’t dilution yet.”

But it absolutely becomes dilution later.

If you stack too many SAFEs:

• you may give away much more equity than expected

• future investors may worry about your cap table

• founders can get heavily diluted before Series A

Always model:

• post-conversion ownership

• total dilution after all SAFEs convert

Simple mental model

A SAFE is basically:

“Invest now, receive shares later under pre-agreed rules.”

It is designed to make very early startup investing simpler, faster, and cheaper for both founders and investors.

Okra (Nigeria): Being ahead of the market can also become a risk

Okra was one of the most promising startups in Africa’s open finance space. Founded in 2019, it built APIs that allowed users to connect their bank accounts to third-party applications. The ambition was clear: to become the infrastructure powering the next generation of African fintech products.

Backed by strong momentum around open banking, Okra raised over USD 16.5 million, including a USD 1 million pre-seed round and a USD 3.5 million seed round led by Susa Ventures. The market looked ready. Investors were convinced.

The challenge was that the ecosystem did not evolve at the same pace. Regulations varied widely across countries, bank integrations remained difficult, and adoption of open banking by African businesses progressed more slowly than expected.

Technically, Okra was ahead. Commercially, the market was not mature enough. In July 2025, the startup announced its shutdown.

Lesson for founders: strong technology is not enough. A market can validate your vision while still not being ready to pay for it. Timing, regulation, and ecosystem maturity can matter just as much as the product itself.

PMF

If everything is a priority, nothing moves forward

Startups don’t fail because they lack ideas.
They fail because they try to do everything at once.

Focus means removing distractions with discipline.

In practice:
● One main priority per team
● One key focus per period of time
● Everything else waits, even if it feels important

Momentum doesn’t come from doing more.
It comes from finishing what you start.

Star Venture is opening applications for its new program. The call is aimed at high-potential startups based in Côte d’Ivoire, Senegal, and Benin. Selected startups will have the opportunity to pitch before an international panel of investors and experts during the final stage. The program is looking for startups led by technical founders, with a strong team, an already market-validated product, and a clear growth trajectory, typically pre-Series A. Applications are open until June 11, 2026.

But before we get into funding, there’s something equally important to talk about: English. Yes, English.

As a startup founder, regardless of where you come from, mastering English is becoming an essential part of your entrepreneurial toolkit. And even for native English speakers, the startup ecosystem comes with its own vocabulary, expressions, and jargon that require learning.

The language of startups is filled with concepts that are difficult — sometimes impossible — to translate directly into other languages because no equivalent word captures the same meaning, nuance, or context succinctly.

That’s why we’ve decided to introduce a new section in this newsletter dedicated to startup terminology: breaking down key expressions, concepts, and buzzwords to help you navigate the startup world with more confidence and clarity.

And if you’re reading this in English already, well… you’re halfway there.

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Startup Funding 101: What Founders Need to Know

As you’re now aware, fundraising is not just about getting money. It’s about choosing the right growth strategy and long-term partners. We have put together 6 helpful points you need to know about startup funding.

1. Funding is a tradeoff between growth and ownership

Startup capital helps founders build products, hire teams, and scale faster, but every investment usually comes with dilution, investor expectations, and influence over company decisions. Founders must balance access to capital with maintaining control.

2. There are three main funding paths

• Bootstrapping: Using personal savings or early revenue while keeping full ownership.

• Debt financing: Borrowing money without giving up equity, but taking on repayment obligations.

• Equity financing: Selling part of the company to investors in exchange for growth capital. This remains the dominant path for high-growth startups.

3. Investors now expect stronger fundamentals

In light of recent tighter venture environment, investors are prioritizing:

• Clear product-market fit (PMF)

• Revenue traction

• Strong unit economics

• Realistic growth plans

• Disciplined founders with clean financials and cap tables

4. SAFE agreements dominate early-stage fundraising

For pre-seed and seed rounds, SAFEs (Simple Agreements for Future Equity) have become the preferred fundraising instrument because they are faster and simpler than priced equity rounds. According to data, SAFEs represented 90% of pre-seed rounds in early 2025.

What exactly is SAFEs ? We will discuss it more next week.

5. Each funding round has a different purpose

• Pre-seed/Seed: Build MVP and validate demand

• Series A: Prove product-market fit and scale customer acquisition

• Series B: Expand aggressively and strengthen operations

• Series C+: Enter new markets, prepare for IPOs, or pursue acquisitions

6. Founders should raise for milestones, not vanity

It is emphasized to raise enough capital to reach the next major milestone with 24–30 months of runway, especially as funding cycles have become longer. Raising too much can over-dilute founders; raising too little can stall growth before the next round.

One Insight Worth Remembering

Fundraising is increasingly about storytelling backed by evidence. Investors want to see not only a compelling vision, but also traction, operational discipline, and a clear understanding of how capital will create measurable growth.

Startup Terminology of the week

• IPO (Initial Public Offering)

An IPO is when a private company offers its shares to the public on the stock market for the first time, allowing anyone to buy part of the company.

Example:
“After years of growth, the startup is preparing for an IPO to raise capital and expand internationally.”

• Runway

Runway refers to the amount of time a startup can continue operating before it runs out of money, based on its current spending rate.

Example:
“With only six months of runway left, the founders decided to accelerate fundraising efforts.”

• Equity Round

An equity round is a fundraising round where investors provide money to a startup in exchange for ownership shares (equity) in the company.

Example:
“The company raised $2 million in an equity round led by local and international investors.”

PMF

If everything is a priority, nothing ships. Startups don’t fail from lack of ideas, they fail from excess ambition.

Core insight:

Focus is subtraction with discipline.

Breakdown:

● One core metric per team.

● One obsession per quarter.

● Everything else waits.

Momentum isn’t about doing more. It’s about finishing.

Case Study

MarketForce (Kenya): When Raising a Lot of Money Also Speeds Up Mistakes

MarketForce was one of the most promising African startups in the digitalization of the informal sector. Having raised nearly $42 million, the startup aimed to connect thousands of small African merchants with major consumer brands through a digital distribution platform.

The ambition was to modernize a supply chain that remains largely fragmented in Africa.

The turning point came with the startup’s rapid expansion into several African markets. MarketForce had to grow quickly to justify the investments and capture market share before its competitors.

But execution fell short.

Operational realities varied greatly from one country to another. The startup had to manage complex logistical challenges, fierce local competition, and high costs to acquire and retain merchants on the platform.

The MarketForce case highlights an important reality: raising funds does not fix a fragile business model. A startup that expands too quickly without mastering its operations can turn its growth into a destabilizing factor.

• Join us for Founders Live Cotonou on 29 May 2026!

  Five bold startups will each have 99 seconds to pitch their idea to a local and global audience, followed by 4 minutes of live Q&A. You decide the winner, your vote counts!

  Want to be a part of the audience? Reserve your spot here.

With 🫶and support,

Sena

This week, we’re looking at the news from a different angle. Yes, we’ll talk about new funds in Southern Africa and the rise of biotech. But more importantly, we’re asking a question many avoid: what is the real cost of capital?

Let’s get into it.

A new fund has launched in Southern Africa: the Botswana Tech Fund (BTF), aiming to finance tech startups across the SADC region. With a target size of $64 million, it begins with an initial deployment of $6.4 million, including $1.3 million dedicated to early-stage startups. The fund brings together VC operators and family offices, with Launch Africa Ventures as advisor and Pula Investments as lead investor.

South African venture studio OneBio has secured a first closing of 100 million rand for its second fund, targeting 300 million by 2027. Its model is different: building biotech startups from scratch rather than simply investing. OneBio plans to expand into Nigeria, Kenya, and Egypt. It’s a bold move in a high-risk sector, but one already validated by successes like LifeQ and CapeBio.

The Talent4Startup Entrepreneurship Track has moved into execution with the launch of the Advanced Venture Creation program. Led by Digital Africa, Future Studio, Digital Valley, and Epitech Afrique, this track marks a key step. Thirty selected participants will work in teams to design, structure, and launch startups built from day one for international markets. The goal is clear: move from ideas to ventures capable of going beyond local boundaries.

Shiprazor has raised $2.65 million to streamline e-commerce logistics in Africa. Their solution connects merchants to over 20 carriers and automatically selects the best option based on cost, speed, and reliability. The startup has already processed more than 1.5 million deliveries. With this new funding led by Norrsken22, they plan to accelerate expansion and integrate AI tools, especially to improve address accuracy and reduce failed deliveries.

This Monday, 27th of April 2026, the trial between Elon Musk and Sam Altman, alongside other executives connected to OpenAI, officially began.

But to understand what founders can learn from this moment, we need to go back 10 years, to the genesis of it all.

On May 25, 2015, Sam Altman reportedly sent Elon Musk an email proposing a project called the “Manhattan Project for AI.” According to Sam, he envisioned a Silicon Valley research lab that would build powerful artificial intelligence and share it with the world through “some sort of nonprofit.”

Later that same year, they co-founded OpenAI as a nonprofit organization, heavily backed by Elon Musk’s funding, partly as a counterweight to Google’s growing dominance in AI. The original philosophy was clear: AI was too powerful to be controlled by one company or one country, so its development should be open and broadly shared.

Between 2017 and 2018, internal discussions began around the future of OpenAI and the massive capital required to pursue AGI (Artificial General Intelligence)—a machine capable of performing any intellectual task a human can do.

At that point, Elon Musk proposed that OpenAI should be integrated into Tesla, Inc., effectively becoming part of Tesla’s AI strategy. When that proposal was rejected, Musk left OpenAI.

That departure became a turning point.

Soon after, Sam Altman and the leadership team created a for-profit structure alongside the nonprofit arm, allowing OpenAI to raise large-scale external funding—including its now-famous multibillion-dollar partnership with Microsoft.

This post is not about the trial itself.

It is about what African founders should learn from it.

Too often, startup conversations focus only on raising money—how much, from whom, and how fast. But the real question is this:

What will that money cost you?

Because startup capital is never just capital.

The source of your funding, the terms attached to it, and the expectations behind it will directly shape your ownership, your decision-making power, and sometimes even your original mission.

Every investor writes more than a cheque—they write themselves into your company’s future.

A famous CEO once said:

“The second you take funding, you can never go back. Your business will be all about growing top-line revenue, and you’ll soon find yourself needing more funding to sustain that growth.”

He was right.

The moment you raise external capital, your company changes.

You are no longer building only for customers—you are also building for investors, board members, and shareholders. Your decisions become accountable to people whose priorities may not always align with your original vision.

And sometimes, the biggest founder mistake is not raising too little money—but raising it from the wrong people.

What founders can learn from this

1. Alignment matters more than money

Not every investor is the right investor.

Some bring capital.

Some bring control.

Before accepting funding, ask:

• Do they believe in the same long-term vision?

• Do they understand the market you’re building for?

• Will they support the mission when growth becomes difficult?

Misaligned capital creates expensive problems.

2. Structure determines power

Who owns what matters.

Your cap table is not just paperwork—it is your future negotiating power.

Understand dilution.

Understand board control.

Understand liquidation preferences.

Many founders realize too late that they built the company but no longer control it.

3. Bootstrapping is not weakness

In many African ecosystems, founders feel pressured to raise venture capital too early.

But profitability, customer revenue, and strategic partnerships can often create stronger businesses than premature fundraising.

Sometimes slow capital is smart capital.

4. Governance decisions are founder decisions

The legal structure you choose today—nonprofit, for-profit, hybrid, holding company, cooperative—will shape your options tomorrow.

OpenAI’s transformation shows that structure is never neutral.

It determines who wins when the stakes get high.

Final thought

Funding should accelerate your vision, not replace it.

Build a company where capital serves the mission—not where the mission becomes a servant of capital.

Because in the end, founders are not remembered for how much they raised.

They are remembered for what they were able to protect while raising it.

Float (Africa)
A strong idea does not survive weak governance

Float positioned itself as a financial infrastructure for African businesses: corporate cards, expense management, treasury tools. The promise was strong, addressing a real gap for startups across the continent. The company raised $17 million and quickly became a key player in operational finance.

Then in 2023, things started to break. Customer withdrawals were blocked. That was the first signal.

What followed was worse: fake SWIFT documents, fictitious investments, misuse of client funds. The CEO, Jesse Ghansah, allegedly ran an opaque system while the company appeared to operate normally on the surface. Internally, there were no strong controls or transparency mechanisms to raise early warnings.

The result was immediate and brutal. Startups could not pay their teams. Trust collapsed. Complaints reached as far as Interpol.

Lesson for founders

A product with strong features will never compensate for weak governance. Without internal controls and transparency, growth becomes a liability, not an advantage.

PMF

Founders overestimate the product. Users want relief.

Users are not looking for software. They want one less problem in their daily life.

Nobody wakes up thinking about features.

In reality:
They want fewer messages to manage.
Less stress.
Faster results.

Shift your approach. Do not just show what your product does. Show what disappears when people use it.

L’Oréal Groupe is launching a program to identify and accelerate concrete sustainable solutions in the beauty industry, in partnership with the University of Cambridge Institute for Sustainability Leadership. If you are building a technology ready to be deployed, you can join a 12-month program with mentoring, pilot testing, and direct access to a major corporate partner. Focus areas include climate, water, alternative materials, circular economy, and inclusive models. Deadline: May 6, 2026 at 08:00 GMT.

If you are building a climate solution with real social impact, this program can change your trajectory. The Green RISE East Africa Fellowship supports entrepreneurs creating sustainable jobs for youth and women while addressing climate challenges. Over six months, you will work on leadership, business model, and scaling capacity within a strong community. Deadline: May 11, 2026.

A hybrid incubation program designed for founders building health solutions in Africa, from tested prototype to launch and investment readiness. Over five months, teams refine their business model, validate product-market fit, structure their growth strategy, and access a network of mentors, investors, and partners across the continent. The program combines workshops, personalized coaching, and technical, legal, and financial support. Deadline: May 11, 2026.

The Global Impact Challenge 2026 is now open for applications to identify companies capable of generating large-scale positive impact. The first step is quick: a five-minute initial submission. Shortlisted startups will move to a more detailed second phase. The form must be completed in one session and cannot be saved, so prepare your answers in advance. Deadline: May 15, 2026.

We often see startups raising millions and start believing that without investors, nothing is possible. But on the ground, especially in Africa, the reality is more demanding. This is not a speed race. It is a survival game. That is exactly what this bootstrapping guide shows. Use it to shift your perspective and build differently.

See you next time.

I hope you’re doing well, even with days that sometimes move at full speed. I had a thought today: we often forget how valuable what you’re building here really is, sometimes even essential.

This week, I found a few stories that genuinely stood out. You’ll see pure ingenuity, solutions emerging where the need is most urgent, and barriers finally being removed to make things simpler for everyone.

But since we keep things honest here, we’ll also talk about that invisible and fragile link that determines whether a project takes off or collapses. We’ve all faced it at some point, and sharing these experiences helps us prepare better.

Stay with me, there are also a few insights and opportunities that could shift things for you very soon.

AI Diagnostics has just raised 85 million rands to accelerate the rollout of its digital stethoscope, Ostium. Combined with AI, the device analyzes lung sounds in real time and helps detect tuberculosis, even without visible symptoms. It’s designed for frontline health workers, allowing them to quickly identify suspected cases and refer them for confirmatory testing.

NectarFi, born out of a hackathon in Nigeria, has raised a pre-seed round and officially launched its platform. It brings together everything a crypto user needs in one app: a non-custodial wallet, a Visa card, gas-free trading, investments, and international payments, all without technical complexity. Already tested by over 1,000 users across multiple continents, the platform has processed more than $7 million in under a year.

The Visa Africa Fintech Accelerator has now supported over 100 startups since its launch. The announcement was made during the Cohort 5 Demo Day at GITEX Africa, featuring 18 startups from 10 countries. In total, 104 startups have been backed, reaching a combined valuation of $1.4 billion. The ecosystem is maturing. Opportunities exist, but increasingly through partnerships and truly integrated solutions.

Float (Africa) – When trust is the product, one crack is enough to break everything

Float positioned itself as a financial operations platform for businesses: corporate cards, expense management, modern infrastructure. With $17 million raised, the ambition was clear, to become a key tool for growing African startups.

In 2023, tensions emerged when client withdrawals were suddenly frozen.

Gradually, irregularities surfaced: forged SWIFT receipts, phantom investments, and misappropriated funds. Internally, things deteriorated quickly, with no transparency or real oversight.

The startup collapsed. Several client companies were left unable to pay their teams. Legal complaints were filed internationally.

Lesson for founders
In some businesses, you’re not selling a product, you’re selling trust. And once that’s broken, no pivot can fix it.

PMF

Market size lies to founders

“The market is huge” has caused more damage than competition.

From now on, you need to understand that a large market doesn’t guarantee fast revenue.

In reality:

• Large markets are often fragmented.

• Buying power matters more than headcount.

• Urgency matters more than volume.

The real question is: how many people can decide and pay this month?

The timbuktoo program, led by the United Nations Development Programme, is launching a continent-wide incubation network to support African startups. If you have an MVP, a committed team, and a tech solution with real potential, you can join a structured ecosystem connected to investors and local and international experts. The program covers key sectors from fintech to climate tech. Applications are open year-round, with quarterly cohort admissions.

The Dovetail Acceleration Program supports early-stage African organizations with a mix of flexible funding and structured support. Since 2021, over $6 million has been distributed to more than 130 organizations across the continent, focusing on key pillars like communication, impact measurement, and sustainable growth models. It targets organizations with budgets under $500,000 that are ready to structure themselves seriously to scale. Application deadline: April 28, 2026.

Africa’s Business Heroes, a program by the Jack Ma Foundation, supports African entrepreneurs. Each year, 10 finalists share $1.5 million in grants, along with training, mentorship, and access to a continental network of entrepreneurs and investors. The program is open to all African countries, sectors, and profiles. Applications for this edition are open until April 28, 2026.

Renew Capital supports early-stage African startups building the continent’s next major opportunities. Africa is becoming a massive ground for innovation. A young population, rapid digital adoption, and growing consumption are creating the right conditions for startups solving real problems. It’s an entry point for founders who want to scale and build a structured growth trajectory. Application deadline: April 30, 2026.

Many products fail for a simple reason: they become too complex too quickly. Features get added to cover every need, every client request, and over time the product becomes heavy without generating more revenue. To help you cut through this, we built a simple tool: the Feature Pruning Matrix. It helps you identify what truly creates value today, and what slows you down. You’ll quickly see where to focus to move faster with less. Download the Feature Pruning Matrix

See you next time, and keep pushing forward with your project.

I didn’t receive your invitation for today, but that’s fine. I’ve got a few surprises for you instead.

We often hear that success is all about big numbers and massive funding rounds. Yet, with over $700 million invested this quarter and markets like Kenya reaching near saturation, the reality on the ground tells a different story. This is no longer just a race for acquisition, but a real test of resilience and how useful startup products truly are.

Today, we take a clear-eyed look at these successes that sometimes hide fragilities, while uncovering practical levers for those aiming for real impact. Stay until the end, I’ve got a few opportunities to share.

The first quarter of 2026 recorded over 80 deals, totaling $711 million invested across equity, debt, and grants. Egypt ($154M) and South Africa ($134M) attracted the most capital, followed by Kenya and Nigeria. Fintech ($221M) and energy ($141M) remain leading sectors. At the same time, over 30 acquisitions show that major players are accelerating their expansion.

Kenya reached 51.36 million mobile subscriptions by the end of 2025, with mobile money penetration at 98%. In other words, almost everyone is already equipped. The implication is clear: growth is no longer about acquisition, but usage. With regulatory pressure to reduce costs and improve interoperability, pricing alone won’t be enough. The real battle begins now: usage frequency, integrated services, and added value.

Novastar Ventures has closed its third fund at $147 million. This pan-African fund targets startups from pre-Series A to Series B, with tickets ranging from $1M to $8M, focusing on social, financial, and environmental impact sectors. Backers include European and Japanese institutions. Startups like Chowdeck and Breadfast have already received funding.

ANDA has raised $1.2 million from BFA Asset Management, following a $3.4 million seed round in 2025. Founded in 2022, the startup enables drivers to access vehicles through a “drive-to-own” model, combined with training and infrastructure called “safe stops.” With this new funding, ANDA plans to expand its fleet, including electric vehicles, and strengthen its logistics nationwide.

Gro Intelligence (Kenya): Recognition doesn’t replace a sustainable business model

Founded in 2012 by Sara Menker, Gro Intelligence is an agri-tech startup using AI to deliver insights on agricultural markets. With clients like Unilever, its ambition was to become a global reference in agricultural data.

In 2021, the company raised $85 million and gained international visibility.

However, despite this traction, the business model remained fragile. Costs were high, monetization complex, and reliance on large clients limited revenue stability.

By March 2024, 60% of the workforce, including leadership, was laid off before the company ultimately shut down.

Lesson for founders
Credibility doesn’t pay the bills. Until your business model is truly sustainable, growth and recognition remain fragile illusions.

PMF

Support tickets are a goldmine for your product

Many teams see customer support as a cost center. That’s short-sighted.

In reality, support reveals the raw truth about your product.

What to pay attention to:

• Repeated questions signal poor user experience design

• Emotionally charged messages reveal real pain points

• Silence after onboarding should raise concern

If your support volume drops to zero, there are only two possibilities:
your users have fully mastered your product, or they’ve already abandoned it.

If you’re rethinking financial services for underserved populations or building solutions for sustainable agriculture, these programs are for you. You can apply to the FINCA Ventures Prize (fintech and financial inclusion) or the CLIC Connector Program (sustainable agriculture), or both. The application process is simple: create an account, answer the questions, and prepare your responses using downloadable examples. You can save your progress and return later. Deadline: April 10, 2026 (midnight GMT-4).

The Bayer Foundation Women Entrepreneurs Award 2026 is launching a 6-month program to support 15 women founders across Africa, Asia, Latin America, and the Middle East. It targets startups with existing revenue in health or food security. The program includes personalized support, international exposure, a trip to Amsterdam, and €25,000 in non-dilutive funding. Deadline: April 13, 2026.

The Horizon Europe program is calling for projects supporting innovative solutions in food transformation in Africa. Startups and SMEs can apply if they propose concrete, collaborative solutions involving farmers, researchers, and local stakeholders. Mentorship, funding, and scaling support are at the core of the program. Deadline: April 14, 2026 (5 PM Brussels time).

After a successful first season, TV5MONDE is launching Season 2 of the largest pan-African entrepreneurship competition. Participants gain international visibility, access to top mentors and experts, and the opportunity to pitch to a global panel of investors. If you want to take your project to the next level, this is your moment. Applications are open from April 2 to June 15, 2026.

Before going all-in on a startup idea, take 48 hours to figure out whether it’s a real opportunity or a financial trap. We’ve created a step-by-step guide to evaluate your concept, your customers, and your business model. It’s fast, practical, and directly actionable, designed to help you avoid costly mistakes and make better decisions. Download it and test your idea in 48 hours.

See you next time.

Sometimes, it feels like everyone is chasing after flashy validation, even if it means skipping essential steps. Between announcements of impressive funding rounds and strategic acquisitions that are reshaping our markets, the pressure to “look the part” has never been greater. But by trying to move too fast, we sometimes end up building on sand.

This edition explores what happens when the narrative outpaces the reality on the ground and why trust remains your most valuable asset, far beyond algorithms. We also highlight concrete opportunities for those who choose to build for real.

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• Nigerian fintech company Moniepoint Inc. is accelerating its expansion in East Africa with the acquisition of Sumac Microfinance Bank in Kenya. Its goal is to strengthen its business model, which focuses on lending to small and medium-sized enterprises. By acquiring 78% of this 20-year-old institution, it gains a key advantage: a banking license allowing it to accept deposits without being subject to the current restrictions imposed by the Central Bank of Kenya.

• South African fintech company littlefish has just raised $9.5 million in a Series A round led by Partech, with support from TLcom Capital and Flourish Ventures. Founded in 2021, littlefish develops a merchant operating system for banks, combining payments, CRM, and APIs into a single white-label solution. Already adopted by Standard Bank and Absa, the product has established itself as a critical layer. With a 30-fold increase in recurring revenue, the startup now aims to expand into more than 10 African countries.

• The Jobtech Alliance fund has invested in two African startups: Bumpa and Flowcart. Their market analysis is quite clear: for most African micro-entrepreneurs, the problem isn’t finding customers, but managing their operations more effectively. Bumpa streamlines sales (payment, inventory, management), while Flowcart optimizes communication via WhatsApp on the distribution side. They aren’t aiming to replace informal practices, but to organize them intelligently to make them more efficient.

• Moniepoint has just acquired Orda, a management platform designed for restaurants. In practical terms, restaurant owners will now be able to manage their operations, track their performance, and access financing all from a single interface. This move comes at just the right time: the African restaurant market is growing rapidly, but remains largely fragmented and under-digitized. Moniepoint no longer sells just financial services. It is building a comprehensive infrastructure to capture the entire value chain.

Growing quickly by cutting corners always ends up costing more

Have you heard of Delve? Few people had heard of it before this incident. And yet, the startup was doing everything you’d expect from a model student: incubated by Y Combinator, $32 million raised, and a clear focus on a critical area—compliance.

In the startup world, especially in cybersecurity and compliance, the pressure is intense. Clients want certifications fast. Investors want growth. And founders want to prove that their product “scales.”

It was in this context that Delve positioned itself as a quick solution for obtaining certifications such as SOC 2, ISO 27001, or GDPR. The promise is appealing: to automate a complex, costly, and slow process. But in reality, it’s far from it.

An independent investigation revealed that Delve allegedly generated compliance reports (SOC 2, ISO 27001, HIPAA, GDPR) before any actual verification took place. Identical templates, pre-filled conclusions, simulated audits. A mass production… of fakes.

The trap: growing faster than your actual capacity

Delve is not an anomaly. It’s a classic pitfall in the startup ecosystem: promising a level of service that the product can’t yet deliver. Why does this happen?

• Pressure from investors.

• The race for traction.

• The desire to appear more advanced than you actually are.

The problem is that compliance isn’t something you can wing. When you lie about this kind of thing, you’re not just damaging your product. You’re exposing your customers to serious legal risks.

What this says about the market (and not just in the US)

Many founders think this kind of excess exists only in Silicon Valley. That’s not true. In Africa, the landscape is even more fragile:

• less clear regulation,

• more opportunities to move fast… too fast,

• and growing pressure to conform to international standards.

The risk is building a credible facade before you have a solid foundation.

Some realities to accept if you’re building a startup

1. You can’t cheat your way to trust

   You can optimize a product, accelerate growth. But trust—that can’t be “hacked.” Once it’s lost, it’s over.

2. Not all markets forgive shortcuts

   Fintech, healthcare, compliance, logistics… certain sectors demand absolute rigor. If you’re not ready, don’t do it halfway.

3. The pressure will push you to lie subtly

   Not necessarily a big lie. Just a slightly exaggerated promise. A demo that’s a bit “staged.” That’s how it starts.

4. Your product must come before your storytelling

   Not the other way around. Otherwise, you’ll spend your time chasing an image you no longer control.

Growing without playing a double game isn’t being naive. It’s understanding that credibility is a strategic asset. Delve wanted to accelerate the perception of its value. But in some markets, reality always catches up with the narrative. And often, that costs much more than taking the time to build things right.

Case Study

Vibra (Nigeria) – A vague pivot can’t save a fragile business model

Founded in 2021 by Allen Ng and Vincent Li, Vibra is a crypto platform launched in Lagos. It offers trading and investment tools, while focusing on education and promotion to accelerate crypto adoption in Africa. The ambition is therefore twofold: to democratize access while building a base of engaged users.

But the landscape quickly changed. The market became unstable, crypto volatility intensified, and, at the same time, user acquisition costs skyrocketed.

In this context, the business model revealed its limitations. Growth relied on acquisition, without sufficient revenue to cover marketing expenses. A “strategic pivot” was then discussed, but without a clear direction or a discernible repositioning.

Without a clear direction, the business becomes difficult to sustain. Gradually, Vibra loses traction and eventually shuts down, without a real transition.

Lesson for founders

A pivot isn’t just a word—it’s a clear direction. If your model isn’t working, changing course without a clear direction only delays the inevitable.

PMF

Your roadmap is probably over-optimized

Founders love roadmaps. Users, on the other hand, don’t read them. A roadmap packed with features often masks uncertainty about the true value it delivers.

Here’s what you need to understand.

• First, features don’t create leverage. It’s the results that matter.

• Second, every new feature divides your attention and dilutes your efforts.

• Finally, complexity grows much faster than the actual value for the user.

Instead of asking, “What are we building?” ask yourself a simpler question:

Which problem is actually becoming easier to solve this quarter?

• As a startup founder, you often feel stuck between a grand vision and stalled market validation. Going it alone as an entrepreneur quickly becomes a trap where you burn yourself out polishing a product that nobody buys, due to a lack of connections and a clear strategy. Don’t face your technical and financial doubts alone. Join our private community to connect with peers who share your challenges. There, you’ll discover proven strategies and systems to truly grow and break through your growth barriers. Join Founder Grow Startup.

• The Moonshots for Development Open Innovation Challenge, led by organizations such as the International Fund for Agricultural Development and the European Space Agency, is seeking concrete solutions for smallholder farmers. The challenge focuses on four key areas: agricultural insurance, agroecology, digital services, and resilience in vulnerable regions. Projects utilizing AI or geospatial data are particularly encouraged. The prize: up to $360,000, mentoring, and support for field deployment. Deadline: March 30, 2026.

• African Diaspora Network is launching the 9th cohort of the BAF program, designed for early-stage African startups that have already begun to gain traction. The goal is simple: to help entrepreneurs scale concrete solutions in key sectors such as healthcare, agriculture, fintech, and education. The program includes training with the African Management Institute, mentoring, visibility, and access to a network of investors, with a stop in Silicon Valley. This is not for ideas, but for projects already in motion. Deadline: March 31, 2026

• The United Nations Environment Programme highlights young entrepreneurs who are developing concrete solutions to protect the environment. Considered one of the most prestigious awards in this field, it annually recognizes a select group of individuals capable of turning ambitious ideas into real impact. Beyond recognition, it serves as a springboard to gain visibility, access an international network, and accelerate one’s project. Deadline: March 31, 2026

• Are you developing a solution in the agrifood sector? The World Food Forum is launching its Startup Innovation Awards, offering direct access to the MassChallenge Switzerland accelerator. The program includes high-level mentoring, international visibility, and up to $10,000 in funding. The categories cover food processing, food security, climate, and women’s inclusion. An informational webinar is scheduled for March 30. Deadline: April 1, 2026.

Too many startups waste their energy creating Western-inspired gadgets when our markets are crying out for solutions that address real needs. In Africa, product-market fit isn’t found in comfort, but in vital necessities: health, education, or access to income. This week, we’ll break down how to build an essential offering that can weather crises.

See you next time.

We often hear that in entrepreneurship, growth is the cure-all. We charge ahead, raise funds, expand... But what happens when we get carried away a little too quickly, out of touch with the realities of the business? This week, we’re breaking down a journey that should serve as a lesson for us all.

Between major funding rounds in West Africa, technological advances that are breaking down language barriers, and sometimes counterintuitive truths about your customers, I have a lot to share with you.

Stick around until the end, there are also opportunities that could very well change the trajectory of your project before the end of the month.

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• The Nigerian cybersecurity startup Cybervergent has just raised $3 million in seed funding from Ventures Platform and Atlantica Ventures. Founded in 2012 by Adetokunbo Omotosho, the company is developing an AI-powered platform that helps organizations monitor their cyber risks and manage regulatory compliance in real time, even in complex cloud environments. Today, Cybervergent supports more than 150 companies across Africa and has integrated over 4,500 security and compliance controls.

• The South African payment orchestration platform NjiaPay has raised $2.1 million in seed funding, led by European investor Newion Partners. Spun off from the startup Talk360 in 2024, the company offers a technology layer that enables merchants to connect multiple payment providers via a single API. Talk360, its first client, reduced six integrations to a single one and increased its conversion rate by 25%. The funds will be used to expand the teams, develop AI-based payment tools, and accelerate expansion across the continent.

• Paymentology has partnered with South African fintech company Chikwama Pay to launch what they describe as Africa’s first neobank fully integrated with WhatsApp. Users can open an account, send money, save, borrow, or purchase insurance without downloading an app. The project is primarily aimed at populations often excluded from the traditional banking system: migrant workers, informal traders, and women in several countries across the SADC region.

Sendy (Kenya): When Expansion Outpaces the Solidity of the Business Model

Sendy is a Kenyan logistics startup founded by Meshack Alloys, Evanson Biwott, and Don Okoth. The company offers delivery services through a network of motorcycles and autorickshaws registered on its platform. The ambition is simple: to become a logistics infrastructure capable of fueling trade growth in East Africa.

However, starting in 2022, the economic landscape shifted. Financing became harder to secure, and interest rates rose. In this more challenging climate, Sendy decided to gradually pivot from a B2C model to a B2B model.

At the same time, the company expands its offerings with several new verticals such as Sendy Ride, Sendy Transport, and Sendy Supply. This diversification requires more capital and burdens the organization. To support this expansion, Sendy attempts to raise $100 million but manages to secure only $26.5 million. Faced with financial pressure, layoffs were initiated, and an acquisition plan intended to stabilize the situation failed.

Gradually, the structure became unsustainable. Finally, in 2023, Sendy was placed under receivership.

For the founders

Expansion is not a viable strategy if the business model is not yet solid and stable. Before opening new fronts, secure your core operations.

PMF

Not all churn is bad churn

Losing users hurts. Keeping the wrong users can do even more damage. In a startup, churn simply refers to the fact that users or customers stop using your product or service. For example: a user deletes their account, a customer cancels their subscription, or stops making purchases.

Many founders view churn as an exclusively negative signal. However, the reality is a bit more nuanced. Not all churn is created equal.

Key takeaways:

Churn from inactive users helps you better identify your ideal customer (ICP).

Churn from price-sensitive users forces you to clarify the true value of your product.

Churn from early adopters is more concerning. That’s where you really need to pay attention.

Key takeaway:

Don’t just look at how many users are leaving; focus on who is actually leaving.

• The Ignite Entrepreneurship Program Pan-Africa 2026 is a 14-week intensive program—fully sponsored and free of charge—designed for founders who want to turn an idea into a market-validated startup. Sessions take place online every Tuesday (classes) and Thursday (coaching), with weekly hands-on work to build and test your project. Each startup can participate with a small team (up to 3 people). The program requires discipline, reliable internet access, and a genuine commitment to achieving milestones. Application deadline: March 15, 2026.

• The EY SDG Accelerator: Freshwater x AI is a free six-month program for startups using AI or data to improve access to water, resource quality, sanitation, or climate resilience. Faced with an alarming reality—more than two billion people lack access to safe drinking water—the goal is to help high-impact solutions scale up. Five startups will be selected and will receive one-on-one mentoring from EY, strategic workshops, fundraising support, and access to an international network of investors and experts. Application deadline: March 16, 2026.

• Google for Startups is a three-month hybrid program for tech startups in the growth phase, designed to bring the best of Google’s products, programs, and experts to African communities. Each cohort of 10 to 15 startups benefits from hands-on workshops, personalized mentoring, and sprint projects to solve their technical challenges and accelerate their growth. Participants gain early access to AI products, Google Cloud credits, and comprehensive strategic guidance. This support is 100% equity-free. Applications are open now and close on March 18, 2026.

• The DATA FOR FOUNDERS initiative, launched with FMO Ventures, aims to help 100 African startups structure their fundraising efforts using data. Selected companies will have free access for two years to a database of over 4,200 deals representing $20 billion, as well as webinars to learn how to build a fundraising strategy based on market and investor analysis. The program also offers visibility among investors and partners. It is aimed at early-stage African startups that have already raised less than $1 million. Deadline: March 20, 11:59 p.m. SAST.

• Pula is launching a program for African companies that have moved beyond the pilot phase and are looking to scale up through strategic partnerships. The initiative targets a small number of startups with proven traction (at least $500,000 in transactional revenue by 2025) operating in sectors such as insurtech, traceability, and agricultural regtech. Selected companies will gain access to Pula’s distribution networks in more than 13 African markets, introductions to governments and insurers, as well as investment and joint venture opportunities. Application deadline: March 20, 2026.

Last week, we created a resource to help founders distinguish between flattery and genuine market interest. Many founders receive positive feedback when they pitch their solution… only to find that no one is actually buying or committing. This resource explains how to decode customer feedback, identify the signals that really matter, and adjust your product before it’s too late. It’s essential reading for turning enthusiasm into real traction and avoiding being blinded by superficial compliments.

See you next time!

We often hear that technology is advancing too quickly, but this week, it seems to be making its presence felt in unexpected places: our most intimate emotions and our most mundane interactions. Between innovations that are finally breaking down barriers to inclusion and gadgets that seem straight out of a science fiction movie, the line between “genius” and “unease” has never been so thin.

Today, I’m taking you on a tour of the movements shaking up North and West Africa, but we’ll focus on a textbook case that’s causing quite a stir right now. We’ll talk about those moments when marketing takes precedence over the product, the invisible risks of growth, and what your price really says about you without you saying a word.

Make yourself a cup of coffee (if you’re not fasting), and let’s dissect the successes and gray areas of the ecosystem.

• Talksign, an AI startup based in Nigeria and the United Kingdom, has just launched Talksign-1, its first sign language translation model. The technology converts American Sign Language (ASL) into text and voice in less than 100 milliseconds, and also works in the other direction. The model currently recognizes 250 signs via a simple webcam and aims to fill a real gap: most digital tools remain inaccessible to deaf or hard-of-hearing people.

• Chariow unveiled Polaris, the first edition of Chariow Next, during a live event on February 18, 2026. This milestone marks a clear turning point: the platform wants to go far beyond simple online sales. Key announcements include a complete overhaul of the shopping experience to reduce friction and improve conversion, an automated licensing system for digital products, and more flexible pricing with bundles and campaign-based testing. Chariow is also introducing native sales pages, integrated affiliate marketing, coaching tools, advanced automation, and AI powered by real store data.

• WafR, a Casablanca-based fintech company, raised $4 million in an oversubscribed seed round led by LoftyInc Capital, Attijariwafa Ventures, and Al Mada Ventures. The startup transforms neighborhood businesses into digital financial service points offering mobile top-ups, money transfers, deposits, and withdrawals. With nearly 20,000 active merchants and monthly transaction growth of 29%, WafR is tackling the Moroccan financial services market, estimated at $16.5 billion.

• Egyptian startup Breadfast has just raised $50 million in pre-Series C funding in preparation for a larger round planned for 2026 and expansion into North and West Africa. The round brings together heavyweight investors such as Mubadala, IFC, Olayan, Y Combinator, Novastar, and the EBRD. Breadfast relies on a highly integrated e-grocery model, from sourcing to last-mile delivery. The funds will be used to strengthen infrastructure and accelerate growth in the Egyptian market, estimated at $100 billion.

Friend.com: the startup straight out of Black Mirror

For several weeks now, Friend.com has been advertising in the New York, Los Angeles & Paris metro with promises of a “friend” around your neck, always there, always listening. The object intrigues, disturbs, and gets people talking. From a visibility standpoint, it’s a success. From a product standpoint, it’s much less clear.

The American startup Friend.com, founded by Avi Schiffman, offers a connected necklace for $129, designed as an AI companion. Always active, it observes, listens, and then responds via messages or voice. The idea was born out of personal experience: the founder’s loneliness. A sincere intention, a real problem. But turning an emotion into a commercial product is a risky endeavor, even if you spend $1.8 million domain name and $1+ million in marketing.

The current rejection is not insignificant. Many are not criticizing the technology, but the gap between the promise and the actual experience. Initial feedback describes an intrusive object that is uninteresting in conversation and lacks personality. This touches on a key point: a product can meet an emotional need without creating lasting value.

This case reveals a reality that many startups discover too late:

marketing can force attention, but not adoption. Spending a million on advertising does not accelerate product maturity. Worse, it brutally exposes flaws before the market is ready.

Another sensitive issue is trust. An object that is always listening, worn around the neck, immediately triggers fears related to privacy, mental health, and emotional dependence. Technical guarantees, even serious ones, are not enough when the unease is cultural.

References to Black Mirror do not come out of nowhere. In seeking to solve a human problem (loneliness), technology often creates additional isolation. If my “friend” is around my neck, why should I make the effort to go and talk to someone else on the terrace?

The most interesting aspect lies elsewhere. If OpenAI is working on a similar device, it confirms that Friend.com’s intuition is not absurd. But it also highlights another rule of the game: being right too soon often looks like being wrong.

What startups need to remember

• A personal problem is not automatically a market.

• The “wow effect” does not compensate for low usage.

• Launching too visibly too early exposes you more than it protects you.

• When it comes to intimate products (health, emotions, data), trust trumps innovation.

• Good timing is sometimes more strategic than the technology itself.

Friend pulled off a successful marketing coup (everyone is talking about it), but the brand image is already associated with harsh criticism. Make sure your marketing doesn’t oversell an emotional promise that your technology can’t deliver on. Post-purchase disappointment is the number one killer of startups.

BuyCoins Pro (Nigeria) – When regulation and security catch up faster than growth

Founded in 2017 under the name Bitkoin by Timi Ajiboye and Ire Aderinokun, BuyCoins Pro operates in the Nigerian crypto exchange market. Subsequently acquired by Helicarrier, the platform aims to structure local crypto trading and achieved a volume of over $28 million in 2019.

However, a cybersecurity incident combined with the Nigerian Central Bank’s gradual tightening of restrictions is changing the game.

Despite several product and organizational adjustments, regulatory pressure complicated operations, limited access to financial services, and undermined user confidence.

Between December 2023 and March 2024, BuyCoins Pro quietly ceased operations. Helicarrier then confirmed the shutdown to refocus on other services.

Lesson: In sensitive sectors, growth without regulatory and security foresight becomes an existential risk.

PMF

Your pricing sends signals that you don’t always control

Pricing isn’t just about revenue. It’s a positioning signal.

Example:

A low price often attracts customers who require a lot of support.

A high price attracts more demanding customers with clear expectations.

• Call for applications: Funding for young African innovators

  Applications are now open for the Oxford Africa Conference – Innovation Seed Fund (ISF) 2026, a leading innovation competition supported by Oxford University Innovation.

  Through the OUI Award, selected projects will receive £5,000 in funding and support to transform their ideas into high-impact solutions in Africa.

  What’s at stake:

  • £5,000 grant

  • Mentoring and entrepreneurial support

  • Pitch at an international conference in Oxford

  • Visibility among investors and decision-makers

  • Support for deployment across Africa

  Apply here before February 28, 2026 (11:59 p.m. GMT)

• 3rd edition of the Golden Business Challenge

  The Golden Business Challenge is going regional and expanding to new horizons! This 3rd edition is open to companies based in Ivory Coast, Senegal, and Benin, with the following prizes up for grabs:

  💰 A prize of 5 million CFA francs

  🤝 Mentoring, a pan-African network, and visibility with a grand finale in Abidjan. Registration is open until March 22.

• Stanford is piloting Breakthrough, an accelerator dedicated to student entrepreneurs.

  The program invests $500,000 in selected teams and awards $100,000 in grants. Founders also receive free legal support from Stanford Law attorneys, $350,000 in Microsoft, NVIDIA, and OpenAI credits, and privileged access to hundreds of mentors—venture capitalists and experienced CEOs.

  To date, startups from the program have raised more than $60 million from the 500 investors present at their Demo Days.

  Apply here before March 1.

If you are a fintech founders, innovation leaders, tech & finance professionals, investors, and ecosystem builders, this one is for you.

Join the Fireside Chat Fintech, co-organized by Future Studio, Epitech and Interswitch Group. Featuring Lawal Abiodun (Head, Innovation Management – Interswitch Group), Monsunmola Mare (Program Manager – Interswitch Group) and moderated by Henry Ukoha (Lead – Future Studio).

We’ll explore a key question: How can infrastructure help bridge francophone and anglophone fintech markets?

Date: Friday, February 27, 2026 from 4 PM
📍 La Mezzanine, Epitech Benin.

That’s all for this week. See you later!

Whether you’re launching your project or looking for the right moment to scale up, there are insights, opportunities, and resources that can make all the difference. We’ve brought it all together in this edition to help you make the right decisions, save time, and avoid common pitfalls.

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• GoCab, a pan-African mobility and financial services platform founded in 2024, has just raised $45 million to accelerate ethical financing for vehicles used by gig economy workers. The model will enable drivers and delivery personnel to access a vehicle through structured ownership pathways tailored to their circumstances. Operating in five African countries, GoCab has already announced $17 million in recurring revenue in less than two years.

• Yakeey has just raised $15 million in Series A funding, with support from players such as IFC, Beltone Venture Capital, Enza Capital, and CDG Invest via 212 Founders. It aims to simplify access to housing and streamline transactions through technology. This fundraising confirms the potential of an approach that combines artificial intelligence, data, and human support to transform the real estate value chain.

• Nigeria is launching LekeeLekee, a new social network developed by the teams behind ARISE and THISDAY. Presented as a local alternative to American and Chinese platforms, the project advocates for greater digital independence for Africa. LekeeLekee relies on a revenue model that allows creators and businesses to monetize their content directly, as well as moderation rules adapted to African cultural realities.

• Rwanda is strengthening its partnership with Zipline to expand autonomous medicine delivery nationwide. Already a pioneer in 2016, the country is now the first in the world to deploy comprehensive autonomous logistics coverage, including urban areas such as Kigali. This expansion, supported by $150 million in performance-based U.S. funding, will enable fast and accurate deliveries of healthcare products to millions of people. A new logistics center and an AI and robotics research hub will also be created.

Copia Global (Kenya): Rapid growth that came at a high price

Founded in 2013 by Jonathan Lewis and Tracey Turner, Copia Global was a Kenyan e-commerce platform targeting rural areas, with an extensive network of agents. With $123 million raised, the ambition was clear: to democratize access to commerce in East Africa.

Thanks to this fundraising, the company was able to expand rapidly into Uganda. However, this rapid expansion put pressure on its finances and logistics.

By recruiting heavily and increasing its operating costs, Copia failed to balance its burn rate with its revenues, despite a promising market. As a result, it had to leave Uganda, lay off more than 1,000 employees, and go into administration in May 2024.

Lesson: Growing fast is good, but without strict cost control and gradual expansion, even a promising project can collapse.

PMF

Speed of decision-making is a competitive advantage.

Large companies move slowly because they can afford to. Startups move slowly because they hesitate. And that is much more dangerous.

In the beginning, speed of decision-making matters more than perfection of decision-making.

Why:

• A bad decision made quickly teaches more than a perfect decision made too late.

• Teams don’t burn out because of speed, but because of uncertainty.

• Delayed decisions accumulate like invisible debt.

Simple rule: If a decision is reversible, decide today and move forward.

• The Mastercard Foundation EdTech Fellowship is opening its third cohort in Benin and Senegal. The program is aimed at EdTech startups ready to scale up and make a tangible difference in improving access to quality education in West Africa. For eight months, the selected teams will receive structured support: product and business acceleration, educational impact measurement, funding of up to $75,000, and integration into an active ecosystem of public and private actors. Application deadline: March 6, 2026.

• The African Impact Challenge supports founders who are tackling African issues with global potential. Two areas are open: Health Entrepreneurship, dedicated to healthtech startups across the continent, and Country Innovation, which will support Nigerian startups in all sectors in 2026. The program includes training, financing (investments or grants), strategic support, access to international partners, exposure to foreign markets, and post-program follow-up to raise additional funds. Application deadline: February 13, 2026.

• OceanHub Africa, with support from The Coca-Cola Foundation, is launching a pan-African call for bold ideas to transform into concrete solutions against plastic pollution. Up to $120,000 in funding is available for projects related to reduction, collection, recycling, or alternative materials. It is open to startups, researchers, teams, and project leaders from across the continent, even those without prior business experience. Applications must be submitted via a 5-minute video. Application deadline: February 15, 2026, at 11:59 p.m. (SAST).

• On February 13, connect your startup with experts in growth marketing and product management. Discuss your project, receive practical advice, and explore collaborations that can really boost your development. Places are limited to 10 startups, so sign up quickly and get ready to meet those who can make a difference to your project.

Many project leaders jump straight into creating a solution. The problem? Often, it doesn’t meet real needs and ends up frustrating everyone. This resource guides you step by step to understand your users’ problems before writing a single line of code. Simple tools, key questions, and a practical approach to ensure your product has a real impact and is monetizable. Click here to find out more.

See you soon!

At Founders Live Cotonou, we give you 99 seconds to pitch your ideas to an audience. Many people have done so beautifully well without slides, prompts or videos. But can you do it in just 30 seconds?

How well do you know your project? How well can you break it down into a thousand different parts? As a founder, you never know where you might meet an investor or someone who believes in your product.

I’m challenging you to create a 30-second pitch for your project, a simple five-word sentence that perfectly summarises it.

If you take on this challenge, you can tag @futurestudio and #30secchallenge on social media or in our Future Studio community if you’re willing to share it with me. We will applaud you and provide feedback. You can do it, I’m cheering you on!

Now, let’s get to this week’s update.

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• Paga and PayPal launch account linking in Nigeria, enabling users to receive international payments via PayPal and withdraw funds locally in naira.

• NowPay raises $20 million to expand into Saudi Arabia through a joint venture with Tasheel, aiming to roll out payroll and financial solutions compliant with Islamic finance.

• AfricInvest launches the Build Up Fund, a Morocco-focused fund targeting nearly 1 billion dirhams to finance mid-sized companies, supported by strong momentum from major investments and the Digital 2030 strategy.

• Andela acquires Woven to strengthen the technical assessment capabilities of its global talent marketplace, complementing Qualified and consolidating a unified, AI-driven system.

The African startup funding map in 2025 still tells the same story.
Kenya, Egypt, South Africa, and Nigeria capture the bulk of the capital. Meanwhile, Francophone Africa appears in dotted lines: a few deals, modest amounts, and rarely any truly structuring rounds.

This imbalance is neither random nor an isolated injustice. It is the result of a very rational system from an investor’s point of view. Funds are not looking for “good projects.” They are looking for massive markets—markets that can quickly surpass the psychological threshold of $2 billion. Below that level, interest drops sharply, regardless of team talent.

Yet many Francophone startups are still limited by local ambition. One country. One city. Sometimes even a single administrative segment. The product works, users are there, but the addressable market is too narrow to justify a serious financial bet. The result: startups with real potential, but invisible to large funds.

Another blind spot compounds this issue: regionalization.

Few founders think from day one in terms of coherent regional markets—WAEMU (UEMOA), CEMAC, West Africa, Central Africa. And yet, this is often where scaling truly happens. Investors don’t fund a country; they fund an expansion trajectory.

There’s also a hard truth to acknowledge: storytelling matters.

Anglophone ecosystems have learned how to tell stories that international investors understand. Francophone startups, by contrast, often talk about the product when funds are expecting market size, traction, and scalability.

But it’s not all bleak—quite the opposite.

Funding constraints have forced many Francophone startups to be more disciplined: generating revenue early, building robust models, solving concrete problems. This pragmatism is a strength—provided it is paired with broader ambition.

Key lessons for founders

• A good local product is not enough. You must demonstrate regional, then international, potential.

• Investors fund markets, not just ideas. Targeting less than $2 billion means accepting being off the radar.

• Traction without an expansion vision is a ceiling, not a springboard.

• Being based in Francophone Africa requires more strategic clarity, not more excuses.

• Capital follows those who know where they are going, not those who hope to be discovered.

Francophone Africa does not have a talent problem. It has a problem of structured ambition and a realistic reading of the capital game. And that is precisely where the next success stories can emerge.

OUWA (Ghana): Social impact without an economic model quickly reaches its limits

Based in Ghana, the Open University of West Africa set itself an ambitious mission: democratize access to higher education for $10 a year in a region where fewer than 10% of young people attend university. The goal went beyond education—to create a new generation of economic and social leaders.

Despite initial enthusiasm, a key question emerged: training students without concrete prospects limits the project’s real impact.

After opening an “educational internet café” in Accra, OUWA grew from 40 to 200 students in 18 months, becoming a major MOOC hub in sub-Saharan Africa. Students then began collaborating and launching entrepreneurial projects.

The founders pivoted to an “Educate – Incubate – Invest” model to connect learning with economic value creation.

Key takeaway: Access to education alone is not enough. Without economic outcomes, educational impact remains incomplete.

PMF

Your startup doesn’t have a growth problem. It has a clarity problem.

When growth slows, entrepreneurs multiply channels. But the real issue is often simpler: no one can explain the product in one sentence.

Key takeaways:

• If your users can’t explain what you do to a friend, growth will remain slow and manual.

• Clear product = faster word of mouth.

• Clear value = shorter sales cycles.

• Confusion silently destroys trust.

Simple test:
Ask three users to explain your product. If you get three different answers, you don’t have a growth problem—you have a clarity problem.

Opportunities & Calls for Applications

• AfricaTech Award
  Launched to support African entrepreneurs, the AfricaTech Award offers visibility, networking, and direct access to investors.

  • 30 selected startups receive a free 4-day VivaTech pass

  • 6 finalists receive flights, a Startup Corner, investor pitches, and one-to-one VC meetings

  • The grand winner pitches on the main stage, receives jury mentoring, and gains maximum exposure across the VivaTech ecosystem

  Criteria: Based in Africa, product for the African market, and raised over USD 150,000
  Deadline: February 16, 2026

• Female Founders Award
  An award supporting women entrepreneurs through investor access, increased visibility, and strategic mentoring.

  • 30 selected startups receive a free VivaTech 2026 pass

  • 5 finalists pitch before a jury of investors and decision-makers with personalized support

  • The winner receives a Startup Corner, a 5-month mentoring program, fundraising support, and extended visibility across all VivaTech channels
    Deadline: February 2, 2026

• INCiTiS-FOOD – 2nd Call for Applications
  INCiTiS-FOOD launches its second call for independent innovators. Startups and SMEs based in one of eight cities across six host countries can propose solutions to challenges identified by the project’s Living Labs.

  • 24 winners will share €60,000 in funding

  • 4 months working on concrete, city-based projects

  • Each site selects three winners
    Deadline: February 9, 2026

• BlueInvest Africa 2026 – Cape Town
  Are you an innovative African startup in the blue economy? BlueInvest Africa 2026 offers the ideal stage to showcase your project, meet investors, and join a continent-wide community committed to sustainable growth.
  Sectors include fisheries, aquaculture, coastal tourism, and marine technologies.

  • Coaching, B2B meetings, and media visibility

  • Limited to 30 finalists
    Deadline: February 13, 2026

• Strategic Meetup | February 6
  Startups from Benin and the sub-region—don’t miss this opportunity. Meet experienced growth marketers and product managers, discuss your projects, and explore collaborations to accelerate your growth. Share ideas, get practical advice, and build partnerships that can transform your startup.

• Africa Tech Summit Nairobi 2026 – February 11–12
  Join tech leaders, founders, investors, and innovators at Africa Tech Summit Nairobi 2026 at the Sarit Expo Centre. A must-attend event to network, learn, and access investment opportunities across fintech, AI, climate tech, startups, and more. Register now.

When you start alone, time quickly becomes a false ally. Everything feels urgent. Nothing truly moves forward. A successful founder’s schedule is designed to bring order to chaos—helping prioritize, structure weeks intelligently, and avoid the trap of “doing everything, all the time.” It’s not a rigid timetable; it’s a clear framework to move forward without burning out, even when you’re solo at the beginning. If you want to build methodically instead of just surviving your days, this resource is well worth your attention.

See you in a couple. Bye!

This week, fintechs stole the spotlight: funding rounds to expand services, electric mobility solutions that are changing the game, and startups reinventing payment and expense management. Behind every success are crucial strategic decisions: where to focus your energy, how to scale without losing agility, and when to go after big clients or stick with smaller deals.

In this edition, we’re sharing news, concrete lessons from founders, opportunities to accelerate, and practical resources to support your growth.

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• MyCredit, a Kenyan digital lender and non-deposit-taking microfinance institution, has just raised $3 million in senior debt from an international microfinance player. This operation strengthens its balance sheet as the company celebrates ten years of operations. The new capital will allow MyCredit to expand its lending capacity and reach more SMEs, private schools, employees, and entrepreneurs in Kenya.

• MAX has raised $24 million to accelerate electric mobility in West and Central Africa, following a return to profitability in Nigeria. This funding confirms the credibility of MAX’s strategic pivot: moving from financing conventional vehicles to an integrated electric mobility platform. The funds will be used to deploy more electric vehicles, strengthen battery-swapping infrastructure, improve fleet management systems, and support regional expansion.

• Nigerian fintech Cardtonic has raised $2.1 million in seed funding to launch Pil, an independent expense and payments management platform for businesses. Pil was born from an internal problem: managing subscriptions, ad payments, and cross-border expenses with unreliable cards and limited visibility. The solution offers multi-card controls, real-time transaction tracking, and centralized dashboards, with funding in naira, cedis, and stablecoins.

New on the scene: Djai launches in Benin

Djai is a smart and secure mobile application recently launched in Benin, designed for users of the MTN and Moov networks.

Built to help you automatically track and manage your Mobile Money transactions offline, Djai simplifies everyday financial management. No account creation is required, just download the app and start using it.

At the recent Founders Live event, founder Edwin Kouassi presented Djai’s vision and roadmap, including plans for expansion across the sub-region.

You can download Djai now and start managing your finances with ease.

Koko (Kenya) – Expanding too fast with a still-fragile model

Founded in 2014, Koko is a Kenyan startup specializing in bioethanol for domestic cooking. Its ambition is clear: offer a cleaner, more accessible alternative to charcoal and gas, initially targeting urban households in Kenya.

After a public launch in Nairobi in 2019, Koko rapidly expanded its scope: new cities, then new products via a retail platform for small merchants, followed by regional expansion into Rwanda in 2022.

By multiplying growth axes—energy, retail distribution, and geographic expansion—the company significantly increased operational complexity, while its model relies on heavy and costly logistics.

Despite claiming over one million households in 2023, operational pressure increased and profitability became a challenge.

Lesson

A logistics-intensive model must be firmly mastered locally before being duplicated or expanded.

PMF

Moving upmarket without losing agility

Big clients aren’t a problem in themselves. They become one mainly when you go after them too early.

How it works:

Once your processes are clear, repeatable, and proven, working with large accounts makes sense.

The key point is preserving decision-making speed. A big logo should never slow down your product pace.

In practice:

• Have a tested and validated playbook for small customers before targeting large contracts.

• Keep testing, iterating, and shipping fast—even while serving more complex enterprises.

Example: Target large deals once your activation and retention mechanisms are well mastered, which allows you to deliver without bending your entire roadmap.

• The MIT KSC Growth Stage Program, launched with the Government of Botswana, is designed for African entrepreneurs whose companies are already generating revenue and entering a structured growth phase. This selective program supports founders looking to scale more effectively: regional expansion, commercial acceleration, operational structuring, or leadership development. Application deadline: January 26.

• Take part in the 7th edition of the Sustainability Open Innovation Challenge by Enterprise Singapore! This year, the challenge invites startups and innovators from around the world to co-create concrete, scalable solutions for a more sustainable future with leading companies. Themes include renewable energy, offshore wind, greener industries, sustainable agrifood, and sustainable materials. Winners can access over S$3 million in pilot funding, mentorship, industry networks, and co-innovation opportunities. Deadline: January 30, 2026.

• The Masakhane African Languages Hub opens its 2026 call for projects on January 7. The goal: support African initiatives developing ethical, inclusive, and open AI for local languages. Grants fund research, data creation, and applied projects that strengthen local capacity and close representation gaps. Each project must be community-led and adhere to principles of equity, transparency, and local innovation. Deadline to submit your concept note: January 25, 2026.

• Accelerate Africa is selecting 10 founders for an intensive 12-week program, with 1:1 support from experts who have built and advised several successful African startups. The goal: help you tell your story, structure your team, build a must-have product, reach your first million in revenue, and raise funds from top investors. You’ll also benefit from practical workshops, mentorship, legal and financial clinics, and a strong founder community. Deadline: January 31.

RESOURCES

You spend weeks building features, but most of them will never be used by your first customers. That’s normal: at launch, the goal isn’t to impress—it’s to validate what your users truly want. Understanding this reality can save you time and money, and help you build a product that really matters. We’ve broken down why 80% of your features are useless at the start and how to prioritize what truly makes a difference. Discover all our practical tips in our full resource here.

Joining our community means getting direct access to everything you need to know about startups: practical resources, exclusive opportunities, and masterclasses with top players from the African and global ecosystem. It’s the ideal place to learn, exchange, and move faster alongside other founders facing the same challenges. And the best part: you can be among the first members and enjoy content and insights before anyone else. Join us now!

See you soon!

Sometimes, we look at startups that raise funds, travel, sign partnerships, and we think: that’s what it takes to succeed. But the real challenge is not to follow that path at all costs. Before running, you need to understand your mission, get structured internally, test your market, and validate your business model.

A startup’s maturity is not measured by its fundraising rounds or its travels, but by its ability to turn ideas into reliable and repeatable actions. That’s what I’ll be sharing with you. Buckle up, we’re taking off!

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• Paystack takes a new step by entering Nigeria’s banking sector through the acquisition of Ladder Microfinance Bank. Renamed Paystack Microfinance Bank, the entity will operate separately from the payments business while remaining closely connected to the Paystack ecosystem. This move mainly allows Paystack to better control the financial flows it has been handling for over ten years for more than 300,000 businesses in Nigeria. By leveraging real-time transaction data, the fintech can now move toward higher-value products and better assess credit risk.

• Terra Industries, a Nigerian defense tech startup, announces a $11.75 million funding round to deploy its autonomous security systems across Africa. The company designs drones, surveillance towers, autonomous vehicles, and maritime systems powered by its ArtemisOS platform. Today, Terra already protects infrastructure valued at nearly $11 billion, including power plants and mining sites in Nigeria and Ghana.

• Ivorian fintech Green Pay welcomes a major new investor: the Caisse des Dépôts et Consignations de Côte d’Ivoire (CDC-CI). The public institution joins Orange Côte d’Ivoire Participations in the startup’s capital, although the deal amount remains undisclosed. Green Pay deploys electronic payment terminals that allow merchants to accept bank cards and mobile money across all networks. Through a partnership with GIM-UEMOA, the startup is connected to more than 140 financial institutions.

Starting in January 2026, many African founders will have to deposit between $5,000 and $15,000 to obtain a U.S. business visa. Officially, this aims to limit overstays. In reality, access to global markets and networks is not neutral; it is political, financial, and unequal.

For years, the ecosystem has promoted the same trajectories: pitching in San Francisco, joining U.S. accelerators, raising from U.S. funds, external validation. The visa bond simply makes this model more expensive, more selective, and more exclusionary.

For a seed-stage startup, locking up $10,000 is not an administrative detail. It’s a strategic decision. It’s choosing between traveling and hiring. Between visibility and execution. This choice should never be imposed by a foreign public policy.

But we also need to look at the other side of the mirror.
Over the past two years, the rules of the game have already changed. U.S. funds invest remotely. Accelerators are becoming hybrid. Decisions are no longer made over coffee in Palo Alto but based on data, traction, and operational credibility.

The real risk is not traveling less. On the contrary, it’s continuing to believe that traveling is enough. This context demands a new level of maturity from African founders.

A few realities to integrate quickly:

• If your access to capital depends on a stamp in your passport, your model is fragile.

• Raising money in the U.S. is not a guarantee of quality. A relevant investor is one who understands your market and constraints, not one who lives in San Francisco. Regional funds, African corporates, and local partners are becoming structuring players, not default options.

• Every trip must become a strategic operation, not a rite of passage. If the ROI is unclear, the trip is a poorly placed luxury.

• Accelerators do not replace execution. YC helps; it does not compensate for a vague product or weak traction.

This new constraint is not just a barrier; it’s a signal. The startups that will succeed will not be those that managed to pay for a visa. They will be those that built companies solid enough for the visa to become secondary.

Case Study

uLesson (West Africa): International visibility put to the test of scalability

Founded in 2019, uLesson offers educational content for K-12 students, initially via SD cards and USB drives, then through an app launched in 2020. The startup aims to improve learning across several West African countries: Nigeria, Ghana, Sierra Leone, Liberia, and The Gambia.

Thanks to rapid adoption, the startup raises $7.5 million in Series A, then $15 million in Series B in 2021. That same year, international exposure on CNN puts uLesson in the spotlight, with high expectations to scale quickly.

Faced with this pressure, the company has to recruit and build infrastructure urgently. However, this rapid acceleration complicates quality management and content personalization. As a result, some initiatives are delayed and internal operations become more complex, exposing the startup to operational risks.

Remember:
Visibility and rapid growth require strengthening your foundations before expanding. You need to prioritize and prepare for scalability.

PMF

Small customers = fast learning
If you want to learn quickly in Africa, start with customers who don’t need a board meeting to test your product.

Key takeaways:

• Small customers decide in days, not months.

• They are closer to the problem and give honest, direct feedback.

• This allows you to test, learn, and improve your product before approaching large accounts.

Example: Start with small teams that can deploy your solution in one week. That speed can allow to fix your onboarding in real time.

• The Mastercard Foundation EdTech Fellowship is an acceleration program for African startups in the education sector. It offers selected companies mentorship, $60,000 in non-dilutive funding, market access, and guidance on learning science to help them scale, become sustainable, and maximize their impact. The program targets startups, SMEs, and NGOs offering technology solutions to improve K-12 education, tertiary education, or vocational training, with a validated product and an experienced team. Application deadline: January 30, 2026.

• The Atlantic Council’s Millennium Fellowship brings together each year 36 emerging leaders from the public, private, and nonprofit sectors for a nine-month hybrid program combining online training and field immersion. Participants benefit from masterclasses with global leaders, personalized diagnostics, and a study tour to explore local and global issues, while building a lasting international network. After completion, they join the program’s alumni community to continue exchanging and collaborating. Application deadline: January 25, 2026.

• Don’t miss Founders Live Cotonou on January 23, 2026!
  This edition highlights Epitech talents: five students and alumni will take the stage to defend their projects. Each will have 99 seconds to convince, followed by 4 minutes of live Q&A with the audience. And the best part? You choose the winner! To make sure you don’t miss anything, reserve your seat here.

You know what your startup needs to achieve, but turning all that into concrete actions feels hard. Structuring priorities, testing hypotheses quickly, and staying on track can become a real headache. The 90-day roadmap to boost your startup guides you step by step from idea to action, helps you make the right decisions at the right time, and maximizes your chances of traction. Download it for free!

Have a great weekend and see you next time!

January is often said to be a long month… but not for startup founders. Opportunities start flowing from day one, and you need to be ready to act. Between new funding rounds, acquisitions, and support programs, 2026 is off to a strong start for those determined to move forward.

It’s also the right time to get structured and make progress: refine your model, track the right metrics, and prepare your market for growth. In this edition, I’m sharing key news to watch, practical perspectives, opportunities you shouldn’t miss, and resources to help you make informed decisions.

Subscribe now

• Flutterwave, Africa’s most highly valued fintech, has acquired Nigerian startup Mono in an all-stock deal estimated between $25 million and $40 million. Founded in 2020 by Abdulhamid Hassan and Prakhar Singh, Mono builds APIs that allow businesses to access bank data, verify customers, and initiate payments. This acquisition strengthens Flutterwave’s vertical integration, combining payments, identity verification, and risk management across more than 30 African countries.

• Moroccan startup Woliz has raised $2.2 million from Sanlam Morocco, marking the insurer’s first private equity investment in the local ecosystem. Woliz aims to modernize the vast network of informal neighborhood shops, known as “hanout.” The company provides connected terminals and software to manage inventory, accept digital payments, and connect to an ecosystem of distributors, manufacturers, and financial institutions.

• Starting in January 2026, African founders, investors, and executives will face a new hurdle when traveling to the United States. The B1/B2 visa bond program now requires a deposit of $5,000 to $15,000, refundable only if the authorized stay is respected. For early-stage African startups, this amount represents several months of runway, limiting access to conferences, fundraising, and accelerator programs.

Case Study

Paystack (Nigeria): Prioritising the local market before international expansion

Founded in 2015 by Shola Akinlade and Ezra Olubi, Paystack is a Nigerian fintech specialising in online payments. After going through Y Combinator, the company set out to simplify transactions for African businesses and quickly became a key player in the sector.

In 2020, Stripe acquired Paystack for over $200 million, with the ambition of turning it into a growth engine for Africa while expanding its international footprint. This acquisition marked a major strategic turning point for the company.

In the years that followed, Paystack expanded into Europe and the Middle East. However, these moves quickly revealed challenges: limited resources, operational complexity, and a loss of focus on the African market, which remained its core strength.

In 2023, the company restructured its operations and refocused on Africa to better serve its customers and strengthen its local position.

Key takeaway

Before going international, it is essential to fully master your home market. Premature expansion can slow growth and reduce a startup’s agility.

PMF

Why big customers can kill your startup

Every founder in Africa dreams of landing that one big contract with a major telco, bank, or government agency. But the reality is that big customers can hurt you more than having no customers at all.

Here’s what people don’t always tell you:

• Large organisations are slow to decide, slow to adopt, and buried in red tape.

• You can spend months customising your product for them, while smaller customers are ready to pay today.

• At the early stage, the goal is not to impress, but to learn fast.

Example: A startup once entered discussions with a large corporation. The process dragged on for months. Meanwhile, smaller clients closed deals in days and actually used the product. Guess who paid the bills?

• ClimaFii supports early-stage startups offering clean energy and electric mobility solutions for microenterprises. The initiative helps founders test their products, deploy solutions, access funding, and prepare their businesses for future investment. The program includes support on business model design, financing, gender inclusion, and customer adoption, with funding ranging from $45,000 to $70,000 per selected startup.

  Application deadline: January 16, 2026.

• The Eye Health Innovation Accelerator supports African startups developing technology-driven solutions to improve access to eye care in low- and middle-income countries. The program provides technical support, seed funding ($100,000–$250,000 USD), mentorship, and market access to help startups validate, strengthen, and scale their innovations. Applications are open to African companies with a validated solution, demonstrated traction, and strong growth potential. Focus areas include AI, community screening, telemedicine, and assistive technologies.

  Application deadline: January 14, 2026.

• The Keeling Curve Prize supports ambitious projects tackling climate change. Finalists and winners receive funding, visibility, networking opportunities, and access to a fellowship program, including up to three interns per semester. Applications are limited to the first 500 complete submissions that meet the criteria, so early applications are encouraged.

  All applications must be submitted through the online portal by January 15, 2026

• This opportunity is for African B2C startups in the off-grid energy sector that are locally owned and/or women-led. 60 Decibels offers fully funded impact measurement studies, including detailed customer experience reports, practical recommendations, and the ability to showcase results to funders. These studies help startups make better decisions, improve their services, and attract new funding. Applications are now open for early-stage companies that have never participated in a 60 Decibels survey.

  Application deadline: January 20, 2026.

• AI in Action Nigeria – January 22, 2026 in Lagos

  A non-profit, impact-led conference focused on real-world AI – from LLMs, Agentic AI and RAG to production-ready systems. Taking place at the Lagos Oriental Hotel, it blends technical depth with community collaboration for Africa’s next generation of AI builders. Register here

• Join us for Founders Live Cotonou on January 23, 2026!

  A special edition for the Epitech ecosystem. Five bold Epitech students/alumni will each have 99 seconds to pitch their idea to a local and international audience, followed by 4 minutes of live Q&A. You decide the winner—your vote counts!

  Want to attend? Reserve your spot here.

Are you a startup founder looking to understand which metrics to track to validate your market and prepare for growth? We’ve published a comprehensive guide on LinkedIn that breaks down the key indicators to focus on, helps you avoid common pitfalls, and supports better decision-making. These insights will help you stay agile, prioritize what truly matters, and anticipate the challenges ahead. Discover it here.

In the meantime, how does your friend and family feel about your idea?

Have a great weekend, ciao!

Welcome to the new year… and the new version of you. It’s Seeennaaa!

The turn of the year always comes with energy. Fresh plans. Vision boards. Resolutions. A renewed sense that this will be the year things finally move.

As startup founders and entrepreneurs, your projects and businesses sit at the heart of your 2026 ambitions. But before you dive into execution, there’s a more important question to ask:

Are you setting the right goals?

Because it doesn’t matter how hard you work or how many boxes you tick, if the goals themselves are misaligned. Progress on the wrong objectives is still wasted effort.

In this edition, we’re focusing entirely on goal setting for founders. Not generic resolutions, but goals that actually move your startup forward. I’ll be sharing practical guidance on how to set yearly goals tailored to your stage and level, whether you’re validating an idea, building traction, or preparing to scale.

Setting goals that scale, from a solo founder to the CEO of a global company, requires more than ambition. It requires a system that balances vision with operational reality.

As a founder, you’re not just managing tasks. You’re managing runway, momentum, and focus for yourself and for your team. To move beyond simple to-do lists and create truly high-impact objectives, you need frameworks that help you decide what matters now, and just as importantly, what doesn’t.

That’s exactly what we’ll explore next.

1. Use the “North Star” Hierarchy

Don’t let small goals distract you from the big picture. Align your goals in a pyramid structure so every daily action feeds into your ultimate vision.

• The North Star Metric: One single measurement that defines success for your company (e.g., Daily Active Users, Monthly Recurring Revenue, or Liters of Water Purified).

• Strategic Pillars: 3–4 high-level themes for the next 6–12 months (e.g., “Achieve Product-Market Fit” or “Scale Customer Acquisition”).

• OKRs (Objectives and Key Results): Quarterly targets that are ambitious but measurable.

High-impact founders don’t just look at next week. They categorize goals into three time horizons to ensure they aren’t neglecting the future for the sake of the present.

• Horizon 1 (Current): Goals focused on the next 1–3 months. Focus: Execution and Cash Flow.

• Horizon 2 (Next): Goals focused on the 6–18 month mark. Focus: Scaling and Infrastructure.

• Horizon 3 (Future): Goals focused on 3–5 years. Focus: Innovation and Market Leadership.

2. Shift from “Output” to “Outcome”

A common mistake is setting goals based on doing things rather than achieving things.

Avoid (Output-based) Better (Outcome-based)

• “Launch a new marketing campaign.” → “Acquire 500 new leads at a < $10 CPA.”

• “Hire three new engineers.” → “Increase platform deployment speed by 20%.”

• “Redesign the landing page.” → “Increase homepage conversion rate from 2% to 5%.”

3. Focus on “Lead” vs. “Lag” Indicators

• Lag Indicators: The final result you want (e.g., $1M in revenue). You cannot influence these directly; they happen after the work is done.

• Lead Indicators: The actions you can control that predict the lag indicator (e.g., making 50 sales calls per day).

• Tip: Set goals for your Lead Indicators. If you hit those, the Lag Indicators usually follow.

4. The “Constraint” Test

Ask yourself: “If I could only accomplish ONE thing this quarter that would make everything else easier or unnecessary, what would it be?”

In a startup, you have limited resources. If you have 10 goals, you effectively have none. Aim for 3 core objectives per quarter to maintain extreme focus.

5. Build a “Rhythm of Accountability”

A goal is only useful if it’s reviewed. Regardless of your stage, implement this cadence:

1. The Weekly Sprint: Pick 3 “Must-Win” tasks that directly move a quarterly goal.

2. The Monthly Pulse: Review the Lead Indicators (the activities you control).

3. The Quarterly Pivot: Assess if the market has changed and if your Lag Indicators (the results) are following.

Adaptation by Stage: The Focus Shift

As your business matures, the type of goal you set must change. Use this table to audit your current priorities:

Business Stage Goal Archetype Key Question to Answer

• Pre-Seed (Discovery)

  Goal: Learning Goals

  Key Question to Answer: “Is the problem we are solving real?”

• Seed (Validation)

  Goal: Traction Goals

  Key Question to Answer: “Will people actually pay for this solution?”

• Series A (Optimization)

  Goal: Unit Economic Goals

  Key Question to Answer: “Can we acquire customers for less than they are worth?”

• Series B+ (Expansion)

  Goal: Systemization Goals

  Key Question to Answer: “Can the business grow without the founder’s daily input?”

Universal Goal-Setting Rules for Founders

1. One main goal per quarter or stage

   Everything else supports it.

2. Tie goals to a metric + deadline

   “By when?” and “How do we know it worked?”

3. Short cycles (2–8 weeks)

   Long-term vision, short-term goals.

4. Learning goals count

   Especially early-stage.

5. Kill goals that no longer reduce risk

   Progress ≠ persistence.

Simple Goal Formula for Founders

Use this across all stages:

By [date], we will [specific action] in order to validate [assumption], measured by [metric], so we can decide [next step].

And now, here’s your gift.

A straightforward goal-setting template to help you get started—simple, practical, and designed for founders who want progress, not complexity.

Download template

See you soon!

The end of the year is fast approaching, but in the startup world, nothing really stops. Fundraising continues, new opportunities arise, and startups emerge every day, ready to shake up the rules of the game. As they say: work hard.

In this edition, we give you an overview of the latest news and trends in the ecosystem. We also provide concrete benchmarks and best practices in governance to help you run your startup with greater peace of mind. It’s useful reading to inspire your decisions and prepare for the year ahead.

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• In 2025, layoffs continue in African tech, but the pace slows significantly compared to 2023 and 2024. The context has changed: funding is scarcer, costs are high, and investors are more demanding. As a result, many startups are adjusting their size to survive, not because their business has failed. MAX, Vendease, Twiga, Flutterwave, and Jumia have reduced their workforces to extend their runway, refocus on revenue generation, and delay more drastic decisions.

• Microsoft has trained nearly 4 million Nigerians in digital skills and AI in three years, with 70,000 certifications issued. Software development, data, cloud, AI: training has been rolled out on a large scale via online platforms and local partners. For Microsoft, the challenge was not just about learning, but also about certification, which is seen as a clear sign of competence in the job market. The initiative is set to continue with a new target of training an additional million people.

• CardinalStone Capital Advisers is preparing to launch its second fund dedicated to high-growth SMEs in West Africa. Called Growth Fund II, it is targeting $120 million to finance companies in Nigeria, Ghana, and French-speaking West Africa, particularly in Côte d’Ivoire and Senegal. The fund will target key sectors such as consumer goods and services, agribusiness, certain industrial segments, and financial services. The IFC plans to invest up to $15 million, subject to approval in January 2026.

Case study

54gene: a promising biotech company that collapsed due to poor governance

Founded in 2019, 54gene sought to fill a major gap: the underrepresentation of Africans in global genetic databases. With nearly $95 million raised, the ambition seemed well underway: to become the benchmark for genomics on the continent, starting with Nigeria.

But from 2022 onwards, the startup entered a period of turbulence. The departure of founder Abasi Ene-Obong created an initial vacuum. The legal director took over the management, before filing an internal complaint herself for discrimination and a hostile work environment. Leadership fractured, and internal confidence evaporated.

From then on, everything snowballed: conflicts, accusations, executives resigning one after another, investors distancing themselves. The company lost its direction and was no longer able to maintain its organization or its initial ambitions.

The financial situation deteriorated to the point where it became impossible to continue operating. In July 2023, 54gene began to shut down, despite its place among the top YC companies just a few months earlier.

Lesson for founders: A startup can survive a lack of traction, but rarely a lack of governance. Unstable leadership undermines everything, even with millions in the bank.

PMF Insight

Improve before reaching PMF

In the last two newsletters, we looked at how to create a cohort visually and analyze it. Now we’re going to look at how the data looks for reaching PMF. You don’t need to achieve perfection before scaling: you just need to see the right trend emerging.

Things to watch for:

• New cohorts that perform better than previous ones.

• An early signal that appears more quickly.

• More stable performance across different customer segments.

In concrete terms:

• If the new lines in your table are “greener” (better %) and appear earlier, you’re on the right track.

• If this is not the case, correct the core value you are providing before adding resources or pushing for growth.

Example: in three months, you can go from 40% to 70% early signal achievement. Not perfect yet, but enough to cautiously accelerate our go-to-market strategy.

• Africa Tech Summit Nairobi is opening a limited number of places for African startups ready to raise funds. The event brings together Africa-focused tech investors, large companies, and industry experts. It is an opportunity to present your product, refine your pitch, and make useful connections with players who are actively investing in the continent. Applicant startups must be African (at least one African co-founder or headquarters in Africa) and able to pitch on site in Nairobi on February 11 and 12, 2026.

  Deadline: submissions open until all spots are filled.

• OceanHub Africa is now accepting applications for its acceleration program dedicated to startups with an ocean impact. The program is open to for-profit startups, pre-revenue or post-revenue, with a functional MVP or in the launch phase. It combines strategic support, direct connections with investors and partners, and practical preparation for fundraising. Target sectors include sustainable food, clean energy, pollution control, and low-carbon transportation.

  Applications must be submitted by December 31, 2025.

• The Eye Health Innovation Accelerator is opening its new cohort. The program, led by Villgro Africa and the Fred Hollows Foundation, targets African startups developing accessible and scalable ophthalmology solutions. The goal is to strengthen innovations that can improve screening, diagnosis, and treatment in fragmented healthcare systems. Selected teams will receive expert support, enhanced market access, and seed funding ranging from $100,000 to $250,000.

  Deadline: January 14, 2026

• The Gates Foundation is launching a call for projects to create ultra-low-cost nutritional solutions for mothers and children in low- and middle-income countries. The goal is ambitious: to reduce the cost of essential ingredients (calcium, choline, DHA) by at least 50% or to design complete prenatal supplements for less than $2 for 180 days. The innovations sought must be radical, technically credible, and suitable for large-scale production, ideally in LMICs.

  Deadline: February 14, 2025.

This week in Start-Upping 101, we move on to episode 3, which is entirely devoted to Product-Market Fit. We explain how to identify whether your product truly meets the needs of your users and how to adjust your offering so that it becomes indispensable.

Each week, our series shares practical advice and tools to help founders turn their ideas into solid products and build sustainable startups.

You can find the full episode on our LinkedIn page. Be sure to follow us so you don’t miss the next episodes!

See you Friday, and have a great weekend!

Last week, we shared a form across our social media channels and in our newsletter to better understand what founders see as the main blockers in their entrepreneurial journey. The responses were strikingly consistent: many feel stuck due to a lack of structure, weak foundations, and an unsupportive mindset.

With this in mind, I have some good news to share later in this newsletter. But first, let’s dive into what I’ve prepared for today.

• Chui Ventures closes its first fund at $17.3 million, well above its initial target. The fund, launched in 2023 between Nairobi and Lagos, attracts institutional investors such as the Mastercard Foundation Africa Growth Fund, but above all more than 30 African investors, the majority of whom are women. Already, 60% of the capital has been deployed in 18 startups (Pricepally, Leta, Uncover, Flex Finance) in fintech, healthcare, agritech, and logistics, creating more than 1,200 direct jobs.

• Safaricom has announced a KES 40 billion debt program, the largest ever launched by a company in Kenya. The aim is to finance its enormous network, 5G and expansion needs in Ethiopia without having to restart a lengthy process every time it needs money. The company also plans to issue “green” or “social” bonds, which will enable it to attract international investors and potentially reduce its borrowing costs. This is a way of securing stable financing that is better suited to its growth.

• Midddleman, a Nigerian startup, is entering the Nigerian-China market worth $22.6 billion. The company connects African importers directly to Chinese factories. It also manages payments in yuan, negotiations, on-site inspections, and logistics.

• First Circle Capital has just launched a $30 million fund to support young African FinTech companies at the very beginning of their journey. The idea is to intervene where many founders hit a wall: raising pre-seed or seed funding in a sector that is nevertheless booming. The fund focuses on models capable of rapidly expanding to other countries and provides operational support to its startups to help them achieve true product-market fit.

Case Study

Thepeer: When compliance hinders growth

Founded in 2021 by Kosisochukwu Chike Onoye and Micheal Okoh, Thepeer aimed to simplify digital transactions for businesses via an API. With the necessary licenses and $2.1 million in seed funding, the project looked promising.

But compliance challenges quickly limited the startup’s ability to deliver its services effectively, slowing user adoption.

To save time, Thepeer partnered with Flutterwave, which provided temporary stability. However, customer engagement remained low and traction insufficient to support growth.

In April 2024, the founders decided to shut down Thepeer and return unused funds to investors.

Lesson: A promising product and funding are not enough: compliance and real market adoption must precede any expansion.

PMF Insight

How to create a cohort chart without losing your mind

Last week, we saw how cohort analysis can help you determine whether your new users find value in what you offer. Today, we’ll see how to visualize this. No need for a degree in data science—all you need is a spreadsheet and a quiet afternoon.

Cohort chart basics:

• Rows: When customers joined (by week or month)

• Columns: Time elapsed since registration

• Cells: % reaching your first key indicator

How to do it:

• Use Google Sheets or Airtable

• Start with 6 to 12 months of data

• Focus on trends, not perfection

  Example:

Start with a simple view in Airtable that reflected reality.

• GenAI for Good Challenge

  Do you have an AI idea that can truly improve the lives of communities? The GenAI for Good Challenge gives you the chance to turn your concept into action. Health, agriculture, climate: choose an area where your innovation will make a difference. Selected teams will receive up to $25,000 in funding, practical support, and, most importantly, real-world deployment in partnership with UN agencies.

  Deadline: December 1, 2025

• EWOR Fellowship

  EWOR is looking for extraordinary founders who are building tech companies capable of transforming markets. This virtual fellowship offers tailored support from entrepreneurs who have already created unicorns, and an investment of up to €500,000 to accelerate traction.

  Participants also receive €300,000 in cloud credits and regular mentoring from experienced founders. It doesn’t matter if you already have €500k ARR or if your idea is still just a concept: if you think in decades and build in days, this opportunity is for you.

  Deadline: December 1, 2025

• AI for Financial Resilience

  1.4 billion people remain unbanked, especially in emerging countries and among women. Lack of access, data, trust, and climate vulnerability hinder their inclusion.

  The AI for Financial Resilience program is looking for startups that use AI, blockchain, and emerging technologies to create accessible and sustainable financial solutions: insurance, credit, savings, emergency transfers. The goal: to strengthen economic resilience and enable marginalized communities to thrive despite climate shocks.

  Application deadline: December 1, 2025.

• F. M. Kirby Prize for Scaling Impact

  The Kirby Prize offers $150,000 to support companies seeking to scale their social or environmental impact. The idea is not only to reward a project, but to amplify the work of those who are closest to communities, who have already demonstrated concrete results, and who embody courageous and collaborative leadership. If your company is ready to take the next step and transform its impact on a global scale, now is the time to apply.

  Deadline: December 3, 2025

As mentioned earlier, the team has been working on something special for you. We’ve launched a new series, Start-Upping 101, where we share weekly tips and practical tools to help entrepreneurs turn ideas into action and build strong, sustainable startups.

You can find this week’s episode on LinkedIn. Be sure to follow us if you haven’t already, so you don’t miss the next one.

Free webinar for early-stage entrepreneurs

After analyzing responses from nearly 100 founders, one pattern stood out clearly. The biggest obstacles to launching their projects are a lack of structure, fragile foundations, limited mental preparation, and unclear direction.

To help you overcome these challenges, join our upcoming webinar, “The 5 Common Mistakes Holding Back Early-Stage Entrepreneurs and How to Avoid Them,” on December 5 at 5 p.m., with Henry Ukoha, Lead at Future Studio.

Stay tuned so you don’t miss a thing.

That’s all for today—stay focused, take care, and see you on Friday!