Flourish Ventures, a London-based venture capital company, has confirmed its entry into the Kenyan venture capital space in order to invest in Kenya’s increasing demand for fintech innovations. Kenya is the first country in East Africa where the company, which invests in entrepreneurs whose inventions help people achieve financial health and prosperity, has developed a presence. Apollo Agriculture, Fair Money, Financial Services Innovators (FSI), Flutterwave, Lendable, Pula, and Paga are among the dozen startups in the firm’s portfolio, which are based in Nigeria, Ghana, Egypt, and Kenya.
“We believe that Africa is on the cutting edge in the development of innovative and groundbreaking fintech solutions globally, and we are delighted that our Nairobi office will give us greater access across the continent,” said Arjuna Costa, the Managing Partner at Flourish Ventures.
Here Is What You Need To Know
- According to Costa, establishing the fund’s presence in Nairobi, Kenya’s capital is due to the strength of Kenya’s fintech industry off the back of the Covid-19 pandemic.
- This news was also accompanied by the appointment of Efayomi Carr as Principal, who will oversee the company’s Nairobi operations.
“Efayomi has a strong network in Africa and will work closely with Kenyan entrepreneurs building tools and services for fintech — with a special emphasis on embedded finance and insurtech,” said Mr. Costa on Carr’s appointment.
“Flourish Ventures is a deliberative and thesis-driven investor that wants to achieve real and broad impact across all of our investments in Africa. I am excited to be taking part in the growth of African fintech and innovation and I am optimistic that the continent will continue to give is pleasant surprises,” said Carr.
- Carr also expressed hope about opening an office in Africa, citing the continent’s fintech industry’s strength in the aftermath of the Covid-19 pandemic.
“I am excited to take part in the growth of our firm’s African presence and am optimistic that African fintech entrepreneurs will continue to deliver real results and make a positive financial impact for consumers and small businesses,” he added.
- Flourish Ventures provides its entrepreneurs with experts in Data Science, Fraud & Risk, Finance & Operations, Human Capital, Legal, Marketing & PR, Product Management, and Strategy in addition to financial support. Overall, venture capital aims to be a leader in the development of a financial system that empowers people and favours business models that benefit them over those that exploit them.
- Flourish published the South African version of its global research survey — The Modern Hustle: Gig Worker Financial Lives Under Pressure — in 2020, which followed the experiences of gig workers who use digital platforms like e-hailing or delivery apps to learn more about how they fared during the COVID-19 pandemic. According to the study, 76 percent of the 600 surveyed gig staff have seen a substantial drop in income since March 2020.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer
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