What VCs Actually Look for in African Founders

Beyond the Pitch Deck

After reviewing thousands of pitches from African founders, we've noticed patterns in what separates fundable companies from the rest. Spoiler: it's rarely about the slides. The best founders we've backed share characteristics that are hard to fake and impossible to shortcut.

First, they know their market from the inside. Chipper Cash's founders, Ham Serunjogi and Maijid Moujaled, understood cross-border payments because they'd lived the pain of sending money between African countries. That authenticity is unmistakable.

The Metrics That Matter

We look for evidence of product-market fit, even if it's early. Are customers using your product repeatedly? Are they referring others? Is there organic growth? Moniepoint (formerly TeamApt) impressed investors not with projections but with real merchant adoption data.

Unit economics matter too. We've seen too many startups grow revenue while burning cash unsustainably. Show us that you understand your CAC, LTV, and path to profitability—even if you're not there yet.

What Sets Founders Apart

The founders who get funded can articulate why they're uniquely positioned to win. They've thought deeply about competition, market timing, and execution risk. They're coachable but opinionated. And they can recruit—because building a company is a team sport, and investors are betting on your ability to attract talent.