Go to the source: Widening your horizon to raise capital in Francophone Africa

This article is featured in French on Linfodrome.

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Every entrepreneur, especially in Africa, needs to recognise that what they are doing is inherently courageous. If they decide to launch a startup – a solution or service that uses technology – and to go after funding from venture capital funds, they have to approach fundraising from a place of confidence in their vision. Fundraising is not something to approach as if investors are doing founders a favour. Quite the opposite. Capital is critical, especially for startups operating in Francophone Africa, but that does not mean a founder should come to investors as if they were asking for a personal favour. The truth is that, for us as investors, it is a privilege to support entrepreneurs: to provide capital, yes, but also to back their courage and the execution of their vision.

It follows from this that fundraising should be approached from a stance that is strategic, selective, and expansive.

Strategic, because this is not something to do without research, a point of view, or a clear idea of the types of investors you want in your corner. You need a vision for the make-up of your cap table and a strategy to get there. That starts with getting familiar with the players who are actually investing in the ecosystem.

Selective, because not all capital is created equal. A founder building a solution that drives wider adoption of electric vehicles is better off raising from funds that are dedicated to climate or cleantech solutions. If the business will eventually need to expand to Nigeria, they are better off choosing to continue the journey with an investor who has strong connections there and a track record of backing startups that have succeeded in Nigeria.

Expansive, because it is crucial – particularly for founders building in Francophone Africa – to understand that there is capital interested in our region beyond the usual suspects. It is time to get familiar with investors who are active in Anglophone Africa and in North Africa. This is the point I want to focus on.

It is true that, today, the vast majority of venture capital is not directed at Francophone Africa. VC activity on the continent is still concentrated, for now, in four countries: Egypt, Nigeria, South Africa, and Kenya. These are the “oceans” of opportunity. But it is equally true that more and more investors are turning their attention towards Francophone Africa. Currency stability in the region, higher purchasing power compared to markets like Nigeria, and economic integration across markets, even with smaller populations, make countries like Senegal, Côte d’Ivoire, Morocco, Tunisia, Cameroon or Benin increasingly attractive. At Ventures Platform, we see these countries, especially in the WAEMU zone, as interconnected lakes – a fertile zone where there are just as many opportunities to seize as in the oceans.

This conviction has pushed funds like ours to establish a physical presence in the region by opening offices in cities like Dakar and Abidjan. For Ventures Platform, the decision to set up an office in Abidjan, represents the logical evolution of our commitment to entrepreneurs and the innovation ecosystem in Francophone Africa. Since our first institutional fund, Ventures Platform has invested in startups in the region like Chargel, Tanèl Health and Maad. These initial investments have strengthened our belief that there are outstanding entrepreneurs in Francophone Africa, and that capital must follow.

Other funds, even if they are not based here, maintain active visibility on the region and invest consistently. Founders Fund, Sequoia Heritage, Stripe and Ribbit helped propel Wave in Senegal; BOND backs Yassir in Algeria; Y Combinator supports Djamo in Côte d’Ivoire and Chari in Morocco; Endeavor Catalyst bet on InstaDeep in Tunisia. On the broader African and global side, funds like Launch Africa, Enza, LoftyInc, Oui Capital, Voltron and Alumni Ventures are already backing Senegalese, Ivorian and Cameroonian startups. “Out-of-zone” capital very much exists, and it is accessible. If you are thirsty, you go to the source.

Francophone African startups need to make themselves visible to investors and move towards them. This does require access and resources, but it is not mission impossible. As VCs, we are present and active. We post, we read, we respond. LinkedIn, intros via founders in our portfolios, conferences: these channels work. We do not want to miss opportunities. At Ventures Platform in particular, we regularly roll out a series of events to contribute to the ecosystem we operate in and support entrepreneurs beyond simply providing capital. This ranges from organizing mini-conferences to open office hours, as well as connecting founders with experts. In Côte d’Ivoire, we actively collaborate with incubators and accelerators such as ABX Accel and the Hub Ivoire Tech.  

If a fund seems relevant, look at its portfolio, note which founders it has backed and which partners lead the rounds. In Francophone Africa, the circles are small; many founders are willing to share their experience or make an introduction to the fund that invested in their startup. Start by getting in touch, have a real exchange, share where you are in your journey and what you are trying to build. Then, if there is alignment, you can ask whether a warm introduction makes sense. An intro should not happen in a vacuum; it rests on a relationship, even if it is just beginning.

Finally, a lack of familiarity with English should not hold you back. Yes, it is a hurdle, but preparation and practice can overcome it. Beyond language, what matters most is your ability to put forward and sell a vision. Above all, you need to show that the problem you are solving is an acute pain point, not a small headache that can be solved with a tablet of paracetamol. Show why your team is best placed to solve it, and make it clear what makes your solution hard to replace and sets it apart from the alternatives – what investors call a “moat”, a durable layer of protection around your advantage. All of that matters more than perfect fluency. Practice it, and invest time in getting there.

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About Hady Barry

Hady Barry is a Senior Investment Associate at Ventures Platform, where she focuses on identifying and supporting early-stage ventures shaping Africa's future - particularly in Francophone markets. She is especially passionate about supporting visionary entrepreneurs building a prosperous low-carbon future on the continent and beyond.

Hady brings over a decade of experience across fintech, global health, and social impact. Before joining Ventures Platform she led business development in Francophone Africa for Taptap Send, where the partnerships she brokered drove a majority of the company's profitability in the region. She has also held expansion roles at Zipline, negotiating national-level partnerships and designing systems to expand access to essential health commodities.

She holds an MBA from UC Berkeley's Haas School of Business and a BSFS in International Economics from Georgetown University's School of Foreign Service. Based between Abidjan and Dakar, Hady is driven by a deep commitment to shaping equitable and inclusive futures.