Harambeans has announced the launch of the Harambe Seed Fund, a co-investment vehicle that will invest in high performing teams and direct global investors to the next generation of high growth African entrepreneurs.
Over the course of our first decade, Harambeans has spawned a series of tech-enabled ventures across Africa which have attracted over $300 million from investors such as Google Ventures, Chan Zuckerberg Initiative and and Alibaba. Harambeans’ signature program the Harambee Entrepreneurial Alliance counts notable African entrepreneurs such as Iyin Aboyeji (co-founder of Flutterwave and Andela), Adetayo Bamiduro (co-founder, MAX), and Kwami Williams (co-founder, Moringa Connect), amongst its alumni. Since its founding, Harambeans have raised over $300 million in capital and created nearly 2,000 jobs.
This latest development builds on Harambeans’ efforts to scale up resources to support young, high-potential African entrepreneurs. In June 2017, Harambeans announced a new partnership with IDP Foundation to support the creation of a 5-day young entrepreneur’s institute, to junior and senior high school students to concepts of entrepreneurship, and the IDP Changemaker Fellowship to support education-related ventures.
Speaking in London at a briefing at The Economist, Harambeans founder Okendo Lewis-Gayle noted, “While it is easy for successful ventures to find investors willing to put in $1 million or above, it’s much more challenging for smaller ventures looking for $10,000 – $50,000 to get off the ground.”
This Fund will serve as a proof-point to the investment community, particularly early-stage and angel investors, and demonstrate the potential of Africa’s young entrepreneurs.
The Harambeans Seed Fund, supported by Cisco Foundation, will make its first capital deployment in late 2019.