Returns and impact were never competing goals.
We back early-stage tech founders across Africa and the Middle East, and build governance in from day one. Here's what five years of that bet looks like, in numbers and in the companies behind them.
The impact behind our investments
We're often the first check these founders receive. Here's what that early bet has built across the portfolio, as of June 2026.
- Companies with an ESG policy 6
- Companies with ESG personnel 7
- Women in C-level roles 16
- Women in leadership roles 1,274
Never competing goals
We took the risk of being first money in. The returns show it wasn't a trade-off.
Every dollar we deployed as a first check attracted roughly 24x in follow-on capital — on a combined portfolio now valued at $1.86bn.
All portfolio data is self-reported unless otherwise noted. Khazna's impact figures carry independent third-party verification from 60 Decibels.
Our take on Carol Weiss' Theory of Change
From first check to lasting impact — five stages trace how an early bet on a founder compounds into change across the region. Click a stage to see how it plays out.
Inputs
Activities
Outputs
Outcome
Impact
The SDGs we align with
Our investment approach lines up with four UN Sustainable Development Goals — each case study ahead names the one it serves.
We prioritize ventures that widen access to financial services (SDG 1), support education and skills training (SDG 4), and create decent jobs while driving innovation (SDG 8 & 9).
How we define ESG
Our Environmental and Social Management System sets out three categories of ESG factors, used in every investment decision we make.
Environmental Strategies
Pollution and waste management, use of scarce natural resources, climate change impacts, and the development of sustainable products across the portfolio.
Social Strategies
How employees are treated, human rights, diversity and inclusion, supply chain management, and how our companies engage customers and communities.
Governance Strategies
Sound governance practice, anti-bribery and anti-corruption measures, business ethics, accountability, transparency, and whistleblowing channels.
Case studies from the portfolio
i'SUPPLY
Egypt's $6bn pharmaceutical sector still runs largely on paper and phone calls. i'SUPPLY built a B2B platform connecting pharmacies directly to distributors, with real-time stock visibility and predictive tools that flag shortages before shelves go empty — and is now FRA-licensed to offer working capital financing.
SDG 3 · Good Health & Well-being
Winich Farms
Nigerian smallholder farmers are often the last to benefit from the staple crops they grow. Winich Farms built a market aggregation platform connecting farmers directly to off-takers and retailers through a nationwide network of agent-run collection points — turning a sales history into a financial one.
SDG 2 & 10 · Zero Hunger / Reduced Inequalities
Chari
Hundreds of thousands of Moroccan neighbourhood shops run almost entirely on cash. Chari started as a B2B restocking app and has become the first VC-backed company in Morocco licensed by the central bank to offer payments — giving shopkeepers a digital footprint that can unlock credit.
SDG 8 & 9 · Decent Work / Industry & Innovation
Khazna
Millions of workers across Egypt and the Gulf earn far below minimum wage with no formal financial track record. Khazna is a digital financial super app serving these segments through 400+ employer partnerships — the only portfolio company with independently verified impact data.
SDG 1 & 10 · No Poverty / Reduced Inequalities — independently verified by 60 Decibels
MNT-Halan
Across Egypt, Turkey and Pakistan, most people live and transact outside formal banking. MNT-Halan built an app-based lending and payments platform reaching underserved individuals without requiring a bank account or credit history — becoming MENA's second fintech unicorn along the way.
SDG 8 · Decent Work & Economic Growth