Getting your Trinity Audio player ready...
|
Uganda recently held the 8th annual East Africa Private Equity and Venture Capital Association (EAVCA) Private Capital Conference at the swanky lakeside Speke Resort Convention Centre in Munyonyo under the theme “Adaptation and Advancement: Navigating the Next Wave of East Africa’s Investment Landscape,”.
This year’s event was particularly focused on the trends that are shaping the private capital industry in East Africa, with a major focus on frontier markets like Uganda, Rwanda, Tanzania and the DRC.
This conference is the premier gathering of investment professionals in East Africa and beyond. The conference attracted over 15 limited partners, over 300 delegates and over 20 entrepreneurs.
In a decade since the EAVCA was formed, private capital investments have increased tremendously in the region. From 2013 to 2023, 550 private equity deals and over 1000 venture capital deals were recorded in East Africa. The private equity deals were valued at USD 5.1bn, while the venture capital deals were worth USD 5.5bn.
Kenya took the lion’s share of all these deals, raising 330 deals worth USD 3.67bn followed by Uganda with 85 deals worth USD 453m just edging Ethiopia which saw 28 deals worth USD 403m. DRC (41 deals and USD 143m), Rwanda (30 deals and USD 123m) and Tanzania (34 deals and USD 22m) followed.
Today, we delve into the stories behind the numbers, shining a spotlight on 25 remarkable individuals who are facilitating and driving these deals across the region. From seasoned investors to innovative fund managers and skilled transaction advisors, these are some of the people making it happen.
Amanda Kabagambe (Partner, TLG Capital)
Amanda Kabagambe is a seasoned professional with extensive experience in the private equity sector. Amanda’s expertise, built over a decade and a half, lies in providing strategic guidance to businesses, helping them navigate complex transactions, and identifying growth opportunities. Her extensive network and deep understanding of the East African market have made her a much sought-after advisor for companies seeking to expand their operations.
One of Kabagambe’s notable achievements is her work with the Ugandan government during the COVID-19 pandemic. She played a crucial role in structuring and implementing a $1.5 billion economic stimulus package, which was aimed at mitigating the economic impact of the pandemic.
Amanda graduated from Makerere University with an economics degree and also got an MBA from the Edinburgh Business School. She has received training in gender lens investments from Swedfund, showing her commitment to making an impact in the promotion of women business leaders. Additionally, she is certified in company governance and direction by the UK Institute of Directors and has certifications in project management and business analysis.
She worked at Deloitte for three years from 2010-2013 as a business analyst, before joining PricewaterhouseCoopers for four years in various roles from 2014-2017 working in Uganda, Tanzania and South Africa.
In 2018, she founded Bethel Advisors. Bethel Advisors is a network of consultants based in Uganda that provides advisory services for business growth, economic development, and empowerment of individuals and institutions. The firm focuses on several areas, including African Market Expansion, Project Finance, Business Advisory Services, and Inclusion. Bethel Advisors is known for its diverse range of expertise and connections, which it leverages to help clients achieve their goals and drive impact.
As a Partner and Head of East Africa for TLG Capital, she has developed a keen understanding of the region’s business landscape and the challenges faced by entrepreneurs. TLG Capital is a private investment firm that focuses on investing in small and medium-sized enterprises (SMEs) across sub-Saharan Africa. The firm prioritises the protection of its investors’ capital through meticulous structuring and risk management, ensuring stability and confidence in its investment strategies. TLG Capital thrives in challenging markets, continuously seeking out unique investment opportunities and inventing new asset classes and innovative investment structures. The firm has achieved a best-in-class performance track record by identifying and capitalising on unconventional assets
She is also the chairperson Uganda Chapter and a Member Board of Directors of the East Africa Private Equity & Venture Capital Association (EAVCA) assuming that role in January 2024. EAVCA is a professional organisation that represents private capital providers supporting businesses and enterprises in East Africa. She also served as the chairperson for the Steering Committee of the Uganda chapter, playing a key role in organising the recently concluded Private Capital Conference at the Speke Resort Munyonyo.
Asif Noorani (Principal, Phatisa).
Asif Noorani has been investing in African entrepreneurs for well over a decade in both private equity and venture capital. His speciality is traditional companies that are digitising and innovating for growth in an increasing tech world, but also those that are prioritising climate adaptation and mitigation.
After acquiring a bachelor’s degree in Accounting and Financial Management in 2011 from Oxford Brookes University, he began his journey in the African investment space at Fanisi Capital in various roles starting as an analyst in 2013 and ending up as the investment principal in 2019.
Fanisi Capital is a Kenyan private equity firm that invests in early and growth-stage companies across East Africa. Founded in 2011, the firm focuses on sectors such as agribusiness, healthcare, energy, and education. Fanisi Capital launched its second fund in 2017, aiming to raise $75-100 million to invest in the region. In 2022, the firm announced plans to merge with another East Africa-focused private equity firm, Ascent Capital, creating a combined fund size of at least $150 million.
Fanisi Capital invests in well-run companies with ambitious founders and managers, providing not just financial capital but also strategic and operational support. Some of the companies Fanisi Capital has invested in over the years include businesses in the agribusiness, healthcare, and energy sectors across East Africa. The firm’s investors include major Kenyan pension funds, reflecting the growing appeal of private equity investments in the region.
After leaving Fanisi Capital, he worked for two years at Investisseurs & Partenaires (I&P) as an investment manager. I & P is a pioneering impact investment group dedicated to financing and supporting small and medium-sized enterprises (SMEs) in Sub-Saharan Africa and the Indian Ocean region.
Asif is currently the principal at Phatisa, a leading sub-Saharan African private equity fund manager, established in 2005. Phatisa invests across the African food value chain, as well as affordable housing, aiming to balance commercial returns with impact objectives. Phatisa currently has three funds under management, totalling more than $400 million in committed capital.
The firm’s first fund, the African Agriculture Fund (AAF), was launched in 2011 with $246 million in committed capital. AAF has invested in 9 portfolio companies across the agribusiness and food sectors in Sub-Saharan Africa. In 2017, Phatisa launched its second fund, the Pan African Housing Fund (PAHF), which has $41.95 million in committed capital and focuses on affordable and middle-income residential developments. Most recently, in 2021, Phatisa raised $143 million for its Phatisa Food Fund 2, which invests in the African food value chain, including agriculture, food processing, logistics, and packaging.
In June 2024, Phatisa announced that a consortium comprising Phatisa, ES-KO, and management had acquired 100% of International Facilities Services (IFS), a leading African facilities management group. This acquisition represents a recent milestone for Phatisa, as the firm continues to expand its portfolio of investments in key sectors across Sub-Saharan Africa. Phatisa has also previously invested in a leading East & West African packaging and printing company, MHL International.
Agnes Aistleitner Kisuule (Co-founder and Managing Partner, First Circle Capital).
Agnes Aistleitner Kisuule is a seasoned entrepreneur and investor with a diverse background in law and business. She is the Co-Founder and Managing Partner of First Circle Capital, a venture capital firm focused on fintech investments in emerging markets.
First Circle Capital was founded in 2021. Agnes is based in Uganda, making First Circle Capital one of the few VC firms with a visible footprint in Uganda. In addition to Agnes, the firm’s leadership team includes Venture Partner and Head of Portfolio Management Ming S. Kwan, and Co-Founder and Managing Partner Selma Ribica.
First Circle Capital’s portfolio includes investments in companies like Terminal Africa, Talk360, Estafsar, Pumpkn, Credpal, and WiAssur.
Agnes also built a career as a serial entrepreneur, seed investor, and super networker. She has successfully established and scaled businesses in various regions, including Jordan and Ukraine, with a focus on employing local women.
Agnes’ entrepreneurial journey has been marked by her ability to adapt to different markets and cultures. She has been recognized for her outstanding achievements, including being selected for Forbes 30 under 30 outstanding individuals in 2022.
Agnes holds a strong educational background, having attended the University of Vienna where she attained a Law degree. Her professional network is extensive, with connections in the tech and finance industries. She is based in Uganda and continues to be involved in various initiatives that promote entrepreneurship and innovation in emerging markets.
Audrey Obara (Regional Director for East Africa, Swedfund)
Audrey Obara is an 18-year veteran of finance and investments in East Africa. She graduated from the University of Nairobi in 2005 with a BSC in Actuarial Science. She joined Deloitte and Touche East Africa in September 2005 as an auditor, leaving the role in 2009 for Deloitte Consulting Limited where she spent five years starting as a consultant, then manager and finally, senior manager.
In January 2016, she began her eight-year association with Swedfund International. She began as their investment manager for two years before becoming Senior Investment Manager in 2017, a role she held for four years. In September 2022, she became the regional director for East Africa, a position she still holds to this day.
Swedfund International is a Swedish state-owned development finance institution that invests in viable and sustainable businesses in low and middle-income countries, with a focus on sub-Saharan Africa. Swedfund International aims to contribute to poverty reduction and sustainable development through its investments.
Swedfund had a portfolio of over $840 million across 64 investments by 2021. Its investment strategy involves a balanced portfolio across geographies, sectors, and investment instruments, including equity, debt, and funds. In East Africa specifically, Swedfund has allocated over 65% of its total portfolio to the region, investing in sectors such as financial inclusion, energy and climate, and healthcare.
For example, Swedfund has invested $32 million in the Apis Growth Markets Fund III, which serves low and middle-income consumers across Africa and Asia by investing in companies with innovative and digitally-enabled business models. Swedfund has also invested $5 million in the Nordic Horn of Africa Opportunities Fund, which focuses on Somalia.
Carol Birungi (Country Manager, XSML Capital).
Carol Birungi is a chartered accountant and member of ACCA-UK. She graduated from Uganda Christian University (UCU) with a Bachelor’s Degree in Public Health before pivoting to finance through pursuing an ACCA Certification from 2016-2019.
She cut her teeth in finance at PricewaterhouseCoopers starting as an associate in 2013 to 2015 in Rwanda, then as a Senior Associate for four years starting in 2016 in Uganda. She briefly worked in Papua New Guinea as a Senior Auditor in 2020 before returning to Uganda to work at XSML Capital. At XSML Capital, she worked for two years as the Portfolio Manager and in 2023, she became the country manager.
XSML Capital is one of the more prominent investment firms with an office in Uganda. It was founded in 2008 and closed its first fund in 2010. It invests $300,000 to $10m in entrepreneurs to grow their businesses into sustainable medium and large companies with a focus on markets like DRC, Uganda, Kenya, Angola and Zambia. It raised its first fund in 2010, closing at $19.1m, followed up with another fund of $55m and a third fund of $85m. In March 2024, it closed its fourth fund, Rivers Fund IV at $97.5m.
XSML Capital has so far invested close to $136m across its four funds in 70 SMEs including one of the most prominent pharmacy chains in Uganda, Ecopharm, as well as TMR International Hospital, an upscale international standard hospital. XSML has assets under management of close to $150m.
On the back of its investments, its portfolio SMEs now employ about 3,109 people. In 2022, XSML Capital was awarded the Frontier Investor of the Decade at the 10th Private Equity Africa Awards. It is also a member of EAVCA. In Uganda, it has backed one of the most prominent pharmacy chains, Ecopharm, as well as TMR International Hospital among others.
Edward Burbidge (CEO, I & M Burbidge Capital).
Edward Burbidge is the Chief Executive Officer and founder of I&M Burbidge Capital, an investment banking firm advising mid and large-sized companies in Eastern Africa on IPOs, Private Placements, Debt Capital and Mergers & Acquisitions transactions. Edward founded Burbidge Capital (now I&M Burbidge Capital) in September 2010. In 2016, I & M Group acquired a 65% stake hence the name change.
I & M Burbidge Capital has executed over 50 deals since its inception in various sectors including financial services, manufacturing, real estate, renewable energy, agriculture, petroleum and oil with typical deal sizes ranging from $5 million to $300 million including prominent transactions in Uganda.
‘We have concluded several deals including, I&M Group Plc’s acquisition of Orient Bank, business valuation for Umeme, the sale of Crane Bank Rwanda to Dfcu Bank, Flametree Group’s Initial Public Offering on the Nairobi Stock Exchange and many others,” said Burbidge in 2022 at an I & M Burbidge Capital event where they hosted high net worth individuals in Kampala at Serena Hotel.
Before founding Burbidge Capital, Edward worked in the City of London for over 10 years, initially as a fund manager with Deutsche Bank Tilney Private Wealth and later as an investment banker with Arbuthnot Banking Group Plc. He is a CFA Charterholder
Dr Edward Isingoma Matsiko (Managing Partner, Pearl Capital Partners).
Dr Edward Isingoma is an accounting and impact investment expert with a career spanning 20 years. He graduated with a degree in accounting and finance from Oxford Brookes University and an MBA from Heriot-Watt University. He acquired his PhD in Business Administration from the London Graduate School making him accomplished in academia as well.
He started his career as a lecturer, working at the Uganda Institute of Communication and Technology for just over a year. He also worked for 14 years, as a lecturer at the MAT Abacus School training the next generation of Uganda’s investment professionals.
In 2006, he joined Kilimo Trust as a financial controller. Kilimo Trust is a non-profit organisation based in Uganda that focuses on agriculture for development across the East African community. The organisation aims to make agribusiness a transformative tool for wealth creation, food and nutrition security for smallholder farmers and other value chain actors. He also worked for 13 years in different roles including Chief Accountant at Nakasero Soap Works Ltd, a Ugandan company that specialises in the production and supply of soaps and detergents.
He is currently the Managing Partner of Pearl Capital Partners (PCP). Pearl Capital Partners is an independent impact investment fund manager specialising in providing risk capital to small and medium-sized enterprises (SMEs) operating in the agriculture value chain in Eastern and Southern Africa. PCP has been operating in East Africa since 2005 and has managed four agri-focused funds with a portfolio of over 48 investments. Pearl Capital Partners aims to provide medium to long-term capital to ambitious entrepreneurs who aim to build sustainable and profitable agribusinesses while generating significant and measurable social and developmental impact.
PCP manages several funds, including the Yield Uganda Investment Fund, a €20 million agricultural fund launched in 2017, and the African Agricultural Capital Fund (AACF), a $25 million agricultural fund launched in 2011. Pearl Capital Partners has also managed the African Seed Investment Fund (ASIF), a $12 million seed fund formed in 2010, and its original investment company, African Agricultural Capital Ltd (AAC), formed in 2005 with $9 million in equity subscriptions. The firm invests between $250,000 and $2 million in growing agricultural SMEs in East Africa, typically using a combination of equity, quasi-equity, equity-related, and debt investments.
Some notable investments made by Pearl Capital Partners include Sesaco, an agro-processing company processing and manufacturing soy-based products; CECOFA, a primary processor and exporter of coffee organised through a smallholder farmers’ co-operative structure; Chemiphar, an internationally accredited analytical lab; and Raintree Farms, a value-added producer of fresh fruits and vegetables. These investments have contributed to the firm’s portfolio of over 48 investments across East Africa, with a focus on supporting businesses that drive social and environmental impact while generating financial returns.
Edmund Higenbottam (Managing Director, Verdant Capital).
Edmund Higenbottam is the Managing Director of Verdant Capital, a leading Pan-African investment bank and investment manager specialising in private markets. With over 20 years of experience in investment management and investment banking, Higenbottam has played a pivotal role in shaping the financial landscape across the African continent.
Higenbottam graduated from the University of Cambridge with a degree in Economics, providing him with a strong foundation for his career in finance. He began his career in 2001 at Deutsche Bank, one of the world’s premier investment banks. There, he gained valuable experience in investment management, working on a range of products and strategies for the bank’s clients. He then moved to Morgan Stanley, another global financial powerhouse, where he continued to hone his skills in investment banking, advising clients on complex financial transactions.
In 2008, Higenbottam decided to shift his focus to the African continent, recognizing the immense potential for growth and development in the region. He joined the Africa team at Renaissance Capital, a leading emerging markets investment bank, where he held senior roles and contributed to the firm’s expansion across the continent.
In 2013, Higenbottam founded Verdant Capital, a Pan-African investment bank and investment manager. Verdant Capital specialises in providing advisory services and investment solutions to clients across a range of sectors, including financial services, infrastructure, and renewable energy. Under Higenbottam’s leadership, the firm has completed over 18 transactions in 2023 alone, spanning South Africa, the SADC region, East Africa, and West Africa.
One of Higenbottam’s key areas of focus at Verdant Capital is financial inclusion, both through traditional microfinance and emerging fintech solutions. He is responsible for the Verdant Capital Hybrid Fund, which invests in hybrid capital into inclusive financial institutions, helping to expand access to financial services for underserved communities across the continent.
Higenbottam’s expertise and contributions to the African investment landscape have been widely recognized. He serves on the board of directors of SAVCA (Southern African Venture Capital and Private Equity Association) and IMAP (International Mergers and Acquisitions Partners), further cementing his position as a thought leader in the industry.
With his deep understanding of the African markets, his commitment to financial inclusion, and his proven track record of successful transactions, Edmund Higenbottam continues to drive investment and innovation across the Pan-African region, shaping the future of the continent’s financial landscape.
Kim Kamarebe (Managing Partner, Inua Capital).
Kim Kamarebe studied at the famed Mt. St. Mary’s College, Namagunga where she emerged as one of the best students in the country in 2000 in O’Level. She then departed the country for the United World College of the Atlantic (UWC Atlantic). UWC Atlantic is a college for students aged 16-19 years of age in Wales, UK. Students travel from over 150 countries to live, study and learn together pursuing the International Baccalaureate (IB).
After attaining her IB, she left for Princeton University in the USA where she acquired a bachelor’s in operations research and financial engineering in 2007. She briefly worked as an investment banker for two years with Goldman Sachs in the UK, before going back to school for an MBA from Harvard, making her one of the few Ugandans to have ever attended one of the world’s most prestigious universities. She then worked with HSBC as an investment officer in London before deciding to return home in 2011.
Kim reflected on her decision to come back to Uganda in a 2023 interview with Investisseurs et Partenaires (I&P). “I returned to Uganda to create the first local investment fund and build a private equity ecosystem. My dream was to use all the experience I acquired abroad (HSBC, Goldman Sachs) to foster economic development in Uganda.”.
Back in Uganda, she worked briefly with TLG Capital as the Investment Director in charge of East Africa before starting her advisory firm, Damascus Advisory, which is still standing 12 years later. She worked as the director of AgDevCo in 2017. AgDevCo invests exclusively in early-stage agriculture businesses in Sub-Saharan Africa. She also serves on the board or as an advisor for Stanbic Bank Uganda, aBi Finance and the Deal Flow Facility.
In 2021, she started Inua Capital where she serves as the Managing partner. Inua Capital is pioneering a unique approach to impact investing in Uganda. As the country’s first gender-lens private equity fund, Inua will direct much-needed capital towards Ugandan small and medium enterprises (SMEs) over the next decade. The fund plans to invest between $100,000 to $500,000 in over 30 high-potential SMEs, with a focus on businesses that are owned or led by women.
Inua Capital’s investment strategy is centred around promoting gender equality and inclusive growth. The fund has committed that at least 30% of its portfolio companies will be women-owned or women-led. Additionally, Inua will work to embed gender-inclusive practices across all of its investee companies, ensuring equal opportunities, fair compensation, and safe work environments. The fund will also strive for gender parity in its own management and governance structures.
This innovative approach represents an important step in empowering female entrepreneurs and driving sustainable development in Uganda. By intentionally directing capital towards businesses that are creating economic opportunities for women, Inua Capital aims to help close the gender gap and build a more equitable private sector ecosystem. The fund’s focus on providing patient, strategic capital coupled with hands-on support positions it to catalyse the growth of Uganda’s next generation of market leaders.
Fadilah Tchoumba (CEO, ABAN)
Fadilah Tchoumba is a trailblazer in the African entrepreneurial ecosystem, serving as the Chief Executive Officer of the African Business Angel Network (ABAN) and the Fund Manager at Catalytic Africa. With a strong academic background and diverse professional experience, Tchoumba is dedicated to fostering innovation and growth across the African continent.
Tchoumba holds a Bachelor’s degree in Economics and Philosophy from Connecticut College in the United States, where she graduated with First Honors in 2013. She then went on to earn a Master’s degree from the London School of Economics, completing the LSE African Initiative program with Merit in 2014. This program, designed to reinvigorate African research and put the continent at the centre of the social sciences, has undoubtedly shaped Tchoumba’s understanding of the unique challenges and opportunities facing Africa.
Before her current roles, Tchoumba gained valuable experience managing investment portfolios on behalf of institutional investors in Africa. She also served as the Director of Business and Innovation across Africa for the Royal Commonwealth Society, one of the organs of the Commonwealth. In this position, she steered and led the creation of innovative projects, demonstrating her ability to drive change and create impact.
In 2015, Tchoumba took on her current role as the CEO of ABAN, a Pan-African network organisation of angel investors. Under her leadership, ABAN has grown to include 64 member networks from over 40 African countries, representing a community of more than 1000 investors. ABAN’s mission is to support the development of early-stage entrepreneurship and angel investment across Africa, with the ultimate goal of creating jobs and driving economic growth.
As the CEO, Tchoumba is responsible for overseeing the strategic direction of ABAN, fostering partnerships with key stakeholders, and ensuring the organisation’s programs and initiatives are effectively supporting African entrepreneurs. She has been instrumental in establishing ABAN as a trusted voice in the African startup ecosystem, advocating for policies and regulations that create a favourable environment for angel investment.
In addition to her role at ABAN, Tchoumba serves as the Fund Manager at Catalytic Africa, a co-investment platform that provides funding to angel investors’ investments in startups from innovation hubs across the continent. Through this platform, Tchoumba and her team work closely with angel investors to identify promising startups, provide funding, and offer mentorship and support to help these ventures scale and succeed.
Tchoumba’s contributions to the African entrepreneurial ecosystem have not gone unnoticed. In 2023, she was recognized as one of the trailblazers in business, governance, and social impact in Africa, a testament to her dedication and impact.
Norah Koigi Ngare (Director, Deal Flow Facility).
Norah Koigi Ngare has been an investment professional for over 15 years. She has built expertise in impact asset management, corporate finance, investment advisory and treasury management across Africa in a wide variety of sectors. Norah Koigi graduated from the University of Nairobi with a degree in Actuarial Science and also from the University of Cape Town qualifying in Financial Analysis and Portfolio Management.
She has worked extensively in venture capital, being a member of the Dakar Angel Network in Senegal, a founding member of the Nairobi Angel Business Network and also an investor and mentor at Startup Wise Guys, a global startup accelerator that helps early-stage B2B startups succeed by providing them with optimised support, funding, and access to an international community of founders and investors.
She also spent two years a piece as an investment Officer for Africa and the Middle East at Triple Jump BV, an impact investment firm that manages funds and provides advisory services to empower entrepreneurship and unlock the potential to overcome global challenges related to poverty, inequality, climate, and nature.
She was also, a regional investment manager of Central and East Africa at ICCO Investments managing the Rabo Rural Fund. Rabo Rural Fund is an investment fund managed by Rabobank that provides financing, knowledge, and network support to agricultural producers organisations and small and medium enterprises in developing countries and emerging markets to help them grow and become more economically independent.
She is currently the director of the Deal Flow Facility at Financial Sector Deepening (FSD) Uganda. The Deal Flow Facility (DFF) is a technical assistance and match-making initiative established by Financial Sector Deepening (FSD) Uganda to address the persistent gap in accessing growth capital for emerging businesses in Uganda.
DFF aims to make over 220 Ugandan businesses “investment-ready” with over 40 deals (debt/equity) closed in the next five years, thereby stimulating private sector growth and contributing to the country’s national development plan. DFF is sector agnostic and focuses on companies with financing needs of USD 500,000 and above, providing a platform for entrepreneurs to find the right-fit investor and shorten their journey towards converting a deal.
DFF offers various benefits to participating companies, including helping them find the right-fit investor, building their investment readiness, and providing transaction support. DFF conducts light due diligence based on the information provided by companies to ascertain their readiness to receive further investments. The facility also provides technical assistance to cohorts of companies, covering business diagnostics, mentoring, coaching, and capacity building. Additionally, DFF aims to tailor-make its support based on each company’s needs and readiness for investment, ensuring confidentiality and explicit consent from the companies.
DFF also provides benefits to intermediaries, such as becoming listed as part of the facility’s panel of advisors. This presents a lucrative opportunity for professional associations, especially lawyers and accountants, to provide their offerings to growing companies at affordable prices without compromising on quality of service.
The facility also gives businesses a strong platform and voice, allowing them to better understand the barriers they face in raising affordable capital and providing direct input in shaping the enabling environment. DFF is funded by the European Union and incubated at FSD Uganda, with support from the Capital Markets Authority.
George Odo (Senior Partner, AfricInvest Group).
George Odo is a Senior Partner at AfricInvest Group and the Managing Director for the firm’s East Africa office, overseeing operations in the Eastern and Southern Africa region. With over 18 years of experience in finance, agribusiness, microfinance, and business advisory, Odo is considered one of the forefathers of private equity in East Africa.
Odo’s educational background is diverse and impressive. He holds an Executive MBA from a joint program between the United States International University (Kenya) and Columbia University (US). He also has a Bachelor of Commerce degree from Rani Durgavati University in India and has completed his CPA studies at Strathmore University in Kenya.
Additionally, Odo holds a Partnership Brokers accreditation from the UK, further strengthening his expertise in facilitating strategic partnerships.
Before joining AfricInvest in 2009, Odo gained valuable experience in various roles. He served as the Regional Director for CARE International’s Capital Enterprise Partners, where he provided business advisory services to small and medium-sized enterprises in East and Southern Africa. Before that, he worked as an agribusiness manager for a medium-sized business that exported floriculture produce to the European Union.
AfricInvest, founded in 1994, is a leading Pan-African private equity and venture capital firm with a strong presence in East Africa. The firm has a diverse portfolio of investments across various sectors, including financial services, healthcare, education, and consumer goods. AfricInvest has raised over $2 billion in capital from a wide range of investors, including sovereign funds, development institutions, family offices, and pension funds.
Under Odo’s leadership, AfricInvest’s East Africa office has played a crucial role in the firm’s success, deploying over $150 million of private capital into the region. Odo has also been instrumental in AfricInvest’s fundraising efforts, securing investments from a diverse range of investors, further strengthening the firm’s position as a leading player in the African private equity landscape.
Some of the notable deals he has worked on include investments and exits involving Family Bank, Kiboko Group (Abacus), Britam Holdings, Silafrica Packaging, and AutoXpress, among others.
Odo’s contributions to the private equity industry in East Africa extend beyond his work at AfricInvest. He was a founding member and director of the East Africa Private Equity and Venture Capital Association (EAVCA), where he has played a key role in shaping the regulatory environment and advocating for the growth of the sector.
Olivia Byanyima (Regional Director, Nordic Impact Fund).
Olivia Byanyima is one of Uganda’s most prominent investment advisory titans. She graduated from Makerere University with a bachelor’s degree in Quantitative Economics before topping it up with a Masters from the prestigious Columbia University in the USA where she would return to pursue an MBA.
In 2005, she began her career working with Avis Budget Group, a car rental company, as a data analyst in revenue management. After a year, she left for the banking giant, HSBC in a role as the strategy and analytics lead. She would also have pit stops at Blackhawk Network, a fintech in San Francisco, J.P Morgan as an associate in its investment banking division and at RBC Capital Markets.
In 2013, she started her own company called Olivia Knox with Shanley Knox after raising $7,000 on Indiegogo. Oliva Knox was a company that manufactured jewellery, eyeglass frames, dishes and other products made from the long horns of the Ankole cattle. Other than making money, Olivia wanted to ensure the long-term future of the Ankole cattle after researchers forecasted that pure-breed Ankole cattle could be extinct by the middle of the century.
The Ankole cattle, known for their gigantic curved horns, have been mixed with other breeds as farmers look to up milk and meat production. “Our culture revolves around this animal,” Olivia said in a 2016 article with Fast Company. “Now the farmer is not just raising it for meat and milk. It’s for the entirety (with the market for its horns)”.
She has worked as a member of the investment committee of the United Nations Capital Development Fund (UNCDF) which invests in early-stage businesses in financial inclusion, energy, agriculture and infrastructure. She was also the regional transaction advisor for BDO, leading to a capital raise of over $10m for both greenfield and brownfield projects in 7 African countries. In 2022, she also founded the Quixotic Project, a transaction advisory service to unlock capital for the private sector that still runs to this day. She has also been a consultant for the World Bank in the energy and extractives group for almost a decade.
Currently. Olivia is the Regional Director of the Nordic Impact Fund, a role she assumed in January 2024. The Nordic Impact Fund is a private equity fund that focuses on creating social impact for low-income people in East Africa by investing in scalable and economically viable businesses.
The fund targets businesses that offer underserved communities opportunities for jobs and income or desirable services and products that improve their quality of life. It provides either debt or equity to support the growth of these businesses, which must have a proven scalable model and proof of social impact. The fund measures social impact using international standards and external evaluators, aiming to create a positive impact for more than a million lives in East Africa.
Roeland Donckers (Managing Partner, Iungo Capital).
Roeland Donckers is an entrepreneur and investor who has dedicated his career to supporting the growth and development of small and medium-sized enterprises (SMEs) in East Africa. In 2016, he founded Iungo Capital, an evergreen mezzanine debt fund that provides finance and support to SMEs in the region.
Donckers holds a Master’s degree in Business Administration from the Vlerick Business School in Belgium, where he graduated in 2005. Before his entrepreneurial endeavours, he gained extensive experience in the financial sector, working at various institutions.
After completing his studies, Donckers joined ING Bank, a leading global financial institution, where he worked as a Corporate Banker, providing financial solutions to corporate clients. He then moved to Deloitte, one of the Big Four accounting firms, where he served as a Senior Consultant in the Financial Advisory Services practice, advising clients on mergers and acquisitions, restructuring, and other strategic initiatives.
In 2013, Donckers transitioned to the African continent, joining Symbiotics, a leading market access platform for impact investing. As the Regional Director for East Africa, he was responsible for sourcing and structuring investments in microfinance institutions and SMEs across the region.
Driven by his passion for empowering local businesses, Donckers founded Iungo Capital in 2016. Iungo Capital is an evergreen mezzanine debt fund that provides financing and technical assistance to SMEs in East Africa. The firm’s unique approach combines debt financing with in-house advisory services, helping SMEs overcome the challenges they face in accessing traditional sources of capital.
Under Donckers’ leadership, Iungo Capital has built a diverse portfolio of investments, supporting businesses across various sectors, including agriculture, manufacturing, and renewable energy. The firm’s goal is to unlock the growth potential of these SMEs, enabling them to create jobs, drive economic development, and contribute to the overall prosperity of the region.
Donckers’ expertise and commitment to the African entrepreneurial ecosystem have been recognized by his peers. He is a frequent speaker at industry events and has been actively involved in various industry associations, sharing his insights and advocating for policies that foster SME growth.
Through Iungo Capital, Roeland Donckers continues to make a significant impact on the lives of East African entrepreneurs, empowering them with the financial resources and support they need to scale their businesses and drive sustainable economic development in the region.
Richard Mugera (Associate Partner, Ascent Capital Uganda).
Richard Mugera is an associate partner at Ascent Capital Uganda, a private equity investment firm focused on developing and nurturing successful businesses in Eastern Africa. He has over 20 years of entrepreneurial experience and has previously built and managed several successful startups.
Mugera’s educational background includes a Bachelor’s degree in Business Administration from Makerere University in Uganda. He has also attended various executive programs and workshops, including the Advanced Management Program at the University of Oxford.
As the country director and principal at Ascent Capital Uganda, Mugera has played a key role in the growth and development of several companies.
One notable example is Guardian Health Pharmacy, where he served as a board member. Under his guidance, the company achieved significant success, eventually selling for $20 million.
Ascent Capital is a private equity investment firm that focuses on investing in companies with proven track records and significant growth potential. The firm has two main funds: the Ascent Rift Valley Fund (ARVF) and the Ascent Rift Valley Fund II (ARVF II). ARVF I was a $80 million fund raised in 2014, which invested in companies such as Crown Beverages, a leading beverage company in Uganda. ARVF II is a $101 million fund launched in 2021, which aims to promote environmental, social, and governance best practices in its portfolio companies.
ARVF II has already made several investments, including in companies such as Finca Uganda, a leading microfinance institution in the region. The fund aims to drive growth and value creation in its portfolio companies, while also promoting job creation, environmental sustainability, and government tax revenues. Ascent Capital’s local advisory presence and operationally focused teams in the region make them a complementary partner for expanding successful businesses across Eastern Africa.
Eugene Ntananga (Executive Director and Country Head, Samawati Capital Partners Uganda)
Eugene Ntananga is a name that has become synonymous with driving sustainable development and unlocking local private capital across Africa. With over 12 years of experience in the investment and finance industry, Ntananga has carved out an impressive career, navigating the complexities of global markets and championing inclusive growth on the continent.
Ntananga’s professional journey began at the global financial powerhouse, Bank of America, where he honed his skills as an Investment Analyst from 2004 to 2005. This early exposure to the world of high-stakes investments laid the foundation for his future endeavours.
Seeking to broaden his horizons, Ntananga then joined ING, the multinational banking and financial services corporation, as a Credit Associate from 2006 to 2009. This role allowed him to deepen his understanding of credit analysis and risk management, crucial skills that would serve him well in his later career.
Driven by a desire to contribute to the development of his home continent, Ntananga decided to return to Africa in 2010. He joined PineBridge Investments, a global multi-asset investment manager, as an Investment Analyst, where he played a pivotal role in identifying and executing investment opportunities across the region.
Ntananga’s expertise and dedication soon caught the attention of aBi, an organization that provides financing and advisory services to agricultural businesses in Uganda. From 2012 to 2014, he served as a Senior Investment Officer, leveraging his financial acumen to support the growth of Uganda’s agricultural sector.
In 2014, Ntananga’s career trajectory took him to the National Social Security Fund (NSSF) of Uganda as a Fixed Income Portfolio Manager. Here, he honed his skills in managing complex investment portfolios, ensuring the optimal allocation of resources to drive sustainable returns.
Ntananga’s versatility and adaptability were further demonstrated when he took on the role of Deputy Team Leader at AFC Agriculture and Finance Consultants from 2018 to 2022. In this position, he provided strategic advisory and consulting services to clients in the agricultural and financial sectors across Africa.
Today, Eugene Ntananga stands as the Executive Director and Country Head for Samawati Capital Partners in Uganda. In this role, he plays a pivotal role in driving the firm’s impact and growth in Uganda.
Samawati Capital Partners is an Africa-based impact investment and advisory firm with a mission to direct capital strategically to the private sector, catalyzing sustainable growth and development across the continent. The firm, which was founded in 2020 and is based in Nairobi and Kampala, has built a diversified network of local experts across more than 20 key markets in Sub-Saharan Africa.
Samawati Capital Partners partners with investors, non-profits, businesses, and the public sector to create sound investments and effective, sustainable impact initiatives through small and medium-sized enterprises (SMEs) in sectors such as food and agribusiness, renewable energy, financial inclusion, healthcare, and education. The firm leverages its deep expertise in SME development, financial inclusion, and impact investment to offer innovative, client-centred, and impact-driven solutions to its partners.
One notable milestone for Samawati Capital Partners was its involvement in a significant achievement in Uganda’s agricultural sector. Additionally, Samawati Capital Partners has been recognized as a partner organization by the Small Foundation, a leading impact investment firm focused on Sub-Saharan Africa. This partnership reflects the firm’s reputation and expertise in the impact investment space.
David Owino (Managing Partner, Ascent)
David Owino is a seasoned investment professional and governance expert with over 20 years of experience in the finance and private equity sectors. He currently serves as the Managing Partner of Ascent Capital Advisors, the exclusive adviser of Ascent Rift Valley Fund I & II (ARVF I & II), which have combined commitments exceeding US$ 200 million.
Owino holds a Bachelor of Science degree in Finance and Accounting from the United States International University Africa (USIU-A) in Kenya, which he obtained in 2004. He later pursued an MBA in Finance from the Strathmore Business School, graduating in 2009.
After completing his undergraduate studies, Owino joined Centum Investment Company Limited, a leading investment firm in East Africa, as a Finance Manager and Company Secretary. He held this position from April 2004 to June 2009. In January 2009, he was promoted to the role of Director of Private Equity at Centum, where he managed over US$180 million in assets until October 2013.
Centum Investment Company Limited is a publicly traded investment firm based in Kenya, with a focus on real estate, private equity, and marketable securities. The company has a diversified portfolio across various sectors, including financial services, energy, and consumer goods.
In October 2013, Owino left Centum to co-found Ascent Capital Advisors, where he currently serves as the Managing Partner. Ascent Capital Advisors is an independent private equity fund manager based in Nairobi, Kenya, with a presence in Mauritius. The firm focuses on investing in small and medium-sized enterprises (SMEs) in East Africa, particularly in Kenya, Uganda, Ethiopia, Tanzania, and Rwanda.
Under Owino’s leadership, Ascent Capital Advisors has raised over US$ 200 million through its two funds, ARVF I and ARVF II. These funds invest in a range of sectors, including manufacturing, agriculture, healthcare, education, and financial services. Ascent’s investment approach is centred on partnering with ambitious entrepreneurs and management teams to help them scale their businesses and create long-term value.
In addition to his work at Ascent, Owino is actively involved in various professional and philanthropic organisations. He is a Certified Public Accountant of Kenya (CPA) and a Certified Public Secretary of Kenya (CPS). He is also a member of the Institute of Directors-Kenya Chapter.
Owino serves as an independent director on the boards of several organisations, including Continental Reinsurance (Kenya), where he chairs the Investment Committee, Strathmore University, where he chairs the Finance Committee, Heri Limited, where he chairs the Investment Committee, and Funguo Investments Limited. He is also the Chairman of the East Africa Venture Capital Association (EAVCA), a body set up to promote the aims of the private equity investment ecosystem in East Africa.
Jarl Heijstee (Managing Partner, XSML Capital)
Jarl Heijstee is a seasoned investment professional with over 25 years of experience in selecting, setting up, and managing investment funds in emerging markets.
A strong focus on finance and investment management marks Heijstee’s educational background. He holds an MS in Management and Organisation from the University of Groningen in the Netherlands, which he obtained in 1997. He later earned the prestigious Chartered Financial Analyst (CFA) designation from the CFA Institute in 2001.
After completing his studies, Heijstee began his career as a Portfolio Manager and Analyst for Global Emerging Markets at ABN AMRO Asset Management, where he worked from 1998 to 2003. In this role, he was instrumental in bringing the firm’s Global Emerging Market Equity Fund into the top quartile.
In June 2004, Heijstee joined the Dutch development bank FMO as an Investment Officer for Latin America, a position he held until May 2008. At FMO, he was responsible for structuring private equity and mezzanine transactions in Africa and Latin America, with a particular focus on the small and medium enterprise (SME) and microfinance sectors.
In his last role at FMO, Heijstee was based in La Paz, Bolivia, where he was tasked with setting up and rolling out a local currency microfinance fund for Latin America and the Caribbean.
Since April 2007, Jarl Heijstee has been the Managing Partner at XSML Capital, an independent private equity fund manager focused on African frontier markets. XSML Capital has over US$ 250 million under management, invested in more than 70 SME companies across Uganda, Kenya, and Zambia.
XSML Capital was founded in 2007 and is headquartered in the Netherlands, with a strong presence in Africa. The firm’s investment focus spans a diverse range of sectors, including agriculture, manufacturing, healthcare, education, and financial services. XSML’s investment strategy is guided by the belief that SMEs are the backbone of emerging economies and that supporting their growth can have a transformative impact on local communities.
Under Heijstee’s leadership, XSML Capital has established a reputation as a trusted partner for entrepreneurs and businesses in frontier markets. The firm’s hands-on approach to investment management, combined with its deep understanding of local market dynamics, has enabled it to identify and support high-potential SMEs that are driving innovation and economic progress in their respective sectors.
Jarl Heijstee’s extensive experience in emerging markets, coupled with his expertise in private equity and investment management, has been instrumental in XSML Capital’s success. His commitment to fostering sustainable growth and development in frontier markets continues to position the firm as a leading player in the African investment landscape.
Kigen Chelimo (Principal , Open Capital)
Kigen Chelimo is a Principal at Open Capital, bringing over a decade of experience leading project teams working with public and private sector organisations to refine strategies and raise funding. He holds a Bachelor of Science degree in Finance from Strathmore University and a Master of Finance from the same institution. Chelimo is also a CFA charter holder from the CFA Institute and holds ACCA certifications.
Before joining Open Capital, Kigen Chelimo spent a year as a Research Analyst at PineBridge Investments from 2014 to 2015. PineBridge Investments is a global multi-asset investment manager with over $145 billion in assets under management as of 2022.
In 2015, he joined Open Capital, a leading advisory and investment firm in Africa, as a Business Analyst. Over the years, he has taken on increasingly senior roles within the organisation, including Associate, Project Leader, Project Leader and Head of Arcadia Uganda, Senior Project Leader, and his current position as Principal, which he has held since July 2022.
Open Capital is an independent advisory and investment firm that partners with businesses, investors, and development organizations to drive sustainable growth in Africa. Founded in 2010, the firm has offices in Nairobi, Kenya, and Kampala, Uganda, and has worked across more than 25 African countries.
Open Capital’s services span strategy and operations, transaction advisory, and investment management, with a focus on sectors such as financial services, healthcare, agriculture, and renewable energy.
Under Chelimo’s leadership, Open Capital has achieved several notable milestones. The firm has successfully structured and raised funding for numerous projects, including a GBP 70M FCDO-funded program to attract funding for climate-resilient infrastructure and value chain projects in Kenya. Chelimo also led the design and structuring of a local currency hedge subsidy facility for a currency swap hedge service provider.
As a Principal at Open Capital, Chelimo leads the firm’s work to unlock financing for Ugandan businesses under the USAID-funded Strategic Investment Activity (SIA). He is also responsible for designing and implementing a $100M working capital financing facility for solar system distributors across Africa. These initiatives demonstrate Open Capital’s commitment to driving sustainable development and financial inclusion in the region.
Chelimo’s expertise in deal structuring and fundraising, particularly in the area of blended finance partnerships, has been instrumental in Open Capital’s success. He has worked with a diverse range of clients, including public and private sector organizations, to refine their strategies and secure funding for their projects.
Rosanne Whalley (CEO, AHL Venture Partners)
Rosanne Whalley is a seasoned investment professional with over 15 years of experience in the African private equity and venture capital industry. Her educational background is marked by a strong focus on finance, economics, and development studies.
Whalley holds a BA in Politics, Philosophy, and Economics from the University of York, which she completed from 2004 to 2007. She then went on to earn a Postgraduate Finance Certificate in Corporate Finance and Valuation from the London School of Business and Finance in 2010-2011. Whalley also holds an MSc in Development Studies from the London School of Economics and Political Science, which she obtained in 2009.
Whalley’s professional journey began at AgDevCo, an impact investment firm focused on the agricultural sector in Africa. She joined the company in 2010 as a Business Associate, and over the years, took on senior roles, including Portfolio Manager and Country Manager/Senior Investment Manager in Mozambique, where she worked from 2013 to 2016.
In March 2017, Whalley joined AHL Venture Partners, a pan-African impact-focused venture capital firm, as a Senior Portfolio Manager. She was later promoted to Partner in June 2018 and then appointed as the firm’s CEO in January 2020, a position she holds to this day.
AHL Venture Partners is an evergreen $100 million+ impact-focused venture capital firm based in Nairobi, Kenya. The firm invests across the fintech, agribusiness, and climate sectors, providing growth equity, debt, and select fund investments to high-growth businesses in Africa. Under Whalley’s leadership, AHL has established itself as a prominent player in the African impact investing landscape.
As CEO, Whalley has been instrumental in building AHL Venture Partners into a leading VC firm. She has overseen the firm’s investment strategy, deal sourcing, and portfolio management, ensuring that AHL’s investments generate financial returns and create meaningful social and environmental impact.
Whalley’s expertise and track record in the African PE/VC industry have earned her several board positions with high-growth businesses, including Twiga Foods, M-Kopa, Flow Equity, Java Foods Private Limited, and Grace Health. These board roles allow her to leverage her investment experience and strategic insights to support the growth and development of these companies.
Before her work at AHL, Whalley gained valuable experience in the renewable energy and agricultural sectors, having worked with InfraCo Africa and AgDevCo, respectively. This diverse background has equipped her with a deep understanding of the challenges and opportunities in various industries across the African continent.
Marieke Geurts (Investment Director, Amethis).
Marieke Geurts is a seasoned investment professional with nearly a decade of experience in the African private equity industry. Based in Nairobi, Kenya, she currently serves as an Investment Director at Amethis, a leading pan-African investment firm.
Geurts holds a Bachelor of Science degree in Business Studies from Tilburg University, which she completed from 2005 to 2008.
She then went on to earn a Master of Science degree in CEMS International Management from the Rotterdam School of Management at Erasmus University.
After completing her studies, Geurts began her career as a Strategy Consultant at McKinsey & Company, where she worked in the Netherlands from March 2013 to July 2015.
In July 2015, Geurts joined Ascent, one of the leading small and medium-sized enterprise (SME) private equity firms in Eastern Africa. She started as an Investment Associate and quickly rose through the ranks, becoming an Investment Director in January 2016 and then an Investment Principal in April 2021.
During her seven-year tenure at Ascent, Geurts played a key role in leading investments and exits across various sectors, including manufacturing, healthcare, and retail and distribution. She also managed the firm’s environmental, social, and governance (ESG) initiatives for several years.
In August 2022, Geurts transitioned to her current role as an Investment Director at Amethis, a pan-African investment firm that is currently raising its third fund with a target size of EUR 450 million.
Amethis is a leading independent investment firm focused on Africa, with a presence in Nairobi, Abidjan, and Paris. The firm’s investment strategy is centred on providing growth capital to small and medium-sized enterprises (SMEs) across a range of sectors, including consumer goods, financial services, healthcare, and infrastructure.
Amethis’ investment approach is guided by a commitment to sustainable development and creating long-term value for its portfolio companies and the communities they serve.
Under Geurts’ leadership, Amethis has continued to strengthen its position as a prominent player in the African private equity landscape. The firm’s third fund, which is currently in the fundraising stage, aims to build on the success of its previous funds by identifying and supporting high-potential businesses that are driving economic and social progress across the continent.
Throughout her career, Geurts has demonstrated a deep understanding of the African investment landscape and a commitment to fostering sustainable growth. Her experience in strategy consulting, private equity, and ESG management has equipped her with the skills and expertise necessary to navigate the complex and dynamic business environment in Africa.
Lucas Kranck (Founder and Managing Partner, Ascent).
Lucas Kranck is a Founder and Managing Partner of Ascent Capital Advisors, the exclusive adviser of Ascent Rift Valley Fund I & II (ARVF I & II), which have combined commitments exceeding US$ 200 million.
Kranck’s educational background includes an LLM in International Private Law from the University of Helsinki in Finland, which he obtained between 1983 and 1989. He later pursued an MBA from INSEAD, graduating in December 1998.
After completing his law degree, Kranck worked at the Finnish law firm Hannes Snellman from 1990 to 1995. He then began a 12-year association with Nokia, working in various senior roles across Hong Kong, Latin America, and Africa. From 2004 to 2005, he served as the Country Director for Nokia Networks in Ethiopia.
In January 2012, Kranck founded Ascent Capital Advisors, where he currently serves as the Managing Partner. Ascent is an independent private equity fund manager based in Nairobi, Kenya, with a presence in Mauritius. The firm focuses on investing in small and medium-sized enterprises (SMEs) in East Africa, particularly in Kenya, Uganda, Ethiopia, Tanzania, and Rwanda.
Ascent’s two funds, ARVF I and ARVF II, are registered in Mauritius and have a combined commitment of over US$ 200 million. The firm has advisory offices in Ethiopia, Uganda, Kenya, and Mauritius, reflecting its regional focus and presence.
Under Kranck’s leadership, Ascent Capital Advisors has made significant investments in various sectors across East Africa.
He has served as a director on the boards of several Ascent-backed companies, including Kitengela International Schools PLC, Kisumu Concrete Products Ltd, African Queen No 1 Distributor Ltd, Medpharm International Clinic Laboratories, and Universal Corporation Ltd.
Kranck’s extensive experience in Africa, spanning over 20 years, has been instrumental in shaping Ascent’s investment strategy and approach. He has lived in Ethiopia, and Uganda, and is currently a resident of Kenya, demonstrating his deep understanding of the local business environments and the challenges and opportunities facing SMEs in the region.
As a Founder and Managing Partner of Ascent Capital Advisors, Kranck continues to play a pivotal role in driving the firm’s mission of supporting the growth and development of SMEs in East Africa. His expertise in private equity, coupled with his extensive experience in the African market, positions him as a key figure in the region’s investment landscape.
Martin Warioba (Managing Partner, Warioba Ventures).
Martin Warioba is the Founder and Managing Partner of Warioba Ventures, an Africa-focused advisory and investment firm that provides strategic guidance and capital to businesses across the continent.
He holds a Bachelor of Science degree in Computer Science and Mathematics from Louisiana State University, which he obtained from 1999 to 2003. He later earned an MBA from the W.P. Carey School of Business at Arizona State University in 2007.
After completing his studies, Warioba gained extensive experience in the technology and financial sectors. He worked as a Computer Analyst and Programmer at the Central Bank of Tanzania from 2004 to 2005, followed by a stint as a Project Manager at CVS Health in 2006.
He then served as a Technology Integration Consultant at Deloitte in Sacramento from 2007 to 2009 before returning to the Central Bank of Tanzania as a Technology Analyst and Project Manager from 2009 to 2013.
In 2011, Warioba co-founded WS Technology Consulting, a successful tech pioneer consulting business that operated across East Africa for 11 years. In January 2022, he founded Warioba Ventures.
Warioba Ventures is an Africa-focused advisory and investment firm that provides a range of services, including corporate strategy, investment advisory, project management, payments, risk management, and technology consulting.
The firm also invests in early-stage startups, with a focus on fintech and technology-related ventures that are tackling Africa’s pressing challenges.
Under Warioba’s leadership, Warioba Ventures has established itself as a trusted partner for businesses and entrepreneurs across the continent. The firm’s deep expertise in payments, digital financial services, and technology integration has been instrumental in supporting the growth and development of its clients and portfolio companies.
In addition to his work at Warioba Ventures, Warioba serves on the boards of several organisations, including CRDB Bank PLC, where he is an Independent Non-Executive Director and the Chairman of the Audit Committee, and CRDB Bank Foundation, where he is the Board Chairman.
He also serves as a Non-Executive Director representing all investors at DMRx LLC (Dawa Mkononi). Throughout his career, Warioba has demonstrated a strong commitment to mentoring young African professionals in areas such as corporate governance, investment, leadership, management, technology, and venture building.
Christina Banuta (Program Manager, European Union Delegation to Uganda).
Cristina Banuta is a highly accomplished and experienced professional with a diverse background in international relations, financing, and trade. She holds a Master’s degree in European Studies and a Bachelor’s degree in International Relations from Université de Haute-Alsace Mulhouse-Colmar and Academia de Studii Economice din Bucuresti, respectively.
Banuta’s career has spanned various roles and regions, showcasing her adaptability and expertise. She began as a political advisor to a member of the European Parliament before joining the European Commission as a project officer from November 2007 to February 2013 and later as a trade facilitation negotiator from March 2013 to May 2013. From June 2013 to November 2015, she worked as a financial and project officer at OHIM in Spain, where she managed the finances of all expenses made in the implementation of projects.
In November 2015, Banuta moved to Africa, taking on the role of private sector and trade adviser with the European Union Delegation to Zambia. In this position, she helped design the private sector development program and coordinated the secretariat of the EU-Zambia business club until September 2021. Her dedication and skills in international relations, financing, and trade have been instrumental in her success in these roles.
Currently, Banuta serves as a Program Manager for Access to Finance, Climate Finance, Agribusiness and Land at the European Union Delegation to Uganda, a position she has held since September 2021. In this role, she manages programs aimed at improving access to finance and markets for small and medium enterprises, cooperatives, and farmers in Uganda.
Her responsibilities include coordinating with various stakeholders, such as the government, private sector, civil society, and development partners, to ensure alignment with national and regional policies and strategies. Additionally, she oversees the monitoring and evaluation of the programs, ensuring quality and accountability of results and impact.
With over 15 years of experience, Banuta brings a wealth of knowledge and diverse perspectives to her team. Having lived and worked in Romania, France, Belgium, Spain, Zambia, and Uganda, she has gained a deep understanding of different regions, including the Caribbean, Southeast Asia, China, and Eastern and Southern Africa. Her skills in financing, international relations, analytical skills, project management, communication, and negotiation have been instrumental in her success in these roles.
Banuta’s passion for designing and implementing effective and sustainable programs that support private sector development and access to finance is evident in her work. Her dedication to her mission and her ability to adapt to different contexts make her a valuable asset to the European Union Delegation and the communities she serves.
John Brittell (Managing Partner, Side B Group).
John Brittell is a seasoned investment professional with over two decades of experience in the East African investment landscape. He currently serves as the Managing Partner at Side B Group, an asset management firm specialising in early-stage technology risk within Africa.
Brittell’s educational background includes a BA in Economics from the University of California, Davis, which he obtained from 1997 to 1999. He later pursued an MBA in International Finance from the George Washington University School of Business, graduating in 2012, and an MA in International Affairs from the Elliott School of International Affairs at George Washington University, which he completed in 2013.
After completing his undergraduate studies, Brittell worked as a Finance Analyst at Radio Free Europe/Radio Liberty Inc. in Washington, D.C. from 2002 to 2006.
In 2012, Brittell founded Capitol Food Ventures, a company focused on early-stage investments in the food and agriculture sector. He served as the Principal of the firm until 2016, gaining valuable experience in the world of entrepreneurship and venture capital.
From 2016 to 2022, Brittell worked as an Analyst and Managing Partner at Amani Partners, a leading investment firm in East Africa. During his time at Amani Partners, he honed his skills in investment management and deal structuring, further solidifying his expertise in the African investment landscape.
In January 2023, Brittell joined Side B Group as the Managing Partner. Side B Group is an asset management firm that specialises in early-stage technology risk within Africa. The firm’s primary focus lies in investment management, where they operate an early-stage technology and innovation fund dedicated to Africa.
Side B Group’s ambition is to become the continent’s largest early-stage backer, managing $1 billion in assets under management (AUM) by 2030. To achieve this goal, the firm is leveraging its deep understanding of the African investment landscape and its extensive network of local experts to identify and support high-potential startups and entrepreneurs.
In addition to its investment management activities, Side B Group also conducts early-stage advisory services through its Side B Partners division. This arm of the firm provides strategic guidance and support to startups and entrepreneurs, helping them navigate the complex business environment in Africa and achieve their growth objectives.
Brittell’s leadership and expertise have been instrumental in shaping Side B Group’s investment strategy and approach. He has leveraged his extensive experience in the African investment landscape to identify and support promising startups and entrepreneurs, driving innovation and growth across the continent.
Beyond his professional achievements, Brittell is also actively involved in the American Chamber of Commerce in Uganda, where he serves as a Board Member. This organisation fosters greater cultural understanding, cooperation, and dialogue between Ugandan and American business organisations and professionals, with the aim of promoting strong commercial, economic, and trade ties.