Afrishela and Chanzo Capital woo Angel investors to support early growth stage businesses
Photo: Entrepreneurs proudly presenting their innovative products at the Angel Fair
Across Africa, angel investors are becoming powerful catalysts for entrepreneurship. Yet, according to a World Bank report (2019), less than 10% of early-stage businesses receive funding from local angels. This gap matters. Angel investors are uniquely positioned to deploy local capital that supports startups—businesses that create jobs, solve local problems, and strengthen economies.
To help close this gap, Afrishela—supported by the Graça Machel Trust, in partnership with Chanzo Capital, — recently co-hosted the 12th African Angel Fair in Nairobi, Kenya, to mobilise more local capital for startups across the continent.
An Angel Investors Masterclass gave new and experienced investors the chance to learn from leaders like Abigail Komu of the Nairobi Business Angel Network. The session sensitised existing and new potential angel investors on opportunities for investment available locally, highlighted on core investment principles angel investors should be aware of. The emphasis was on mentorship, which is one of the key drivers of startup success. Sam Wanjohi a fintech entrepreneur also drew attention to the need for tailored financial instruments and collective investment approaches that reduce risk and improve outcomes.
A fireside chat with Kanini Mutooni, then unpacked the real challenges startups face in securing long-term funding by reflecting on her own growth journey from an entrepreneur to a market builder and investor. She highlighted the need for entrepreneur-investor alignment, the belief that local capital would readily appreciate local context, and emphasised the need for better branding by female entrepreneurs to attract investors. “Branding for female entrepreneurs is critical and it needs to include humility, tact and intentionality” Kanini Mutooni, Managing Director at DRK Foundation and Afrishela Investment Advisory Board Member.
A panel that included some notable faces of women in investment space —Andia Chakava, Managing Director of Afrishela, Marie Nielsen of ANTLER, Njeri Muhia of FrontEnd Ventures and Lilian Mramba of Grassroots Business Fund—shared how angel investing has shaped their strategies, strengthened their sector knowledge, unlocked local capital to scale local businesses and delivered measurable impact. They encouraged angel investors to co-invest alongside them or do it collectively within an Angel network.
Entrepreneurs pitched bold solutions in healthcare financing, logistics, e-commerce, and fintech—demonstrating how African startups are tackling local problems with scalable models for other emerging markets. A market expansion workshop gave founders the tools to grow into new regions, including Uganda, Tanzania, Nigeria, and the DRC. You can access a copy of the toolkit here.
Photo: Participants actively engaging, networking, and exchanging ideas during interactive sessions at the Angel Fair
The bigger picture: Building a movement
Eric Osiakwan, Managing Partner at Chanzo Capital, captured the Fair’s spirit with an African proverb: “If you want to go fast, go alone. If you want to go far, go together.” That collaborative mindset underscored every conversation—reminding participants that sustainable investment in Africa relies on shared purpose driven through understanding our local context.
Photo: Participants actively engaged in a focused group discussion, exchanging valuable insights during the Angel Fair event.
Afrishela’s leadership collaborating to launch the 12th Angel Fair Africa is another step towards building a stronger ecosystem of African angel investors who are also female whilst ensuring more enterprises gain access to the capital they need to grow.
Andia Chakava, Managing Director of Afrishela shared: “We brought the principles to life with six entrepreneurs pitching their innovative solutions. This is just the beginning, but a few things are already clear: we don’t need to limit investment to people we know; anyone can sharpen their investment skills with the right knowledge; and risk can be managed more effectively when we invest collectively—whether through angel networks or trusted fund managers.” She added, “I’m excited about the possibilities that come from combining local capital with institutional support to help entrepreneurs thrive.”
Photo: A showcase of some of the products displayed by entrepreneurs at the Angel Fair, highlighting creativity and market-ready solutions
Reference:
World Bank. (2019). Enhancing Access to Finance for Technology Entrepreneurs in Southern Africa. Retrieved from https://openknowledge.worldbank.org/entities/publication/56d2dbe9-ec0b-57a0-afd7-8d95bcd70fc5
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