$150m predicted & raised – the road to building capital markets in Africa
Recently we discovered Pariti, a very exciting company which nurtures businesses in underserved markets in Africa by connecting them to talented employees, making it easier to access capital, and introducing company founders to experts and mentors.
Pariti was founded by Yacob Berhane and Wossen Ayele in 2019. Collectively, Pariti Ventures companies have a valuation of $1bn+, raised $150m+, on track for $55m+ in 2022 revenue, and employ over 3,000 people!
In an exclusive interview with Business Insider Africa, Yacob founder & CEO of Pariti breaks down the inspiration behind Pariti and how the Kenya-based platform is building the digital infrastructure for startup ecosystems in emerging markets.
Below are excerpts from the interview.
BI Africa: What was the inspiration behind establishing Pariti?
Yacob: When we first began Pariti in 2019, our goal was to help build the African ecosystem healthily by connecting startups to critical resources (talent & capital) and surrounding them with the community.
Thinking about our journey, we’ve seen so much progress that it is impossible not to be excited about the future. Our ecosystem has grown 6x the global average over the past 5 years and is on track to exceed last year’s historic fundraising figure of $4bn. This perspective is critical as we build for the next 50+ years. It may feel small to some, but the largest baobab still came from a humble seed.
BI Africa: Tell us about some notable achievements that you feel have been valuable to the company.
Yacob: Saying “I’m proud” of the community of founders, investors, experts, and “Paritians” that have helped us reach this milestone would be an understatement. Collectively, Pariti Ventures companies have a valuation of $1bn+, raised $150m+, on track for $55m+ in 2022 revenue, and employ over 3,000 people!
We predicted the success of these companies through our machine learning algorithm ~5 months in advance of it happening! Also, 60% of the successful founders did not attend an Ivy league school or work at a FAANG/Big 4 prior to starting their companies.
BI Africa: What are the fundamental values that drivePariti’s startup strategy?
Yacob: We believe in our vision and are committed to supporting the development of the next generation of iconic companies that will solve some of our most critical challenges.
We’re deeply grateful to everyone who has supported us, mentored us, and invested in us, as well as the founders who have used our products and services and given us invaluable feedback along the way. We appreciate the opportunity to serve you. Look at what we’ve collectively accomplished, and we are just getting started!
BI Africa: Where do you see Pariti in the next 5 years? What significant results can investors already see by that time?
Yacob: Looking at the progress made from the collective effort of everyone in the ecosystem, I would say things look very promising. Deals are moving faster, more capital is being allocated, and more talent is joining the startup ecosystem. The ecosystem has hit escape velocity!
This effort has led us to the launch of Grove, our venture deals marketplace for connecting vetted founders & investors. This evolution of capital markets will be community-based and data-driven. We’ll be exploring and writing more about these topics by combining data with real-life stories and experiences of the thousands of founders, investors, and operators we support today.