Building a startup in Africa isn’t the same as doing it in Silicon Valley.

Some challenges overlap, but many don’t, like currency volatility, limited early-stage funding, and investors who expect you to scale faster than the market allows.

So how do you grow beyond your home market? How do you raise funds when VC is scarce? And what do African founders need to do to make their startups more venture-backable?

To find out, I spoke with Mobola da-Silva, a partner at Capria Ventures who’s based in Nairobi, Kenya. She’s been investing in Africa and other emerging markets for nearly two decades and knows exactly what separates startups that thrive from those that stall.

She shares practical insights on navigating currency risk, securing funding, and preparing for Series A — even if you don’t have a deep-pocketed network to lean on.

If you’re an African founder trying to build a company that investors take seriously, this episode is for you.

(2:03) How Mobola got her start in VC and the path that led her to Capria Ventures.

(4:09) Capria Ventures' investment thesis.

(5:32) The regions and sectors where generative AI is creating real value.

(10:41) The best way to pitch Capria Ventures — and what investors want to see.

(12:26) “A venture-backable business has to be able to achieve significant scale.”

(15:13) “We're getting a bit more creative in Africa around funding for startups.”

(16:20) How currency volatility impacts valuations — and strategies for mitigating risk.

(22:18) “To pitch successfully, you have to be able to tell a story, right?”

(23:51) Why Capria Ventures avoids solo founders and what investors look for in teams.

(28:33) “Many investors don't think of product-market fit as a binary thing.”

(31:29) The key metrics that signal true product-market fit.

(33:49) “Make sure that you have a strong business before you try to start to move it to another market.”

(37:49) “Silicon Valley looms larger than life in Africa.” How founders should interpret this influence.

(42:46) Mobola’s top advice for early-stage founders in Africa looking to scale and raise capital.

Thanks for listening!

– Walter.