From Seed to Growth: What African Founders Need to Know

As African startups mature, the leap from seed to growth brings a new set of challenges — longer fundraising cycles, institutional expectations, governance, and the realities of scaling across fragmented markets. In this episode of Fund/Build/Scale, I sit down with Ngetha Waithaka, partner at Norrsken22, one of the continent’s leading growth-stage funds. We talk about how investors evaluate African startups as they approach Series A and beyond, how founders can tell whether their business is truly venture-scale, and when bootstrapping may be the smarter path. We also dig into practical issues founders don’t always hear about early enough — institutional readiness, governance, cross-border expansion, and how currency volatility shapes long-term outcomes. If you’re an African founder preparing for growth capital, or an operator trying to understand what serious investors are actually looking for, this episode offers a clear-eyed look at what it takes to build something durable. RUNTIME 46:36   EPISODE BREAKDOWN (2:13) Ngetha unpacks Norrsken 22’s origin story and thesis (5:15) Should you bootstrap, or is your idea venture-scale? (10:30) Before talking to VCs, make sure you can demonstrate “institutional readiness” (15:05) African founders “have to start very early on the governance journey.” (20:17) Ngetha works with founders “from all over the map.” (22:55) Should African founders use Silicon Valley as a success model? (29:43) A few thoughts on currency fluctuations and international expansion (37:41) Where is Norrsken 22 looking for opportunities? (39:09) The difference between building for one market and building for Africa (44:24) Ngetha’s advice to his younger self: “Success is not a linear journey.” LINKS Ngetha Waithake Norrsken 22 TymeBank AutoChek   SUBSCRIBE 📥 Get the Fund/Build/Scale newsletter on Beehiiv: https://fundbuildscale.beehiiv.com/   📸 Follow Fund/Build/Scale on Instagram: https://www.instagram.com/fundbuildscale/   📺 Watch Fund/Build/Scale on YouTube: https://www.youtube.com/channel/UCFFH4cs2B1BKatPGs8SFRJw   Thanks for listening!  – Walter