The month of August provided ample opportunity for extra reading, research, and exploratory conversations before we kick off a busier period in September. From the funding gaps holding back Africa’s growing businesses to climate-resilient agriculture, women entrepreneurs’ stories, and the realities of building a company, here are some pieces that caught our attention recently.
Closing the “missing middle” in African finance
The “missing middle” is a familiar phrase to impact investors working in Africa. Franklin Hodgins Ebomah’s deep dive is a useful reminder that the issue is not simply about a shortage of money: it’s about having the right type of capital at the right stage.
Fast-growing companies can find themselves too mature for early-stage equity, but too small or risky for conventional private equity or debt. In his article, Franklin breaks down why VC isn’t right for every stage of capital building, how capital requirements differ in Nigeria, Kenya, Egypt, and South Africa, and why total money raised isn’t the only number we should be looking at to measure the success of the African investment space. This piece is a timely read as flexible, non-dilutive growth capital becomes an increasingly important part of the African investment landscape.
Women’s stories of financing business growth
There’s still a massive funding gap for female founders, but we’re encouraged by the many organisations that are raising awareness and finding practical solutions. Lionesses of Africa and the African Development Bank’s AFAWA initiative recently launched Financing Business Growth, a playbook built around the experiences of 25 African women entrepreneurs, increasing the visibility of how women actually navigate funding.
The playbook covers what entrepreneurs can do to become more investment-ready, while also highlighting the importance of strong business fundamentals and supportive ecosystems. AFAWA works to address the continent’s estimated USD 42 billion financing gap for women entrepreneurs, and they understand that bringing founder perspectives to the conversation is essential.
Centring farmers in agricultural finance
Following discussions around the Financing Agri-Food Systems Sustainably conference in Kenya, a recent UNDP article makes a straightforward argument: design financial products around farmers, rather than expecting farmers to fit existing financial systems.
That means co-designing finance and insurance around agricultural realities and connecting products to value chains. Goodwell’s attention was particularly drawn by a mention of integrating insurance into agricultural credit and input financing. This would help to protect farmers from climate shocks while increasing confidence among lenders, moving beyond the traditional idea of “de-risking” agriculture through standalone interventions.
Green bonds: a growing piece of Africa’s climate-finance puzzle
Nigeria is at the forefront of Africa’s push for green bonds as a tool to attract investors for vital climate projects. The continent’s green bond market is still tiny compared with global issuance, but momentum is building. Green Central Banking highlights Nigeria’s pioneering role: it became the first African country to issue a sovereign green bond in 2017, followed by Egypt in 2020.
The opportunity represented by these bonds is significant, particularly given the scale of Africa’s climate-financing needs. But the article also offers an important reality check: issuing a green bond is only the beginning. Monitoring, implementation, and credible sustainability frameworks are vital components of the solution to maintain investor confidence – and actually createimpact.
What’s happening in East Africa’s fundraising market?
EAVCA’s East African Private Capital Fundraising Landscape provides a useful snapshot of the region’s fundraising environment and where it may be heading. Much of the analysis may be familiar to those close to the market, but the Executive Summary and 2026–2028 Outlook are particularly valuable for anyone wanting to stay close to shifts in LP appetite, fundraising conditions, and the evolution of the regional ecosystem.
Making the case for Africa’s blue economy
Newly compiled research strengthens the case for viewing fisheries and aquaculture not simply as food systems, but as engines of economic growth. Our work with Mvuvi has shown us first-hand the power of aquaculture to create system-wide change. Now, research covering 35 years of data from Egypt, Kenya, Madagascar, Nigeria and South Africa has confirmed a positive relationship between fisheries production and GDP per capita.
Aquaculture’s contribution is currently smaller than that of capture fisheries, but with considerable opportunity for impactful growth. Realising this potential needs investment – in finance, infrastructure, feed, seed, extension services, and markets.
Entrepreneurship requires meaningful support
Finally, The Small Business Site offered a reflective piece that got us talking: “To the ones who refuse to quit”. Contemplating the less visible side of entrepreneurship – failed deals, lost customers, cash-flow pressure, sleepless nights and self-doubt – it is a poetic reminder that supporting founders doesn’t just mean providing capital. Coaching, peer networks and mental support can matter enormously when the pressure of building a company becomes isolating. The resilience of founders is often celebrated after the fact; this article is a good reminder of what that resilience actually looks like along the way.
