How we invest
One philosophy, one platform and one investment process, applied to every fund we manage.
Our philosophy
Intellectual property as the lens
We back companies whose technology can be protected and turned into a defensible business. Many African founders cannot afford to protect their IP at the pre-seed stage. We fund and support that step.
Filling the missing middle
Companies that have outgrown incubators and angels are often still too small for development finance or private equity. We invest in that gap, from Seed to Series A.
Founder-led teams
We back teams of two or more founders who know their markets and want to work closely with advisers after investment.
Back the winners
Each fund reserves capital to follow on in the companies that perform, so that success compounds and the drag of losses is diluted.
The Anza platform
Originate, accelerate, invest, exit
Three organisations founded by our CEO give the manager an early view of founders, a way to prepare them for investment and routes to market and exit. All three are part of the Anza Holdings ecosystem, and Anza Holdings is Anza Fund Manager’s largest shareholder.
- 01 ORIGINATE
SA Innovation Summit
An annual summit that brings together founders, investors, corporates, academia and government, giving the funds early sight of start-ups across the continent.
- 02 ACCELERATE
TechTribe Accelerator
Investment-readiness programmes, delivered across eight African countries, that build a vetted pipeline and prepare portfolio companies for follow-on rounds.
- 03 INVEST
Anza Fund Manager
Equity from Seed to Series A, with hands-on IP commercialisation and go-to-market support.
- 04 ADVISE AND EXIT
RIIS
The Research Institute for Innovation and Sustainability provides research, ESG and impact measurement capability, and corporate relationships that support market access and exits.
Specialist partners
A technology venture builder supports technical due diligence and technology roadmaps. An M&A adviser introduces global buyers at exit. A strategic general partner adds brand and commercialisation support.
Where we invest
Three sectors where African technology answers large local problems with global relevance. Each fund sets its own allocation within them.
Food technology
Food security anchors our thesis. We back technology that changes how food is produced, distributed and consumed across Africa.
FOOD SECURITY PILLARS
Availability
A reliable supply of food of sufficient quantity and quality.
Access
Households have adequate resources to obtain appropriate food.
Utilisation
Food is nutritious and can be properly used by the body.
Stability
Permanent and durable access to food.
FOCUS AREAS
- Primary production
- Food transformation and alternative protein
- Wholesale and retail
- Supply chain and cold chain
- Smart hardware
- Food safety
Clean technology
Technology that improves environmental performance, including renewable energy, energy efficiency, water conservation and waste reduction, with a focus on a just energy transition.
JUST ENERGY TRANSITION GOALS
Climate goals
Support the phase-out of fossil fuel energy in line with the 1.5 to 2 degree target.
Jobs
Create and preserve quality employment.
Capacity
Build adaptive capacity in coal-affected communities.
Net zero
Net zero emissions across investors’ assets by 2050 or sooner.
FOCUS AREAS
- Energy and industry
- Waste and water management
- Low-emission transport
- Climate-smart agriculture
- Built environment
Digital technology
Platform-based digital infrastructure that delivers essential services at scale where physical infrastructure falls short.
WHY IT MATTERS
Access
Infrastructure gaps limit access to finance, health, education and utilities.
Platforms
Multi-party platforms can share information, services and products at scale.
Adoption
Rising mobile and internet use opens large, young markets.
FOCUS AREAS
- Fintech for financial inclusion
- Health technology
- Education technology
- AI and data
- Enterprise platforms
Our investment process
Nine steps from sourcing to monitoring, applied the same way in every fund. Investment decisions are taken by the fund’s Investment Committee.
- 01Deal sourcing
- 02Screening
- 03Due diligence
- 04Investment CommitteeDecision
- 05Term sheet
- 06Legal contracting
- 07Funding and closing
- 08Post-investment support
- 09Portfolio monitoring
How we add value
Capital is the start. Portfolio companies get practical support through three channels.
Support services
Business modelling and strategy, marketing and commercial execution, financial modelling, technical platform support and training through TechTribe.
Venture partners
Sector specialists in climate, food systems, digital inclusion, IP and AI support 100 and 200-day plans, market access and follow-on fundraising.
Board and advisory roles
Venture partners take board or advisory seats matched to their expertise, with a focus on governance and exit readiness.
Exit routes
Exits, planned from entry
The route depends on each company’s growth, its market and investor preferences, so we keep several open and work them with founders and co-investors.
Strategic buyersThree routes
Corporate acquisition
Through RIIS and corporate networks.
Mergers
With competitors or complementary start-ups.
Cross-border exits
To global buyers entering African markets.
Financial investorsTwo routes
Secondary sales
To private equity and later-stage venture investors.
Sales to DFIs
Development finance investors at later stages.
FoundersOne route
Founder buybacks
Once the business can fund the repurchase.
Managing risk
Early-stage investing carries risk. We manage it before, during and after each investment, and across the portfolio as a whole.
Before we invest
Long observation
Founders are often known through SAIS and TechTribe well before we invest.
When we invest
Syndication
Co-investing to share risk and widen due diligence.
After we invest
Staged financing
Capital released against agreed milestones.
Across the portfolio
Diversification
Spread across sectors, stages, hubs and investment years.
For partners
Co-investing or collaborating
Co-investors, corporates and ecosystem partners: talk to us about co-investment, commercialisation and market access.