Raise launches end-to-end fundraising platform for African startups

Raise launches end-to-end fundraising platform for African startups

Raise has launched an end-to-end fundraising platform that allows founders and investors to open a private virtual deal room, run fundraising simulations, and issue compliant electronic share and convertible certificates.

Now public, the beta programme provides startups with fundraising solutions via a digital platform, designed to simplify the fundraising process and make it easier to track and close deals remotely in Africa.

Since January 2020, Raise has transacted a volume of over US$20 million and is used by startups and venture capital firms in Kenya and Nigeria.

Founded in 2018 by Marvin Coleby and Eugene Mutai, Raise offices are at Nairobi Garage Kilimani. The company launched its alpha in 2019 at the Africa Tech Summit in Kigali and later on launched its private beta to a waitlist of companies in January of this year.

Raise is a web-based equity exchange platform for companies to receive private investment as seamlessly as possible.

Through the platform, a founder whose company is currently raising funds sets up their company’s profile with all relevant due diligence information. After setting up a private virtual deal room, they send an investment invitation to prospective investors with whom they are already in active talks.

The investor receives an email notification, logs in and is taken to the company’s dashboard. Both parties are able to simulate the fundraising procedure in the deal room with the possibility of issuing electronic share certificates after agreements are reached.

Founders can send such invitations to multiple investors and will see how each investor interacts with the information on their profile. For each potential investment amount in play, the Raise platform generates the equity implications for the parties.

According to Tech Cabal, at the moment, investors are not able to make direct payments on the platform. Payment integration will come in the product’s later stages.

For now, focus is on engineering efficient and remote negotiation that eliminates many of the traditional hassles that elongate the fundraising process, from the back-and-forth of email chains to unnecessary hours spent on travel.

In 2019, Raise received funding from Binance as one of 13 startups to join Binance Labs (the crypto platform’s venture arm). Notable partners and customers include Helium Health, which recently raised a US$10 million Series A round, and venture capital firms Microtraction and Chrysalis Capital, Nigerian fintech Wallets.africa , Ajua and Kenyan leading law firm Anjarwhalla and Khanna.