Kenyan VC Firm FrontEnd Ventures Unveils Fund To Back Local Founders
In a sector where VC and startup relationships are formal, the pair said that they hope to have relaxed connections with founders.
After spending years in London, matching Kenyans in the diaspora with investment opportunities back home, and later on as a credit portfolio manager at Barclays bank, Muhia sought a greater challenge within Africa.
Together with Wamathai, who has vast experience in the investment management industry during the middle of last year, they started an early-stage venture capital firm.
FrontEnd Ventures focuses on Kenyan startups and is backed by a $5 million fund — likely to extend to $10 million, according to TechCrunch.
What does it invest in?
The VC is targeting impact-driven tech startups in various industries including agriculture, e-commerce, health and transport.
But the firm has already started issuing its first tickets of up to $100,000 but is keen on making follow-on investments in startups under their portfolio.
According to the founders, the VC is also considering a tech-as-a-service arm that can extend services to startups, helping them build faster.
“We are investing in Kenyan founders because we believe in our thesis that people who have lived experiences have a much better chance of creating products that address related nuances,” Muhia, FrontEnd partner and co-founder, told TechCrunch.
“This means investing in local women founders too, since they bring with them a different profile of experiences, solutions and ingenuity that is unmatched.”