The purpose of the new Capital Fund is to target and invest in up and coming small and medium enterprises, with a mission of transforming them to become growth vehicles for East African economies. The Fanisi Fund, which is based in Nairobi, will work with companies in the region including Kenya, Rwanda, Tanzania and Uganda. This is a region where job creation and economic growth is needed, and where small and medium enterprises (SMEs) play an important role in reaching that goal. SME’s are vulnerable parts of the economic sphere, and Fanisi’s investments address these companies importance in order to create sustainable development for the region. Fanisi invest across various sectors including agribusiness, ICT, financial services, health and retail, and focuses on sectors that meet its return expectations, have the space for competitive private sector activity, are unencumbered with too much regulation, and on enterprises which have business models that are easily replicable, scalable and sustainable.
The Ambassador highlighted the importance of this fund, and also hoped for it to function as a source of inspiration for other actors to establish similar businesses in Africa. She underlined the need for innovations like Fanisi to build the regions economy and to support the entrepreneurial skills and talent that is found in the region. This is seen as essential for sustainable development.
The Chief Guest at the Launch, Ambassador Muthaura, noted that Fanisi should play a strategic role in the development of Kenya and the East African Region by supporting businesses that will be the engine of growth for the Region’s economy. The launch of Fanisi could not have come on a better time in order to contribute in driving Kenya’s economy forwards. “This Fund is playing an important role in cooperating with the Government of Kenya, as well the Region’s Governments, by demonstrating that East Africans can work together to create value and sustainable development”, he said.
Ayisi Makatiani, the Managing Partner of Fanisi Capital Limited, stated the importance of the Fund to be seen in a regional context, and the need to work in partnership with others in East Africa. “Through partnership it can succeed in creating a cadre of dynamic entrepreneurs and businesses that pave the way for increased venture capital investment in the region”, he said.
Fanisi’s purpose is to provide capital input, as well as advisory services, in order to support companies towards their turnaround. Their investment philosophy requires a high level of engagement with portfolio companies to ensure that they achieve their growth and sustainability objectives. The overall goal is to see them bench performance against global competitors in their respective industries. At the Launch the different speakers agreed that Fanisi has a great possibility to make a positive change within the East African region, because it has both the network and the resources to make it ready for this important task.