As African startups mature, the leap from seed to growth brings a new set of challenges — longer fundraising cycles, institutional expectations, governance, and the realities of scaling across fragmented markets.

In this episode of Fund/Build/Scale, I sit down with Ngetha Waithaka, partner at Norrsken22, one of the continent’s leading growth-stage funds. We talk about how investors evaluate African startups as they approach Series A and beyond, how founders can tell whether their business is truly venture-scale, and when bootstrapping may be the smarter path.

We also dig into practical issues founders don’t always hear about early enough — institutional readiness, governance, cross-border expansion, and how currency volatility shapes long-term outcomes.

If you’re an African founder preparing for growth capital, or an operator trying to understand what serious investors are actually looking for, this episode offers a clear-eyed look at what it takes to build something durable.

RUNTIME 46:36 EPISODE BREAKDOWN

(2:13) Ngetha unpacks Norrsken 22’s origin story and thesis

(5:15) Should you bootstrap, or is your idea venture-scale?

(10:30) Before talking to VCs, make sure you can demonstrate “institutional readiness”

(15:05) African founders “have to start very early on the governance journey.”

(20:17) Ngetha works with founders “from all over the map.”

(22:55) Should African founders use Silicon Valley as a success model?

(29:43) A few thoughts on currency fluctuations and international expansion

(37:41) Where is Norrsken 22 looking for opportunities?

(39:09) The difference between building for one market and building for Africa

(44:24) Ngetha’s advice to his younger self: “Success is not a linear journey.”

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Thanks for listening!

– Walter