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New learnings on “missing middle” investing in Africa

Posted By Andreas Zeller, Open Capital Advisors, Thursday, February 13, 2020

Open Capital recently completed a two-year partnership with USAID and seven impact investors called “Talent to de-Risk and Accelerate Investment” (TRAIN).

Our aim was to catalyze more investments into high-impact “missing middle” small & growing businesses (SGBs) in East and Southern Africa – businesses which often face particularly acute challenges in raising capital. 

Together with our partners we realized >$24M of transactions with an average size of $1M, including investments as small as $50K. We were excited to see this total far exceed TRAIN’s original objective to catalyze $5M and demonstrate the viability of this model to scale. We’re hoping to extend TRAIN’s impact far beyond our first $24M of investments.

For this reason, we are pleased to share our collected learning in the attached report, which we hope will benefit others as they catalyze investment for SGBs in Africa and around the world. Please reach out to our team at if there are ways we can collaborate.

Download File (PDF)

Tags:  Access to Finance  Africa  early stage ecosystem  High-Growth Entrepreneurship  impact investing  inclusive business  innovation  missing middle  SGBs  SGBs; accelerators; East Africa  small and growing agrobusiness  smes  Social entrepreneurship  talent 

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