Jake Gibson is a co-founder and GP at Better Tomorrow Ventures, Silicon Valley's coolest early stage fintech VC firm. Previously, he co-founded NerdWallet, a $1b publicly listed company.Timestamps:00:00 - In this episode01:00 - Introduction03:04 - Inception of Nerdwallet, not taking VC money, building a marketing machine07:36 - Ringing the NASDAQ IPO bell and being a small part of something meaningfully big09:20 - Leaving a lot of money on the table to be a present parent to his twins11:52 - Using angel investing as a forcing function to figure out what to do next in life 14:57 - Teaming up with Sheel as a co-GP, complementary profiles, perfect match?19:09 - Low egos and how to manage friction between GPs20:58 - Raising Fund1, harder than expected. Fund2? Super easy. Fund3, hard again. 24:17 - Investing in the best founders, regardless of geography: Brazil, Saudi, Nigeria26:08 - Why is Jake bullish on Brazil?28:29 - The brain switch required to invest in emerging markets vs. in the US30:20 - How to keep a fresh mind when you've 'seen it all'?34:10 - Is fintech really only 1% built? or are we close to saturation?36:34 - How to blindly invest in the AI era when nobody knows what the world will look like?References:Nerdwallet - https://www.reuters.com/article/technology/startup-nerdwallet-raises-64-million-in-first-round-of-funding-idUSKBN0NW25G/Jake's partner Sheel - https://mercury.com/blog/sheel-mohnotAbout Cauridor [sponsor]:Cauridor is connecting businesses to a continent of payment opportunities. They’re building the payment rails across Africa to enable companies to process money transfers and payments to, from, and within the continent through a single API integration. With market-beating exchange rates and dedicated customer support teams on the ground, Cauridor empowers its partners to deliver a seamless and competitive payment journey to customers throughout Africa. For more info, visit: www.cauridor.comAbout OmniRetail [sponsor]:OmniRetail is a unified commerce company transforming how manufacturers, distributors, and retailers across Africa connect, trade, and access finance. Through its product suite (Omni One (manufacturer OS), OmniHub (distributor OS), OmniBiz (retailer OS), and OmniPay (embedded finance)) the company digitizes the entire B2B commerce chain, enabling smarter distribution, faster payments, and inclusive growth for small businesses. Operating across Nigeria, Ghana, and Côte d’Ivoire, OmniRetail is building Africa’s largest connected supply network for everyday essentials. For more info, visit: www.omniretail.africaListen on all platforms:Youtube - ⁠https://www.youtube.com/@TheDeluluPodSpotify - ⁠https://open.spotify.com/show/3vUDH5yEH6pvRkqM1TVaxS⁠Apple Podcasts - ⁠https://podcasts.apple.com/ca/podcast/the-rally-cap-podcast/id1731710244⁠Where to find Jake:Linkedin: https://www.linkedin.com/in/jacobgibson/X/Twitter: https://x.com/iamjakestreamWhere to find Kyane:Linkedin: https://www.linkedin.com/in/kyanekassiriX/Twitter: https://twitter.com/kyanekassiri

Karim Beguir is the co-founder and CEO of InstaDeep, a Tunisia/Africa-born company that grew into a global deep-tech AI powerhouse and got acquired by german biotech giant BioNTech for $700m.Timestamps:00:00 - In this episode00:53 - Introduction01:42 - Modeling protein folding with AI08:26 - Solving combinatorial optimization with AI12:58 - Identifying upcoming COVID variants with AI17:06 - Curing cancer with mRNA and AI?20:19 - Consulting model vs VC-backed startup?22:11 - From academic curiosity to commercialization24:30 - Overcoming the disadvantage of building from Africa27:09 - The upside of building from Africa29:01 - The reasoning behind partnering with BioNTech31:30 - Raising a Series C or getting acquired?35:01 - Preserving InstaDeep's DNA post-acquisition36:19 - Staying grounded despite fame, money, success37:43 - Making a lot of money messes with your brain?40:21 - What does Karim wanna do now?42:08 - Africa's role in the AI race45:59 - Karim's mistake46:55 - Karim's hardest decision47:21 - Karim's favorite (non-famous) founder47:42 - How to allocate a $100m investment in African tech?50:07 - Advice to African founders building in deep techReferences:Karim's book: 'LEAPFROG' - https://www.amazon.com/LEAPFROG-Building-Africas-Future-Era-ebook/dp/B0F2JBYB8DInstaDeep's research portal - https://instadeep.com/research/Nature Machine Intelligence's feature - https://www.nature.com/natmachintell/volumes/7/issues/6Listen on all platforms:Youtube - ⁠https://www.youtube.com/@TheRallyCapPodcastSpotify - ⁠https://open.spotify.com/show/3vUDH5yEH6pvRkqM1TVaxS⁠Apple Podcasts - ⁠https://podcasts.apple.com/ca/podcast/the-rally-cap-podcast/id1731710244⁠Where to find Karim:Linkedin: https://www.linkedin.com/in/karim-beguir-2350161/X/Twitter: https://x.com/kbeguirWhere to find Kyane:Linkedin: https://www.linkedin.com/in/kyanekassiriX/Twitter: https://twitter.com/kyanekassiriLearn more about Rally Cap: https://techcrunch.com/2022/05/05/rali_cap-gets-backing-from-global-vcs-and-launches-30m-fintech-fund-for-emerging-markets/

Hisham Halbouny is a managing partner at P1 Ventures, a $50m Africa-focused fund who's often referred to as contrarian. Hisham was previously a partner at Man Capital, the family office of Egyptian Billionaire Mohamed Mansour where he invested in Uber, Airbnb, Spotify, Bolt, and more.Timestamps:00:00 - In this episode00:36 - Introduction01:13 - Investing in Uber/Airbnb/Spotify03:16 - Going all-in on Africa06:20 - Global VCs have pulled back, yet the timing is right07:43 - DFIs as the default LPs for African VC?08:54 - Tailoring the VC model for Africa?13:03 - P1's investment thesis16:33 - Personal evolution as an investorReferences:P1 Ventures - https://techcrunch.com/2023/09/26/pan-african-contrarian-investor-p1-ventures-reaches-25m-first-close-for-its-second-fund/Man Capital - https://www.man-capital.com/DFIs coming to the rescue - https://techcabal.com/2023/06/05/role-of-dfis-in-africa-ecosystem/Listen on all platforms:Youtube - ⁠https://www.youtube.com/@TheRallyCapPodcastSpotify - ⁠https://open.spotify.com/show/3vUDH5yEH6pvRkqM1TVaxS⁠Apple Podcasts - ⁠https://podcasts.apple.com/ca/podcast/the-rally-cap-podcast/id1731710244⁠Where to find Hisham:Linkedin: https://www.linkedin.com/in/hisham-halbouny-7a5ba23/Where to find Kyane:Linkedin: https://www.linkedin.com/in/kyanekassiriX/Twitter: https://twitter.com/kyanekassiriLearn more about Rally Cap: https://techcrunch.com/2022/05/05/rali_cap-gets-backing-from-global-vcs-and-launches-30m-fintech-fund-for-emerging-markets/

Karim Jouini is the founder of Expensya, an expense management platform sold to Medius Group for $100m. Karim is now building his second company called ThunderCode: an AI testing agent for software teams.Timestamps:00:00 - In this episode01:58 - Introduction02:59 - Missing PMF, SMB sucks, pivot to mid-market06:03 - Brex, Ramp, & copycats in Africa/LatAm/Asia10:31 - Karim's new AI company16:55 - Expensya: industry evolution, black swan event25:42 - Selling to corporates, build vs. buy, competition 31:01 - North star metrics, improvising, burn-outs, failed PoC38:45 - What takes you to $3m ARR won't take you to $10m ARR43:49 - Decision to sell, acquisition process, price discovery, etc49:37 - Secrets behind "Build locally, sell globally" [Tunisian playbook]54:32 - Personal: Making a lot of money... & building again References:Expensya's acquisition - https://www.medius.com/news/cid-B5994B54FD438614/media-alert-medius-completes-acquisition-of-expense-management-firm-expensya/Brex exists SMB space - https://techcrunch.com/2022/06/17/as-brex-exits-the-smb-space-its-ceo-says-that-doesnt-include-startups-at-least-the-funded-ones/What would Google Do? https://aszapla.wordpress.com/wp-content/uploads/2011/12/what-would-google-do.pdfListen on all platforms:Youtube - ⁠https://www.youtube.com/@TheRallyCapPodcastSpotify - ⁠https://open.spotify.com/show/3vUDH5yEH6pvRkqM1TVaxS⁠Apple Podcasts - ⁠https://podcasts.apple.com/ca/podcast/the-rally-cap-podcast/id1731710244⁠Where to find Karim:Linkedin: https://www.linkedin.com/in/karimjouini/X/Twitter: https://x.com/karim_jouiniWhere to find Kyane:Linkedin: https://www.linkedin.com/in/kyanekassiriX/Twitter: https://twitter.com/kyanekassiriLearn more about Rally Cap: https://techcrunch.com/2022/05/05/rali_cap-gets-backing-from-global-vcs-and-launches-30m-fintech-fund-for-emerging-markets/

Melvyn Lubega is a Partner at Breega, one of Europe's fastest-growing VC firms ($700m) which recently launched its first Africa-dedicated fund.

This episode was recorded in October 2023.

Timestamps:

00:00 - In this episode

00:50 - Introduction

01:53 - From founder, to angel, then VC

04:37 - Growing Go1 to a $3b edtech giant

07:15 - Breega's DNA and its expansion into Africa

09:47 - Global funds' common mistake in Africa

12:48 - (some funny part)

14:38 - Uganda and the curse of tiny markets

16:51 - This model was doomed to fail1

9:13 - Here's where I see the next opportunity

References:

Go1 - https://techcrunch.com/2022/06/06/go1-nabs-100m-at-a-2b-valuation-to-upgrade-its-curated-enterprise-learning-platform/

Numida - https://techcrunch.com/2022/09/28/yc-backed-fintech-numida-raises-12-3m-led-by-serena-ventures-to-extend-loans-to-msmes-beyond-uganda/

B2B e-com struggling in Africa - https://restofworld.org/2023/africa-b2b-ecommerce-shutdowns-layoffs/

Listen on all platforms:

Youtube - ⁠https://www.youtube.com/@TheRallyCapPodcast

Spotify - ⁠https://open.spotify.com/show/3vUDH5yEH6pvRkqM1TVaxS⁠

Apple Podcasts - ⁠https://podcasts.apple.com/ca/podcast/the-rally-cap-podcast/id1731710244

⁠Where to find Melvyn:

Linkedin: https://www.linkedin.com/in/mlbg/X/Twitter: https://x.com/MelvynLubega

Where to find Kyane:

Linkedin: https://www.linkedin.com/in/kyanekassiriX/

Twitter: https://twitter.com/kyanekassiri

Learn more about Rally Cap: https://techcrunch.com/2022/05/05/rali_cap-gets-backing-from-global-vcs-and-launches-30m-fintech-fund-for-emerging-markets/

Wael Nafee is a General Partner at Raed Ventures, the leading Saudi early-stage VC firm with $450m in AUM.This episode was recorded in October 2023.

Timestamps:00:00 - In this episode00:49 - Introduction01:51 - Careem and Deeptech background06:00 - Identifying exceptional founders08:33 -  Portfolio risk-reward modeling tool for VCs09:48 - Better returns or more management fees?12:42 - Egyptian tech exodus15:31 - We were wrong about this model18:52 - Does MENA have any role to play in AI?20:23 - LPs in 2023/2024 are different22:01 - Next milestone: unlocking IPOsReferences:Raed’s open-sourced VC modeling tool - https://www.linkedin.com/pulse/modeling-vc-investment-strategies-wael-nafee/Careem's acquisition - https://www.forbes.com/sites/michelleevans1/2019/03/26/meet-careem-ubers-3-1-billion-new-acquisition-in-the-middle-east/Tunisian Startup Act - https://www.abramundi.org/post/the-tunisian-startup-act-an-entrepreneurial-revolutionListen on all platforms:Youtube - ⁠https://www.youtube.com/@TheRallyCapPodcastSpotify - ⁠https://open.spotify.com/show/3vUDH5yEH6pvRkqM1TVaxS⁠Apple Podcasts - ⁠https://podcasts.apple.com/ca/podcast/the-rally-cap-podcast/id1731710244⁠Where to find Wael:Linkedin: https://www.linkedin.com/in/wael-nafee-2b78abbX/Twitter: https://x.com/wnafeeWhere to find Kyane:Linkedin: https://www.linkedin.com/in/kyanekassiriX/Twitter: https://twitter.com/kyanekassiriLearn more about Rally Cap: https://techcrunch.com/2022/05/05/rali_cap-gets-backing-from-global-vcs-and-launches-30m-fintech-fund-for-emerging-markets/

Jacques Marco is the founder and CEO of Axis Pay. The company raised a $8m seed round and is now one of Egypt's fastest-growing fintechs. Timestamps: 00:00 - In this episode 00:46 - Introduction 01:21 - Lawyer dad and an intuitive grasp of regulations 02:59 - Non-fintech folks building fintechs?! 06:06 - Why building Axis Pay is so hard 07:56 - Founder dilemma: plug into APIs or build everything in-house? 09:57 - Impetus behind building Axis Pay 12:26 - Listening to the market vs. distorting it with VC money 14:49 - Humans' bias towards B2C. 16:34 - Ignoring the noise and competition. 17:13 - The bull case for Egypt (while others are fleeing) 20:54 - Evolution of Egyptian fintech (Fawry, Meeza, Covid, VodafoneCash)24:04 - Untapped opportunities: remittance and credit scoring data References: Axis Pay - https://techcrunch.com/2023/05/17/tiger-global-backed-axis-launches-digital-payments-platform-for-egyptian-smes-months-after-its-8-25m-seed/ Fawry - https://www.reuters.com/article/business/egyptian-digital-payments-company-fawry-ipo-oversubscribed-30-times-idUSKCN1UV1ES/ Digital payments in Egypt - https://citvericash.com/the-rapid-evolution-of-digital-payments-in-egypt/ Listen on all platforms: Youtube - ⁠https://www.youtube.com/@TheRallyCapPodcast Spotify - ⁠https://open.spotify.com/show/3vUDH5yEH6pvRkqM1TVaxS⁠ Apple Podcasts - ⁠https://podcasts.apple.com/ca/podcast/the-rally-cap-podcast/id1731710244⁠ Where to find Jacques: Linkedin: https://www.linkedin.com/in/jacquesmarco/ Where to find Kyane: Linkedin: https://www.linkedin.com/in/kyanekassiri/ Twitter: https://twitter.com/kyanekassiri Learn more about Rally Cap: https://techcrunch.com/2022/05/05/rali_cap-gets-backing-from-global-vcs-and-launches-30m-fintech-fund-for-emerging-markets/ Check out our Climate Newsletter: https://rallycapclimate.medium.com/

Amir Farha is a prominent figure in MENA VC. Having previously co-founded the first and largest early-stage VC firm in the region [BECO Capital, $500m AUM].

Timestamps: (1:49) Building a second VC firm (3:02) What does 'strong founder' even mean? (4:29) Investing in underdogs (6:15) Aren't we all improvising? (7:05) The evolution of Amir 1.0, Amir 2.0, Amir 3.0 (11:18) Aren't VCs just monetizing access? (13:26) Raising $50m as a solo-GP (15:16) KSA/UAE/Egypt, too many startups, beyond the VC model (17:57) Unconventional founder moves in nascent markets

(20:34) Unhealthy obsession: psychological cost of succeeding in VC?

References:

COTU Ventures - https://techcrunch.com/2024/02/26/cotu-ventures-launches-54m-fund-for-pre-seed-and-seed-startups-in-mena/

Beco Capital - https://alphapartners.com/news/2017/01/beco-capital-supporting-technology-revolution-middle-east/
Huspy - https://www.entrepreneur.com/en-ae/entrepreneurs/uae-based-proptech-startup-huspy-raises-us37-million-in/431307

Kitopi - https://www.kitopi.com/post/kitopi-announces-415-million-series-c-funding-round

Listen on all platforms:

Youtube - ⁠https://www.youtube.com/@TheRallyCapPodcast

Spotify - ⁠https://open.spotify.com/show/3vUDH5yEH6pvRkqM1TVaxS⁠

Apple Podcasts - ⁠https://podcasts.apple.com/ca/podcast/the-rally-cap-podcast/id1731710244⁠

Where to find Amir:

LinkedIn: https://www.linkedin.com/in/amirfarha/

Where to find Kyane:

Linkedin: https://www.linkedin.com/in/kyanekassiri/

Twitter:  https://twitter.com/kyanekassiri

Learn more about Rally Cap: https://techcrunch.com/2022/05/05/rali_cap-gets-backing-from-global-vcs-and-launches-30m-fintech-fund-for-emerging-markets/ 

Check out our Climate Newsletter:  https://rallycapclimate.medium.com/

Tamer Azer is a partner at Shorooq Partners, a prominent VC firm in MENA. Timestamps: (1:12) Finding your true investor self (4:30) Building reputation in a new geography (6:21) Is Egypt gonna recover, startup-wise? (9:31) Breaking down fintech models via P&L items (10:50) Why infra/API plays are tough to build in the region? (13:27) The 'western vs. local' VC disagreement around lending (16:56) The void venture debt funds aren't filling (18:29) Climatetech: too early for the region? (20:02) Alternative path to liquidity: owning the local mid-cap market? References: Shorooq Partners - https://www.wamda.com/2022/03/shorooq... Pemo - https://www.wamda.com/2022/05/pemo-ra... Nymcard - https://www.wamda.com/2022/06/uae-fin... Lean Technologies - https://www.wamda.com/2022/01/lean-ra.... Listen on all platforms: Youtube - ⁠   / @therallycappodcast   Spotify - ⁠https://open.spotify.com/show/3vUDH5y... Apple Podcasts - ⁠https://podcasts.apple.com/ca/podcast... Where to find Tamer: LinkedIn:   / tamerazer   Where to find Kyane: Linkedin:   / kyanekassiri   Twitter:   / kyanekassiri   Learn more about Rally Cap: https://techcrunch.com/2022/05/05/ral... Check out our Climate Newsletter:   / rallycapclimate  

Johan Bosini is a partner at Quona Capital, a $800 million pan-emerging-markets fintech VC firm. Timestamps: (1:58) Quona overview in numbers (4:05) Imposter syndrome and self-assessment (5:08) Investing in LatAm vs Africa: different mental models (8:07) Lose-lose situation: too many VCs backing a model/space (10:38) Africa & LatAm: similar [but delayed] growth trajectories (12:49) Do not expand across continents! [for most startups] (13:49) Fintech 1.0, Fintech 2.0, Fintech 3.0 (17:21) Thesis behind investing in Sava [Brex for Africa] (19:25) Thesis behind investing in Orda [Toast for Africa] (21:57) Not enough digital banks??? (23:11) African multi-billion dollar exits: is the dream still alive? (24:09) Crazy founder story References: Yoco - https://techcrunch.com/2021/07/27/south-african-payments-startup-yoco-raises-83m-series-c-led-by-dragoneer/ Sava - https://techcrunch.com/2022/06/30/sava-a-spend-management-platform-for-african-businesses-gets-2m-pre-seed-backing/ Orda - https://techcrunch.com/2022/11/29/orda-raises-millions-to-digitize-african-restaurants-with-its-cloud-based-operating-system/ Listen on all platforms: Youtube - https://www.youtube.com/@TheRallyCapPodcast

Spotify - https://open.spotify.com/show/3vUDH5yEH6pvRkqM1TVaxS

Apple Podcasts - https://podcasts.apple.com/ca/podcast/the-rally-cap-podcast/id1731710244

Where to find Johan: LinkedIn: https://www.linkedin.com/in/johanbosini/ Twitter: https://twitter.com/JohanBosini Where to find Kyane: Linkedin: https://www.linkedin.com/in/kyanekassiri/ Twitter: https://twitter.com/kyanekassiri Learn more about Rally Cap: https://techcrunch.com/2022/05/05/ral... Check out our Climate Newsletter: https://rallycapclimate.medium.com/

Enrique Martinez-Hausmann is a principal at Speedinvest, a €1 billion European VC firm, with a stellar track record in Africa, the Middle East, and emerging markets at large. Timestamps: (1:54) Speedinvest's key success factors in emerging markets (5:54) Portfolio winners, in numbers (7:14) Using a different lens for emerging markets vs. Europe (9:18) Embracing lending models while others shy away from it (11:18) Funding predatory lenders? (13:26) Raising debt in emerging markets (15:26) The inherent risk of VC-backed lending businesses (17:47) Becoming a 'VC on steroids' by writing LP checks (18:48) Investing in an M-Pesa challenger (20:22) Too much VC money destroyed this vertical in Africa (23:07) Early career mistake? (24:09) Where to keep looking after 30 investments? References: Wayflyer - https://www.prosus.com/news-insights/... ShopUp - https://techcrunch.com/2021/09/06/com... Moove - https://techcrunch.com/2023/08/10/moo... Listen on other platforms: Apple Podcasts: https://podcasts.apple.com/ca/podcast... Youtube: https://www.youtube.com/@TheRallyCapPodcast Where to find Enrique: LinkedIn:   / enrique-martinez-hausmann-463220129   Where to find Kyane: Linkedin:   / kyanekassiri   Twitter:   / kyanekassiri   Learn more about Rally Cap: https://techcrunch.com/2022/05/05/ral... Check out our Climate Newsletter:   / rallycapclimate  

Omair Ansari is the co-founder and CEO of Abhi, one of the fastest-growing fintech companies in South Asia and the Middle East. Timestamps: (1:36) Quick background on Omair and Abhi (2:32) Abhi's performance in numbers (4:12) Dirtiest MVP and figuring out the market need (6:12) Early Wage Access is a tax on the poor? (08:19) The moment when numbers went exponential (11:58) Does SME lending scale? (13:34) Key factor for a successful market expansion (15:44) Preferring mercenaries over missionaries (18:37) From equity to off-balance sheet lending (19:22) Structuring debt instruments in emerging markets (21:52) Winning market share in down markets (23:15) Early mistakes: no more missionaries (25:07) Bottleneck for growth and Abhi2.0 References: Figopara - https://www.t-vine.com/turkiyes-risin... Creditas - https://techcrunch.com/2022/01/25/bra... LendingTree - https://www.cnbc.com/2014/08/01/lendi... Listen on other platforms: Apple: coming soon Spotify: coming soon Where to find Omair: LinkedIn:   / omair-ansari-40494329   Where to find Kyane: Twitter:   / kyanekassiri   Linkedin:   / kyanekassiri   Learn more about Rally Cap: https://techcrunch.com/2022/05/05/ral... Check out our Climate Newsletter:   / rallycapclimate  

Lexi Novitske is a General Partner at Norssken22, who just launched Africa's second-largest VC fund. Timestamps:(1:05) How to raise a $205m fund during a global downturn(3:50) Current growth stage valuations and how to deal with unreasonable prices(5:38) Growth deals that require restructuring(9:44) Debt requirements for growth-stage companies(11:28) Norrsken's thesis in financial services(13:27) Thesis behind investing in Shara(14:18) Overfunded fintech models(15:53) Thesis behind investing in Sabi(18:37) Living in Lagos(20:36) Thinking like a growth stage investor vs. early stage investorReferences:Sabi - https://techcrunch.com/2023/05/19/afr...Shara - https://www.crunchbase.com/organizati...Listen on other platforms:Apple: coming soonSpotify: coming soonWhere to find Lexi:Twitter :   / anovitske  LinkedIn:   / lexi-novitske-cfa-a5054a4  Where to find Kyane:Twitter:   / kyanekassiri  Linkedin:   / kyanekassiri  Learn more about Rally Cap: https://techcrunch.com/2022/05/05/ral...Check out our Climate Newsletter:   / rallycapclimate