# FSD Africa

> FSD Africa is a VC fund in Nairobi backing Financial Services and Energy. See 22 investments, check sizes, portfolio and contact details. Updated Aug 2026.

- Type: VC Fund
- Location: Nairobi, Kenya
- Total investments: 22
- Last investment: May 2026
- Lead investor: 77%
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/fsd-africa/?originalSubdomain=in
- X (Twitter): https://twitter.com/fsdafrica
- Website: https://www.fsdafrica.org/

FSD Africa is a VC fund in Nairobi focused on Financial Services and Energy. Created in 2012, FSD Africa is a £30 million financial sector development programme or ‘FSD’ based in Nairobi. It is funded by UK aid from the UK Government. FSD Africa aims to reduce poverty across sub-Saharan Africa by building financial markets that are efficient, robust and inclusive.FSD Africa is a market facilitator or catalyst. It appliesa combination of resources, expertise and research to address financial market failures and deliver a lasting impact. FSD Africa has a mandate to work across sub-Saharan Africa on issues that relate to both ‘financial inclusion’ and ‘finance for growth.’FSD Africa is also a regional platform. It fosters collaboration, best practice transfer, economies of scale and coherence between development agencies, donors, financial institutions, practitioners and government entities with a role in financial market development in sub-Saharan Africa. In particular, FSD Africa provides strategic and operational support to the FSD Network.

## Contacts

5 contacts available for FSD Africa. Shizune tracks 3 team members at FSD Africa. Sign up free to unlock them: https://app.shizune.co/sign-up/investor-profiles/find-team-emails/fsd-africa?utm_source=investor_profile

## Round sizes

| Stage | Round size |
| --- | --- |
| Seed | $4M–$6M |
| Grant | $10k–$134k |
| Venture - Series Unknown | $4.5M–$10M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Financial Services | 7 | 32% |
| Energy | 4 | 18% |
| Finance | 4 | 18% |
| FinTech | 3 | 14% |
| Payments | 3 | 14% |

31 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Grant | 8 | 36% |
| Venture - Series Unknown | 3 | 14% |
| Seed | 2 | 9% |
| Series B | 2 | 9% |
| Pre-Seed | 1 | 5% |

10 stages tracked in total.

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Kenya | 3 | 14% |
| Ethiopia | 3 | 14% |
| United States | 3 | 14% |
| South Africa | 2 | 9% |
| Uganda | 1 | 5% |

10 countries tracked in total.

## Team

| Name | Title | Investments | Profile |
| --- | --- | --- | --- |
| Evans Osano | Director, Financial Markets | 0 | https://shizune.co/investors/profile/evans-osano |
| Mark Napier | CEO | 0 | https://shizune.co/investors/profile/mark-napier-9eef |
| Paul Musoke | Director - Financial Institutions | 0 | https://shizune.co/investors/profile/paul-musoke |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Miarakap | Miarakap is the first impact investment company dedicated to financing and supporting Small and Medium Enterprises with high potential in Madagascar. | $133.9K | Grant | May 14, 2026 |  |
| Africa Renewables Katalyst | Africa Renewables Katalyst is an environmental firm that supports renewable energy projects. |  | Grant | Mar 26, 2026 |  |
| Dhamana Guarantee | Dhamana Guarantee operates as a credit guarantee company. | $10M | Venture - Series Unknown | Sep 30, 2024 |  |
| EQUB | EQUB is a mobile app providing alternative savings option through group savings. | $10K | Grant | Jul 18, 2024 |  |
| Xi Bassile | Xi Bassile's objective is to play a significant role in Mozambique's innovative urban infrastructure practices and policy development, helping to create a sustainable water management system that benefits people, places, and the environment in many ways. | $55K | Grant | Jul 01, 2024 |  |
| HuluCares | Hulu Cares offers convenient access to high-quality healthcare, empowering companies and employees alike. | $10K | Grant | Mar 07, 2024 |  |
| Lersha | Lersha provides digital services to enable small holder farmers to access farm inputs, hire mechanization services, and get agro advice. | $10K | Grant | Mar 07, 2024 |  |
| CGAP | CGAP is a global partnership of more than 30 leading development organizations that works to advance the lives of poor people through financial inclusion. Using action-oriented research, they test, learn and share knowledge intended to help build inclusive and responsible financial systems that move people out of poverty, protect their economicgains and advance broader development goals. They research and experiment to achieve proof of concept and extract lessons that can be built to scale by their partners, who apply their insights in the marketplace. Globally, about 1.7 billion people have no financial account -- at a bank, mobile money provider or other formal institution. Even when they have accounts, many poor people find them of little value and they are left unused. The result is that roughly one in three of the world’s adult population lacks the financial services they could use to dramatically improve their lives. They have no savings for a child’s education; they cannot access loans to buy the seeds and fertilizers; and they have no insurance to protect them from medical or natural disasters. | $100K | Grant | Mar 07, 2024 |  |
| Spark Energy Services | Spark Energy Services works with experienced developers across Africa, providing their partners with up to 100% upfront financing for the installation of on-site renewable energy and energy efficiency equipment for C&I businesses. Spark provides access to a diversified portfolio of clean energy projects across Africa, offering investors aclimate-positive investment with a strong, transparent, and robustly measured ESG profile. Through their development partners, Spark offers C&I companies a zero up-front cost solution to their energy needs, whilst significantly reducing their monthly power bills. | $10M | Venture - Series Unknown | Feb 02, 2024 |  |
| WIC Capital | WIC Capital is the first mechanism to provide suitable financing and support to women-owned MSMEs in Senegal and West Africa. | $1M | Debt Financing | Dec 05, 2023 |  |

10 of 22 investments shown.

## Co-investors
- [FSD Africa Investments](https://shizune.co/investors/profile/fsd-africa-investments) — VC Fund, 4 deals together
- [Goodwell Investments](https://shizune.co/investors/profile/goodwell-investments) — VC Fund, 2 deals together
- [LUN Partners Group](https://shizune.co/investors/profile/lun-partners-capital) — VC Fund, 2 deals together
- [African Development Bank](https://shizune.co/investors/profile/african-development-bank) — VC Fund, 1 deal together
- [BFA Global](https://shizune.co/investors/profile/bfa-global) — VC Fund, 1 deal together
- [BK Ventures](https://shizune.co/investors/profile/bk-ventures) — VC Fund, 1 deal together

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## FAQ

### What does FSD Africa invest in?

FSD Africa invests primarily in Financial Services, Energy and Finance startups, most often at Grant and Venture - Series Unknown stage. Most of the 22 investments tracked by Shizune back companies in Kenya. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is FSD Africa's check size?

FSD Africa typically joins rounds of $4M–$6M at Seed, $10k–$134k at Grant and $4.5M–$10M at Venture - Series Unknown. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds FSD Africa participates in.

### How do I contact FSD Africa?

Public channels for FSD Africa include LinkedIn, X (Twitter) and the website linked on this profile. For a verified work email and phone number, create a free Shizune account — contact data is searched across 20+ sources and validated before delivery, so your outreach lands in the right inbox.

### Who are the partners at FSD Africa?

The team at FSD Africa includes Evans Osano (Director, Financial Markets), Mark Napier (CEO) and Paul Musoke (Director - Financial Institutions). The Team section lists each member with their title, investment count and links.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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