RAIN releases 2025 Impact Report: Backing impact-driven businesses in the blind spots of African venture capital

Read the RAIN 2025 Impact Report Now

Over the past year, our team has dedicated itself to understanding  the needs of founders to succeed in some of Africa’s most underfunded markets and then rolled up their sleeves to directly build solutions.

RAIN was established to address a financing gap that affects thousands of promising businesses across low-income African countries.

These companies are often too large for microfinance but too early for traditional investors. They have capable founders, growing markets and ambitious ideas, yet struggle to access the patient, long-term capital needed to grow.

This challenge has become even more important as global development assistance continues to decline. Building stronger local economies increasingly depends on helping businesses become sustainable employers and reliable providers of products and services within their own communities. That is why we invest in frontier African markets, i.e. the blind spots in African venture capital markets.

Looking beyond Africa’s "Big Four"

Much of Africa’s venture capital continues to flow to a small number of established ecosystems. While these markets have produced impressive companies, they represent only part of the continent’s entrepreneurial potential.

We believe there is significant opportunity in countries that receive far less investment attention. Uganda and Sierra Leone are examples of markets where talented founders are solving practical problems despite operating with limited access to finance, infrastructure and business support. These environments require a different investment approach. Capital alone is rarely enough.

Early results that build confidence

Although our portfolio is very young, it already delivers scalable impact that will compound over the next few years.

In 2025, RAIN supported six portfolio companies across Uganda and Sierra Leone in sectors spanning healthcare, agriculture, property technology, waste management and digital employment.

Together these businesses generated more than $344,000 in revenue, achieved average revenue growth of 80%, supported 49 full-time jobs and reached more than 6,600 people.

These numbers represent businesses that are still in their earliest stages of growth. Their average holding period within our portfolio is less than one year.

For us, the figures matter because they suggest that combining patient capital with operational support can help businesses build stronger foundations earlier in their growth journey.

Recognising the opportunities in the "blind spots"

Our ambition extends beyond building a successful portfolio. We want to demonstrate that patient capital, combined with practical venture building and long-term partnership, can become a repeatable model for supporting entrepreneurship in frontier markets.

As our current portfolio matures, we expect these businesses to create more jobs, generate greater revenues and attract additional investment. Just as importantly, we hope they will encourage more investors to look beyond established markets and recognise the opportunities that exist across Africa’s lower-income economies.

The challenges facing these markets remain significant, yet so does the opportunity. We invite you to explore our 2025 Impact Report to learn more about the entrepreneurs, partnerships and lessons shaping RAIN’s work, and why we believe patient capital has an important role to play in building stronger local economies.

Read our 2025 Impact Report Now

If you would like to download the RAIN 2025 Impact Report, please fill in the form below to have a copy sent to your inbox: