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Building Your Fund Strategy: Why Most Emerging Managers Skip The Most Important Step

Over the past six years working with 250+ emerging fund managers across every continent, I’ve noticed a troubling pattern. Most aspiring GPs can articulate their investment thesis in vivid detail. They know their target sectors, geographies, and check sizes. They’ve researched comparable funds and can cite industry statistics with precision.

But when I ask them to walk me through their complete fund strategy—from dealflow sources through portfolio construction to LP value proposition—the conversation often stalls.

That’s why we created the Fund Strategy Canvas. Not as another framework to add complexity, but as a visual tool to force honest conversations about the eleven interconnected elements that determine whether a fund succeeds or struggles.

Why A Canvas? Why Not A Pitch Deck?

Traditional fundraising decks are linear presentations designed to persuade. The Fund Strategy Canvas is different. It’s a thinking tool that reveals gaps, inconsistencies, and opportunities in your fund strategy before you start pitching LPs.

Think of it as pre-flight checklist. Would you want a pilot who skipped their checklist because they felt confident? Your LPs don’t want you skipping the hard strategic questions just because you’re excited about your investment thesis.

Introducing the Fund Strategy Canvas

Fund Strategy Canvas. Used by 50+ GPs to shape and sharpen their strategy

The canvas forces you to address eleven critical building blocks:

Top (Core Strategy):

  • Thesis, Size
  • Strategy
  • Unfair Advantage

Left Side (LP Relationship):

  • LP Economics
  • Anchor LPs
  • LP Mix
  • LP Value Add

Right Side (Investment Execution):

  • Team & Track Record
  • Dealflow
  • Portfolio Construction
  • Value Add

Bottom (Value Creation & Exit):

  • Fund Economics
  • Legal Setup
  • Value Creation & Exit Strategy
  • Exit Experience

Want to get started on your own Fund Strategy?

Download your copy here.

The Canvas In Action: Two Real-World Examples

To illustrate how the Fund Strategy Canvas works in practice, let me walk you through two emerging manager cases (both are ‘illustrative examples, based on multiple real life fund manager I’ve worked with). Both are building funds in frontier markets. Both face skeptical LPs. But their approaches to the canvas reveal very different strategic choices and challenges.

Nairobi Impact Partners (case GP)

Case Study 1: Nairobi Impact Partners – Climate & Agriculture Fund

Background: Sarah Kimani and David Omondi launched Nairobi Impact Partners in 2024, targeting a $30M first close for their climate-focused impact fund across East Africa. Sarah brings 12 years from the International Finance Corporation working on climate finance. David is a second-time founder who built and exited an agritech startup in Kenya for $8M.

Fund Strategy Canvas, NIP

Let me walk through how they completed their Fund Strategy Canvas and what it revealed.

Thesis, Size & Strategy (Core):

Sarah and David’s investment thesis centers on climate adaptation technologies for smallholder farmers across Kenya, Tanzania, Uganda, and Rwanda. They’re targeting early-stage companies (Series A) that have proven product-market fit with $500K-$3M annual revenue.

Their $30M fund size reflects careful math: 15-18 portfolio companies with initial checks of $1.5-2M and 50% reserved for follow-on capital. This sizing came from honest assessment of the deal pipeline and realistic assumptions about ownership targets (15-25%) given competitive dynamics in the region.

Unfair Advantage:

Here’s where their canvas work got interesting. Initially, they listed “deep market knowledge” and “strong networks” as advantages. These are table stakes, not unfair advantages.

Through canvas discussions, we identified their real edge: Sarah’s relationships with eight DFIs and impact investors who collectively manage $15B in Africa-focused capital, combined with David’s operational credibility with founders (he’s been in their shoes). More importantly, David’s exit experience means he can credibly guide portfolio companies through M&A processes—a rare skill in East African VC.

Sarah & David working with early LPs to shape the fund strategy

Team & Track Record:

Sarah brings investment experience but has never led a fund. David brings entrepreneurial credibility but limited investment experience. The canvas revealed a critical gap: neither has fundraising experience for a fund.

Their solution: they brought on Fatima Hassan as a third partner (20% carry). Fatima previously raised $50M for an East African growth equity fund and brings LP relationships and fundraising expertise. This addition fundamentally strengthened their canvas.

Dealflow:

Their initial dealflow plan was generic: “attend conferences, build reputation, take inbound.” The canvas forced specificity.

They mapped four distinct dealflow channels:

  1. Accelerator partnerships: Formal partnerships with three climate-focused accelerators (CFAN, AgFunder, and VC4A) giving them first look at graduates
  2. DFI referrals: Sarah’s IFC relationships yield 3-4 qualified referrals monthly
  3. Founder network: David’s founder community provides peer referrals
  4. University partnerships: Relationships with Strathmore University and University of Nairobi entrepreneurship programs

The canvas revealed they needed to convert these channels from ideas to executed partnerships with specific metrics. They now track dealflow by channel and measure conversion rates.

Portfolio Construction:

Initial plan: “15-20 companies, initial checks $1-2M, reserve 50% for follow-on.”

The canvas revealed this was too vague. We modeled specific scenarios:

  • What if their best companies need $5M Series B rounds? Their 50% reserve only covers 3-4 companies.
  • What happens to ownership if they can’t participate in follow-on rounds?
  • How do they handle bridge rounds between Series A and B?

Their refined approach: Initial checks of $1.5-2M targeting 15-20% ownership. Reserve capital structured as $750K automatic pro-rata for winners (top 5 companies) and $250K discretionary for opportunistic follow-ons. This precision came directly from canvas work.

Value Add:

“We help companies scale” is not value add—it’s aspiration. The canvas forced them to specify exactly how they add value:

Operational Support: David leads quarterly operational reviews with portfolio CEOs, focusing on unit economics, go-to-market strategy, and fundraising preparation.

Talent Recruiting: Fatima maintains a curated database of 50+ climate tech executives and makes 2-3 introductions monthly to portfolio companies.

Customer Introductions: Sarah’s DFI relationships translate into corporate customer introductions for B2B portfolio companies.

Climate Finance Access: Sarah advises portfolio companies on accessing $200M+ in climate finance facilities (grants, concessional debt) that complement equity.

Anchor LPs & LP Mix:

This is where many emerging managers struggle. Sarah and David’s initial answer: “We’ll raise from impact investors and DFIs.”

The canvas revealed the chicken-and-egg problem: DFIs want to see commercial investors committed before they participate. Commercial investors want to see strong deal terms. Impact-only funds often struggle with both.

Their breakthrough came from mapping their specific anchor LP strategy:

Target Anchor: AfricInvest (existing relationship through Sarah’s IFC work). Target commitment: $5M for credibility with other LPs.

LP Mix Strategy:

  • DFIs/Impact (40%): IFC, FMO, Norfund—patient capital with impact measurement requirements
  • Family Offices (30%): East African families with agricultural interests seeking impact exposure
  • Fund of Funds (20%): European impact-focused funds of funds
  • Corporates (10%): Strategic corporate LPs from agriculture value chain

LP Economics & Fund Economics:

Their initial terms: “2% management fee, 20% carry, standard 8-year fund life.”

The canvas revealed misalignment. DFI LPs increasingly push for 1.5% management fees on impact funds. But at $30M fund size with three partners, 1.5% generates only $450K annually—insufficient for team salaries, office, travel, and operations.

Their solution emerged from canvas work:

  • Management fee: 2% on committed capital for first four years, stepping down to 1.5% on invested capital thereafter
  • Carry: 20% with 8% preferred return to LPs
  • Management fee offsets: 100% of fees offset against carry (industry standard)
  • Working capital: Secured $500K working capital line from a supportive family office to smooth cash flow gaps

This precision came from modeling their fund economics line-by-line, a process the canvas forced them to complete before pitching LPs.

Legal Setup:

Initially: “We’ll set up in Mauritius because everyone does.”

The canvas forced examination of whether Mauritius actually served their strategy. Their LP mix includes US family offices (Mauritius has tax treaty limitations with US), European funds of funds (require specific regulatory structures), and DFIs (have varying Mauritius preferences).

Their refined approach: Delaware LP as main fund vehicle with Mauritius parallel fund for LPs requiring it. This dual structure emerged from mapping their specific LP requirements through the canvas, not copying what other funds do.

Value Creation & Exit Strategy:

Here’s where impact funds often hand-wave. “Strategic acquisitions or IPOs” doesn’t cut it when your portfolio companies are $10M revenue Kenyan agritech startups.

The canvas forced Sarah and David to map realistic exit paths:

Primary Exit Routes:

  1. Strategic acquisitions by regional agriculture companies (Equity Bank, KCB Bank expanding into agriculture fintech; Safaricom entering agtech)
  2. Acquisitions by multinational agriculture companies (Olam, Yara, Syngenta acquiring African technology platforms)
  3. Later-stage fund acquisitions (Novastar Ventures, TLcom Capital buying positions for their growth funds)
  4. Development finance exits (Selling to impact investors willing to accept lower returns for sustained impact)

Exit Preparation Process:

Starting Year 2 of each investment, they host annual “Exit Strategy Board Days” mapping potential acquirers and preparing companies. This systematic approach came from canvas work revealing that exits don’t happen accidentally. (did you know, the team picked that up here.)

Exit Experience:

David’s $8M agritech exit provides credible experience, but the canvas revealed a gap: Sarah has never led an M&A process. Their solution: formal advisory relationship with a Nairobi-based M&A advisor who will mentor them through their first 2-3 exits while also sourcing buyers.

LP Value Add:

Final canvas element: what value do LPs bring beyond capital?

Their strategic LPs:

  • IFC: Provides regulatory navigation support across East Africa
  • Family offices: Provide customer introductions to agriculture value chain
  • AfricInvest: Provides co-investment capital and M&A support

This specificity helped them target LPs strategically, not just whoever might write checks.

RAIV (Case GP)

Case Study 2: Riyadh AI Ventures – Enterprise AI Fund in MENA

Background: Omar  launched Riyadh AI Ventures in 2024 targeting a $40M fund focused on enterprise AI applications across Saudi Arabia, UAE, and Egypt. Omar spent eight years at Google leading AI partnerships in MENA, followed by three years as Chief Product Officer at Careem.

His canvas journey revealed very different challenges than Nairobi Impact Partners.

Fund Strategy Canvas for RAIV (case)

Thesis, Size & Strategy:

Omar’s thesis: Enterprise AI applications built specifically for Arabic-language markets and regional regulatory requirements. While global AI companies dominate consumer applications, enterprise AI for Arabic contexts remains underserved.

His $40M target reflects aggressive sizing for a first-time fund. The canvas forced honest conversation about whether this was realistic. Most first-time MENA VC funds close at $15-25M. Omar’s argument: his Google relationships give him access to larger institutional LPs, and MENA AI deals require larger checks than typical seed funds deploy.

Through canvas work, we stresstested this assumption. If he only reaches $25M, can the strategy still work? His answer: yes, but with 12 companies instead of 18, and higher ownership targets.

Unfair Advantage:

Omar’s initial answer: “Deep AI expertise and strong corporate relationships.”

The canvas pushed deeper. What makes him unfairly advantaged versus every other AI investor globally?

His real edge emerged: He’s one of three people globally who deeply understand both frontier AI technology AND Arabic natural language processing challenges AND have relationships with every major enterprise buyer in MENA (through his Google and Careem networks). This intersection is genuinely unique.

Moreover, his Google relationships mean he can broker access to compute resources and AI tooling for portfolio companies—a material advantage when GPU access is a startup constraint.

Team & Track Record:

Omar is a solo GP—a red flag for most LPs. The canvas made this gap explicit.

His solution: Instead of bringing on full partners (which would dilute his carry significantly), he structured venture partner relationships with three domain experts:

  1. Technical VP: Former Meta AI researcher based in Dubai (15% carry, focused on technical due diligence)
  2. Enterprise Sales VP: Former Oracle EMEA executive (10% carry, focused on portfolio company sales acceleration)
  3. Finance Partner: Former Goldman Sachs MENA (10% carry, focused on fund operations and later-stage rounds)

This structure came from canvas work revealing he needed team credibility without full partner economics.

Dealflow:

Omar’s initial dealflow plan relied heavily on inbound flow from his reputation. The canvas revealed this was insufficient and risky.

His refined four-channel approach:

  1. Corporate innovation programs: Formal partnerships with ARAMCO, STC, and Emirates NBD innovation labs to see enterprise AI pilots
  2. University partnerships: MIT Jameel Clinic, KAUST, and American University of Cairo AI programs
  3. AI Accelerators: Partnerships with Google for Startups MENA and Hub71
  4. Founder outbound: Personal outreach to AI founders in stealth mode (leveraging his Google network to identify engineers leaving FAANG companies to start companies)

The canvas forced him to build redundancy into dealflow rather than hoping inbound would materialize.

Portfolio Construction:

Omar’s initial portfolio plan: “15-20 companies, initial checks $2-3M.”

The canvas revealed mathematical problems. At $40M with $2-3M initial checks and 50% reserves:

  • He could do 6-7 initial investments, not 15-20
  • OR he could do smaller $1M checks but sacrifice ownership
  • OR he needed to raise significantly more capital

His refined approach came from modeling multiple scenarios:

Final Portfolio Model: 12-15 companies with tiered investment approach:

  • Seed/Pre-Seed (3-4 companies): $500K-$1M initial checks, targeting 15-20% ownership
  • Series A (6-8 companies): $2-3M initial checks, targeting 12-15% ownership
  • Series A+ (2-3 companies): $4-5M initial checks in breakout companies showing enterprise traction

Reserve capital: 40% of fund (higher than typical because MENA AI rounds are growing quickly and he needs pro-rata protection).

This precision only emerged through canvas modeling exercises.

Omar whiteboarding fund strategy – before finding the Fund Strategy Canvas.

Value Add:

Omar’s initial value proposition: “I help companies build AI products and scale sales.”

The canvas forced specificity on HOW:

Technical Value:

  • Quarterly AI strategy sessions with portfolio CTOs
  • Access to Google Cloud credits ($100K per portfolio company)
  • Introductions to AI researchers for technical hiring
  • Architecture reviews for scaling challenges

Go-To-Market Value:

  • Direct introductions to CIOs at 15 enterprise customers (ARAMCO, STC, Saudi Airlines, etc.)
  • Quarterly enterprise sales workshops
  • Pricing and packaging strategy sessions
  • RFP response support for government contracts

Capital Value:

  • Introductions to Series B funds (Balderton, Accel, Insight Partners expanding to MENA)
  • Guidance on US/European expansion strategy
  • Financial modeling and board presentation coaching

This detail makes his value proposition credible and measurable.

Anchor LPs & LP Mix:

Omar’s breakthrough on the canvas: his Google relationships extended to GV (Google Ventures) considering MENA exposure. If he could convince GV to commit $5M as anchor, it would provide massive signaling to other LPs.

His LP mix strategy:

  • Strategic Corporates (30%): Google Ventures, Saudi Telecom, Aramco Ventures
  • Sovereign Wealth/Government (25%): Saudi Venture Capital Company (SVC), Mubadala
  • US Tech VCs (25%): Firms wanting MENA exposure without full fund (Kleiner Perkins, Accel)
  • Family Offices (20%): Tech-savvy MENA families

The canvas revealed a tension: US VCs want standard Delaware LP terms. Sovereign wealth wants specific governance rights. Family offices want quarterly liquidity updates. He needed fund administration capable of serving this complex LP base.

LP Economics & Fund Economics:

Omar’s initial terms: “Standard 2 and 20.”

The canvas revealed that “standard” means different things to different LPs. Sovereign wealth funds in MENA increasingly demand 1.5% management fees. US tech VCs expect 2.5% fees for emerging managers with operational support.

His solution: Tiered fee structure:

  • Tier 1 LPs (>$5M commitments): 1.5% management fee
  • Tier 2 LPs ($2-5M commitments): 2% management fee
  • Tier 3 LPs (<$2M commitments): 2.5% management fee

Carry: 20% with 8% preferred return (European LPs require preferred return; US VCs prefer no hurdle—this was a compromise).

Fund Economics Working Capital:

At $40M with blended 2% management fee, Omar generates $800K annually. As solo GP with three venture partners, this covers:

  • Omar salary: $200K
  • Venture partner retainers: $150K total
  • Operations/legal/admin: $150K
  • Office/travel/events: $100K
  • Future hires: $200K

The canvas revealed his management fee economics were tight but workable. However, he needed $750K working capital to cover the 18-month period between first close and becoming cash-flow positive. He secured this from his anchor LP as a bridge loan.

Legal Setup:

Omar’s initial plan: “DIFC (Dubai International Financial Centre) because I’m based in Dubai.”

The canvas revealed problems: DIFC has limited tax treaty network. His LP mix includes US institutions who want ERISA compliance, European funds requiring specific regulatory treatment, and Saudi investors who need Sharia-compliant structures.

His solution: Parallel fund structure:

  • Delaware LP: Main fund vehicle for US/European LPs
  • DIFC Parallel Fund: For MENA-based LPs requiring regional structure
  • Cayman Feeder: For specific LPs requiring offshore structure

This complexity emerged only from mapping his actual LP requirements through the canvas.

Value Creation & Exit Strategy:

Here’s where MENA AI funds face reality checks. There are limited acquirers for $50M AI companies in the region. The canvas forced Omar to map realistic scenarios:

Exit Paths:

  1. Strategic acquisitions by MENA tech companies: Careem, Noon, Tabby acquiring AI capabilities
  2. Strategic acquisitions by global tech companies expanding to MENA: Google, Microsoft, Salesforce buying regional AI platforms
  3. Strategic acquisitions by MENA enterprises: ARAMCO, STC, SABIC acquiring AI vendors
  4. US/European expansion then exit: Companies that start in MENA but expand globally and exit to US/EU acquirers
  5. Later-stage fund exits: Selling to growth equity funds (General Atlantic, Insight, Tiger Global)

The canvas revealed a critical insight: His best exits likely require portfolio companies to expand beyond MENA. This informed his value-add strategy around US/European expansion support.

Exit Experience:

Gap revealed by canvas: Omar has zero M&A experience. He’s built products and partnerships, but never closed a company sale.

His solution: Advisory board including two former corp dev executives (one from Google, one from Microsoft) who will mentor him through exits and potentially broker introductions.

LP Value Add:

Beyond capital, what do his LPs provide?

  • Google Ventures: Technical credibility, Silicon Valley network, potential acquisition path
  • Aramco Ventures: Enterprise customer access, regional credibility
  • US Tech VCs: Series B fundraising connections, US expansion support
  • Family Offices: Follow-on capital for breakout companies

The canvas helped him design an LP stack where each category provides strategic value, not just capital.

What The Canvas Reveals That Pitch Decks Hide

After walking through both funds, several patterns emerge:

1. Specificity Separates Strong Strategies From Weak Ones

“We source great deals through our network” is generic. “We have formal partnerships with three accelerators generating 12 qualified leads monthly with 15% conversion” is specific and measurable.

The canvas forces this specificity. Every vague statement gets challenged: How exactly? How many? With whom? By when?

2. Gaps Become Visible Before They Become Fatal

Both funds discovered critical gaps through canvas work:

  • Nairobi Impact Partners: No fundraising experience (solved by adding third partner)
  • Riyadh AI Ventures: No M&A experience (solved by advisory relationships)

Finding these gaps on a canvas before pitching LPs is far better than discovering them during LP due diligence.

3. Trade-Offs Become Explicit

Fund strategy is about trade-offs:

  • Nairobi Impact Partners chose slower growth and patient capital over aggressive returns
  • Riyadh AI Ventures chose concentrated portfolio with larger checks over diversification

The canvas makes you own these trade-offs rather than claiming you can have everything.

4. Internal Alignment Precedes External Fundraising

Both fund teams had unspoken assumptions about strategy until they completed the canvas together. Sarah assumed they’d raise quickly from DFIs. David knew DFIs move slowly. The canvas surfaced this disagreement.

Omar assumed his venture partners understood the portfolio construction math. They didn’t. The canvas aligned everyone.

5. The LP Perspective Becomes Central

The canvas is organized around what LPs care about:

  • Do you have defensible dealflow?
  • Can you construct a portfolio that returns the fund?
  • What’s your actual unfair advantage?
  • Do you have exit credibility?

Working through the canvas from the LP perspective reveals whether your story holds together.

How To Use The Fund Strategy Canvas


Based on watching dozens of emerging managers work through the canvas, here’s my recommended process:

Week 1: Individual Completion

Each team member completes the canvas independently. Don’t discuss or align beforehand. You want to surface disagreements.

Week 2: Team Alignment Session

Bring your canvases together. Spend 3-4 hours going through each section. Where do you disagree? Why? What assumptions are you each making?

The disagreements are where the real work happens. If one partner thinks you’ll close the fund in 9 months and another thinks 18 months, that affects everything from working capital needs to fee structures.

Week 3-4: Gap Analysis and Modeling

For each canvas section, identify gaps and model solutions:

  • Dealflow insufficient? Model three new sources with specific metrics
  • Portfolio construction unclear? Build Excel model showing various scenarios
  • Team incomplete? Define specific roles needed and start recruiting

Week 5-6: External Validation

Share the canvas with trusted advisors, potential LPs, and peer funds. Not as a pitch, but as a strategy artifact. Ask:

  • Where is our thinking unclear?
  • What gaps do you see?
  • What trade-offs would you make differently?

Week 7-8: Refinement

Revise the canvas based on feedback. The canvas should evolve as you learn.

Ongoing: Living Document

The canvas isn’t a one-time exercise. Revisit it quarterly:

  • Are dealflow channels performing as expected?
  • Is portfolio construction working?
  • Do you need to adjust LP mix based on fundraising reality?

Common Canvas Mistakes

After coaching 50+ funds through the canvas, I’ve seen recurring mistakes:

Mistake 1: Filling It Out Alone

The canvas’s power comes from team discussion. If you fill it out alone and present it to your team, you miss the alignment benefit.

Mistake 2: Generic Statements

“Strong network” is not an unfair advantage. “Exclusive partnership with the largest fintech accelerator in East Africa” is an unfair advantage.

The canvas demands specificity. If you can’t measure it, it’s probably not specific enough.

Mistake 3: Skipping Hard Sections

Many emerging managers gloss over exit strategy or LP economics because they’re uncertain. The uncertainty is exactly why you need to work through these sections.

Use the canvas to surface what you don’t know. Then learn it.

Mistake 4: Making It Static

Your canvas will change as you learn. Nairobi Impact Partners revised their canvas four times during fundraising as they learned what resonated with LPs.

Treat the canvas as a living strategy document, not a completed artifact.

Mistake 5: Confusing It With A Pitch Deck

The canvas is for internal strategy alignment. Your pitch deck is for external fundraising. They serve different purposes.

Complete the canvas first. Then build your pitch deck from the aligned strategy.

Why This Matters Now

The venture capital landscape is becoming increasingly competitive. LPs are more sophisticated and selective. “Good enough” fund strategies don’t get funded.

The funds that succeed are those with:

  • Crystal-clear differentiation
  • Specific, measurable strategies
  • Realistic understanding of their advantages and gaps
  • Alignment between partners on hard trade-offs

The Fund Strategy Canvas doesn’t guarantee success. But it dramatically increases your odds by forcing the hard conversations before you pitch LPs.

Every successful fund I’ve worked with has, in some form, worked through these eleven building blocks. The canvas simply makes the process systematic rather than haphazard.

Getting Started

Step one, download your personal copy here.

If you’re building a fund, start with the canvas before you write your pitch deck. Gather your team, block out a full day, and work through each section with brutal honesty.

The gaps you discover will be uncomfortable. That discomfort is the point. Better to discover them on the canvas than in LP meetings.

Both Nairobi Impact Partners and Riyadh AI Ventures are currently in market fundraising. Sarah reports that LPs consistently comment on how well-thought-through their strategy is. Omar closed his anchor LP ($5M from Google Ventures) after a single meeting—the GV partner said his clarity on portfolio construction and exit strategy was “the most sophisticated I’ve seen from an emerging manager.”

That clarity came from canvas work, not from being smarter or more experienced. It came from doing the hard thinking systematically.

Download the Fund Strategy Canvas at www.strategytools.io and start the work. Your future LPs—and your fund’s performance—will thank you.

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10 lessons from running 50+ fund manager masterclasses

Since we launched Fund Manager 4,5 years ago, more than 50 Masterclasses and programs have been delivered around the world. From Singapore to Toronto, London to Cape Town, 1.200 people have experienced building a new VC firm in just days, scaling it from idea to successful DPI.

1. Generally, low understanding of venture capital and VC lingo

Most people, including many professional investors and asset managers have a limited understanding of how venture financing works, how things are structured and even what most lingo means in practice.

A common day two phrase might be: “We’re doing a 5M at 12M post with two leads and two follows, all with 3X liq, with Softbank doing the B, chasing outlier net DPI in less than three years due to a massive M&A window to TDK, ultimately delivering us a Dragon. Who’s in?” Yes, there might be some new language and learning here. But using the Fund Journey Map and a wide range of visual canvases helps anyone break down the barriers in just days.

“It’s rare to experience something that challenges and inspires you at the same time. These three days were exactly that – exceptional structure, energy, and collaboration. Truly grateful for the experience and all the amazing people I got to meet along the way! Huge thanks to Christian Rangen and Scott Newton for making it so impactful!” – Sara Oluić,

Fund Strategy 101, Frankfurt, Germany 2025

2.Accelerated, exponential learning curve

Most people come in, expecting a ‘standard course’. This is anything but. Day 1, you strap into a rocketship as you and your newly founded team will sprint through nearly 15 years in just 2- or 3-days. Things happen at hyperscale pace – all the time.

“I came with scepticism that it is possible to deliver a venture capital program that will be challenging and engaging both to enthusiasts and professionals, in just 3 days. Christian Rangen and Scott Newton proved me wrong, they kept all of us on our toes, at the peak of our absorbing intellectual capacities with this masterfully crafted and delivered program, their infinite patience, unwavering support, relentless energy, venture capital knowledge, experience and superb training and coaching skills”

– Nastja Preradovic Visic

Emerging fund managers, and their LPs. Toronto, Canada, 2025

3. Great teams, great leadership matter more than great deals

Again and again, we see the pattern. The teams  can be sitting on amazing deals, on great exits and stunning mark-ups; but they can’t quite figure it out. They got the pieces, but they are lakcing the leadership and team performance to turn opportunity into value. Without great leadership and excellent team performance, nothing else matter.

“Our winning moves? Play to strengths – People in the right seats, fueled with full support by the team, outperform Celebrate wins – Call out good work and keep energy high Stay agile – Learn fast, adapt to market news and redefine portfolio/exit strategies fast Go big and go bold – Trusting your thesis and deliver results” – Janine Pereyra

H

4. Value creation is a big, new idea for post

Most people approach the program with two goals. 1. Raise (a bigger) fund 2. Invest in (lots of) companies it takes them some time to realize, just maybe, they have been chasing the wrong metrics. Returns, not investments. Capital back, not capital deployed. DPI, not deals, is what we focus on. In the program,  we talk a lot about post-investment value add, post-investment value creation and ultimately, doubling down on your winners for extreme power law performance. But this does not happen automatically. To most, value creation to exit is a “whole new world”, when all they wanted to do was deploy capital at pace.

“The experience was an eye-opener into the principles of venture capital. It helped me understand which KPIs truly matter, what challenges arise during the fund lifecycle, and, most importantly, how to collaborate in a team that must balance a constant inflow of capital, deals, and information.” – Julian Ritzi

Deploying capital is easy. Creating value is hard. Online, CVCA, Canada, 2024

5. An incredible learning experience

“Best learning ever”, “Best training I’ve ever done”, “The highlight of our entire MBA program”.

Since start, we have been stunned by the amount of excessive, positive feedback. We believe this might just be from the high-standards we keep, the fast pace we move, and simply for the participants to working in a high-pressure , high-performance environment with great team members.

“The best learning experience – budding unicorns all over ! thank you Jim Pulcrano for this incredible opportunity and Scott Newton and Christian Rangen for the learning curve + Enrique Alvarado Hablutzel for being a super LP + Aysun Abibula for all the meticulous planning and execution” – Anna Ziajka

We who teach learn the most. Chris & Elena, Johannesburg, South Africa, 2024

6.      Skills x mastery; not training or education

We are building skills, and developing mastery. This is not just another training program where you sit through PowerPoint decks. People are on their feet, structuring complex seed investments, negotiating with real-life LPs, writing up LP outcome analysis in just minutes, posting ‘why we invested memos’ on LinkedIn and build expertise by doing – not just listening.

For many people, we stay in touch as they transition from Masterclass to scaling their real-life funds. We aim to build mastery, not simply educate.

“And very intensive 3 days those were, indeed. Thanks to you Christian and Scott for delivering a true masterclass. There is a lot to take away from the course for everyone and at different levels of engagement with VC. I appreciated the dialogue and additional assignments, even though part of the simulation…, there is always a real world connect. Hugely recommended!!!” – Christoph Berndt, CFA

The rockstar exit, Belgrade, Serbia, 2025

7. Use AI tools – all the time

This one has been growing on us. Today, we can not phantom running a Masterclass without having the teams use AI tools – all the time.

Gamma for pitchdecks (how did we live before?)

ChatGPT for lingo (who needs to ask us, when GPT is better?)

Claude for deal memos (anyone can write a dealmemo in 3 minutes)

Bolt.new for websites (push your new site live in less than 5 minutes)

ChatGPT for winning team photos (love this one).

We use AI tools, all the time, in the process 10X’ing the creative outputs of the teams. People are stunned when they see their own, creative efforts multiply like this.

What winning looks like in the age of AI (thanks Dora M)

8. Working visually matters

Explaining anyone a full 15-year fund journey can be, well, hard. Teaching anyone the nuances between MOIC, TVPI and net DPI can be challenging. Helping an emerging manager construct LP outcome scenarios with outcome tables and financial returns, can be pretty tricky. But all of these things, and much, much more becomes easy, thanks to working visually.

From Fund Manager Journey (our 2,5 meter canvas), to fund strategy worksheets, a powerful visual Fund Manager! simulation and a rich library of visual canvases, soaking up the details of venture management is doable for all, thanks to how we work visually.

The Fund Journey , a visual canvas covering the full 10-15 year journey. A powerful visual backbone to Fund Manager! Serbia,2025

9. Learning never stops

In our Masterclasses, we have had senior executives, heads of family offices, GP’s with 20+ years experience, all of them seasoned investors, all of them truly excited about the experience.

“Working on exits is so important”, said on GP in Egypt. “We can never do this enough”. When first presenting a new Masterclass, we often get sceptic questions. “Why would anyone attend? Surely, they already know it all!”, is a common one. “I assume this is for juniors. Anyone working in venture should already know all this”, equally so. Neither are true. Again and again we see the most senior participants leaning in the most and reaping the benefits of their work. Like us, they realize, learning never stops.

“Big thanks for an incredible Masterclass! Three days that felt like a full fund cycle—what a way to be converted. Truly eye-opening and energizing. Grateful for the experience and looking forward to staying connected!” – Vanja Kljajevic, MBA, MSc

DFIs & GPs, teaming up, Jo’Burg, South Africa, 2024

10. Focus on the ecosystem – not just the individual

The biggest benefit to many is not the individual learning, but the collaborative work, the strengthening of ties and the benefits of ecosystem-wide collaboration. Individual mastery is valuable, but achieving the same at ecosystem is even more valuable.

As one participant noted, “I was concerned to walk into a room full of ‘finance bros,’ and instead found a welcoming group of people working to build the ecosystem.”

This is also one of the design principles behind Fund Manager! Simply, you will do better if you work together. This, of course, spills over into real life, where GP-LP connections and pre-seed-to-A-fund relationships matter. When we see a great Masterclass in the works, we can also see the clear spill-over benefits to the ecosystem.

“One of the biggest values was the networking – connecting with such an inspiring group of colleagues, especially my team Marko Nikolic, CFA , Leonora Kusari, Zeljko Mitkovski and Agon Dula, PhD and our amazing teachers and experts Scott Newton and Christian Rangen made the programme even more rewarding. Grateful to the EBRD team in Serbia Dejan Tonic, Milena Blagojevic and Ljubisa Petrovic Strategy Tools and everyone involved for this opportunity! Thank you! See you next year” – Milivoje Jovanovic

“At Zephyr Angels and Zephyr Equity with Gogo Rafajlovski, we’re connecting capital, talent, and capability – building the next generation of investors and founders. The Western Balkans need more fund managers, more syndicates, and more people who think long-term about ecosystem design.Grateful to EBRD Star Venture, Dejan Tonic, and Ljubisa Petrovic for making this possible — and for continuing to push our region forward.” – Igor Mishevski

Building VC ecosystems, one deal at the time. Dubai, 2023

From 1.200 to 10.000 – just getting started

Today, we are 50+ Masterclasses in. We have worked with emerging fund managers, LPs from some of the biggest funds in the world, European family offices, Pacific ocean impact funds, foundations, Fund-of-funds and globally leading business schools. Looking ahead over the next 4,5 years, we are truly excited for what is ahead as we bring the Fund Manager Masterclass to 10.000 people and beyond.

MENA is where the action is. See you there! Dubai, 2023

Thanks for reading. Chris, Rick & Scott

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Can Intel Transform?

A high-level analysis using the 10 Principles of Transformation

By: Chris Rangen & Claude.

Gearing up for multiple, upcoming C-level programs on leading transformation, we explore some of the most visible, ongoing transformation cases out there. First out: Intel.

Intel Corporation stands at one of the most critical inflection points in its storied 56-year history. Once the undisputed king of semiconductors, the company has watched rivals like Nvidia surge ahead in artificial intelligence, AMD reclaim performance leadership in CPUs, and TSMC dominate advanced manufacturing. With revenue declining from $79 billion in 2021 to $53.1 billion in 2024 and the company implementing its largest workforce reduction to date—21,000 employees following last year’s cut of 15,000—the question isn’t whether Intel needs to transform, but whether it can.

Using the 10 Principles of Transformation as our analytical framework, we examine Intel’s strategic positioning, execution capabilities, and prospects for successful reinvention in an era where computing infrastructure is being fundamentally reimagined.

The 10 Principles of Transformation

Principle 1: Understand Your Industry Shifts

Assessment: Partially Successful

Intel has correctly identified the mega-trends reshaping computing. The company recognizes three fastest-growing opportunities: AI, 5G network transformation, and the intelligent and autonomous edge, acknowledging that “we are now entering the era of distributed intelligence, where computing is pervasive.”

Under new CEO Lip-Bu Tan, Intel has sharpened its focus on these shifts. Tan emphasized creating “a culture of innovation driven by a renewed focus on customers and an engineering-first mindset” during Intel Vision 2025, signaling awareness that the industry’s center of gravity has moved from pure processing power to specialized AI acceleration and heterogeneous computing.

However, Intel’s response has been reactive rather than proactive. The company missed the initial AI wave that propelled Nvidia to unprecedented heights, and its acknowledgment of industry shifts came after competitors had already established commanding leads.

Principle 2: Master New Ecosystems

Assessment: Work in Progress

Intel is attempting to master multiple ecosystems simultaneously—a ambitious but necessary strategy. The company is transforming “from a CPU to a multi-architecture xPU company, from silicon to platforms, and from a traditional IDM to a new, modern IDM.”

Key ecosystem initiatives include:

  • AI Ecosystem: Intel’s Gaudi accelerators and AI PC portfolio, with over 40 million AI PCs expected to ship by end of 2024
  • Foundry Ecosystem: Positioning as a “foundry powerhouse” to serve both internal needs and external customers
  • Edge Computing: Leveraging its x86 dominance to capture edge and IoT opportunities

The challenge is execution scale and speed. While Intel has identified the right ecosystems, competitors like Nvidia have built more cohesive, developer-friendly platforms that create stronger ecosystem lock-in effects.

Principle 3: Build Your Core–Growth – Explore Framework

Assessment: Framework Exists, Execution Lagging

Intel has articulated a clear framework with distinct horizons:

  • Core: x86 processors and traditional markets
  • Growth: AI accelerators, data center solutions, autonomous systems
  • Explore: Advanced packaging, quantum computing, neuromorphic chips

The company’s “five-nodes-in-four-years strategy” represents its core technology advancement, with Intel 18A on track to be manufacturing-ready by end of year and production wafer start volumes in first half of 2025.

However, resource allocation between these horizons has been problematic. Intel’s cost structure became bloated, with “costs too high” and “margins too low,” suggesting insufficient discipline in portfolio management and resource allocation across the core-growth-explore spectrum.

Principle 4: Create the Transformation Architecture

Assessment: Still early days

How should Intel structure itself for the future? Could parts of the company be spun off and listed as a new, younger, high-growth case? Could a strategic restructuring help unleash new innovation cycles for Intel?

New CEO Lip-Bu Tan is implementing structural changes to “flatten bloated management structures” and eliminate slow decision-making layers, with teams that were once “eight or more layers deep” now operating leaner and faster.

The architecture appears sound on paper, but execution has been inconsistent. Multiple strategy pivots, leadership changes, and the massive workforce reductions suggest the transformation architecture required fundamental redesign rather than mere optimization.

Principle 5: Develop Your Innovation Strategy

Assessment: Strategy Reformed, Results Pending

Intel’s innovation strategy centers on regaining process technology leadership and expanding beyond CPUs. The company focuses on “six areas of innovation: process and packaging, architecture, memory, interconnect, security, and software” to create differentiated xPU platforms.

Recent innovation highlights include:

  • Intel 18A featuring RibbonFet, PowerVia, and advanced packaging technologies
  • Xeon 6 CPUs with E-cores boosting efficiency by 60% and performance by 150%
  • AI-optimized solutions across client and data center segments

The strategy represents a departure from Intel’s historically CPU-centric approach, embracing heterogeneous computing architectures. However, innovation cycles in semiconductors are long, and Intel must execute flawlessly while competitors continue advancing.

Principle 6: Learn to Build Business Model Portfolios

Assessment: Portfolio Expansion Underway

Intel is diversifying its business model beyond traditional semiconductor sales:

  • Foundry Services: Competing directly with TSMC to manufacture chips for other companies
  • Software and Services: Expanding beyond hardware to complete solutions
  • IP Licensing: Monetizing intellectual property more aggressively
  • Government Partnerships: Leveraging geopolitical tensions to secure foundry contracts

The company is “expanding beyond the CPU to better solve customers’ problems through solutions and platforms” rather than just delivering individual components.

This portfolio approach is necessary but risky. Each business model requires different capabilities, customer relationships, and success metrics. Intel must avoid the trap of being mediocre across multiple models rather than excellent in a few.

Principle 7: Master Corporate Venturing

Assessment: Limited

This represents perhaps Intel’s weakest area in transformation execution. While Intel Capital has historically been active, there’s limited evidence of systematic corporate venturing aligned with transformation goals. In fact, in January 2025 Intel announced the intent to spin off the CVC arm, only to reverse the decision in April the same year.

Successful transformation typically requires aggressive CVC; Intel now needs to rebuild its CVC strategy.

Principle 8: Build Entirely New Strategic Capabilities

Assessment: Significant Investment, Uncertain Returns

Intel is making substantial investments in new capabilities:

  • Foundry Operations: Building customer-facing foundry services from scratch
  • AI Software Stack: Developing comprehensive AI development tools and frameworks
  • Advanced Packaging: Investing heavily in chiplet and 3D integration technologies
  • Ecosystem Development: Building developer communities and partner networks

The company expects to generate “$1 billion in savings in non-variable cost of sales in 2025” while maintaining investments in strategic capabilities.

The challenge is that these new capabilities require both significant capital and different organizational cultures. Building world-class foundry services, for example, requires customer-obsessed operational excellence—a significant departure from Intel’s historically internal focus.

Principle 9: Invest More

Assessment: Constrained by Financial Reality

This principle highlights Intel’s most significant constraint. While transformation requires increased investment, Intel is simultaneously implementing a “$10 billion cost reduction plan” and reducing “gross capital expenditures in 2024 by more than 20%”.

The company suspended its stock dividend beginning Q4 2024 to preserve cash for strategic investments, but free cash flow remains negative. Intel faces the classic transformation dilemma: needing to invest more while generating less cash to fund those investments.

Government support provides some relief, with CHIPS Act funding helping sustain manufacturing investments, but private capital allocation must be ruthlessly prioritized.

Principle 10: Repeat

Assessment: Too Early to Evaluate

Transformation is iterative, requiring multiple cycles of learning and adjustment. Intel is early in its transformation journey under new leadership, making assessment of this principle premature.

However, the company’s history suggests challenges with consistent execution across cycles. Previous transformation attempts under different leaderships have yielded mixed results, indicating potential organizational impediments to sustained iterative improvement.

Transformation Verdict: Possible but Perilous

Intel’s transformation faces three fundamental challenges:

Resource Constraints: Unlike successful transformers like Microsoft or Amazon, Intel must simultaneously defend eroding core businesses while building new capabilities with limited financial resources.

Technology Convergence Speed: The pace of AI and computing evolution may outstrip Intel’s ability to catch up, particularly given the long lead times in semiconductor development.

Ecosystem Momentum: Competitors have built powerful ecosystems with strong network effects that create increasingly high barriers to entry.

However, Intel retains significant advantages:

  • Unmatched x86 ecosystem relationships
  • Deep engineering talent and IP portfolio
  • Strategic importance to Western governments ensuring foundry supply security
  • Manufacturing scale that few competitors can replicate

The Cliffhanger: An Unexpected Lifeline

Just as this analysis was being completed, the technology world was stunned by breaking news that fundamentally alters Intel’s transformation equation. Nvidia announced it will invest $5 billion in Intel’s common stock at $23.28 per share as part of a collaboration to jointly develop multiple generations of custom data center and PC products.

Jensen Huang called it a “historic collaboration” that “tightly couples NVIDIA’s AI and accelerated computing stack with Intel’s CPUs and the vast x86 ecosystem—a fusion of two world-class platforms”, while Intel shares jumped 33% in premarket trading following the announcement.

This development represents more than financial investment—it’s validation of Intel’s x86 ecosystem value and a potential accelerant for several transformation principles simultaneously. The partnership could provide Intel with immediate access to AI capabilities while offering Nvidia deeper integration with the dominant PC and server architecture.

But will this lifeline prove to be Intel’s transformation catalyst, or merely a temporary reprieve in a longer decline? The answer will define not just Intel’s future, but the competitive structure of the entire computing industry for the next decade.

The transformation game just changed. The question is whether Intel can now play it to win.

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From Classroom to Boardroom: How Transform! Turns Leaders into Transformation Legends

Want to see grown executives sweat? Put them in charge of a $50B transformation challenge. Then watch the magic happen.

Here’s the brutal truth: Most leaders talk a good game about transformation, but when crisis hits, they crumble faster than a house of cards in a hurricane. That’s exactly why Duke, IE Business School, Hult, Microsoft, and Equinor are all using the same secret weapon to forge genuine transformation leaders.

Meet Transform! —the simulation that’s revolutionizing how we develop transformation leadership skills.

Welcome Memo from the Board Chair. Are you ready to lead?
Welcome Memo from the Board Chair, part II. Let’s go!!

The Problem: Leadership Development That Actually Doesn’t

Traditional leadership programs are like learning to swim by reading a manual. Lots of theory, zero practice, and when you hit the water, you sink.

Meanwhile, real transformation requires mastering 12 interconnected skills simultaneously:

Team Mastery: Leadership, Teamwork, Complex Problem-Solving, Decision-Making

Strategic Firepower: Strategy & Transformation, Innovation, Strategic Finance, Competitive Dynamics

Stakeholder Wizardry: Board & Governance, Capital Markets & Shareholders

Performance Excellence: Strategic Clarity, Winning Mindset

Most programs teach these in isolation. Transform! throws leaders into the deep end where all 12 skills must work together—or they fail spectacularly.

The Solution: Learning by Nearly Dying (Professionally)

Picture this: You and your team are the new management team of an established company. Your mission, should you choose to accept it: Transform your company and hit a $50B market cap. Small problem—you’re competing against up to six other teams who want to outperform and crush you.

“Many people get overwhelmed. They function poorly as a team. They get stressed. They make bad decisions. They are unable to collaborate on strategy. This is by design.”

Transform! doesn’t coddle participants. It subjects them to:

  • Business model portfolios for long-term value creation
  • Entrepreneurial mindset by juggling new business opportunities
  • Digital skills by using a wide range of AI tools in practice
  • Hostile competitors trying to steal your market share
  • Activist investors demanding immediate results
  • Time pressure that would make any management team falter
  • Financial resource constraints that force impossible choices
  • System thinking through a complex learning format
  • Strategic dilemmas with no clear right answer

The result? Leaders who can actually lead transformation, not just talk about it.

The Magic: 1,500+ Cards of Chaos and Opportunity

With over 1,500 unique content cards, based on 100’s of real-life strategy dilemmas developed with deep insights from many of the largest companies in the world, Transform! creates infinite scenarios. Your team might face:

  • How large part of the business should be ‘built with AI first’?
  • Should you bring in the “M&A Shark” for aggressive growth?
  • How much debt can you handle for those new gigafactories?
  • Can you survive rising interest rates while funding innovation?
  • Will that multi-stakeholder joint venture attempt backfire spectacularly?
Teams are exposed to 100’s of strategic possibilities; but can they make the right decisions?

Every decision cascades through the business system, teaching leaders that transformation isn’t linear—it’s a complex dance where finance, strategy, innovation, and leadership intersect in unpredictable ways.

Built on the research behind the Ten Principles of Transformation, Transform! takes participants on a deep dive, fast-paced journey into the world of C-suites and boardrooms globally. Get the Building the Transformational Company report here.

The 10 Principles of Transformation, based on the Building the Transformational Company research (Rangen, 2021)

The Proof: Real Results from Real Programs

IE Business School’s Success Story:

Peter Fisk, global thought leader and Academic Director of IE’s Global Advanced Management Program, embedded Transform! as the capstone experience. The results speak volumes:

  • A craft beer ecosystem created by Latin America’s largest bottling company
  • A South African bank drastically reducing loan approval times
  • A Japanese pharmaceutical company partnering with Silicon Valley startup for personalized medicine
  • A retailer growing from 500,000 to 5 million customers in three years

“We have so many examples of great results coming from the graduates of the program… This is typically the transformational outcomes we’re looking for.”

The Format: Flexible, Scalable, Devastating

Transform! adapts to your needs:

  • 2-3 day intensive formats for maximum impact
  • Hybrid models stretching over months (IE’s secret sauce)
  • 10-100+ participants per session
  • In-person or digital delivery, you choose
  • Six different industries to match your context

Whether you’re developing young talent or seasoned C-suite executives, Transform! scales the challenge appropriately. New hires get overwhelmed then breakthrough. Veterans find their real-world dilemmas reflected in the simulation.

You are the new leadership team of a well-established company, with declining sales and falling share price. The board is looking to you to lead the transformation. Can you deliver?

The Skills: All 12, All the Time

Unlike traditional programs that teach skills in silos, Transform! forces simultaneous development:

Part 1: Teams learn basic strategy and finance while making rapid-fire decisions

Part 2: Innovation strategy meets competitive dynamics under pressure

Part 3: Growth, M&A deals, activist investors, and board management collide

Participants don’t just learn about strategic finance—they use it as a competitive weapon. They don’t study teamwork—they build coalitions or watch their companies collapse. By powering through the intense experience Transform! is, participants are able to debrief, reflect and discuss their own experience, thoughts, confusion and mastery of the 12 leadership skills behind Transform! Most importantly, what are the key skills you bring back to work Monday morning?

Transform! 12 is a cornerstone of the debrief process, built on four pillars; Team, Strategy, Capital Markets & Performance

The Bottom Line: ROI That Actually Matters

For Business Schools: Transform! becomes your signature differentiator. Students graduate with genuine transformation experience, not just great lectures.

For HR Leaders: Stop sending executives to programs that don’t prepare them for real challenges. Transform! creates leaders who can actually deliver transformation results.

For Organizations: Every dollar invested returns exponentially when leaders can navigate complexity without panic.

Develop more strategic leaders? Drive a successful transformation? Teach the building blocks of a future-fit strategy? Try Transform

Global security challenges opens new growth opportunities. Should a German automotive company seize these Explore opportunities or rather focus on streamlining the old legacy business?

The Call to Action: Stop Pretending, Start Transforming

The transformation economy is here. Companies that can’t transform will die. Leaders who can’t lead transformation will become irrelevant.

The question isn’t whether you need these skills—it’s whether you’re brave enough to develop them properly.

Transform! doesn’t just teach transformation leadership. It forgets leaders through the fire until they emerge as transformation legends.

Ready to separate the real leaders from the pretenders?

Transform! is available for business schools and organizations worldwide.

Contact us to bring this game-changing, immersive experience to your leaders.

Transform! is trusted by leading institutions including IE Business School, Duke University, Hult International Business School, Microsoft, Equinor, and dozens of other forward-thinking organizations who understand that transformation leadership can’t be learned from a textbook.

Transform! is based on the research project, Building the Transformational Company and the Ten Principles of Transformation. Developed by Chris Rangen, with over 20 years experience working with boards, C-level and strategy leaders, Transform! is anchored in real-life challenges faced at the strategic level of the world’s leading organizations. Read more.

Want to learn more about the Strategy Sims methodology? Hear how the Strategy Sims went from zero to 10.000+ people in just six years? Pre-register for our upcoming report, Strategy Sims in Action today.

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The Growth and Evolution of Fund Administration and Fund Management Industry in Mauritius: From Colonial Trading Hub to Global Financial Powerhouse

Preface

Leading up to the 2025 VC Fund Manager Masterclass in Mauritius, we explore the history and current ecosystem for venture financing in Mauritius. The country is already well-established as a financial services hub, with a thriving industry and large number of funds domiciled. Over a series of short articles we explore:

  • How did Mauritius grow into a fund management hub?
  • How is the venture industry performing today?
  • What is the future of venture capital and the VC ecosystem in Mauritius and Africa?

Introduction

The financial services sector in Mauritius has a rich history dating back to the 17th century when the island was used as a regional payments and settlements hub by traders. Today, Mauritius stands as one of Africa’s most sophisticated international financial centers, boasting over a thousand funds, a collective AUM in excess of USD 80 billion, and a sizeable number of them from development finance institutions and sovereign wealth funds. This transformation from a sugar-dependent colony to a global fund administration hub represents one of the most remarkable economic evolution stories in the developing world.

Historical Foundations: The Early Years (1968-1990s)

When Mauritius gained independence in 1968, few observers anticipated its future as a financial services powerhouse. Nobel Prize winner James Meade prophesied in the early 1960s that Mauritius’s development prospects were poor, citing the island’s heavy dependence on sugar, vulnerability to terms of trade shocks, and potential ethnic tensions.

While the financial sector was already relatively well developed at independence, the robust economic performance over the last two decades strongly contributed to its further expansion. The Bank of Mauritius, established as the central bank, played a crucial role from the beginning. From the very beginning the BOM focused on creating the framework for a modern financial intermediation system that could allocate resources efficiently to fund development needs.

The foundation for modern financial services was laid early, with treasury bills issued by tender on a monthly basis starting in April 1969, and the central bank providing forward cover for foreign exchange risk as early as 1968/69, recognizing the economy’s openness and dependence on trade.

The Offshore Revolution: 1990s Transformation

The real transformation began in the early 1990s with strategic legislative changes that would reshape Mauritius into a global financial center. Following the economic liberalisation in India in 1991 and the creation of the Mauritius Offshore Business Activities Act (MOBAA) in Mauritius in 1992, there was a rise of activities in the Mauritius Offshore Sector.

The government implemented several key reforms that laid the groundwork for the fund administration industry:

  • 1994: The Government abolished the foreign exchange control by suspending the Foreign Exchange Control Act in order to enable free repatriation of capital
  • 1996: A deemed foreign tax credit was conceived as a simple and practical approach to the domestic fiscal treatment of foreign investment returns

These reforms created the enabling environment that would attract international fund managers and administrators to establish operations in Mauritius.

The New Millennium: Regulatory Sophistication (2000s-2010s)

In the 2000s, Mauritius embarked on a transformation period with the view of establishing a more stable and reputable financial centre. The most significant milestone came in 2001 with comprehensive regulatory reform.

In 2001, the MOBAA was repealed and replaced by the Financial Services Development Act. Subsequently, in the same year, the Financial Services Commission (FSC) was set up to replace MOBAA, to regulate and supervise all non-banking financial services.

The FSC’s establishment marked a turning point in the industry’s evolution. The vision of the FSC is “to be an internationally recognized Financial Supervisor committed to the sustained development of Mauritius as a sound and competitive Financial Services Centre”.

This period saw significant growth in the fund administration sector, with Mauritius positioning itself as a gateway for investments into Africa and Asia, leveraging its strategic location and favorable time zone.

Current Industry Landscape: A Global Hub

Today, Mauritius has emerged as a dominant player in the global fund administration industry. Mauritius is home to some of the most impactful and leading funds from around the world, with impressive statistics that underscore its significance:

  • The Mauritius IFC also hosts reputable legal firms, professional services firms and renowned management companies, which collaboratively service nearly 1000 global funds and facilitate operations for over 15,000 companies in the Global Business sector
  • The MIFC counts more than 450 private equity funds that are investing in Africa and nearly $40 billion investments in Africa were structured through Mauritius

Leadership Perspectives on Industry Evolution

Dr. Désiré Vencatachellum – FSC CEO on Future Vision

The industry’s future direction is being shaped by new leadership with a clear vision. Dr. Désiré Vencatachellum, the newly appointed CEO of the Financial Services Commission, brings over 30 years of experience in development finance. “Harnessing this strength will be key to advancing our financial ecosystem,” he said, referring to Mauritius’s tremendous potential and wealth of talents.

Dr. Vencatachellum emphasizes the strategic importance of Mauritius’s positioning: “We must shape the FSC that is not only relevant for today’s challenges but also resilient and forward-looking for 2030 and 2050”. He highlights the key role of Mauritius as a dynamic gateway between Africa and Asia.

PwC’s Sharvin Ballah on Market Opportunities

Sharvin Ballah, Partner at PwC Mauritius, provides insights into the sector’s growth potential. In absolute terms, the AWM expansion would be the fastest growing in the Middle East and Africa at a projected 6.9% CAGR. He emphasizes that Mauritius, as a prominent International Financial Centre (IFC), has demonstrated its capabilities to serve that purpose.

Ballah highlights the competitive advantages: Strategically positioned with an advantageous time zone between Africa and Asia, the Mauritian jurisdiction is highly regarded as a favourable business destination with a range of unique offerings for the AWM sector.

Tax and Regulatory Framework: Competitive Advantages

Mauritius offers one of the most attractive tax regimes for fund administration globally:

  • There is no capital gains tax in Mauritius and no withholding tax on dividends and interest
  • As a result, 80% of the foreign-source income derived by a Collective Investment Scheme (CIS), Closed-End Fund (CEF), CIS manager or CIS administrator are exempted from income tax
  • Recent enhancements include the announcement to increase the partial exemption to 95% for Collective Investment Schemes (CIS) and Closed End Funds (CEF)

The regulatory framework is comprehensive and internationally compliant. Mauritius’s financial services sector upholds corporate governance and international regulations through the overarching Financial Services Act (FSA) and oversight by the well-established Financial Services Commission (FSC).

Innovation and Technology: Embracing Digital Transformation

The industry is embracing technological innovation to maintain its competitive edge. Automation and fintech innovations are shaping the future of admin services. Automation has led to increased efficiency in the calculation of NAVs, financial reporting, and compliance monitoring.

Mauritius has also moved to accommodate emerging asset classes. The FSC has recognised such digital assets as constituting asset-class for investment by sophisticated and expert investors, Professional CIS, Expert Funds and specialised CIS.

Challenges and Opportunities: Looking Ahead

Despite its success, the industry faces challenges from global regulatory changes. The new amendments to the double taxation agreement are likely to constrain the growth of Mauritius’ offshore sector. Critics note that the financial sector has not transformed beyond providing basic services like fund administration, unlike more diversified financial centers such as Singapore.

However, industry leaders remain optimistic about future prospects. Expectations and hopes are higher than ever before with the Global assets under management (AuM) targeted to rebound by 2027, with expected revenues of up to US$622.1 billion, of which 50% is forecast to be generated from private markets.

The African Connection: Strategic Positioning

Mauritius’s role as a gateway to Africa remains central to its value proposition. Besides its location and strong network, Mauritius offers excellent connectivity to conduct and facilitate business with the emerging African market.

The government has actively promoted this positioning through various initiatives, including the creation of a Mauritius Africa Fund (MAF) in 2013, a public entity with a budget of $11 M to assist Mauritian companies to invest in Africa.

Regulatory Excellence and International Recognition

Mauritius has achieved recognition for its regulatory standards. Globally, the island stands out as one of the very few countries which are compliant with all the 40 recommendations of the FATF, placing significant emphasis on anti-money laundering and counter-terrorist (AML/CFT) measures within a robust framework aligned with international norms and best practices.

Economic Impact and Future Strategy

The fund administration and management industry has become a cornerstone of Mauritius’s economy. It transformed itself from a country with a per capita income of US$260 in the 1960s to one with a per capita income of more than $10,000 in 2021.

In 2015, the Ministry of Financial Services, Good Governance and Institutional Reforms was created and the Government has since then embarked on a strategy to further graduate Mauritius as a full-fledged International Financial Centre.

Conclusion: A Sustained Success Story

The evolution of Mauritius’s fund administration and fund management industry represents a remarkable transformation story. From its origins as a colonial trading post to becoming noted as the gold standard for fund management and administration, Mauritius has demonstrated the power of strategic vision, regulatory excellence, and adaptive governance.

As Dr. Vencatachellum noted, Mauritius has tremendous potential and is home to a wealth of talents. With over USD 80 billion in assets under management and a regulatory framework that continues to evolve with global standards, Mauritius is well-positioned to maintain its leadership in the global fund administration industry.

The industry’s future success will depend on continued innovation, regulatory adaptability, and the ability to serve as an effective bridge between international capital and emerging market opportunities, particularly in Africa. As the sector looks toward 2030 and beyond, the foundations laid over five decades of strategic development provide a strong platform for continued growth and evolution.

Invitation: Upcoming Fund Manager Masterclass

We are thrilled to be hosting the first ever VC Fund Manager Masterclass in Mauritius October 28th – 30th. Read more and sign up today.

Sources and References

  1. Mauritius International Financial Centre. “History.” Accessed July 2025. https://mauritiusifc.mu/our-ecosystem/history
  2. Mauritius International Financial Centre. “Fund and Asset Management.” Accessed July 2025. https://mauritiusifc.mu/global-funds
  3. Financial Services Commission, Mauritius. “About Us.” Accessed July 2025. https://mauritiusifc.mu/government-agencies-regulators/financial-services-commission
  4. PwC Mauritius. “Asset and Wealth Management revolution: Central Hub in Mauritius.” https://www.pwc.com/mu/en/about-us/press-room/asset-and-wealth-management-revolution.html
  5. AllAfrica. “Mauritius: Deputy Prime Minister Meets Newly Appointed CEO of Financial Services Commission.” July 24, 2025. https://allafrica.com/stories/202507240623.html
  6. AFSIC. “The Role of Fund Administrators in Mauritius.” July 5, 2024. https://www.afsic.net/the-role-of-fund-administrators-in-mauritius/
  7. U.S. Department of State. “2024 Investment Climate Statements: Mauritius.” January 4, 2025. https://www.state.gov/reports/2024-investment-climate-statements/mauritius
  8. International Monetary Fund. “Mauritius: A Case Study.” Finance & Development, December 2001. https://www.imf.org/external/pubs/ft/fandd/2001/12/subraman.htm
  9. DTOS Group. “Budget Highlights 2023-2024 ‘To Dare & To Care’.” June 15, 2023. https://www.dtos-mu.com/budget-highlights-2023-2024-to-dare-to-care/
  10. The Conversation. “Mauritius’ next growth phase: a new plan is needed as the tax haven era fades.” November 14, 2024. https://theconversation.com/mauritius-next-growth-phase-a-new-plan-is-needed-as-the-tax-haven-era-fades-231008
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Ten Books That Will Save You From Costly Cap Table Mistakes: A Reading List for Founders, advisors & expert facilitators

By: Christian Rangen & Rick Rasmussen

Over the past 15+ years of working with startup ecosystems across the globe, we’ve watched countless founders make the same expensive mistakes. They give away too much equity too early. They accept SAFE terms they don’t understand. They reach Series B only to discover their ownership has been diluted to single digits.

It doesn’t have to be this way.

The good news? Entrepreneurial finance isn’t rocket science. With the right readings, you can understand the mechanics of dilution, the vocabulary of venture deals, and the strategic choices that protect your ownership over multiple rounds.

We’ve curated this reading list based on three criteria: practical applicability, clarity of explanation, and relevance to the current fundraising environment. Whether you’re splitting equity with co-founders or negotiating your Series B, these books will give you the knowledge to make informed decisions.

We also cover this material in-depth in our Scale Up! Masterclasses. Want the short summary? Start with the Scaling Up in MENA story.

Why This Reading List Matters

According to recent Carta data analyzing over 43,000 US startups, the median founding team owns just 56% of their company after their seed round. By Series A, that drops to 36%. By Series B, founders collectively own just 23% of the company they built.

Think about that. Less than four years after incorporation, the founding team typically owns less than a quarter of their company.

Some dilution is inevitable—you need capital to grow. But we’ve seen too many founders accept unnecessary dilution simply because they didn’t understand their options. The difference between a founder who owns 8% at exit versus 15% can mean millions of dollars and fundamentally different life outcomes.

These ten books represent your education in avoiding those costly mistakes.

Get your reading hat on, let’s go study cap tables, deal terms and anti-dilution terms.

The Reading List: From Foundation to Mastery

Tier 1: Essential Foundation (Start Here)

1. Foundational Equity (Carta, 2025)

Start here. Not with a paid book, but with Carta’s free 52-page report on foundational equity.

This document contains the most current data on equity splits, dilution patterns, and fundraising benchmarks. You’ll learn that 46% of two-founder teams now split equity equally (up from 32% in 2017), that solo-founded startups have increased from 17% to 35% of all new companies, and that approximately 24% of two-founder teams lose a co-founder by year four.

The data is current (through Q1 2025), comprehensive, and directly applicable to decisions you’ll face in the next 90 days.

Founders’ ownership at IPO: does that matter…..?

Key insight: The report shows that SAFE valuation caps increased significantly in Q1 2025 for rounds above $500K, but the median seed round valuation remains at approximately $14-16M. This helps you calibrate your expectations against market reality.

2. Slicing Pie: Funding Your Company Without Funds (Mike Moyer)

Before you raise a dollar, you need to split equity with co-founders fairly. This is where most founding teams start with anxiety and emotion rather than frameworks.

Moyer’s “Slicing Pie” method provides a dynamic equity split model based on relative contributions over time. While controversial in some circles (critics argue it’s complex to administer), the underlying principle is valuable: equity should reflect actual contributions, not just initial promises.

The book is particularly useful for pre-seed teams trying to figure out fair splits when one founder contributes capital, another contributes code, and a third contributes customer relationships.

Moyer has written two companion books that are both worth reading, Slicing Pie Handbook goes into more depth on other who contribute to the company (suppliers, landlords, creditors) and Will Work for Pie covers issues including fair pay and advanced pie slicing skills.

When to read it: Before you sign your founder equity agreements. Many founders rush this step, creating resentment that festers for years.

3. Founder’s Pocket Guide: Cap Tables (Stephen R. Poland)

At just 100 pages, this is the most accessible introduction to capitalization tables available. Poland explains what a cap table is, how to read one, and—critically—how to model what happens to your ownership through multiple funding rounds.

The book covers basics like fully diluted ownership, option pools, and liquidation preferences in language that doesn’t require a finance degree.

Key insight: Most founders don’t realize that the option pool typically comes out of founder shares, not investor shares. This means if you agree to a 15% option pool as part of your Series A, your dilution is higher than you might expect. Poland explains this clearly with examples.

4. All of the other books in the Founder’s Pocket Guide Series:

Convertible Debt Founder Equity Splits Friends and Family Funding Raising Angel Capital Startup Valuation Stock Options and Equity Compensation Term Sheets and Preferred Shares

Each of these are focused on the circumstances you may be facing during your early raise.  This is the companion volume to the cap table guide, focused specifically on understanding term sheets.

Steven R. Poland and co-authors break down each one of these topics in easy-to-read tomes of under 100 pages apiece. Most importantly, he explains what matters and in what scenarios they may significantly impact your outcomes.

When to read them: When you start to run into situations that involve other parties that may be looking to invest or will affect your cap table. Don’t sign anything until you’ve read these books and understand every clause.

One Key insight: A $20M post-money valuation with a 1x non-participating liquidation preference is often better for founders than a $25M valuation with a 1.5x participating preference. Term Sheets and Preferred Shares teaches you to see beyond the headline number.

5. Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist (Brad Feld & Jason Mendelson)

This is the definitive guide to understanding venture capital term sheets and negotiations. Feld and Mendelson (both experienced VCs) pull back the curtain on how VCs think about deal terms, what they care about most, and where founders have negotiating leverage.

The book is comprehensive (around 300 pages) but very readable. It covers everything from economics (valuation, option pool, liquidation preferences) to control (board composition, protective provisions) to other terms (drag-along, right of first refusal, redemption rights).

What makes this book exceptional is the VC perspective. Feld and Mendelson explain why VCs ask for certain terms and which terms matter most to them. This helps you understand where to spend your negotiating capital.

Current relevance: The book is regularly updated. Make sure you get the 5th edition (2024) which reflects current market practices around SAFEs, rolling funds, and other recent innovations.

Tier 3: Strategic Depth

6. Entrepreneurial Finance: The Art and Science of Growing Ventures (Alemany & Andreoli)

This is a proper textbook used in entrepreneurial finance courses at top business schools, including LBS. It’s a great introduction text, covering everything from valuation to financial strategies to basic instruments.

The book provides frameworks for thinking about financial strategy in the European context, with a clear goal to fill a gap in the European market.

When to read it: After you’ve raised your pre-seed round and want to think more strategically about financial planning for later stages.

7. Fundamentals of Entrepreneurial Finance (Hellmann & Da Rin)

Another academic text, but with a more modern, streamlined approach than traditional finance textbooks. Hellmann and Da Rin focus specifically on the unique aspects of financing entrepreneurial ventures versus established companies.

The book covers topics like convertible notes, SAFEs, venture debt, and the relationship between financing choices and business model development. It’s particularly strong on helping you understand why different financing instruments exist and when each is appropriate.

Key strength: The book includes numerous case studies from real companies, helping you see how financial decisions play out in practice.

Tier 4: Comprehensive References

8. The Holloway Guide to Raising Venture Capital (Andy Sparks, et al.)

This isn’t a traditional book—it’s a comprehensive, regularly updated online guide (though available in print). The Holloway Guide is essentially an encyclopedia of venture capital fundraising.

The guide covers everything: how to find investors, craft your pitch, negotiate terms, conduct due diligence, close the round, and manage investor relationships post-funding. It includes templates, checklists, and current market data.

What makes it special: The guide is continuously updated to reflect current market conditions. The section on SAFEs, for example, includes the most current data on valuation caps, discount rates, and conversion mechanics.

When to use it: As a reference throughout your fundraising journey. You won’t read it cover-to-cover, but you’ll return to specific sections repeatedly as you encounter new situations.

9.  Startup Law and Fundraising (Swegle)

When the person on the other side of the table is an attorney trained in securities law or hires someone with that background, this book (subtitled “for entrepreneurs and startup advisors”) can provide context and background to help you parse and work your way through the legal morass.

Weighing in over 500 pages, the seventeen chapters are well organized, starting with Overview of Legal and Regulatory Mistakes, through Intellectual Property, Securities Laws, Fundraising and Exit, this book should be a staple for any semi-legal-minded founder that is looking to learn, avoid issues and have the best possible outcomes.

10. Venture Capital Deal Terms: A Guide to Negotiating and Structuring Venture Capital Transactions (de Vries, et.al.)

Written by a VC and two lawyers, this book unpacks deal terms and legal structures easily.

The book is packed and quite extensive. But when you’re negotiating specific terms and need to understand the legal implications, this is the definitive resource.

Who should read it: Founders negotiating Series B or later rounds, or anyone who wants deep understanding of the legal mechanics of venture deals.

How to Use This Reading List

Don’t try to read all ten books before you start fundraising. Here’s a more practical approach:

Pre-fundraising (Before incorporation):

  • Read Slicing Pie for co-founder equity splits
  • Read Founder’s Pocket Guide: Cap Tables to understand the basics
  • Read Scaling up in MENA

First fundraising round (Pre-seed/Seed):

  • Read Foundational Equity (Carta) for current market data
  • Read Founder’s Pocket Guide: Term Sheets before reviewing any terms
  • Read Venture Deals when you’re actively negotiating

Post-seed (Planning for Series A):

  • Read Founder’s Pocket Guide: Startup Valuation
  • Read Entrepreneurial Finance for strategic planning
  • Use The Holloway Guide as a reference

Series A and beyond:

  • Read Fundamentals of Entrepreneurial Finance for depth
  • Keep Venture Capital Deal Terms as a reference
  • Return to Foundational Equity annually for updated market data

Three Critical Insights From This Reading List

After absorbing these resources, three insights emerge that every founder should internalize:

1. Post-money SAFEs protect founders better than pre-money SAFEs

According to Carta data, nearly 80% of SAFEs issued in Q1 2025 were post-money SAFEs. This isn’t accidental. With a post-money SAFE, founders know exactly what ownership percentage they’re selling. With a pre-money SAFE, the actual dilution depends on how much total SAFE funding you raise—creating uncertainty and often greater-than-expected dilution.

If an investor proposes a pre-money SAFE in 2025, ask why. It’s increasingly non-standard.

2. The option pool matters more than most founders realize

The Carta data shows that Employee Stock Option Pools (ESOPs) typically range from 12% to 22% of fully diluted equity across different funding stages. Here’s what many founders miss: this pool is usually created just before an investment round and comes out of the founder/existing shareholder equity, not the new investor equity.

If you’re raising a Series A with a pre-money valuation of $40M and investors want a 15% option pool, that 15% is carved out of your ownership before the new investment arrives. This effectively reduces your valuation by the size of the pool.

Understanding this dynamic (covered well in Poland’s cap table guide and Feld’s Venture Deals) will save you from unexpected dilution.

3. Equal splits are increasingly common but not always optimal

The Carta data shows that 46% of two-founder teams now split equity equally (50/50), up from 32% in 2017. For three-founder teams, 27% split equally, up from 12% in 2015.

While equal splits can work well for teams with genuinely equal contributions, they can create problems if one founder contributes significantly more or if roles diverge substantially over time. Don’t default to equal splits just because they’re common—use frameworks from Slicing Pie and Foundational Equity to think through what’s actually fair for your specific situation.

Beyond the Books: Practical Tools

Reading these books is valuable, but knowledge becomes power when combined with practical tools:

Books & Magic finance at Ashridge House (I’ll be teaching there this week)

Use Carta Launch (free until you raise $1M) to model your cap table scenarios. The platform lets you simulate what happens to ownership across multiple funding rounds with different terms. Before accepting any term sheet, model it in Carta to see the actual dilution impact.

Create a fundraising knowledge base: As you read these books, create a personal reference document with key terms, standard ranges, and your own red lines. This becomes your negotiating guide when you’re in the middle of fundraising pressure.

Join founder communities: Reading about fundraising is valuable, but learning from founders who’ve recently closed rounds is invaluable. Communities like South Park Commons, On Deck, or local founder groups provide context these books can’t.

Sign up for a Scale Up Masterclass: more than 4.000 participants have completed a Scale Up! program over the past seven years. From Canada to Cairo, Cape town to Oslo, founders, angels, mentors, faculty, executives and even VCs have built their skills with Scale Up! Join us for Scale Up Global!, Scale Up MENA! or Scale Up Africa Rising!

A Final Note on Information Asymmetry

VCs read these books. Angel investors read these books. Your lawyers (if you’ve hired good ones) know this material cold.

The information asymmetry in fundraising heavily favors investors. They’ve done dozens or hundreds of deals; you’re doing your first.

This reading list won’t eliminate that asymmetry, but it substantially reduces it. After absorbing these resources, you’ll recognize when terms are non-standard, when you’re being asked to accept unfavorable provisions, and—perhaps most importantly—when to push back and when to accept.

The difference between an informed founder and an uninformed one often shows up years later at exit. The founder who accepted a 2x participating liquidation preference without understanding it might discover that a $100M acquisition barely returns their money after investors take their share. The founder who negotiated that down to 1x non-participating might walk away with $15M instead of $2M.

That difference comes from understanding the content in these ten books.

Start With Foundational Equity

If you do nothing else, download and read Carta’s Foundational Equity report this week. It’s free, it’s current, and it contains data on:

  • Solo founder vs. multi-founder dilution patterns
  • Median valuation caps by round size
  • Expected dilution benchmarks from pre-seed through Series D
  • Advisor equity standards by stage
  • Employee equity grant ranges by hire number
52 pages of cap table snack! Thanks, Peter.

This single document will calibrate your expectations to market reality and help you spot when terms are outside normal ranges. Thanks, Peter Walker !

Then, based on where you are in your journey, pick the next 2-3 books from this list that match your immediate needs.

Have you read any of these books? What other entrepreneurial finance resources have you found invaluable? Let us know—we’re always looking to refine this list based on founder experiences.

This reading list was compiled based on 15+ years of working with founders across seed, venture, and growth stages in programs from Europe, Americas, MENA, Africa and APAC. The recommendations reflect resources that consistently help founders make better financial decisions and avoid costly mistakes

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How to Set Up a National Fund-of-Funds: A Strategic Blueprint for Ecosystem Builders

How to Set Up a National Fund-of-Funds: A Strategic Blueprint for Ecosystem Builders

I just got out of a really interesting lunch conversation on how to set up a national fund-of-funds. Here are my notes, sketched out over lunch and expanded into a practical guide for anyone considering this journey.

The Lunch Meeting That Started It All

“We want to build a fund-of-funds,” our lunch meeting guest said, pushing aside his coffee cup to make some more notes. “We have the need, the support and the people, but we just need to get started”.

Sound familiar? Over the past decade, I’ve had this conversation in London, Dubai, Singapore and a dozen other cities. The enthusiasm is always there. The capital is increasingly available. But the roadmap? That’s where things get murky.

This article lays out a practical framework for setting up a national fund-of-funds—from understanding what you’re actually building to navigating the five critical decision points that will determine whether your fund becomes a catalyst for ecosystem transformation or another well-intentioned initiative that struggles to deploy capital.

Lunch sketch on national FoF’s. Three legs, capital, acceleration, LP networks.

What Is a Fund-of-Funds?

A fund-of-funds (FoF) is an investment vehicle that invests in other investment funds rather than directly in companies. Instead of writing checks to startups, a FoF writes checks to venture capital and private equity fund managers, who then deploy that capital into their portfolio companies.

Think of it as a layer of strategic capital allocation—you’re not just funding companies, you’re funding fund managers who will build relationships, develop deal flow, and create value across multiple portfolio companies over time.

Government-Backed Fund-of-Funds

Government-backed FoFs typically serve a dual mandate: financial returns and strategic ecosystem development. They’re designed to catalyze private capital formation, support emerging fund managers, and develop regional investment capacity. These funds often operate with longer time horizons and accept different risk-return profiles compared to purely commercial vehicles.

Key characteristics include:

  • Strategic ecosystem development objectives alongside financial returns
  • Patient capital with 10-15+ year time horizons
  • Willingness to anchor emerging fund managers
  • Focus on market failures and underserved segments
  • Often co-investment rights to increase deployment pace

Private Fund-of-Funds

Private FoFs are commercial vehicles focused primarily on risk-adjusted returns. They provide institutional investors access to top-tier fund managers, diversification across vintages and strategies, and professional due diligence. These funds compete purely on performance and must demonstrate clear LP value proposition.

Key characteristics include:

  • Return-focused with institutional LP base
  • Access to oversubscribed, top-tier managers
  • Portfolio construction expertise and diversification
  • Active secondary market participation
  • Strict performance benchmarking against indices

Notable Examples of Fund-of-Funds

The global FoF landscape includes both government-backed strategic vehicles and commercial institutional players. Here are some instructive examples:

Nysnø Klimainvesteringer (Norway)

Norway’s state-owned climate investment fund operates as a fund-of-funds with NOK 5 billion in capital, specifically targeting funds that invest in renewable energy, clean transportation, and emission reduction technologies. Nysnø demonstrates how government-backed FoFs can deploy capital toward strategic national priorities while maintaining commercial discipline. Their approach combines patient capital with clear climate impact metrics, showing that strategic objectives and financial returns aren’t mutually exclusive.

Dubai Future District Fund (DFDF) (UAE)

The DFDF represents the UAE’s strategic commitment to innovation and technology ecosystem development. This government-backed fund-of-funds focuses on backing both local and international VCs who can deploy capital into the region’s emerging technology companies. The fund serves as an anchor LP for emerging managers and helps establish Dubai as a competitive hub for venture capital activity in the MENA region.

Qatar Investment Authority (QIA) (Qatar)

While QIA operates across multiple asset classes, their fund-of-funds arm has become increasingly active in backing global venture capital and growth equity funds. Their strategy focuses on gaining access to leading managers globally while identifying opportunities for portfolio companies to expand into Middle Eastern markets. QIA demonstrates how sovereign wealth funds can use FoF structures to build relationships with top-tier managers and create pathways for international companies to enter new markets.

Jelawang Capital (Malaysia)

Jelawang Capital is a RM300 million fund-of-funds launched by the Malaysian government to accelerate local venture capital ecosystem development. The fund backs both established and emerging fund managers investing in Malaysian startups, with particular emphasis on technology and innovation-driven companies. Jelawang’s approach includes not just capital deployment but active ecosystem building through GP capability development.

Private Market Examples

Multiple Capital: A leading institutional fund-of-funds that focuses on providing emerging managers with anchor capital and strategic support. Their model combines financial backing with operational expertise, helping new fund managers navigate their first fund lifecycle.

Isomer Capital: Focuses on backing diverse fund managers and traditionally underrepresented GPs, demonstrating how FoFs can address systematic market gaps while generating competitive returns. Their thesis centers on the opportunity created when talented managers face traditional LP access barriers.

Cendana Capital: Perhaps one of the most successful early-stage fund-of-funds globally, Cendana has pioneered the micro-VC ecosystem development model. Founded by Michael Kim in 2010, Cendana became the first institutional investor in firms that went on to become some of the most successful seed-stage investors globally, including Forerunner Ventures, Initialized Capital, and SV Angel’s funds.

Watch Michael Kim discuss the Cendana Capital approach: Michael Kim | Founder of Cendana Capital on How Small VC Funds Can Return 200X+

Kim’s insight was recognizing that backing the right emerging managers at the seed stage—when they themselves needed patient capital to build their franchises—could generate exceptional returns while simultaneously developing the venture capital ecosystem infrastructure that startups needed to scale.

Understanding Your FoF Thesis: Two Examples

Before committing hundreds of millions in capital, you need absolute clarity on your investment thesis. A strong FoF thesis goes beyond “we want more venture capital in our ecosystem.” It requires deep understanding of market gaps, strategic positioning, and realistic success metrics.

Here are two contrasting but viable thesis examples:

Example 1: The Strategic Ecosystem Catalyst

Nordic Climate Technology FoF

Purpose: Accelerate Nordic leadership in climate technology by developing specialized fund management capacity focused on deep tech, industrial decarbonization, and sustainable infrastructure.

Geographic Focus: Priority to Nordic-based managers, with 40% allocation to European managers with Nordic co-investment commitment.

Stage Focus: 60% early-stage (seed through Series A) / 40% growth stage (Series B to PE)

Sector Focus: Climate technology, including energy transition, circular economy, sustainable materials, carbon capture, and industrial efficiency.

Target Fund Manager Profile:

  • Emerging managers (Fund I-III) with domain expertise
  • Proven investment professionals with climate technology sector knowledge
  • Strong technical networks in Nordic research institutions and corporate partners
  • Commitment to portfolio company value creation beyond capital

Strategic Value Creation:

  • Build dedicated climate tech investment capacity in region
  • Leverage Nordic strengths in renewable energy, maritime, and industrial technologies
  • Create pathways for portfolio companies to access Nordic corporate partners
  • Develop LP ecosystem around climate technology thesis

Success Metrics (5-Year):

  • 15+ fund managers backed representing 4+ Nordic countries
  • €800M+ in indirect portfolio company investment catalyzed
  • 50+ portfolio companies connected to Nordic corporate partners
  • 8+ GP teams expanded to raise Fund II
  • Top quartile IRR performance against European VC benchmarks

Example 2: The Commercial Access Vehicle

Pan-Asian Technology Growth FoF

Purpose: Provide institutional investors with curated access to top-performing growth-stage technology investors across Asia-Pacific, capturing returns from the region’s scaling digital economy.

Geographic Focus: Greater China 35% / Southeast Asia 30% / India 25% / ANZ + Japan 10%

Stage Focus: 80% growth stage (Series B through pre-IPO) / 20% late-stage venture (Series A-B)

Sector Focus: Enterprise software, fintech, e-commerce enablement, healthtech, and digital infrastructure. Explicitly avoiding consumer social and gaming.

Target Fund Manager Profile:

  • Established managers (Fund II+) with proven track record
  • Teams with regional operational networks and exit execution capability
  • Managers with differentiated sourcing in high-growth sectors
  • Portfolio construction discipline and realistic ownership targets

Strategic Value Creation:

  • Portfolio construction optimization across vintage years and strategies
  • Active position management and secondary market participation
  • Cross-portfolio strategic introductions for regional expansion
  • Proprietary LP reporting and portfolio transparency

Success Metrics (5-Year):

  • 25+ fund commitments across 12+ managers
  • Gross MOIC 2.5x+ with top-quartile DPI profile
  • 15+ portfolio companies achieving unicorn valuation or successful exit
  • Zero capital loss to fraudulent managers (through rigorous operational DD)
  • Successful Fund II raise based on demonstrated performance

These thesis examples illustrate fundamentally different approaches—one optimizing for ecosystem development with patient capital, the other optimizing for institutional returns with established managers. Both are valid. What matters is strategic clarity and consistent execution against your chosen model.

Use the FoF Thesis Canvas to get started.

Setting Up a National Fund-of-Funds: Five Critical Decision Points

So, back to that lunch meeting. What are the essential elements that determine success? Based on working with fund-of-funds teams across three continents, here are the five decisions that matter most:

1. Purpose: Why Are We Really Doing This?

This sounds obvious, but fuzzy purpose kills fund-of-funds faster than any other factor. You need brutal clarity on whether you’re building an ecosystem development vehicle, a commercial return optimizer, or something in between.

Key Questions:

  • What specific market failure or opportunity are we addressing?
  • What does success look like in 5 years? In 10 years?
  • How do we balance financial returns with strategic objectives?
  • What happens if these objectives conflict?
  • Who are our key stakeholders and what are their expectations?

Red Flags:

  • “We want to do what [other country/region] did” without understanding their context
  • Multiple conflicting objectives with no clear priority order
  • Success metrics that shift based on who’s asking
  • Purpose defined in terms of capital deployment rather than outcomes

Best Practice: Create a one-page strategy statement that articulates your purpose, success definition, and decision-making principles. Share it with every stakeholder. If you can’t get universal agreement on this document, you’re not ready to deploy capital.

2. Backing: Do We Have the Right Political and Industry Backing?

A fund-of-funds requires sustained commitment across political cycles and market conditions. Without genuine backing from both government (if public sector) and private industry, you’ll struggle to attract quality fund managers or maintain strategic focus when things get difficult.

What Real Backing Looks Like:

  • Multi-year capital commitment that survives budget cycles
  • Board composition that includes experienced fund-of-funds professionals and institutional investors
  • Political air cover when early investments underperform (because they will)
  • Private sector LP participation or endorsement
  • Support from existing fund manager community

Building Backing:

  • Conduct extensive stakeholder consultation before launch
  • Establish advisory board of experienced LPs and fund managers
  • Create transparent reporting mechanisms
  • Set realistic expectations about J-curve and long-term nature of returns
  • Develop champions in both political and business leadership

Warning Signs of Weak Backing:

  • Fund structure requires annual budget approval
  • Board lacks investment experience or changes frequently
  • Private sector skepticism about government involvement
  • Unrealistic return expectations from political leadership
  • Lack of committed capital beyond initial year

3. Investment Structure: What Should the Investment Structure Look Like?

Your investment structure needs to balance strategic flexibility with institutional discipline. This includes fund sizing, deployment pace, portfolio construction, and commitment sizing.

Critical Structural Decisions:

Fund Size: Right-size your vehicle for your ecosystem. A $50M fund-of-funds can back 5-10 managers meaningfully. A $500M fund needs 20-30 managers for diversification. Common mistake: oversizing the fund relative to investable universe.

Commitment Size: Typically $5-25M per fund, representing 5-15% of target fund size. Too small = no influence or economics. Too large = concentration risk and manager dependency.

Deployment Pace: Plan for 3-4 year investment period with 8-12 fund commitments per year. Front-loading creates portfolio construction problems. Back-loading suggests inadequate deal flow.

Vintage Year Diversification: Invest across multiple vintage years to reduce timing risk. Target 3-4 vintage years during investment period.

Re-Up Strategy: Decision framework for following managers into subsequent funds. Top-quartile performers typically get 1.5-2x commitment in Fund II.

Co-Investment Rights: Negotiate rights but be realistic about execution capability. Most FoFs lack resources for extensive co-investment.

Geographic and Sector Guardrails: Clear but not overly restrictive. “60% domestic, 40% international with domestic co-investment” works. “Exactly 25% in each of four sectors” creates portfolio construction problems.

4. GP Accelerator: How Do We Build a World-Class GP Accelerator?

Here’s the inconvenient truth: there should be no fund-of-funds without a supporting GP accelerator, especially in emerging markets.

Most FoFs I’ve ever seen fail for one key reason: their GPs can’t close and the FoF ends up not deploying their committed capital. You commit to backing 15 emerging fund managers. Two years later, only 5 have closed funds. You’re going back to the board explaining you’re holding “committed but not called capital” for years, and the GPs have given up.

The solution? Build GP capability development into your fund-of-funds strategy from day one.

What a GP Accelerator Provides:

  • Structured fundraising training and capability development
  • Access to LP networks through organized roadshows
  • Fund formation and legal infrastructure support
  • Portfolio management and value creation frameworks
  • Peer learning among cohort of emerging managers
  • Ongoing strategic advising throughout fundraising journey

Integration with FoF:

  • GP accelerator participants become qualified pipeline for FoF commitments
  • FoF acts as anchor LP for graduating accelerator participants
  • Combined model reduces risk of capital deployment failure
  • Accelerator fees can partially offset FoF operational costs
  • Creates sustainable ecosystem development model

Essential Components:

  1. Rigorous selection process (accept 10-15% of applicants)
  2. 3-6 month structured program combining hard work, mentorship, and LP access
  3. Dedicated program team with fundraising and fund operations expertise
  4. LP network partnerships for roadshow opportunities
  5. Post-program support and relationship management

For detailed frameworks on building GP accelerators, see our articles on Building a GP Accelerator and Planning a GP Accelerator: Use the GP Accelerator Business Model Canvas.

5. LP Network: How Do We Build a Winning LP Network Around Our FoF?

A fund-of-funds isn’t just a capital vehicle—it’s a network amplifier. Your LP network should strengthen your portfolio managers’ fundraising capability, not just provide capital.

Ready for a FoF yet? Try the LP Network Statement canvas first.

Strategic LP Network Building:

Anchor LPs: Secure 2-3 substantial anchor commitments from credible institutional investors or development finance institutions. These commitments validate your fund to the market and attract additional LPs into the GPs.

Complementary LP Mix:

  • Development finance institutions (patient capital, strategic alignment)
  • Family offices (flexible, relationship-driven)
  • Corporate strategics (industry connectivity)
  • Institutional investors (credibility, discipline)
  • High-net-worth individuals (fast decisions, enthusiasm)

LP Value Beyond Capital:

  • Make LP introductions to portfolio GPs for their fundraising
  • Create LP-GP networking events and roadshow opportunities
  • Facilitate portfolio company business development through LP networks
  • Share best practices and market intelligence across LP community

LP Reporting Excellence:

  • Quarterly reporting with portfolio-level and fund-level metrics
  • Annual LP meetings with portfolio GP presentations
  • Transparent discussion of underperformance and course corrections
  • Regular market insights and ecosystem development updates

Building the Network:

  • Start with 15-20 target LP prospect, build from there
  • Conduct extensive LP diligence on what they want from a FoF
  • Create LP advisory committee for ongoing strategic input
  • Long-term, aim for a network of 3.000 co-LPs you can work with
You can never have enough LPs, can you?

The Hard Reality: Timeline and Patience Required

Building and scaling a successful national fund-of-funds is not an easy task. It’s a multi-year effort—easily five years to show any meaningful results (deployed, not returned) and often 10-12 years to start showing underlying fund performance worth anyone’s attention.

Year 1-2: Fund formation, initial LP commitments, first GP scouting. Little visible progress beyond early conversations had.

Year 3-5: Early commitments. Portfolio construction, some closings. GP funds begin deploying into portfolio companies. Some early markups possible but no distributions.

Year 6-8: Early portfolio companies reaching inflection points. First modest distributions from faster-returning funds. Meaningful valuation increases. Fund II decisions for top-performing managers.

Year 9-12: Material distributions might begin. Performance relative to benchmarks becomes measurable. Ecosystem impact becomes visible. Capital recycling decisions.

Year 12+: Full cycle performance validated. Success stories emerge. Market demonstration effects visible. Fund II or successor vehicle decisions.

This timeline doesn’t account for the inevitable disappointments: managers who underperform, fraudulent operators who slip through diligence, market corrections that destroy portfolios, political pressure to deploy capital faster than prudent.

From Strategy to Execution

The lunch conversation that inspired this article ended with a clear call to action this week already. I am excited to see what that next conversation might being.

We already know, from emerging ecosystems in places like the Nordics and MENA, that a national fund-of-funds can transform an ecosystem. It can catalyze private capital formation, develop fund management capacity, and create pathways for startups to access growth capital. But only if it’s designed with strategic clarity, built with institutional discipline, and executed with patient commitment to long-term outcomes.

The napkin sketches from lunch was important. But it is the work that happens next that matter.

Want to Learn More About Building VC Ecosystems?

This article is part of an ongoing series on ecosystem development, fund strategy, and GP capability building. For more frameworks and insights:

Chris Rangen is a fund strategy advisor who has worked with 250+ emerging fund managers globally and has consulted on multiple fund-of-funds initiatives across Asia, Europe, and the Middle East. Alongside colleagues like Scott B. Newton and Rick Rasmussen, he runs global VC Masterclasses and teaches at leading programs like IMD’s Venture Asset Management Program, led by Jim Pulcrano (Lausanne), and Newton Venture Program (London).

Over the past five years, he has designed and run 3 GP accelerators in collaboration with 2X GP Sprint, and he has helped design five more programs. He believes that thoughtfully designed fund-of-funds paired with robust GP accelerators can accelerate ecosystem development by 5-10 years compared to purely organic market development.

Reach Chris at Chris@strategytools.io or WhatsApp: +4792415949

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Who attends a Scale Up Program?

Since start, we have delivered 250+ Scale Up Programs and Masterclasses, supporting 4.000+ founders, investors and ecosystem builders around the world.

This year alone, we’ll deliver 30 programs with nearly 600 participants. From impact founders in Southeast Asia, accelerators in South Africa, ecosystem builders in North America, tech founders in West Africa and top global ocean impact founders at Series A to name a few.

But who attends a Scale Up Program?

And what are their key benefits?

Here are the top 15 user groups we see.

1.    The young crowd

15-25 year old. Young. Excited. Engaged. In Canada, Michael and Stuart regularly run Scale Up! in high schools, proving that even 15- and 16-year old can manage growth strategy, customer discovery and cap tables. The young crowd is not a huge segment today, but we see a fantastic excitement with the participants as they learn entreprenurship, not in books, but by working and competing with their friends and peers.

Michael doing cap table math with High Schoolers. Canada, 2024

2. The students

19-25 year old. Young-ish. Thrilled to switch from classroom lecture to team-based competition. Absolutely love working with Scale Up! The students tend to be completely blank on anything to do with cap tables, equity math, but learn quickly.

In Austria, Germany and Italy, Enrico has been teaching Scale Up! for years in various business school programs. In Silicon Valley, Rick regularly use Scale Up! to teach entreprenurial finance. For faculty, using Scale Up! in the classroom is a superb way to make the teaching more engaging, more exciting and making learning stick.

ESCP Berlin, 2024

3.    The aspiring founders

20-30 year old. Have never started a company, but planning, hoping or aspire to. Are eager to learn the basics. Quickly realize that start, funding and scaling a new startup is a lot more ‘financing & math’ then they might have expected. They love the hands-on approach, the working visual format and the ability to discuss key terms and structures around the table as we work through the various Boom, Bust, Founder Tasks  and term sheets. In Hokkaido, Japan, Marcus ran the Scale Up Masterclass with a vast group of aspiring, Japanese founders, proving the format can transcend cultural barriers from West to East.

4.    First-time founders

We see a lot of these. First time founders may range from 18 – 45. Many are women starting their first company. Many have tried to learn and about fundraising, but typically had very mixed results to date.

Working with partners like EBRD, GIZ, Swiss EP(Entrepreneur), IFC, (formerly USAID) and Innovation Norway, we run a lot of programs supporting these first-time founders. In most cases, we prepare a pretty extensive pre-read package, giving participants time to read, reflect and complete a number of pre-session.

Cap tables, canvases and terms sheets. Swiss EP at work. Switzerland, 2022.

This year, first-time founder programs are taking our team to places like Estonia (Scott), Taipei (Suhail, Wan Fadzil), Oman (Mohammed) and Egypt (Chris),  to name a few places.

5.    Accelerator founders

Ok, now we are going somewhere. Accelerator founders is a big group, representing ca. 40% of all participants in a regular year. Most are early-stage, typically having raised 1-2 rounds of financing to date, most often through a SAFE or CLA instruments. In most cases, they are lacking the understanding of how SAFEs convert, how to structure the next round and how to shape a long-term capital strategy. Katapult Ocean (global), Savant (South Africa), Madica (West Africa), Net Zero Accelerator (Scotland) are some of the accelerators we have partnered with over recent years.

Within an accelerator, Scale Up! is usually delivered as an integrated part of the program, either in a 3-day format or longer 30-day, investment readiness format.

For founders, Scale Up! gives them a unique chance to experience many of the funding challenges they have ahead of them, and most truly appreciate the chance to build deeper skills in term sheets, cap table intricacies, investment instruments and generally strengthening their investment readiness.

Founder feedback, 2021.

6. Scaling founders

Having left  the messy seed-stages, the scaling founders are typically at Series A or Series B. They have significant experience with fundraising across stages, investor types and investment instruments. Most have had some ‘hard experiences’, or in several cases made every mistake in the book. Many quote, “oh, man, I wish we had had this two years ago…”.

Some people might believe that ‘at this stage, the founders should already know how to raise capital’. Nothing could be further from the truth. In fact, raising a pre-seed, seed, angel or accelerator round is usually based on future potential, with only limited strategy, DD and terms. Once you pass into ‘adulthood’ (how we explain the transition into Series A, things change. At Series A and B, the rounds tend to get more complex, legal advisors are often involved, term sheets tend to creep from 2-page SAFEs to 50-page equity contracts.

Navigating late-stage term sheets, Katapult Ocean, online, 2021

When we run Scale Up! with these founders, we don’t focus too much on the basics, but really dive into advanced term sheets, complex deal structures, investor outcomes and delivering on full and partial liquidity and exit  strategies. For most, we spend a half-day doing a complete IPO process, something most Series A founders have never experienced. “This has helped us completely rethink our Series A strategy”, said one UK founder recently. For Scaling founders, we often work with later-stage accelerators like Katapult Ocean, or with investment funds supporting their top portfolio companies.

In Dubai, our 2023 Masterclass with EO brought together 60+ highly experienced founders, many of them running large, successful companies; yet gaining massive benefits from the Scale Up Masterclass. Here, we mostly focused on the later stages of the journey, with outcomes, exits and holistic financing structures as our key focus points.

Structuring late-stage rounds, Dubai 2023

7. Accelerator staff

This is an interesting group. Globally, we have trained and certified accelerator staff in 15+ countries. It turns out, that most people working in an accelerator does not really understand what it takes to scale, how to read terms sheets, how to structure funding rounds and how to manage a cap table from pre-seed to exit. That’s ok, we cover all that in our Scale Up Masterclass for accelerator staff.

In places as diverse as Switzerland, Norway, East Africa and South Africa, we have trained accelerator staff to become active users or facilitators of Scale Up! Many of them go on to embed Scale Up! into their programs.

Connecting accelerators to investment bankers, Egypt 2024

8. Investment firms, VCs, Family offices, Fund-of-funds

On one hand, we might think that professional investors would not need Scale Up. By now, they surely know this, right? Well, not our experience at all.

Scale Up! run for this group throws complex funding structures, complicated scaling strategies and highly challenging exit scenarios on the participants. “How will you avoid massive dilution?”, “how can you best structure your Series A, to maximize non-dilutive financing?”, and “How do you scale revenue fast enough to get maximum payout on the 8X ARR exit transaction, where you realize net debt actually becomes a real thing due to your excessive debt financing on the Series C transaction”. The kit remains the same, but we run this very, very differently with professional investors.

The outcome? They love it. “We know the basic stuff, the early-stage content”, said one investor recently. “but the later-stages, that was entirely new to us”. “Wow, this is really challenging, but gives you a super appreciation for the role the founders have in real-life”, said an investment manager with a European family office. Having taken VCs, FoFs, national climate funds and Family offices through Scale Up!, there is no doubt that investment teams can become even better at their job with Scale Up!

2X Ignite GP Sprint, real life VC funds, taking on Scale Up!, scaling African tech startups into global markets, Cape Town, 2024

9. Ecosystem builders, innovation agencies, DFIs

We never expected the level of excitement, engagement and competitiveness from a bank, but our 2024 DNB (startup advisor) Masterclass was truly impressive. Six teams, 25 participants and absolutely top notch performance. Who knew that a group of bankers would be some of the most engaged, competitive and excited Scale Up! participants we had seen in years? In fact, we find that banks, innovation agencies, ministries, Development Finance institutions and other key ecosystem developers truly thrive on Scale Up! For many, it is the first time they really get hands on with the key concepts, challenges and complexities of scaling a startup. Many advice founders on a daily basis, but never having built a startup themselves, this is the next best thing.

Six teams, scaling into five IPOs, all led by Norwegian bankers. Oslo, 2024.

In Vietnam, we have worked with ThinkZone to build out the Vietnamese ecosystem.  In British Columbia, InnovateBC host ecosystem development Masterclasses and in the UAE, and in Norway, the national innovation agency has been long-term user of Scale Up!

Scale Up! Masterclass, InnovateBC & the wider BC ecosystem. Vancouver, 2025

10. Angel investors, angel networks

Many angel investors, it turns out, have capital to invest, but are either unsure of how to invest or how navigate the world of CLAs, SAFEs, pre-money, post-money, cap table, mark-ups and mark-downs. This is where Scale Up (Angel!) comes in. We have been running a dedicated Angel version for years, blending both the scale up founder perspective and the successful angel investor perspective into the same, engaging program.

In places like Cairo, East Africa and the Nordics, we have trained and upskilled 200+ angel investors using Scale Up

Would you take this SAFE note? Founders and angels negotiating terms in Cairo. Egypt 2023

For new and experienced angel investors alike, the Masterclass truly allows them to get hands on, deploy (simulation) capital into a portfolio of startups and watch their investment either flat line, go to zero or return a 100+X cash-on-cash in the best cases. More importantly, vs. more traditional classroom based educational angel programs, participants get to feel the competitive pressure, get to sense the panic when their investment takes an 80% down round and the joy at the 500M exit to Google, returning back their investment many, many times over.

Looking ahead there is a massive potential in rolling out more Scale Up Angel! Masterclasses to upskill angels and build better, more active angel syndicates around the world.

11. Innovation clusters

Leadership teams at Innovation clusters were our very first audience when Scale Up! was developed. We did not know it at the time, but it quickly turned out that most clusters were sorely in need of a better understanding of startups, scale ups and basic cap table math. Thanks to a wonderful collaboration with Innovation Norway and the Norwegian national cluster program, 100’s of cluster leaders have built their entreprenurial skills with Scale Up!

Functioning as key ecosystem builders, cluster staff, cluster members and cluster leaders all serve a vital role, in better understanding and supporting young companies. Scale Up! fits this bill perfectly.

Innovation cluster management teams, hard at work on Scale Up! Oslo, 2019

12. Corporate innovation, corporate venture capital

One of the best performing teams ever came out of the Accenture London Program in 2024. The Founder Intelligence team (FI, a part of Accenture) have day jobs to support corporate clients on startup engagement, design corporate accelerators and help big companies better work with startups and scale ups.

Naturally, they brought these skills to the Masterclass. The Terrawattz $4trillion IPO (Think, Nividia, just better), set a new record for what can be achieved in a Scale Up! Masterclass.

Terrawattz Board IPO deck
Showing strong momentum going into the listing

In the debrief, discussing how the team achieved this extreme outlier performance, the answer was “we fed all our data into ChatGPT, and that helped us…”.

Having run 20+ programs for CVC teams, corporate innovation teams and corporate disruptors like FI,  we  see a strong upside for more corporate teams to experience the ups and downs of the Founder’s Journey with Scale Up!

13. Business school faculty, educators

A group we love working with, but would love to see many more of, is the business school faculty. Scale Up! fits perfectly into a classroom program, having taught 1000+ students to date. Yet, getting faculty and educators to join and invest their time is always an uphill battle.

Honorable mentions include our Silicon Valley friend, Rick Rasmussen, who has been one of the most active Scale Up! educators anywhere in the world. Rick has shown an impressive flexibility in bringing Scale Up! into his many classrooms.

What we do see, however, is that many in the next group,  once certified, are easily stepping into classrooms, taking on roles as visiting faculty to teach entrepreneurship with Scale Up!

Exit paths, exit paths, Egypt 2023.

14. Mentors, advisors, consultants

Our final group is a broad one. These include consultants and advisors serving startups on their investment readiness and fundraising success. These consultants, mentors and advisors tend to already be highly active in their respective ecosystems. They are usually well versed in the challenges of building a scale up. They understand fundraising challenges, cap table math and love reading term sheets over coffee.

What Scale Up! does for them is provide a single package, a simulation kit, where they can apply their extensive knowledge in a whole new way. Expanding from ‘advisors’ to ‘facilitators’, they realize they can train, support and accelerate a vast cohort of founders, combining their existing expertise with the Scale Up! materials. These people tend to sign up for a Discovery session, complete the certification in record-time and join the Strategy Tools Master Trainer to learn from the source.

In Bahrain, we partnered with Falak Innovation and Tamkeen to deliver the first ever Scale Up Masterclass in the country. For many founders and participant, this was the first time they really got into what it means to build and scale a startup in MENA.  For Suhail Algosaibi as an active mentor and business angel, Scale Up! was just one more way of supporting young companies in the region.

Suhail, running one out of two groups in Bahrain. Bahrain, 2024.

15.   Anyone else?

If you are one of our global, certified Scale Up! experts, who did we miss? Any other group you would like to add? Leave your thoughts in the comments.

What is Scale Up!?

Scale Up! is a team-based, action-packed, ultra-competitive simulation to learn and master the founder’s journey from idea to successful exit. Working in teams, participants choose a case company, and then work through 6-10 years to scale the company into a global winner.

Scale Up! covers a wide range of teaching content, including:

  • Scaling mindset
  • Foundational equity
  • Customer discovery
  • Business models
  • Revenue growth (ARR)
  • Fundraising (SAFE, CLA, Equity) from pre-seed to Series F
  • Term sheets
  • Outcome analysis
  • Partial investor liquidity
  • Full exit transaction

Scale Up! is available in the following versions:

  • Scale Up Global! (global content)
  • Scale Up MENA! (100% MENA content)
  • Scale up! Angel (for angel investors)
  • with Scale Up Africa Rising! launching in Q1 2026

Learn more? Get certified?

Want to learn more about Scale Up, Scale Up MENA or Scale Up Angel? Check out our website.

Curious to dig into the full Strategy Sims universe and learn more about the methodology, get our latest report, Strategy Sims in Action, co-authored by a global community of Scale Up! experts.

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From 1.3 Million to 10 Unicorns: What Mauritius Can Learn from Estonia’s VC Ecosystem

Two island nations. Identical populations. Radically different venture outcomes.

Estonia and Mauritius each have approximately 1.3 million people. Yet Estonia has produced 10 unicorns valued at over $1 billion each, while Mauritius struggles to attract even $2 million in annual startup funding. What explains this 500x difference in venture capital success?

In advance of the upcoming Fund Manager Masterclass in Mauritius, we have analyzed both ecosystems through the lens of the VC Ecosystem Canvas, the answer lies not in any single factor, but in how eight critical components work together—or don’t. Here’s what the data reveals.

The VC Ecosystem Canvas. (Rangen, 2024, www.strategytools.io)

1. Talent, Culture & Dealflow: The Foundation

Estonia: A Self-Reinforcing Flywheel

Estonia has cracked the code on talent recycling. When Skype was acquired by eBay for $2.6 billion in 2005, it didn’t just create wealth—it created a generation of experienced entrepreneurs and angel investors. The “Skype Mafia” went on to found or fund companies like Wise, Bolt, and Pipedrive.

Today, Estonia’s tech workforce has grown nearly tenfold in the past decade. The country produces a steady stream of STEM graduates who view entrepreneurship as a viable career path. More importantly, 25% of Estonian startup founders are now foreign-born, attracted by the e-Residency program and Startup Visa—proving that talent acquisition transcends borders when the ecosystem is right.

The dealflow is robust: over 1,400 active startups generating hundreds of investment opportunities annually.

How to tap into more high-growth dealflow?

Mauritius: Potential Without Pipeline

Mauritius produces 1,200 STEM graduates annually and has an impressive 79% smartphone penetration rate. The infrastructure is there. But the entrepreneurial culture is still developing.

As one local founder told researchers: “It’s an unfortunate cycle because to expand outside the country, you need funding which is rare because investors think Mauritius is too small a market.”

The country currently has just over 100 tech startups—less than 10% of Estonia’s number. Without exits creating successful entrepreneur-investors, there’s no flywheel effect. The talent exists, but the culture of ambitious, globally-minded entrepreneurship is still nascent.

2. Early-Stage Financing: Angels Make or Break Ecosystems

Estonia: Active Angel Network

The Estonian Business Angels Network (EstBAN) has over 300 active members providing €20,000-€500,000 in seed funding. These angels don’t just write checks—they’re typically successful entrepreneurs themselves who provide mentorship, networks, and credibility.

The presence of experienced angels means Estonian startups can access pre-seed and seed capital relatively easily, allowing them to validate ideas before approaching institutional VCs.

Mauritius: The Missing Middle

Mauritius lacks a robust angel investor culture. The Mauritius Africa FinTech Hub provides some early-stage support, but the ecosystem doesn’t have the density of high-net-worth individuals with startup experience who can write €50,000-€200,000 checks.

This creates a critical gap: startups can’t get the initial capital needed to prove their concept and attract larger VC rounds. Without angels, the entire funnel breaks down.

Early-stage networks matter

3. Venture Capital & Growth Financing: Follow-On Matters

Estonia: €1 Billion Ready to Deploy

Estonian VC funds currently have approximately €1 billion in capital available for deployment. Major local players like Superangel, Tera Ventures, Change Ventures, and Karma Ventures are complemented by international giants like Sequoia, Accel, and Andreessen Horowitz.

Critically, Estonia attracts 8x more venture capital per capita than the EU average and leads globally with VC funding representing 1.17% of GDP—higher than Singapore, Israel, or the United States.

The ecosystem supports companies through multiple rounds: seed, Series A, Series B, and beyond. Bolt raised €628 million in 2022 alone. This depth of capital means Estonian startups don’t hit a funding cliff as they scale.

Mauritius: Gateway Capital, Not Growth Capital

Mauritius is projected to see $224.9 million in VC market volume for 2024, but here’s the catch: most funds domiciled in Mauritius invest elsewhere in Africa, not in Mauritian startups.

Launch Africa, the largest local VC with 146 investments, and Compass (owned by ENL Group) are the exceptions. But as one VC managing partner noted bluntly: “VC is a game of scale and for startups whose only focus is the Mauritius market, it’s going to be hard for a VC to write a cheque for a business whose market is only 1.7 million at best.”

The capital exists in Mauritius—it’s just flowing through the country, not into it.

4. Limited Partners: Who Funds the Funds?

Estonia: Government as Cornerstone LP

SmartCap, Estonia’s government-backed fund-of-funds, has been transformative. With approximately €176 million in net value, SmartCap invests in private VC funds that focus on Estonia, essentially providing cornerstone capital that de-risks funds for other LPs.

The government has also launched specialized funds: a €100 million Green Fund for cleantech and a €100 million Defence Fund for dual-use technologies, backed by EU NextGenerationEU funding.

This public-private model attracts institutional investors who might otherwise overlook such a small market.

Mauritius: Limited LP Base

Mauritius lacks a robust institutional LP base. Without a critical mass of pension funds, family offices, or corporate venture arms investing in local VC funds, fund managers struggle to raise capital at scale.

The government provides some support through schemes like the Mauritius Research and Innovation Council (offering $2.62 million in grants), but this is grants, not LP investment in funds. There’s no SmartCap equivalent creating a sustainable fund-of-funds ecosystem

Who are the LPs? and how do we get more institutional capital onboard?

5. Exits: Proof of Concept Matters

Estonia: Track Record of Wins

Estonia’s exit history is its secret weapon:

  • Skype → eBay ($2.6B, 2005)
  • Playtech → IPO (became unicorn 2012)
  • Wise → London Stock Exchange IPO (2021, now valued at $11B)
  • Bolt → Preparing for IPO (valued at €8.4B)
  • Multiple acquisitions of mid-sized companies

These exits validate the ecosystem, return capital to investors (who reinvest), and create experienced entrepreneurs who mentor the next generation.

Notably, 2024 was challenging: Estonia saw an all-time low in new startup formation, partly because founders are waiting for better exit conditions. This highlights that even mature ecosystems need continuous exits to stay healthy.

Mauritius: Exit Desert

Mauritius has virtually no meaningful tech exits. Without success stories, there’s no proof of concept for investors, no capital returned to the ecosystem, and no experienced entrepreneurs to recycle back into the system.

This is perhaps the biggest structural problem: investors need to believe exits are possible before they’ll invest at scale.

6. Service Providers: The Connective Tissue

Estonia: 150+ Support Organizations

Estonia has built a comprehensive support infrastructure: 150+ organizations including tech incubators, accelerators, legal firms specializing in VC deals, accounting firms that understand startup economics, and PR agencies focused on tech companies.

Organizations like Startup Estonia act as ecosystem orchestrators, connecting founders with resources. The density means startups can find specialized help at every stage.

Mauritius: Building Infrastructure

Mauritius has initiatives like the Mauritius Africa FinTech Hub, theTurbine accelerator, and the Mauritius Emerging Technologies Council. But the ecosystem lacks depth.

The country has strong corporate service providers (CSPs) for fund domiciliation—Mauritius ranks first in Africa for fund domiciliation according to a 2024 MasterCard Foundation study—but these serve offshore clients, not local startups.

There’s a mismatch: world-class infrastructure for hosting African-focused funds, but insufficient startup-focused service providers.

7. Community & Education: Building the Pipeline

Estonia: Entrepreneurship as National Identity

Estonia has embedded entrepreneurship into its education system and national culture. Universities offer specialized programs in entrepreneurship. The e-Residency program has attracted 100,000+ digital entrepreneurs, creating a global community connected to Estonia.

The startup community is tight-knit—with only 1.3 million people, everyone knows everyone. This density creates serendipitous connections and knowledge sharing. Community events, from the Estonian Startup Ecosystem Annual Fireside Chat to countless meetups, keep the ecosystem connected.

Mauritius: Emerging Community

Mauritius has launched initiatives like VIT Mauritius offering AI and machine learning degrees (55% of students from other African countries), and various fintech training programs.

The Digital Mauritius 2030 Strategic Plan commits to certifying 10,000 AI professionals by 2030, with $50 million invested in STEM education.

But community density is still developing. With only 100+ tech startups versus Estonia’s 1,400, there aren’t enough peers for the network effects that create spontaneous collaboration and knowledge transfer.

Having the right networks matter.

8. Government: Policy Creates Possibilities

Estonia: Digital Government as Competitive Advantage

Estonia’s government doesn’t just support startups—it operates like a startup itself. 99% of government services are online. You can start a company in 15 minutes. Tax filing takes minutes. E-signatures are legally binding and universal.

The government offers:

  • E-Residency (allowing anyone globally to access Estonian business infrastructure)
  • Startup Visa (attracting foreign founders)
  • Tax incentives (reinvested corporate profits are untaxed)
  • Direct support through Startup Estonia and SmartCap

This isn’t about grants—it’s about removing friction and creating the world’s most efficient business environment.

Mauritius: Policies in Progress

Mauritius has made significant strides:

  • 8-year tax exemptions for innovation-driven startups (since 2017)
  • 5-year tax holiday for e-commerce and P2P lending
  • Regulatory Sandbox Licence for fintech/blockchain testing
  • National SME Incubator Scheme
  • Innovator Occupation Permit
  • Premium Visa for digital nomads

These are excellent policies. But implementation and ecosystem integration are still maturing. Mauritius is building the infrastructure Estonia built over 20 years—the question is whether it can accelerate the learning curve.

The Missing Link: Networks & Relationships

The VC Ecosystem Canvas shows all eight components connected by “Relationships, Networks & Connective Tissue.” This is where Estonia truly excels and Mauritius likely struggles.

Estonia’s ecosystem is densely interconnected. The Skype Mafia invested in Wise and Bolt founders. Successful entrepreneurs become angels and VCs. Founders who exit become mentors. Government officials have startup experience. Service providers are former operators.

Mauritius is building components in parallel, but they’re not yet tightly integrated. The financial services sector operates separately from the tech startup scene. International funds domiciled in Mauritius don’t invest locally. Government initiatives don’t always connect to on-the-ground founder needs.

Bring the network together.

Recommendations for Mauritius: Building on Strengths

Mauritius has unique advantages Estonia lacks: strategic location as Africa’s gateway, strong financial services infrastructure, political stability, and preferential access to Indian and African markets. Here’s how to leverage them:

1. Embrace the Africa Gateway Strategy

Stop competing with Estonia on their terms. Mauritius will never be “Africa’s Estonia”—but it can be “Africa’s Connector.”

Action: Incentivize all Mauritius-domiciled VC funds to invest at least 20% in Mauritian startups or African startups headquartered in Mauritius. This would be along the same lines we now see in places like Saudi and Ireland. Create tax incentives for this. Set up LP structures to back a wide number of funds, but having those funds allocated to local, regional startups.

2. Create a Government-Backed Angel Co-Investment Fund

The missing angel layer is killing the ecosystem at the source.

Action: Establish a $20 million government fund that co-invests 50/50 with private angels on tickets of $25,000-$200,000. This de-risks angel investment while building the angel community. Model it on Estonia’s SmartCap but focused on seed stage.

3. Launch “Mauritius Labs” – A Pan-African GP Accelerator

Build on your geographic advantage.

Action: Create a government-supported GP accelerator that brings 100 African Emerging Fund Mangers per year to Mauritius for 3-month programs. Provide work permits, working capital, warehousing, office space, and connections to Mauritius-domiciled LPs. GPs must maintain legal entities in Mauritius for 2 years. This creates dealflow, attracts talent, and positions Mauritius as Africa’s GP/LP hub. (pssss, don’t think this is possible, just look to Luxembourg’s ICFA. Don’t yet know what a GP accelerator is? Just look at some of our work here.)

ICFA, showing the path for Mauritius’s GP Accelerator

4. Mandate Ecosystem Participation for Fund Licensing

Use regulatory network to build connective tissue.

Action: Motivate all funds seeking Mauritius domiciliation to: (a) host quarterly office hours for local startups, (b) participate in local pitch events, (c) provide annual scholarships to Mauritian students. Turn the offshore financial sector into an engaged ecosystem participant.

5. Create “Exit Readiness” Infrastructure

Build confidence in exit possibilities.

Action: Establish partnerships with London Stock Exchange, NYSE, and major African exchanges for streamlined IPO processes for Mauritius-domiciled companies. Create a secondary market for startup shares to provide liquidity before full exits. Model this on Estonia’s cooperation with LSE that enabled Wise’s successful IPO.

6. Activate the Indian Ocean Diaspora

Estonia leveraged its global diaspora through e-Residency. Mauritius can do the same.

Action: Create an “Indian Ocean Innovation Network” connecting Mauritian diaspora in banking, tech, and business globally. Offer investment matching, board positions, and advisory roles. Many successful Mauritians abroad would invest in their home ecosystem if given structured opportunities.

7. Integrate Education with Ecosystem

VIT Mauritius is a start, but it needs tighter industry integration.

Action: Require all tech companies receiving government incentives to provide internships or mentorship. Create entrepreneurship tracks in all universities with real startup projects funded by the government. Make “one year working in a startup” a graduation requirement for business/CS students.

8. Focus Ruthlessly on Fintech & AI for Africa

Don’t try to compete in every sector—dominate two.

Action: Declare Mauritius “Africa’s Fintech & AI Capital.” Concentrate all resources (grants, accelerators, tax incentives, regulatory sandboxes) on these two verticals. Build critical mass through specialization before expanding. Estonia’s early focus on fintech (Wise, Bolt payments) created momentum that expanded to other sectors.

The Bottom Line

Estonia took 20 years to build its ecosystem, starting with Skype in 2003. Mauritius is essentially in year 5-7 of serious ecosystem building. The gap is real, but not insurmountable.

The key insight: Estonia didn’t succeed because of its size—it succeeded despite it. The same can be true for Mauritius, but only if it:

  1. Stops thinking domestically (force global mindset from day one)
  2. Leverages existing strengths (financial services, geographic position)
  3. Creates tight integration between all ecosystem components
  4. Focuses ruthlessly on 2-3 sectors rather than trying to do everything
  5. Builds for exits from the beginning
  6. Start with building the world’s leading GP accelerator – in Mauritius

The infrastructure is coming together. The government is supportive. The talent exists. What’s needed now is intentional ecosystem architecture—connecting the pieces, creating the flywheel, and proving that exits are possible.

Estonia has shown what’s possible with 1.3 million people. Mauritius has the same population, better weather, and a gateway to a continent of 1.3 billion people.

The question isn’t whether Mauritius can build a thriving VC ecosystem. The question is: how quickly can it learn from those who’ve already done it?

What do you think? Are there other lessons from successful small-nation ecosystems that Mauritius should consider? Share your thoughts in the comments.

#VentureCapital #Startups #Mauritius #Estonia #AfricaTech #Ecosystem #Innovation

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Scaling Up in MENA: The Most Common Investment Instruments (A Wiwo Bank Story)

Ever wondered how startups in MENA actually raise money? Let me walk you through the journey of Wiwo Bank – a fictive digital banking startup that went from napkin sketch to Series B in the region.

First, The Basics: Your Funding Toolkit

Before we dive into Wiwo’s story, let’s understand the three most common investment instruments you’ll encounter in MENA:

SAFE (Simple Agreement for Future Equity) Think of it as an IOU for shares. You get money now, investors get equity later (usually at your next priced round). Key term: valuation cap – the maximum company value at which the SAFE converts to equity. If the cap is $3M but your next round values you at $10M, early investors still convert at $3M (winning!). You can also expect to see discount rate (often 20% or more).

CLA (Convertible Loan Agreement) Similar to a SAFE, but it’s technically debt. It converts to equity later, but if things go south, investors have loan protections. Key terms: interest rate (usually 5-10%), discount rate (investors get shares cheaper than new investors), and maturity date (when the loan must convert or be repaid).

Equity The classic. Investors buy actual shares at an agreed company valuation. Key terms: valuation (what your company is worth), ownership % (how much you’re giving away), and liquidation preference (who gets paid first if you sell). Make sure to keep track of pre-money, post-money and all key terms.

Meet Wiwo Bank: From Living Room to Boardroom

The Beginning: Friends & Family ($50K)

Sarah, Khalid, and Noor quit their jobs at HSBC, Bain, and Microsoft to build Wiwo Bank – a digital banking platform to reinvent financial services in MENA. With $200K of their own savings and $50K from Sarah’s supportive brother on a SAFE, they built an MVP.

Structure: SAFE – brother got a stake in the company, no complicated terms. Conversion into equity in the future. No terms, no cap. No nothing on the SAFE. Just assume MFN.

Pre-Seed: The Kuwait Accelerator ($1M CLA)

Six months later, Wiwo’s MVP caught the eye of Brilliant Lab’s “Brilliant Start” program in Kuwait.

The deal: $1M as a Convertible Loan Agreement with a 10% interest rate and $3M cap. Minimum 10-month duration before conversion.

This CLA gave Wiwo runway to expand beyond Dubai while giving Brilliant Lab protection as a loan if things went sideways.

Seed Round: The Doha Angel ($300K SAFE)

With traction in Kuwait and Dubai, the team pitched in Doha. Al-Kuwari, an investor focused on healthcare and fintech, believed in their embedded finance vision.

The deal: $300K on a SAFE with a $3M valuation cap.

No valuation discussion, no equity calculation yet – just fast money to keep building. The cap meant Al-Kuwari would benefit hugely if Wiwo’s next round valued them higher.

Series A: The Accelerator Alumni Round ($250K + $600K)

By now, Wiwo had real revenue and was expanding to Jordan. Jordan’s Oasis500 came in with $250K at a $3M valuation (straight equity this time – real ownership).

Then VentureSouq knocked: $600K at $5M valuation post, but only if Wiwo joined a top-tier accelerator first. The team hustled into Plug & Play (no equity), and VentureSouq invested, taking 12%.

All those SAFEs and CLAs from earlier? They converted now. Brilliant Lab and Al-Kuwari’s instruments converted at their $3M caps, meaning they got more shares than if they’d invested at the $5M Series A valuation.

Series B: The Big Leagues ($25M)

Fast forward 18 months. Wiwo hit $50M ARR, became a serious Careem-for-banking story, and had a clear path to breakout growth. Mubadala’s $400M fintech fund came calling.

The deal: $25M at a $55M post-money valuation, but with grown-up terms: anti-dilution protection and 1.5X liquidation preference.

What does that mean? If Wiwo sells for $100M, Mubadala gets $37.5M first (1.5X their $25M), then everyone else splits the rest. It’s protection for late-stage investors betting big.

The Lessons

1. Structure matches stage: Friends write checks. Early investors want SAFE/CLA flexibility. Growth investors want equity with protections.

2. Caps matter: Wiwo’s early believers who bet on $3M caps made 8X more shares than if they’d waited for the $5M Series A.

3. Terms get serious: Notice how friends asked for nothing, but Mubadala wanted liquidation preferences? That’s the real-life at scale.

4. Geography shapes deals: MENA investors often require regional expansion commitments (Jordan for Oasis500, Kuwait for Brilliant Lab). It’s not just money – it’s market access.

Wiwo Bank isn’t real, but this journey is typical for MENA startups scaling from idea to growth stage. Whether you’re raising your first $50K or your first $50M, understanding these instruments isn’t optional – it’s essential.

Your turn:

If you have read this far, you are ready for the task. Try to structure the cap table based on the information given here to the best of your ability. It might not be as easy as you think. Assume the following:

  • Three founders
  • 100.000 shares at opening, equally split
  • Set up a 20% ESOP, pre-Series A
  • All valuations pre, unless otherwise specified.
  • Post your results in the comments

#MENA #Startups #VentureCapital #Fintech #Fundraising #ScaleUpMENA

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