Kenyan start-up bags Ksh320 million investment from US firm

Kenyan start-up bags Ksh320 million investment from US firm

Kenyan-based startup Pariti has announced that it has raised over Ksh320 million ($2.85M) from American venture capital firm Harlem Capital.

Pariti is a community-led marketplace that builds digital infrastructure for startups. It connects start-up founders in emerging markets to resources, talent and capital through an online platform.

Speaking to the media on Monday, December 6, 2021, Pariti co-founder and CEO Yacob Berhane revealed that the investment would go a long way in helping the company achieve its objectives.

File image of Pariti’s founders Wossen Ayele and Yacob Berhane. |Photo| Courtesy|

“We’re thrilled to be working with Harlem Capital, their focus on data, process and supporting underserved ecosystems aligns perfectly with our mission and makes them an amazing partner for us to build with,” he said.

It was founded in 2019 by Berhane and Wossen Ayele.

In an interview with Techwizz, the duo revealed that Pariti had grown by 75 per cent in the last year, attributing the success to necessities brought about by the Covid-19 pandemic.

“The pandemic was a black swan event because we saw a major jump in activity on our platform. Remote staffing and remote investing accelerated tremendously. This was a bet we made a while back but obviously could not anticipate what was coming,” said Berhane.

Pariti currently has more than 880 companies across 42 countries on its platform, up from 500 early this year.

Its main product, the Recommendation Engine, enables founders to submit their companies for review and feedback from experts on the platform. It also gives tailored suggestions and follow-ups in areas where the company needs help.

Berhane and Ayele revealed that the funding will allow Pariti to build SaaS workflows to aggregate multiple forms of raising capital, from traditional equity and debt to DeFi solutions.

The company also plans to enhance its talent marketplace, create a custom-made solution for investors looking to invest and support founders, hire talent, build bigger communities and venture into new markets.

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