Ghana’s Africa Foresight Group Plots Expansion To 3 New Markets Post-Funding
The Ghana-based Africa Foresight Group (AFG), which has developed a platform offering access to the largest network of freelance management consultants on the continent, is to expand to South Africa, Kenya and Ethiopia after raising US$700,000 in seed funding.
Founded in 2016, AFG allows leading companies, investment funds and development partners to hire teams to make the right strategic decisions and achieve sustainable success, utilising an online platform and machine learning to build an entirely new model for consulting in Africa.
The startup’s proprietary technology platform matches teams with open project opportunities, manages performance data, and supports the invoicing and payments process.
Last month the startup had raised a US$700,000 seed round led by Consonance Investment Managers and GFH Holdings, which it will use to expand further across the continent. Already operating in Ghana, Nigeria, Ivory Coast, Tanzania and Rwanda, as well as the United States (US) and United Kingdom (UK), AFG will focus on expanding operations in South Africa, Kenya and Ethiopia.
Yasmin Kumi, AFG’s founder, told Disrupt Africa the startup was launched to address the inaccessibility of management consulting services in Africa.
“The consulting sector in Africa has had challenges when it comes to product-market fit and is dominated by large firms that mostly support governments and foreign multinationals. As a young tech-enabled venture from Ghana, we are very keen on building an alternative model that can serve the homegrown private sector across the continent impactfully,” she said.
That AFG has done, to good effect. The startup now has more than 100 consultants, “foresighters”, in its network, and has completed more than 140 engagements for leading companies, investment funds, and development partners.
“AFG experts and consultants work in industries that create real added value for the African continent, including agribusiness, FMCG, and finance,” Kumi said.
The company, which operates a transaction-based revenue model that is tied to processing payments for clients and freelancers, is now focused on expanding its operations after the impressive funding round.
“We plan to further expand our market position in Southern Africa, Eastern Africa and other markets,” said Kumi. “In addition, we also plan to build a pool of more than 350 analysts by 2024.”
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In this episode of GFA-Attract, we discuss with Kennedy Mubita, Nairobi based Venture Capital Lead for Africa & Middle east at SC Ventures, the venture capital arm of Standard Chartered Bank. SC Ventures is a $100 million fund focused on FinTech investments.
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