New week, big opportunities

Hey, it’s Sena bringing you this week’s highlights.

Latest News:

Lagos-based on-demand delivery startup Chowdeck has raised $9M Series A, following what the CEO described as a challenging period.

In DR Congo, AI infrastructure startup Yamify, founded by ex-TikTok engineer Luc, secured $100K pre-seed from Paystack early backer Felix Anane to help freelancers, startups, and agencies deploy AI tools on local and global cloud servers.

Ghanaian fintech Fusepay closed a $350K pre-seed led by US-based Hustle Fund to expand its smart card and expense management platform for African businesses.

TurnStay secures $2M to expand travel-tech accross Africa.

Insights:

Case studies

iProcure (Kenya) – Premature Expansion Gone Wrong

What Happened

iProcure was a promising agritech startup backed by millions in funding. It aimed to transform agricultural supply chains in East Africa—an ambitious goal with genuine potential. However, trouble came soon after their big capital raise.

According to co-founder Stefano Carcoforo, as shared at a Mercy Corps AgriFin event, the influx of funds triggered a cascade of missteps:

Over-hiring and professionalization: They dramatically expanded their leadership with expensive executive hires—raising the wage bill by 130%.

Fragmented founding team: These decisions fractured the founders’ cohesion and morale, undermining the startup’s agility and unity.

Pressure from investors: The push to “scale quickly” overrode more cautious, sustainable approaches.

The conclusion? Premature scaling without a strong foundation led to operational strain and an eventual collapse. iProcure is a stark reminder of how too much capital, chasing growth too fast, can destabilize rather than sustain a business.

Don't scale without fixing retention first. Find product-market fit before prioritizing growth—it's fundamental to building a strong startup.

PMF Insight

The “Triple Triple Double Double” Death Trap

I’ve lost count of how many African founders I’ve seen try to “grow like Silicon Valley”—raise, hire, blitz—only to crash six months later. Part of the reason is due to the pressure that comes with building a venture-backable startup (a conversation for later) that is centered on growth at all costs without fixing retention gaps.

There’s this famous growth formula “Triple, Triple, Double, Double” that sounds sexy on stage but kills startups in the real world. Scaling before you’ve nailed your product fit is like trying to fetch water from the stream with a basket. Bonkers!

The old formula: Raise big → hire big → force Go-To-Market.

The new reality: Retention first, growth later. Why? Every customer you lose is like pouring water into a leaking bucket.

I’ve watched founders from around the world raise decent pre-seed rounds, hire 15 people, and flame out before Series A.

Opportunities:

Boston Consulting G is leading the next phase of the Women’s Economic Empowerment in Africa Deal Accelerator under FCDO’s Growth Gateway programme. They seek startups led by women or benefiting women, as well as gender-lens investors, early-stage funders, and incubators. Preferred sectors include FinTech, HealthTech, EdTech, RetailTech, and high-women-workforce fields, though strong ventures in any sector are welcome.

Selected businesses will receive tailored investment readiness support, investor introductions, peer learning, mentoring, and continued visibility. Apply here

Future Studio Pre-entrepreneurship Bootcamp

Dreaming of starting your own business? Future Studio is launching a 4-week pre-entrepreneurship bootcamp, an intensive program designed to help aspiring entrepreneurs uncover their entrepreneurial DNA, build essential skills, and structure their ideas for success. This paid opportunity has only 10 slots open, apply here if you’re interested.

Visa Africa Fintech Accelerator – Applications are open for the fifth edition, offering startups tools, mentorship, and industry connections to scale. Deadline: Aug 15. Apply here.

Events:

Join us for Founders Live Cotonou on 29 August 2025!

Five bold startups will each have 99 seconds to pitch their idea to a local and global audience, followed by 4 minutes of live Q&A. You decide the winner, your vote counts!

Want to pitch? Apply here. Want to be a part of the audience? Reserve your spot here.

Tech Safari x Itana Webinar – On Thursday, Aug 21 (11 AM WAT / 1 PM EAT), join Iyin Aboyeji, Nkechi Oguchi, and Caleb Maru to discuss building infrastructure for Africa’s next generation of founders. Register here.

Africa Money & DeFi Summit – Happening Sept 24–25 in Accra, the summit will host 500+ fintech and Web3 leaders. Startups can apply for the Investment Showcase to pitch to investors. Apply here.

GITEX Nigeria 2025 – Happening this year’s lineup the Tech Expo & Future Economy Conference (Sept 3–4, Eko Hotel Convention Centre, Lagos), and the Startup Festival (Sept 3–4, Landmark Centre, Lagos). Registration is now open.

Learning Resources:

Topic: Building Your First MVP (Minimum Viable Product)

Your MVP isn’t the final product. It’s the cheapest, quickest version of your idea that lets you test if people will actually use (and pay for) it. Here’s a simple way to start:

List the core problem you’re solving, strip away everything else.
Choose the simplest format, could it be a Google Form, WhatsApp group, or basic website?
Put it in front of real users, get feedback before spending more time or money.

Quick link: Tips to Building an MVP with No Code

Fun Contents:

Odd One Out

Which of these is not a startup metric?

A. Churn Rate

B. Monthly Active Users

C. Burn Rate

D. Clickbait Ratio

oᴉʇɐɹ ʇᴉɐqʞɔᴉlƆ ˙p : ǝsuodéɹ

Office hours with Future Studio:

Got questions about your startup journey? Need guidance before you launch? Join our open office hours and get direct insights from the Future Studio team. Limited slots. Apply here to join.

That’s all for now, see you next time.