Kenyan firm Pariti raises over Ksh.320M for developing startups in emerging markets
Kenya-based Pariti, a community-led marketplace building the digital infrastructure for startups, has announced that it has raised over Ksh.320 million ($2.85M) from American venture capital firm Harlem Capital.
“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,” Pariti co-founder and CEO Yacob Berhane said on Monday.
Founded in 2019 by Yacob Berhane and Wossen Ayele, Pariti connects start-up founders in emerging markets to resources, talent and capital through an online platform where freelance consultants conduct deal management and due diligence functions for companies.
Berhane told TechCrunch that the company has grown 795% over the past year and attributed it to the pandemic and how the African tech ecosystem has hit an inflexion point, minting half a dozen unicorns within this period.
“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.
The marketplace also helps talent monetize their skills and VCs and angels to find, vet and execute deals.
Pariti said the funding will allow it 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.