Harambean Prosperity Fund: A 2023 Venture Performance Report
Since its inception in 2019, the Harambean Prosperity Fund (H-Prosperity) has strategically deployed $1.2 million across 12 Harambean-led ventures. These portfolio companies have collectively attracted over $140 million from premier global investors, including Enza Capital and Future Africa—both founded by Harambeans—as well as V8 Capital Partners, Backstage Capital, and Aleka Capital. The portfolio’s aggregate market valuation currently stands at approximately $365 million.
“We are hugely encouraged by the impact that H-Prosperity is having in leveraging the Alliance to help companies scale and amplify their influence,” remarked Harambeans Founder, Okendo Lewis-Gayle. “These ventures have created nearly 23,000 direct jobs since our inception. Their achievements reaffirm our belief that enduring prosperity for many African nations will not arise from addressing poverty alone but from investing in innovations that catalyze market creation within these economies.”
Fund Overview H-Prosperity is a donor-advised investment vehicle mobilized through the Harambe Entrepreneur Alliance’s network of influential families and corporations. Seed-funded by Cisco and Allan Gray Philanthropies, the fund capitalizes on its expansive network to channel resources into Harambean-led ventures. The initiative fosters coalitions of investors and entrepreneurs, accelerating scalable, market-creating innovations for Africa.
2022 Investment Highlights In 2022, H-Prosperity committed an additional $300,000 through $100,000 investments in Africa Foresight Group, Jem HR, and Qwili, expanding the portfolio to include ten ventures.
Africa Foresight Group (AFG)
Africa Foresight Group (AFG), founded in 2016 by Yasmin Kumi H’16, is building Africa’s largest future-of-work platform, empowering African talent and companies to achieve global prominence. Leveraging a freelance consultancy platform and AI-powered talent management system, AFG partners with leading African businesses, investment funds, and development agencies to unlock shared growth.
To date, AFG has secured $2.5 million in seed and pre-Series A funding, including support from H-Prosperity. “This funding has enabled us to launch new talent training programs for flexible workers across Africa and its diaspora, build the African Hidden Champions initiative in collaboration with the German Investment Corporation and the African Development Bank, and roll out Peralta, a public platform that connects SMEs to top-tier talent,” said Kumi.
Qwili
Founded in 2020 by Thandwe Radebe H’21, Qwili transforms entrepreneurial access by offering a downloadable storefront that simplifies starting a business for underserved communities. By minimizing startup costs to just $3 and creating curated reseller networks, Qwili reaches low-income, offline consumers effectively.
With 4,000 active monthly entrepreneurs, the platform has achieved 7x revenue growth over the past year. Qwili recently raised $2.7 million in additional funding, enabling it to onboard 20,000 new entrepreneurs within six months. “The partnership with H-Prosperity represents more than funding,” said Radebe. “It’s a union of dedicated entrepreneurs aligned with the vision of fostering prosperity within our lifetime.”
Jem HR
Jem HR, co-founded by Simon Ellis H’21 and Caroline van der Merwe H’23, is disrupting HR processes for frontline workers in emerging markets. Leveraging WhatsApp, Jem streamlines onboarding, shift scheduling, and payslip distribution via an earned wage-access platform. Since launch, the company has processed over 400,000 advances and expanded to support 100+ businesses and 80,000 employees.
“HR workflows in emerging markets often rely on outdated systems,” noted Ellis. “Jem fills this gap with solutions that are faster, three times cheaper, and operational within 48 hours. H-Prosperity’s endorsement accelerates our expansion into two new countries while scaling our impact.”
Driving Impact: Contributions to the UN Sustainable Development Goals (SDGs) H-Prosperity ventures are making significant progress toward key SDGs:
- SDG 3 (Good Health & Well-being): Vula has supported over 1 million patients, reflecting a 56% increase.
- SDG 11 (Sustainable Cities & Communities): Unlocking 13 work weeks of commuter time annually.
- SDG 8 (Decent Work & Economic Growth): Creating 22,920 direct and 1.3 million indirect jobs, marking an 892% increase.
- SDG 7 (Affordable & Clean Energy): Shyft has facilitated 9.7M kWh of energy usage.
- SDG 13 (Climate Action): Mitigating 153 Mt CO2 emissions.
“Harambean-led ventures exemplify how innovation can tackle critical challenges, create employment, and contribute to sustainable economic growth,” said Brian Simiyu, the inaugural Harambeans Prosperity Fund Fellow. Companies in the portfolio are required to report annually on their SDG contributions, reinforcing accountability and impact.
Looking Ahead As H-Prosperity continues to catalyze transformative change, its investments underscore a resounding belief: Africa’s prosperity lies in the hands of bold innovators and the ecosystems that nurture their vision. Through strategic investments, the Fund remains committed to building scalable solutions that redefine markets and uplift communities across the continent.
“Our hope is that as Harambeans succeed and have liquidity events, they will choose to follow in the example of Cisco and Allan Gray and donate to H-Prosperity so that our Alliance can back the next generation of Harambean-led ventures,” concluded Lewis-Gayle.