Raise, the Nairobi-based startup that digitized equity management for African startups, is closing after seven years of operation, transitioning its users to Carta, the U.S.-based equity management platform.
Founded in 2018 by Marvin Coleby, Tina Nyamache, and Eugene Mutai, Raise aimed to simplify cap table management, equity issuance, and due diligence for startups in Kenya and Nigeria. Despite backing from early-stage investors such as 500 Startups, Microtraction, and Launch Africa, the company struggled to develop a scalable business model in Africa’s emerging venture ecosystem.
Marvin Coleby said in a LinkedIn post that while private equity presented opportunities, it was not enough to sustain the platform long-term. Paid Raise users will migrate automatically to Carta, while free-tier users can transition to Carta Launch, a no-cost option for early-stage startups. Coleby will join Carta as Head of Product for Asia, Middle East, and Africa (AMEA), though the future of Raise’s staff is uncertain.
Raise gained traction after its 2019 alpha launch, and by mid-2020, had facilitated more than $20 million in fundraising transactions. At its peak, the platform supported over 200 companies, managing roughly $150 million in equity, with total startup valuations exceeding $90 million. Clients included Nestcoin, Numida, Accrue, and Workpay.
In 2023, Carta invested in Raise, bridging Raise’s local expertise with Carta’s global infrastructure. The shutdown highlights the challenges of scaling venture-focused fintech in Africa while cementing Carta’s growing presence in the continent’s startup ecosystem.