The Rally Cap Podcast (Kyane Kassiri)
Explore every episode of The Rally Cap Podcast
| Pub. Date | Title | Duration | |
|---|---|---|---|
| 16 Mar 2024 | RCP #3 Rare European VC success in emerging markets, with Enrique Martinez-Hausmann [Speedinvest] | 00:25:34 | |
Enrique Martinez-Hausmann is a principal at Speedinvest, a €1 billion European VC firm, with a stellar track record in Africa, the Middle East, and emerging markets at large. Timestamps: (1:54) Speedinvest's key success factors in emerging markets (5:54) Portfolio winners, in numbers (7:14) Using a different lens for emerging markets vs. Europe (9:18) Embracing lending models while others shy away from it (11:18) Funding predatory lenders? (13:26) Raising debt in emerging markets (15:26) The inherent risk of VC-backed lending businesses (17:47) Becoming a 'VC on steroids' by writing LP checks (18:48) Investing in an M-Pesa challenger (20:22) Too much VC money destroyed this vertical in Africa (23:07) Early career mistake? (24:09) Where to keep looking after 30 investments? References: Wayflyer - https://www.prosus.com/news-insights/... ShopUp - https://techcrunch.com/2021/09/06/com... Moove - https://techcrunch.com/2023/08/10/moo... Listen on other platforms: Apple Podcasts: https://podcasts.apple.com/ca/podcast... Youtube: https://www.youtube.com/@TheRallyCapPodcast Where to find Enrique: LinkedIn: / enrique-martinez-hausmann-463220129 Where to find Kyane: Linkedin: / kyanekassiri Twitter: / kyanekassiri Learn more about Rally Cap: https://techcrunch.com/2022/05/05/ral... Check out our Climate Newsletter: / rallycapclimate | |||
| 03 Mar 2024 | RCP #1 $205m African VC fund, with Lexi Novistke [GP @ Norssken22] | 00:23:20 | |
Lexi Novitske is a General Partner at Norssken22, who just launched Africa's second-largest VC fund. Timestamps: (1:05) How to raise a $205m fund during a global downturn (3:50) Current growth stage valuations and how to deal with unreasonable prices (5:38) Growth deals that require restructuring (9:44) Debt requirements for growth-stage companies (11:28) Norrsken's thesis in financial services (13:27) Thesis behind investing in Shara (14:18) Overfunded fintech models (15:53) Thesis behind investing in Sabi (18:37) Living in Lagos (20:36) Thinking like a growth stage investor vs. early stage investor References: Sabi - https://techcrunch.com/2023/05/19/afr... Shara - https://www.crunchbase.com/organizati... Listen on other platforms: Apple: coming soon Spotify: coming soon Where to find Lexi: Twitter : / anovitske LinkedIn: / lexi-novitske-cfa-a5054a4 Where to find Kyane: Twitter: / kyanekassiri Linkedin: / kyanekassiri Learn more about Rally Cap: https://techcrunch.com/2022/05/05/ral... Check out our Climate Newsletter: / rallycapclimate | |||
| 20 Feb 2025 | RCP #9 From building Go1 [$3B] to leading Breega [$700m AUM] in Africa, with Melvyn Lubega | 00:21:20 | |
Melvyn Lubega is a Partner at Breega, one of Europe's fastest-growing VC firms ($700m) which recently launched its first Africa-dedicated fund. This episode was recorded in October 2023. Timestamps: 00:00 - In this episode 00:50 - Introduction 01:53 - From founder, to angel, then VC 04:37 - Growing Go1 to a $3b edtech giant 07:15 - Breega's DNA and its expansion into Africa 09:47 - Global funds' common mistake in Africa 12:48 - (some funny part) 14:38 - Uganda and the curse of tiny markets 16:51 - This model was doomed to fail1 9:13 - Here's where I see the next opportunity References: Go1 - https://techcrunch.com/2022/06/06/go1-nabs-100m-at-a-2b-valuation-to-upgrade-its-curated-enterprise-learning-platform/ Numida - https://techcrunch.com/2022/09/28/yc-backed-fintech-numida-raises-12-3m-led-by-serena-ventures-to-extend-loans-to-msmes-beyond-uganda/ B2B e-com struggling in Africa - https://restofworld.org/2023/africa-b2b-ecommerce-shutdowns-layoffs/ Listen on all platforms: Youtube - https://www.youtube.com/@TheRallyCapPodcast Spotify - https://open.spotify.com/show/3vUDH5yEH6pvRkqM1TVaxS Apple Podcasts - https://podcasts.apple.com/ca/podcast/the-rally-cap-podcast/id1731710244 Where to find Melvyn: Linkedin: https://www.linkedin.com/in/mlbg/X/Twitter: https://x.com/MelvynLubega Where to find Kyane: Linkedin: https://www.linkedin.com/in/kyanekassiriX/ Twitter: https://twitter.com/kyanekassiri Learn more about Rally Cap: https://techcrunch.com/2022/05/05/rali_cap-gets-backing-from-global-vcs-and-launches-30m-fintech-fund-for-emerging-markets/ | |||
| 04 Apr 2024 | RCP #4 Bridging Africa, LatAm & Asia with $800m+ for fintech, with Johan Bosini [Quona Capital] | 00:27:26 | |
Johan Bosini is a partner at Quona Capital, a $800 million pan-emerging-markets fintech VC firm. Timestamps: (1:58) Quona overview in numbers (4:05) Imposter syndrome and self-assessment (5:08) Investing in LatAm vs Africa: different mental models (8:07) Lose-lose situation: too many VCs backing a model/space (10:38) Africa & LatAm: similar [but delayed] growth trajectories (12:49) Do not expand across continents! [for most startups] (13:49) Fintech 1.0, Fintech 2.0, Fintech 3.0 (17:21) Thesis behind investing in Sava [Brex for Africa] (19:25) Thesis behind investing in Orda [Toast for Africa] (21:57) Not enough digital banks??? (23:11) African multi-billion dollar exits: is the dream still alive? (24:09) Crazy founder story References: Yoco - https://techcrunch.com/2021/07/27/south-african-payments-startup-yoco-raises-83m-series-c-led-by-dragoneer/ Sava - https://techcrunch.com/2022/06/30/sava-a-spend-management-platform-for-african-businesses-gets-2m-pre-seed-backing/ Orda - https://techcrunch.com/2022/11/29/orda-raises-millions-to-digitize-african-restaurants-with-its-cloud-based-operating-system/ Listen on all platforms: Youtube - https://www.youtube.com/@TheRallyCapPodcast Spotify - https://open.spotify.com/show/3vUDH5yEH6pvRkqM1TVaxS Apple Podcasts - https://podcasts.apple.com/ca/podcast/the-rally-cap-podcast/id1731710244 Where to find Johan: LinkedIn: https://www.linkedin.com/in/johanbosini/ Twitter: https://twitter.com/JohanBosini Where to find Kyane: Linkedin: https://www.linkedin.com/in/kyanekassiri/ Twitter: https://twitter.com/kyanekassiri Learn more about Rally Cap: https://techcrunch.com/2022/05/05/ral... Check out our Climate Newsletter: https://rallycapclimate.medium.com/ | |||
| 06 Aug 2024 | RCP #6 Raising the largest solo-GP fund in MENA, with Amir Farha [COTU Ventures] | 00:25:30 | |
Amir Farha is a prominent figure in MENA VC. Having previously co-founded the first and largest early-stage VC firm in the region [BECO Capital, $500m AUM]. Timestamps: (1:49) Building a second VC firm (3:02) What does 'strong founder' even mean? (4:29) Investing in underdogs (6:15) Aren't we all improvising? (7:05) The evolution of Amir 1.0, Amir 2.0, Amir 3.0 (11:18) Aren't VCs just monetizing access? (13:26) Raising $50m as a solo-GP (15:16) KSA/UAE/Egypt, too many startups, beyond the VC model (17:57) Unconventional founder moves in nascent markets (20:34) Unhealthy obsession: psychological cost of succeeding in VC? References: COTU Ventures - https://techcrunch.com/2024/02/26/cotu-ventures-launches-54m-fund-for-pre-seed-and-seed-startups-in-mena/ Beco Capital - https://alphapartners.com/news/2017/01/beco-capital-supporting-technology-revolution-middle-east/ Kitopi - https://www.kitopi.com/post/kitopi-announces-415-million-series-c-funding-round Listen on all platforms: Youtube - https://www.youtube.com/@TheRallyCapPodcast Spotify - https://open.spotify.com/show/3vUDH5yEH6pvRkqM1TVaxS Apple Podcasts - https://podcasts.apple.com/ca/podcast/the-rally-cap-podcast/id1731710244 Where to find Amir: LinkedIn: https://www.linkedin.com/in/amirfarha/ Where to find Kyane: Linkedin: https://www.linkedin.com/in/kyanekassiri/ Twitter: https://twitter.com/kyanekassiri Learn more about Rally Cap: https://techcrunch.com/2022/05/05/rali_cap-gets-backing-from-global-vcs-and-launches-30m-fintech-fund-for-emerging-markets/ Check out our Climate Newsletter: https://rallycapclimate.medium.com/ | |||
| 16 May 2024 | RCP #5 An alternative path to VC in MENA, with Tamer Azer [Shorooq Partners] | 00:22:22 | |
Tamer Azer is a partner at Shorooq Partners, a prominent VC firm in MENA. Timestamps: (1:12) Finding your true investor self (4:30) Building reputation in a new geography (6:21) Is Egypt gonna recover, startup-wise? (9:31) Breaking down fintech models via P&L items (10:50) Why infra/API plays are tough to build in the region? (13:27) The 'western vs. local' VC disagreement around lending (16:56) The void venture debt funds aren't filling (18:29) Climatetech: too early for the region? (20:02) Alternative path to liquidity: owning the local mid-cap market? References: Shorooq Partners - https://www.wamda.com/2022/03/shorooq... Pemo - https://www.wamda.com/2022/05/pemo-ra... Nymcard - https://www.wamda.com/2022/06/uae-fin... Lean Technologies - https://www.wamda.com/2022/01/lean-ra.... Listen on all platforms: Youtube - / @therallycappodcast Spotify - https://open.spotify.com/show/3vUDH5y... Apple Podcasts - https://podcasts.apple.com/ca/podcast... Where to find Tamer: LinkedIn: / tamerazer Where to find Kyane: Linkedin: / kyanekassiri Twitter: / kyanekassiri Learn more about Rally Cap: https://techcrunch.com/2022/05/05/ral... Check out our Climate Newsletter: / rallycapclimate | |||
| 25 Mar 2025 | RCP #10 Selling Expensya for $100m 😱💰, with Karim Jouini [ThunderCode] | 01:02:35 | |
Karim Jouini is the founder of Expensya, an expense management platform sold to Medius Group for $100m. Karim is now building his second company called ThunderCode: an AI testing agent for software teams.Timestamps:00:00 - In this episode01:58 - Introduction02:59 - Missing PMF, SMB sucks, pivot to mid-market06:03 - Brex, Ramp, & copycats in Africa/LatAm/Asia10:31 - Karim's new AI company16:55 - Expensya: industry evolution, black swan event25:42 - Selling to corporates, build vs. buy, competition 31:01 - North star metrics, improvising, burn-outs, failed PoC38:45 - What takes you to $3m ARR won't take you to $10m ARR43:49 - Decision to sell, acquisition process, price discovery, etc49:37 - Secrets behind "Build locally, sell globally" [Tunisian playbook]54:32 - Personal: Making a lot of money... & building again References:Expensya's acquisition - https://www.medius.com/news/cid-B5994B54FD438614/media-alert-medius-completes-acquisition-of-expense-management-firm-expensya/Brex exists SMB space - https://techcrunch.com/2022/06/17/as-brex-exits-the-smb-space-its-ceo-says-that-doesnt-include-startups-at-least-the-funded-ones/What would Google Do? https://aszapla.wordpress.com/wp-content/uploads/2011/12/what-would-google-do.pdfListen on all platforms:Youtube - https://www.youtube.com/@TheRallyCapPodcastSpotify - https://open.spotify.com/show/3vUDH5yEH6pvRkqM1TVaxSApple Podcasts - https://podcasts.apple.com/ca/podcast/the-rally-cap-podcast/id1731710244Where to find Karim:Linkedin: https://www.linkedin.com/in/karimjouini/X/Twitter: https://x.com/karim_jouiniWhere to find Kyane:Linkedin: https://www.linkedin.com/in/kyanekassiriX/Twitter: https://twitter.com/kyanekassiriLearn more about Rally Cap: https://techcrunch.com/2022/05/05/rali_cap-gets-backing-from-global-vcs-and-launches-30m-fintech-fund-for-emerging-markets/ | |||
| 18 Jan 2025 | RCP #8 Inside the mind of Saudi's leading early-stage investor, with Wael Nafee [Raed Ventures] | 00:23:22 | |
Wael Nafee is a General Partner at Raed Ventures, the leading Saudi early-stage VC firm with $450m in AUM.This episode was recorded in October 2023. Timestamps:00:00 - In this episode00:49 - Introduction01:51 - Careem and Deeptech background06:00 - Identifying exceptional founders08:33 - Portfolio risk-reward modeling tool for VCs09:48 - Better returns or more management fees?12:42 - Egyptian tech exodus15:31 - We were wrong about this model18:52 - Does MENA have any role to play in AI?20:23 - LPs in 2023/2024 are different22:01 - Next milestone: unlocking IPOsReferences:Raed’s open-sourced VC modeling tool - https://www.linkedin.com/pulse/modeling-vc-investment-strategies-wael-nafee/Careem's acquisition - https://www.forbes.com/sites/michelleevans1/2019/03/26/meet-careem-ubers-3-1-billion-new-acquisition-in-the-middle-east/Tunisian Startup Act - https://www.abramundi.org/post/the-tunisian-startup-act-an-entrepreneurial-revolutionListen on all platforms:Youtube - https://www.youtube.com/@TheRallyCapPodcastSpotify - https://open.spotify.com/show/3vUDH5yEH6pvRkqM1TVaxSApple Podcasts - https://podcasts.apple.com/ca/podcast/the-rally-cap-podcast/id1731710244Where to find Wael:Linkedin: https://www.linkedin.com/in/wael-nafee-2b78abbX/Twitter: https://x.com/wnafeeWhere to find Kyane:Linkedin: https://www.linkedin.com/in/kyanekassiriX/Twitter: https://twitter.com/kyanekassiriLearn more about Rally Cap: https://techcrunch.com/2022/05/05/rali_cap-gets-backing-from-global-vcs-and-launches-30m-fintech-fund-for-emerging-markets/ | |||
| 12 Nov 2024 | RCP #7 Setting the cornerstones of a fintech powerhouse, with Jacques Marco [Axis Pay] | 00:27:13 | |
Jacques Marco is the founder and CEO of Axis Pay. The company raised a $8m seed round and is now one of Egypt's fastest-growing fintechs. Timestamps: 00:00 - In this episode 00:46 - Introduction 01:21 - Lawyer dad and an intuitive grasp of regulations 02:59 - Non-fintech folks building fintechs?! 06:06 - Why building Axis Pay is so hard 07:56 - Founder dilemma: plug into APIs or build everything in-house? 09:57 - Impetus behind building Axis Pay 12:26 - Listening to the market vs. distorting it with VC money 14:49 - Humans' bias towards B2C. 16:34 - Ignoring the noise and competition. 17:13 - The bull case for Egypt (while others are fleeing) 20:54 - Evolution of Egyptian fintech (Fawry, Meeza, Covid, VodafoneCash)24:04 - Untapped opportunities: remittance and credit scoring data References: Axis Pay - https://techcrunch.com/2023/05/17/tiger-global-backed-axis-launches-digital-payments-platform-for-egyptian-smes-months-after-its-8-25m-seed/ Fawry - https://www.reuters.com/article/business/egyptian-digital-payments-company-fawry-ipo-oversubscribed-30-times-idUSKCN1UV1ES/ Digital payments in Egypt - https://citvericash.com/the-rapid-evolution-of-digital-payments-in-egypt/ Listen on all platforms: Youtube - https://www.youtube.com/@TheRallyCapPodcast Spotify - https://open.spotify.com/show/3vUDH5yEH6pvRkqM1TVaxS Apple Podcasts - https://podcasts.apple.com/ca/podcast/the-rally-cap-podcast/id1731710244 Where to find Jacques: Linkedin: https://www.linkedin.com/in/jacquesmarco/ Where to find Kyane: Linkedin: https://www.linkedin.com/in/kyanekassiri/ Twitter: https://twitter.com/kyanekassiri Learn more about Rally Cap: https://techcrunch.com/2022/05/05/rali_cap-gets-backing-from-global-vcs-and-launches-30m-fintech-fund-for-emerging-markets/ Check out our Climate Newsletter: https://rallycapclimate.medium.com/ | |||
| 03 Mar 2024 | RCP #2 Building a profitable $12m ARR company in 30 months, with Omair Ansari [CEO @ Abhi] | 00:27:05 | |
Omair Ansari is the co-founder and CEO of Abhi, one of the fastest-growing fintech companies in South Asia and the Middle East. Timestamps: (1:36) Quick background on Omair and Abhi (2:32) Abhi's performance in numbers (4:12) Dirtiest MVP and figuring out the market need (6:12) Early Wage Access is a tax on the poor? (08:19) The moment when numbers went exponential (11:58) Does SME lending scale? (13:34) Key factor for a successful market expansion (15:44) Preferring mercenaries over missionaries (18:37) From equity to off-balance sheet lending (19:22) Structuring debt instruments in emerging markets (21:52) Winning market share in down markets (23:15) Early mistakes: no more missionaries (25:07) Bottleneck for growth and Abhi2.0 References: Figopara - https://www.t-vine.com/turkiyes-risin... Creditas - https://techcrunch.com/2022/01/25/bra... LendingTree - https://www.cnbc.com/2014/08/01/lendi... Listen on other platforms: Apple: coming soon Spotify: coming soon Where to find Omair: LinkedIn: / omair-ansari-40494329 Where to find Kyane: Twitter: / kyanekassiri Linkedin: / kyanekassiri Learn more about Rally Cap: https://techcrunch.com/2022/05/05/ral... Check out our Climate Newsletter: / rallycapclimate | |||