
"If you have not proved your product yet, focus on validation first. Seek grants or angel investors first rather than venture capital prematurely."
Esther Ndeti, Co-Managing Partner at Unconventional Capital
The third and final day of the Kenya Startup School – Educator Edition culminated with a deep dive into the investment ecosystem, equipping educators with insights to guide students in securing funding and scaling ventures. The session highlighted the realities of fundraising, the importance of storytelling, and the urgent need to support underrepresented founders in Africa’s evolving startup landscape.
Joram Mwinamo, CEO of SNDBX, opened the day by unpacking the complexities of the investment landscape. He outlined the diverse range of funding sources available to startups, including angel investors, venture capitalists, private equity firms, and alternative vehicles like crowdfunding, grants, and corporate investors.
Joram emphasized that investors prioritize founders, team dynamics, market traction, scalability, and exit potential when evaluating opportunities. Key metrics such as Return on Investment (ROI), Annual Recurring Revenue (ARR), and Customer Acquisition Costs (CAC) are critical indicators of a startup’s viability. Educators were also introduced to valuation methods, which determine a company’s projected worth, and the art of crafting a winning pitch deck.
“Storytelling is your secret weapon,” Joram noted, urging educators to teach students how to weave compelling narratives that resonate with investors. He also stressed the importance of a data room to streamline due diligence processes during fundraising.
Esther Ndeti, Co-Managing Partner at Unconventional Capital, brought a fresh perspective to the challenges and opportunities in African venture capital. Her firm manages a €30 million fund focused on non-dilutive, revenue-based financing for early-stage businesses, a model designed to empower founders who face barriers to traditional funding.
Reflecting on her academic journey, Esther highlighted the role of institutional support in nurturing innovation: “I was frustrated by limited university facilities, but the creation of a fab lab (fabrication lab) allowed us to prototype ideas into products. Course structures and resources need to align with global standards.”
She advised early-stage entrepreneurs to seek grants or angel investors rather than venture capital prematurely: “You haven’t proved your product yet, focus on validation first.” For startups eyeing growth, she emphasized the importance of demonstrating 5x scalability and mastering unit economics to attract investor confidence.
Esther also shed light on systemic gaps in the ecosystem. Despite Kenya’s startups raising KES 2.2 billion in 2023, only KES 48 million went to female founders, a stark disparity her firm aims to address. “We need clearer definitions of what constitutes a ‘startup’ versus a tech-enabled small business, and more intentional support for women,” she asserted. To date, Unconventional Capital has invested in 90 startups across six African countries, prioritizing sustainable growth and impact.
Over three days, the Kenya Startup School—Educator Edition equipped participants with tools to transform classrooms into innovation launchpads. From the Business Model Canvas and intellectual property strategies to design thinking and investment readiness, the program emphasized actionable frameworks to nurture Kenya’s next generation of entrepreneurs.