ViKtoria Business Angels Network is pleased to announce the close of USD 200,000 investment into Kenyan founded startup ManPro Systems Limited. The investment is structured in two tranches with the initial USD 20,000 accessible immediately and the balance pegged on performance. Together with Pangea Angels, VBAN have dispersed capital to drive Manpro’s customer acquisition strategy and augment its service offering. ManPro is an end-to-end software as a service ERP solution for the build industry to enable accountability, accuracy and transparency in property and infrastructure projects.
Linus Wahome, the founder and CEO of ManPro points out the timeliness of the investment and its significance in their journey, “Our key challenge at the point of raising angel capital was that we had bootstrapped for about a year and managed to build an MVP. However, we were almost exhausting our resources yet we still needed to close some major gaps relating to product-market fit. The angel investment we got will give us enough bandwidth to close these gaps and get us ready for scaling”.
Over and above the funding, the angel investors will also facilitate business growth and support to the team by unlocking business opportunities that the company could take advantage of.
“Unlike investments firms that typically invest huge sums and are very aggressive with their expected returns, angel investors are able to provide smaller amount that startups require as seed capital and take a more long-term view with the startup. Angel investors are also able to bear higher risks that typically characterize early-stage startups. But more importantly, angel investors often bring a ton of experience and industry specific expertise and have a deep understanding of what it takes to bring success to a starting business. Angel investors provide ongoing mentorship and guidance to the founding team which is critical for success”, adds Linus.
“We believe it is important to have more confidence in our local founders and recognize that they’re equally up to the task to build successful enterprises with global reach. Angel capital is adequately suited to offer the initial support structure that’s requisite to most nascent businesses. The world over, this has been the script that has led to a thriving entrepreneurial economy,” said Jason Musyoka, the VBAN Manager.
Speaking about the investment Jonas Tsefu, CEO of Pangea Accelerator said, “As an accelerator program and investor platform, we have seen more opportunities for African startups to access investment both from local and international investors. By co-investing with VBAN we have an opportunity to bring the best from both worlds. The ShelterTech program has also validated that we can build sustainable businesses addressing challenges in affordable housing.”