The Ghana-based Africa Foresight Group (AFG), which has developed a platform offering access to the largest network of freelance management consultants on the continent, has raised a seed funding round worth over US$700,000.
Founded in 2016, AFG allows leading companies, investment funds and development partners to hire teams to make the right strategic decisions and achieve sustainable success, utilising an online platform and machine learning to build an entirely new model for consulting in Africa.
The startup’s proprietary technology platform matches teams with open project opportunities, manages performance data, and supports the invoicing and payments process, amongst others. AFG has more than 100 consultants – “foresighters” – in its network, and has completed more than 140 engagements since inception.
“We are on a quest to build the largest talent network in Africa to elevate the people and businesses of our continent,” said Yasmin Kumi, the startup’s founder.
The US$700,000 seed round is led by Consonance Investment Managers and GFH Holdings, and will be used to help the company expand across Africa.
“It has been a journey of three years to get here and we are excited for what lies ahead. I am proud that a majority of our capital comes from Africa-based investors who believe in the importance of what we do full-heartedly. We are a business that can drive both significant impact for Africa’s private sector and financial return for our shareholders,” said Kumi.
Mobolaji Adeoye, managing director at Consonance Investment Managers, said his company believed that improving the productivity of Africa’s human capital and enabling its collaboration would allow Africa’s businesses to flourish.
“We therefore believe strongly in AFG’s vision of building the largest managed marketplace of freelance talent in Africa to bridge the talent gap. AFG ticked attributes we look out for, including a strong women-led management team solving critical problems in a scalable way and a three-year track record in their sector. We are proud to support their vision and journey,” he said.