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VENTURING to AFRICA Overcoming Obstacles for Finnish VC Firms to Invest in Africa

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VENTURING to AFRICA Overcoming Obstacles for Finnish VC Firms to Invest in Africa VENTURING TO AFRICA Overcoming Obstacles for Finnish VC Firms to Invest in Africa University of Helsinki, Faculty of Law Master’s Thesis International Business Law April 2021 Jacob Pichna Supervisor: Ville Pönkä Tiedekunta - Fakultet - Faculty Koulutusohjelma - Utbildningsprogram – Degree Programme Faculty of Law Master in International and Comparative Law Tekijä - Författare - Author Jacob Pichna Työn nimi - Arbetets titel Venturing to Africa: Overcoming Obstacles for Finnish VC Firms to Invest in Africa Oppiaine - Läroämne - Subject Law and Economics Työn laji/ Ohjaaja - Arbetets art/Handledare - Level/Instructor Aika - Datum - Month and year Sivumäärä - Sidoantal - Number of Master’s Thesis/ Ville Pönkä April 2021 pages 78 p. + XXVIII Tiivistelmä - Referat - Abstract The African start-up scene has been rapidly developing in recent years and respected Silicon Valley VC firms and large tech companies are moving in on the market which could be regarded as a signal of opportunity. Yet a single investment is to be made by a Finnish VC firm into an African start-up. The democratizing effect of technology and internet accessibility has led to the growth of innovation and disruption on the continent with the three selected jurisdictions for the thesis South Africa, Nigeria and Kenya leading the charge. Focusing on the three countries enables more a pragmatic analysis and thus applicable solutions. Analysing three different ecosystems also showcases the heterogeneity of the continent’s opportunities for VC firms. The objective of the thesis is to establish the main blockers for Finnish VC firms when weighing the option of investing in Africa and then provide solutions to overcome the obstacles whilst taking a form of a roadmap to also show the process of investing in Africa and its peculiarities. Because of the specificity and novelty of the subject matter, there is very little research specific to the objective to build on. To paint a picture of the different ecosystems’ comparative legal analysis and market analysis was utilized. The obstacles were identified through thematically analysed qualitative interviews with Finnish VC firms. The solutions to these obstacles were built on qualitative interviews with individuals that have experience from the African start-up scene. Four obstacles rose above the rest in prevalence: mandates, being geographically far from founders, local expertise & networks and corporate governance & unknown risks. Based on the four obstacles a prescription of four actions that enable a Finnish VC firm to invest in Africa was developed: 1. Cannot be focused on early stage start-ups. 2. Needs to find a local co-investor. 3. Cannot have a mandate blocking Africa as an investment option. 4. Is a specialized fund. By adhering to these four “rules” a Finnish VC firm can venture to Africa with confidence. Avainsanat - Nyckelord Pääomasijoitus, Afrikka, Nigeria, Etelä-Afrikka, Kenia, Startup, kehittyvät markkinat Keywords Venture Capital, Africa, Nigeria, South Africa, Kenya, Start-up, emerging markets Säilytyspaikka - Förvaringsställe - Where deposited Library of the University of Helsinki Muita tietoja - Övriga uppgifter - Additional information TABLE OF CONTENTS ABBREVIATIONS ........................................................................................................ V 1 INTRODUCTION .................................................................................................. 1 1.1 Background and Objectives .............................................................................. 1 1.2 Methodology and Scope ................................................................................... 2 1.3 Approach With Sources .................................................................................... 4 1.4 Outline .............................................................................................................. 6 2 VENTURE CAPITAL ............................................................................................ 7 2.1 Introduction ....................................................................................................... 7 2.2 History ............................................................................................................ 10 2.3 Finnish Venture Capital .................................................................................. 13 2.3.1 History ................................................................................................... 13 2.3.2 The Current State .................................................................................. 14 2.3.3 Legal Framework Along the Lifecycle of a Finnish VC firm ................ 18 3 VENTURE CAPITAL IN AFRICA .................................................................... 26 3.1 Current Level of Investment ........................................................................... 26 3.2 Geographic Division of VC Investors in Africa ............................................. 28 3.2.1 African Firms ........................................................................................ 28 3.2.2 Global Firms ......................................................................................... 30 3.2.3 Finnish Firms ........................................................................................ 31 3.3 The Investment Process in Africa for a Finnish Firm ..................................... 33 4 THE READINESS OF THE CHOSEN COUNTRIES FOR VC INVESTMENT...................................................................................................... 40 4.1 Nigeria ............................................................................................................ 40 4.1.1 Overview ............................................................................................... 40 4.1.2 Legal Landscape for VC Investments ................................................... 41 4.1.3 Start-up Scene ....................................................................................... 45 4.2 South Africa .................................................................................................... 47 4.2.1 Overview ............................................................................................... 47 4.2.2 Legal Landscape for VC Investments ................................................... 48 4.2.3 Start-up Scene ....................................................................................... 51 4.3 Kenya .............................................................................................................. 52 iii 4.3.1 Overview ............................................................................................... 52 4.3.2 Legal Landscape for VC Investments ................................................... 54 4.3.3 Start-up Scene ....................................................................................... 57 5 OBSTACLES ........................................................................................................ 59 5.1 Methodology ................................................................................................... 59 5.2 The Results ..................................................................................................... 62 5.2.1 Question I .............................................................................................. 62 5.2.2 Question II ............................................................................................ 63 5.2.3 Question III ........................................................................................... 63 5.2.4 The Obstacles for Analysis .................................................................... 63 6 ANALYSIS AND POTENTIAL SOLUTIONS TO OBSTACLES .................. 65 6.1 Methodology ................................................................................................... 65 6.2 The Obstacles .................................................................................................. 67 6.2.1 Mandates ............................................................................................... 67 6.2.2 Being Geographically Far From Founders .......................................... 69 6.2.3 Lack of Local Expertise & Networks .................................................... 71 6.2.4 Corporate Governance & Unknown Risks ........................................... 74 7 CONCLUSION ..................................................................................................... 78 BIBLIOGRAPHY ......................................................................................................... 79 Literature ................................................................................................................. 79 Legislature and Cases ............................................................................................. 87 Online Sources ........................................................................................................ 88 APPENDIXES ............................................................................................................... 99 LIST OF FIGURES Figure 1. Venture capital investment by industry and region. .......................................... 9 Figure 2. Investments made and funds raised by public and private Finnish VC funds 15 Figure 3. Structure of a VC fund .................................................................................... 19 iv Abbreviations AGDI African Governance and Development Institute
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