Raise Africa, the Kenyan fintech that provided equity and cap table management for African startups, is ceasing operations after seven years. The company’s clients will be migrated to the US software giant Carta, which was also an investor in the startup.
In a strategic transition rather than a collapse, Raise’s co-founder and CEO, Marvin H. Coleby, will join Carta to lead product for Asia, the Middle East, and Africa.
The move follows a realisation by Raise’s leadership that its platform was better suited to the complex needs of private equity (PE) firms than the high-volume, lower-margin market of venture-backed startups on the continent.
A Mismatch with Venture Capital
Founded in 2018, Raise set out to become the “Carta for Africa,” simplifying the often-chaotic process of managing shareholder equity for the continent’s burgeoning startup scene. The platform helped companies digitise cap tables, automate financing contracts, and manage employee stock options across more than 18 African jurisdictions, onboarding billions of dollars worth of equity in the process.
Despite its adoption, the company struggled to find a sustainable business model within the venture capital ecosystem.
“I’ll be honest — Raise never quite found the right business model for venture,” Coleby explained in a public statement. “Private equity made the most sense, but doing that alone wouldn’t scale.”
This reflects a wider challenge in the African market: while the number of early-stage startups is growing, their ability or willingness to pay for sophisticated back-office software can be limited. The PE market, though smaller in deal volume, involves more complex transactions and larger institutional clients who require and can afford robust management tools. Raise found a stronger product-market fit in this segment, a niche that was difficult to scale independently.
The Carta Connection
The relationship with Carta proved pivotal. The US-based market leader in equity management made its first African investment in Raise in 2021, signalling a shared vision. According to Coleby, this partnership illuminated the path forward.
Instead of competing or continuing to build a standalone PE-focused product, Raise’s learnings will now be integrated directly into Carta’s global platform. Coleby’s new role will see him spearhead Carta’s expansion into growth markets, with Africa as a key component.
“This isn’t just about better software,” Coleby stated. “It’s about finally bridging the gap between Africa and global capital markets — because financial infrastructure is the foundation that everything else is built on.”
A Soft Landing for Customers and Mission
Raise has confirmed it is managing a seamless transition for its user base.
- Paid Customers: Will be migrated to Carta’s platform under their existing commercial terms, with dedicated account managers overseeing the process.
- Free Users: Will have the option to migrate to Carta Launch, a free tier for early-stage companies, subject to qualifying criteria.
The shutdown represents a “soft landing” for the company, an outcome where the mission and technology are absorbed into a larger, aligned entity rather than disappearing. The move ensures that Raise’s core objective — to professionalise Africa’s capital markets — will continue under the umbrella of a global leader.
Raise was backed by a number of notable investors, including 500 Global (formerly 500 Startups), CRE Ventures, Launch Africa, and Microtraction. The company began its journey after being incubated by Consensys and Binance Labs, which provided the initial impetus for Coleby to relocate to the continent and build the platform.
“Sometimes finishing your mission means finding the path that takes it further than you ever could alone,” Coleby concluded.