HERUFI
Publications

Detailed reports and structured analysis

The full depth behind our blogs: long form publications with explicit methodology, linked sources and findings that hold up over time.

Baseline Diagnosis2026

The Broken Ladder

A global baseline diagnosis of African startup investment. Evidence from 49,436 companies, data to 2014.

Venture CapitalAfricaStartup Funding
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Reality Check2026

From Frontier to Market

How African startup funding transformed between 2014 and 2026. A source linked reality check of the 2014 lessons.

Venture CapitalAfricaCapital Structure
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Scenarios2026

Where the Continent Is Heading

Validated scenarios for African startup funding, 2026 to 2030. Every variable, every assumption, every check.

Venture CapitalAfricaForecasting
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Capital Supply and Portfolio Construction2026

Who Is Actually Writing the Cheques

African VC's capital supply layer, mapped and turned into a validated Monte Carlo portfolio model. Report 4 of the African Startup Investment series.

Venture CapitalAfricaLP Capital
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Instruments and Return Math2026

Filling the Missing Middle

Return math for Africa's Series A and B gap. Four financing mechanisms already active on the continent, priced instrument by instrument and sized against the gap. Report 5 of the African Startup Investment series.

Venture CapitalAfricaVenture Debt
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