Saying “I’m proud” of the community of founders, investors, experts, and “Paritians” that have helped us reach this milestone would be an understatement. Collectively, Pariti Venture companies have a valuation of $1bn+, raised $150m+, on track for $55m+ in 2022 revenue, and employ over 3,000 people! What’s potentially even more exciting? We predicted the success of these companies through our machine learning algorithm ~5 months in advance of it happening! Also, 60% of the successful founders did not attend an Ivy, or work at a FAANG/Big 4 prior to starting their companies.
This effort has led us to the launch of Grove, our venture deals marketplace for connecting vetted founders & investors. This evolution of capital markets will be community-based and data-driven. The validity of your investment readiness and potential will be based on your experience, knowledge of the domain, and ability to demonstrate unique solutions to large problems…not the outdated and biased pattern matching that’s still the norm.
When we first began Pariti in 2019, our goal was to help build the African ecosystem in a healthy manner, by connecting startups to critical resources (talent & capital) and surrounding them with community.
Thinking about our journey, we’ve seen so much progress that it is impossible to not be excited about the future. Our ecosystem has grown 6x the global average over the past 5 years and is on track to exceed last year’s historic fundraising figure of $4bn. This perspective is critical as we build for the next 50+ years. It may feel small to some but the largest baobab still came from a humble seed.
We’re deeply grateful to everyone who has supported us, mentored us, and invested in us, as well as the founders who have used our products and services and given us invaluable feedback along the way. We appreciate the opportunity to serve you. Look at what we’ve collectively accomplished and we are just getting started!
Looking at the progress made, from the collective effort of everyone in the ecosystem. Deals are moving faster, more capital is being allocated, more and more talent is joining the startup ecosystem. The ecosystem has hit escape velocity!
We’re now considering another question: how far can this ecosystem go? How much can these enabled companies transform the economies of Africa? Looking at the U.S., we see how VC-backed companies are absolutely critical to the U.S. economy. Consider that VC investment makes up only 0.2% of GDP, but delivers a whopping 21% of U.S. GDP in the form of VC-backed business revenues.
What would it look like if this also held true in Africa? We have a way to go but this gives a glimpse of the power of these companies and how they can transform the African economy. We believe in this vision and are committed to supporting the development of the next generation of iconic companies that will solve some of our most critical challenges.
For the investors and founders looking to shape and build our entrepreneurial ecosystem, sign up for Grove today!
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