Kenya’s Raise Winds Down Operation as Founder Joins Carta

Raise, a Kenyan fintech company specializing in digitizing private equity and cap table management, has announced that it is winding down operations, after seven years of building innovative solutions for Africa’s venture ecosystem.

The company launched with the goal of streamlining the way African companies handle cap tables, issue equity, and conduct due diligence.

However, after years of operation, the fintech has decided to close shop. This development marks the next chapter for its founder, who will be joining Carta to lead product for Asia, the Middle East, and Africa as private equity continues to grow rapidly as an asset class.

Speaking on the shutdown via a Linkedin post, Raise co-founder Marvin Coleby wrote,

“Raise’s mission is now complete and will be carried forward through my time at Carta. As part of this, Raise is winding down, and customers can migrate to Carta. As part of this, I’m really excited to see our principles across the African venture capital system get written into capital markets software.

“Because, for too long, African startups, funds, and investors have been disconnected from the world’s capital flows. This isn’t just about better software. 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.”

The founder expressed deep gratitude to the Raise team, whose perseverance and innovation built a platform that supported thousands of African startups, as well as to the founders, funds, and shareholders who entrusted Raise with their most important financial decisions.

“Sometimes finishing your mission means finding a path that takes it further than you ever could alone,” the founder added, emphasizing the exciting opportunity ahead to scale these efforts globally with Carta.

Founded in 2017, Marvin Coleby, Tina Nyamache, and Eugene Mutai, Raise started as a simple idea sketched on a napkin. By 2018, it gained momentum when global players Consensys and Binanceagreed to incubate the ambitious concept of creating real-world asset infrastructure for emerging markets.

The company went on to achieve significant milestones, including helping thousands of startups fix their cap tables, onboarding billions of dollars’ worth of equity, and enabling investors and employees to liquidate shares across more than 18 African jurisdictions — a feat previously considered impossible.

Despite these achievements, Raise struggled to find a sustainable business model within the venture space. While private equity showed the most promise, scaling the model independently proved challenging. This turning point led to Raise’s strategic alignment with Carta, a leading global equity management platform.

In 2021, Carta became Raise’s first international investor in Africa, marking the start of a partnership rooted in a shared vision to create equity access for all, everywhere. In 2023, Raise took a major step forward when it secured funding from Carta. The investment was seen as a way to bridge Raise’s regional expertise with Carta’s global infrastructure. Today, that partnership has evolved into a full integration, with Raise’s learnings and technology set to be embedded directly into Carta’s global ecosystem.

As part of this transition, Raise customers will be migrated to Carta, ensuring continuity of services while gaining access to a broader suite of global equity tools. The company’s impact has been profound. From its early days digitizing its first $700 million in African equity, to eventually managing $5 billion, and providing critical infrastructure for Africa’s startup ecosystem, Raise has been a pioneer in transforming how venture capital operates on the continent.

Raise’s journey reflects the evolution of Africa’s tech ecosystem, where local innovations are increasingly integrated into global financial infrastructure, setting the stage for a more connected and inclusive future for startups and investors alike.