Uganda’s startup ecosystem is maturing. There is more capital flowing in from private equity (PE), venture capital (VC), and development finance institutions (DFIs). The once-nascent innovation scene is now witnessing landmark investments, scaling ventures—and increasingly, high-stakes exits. Over the past decade, East Africa has attracted more than USD6.4 billion in private equity (PE) and venture capital (VC) investments. As such, Uganda’s share is rising steadily from under 10% in 2013 to nearly 20% by 2023. Once overshadowed by Kenya, Uganda is now second only to Nairobi in regional deal flow, consistently capturing between 15–20% of all transactions. The momentum has…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
For years, Africa’s private equity narrative has been shaped by global investors seeking yield in a fast-growing frontier market. But the first half of 2025 has quietly signaled a structural…
Two years after acquiring Guardian Health, one of Uganda’s top five pharmacy chains, MYDAWA, a Kenya-based e-healthcare firm, has reaffirmed its commitment to regional expansion. This comes on the heels…
Private equity (PE) transactions are often hailed as engines of economic growth, bringing much-needed capital to businesses and boosting their expansion potential. However, poor planning and misaligned expectations between investors and investee companies have emerged as key stumbling blocks, leading to acrimonious exits, unrealised value, and losses. This sentiment was extensively discussed at the East Africa Private Equity & Venture Capital Association (EAVCA) Annual Conference 2024 at the luxurious Speke Resort Convention Centre in Kampala. The conference, among others, featured a distinguished panel of experts, including Richard Mugera, Associate Partner at Ascent Capital Uganda; Marieke Geurts, the Investment Director at…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
Grace Munyirwa never set out to be a pharmacist. His journey into the pharmaceutical industry was purely by chance. With a background in chemistry, his original dream was to become a university professor. However, a fateful job advertisement in a newspaper changed his trajectory forever. SmithKline Beecham (now GSK) was looking for a medical representative in Uganda. Munyirwa applied, got the job, and soon found himself immersed in the pharmaceutical industry. While working at GSK, he quickly noticed where the real money was—on the other side of the pharmacy counter. This realisation led him to gather a few friends and…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
The EAVCA (East Africa Venture Capital Association) is the primary industry association for East Africa’s private equity and venture capital ecosystem. It was founded in 2013 to represent the private equity industry in East Africa, provide a voice for industry players, and promote private capital investment in the region. Since it was founded in 2013, it has tracked private capital investments in East Africa. After celebrating a decade in operation in 2023, EAVCA released a report highlighting the impact of private capital in the region. Over the last decade, private capital has become more available for entrepreneurs partly through awareness…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
Uganda recently held the 8th annual East Africa Private Equity and Venture Capital Association (EAVCA) Private Capital Conference at the swanky lakeside Speke Resort Convention Centre in Munyonyo under the theme “Adaptation and Advancement: Navigating the Next Wave of East Africa’s Investment Landscape,”. This year’s event was particularly focused on the trends that are shaping the private capital industry in East Africa, with a major focus on frontier markets like Uganda, Rwanda, Tanzania and the DRC. This conference is the premier gathering of investment professionals in East Africa and beyond. The conference attracted over 15 limited partners, over 300 delegates…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
Amanda Kabagambe is a Partner and Head of East Africa for TLG Capital. She is also the Chairperson of the Uganda Chapter and a Member Board of Directors of the East Africa Private Equity & Venture Capital Association (EAVCA). Amanda is a Transaction Advisor and Management Consultant with over 14 years of experience providing cross-cutting advisory services to increase access to growth capital, solve business issues, and increase productivity, and competitiveness of organisations. She has worked in Ethiopia, Kenya, South Africa, Tanzania, Uganda, and the United Kingdom. She has extensive experience working with East African SMEs and has structured and…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
The Ugandan business ecosystem was awash with excitement when Tony Natif’s Guardian Health Pharmacy was acquired by Kenya’s MyDawa for an undisclosed amount. However, one of the biggest winners in that deal was the private equity firm, Ascent Africa which owned a controlling stake in the pharmacy chain. This deal was a major exit for a private equity firm, in a region where such milestones are rare. For those who may not understand it, the term ‘exit’ holds significant importance and is often used to denote the process through which a private equity firm or investor realizes a return on…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
The East African Venture Capital Association (EVCA), a body that represents private capital providers including development finance institutions (DFIs), private equity and venture capital funds, family offices and impact investors among others that support businesses and enterprises across the region, released its report of PE and VC deals from its inception in 2013 to the first half of 2023. Over the past decade, Kenya has consistently claimed the majority of PE and venture capital deals in East Africa, accounting for a staggering 69% of the 478 PE and development finance institution (DFI) investments made between 2013 and the first half…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
