I’m happy to share our: Delta40 2025 Annual Report

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While the year began with real headwinds, capital pullbacks, ODA reductions, and pressure on early-stage funding, the second half of 2025 was a reminder of both the resilience of the African venture ecosystem and the importance of patient, focused execution. For Delta40, it was a period defined by momentum across our Innovative Venture Studio Model, portfolio performance, and meaningful organizational milestones.

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In 2025, we added six new investments, bringing our total investment portfolio to 12 Ventures.  These companies have raised 5.5x for every dollar we invested from 61 co-investors, demonstrating the power of our model to unlock capital into our portfolio. We also launched our studio in Nigeria and expanded our core Venture Studio support team in 2025. 

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Feedback from our founders remains strong and continues to help us refine the support we provide. We achieved 88% CSAT, with strategic advisory, capital strategy, governance, and talent support ranking as the highest-value services provided to portfolio companies. To date, our portfolio companies have gone on to impact 46,000 customers, create >2,500 jobs, and generate >$9M in revenue. 

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With great partners, we ran 2 Innovation Programs and hosted 2 Scale Summits, supporting 28 Ventures and bringing together 300+ senior decision makers in both Kenya & Nigeria, catalyzing capital flows and partnerships. As you’ll see, we also released our sectoral and support learnings in agriculture, energy & mobility, and debt financing, while spotlighting African and Female Founders through The Greenprint and our events. 

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We also closed $20M in capital, the culmination of 2 years to design and test our innovative Venture Studio Model. This progress reinforces our belief that there is a real opportunity to pair catalytic capital with hands-on support to help founders build stronger companies, crowd in follow-on investment, and accelerate both livelihoods and planetary impact.

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However, the year was not without challenges. While the founders we back are resilient operators with deep domain expertise, timelines to close equity and debt rounds remain slow and a risk in 2026 if global uncertainty continues. In light of this, we remain focused on disciplined growth: investing in new ventures, strengthening revenue performance, improving portfolio financial health and capital readiness, and deepening relationships with follow-on investors and strategic exit partners to support the scale and impact of the ventures we work with. 

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In 2026, we will also run at least 2 Innovation Programs building pipeline for the ecosystem, convene our network of partners through our flagship events including our Annual Debt Investor Roundtable, share insights we learn from designing innovative structures, providing a unique model of post-investment support and shared services, and supporting early stage innovators in their journeys to increase the scope and scale of our impact across the African start-up ecosystem.  

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You can find the Annual Report here, including key ways you can support our portfolio and founders with talent, capital, and support to help unlock their next phases of growth - driving livelihoods and improved planetary health.

 

With Gratitude,

Lyndsay Holley Hander

Managing Partner