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“The figures should speak for themselves”, Neha Kumar and Brandon Roberts from littlefish
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Private Sector & Development #44 - Mobilising capital: for a new financing model
How can we scale up the mobilisation of private capital? While investment needs in developing countries run into trillions of dollars and public resources are no longer sufficient to meet these, the involvement of private investors has become essential.
From preparing for a fundraising round to understanding investors' expectations, Brandon Roberts and Neha Kumar, co-founders of the South African start-up littlefish, share the key factors for successfully securing funding for a young company.
What are the different stages of preparation before pitching to an investor, and how important is each one?
It’s becoming increasingly difficult to raise capital, so it’s important to focus on the stages of your business’s development. There’s no point in rushing things. The figures must speak for themselves. If you’re spending time meeting with investors, you’re not developing your business. Take the case of a company that has repeatedly approached investors without ever securing funding, simply because the business model doesn’t hold water. The founder must then ask themselves: how much confidence do I have in my business? They need to gain maturity and be able to demonstrate the future viability of their business. Only then will they be able to assert their vision without needing external validation.
Looking back on your journey, what difficulties did you encounter and what would you do differently?
Even today, Finding the right balance between different types of funding and knowing where to look for alternative sources remain major challenges. At littlefish, we’ve found the best possible financial partners in the region to support us, but we didn’t look any further afield. Maybe we could have broadened our search a little.
What do venture capitalists pay most attention to when considering investing in a start-up?
You may have an excellent business, but is it suited to venture capital? That’s where you need to work on your long-term vision. How ambitious are your goals? How do you envisage the future? Because venture capitalists might think: “Listen, you’re building something fantastic. You’re focused and determined. You and your team deserve our investment, but will your business generate the returns we’re hoping for? And does your thinking align with that perspective?” So, venture capital investors take all the usual factors into account, plus one element you may not have thought of: their expectations of returns.
Find out more
Start-ups: raising funds successfully in emerging markets
Venture capital has become a strategic growth driver. In emerging markets – where investors are still a rare commodity – raising funds successfully is not just about securing capital. First you need t...
Published on November 2, 2026
Further reading
“Mobilising capital – For a new financing model”: the latest issue of Private Sector & Development
Published on November 2, 2026
