Transactional capital advisory · Sub-Saharan Africa
Ready for Capital. Structured to Scale.
Eben Capital structures African businesses for growth and carries them through to closed transactions: capital raises and sell-side exits of USD 1 million and above.
No monthly retainers. No close, no success fee.
Our approach
One body of work. Two outcomes.
Reconciled accounts, clean ownership, sound governance and a defensible financial model make a business easier to run and easier to grow. They are also what an investor, lender or buyer will test. We do the work once. The business is stronger whether or not it ever transacts, and ready when it does.
Structured to Scale
Financial records that reconcile. Ownership that is documented and uncontested. Governance and reporting that a board can rely on. A financial model that explains the business as well as it projects it.
Ready for Capital
A business that withstands due diligence. Materials that institutional investors expect. A mandate carried from targeted outreach through to completion and receipt of funds.
Who we work with
Three ways to work with Eben Capital
Core advisory solutions
What we deliver, across every audience
Why Raises Fail
Most African businesses that fail to raise are not bad businesses. They go to market before the records reconcile, before ownership is documented, before the model can defend its own numbers, and an investor's due diligence finds the gaps that a review would have found first. Investors, for their part, see hundreds of enquiries and few they can underwrite, and a business that arrives prepared is rare enough to be noticed. Our work closes that gap from both sides: we make the business ready, and we take it only to investors whose mandates fit.
Who We Advise
Established businesses across Sub-Saharan Africa that are ready to grow and need capital to do it: growth-stage companies preparing for their first or next institutional round, founder-led and family-owned enterprises with several years of trading behind them, manufacturers and processors adding capacity, and lenders with a seasoned loan book. We are sector agnostic. What they have in common is an operating business, a transaction of USD 1 million or more, and a management team prepared to be examined the way an investor examines a company.
Three services. One path to a transaction.
Financial Modelling and Valuation
Numbers that hold under scrutiny, built for a raise, a sale or a board decision.
Due Diligence and Investor Readiness
We examine the business the way an institutional investor will, before one does, and then close what we find.
Transaction Mandate
A capital raise or a sell-side exit, carried from targeted outreach through to completion and receipt of funds. A mandate is the written appointment under which we run your raise or sale, agreed after our review and before any work begins.
No monthly retainers. No close, no success fee.
Fees and alignment
We are paid when you are funded.
Our principal fee is earned only when your transaction completes. Preparatory work is priced plainly and agreed in writing before it starts.
No monthly retainers.
A success fee of 3% to 5% of capital raised or transaction value, invoiced per tranche as funds clear.
No close, no success fee.
| Service | Fee basis | When payable |
|---|---|---|
| Financial modelling and valuation | Fixed fee | Agreed upfront. Credited against the readiness fee if a mandate follows |
| Due diligence review | Fixed fee | Upfront |
| Investor readiness | Cost recovery of direct staff costs only | 70% upfront, 30% on completion. Waived where the business is already investor-ready or closes the gaps with its own team |
| Transaction mandate | Success fee of 3% to 5% of capital raised or transaction value | Per tranche, as funds clear |
| Enterprise advisory | Scoped and priced per proposal | Agreed in writing before work begins |
| Growth and scale advisory | Scoped and priced per proposal | Agreed in writing before work begins |
Business Model
Enterprise Advisory
Refine the business model until it is one an investor can back.
Structured to Scale
Growth and Scale Advisory
Prepare and structure the business to grow and scale. Readiness for capital follows as a consequence.
Three services across the investment cycle
Deal Origination
Opportunities that match your mandate, verified before they reach your team.
Due Diligence for Funds
Independent due diligence on target investments, scoped to what your investment committee needs to decide.
Portfolio Technical Assistance
Post-investment support that protects value and prepares portfolio companies for their next round.
Fees and alignment
Scoped, priced and agreed before work begins.
Every engagement for a fund or investor is set out in a written proposal with its scope, timetable and fee.
| Service | Fee basis | When payable |
|---|---|---|
| Deal origination | Scoped and priced in a written proposal, by search or by pipeline | Per the proposal, agreed before work begins |
| Due diligence on a target investment | Fixed fee per engagement, scoped to the committee's questions | Agreed upfront |
| Portfolio technical assistance | Scoped and priced in a written proposal, per company or per portfolio | Per the proposal, agreed before work begins |
Independence and confidentiality
We act for companies and for investors, so we keep the two apart. We do not earn a success fee on capital that comes from a fund we advise. Where a company mandate may involve a fund we serve, we disclose the relationship and step back. Information from each engagement is held separately and used only for that engagement.
Every engagement is scoped and priced in a written proposal.
One programme, five components
Commission the full programme or the components your existing programme lacks.
Programme design and management
We design the programme around your objectives and the profile of your cohort, and manage delivery from launch to close.
Selection and committee support
We support the selection process and the committees that decide it, so that the cohort admitted is one that can be taken to investors.
Investor readiness
Bootcamps and masterclasses for the cohort, with one-on-one work on each company's financial model, valuation and data room.
Investor showcase
Demo days and investor deal rooms that place prepared companies before relevant investors.
Fundraising execution
For qualifying cohort companies, a transaction mandate carried through to completion and receipt of funds.
Fees and alignment
Paid to deliver. Rewarded only for capital raised.
| Element | Basis | Paid by |
|---|---|---|
| Programme fee | Scoped and priced per proposal | The sponsor |
| Success fee | 3% to 5% of capital raised by cohort companies, payable only on close | Per the fundraising mandate with each qualifying company |
The sponsor funds preparation. Our success fee depends on cohort companies raising capital, which ties our incentive to the result the sponsor reports on.
Programme fee from the sponsor. Success fee only on capital raised.
Eligibility
Who We Act For
We take on a capital raise or sale, under a transaction mandate, for companies that meet all four of the following.
Transaction
You are raising USD 1 million or more in equity or debt, or selling all or part of a business valued at USD 1 million or more.
Scale
The business meets any one of:
Standing
A legally registered operating company seeking capital for growth. We do not arrange project finance or capital to cover losses.
Commitment
You are prepared to pay due diligence and readiness fees, and a success fee on closing.
Meeting these criteria makes a business eligible for review. A mandate is confirmed after our internal review and due diligence.
Not yet at these benchmarks?
Enterprise advisory, growth and scale advisory, financial modelling and valuation, due diligence and investor readiness are open to every legally registered operating business, including those with no immediate transaction in view.
Early-stage companies
We selectively support early-stage companies with exceptional potential that do not yet meet the benchmarks above. Each case is considered on its merits, and the terms of any engagement are agreed in writing before work begins.
Investor Readiness Checklist
Twelve Things an Investor Will Test
Before any investor, lender or buyer commits, they will examine the following. Where a point is missing, that is where the due diligence review will begin.
- Audited or reviewed accounts for the last three years, reconciled to bank statements and tax filings.
- Management accounts current to the last month end, in the same format as the annual accounts.
- A share register that matches the incorporation documents, with every allotment and transfer recorded.
- Shareholder agreements signed, and every prior instrument (loans, convertibles, options) recorded with its terms.
- Statutory compliance current: annual returns, tax, licences and permits, with the certificates to show it.
- Key contracts in writing: the largest customers and suppliers, leases, and employment contracts for the management team.
- An integrated three-statement financial model with stated assumptions, monthly for 24 months and annual thereafter.
- Unit economics the model can defend: cost to acquire, margin and payback by product or segment.
- A board that meets, with minutes, and the reporting it receives each month or quarter.
- A debt schedule and security register: every facility, its terms, its covenants and what is pledged against it.
- An indexed data room holding all of the above, so an investor's questions are answered in hours rather than weeks.
- A use of funds and milestone plan: what the capital buys, by when, and what it is expected to produce.
A business that can tick all twelve is usually ready to go to market. Most cannot at first, which is what the due diligence review and the readiness sprint are for.
Working with us
How We Work With You
Seven stages, from first review to receipt of funds. Our work does not end at an introduction. It ends when the transaction completes.
Intake
You complete a short form covering the business, its traction and the transaction sought.
Outcome: your enquiry is in front of our team.
Internal review
We assess the business against the four criteria above.
Outcome: a clear answer on whether we can take the business forward.
Due diligence review
We examine financial, legal, ownership, governance and operational records.
Outcome: an investor's view of the business before any investor sees it.
Gaps Analysis Report
We set out what must be resolved, in order of priority.
Outcome: a working document the business can act on, whoever does the work.
Fundraising Proposal
We propose positioning, instruments, timetable and fees.
Outcome: full terms agreed before any commitment.
Investor readiness
A sprint of 4 to 5 weeks that closes the gaps identified in the review and produces the materials investors expect: pitch deck, investment summary, indexed data room, governance and reporting framework, and prepared founders. Waived where the business is already investor-ready or closes the gaps with its own team.
Outcome: a business that will withstand due diligence.
Fundraising
An investor campaign of 3 to 4 months: targeted outreach to investors whose mandates match the Fundraising Proposal, management of the data room and investor due diligence, and support through term sheet, negotiation and signing.
Outcome: completion and receipt of funds.
Before you submit
Questions founders ask
Straight answers to the questions we are asked most often before an engagement begins.
Working with us
Yes. We are sector agnostic, and we act for businesses across financial services, industrials and manufacturing, technology, consumer goods, healthcare, real estate and infrastructure, agribusiness and logistics. The work we do, reconciling the financial records, documenting ownership, putting governance and reporting in order, building a model that explains the business, is the same test an investor applies whether the company makes food, lends money, moves freight or writes software. What changes from sector to sector is the investor profile, and that is set for each mandate in the Fundraising Proposal.
There are two things we do not do. We do not undertake project finance, which is the financing of a single asset or project on the strength of its own cash flows rather than of an operating company. And we do not raise capital to cover operating losses. Our mandates are for legally registered operating companies seeking capital to grow.
Yes. We are based in Nairobi and work across Sub-Saharan Africa. A mandate requires a legally registered operating company; where it is registered within the region does not change how we work or what we charge.
Most of the work is done remotely, with site visits where the due diligence review calls for them. Investors are reached through our partner network, so a company's home market is the starting point for the campaign, not the limit of it.
You do not need a transaction in view to work with us. Growth and Scale Advisory is a growth engagement in its own right: we structure the business to grow and scale, with a 24-month plan, the governance to support it and a quarterly review, while you keep full ownership and control. Readiness for capital is a consequence of that work rather than its purpose. Enterprise Advisory works earlier still, on the business model, product-market fit, revenue model and target customers, until the model is one an investor can back. Financial modelling and valuation, the due diligence review and the investor readiness sprint are also each available on their own, and many companies commission them a year or more before they intend to raise.
The reason is simple. The same things that make a business ready for capital, clean records, clear ownership, reliable reporting and a defensible model, also make it easier to run and to grow. The work holds its value whether or not a raise follows, and if one does, the fee for financial modelling and valuation is credited against the readiness fee.
We are an advisory firm, not a fund. Our fee is earned on completion of your transaction, not by taking a position in your company, which keeps our interest aligned with yours: we are paid when you are funded.
We selectively support early-stage companies with exceptional potential that do not yet meet our mandate criteria. Each case is considered on its merits, and the terms of any engagement are agreed in writing before work begins.
Yes. Everything you submit is used only to assess your enquiry and, if it proceeds, to carry out the engagement. We do not share your information with investors or prospective buyers without your agreement, and information from each engagement is held separately.
A mutual non-disclosure agreement is available on request before any detailed review, and we will not ask for business documents until a due diligence review has been agreed. Where we act for both companies and investors, the two are kept apart: we do not earn a success fee on capital from a fund we advise, and we disclose and step back where a conflict could arise. Personal information is handled under the Kenya Data Protection Act, as set out in our Privacy Notice.
Fees
No success fee. Our principal fee is a success fee of 3% to 5% of the capital raised or the transaction value, and it is invoiced per tranche only as funds clear. If no funds clear, nothing is owed on it.
Fees for work already carried out remain payable. The due diligence review is a fixed fee paid upfront. Investor readiness is charged at cost recovery of direct staff costs only, 70% upfront and 30% on completion. Both are agreed in writing before any work begins, so there are no surprises in either direction. We do not charge monthly retainers at any stage.
Because the readiness work is what makes the raise possible, and it is yours whether or not the raise happens. The due diligence review and the readiness sprint are done before any investor sees the business. They produce a model, a data room, a governance framework and a set of resolved issues that the company keeps, raise or no raise. That is why they are priced as work, at a fixed fee and at cost recovery of direct staff costs only, with no margin on readiness.
The largest fee is already at risk. The success fee is the only place we earn a return, and we receive none of it unless funds clear. If we deferred the readiness fee as well, we would be lending our staff time to every mandate and pricing that risk into everyone's fees, which would make the service dearer for the companies that are ready. Where a business is already investor-ready, or closes the gaps with its own team, the readiness fee is waived altogether, so a well-prepared company pays for the review and nothing more before the campaign.
The range reflects the work involved in closing different transactions. A larger, simpler raise with a single instrument sits toward the lower end. A smaller or more complex transaction, with several instruments, several investors or a sale process, takes more of our time for each dollar raised and sits toward the upper end.
The rate for your transaction is set in the Fundraising Proposal, before you commit to anything, together with the instruments, timetable and investor profile. It is a fixed percentage once agreed, invoiced per tranche as funds clear, and it does not change during the mandate.
No. A mandate can be exclusive or not, and the choice is yours. Many companies prefer exclusivity because it gives one adviser full accountability for the raise, but we do not require it, and we work alongside other advisers and existing investor conversations.
Where there are other advisers or engagements already under way, we ask for a list of the investors already approached and exclude them from our outreach, so that no investor hears from two parties about the same transaction and no fee is earned twice. If you would prefer us to approach an investor already in conversation, for instance to carry a stalled discussion through to close, we do so at your request, and the proposal sets out how that capital is treated.
The process
If they stand up, we will. That is what the due diligence review is for: we examine the records, the model and the materials you already have, and where they meet the standard an investor will apply, the readiness fee is waived and we go to market with them. A company that is already prepared pays for the review and nothing more before the campaign.
The reason we look first is that a raise of USD 1 million or more is tested differently from an earlier round. Angel, grant and friends-and-family capital is usually committed on the founder and the story. Institutional investors, lenders and buyers commit on the records, and their due diligence is deeper and less forgiving. Documents that carried a smaller round often have gaps that only show at this size, and an investor who finds one either walks away or reprices. It is far cheaper to find it in a review than in a term sheet negotiation.
We look at the business the way an institutional investor will, before one does. The review covers the financial records and how they reconcile, the legal standing of the company and its contracts, the ownership and share register, governance and reporting, and the operational records that support the numbers.
It concludes in a Gaps Analysis Report: a prioritised account of everything that stands between the business and a successful transaction, from issues that would stop a deal to points an investor would simply negotiate on. It is written to be acted on, so the business knows exactly what to resolve and in what order.
It usually does. Very few growing companies have everything in order, and finding the issues before an investor does is the point of the exercise. What matters is that they are resolved before the business goes to market.
There are two routes. The investor readiness sprint, over four to five weeks, closes the gaps with our team and produces the materials investors expect: a pitch deck, a one-page investment summary, an indexed data room, a governance and reporting framework, and preparation of founders and management for investor meetings. Alternatively, if the business prefers to close the gaps with its own team, it can, and the readiness fee is waived. The same applies where a business is already investor-ready.
Two stages, and the timetable depends on the state of the business at the start. The investor readiness sprint takes four to five weeks. The investor campaign that follows, from targeted outreach through due diligence by investors to completion and receipt of funds, typically runs for three to four months.
A business that arrives with clean records and a sound model moves faster. One with significant gaps may need longer in readiness before we take it to market, because an investor who finds an unresolved problem in due diligence either walks away or reprices. We would rather spend an extra fortnight preparing than lose a term sheet.
We review every submission against our mandate criteria and reply by email within 24 hours on working days. If there is a fit, we arrange a conversation to understand the business and the transaction in more detail. If there is not, we say so plainly, and where another of our services would help we tell you which.
No documents are required at this stage, and submitting the form commits you to nothing. We request documents only when a due diligence review has been agreed, and every fee is set out in writing before any work begins.
Investors and outcomes
Through our strategic partners, we reach more than 400 active investor relationships across the United States, Europe, the United Arab Emirates and the wider Gulf, and Africa: venture and private equity funds, development finance institutions, impact funds, family offices and corporate investors, together with lenders for debt and blended structures.
We do not send a business to all of them. The Fundraising Proposal sets out the investor profile for your transaction, by instrument, ticket size, sector and geography, and the campaign is directed at investors whose mandates match it. Companies we advise are presented to investors beyond their home market, with a single point of accountability in Nairobi.
We run the campaign: we identify and approach the investors, manage the data room and the flow of questions, and keep the process to its timetable. The founders and management present the business, because investors back the people who run it, and we prepare them for those meetings during the readiness sprint.
When terms arrive, we advise on them, we compare offers where there is more than one, and we support the negotiation through to signing and completion. The decision is always the company's. We do not sign on your behalf, and we do not hold client funds; capital moves directly between the investor and the company.
No adviser can, and you should be cautious of one who claims to. Whether a transaction closes depends on the business, the market and the investors, and no amount of preparation removes that uncertainty entirely.
What our fee structure does guarantee is that our judgement is on the line alongside yours. Because the success fee is earned only on completion, we accept the mandates we believe will close and decline the ones we do not. If we take a business to market, it is because we expect to be paid for it.
About the firm
A transactional capital advisory firm, established in Nairobi in 2020.
We structure businesses to scale and carry them through to closed transactions across Sub-Saharan Africa.
Eben Capital does two things at once. It structures a business for growth and scale, and it makes that business ready to receive capital. Reconciled accounts, clean ownership, sound governance and a defensible financial model serve the business whether or not it ever raises. They are the same things an investor, lender or buyer will test.
From there, we carry the business through to a closed transaction. We support capital raises and full or partial exits of USD 1 million and above, working with strategic partners who provide access to more than 400 active investor relationships across the United States, Europe, the United Arab Emirates and the wider Gulf, and Africa.
Alongside our work with companies, we serve funds, investors and programme sponsors with deal origination, due diligence, portfolio support and investor readiness programmes.
- Established
- 2020
- Headquarters
- Nairobi, Kenya
- Coverage
- Sub-Saharan Africa
- Sectors
- Sector agnostic
- Transaction size
- USD 1 million and above, no upper limit
- Out of scope
- Project finance
How we work
Substance before the pitch
A presentation cannot carry a business that will not withstand due diligence. We resolve the substance first.
Through to completion
We measure a mandate by funds received, not by meetings arranged.
Aligned by design
No monthly retainers. Our success fee is earned only when a transaction closes.
Plain dealing
We tell a business what an investor will find, before the investor finds it.
Sectors
We are sector agnostic. The test an investor applies is the same in every industry, and we act for operating businesses across sectors including:
- Financial services and fintech
- Industrials and manufacturing
- Technology and software
- Consumer goods and retail
- Healthcare
- Real estate and infrastructure
- Agribusiness
- Logistics and transport
What we do not do
- We do not undertake project finance.
- We do not raise capital to cover operating losses.
- We do not charge monthly retainers.
- We do not guarantee outcomes. No adviser can.
How mandates are led
Each mandate is led by a principal of the firm, who remains accountable from first review to completion. Principals are supported by a bench of financial modelling experts, analysts and advisers who work on mandates as each engagement requires.
Leadership profiles are shared with prospective clients on request.
International reach
Our strategic partners extend each mandate to more than 400 active investor relationships across the United States, Europe, the United Arab Emirates and the wider Gulf, and Africa. Companies we advise are presented to investors beyond their home market, with a single point of accountability in Nairobi.
Offices
Westlands, Nairobi, Kenya
Nairobi CBD, Kenya
Enquiry
Tell us about the business and the transaction.
A short form. No documents are required, your information is used only to assess your enquiry, and we reply by email within 24 hours on working days.
Your submission has been received.
Thank you. Our team will review your submission and reply to the email address you provided within 24 hours on working days.
What happens next
- We review your submission against our mandate criteria.
- If there is a fit, we arrange a conversation.
- We request documents only when a due diligence review is agreed.
For anything urgent, write to mandates@eben-capital.com or call +254 112 899208.
Your answers are ready to send.
This page could not deliver the submission automatically. Nothing has been lost: your answers are summarised below. Copy them and email them to harry@eben-capital.com, and we will reply within 24 hours on working days.
Considering a raise or an exit of USD 1 million or more?
Tell us about the business and the transaction. We review every submission against our mandate criteria and reply by email within 24 hours on working days.