Stadia Capital: A Decade in the Arena

Raising over $60 million for African Entrepreneurs in 2024/25

Dear Clients, Partners and Friends,

Stadia Capital has just celebrated its tenth anniversary, and I’ve been reflecting on the countless lessons learnt: the challenges, the laughs shared and the significant capital raised for fascinating businesses, and - of course - the extraordinary people we've met along the way. What has made this decade truly worthwhile is the opportunity to join entrepreneurs ‘in the arena’ at pivotal moments of their journey. Theodore Roosevelt's iconic words to ‘dare greatly’ often come to mind, as it takes real courage to have an idea and build a business. At Stadia, we pride ourselves on rolling up our sleeves and getting into the thick of it with these entrepreneurs. While our business is about raising capital, we understand that it’s also about relationships and enabling businesses to fulfil their potential across Africa.

We had a bumper year in 2024/25 raising over $60 million for some incredible businesses. Our current pipeline remains vibrant and diverse. We are always interested in building relationships with quality companies that want to grow, if you are such a company, we would like to be in touch. Of course, we also welcome catch-up calls with our investor base to compare notes and understand each other's mandates and pipelines. My direct email is rob.henley@stadiacapital.co

Our story so far

We’ve raised over $500 million for our clients over the past decade, and I’m pleased that in many instances we’ve raised funds multiple times and remain part of their success stories. Capital raising can be  lengthy process, so it’s much better - and frankly more fun - to work with companies that have interesting and social or environmental impacts. We’ve tended to gravitate towards:

• Agri / Agri-business: big employer in rural areas - creating opportunities for smallholders and women - and food security projects
• Digital infrastructure: fired up by our Microsoft partnership - meaningful connectivity enables a wide range of important factors such as health, education, social networking, and e-commerce
• Health & Health tech: a centre of innovation and a core human right
• Circular economy/ Climate Tech: protecting our planet and reducing waste

Entrepreneurs are challenging, fun, and energetic. Stadia has often been the counterbalance to these strengths by adding our comprehensive and rigorous process to prepare our clients for engaging with investors. Our hallmark has been connecting the right investor to the right opportunity, which is as much about the chemistry as it is about the numbers. We identify strategic touch stones and develop accurate capital raise strategies (quantum, valuation, structure). So that when we take opportunities to funders - when we enter the arena - more often than not, we have a match. Having a deeper understanding of the cashflow levers, company DNA and their personalities allows us to manage the inevitable potholes along the capital raise process.

What is happening: 2025 and beyond

Globally, 2025 has been a maelstrom. Some sectors – particularly health -have been turned upside down by the new US administration policy shifts, meanwhile, European DFI’s are considering their direct invest strategy and fund allocation in the face of tight fiscal budgets and regional security considerations. Together these factors are accelerating the consolidation of the investment industry in the face of exits being significantly lower than fund of fund investors aimed for. This has caused the raising of new funds to slow considerably. We are therefore really grateful for our longstanding trusted relationships with a range of investors. Even in these trickier times - the mantra remains the same - funders are looking for well prepared, attractive opportunities in Africa.

Stadia is evolving – you’ll notice our brand refresh and new website. We are also refining our offerings and services.We are extremely proud to be partnering with Africa Bridge Fund – an exciting AI tech innovation fund co-founded by our long-time friend, Frank Mccosker, and serial tech venture capitalist, Kevin Dillion. Our Stadia team will be implementing our rigorous investor readiness process to the target companies and running due diligence. We remain optimistic about entrepreneurship on the continent and are excited to be on this journey.

Deals closed over the past 12 months

• Ilitha Telecommunications (South Africa), a South African ISP focused on delivering high-speed, reliable, and affordable internet to low-income households, has raised growth capital to expand its fibre network to reach over half a million households across the country. Stadia advised on this transaction between Ilitha and Meridiam. For more details click here.
• MyDawa (Kenya), Kenyan and Ugandan "clicks and bricks" e-pharmacy, has raised expansion capital to scale its operations. The company offers a comprehensive range of personal care and medical services, including retail and wholesale pharmacy, contract manufacturing, and telemedicine, serving both B2B and B2C clients. Stadia advised on this transaction between MyDawa, Creadev and IFU. For more details click here.
• Mawingu (Kenya), the country’s largest ISP focused exclusively on rural and peri-urban markets, has raised $15 million in equity and debt financing to support its expansion in Kenya and Tanzania. Stadia advised on the transactions between Mawingu, InfraCo, FMO and Africa Go Green Fund. For more details click here.
• Insight Terra (South Africa), a climate tech company for extractive industries, has raised a $5.7 million Series A extension to scale its AI-driven platform for real-time environmental and greenhouse gas risk management. This transaction was led by E3 Capital with participation from and existing shareholder, Atlantic Bridge, Stadia further advised on closing the round, financed by Fireball Capital. For more details click here.
• Flexi Mobility Group (South Africa): Stadia secured a $5.7 million (R100 million) senior debt facility from a major institutional investor for Flexi Mobility Group, a leading provider of vehicle mobility solutions across South Africa. The funding supports the growth of Flexi Drive, the Group’s vehicle subscription platform, which is transforming mobility by making vehicle access more affordable and inclusive for working South Africans.

Thank you for being an integral part of our achievements thus far. Please do get in contact if you would like to discuss opportunities with us. And, if you are still reading this – and you’re in need of a bit of motivation – click here for the full Roosevelt speech, it rather sums up our ethos! We look forward to many more years of shared success, ‘triumph of high achievement’ and growth.

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Warm regards,

Rob Henley and the Stadia Team

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