Capital. To Venture or Not to Venture part 2

$195m cash out of his 3 year old startup. Hate the game not the player.

If you focus on the inputs (VC funding) for the Africa ecosystem everything is amazing. The best ever. To the moon etc etc. If you focus on the output (actual late stage exits) you get really really nervous. Really nervous. Micro funds are not waiting for their exits (selling out at <$500m) so there is no angst amongst the early stage investment communities. There is no canary in any coal mine of agitated investors. They are primed in their golden cages of marked up valuations and subsequent fund raises and AUM fees from that. For some reason my Twitter feed has been full of them over the last few years. Navel gazing whilst the foundations and fundamentals of our entire ecosystem was distorted and finally mutated into a get rich quick scheme. Why not when $15-20m series A rounds are seconding $2-4m off the table. Everyone is winning. The later stage funds buying these secondaries are far away earning off ot...

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