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Financing the 'missing middle'
At least half of the world's fastest growing economies are African. We finance SMEs because they drive economic development but lack access to growth capital.
Luanda
Frontier investor
Angola | DRC | Kenya | Uganda | Zambia
eXtra, Small, Medium and large - we founded XSML Capital in 2008 to help talented entrepreneurs in frontier markets in Africa grow their businesses into sustainable medium and large companies.
The giraffe is symbolic of our philosophy. As the tallest animal in the world, the giraffe reaches for the best leaves on the trees, while scanning the horizon to anticipate any risks. Like the giraffe, XSML finds the best opportunities in risky environments.
Since our first fund, we have raised US$ 273m in capital and over US$ 3.5m in funding to provide portfolio companies with business support to improve their operations, including ESG standards.
We reached the final close of African Rivers Fund IV at US$ 142m, exceeding our hard cap of US$ 135m, in January 2026.
As our clients grow, we also continue to expand, following our investees into new markets like Zambia. We are keen to double our investments and impact in the coming years.
Fifteen years of investing in Africa
Since 2010 we have raised four funds, empowering close to a hundred businesses, unlocking talent, improving access to goods and creating jobs
Strong local teams
Our people are the basis of our success
Over the years we have forged close-knit teams of driven and entrepreneurial investment specialists, who love working together, for XSML and our clients. We have very low staff turnover. Our teams combine rigorous analysis with flexibility and a hands-on approach - in Africa circumstances can change quickly.
Offices and number of staff
7
Kampala
7
Kinshasa
3
Luanda
3
Lusaka
4
Nairobi
Staff
27
Total
11
Female
Our investors
XSML delivers returns and impact in frontier markets in Africa where large investors cannot easily invest directly themselves to support growing SMEs.
Work with us
Are you enthusiastic about our mission and do you enjoy working in fast-changing markets? We currently have no vacancies or internships, but we are always interested in hearing from driven hands-on professionals.
