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DFS Lab

Seattle, Washington · Invests in Africa; Asia · Website

Check size

🔒 $•• – $••
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Pre-SeedSeedE-commerce & MarketplacesB2B SaaSDeveloper ToolsFintechReal Estate & ProptechCrypto & Web3Fintech & PaymentsLogistics & Supply ChainEnterprise SoftwareReal Estate & PropTechClimate & Clean EnergyAerospace & Defense

Thesis

Digital financial services in Africa should augment existing informal and agent-based networks rather than replace them ("cyborgs over androids"). We use proprietary research on frontier markets to guide investments and provide portfolio companies with strategic insights on market opportunity.

Likely not a fit for

Pure digital solutions that attempt to fully replace informal networks. Consumer-focused apps in Africa without supporting infrastructure. Businesses that ignore existing economic structures and agent networks.

How they invest

Lead or follow
Leads or follows
Typical decision
~2 months
Warm intro
Preferred
Involvement
Advisor
Fund status
Actively deploying
Decision process
Partnership vote

Partners & team

4 contacts on file

SD

Stephen Deng

General PartnerCo-Founder and Partner · Primary contact

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s•••@df•••.vc

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JK

Jake Kendall

General PartnerFounder and Director

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j•••@df•••.vc

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CJ

Chernay Johnson

Director of Research

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GA

Gift Agboro

Editor and Team Member

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Portfolio

NalaFintech Payments

Nala is a financial technology company that provides services for sending money and managing finances across various countries in Africa and Asia. They offer features like USD accounts and an API for businesses.

Pula
PezeshaFintech Payments

Pezesha is a digital financial ecosystem that connects micro, small, and medium enterprises (MSMEs) to capital, enabling them to access affordable credit and other financial services through an embedded finance infrastructure.

PayHippo
StableEnterprise Software

Stable offers a virtual address and mailbox service that automates mail management for businesses, allowing them to operate efficiently in a digital-first world.

FlutterwaveFintech Payments

Flutterwave offers seamless payment solutions tailored for enterprises, startups, and emerging markets, enabling businesses to accept and process payments globally.

Borderless
Terra IndustriesSecurity Cyber

Terra Industries is a defense technology company building autonomous security systems to protect Africa’s critical infrastructure. The company designs and manufactures integrated land, air, and maritime systems powered by its proprietary software platform, ArtemisOS.

Stable Sea
Orda Africa
CaantinEnterprise Software

Caantin is an AI-driven platform that automates receivables and collections across voice, SMS, and email. By combining outreach, CRM, and payment tracking in a single platform, Caantin helps financial institutions and businesses scale operations, reduce manual workload, and improve recovery rates while maintaining high-quality customer engagement.

Logistics HubLogistics Supply Chain

A logistics hub is a central node that enables the receiving, sorting, and redistribution of goods along the supply chain, optimizing distribution processes and reducing delivery times.

Recent activity

DFS Lab in the news

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Research briefRead more
DFS Lab Research Investment Thesis DFS Lab operates at the intersection of frontier-market research and venture capital, using deep institutional and academic research on digital financial services in Africa to guide direct investment decisions. Founded by Jake Kendall (formerly World Bank) and Stephen Deng, the fund leverages proprietary research work conducted for governments and large instituti…

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