What stage does Grassroots Business Fund invest at?

Grassroots Business Fund invests at the Seed, Series A, Growth stages.

What is Grassroots Business Fund's typical check size?

Grassroots Business Fund typically writes checks of $100K – $3M.

What sectors does Grassroots Business Fund focus on?

Grassroots Business Fund focuses on Impact & Social Good, Sector Agnostic.

Where is Grassroots Business Fund located?

Grassroots Business Fund is headquartered in Nairobi, KE.

Grassroots Business Fund

Impact investor

Nairobi · Seed–Growth · 33 people tracked

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Investment thesis

The firm targets 'missing-middle' SMEs that are too large for microfinance and too early for commercial banks, and that often fail from lack of operational infrastructure rather than lack of funding. Its model combines structured, patient capital with embedded technical assistance across three connected windows: programs supporting early-stage enterprises, an investment window providing patient mezzanine capital to growth-stage enterprises, and cross-cutting technical assistance strengthening finance, operations, and governance. The goal is not to hold companies indefinitely but to make them fundable by commercial banks and other investors, with enterprises graduating from programs into the investment portfolio. Focus is on East Africa, with broader work across Africa, Asia, and Latin America.

Invests inImpact & Social Good Sector AgnosticAfricaAsia-PacificLatin AmericaNairobi

Source: firm website, verified Aug 3, 2026.

Stage

Seed–Growth

Check

$100K – $3M

Nairobi, KE

Instruments

Equity · Debt

Founded

2004

AUM

$80M

Team · 33 people

from the firm's website

Harold Rosen· Founder· Washington DC, USA

Founder of the firm, emphasizing partnership with African entrepreneurs over handouts or predatory loans, and a belief that the best investments are both financially sound and deeply human.

Lilian Mramba· Chief Executive Officer, Africa· Nairobi, Kenya

CEO Africa with over 17 years of experience supporting businesses across Africa. She previously worked at Moss Adams LLP and the African Development Bank, and holds an MBA from Thunderbird School of Global Management.

Darshan Dhakan· Investment Director· Nairobi, Kenya

Senior Portfolio Manager at GBF with over 9 years of experience, focused on investment strategies aligning profitability with sustainable development. Holds a Master's in Finance from Nottingham University Business School.

Antony Muriki· Senior Investment Analyst· Nairobi, Kenya

Bethrose Chege· Investment Analyst· Nairobi, Kenya

Brigid Kamau· Finance Director· Nairobi, Kenya

Senior Finance Manager with over 10 years of experience leading finance teams and audits. Holds a Bachelor of Commerce in Finance and is a Certified Public Accountant (CPA-K).

Cheryl Onyango· Investment Analyst· Nairobi, Kenya

David Sandimba· Head of Internal Audit· Nairobi, Kenya

Faith Makena· Senior Investment Analyst· Nairobi, Kenya

Guillermo Ferreyros· CEO, President and Executive Director, Maple Energy Plc

Executive with more than 20 years of experience in energy and agro-industrial development in Peru. He serves as CEO and Executive Director of Maple Energy PLC.

Holly Wise· Senior Director of Global Programs

Founder of Wise Solutions LLC, bringing international development and public-private alliance expertise. She is a Senior Fellow at Harvard's Kennedy School and Senior Associate at CSIS.

Ian Mati· Chief of Staff· Nairobi, Kenya

Jaime Ramirez· GBF Advisor

Advisor with over 25 years of experience in finance, project management, and operations consulting in developing countries. He worked for GBF for over 15 years.

James Nyanga· Data Analyst· Nairobi, Kenya

Jill Malkiah· Human Resources Officer· Nairobi, Kenya

Kezia Machuki· Senior Accountant· Nairobi, Kenya

Laila Kassam· Investment and Program Officer· Nairobi, Kenya

Investment Officer with over 7 years of experience, holding an MBA from United States International University and a certificate in carbon finance.

Leah Mburu· Senior Advisor· Nairobi, Kenya

Senior Financial and Strategy Advisor with over 28 years of experience across manufacturing, hospitality, agriculture, and financial services. Holds an MBA and ACCA qualification and is pursuing a PhD in Public Policy.

Leone Muyale· Investment Analyst· Nairobi, Kenya

Mary Houghton· Chairman of the Board

Board chair and co-founder of ShoreBank Corporation, a community development-focused bank holding company. She is a director of several financial institutions including Basix and BSFL in India and Citizens Bank in Canada.

Mellanie Wangare· Program Manager· Nairobi, Kenya

Mercy Ireri· Monitoring, Evaluation & Learning Lead· Nairobi, Kenya

Noelina Wadaki· Head of Operations· Nairobi, Kenya

Regina Nthenge· Investment Analyst· Nairobi, Kenya

Rose Galamgam· Finance Officer· Washington DC, USA

Sakina Orwa· Investment Analyst· Nairobi, Kenya

Stephen Sambu· Investment Analyst· Nairobi, Kenya

Stercy Makori· Internal Audit/Safeguarding Officer· Nairobi, Kenya

Terry Achola· Administrative Assistant· Nairobi, Kenya

Administrative assistant with over 4 years of experience. Holds a communications degree from St. Paul's University and a diploma in travel and tourism management.

Titus Muema· Senior Investment Analyst· Nairobi, Kenya

Victoria Garzon· Legal, Risk and Compliance Lead· Nairobi, Kenya

Legal and compliance professional with over 7 years of experience, previously at British American Tobacco, Posse Herrera Ruiz, and Microsoft. Holds a law degree and postgraduate degree in International Business Law from Universidad de Los Andes.

Vincent Omondi· Program Accountant· Nairobi, Kenya

Zoë Dean-Smith· Senior Director of Global Programs, Vital Voices

Former Senior Director of Vital Voices' Global Entrepreneurs in Handcrafts Program, based in Swaziland from 2007-2011. She has worked on handicraft development across Africa and Southeast Asia.

Frequently asked questions

What stage does Grassroots Business Fund invest at?: Grassroots Business Fund invests at the Seed, Series A, Growth stages.
What is Grassroots Business Fund's typical check size?: Grassroots Business Fund typically writes checks of $100K – $3M.
What sectors does Grassroots Business Fund focus on?: Grassroots Business Fund focuses on Impact & Social Good, Sector Agnostic.
Where is Grassroots Business Fund located?: Grassroots Business Fund is headquartered in Nairobi, KE.

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