An institution, being built.
Zebras is a long-term operating platform, headquartered in Africa, building enduring companies across the everyday economy.
Build enduring operating companies that serve Africa's everyday economy for decades.
A generation of African operators and capital allocators building institutions designed to endure — not exit.
Built by operators.
Zebras was founded by Raphael Afaedor after two decades building and scaling technology-enabled businesses across Africa.
Jumia
Co-founder. Helped build one of Africa's largest e-commerce platforms across multiple countries — navigating supply chains, logistics, teams, and operational complexity at scale.
Kyosk
Founder. Built a technology-enabled distribution platform serving thousands of informal retailers — deeply embedded in Africa's everyday economy.
Operational Scale
Multi-country operations, large teams, complex logistics, real supply chains, and institutional infrastructure built from zero.
Capital Raised
Hundreds of millions of dollars raised across venture, growth, and strategic capital — with direct experience deploying capital into African operating businesses at scale.
Institutional Builder
Designed operating models, governance systems, technology organisations, and capital structures capable of scaling across multiple countries.
Those experiences shaped a simple conviction: Africa doesn't just need more startups. It also needs more enduring operating institutions.
Zebras exists to build them.
Africa doesn't lack entrepreneurs.
It lacks enough enduring institutions.
Across retail, logistics, food, manufacturing, housing and services, thousands of profitable businesses power everyday life. Few survive beyond their founders or successfully replicate across regions.
The next generation of African institutions will be built by operators. Zebras exists to build them — by strengthening and compounding the businesses that already power everyday life.
- Long-term horizon.
- Operating over financial engineering.
- Continuity over exit.
- Replication over expansion.
- Discipline over narrative.
Permanent Ownership
We acquire operating businesses with the intention of owning them indefinitely.
Shared Operating Platform
Every company keeps its identity while gaining access to shared operating capabilities.
Institutional Compounding
Cash flows strengthen and replicate enduring businesses over decades.
If you would like to join, invest, or partner with us — get in touch.