Isabelle Ugochukwu
A few months ago, on a routine update call with our first institutional investors at Loyal VC, Kamal Hassan asked me a question that stayed with me – buzzing in the background of my mind until it spilled over into action:
“Who in your community will regret not having been given the chance to invest in MedTech Solutions, once they see you succeed and exit?”
That one question changed how I thought about fundraising.
So, I decided to raise through an SPV – not because it was trendy, but because I believe ownership in our future should belong to all of us. I did it to open a door, and watch people walk through it that I never imagined would. What I hadn’t anticipated was just how personal, humbling, and unexpectedly profound the experience would be.
If you’re a founder considering raising via SPV, here are some lessons I learned along the way that might just save you time, ground your expectations, and inspire your strategy.
DO THE WORK!
AI is everywhere, and so are fancy tools and mass automation. But nothing beats relationship, intentionality, strategy, and sweat.
I spent four days combing through nearly 5,000 of my LinkedIn contacts to personally identify those who were African diaspora, of African heritage, Angel investors and institutional investors. Then I messaged them one by one, by name, manually. Every message was warm, tailored, and personal.
I also activated my INSEAD networks (a.k.a. WhatsApp groups). Four of them in particular: the International Healthcare Alumni group, the African Alumni Network, the Europe GEMBA cohort, and our combined Global GEMBA group.
Lessons learned: Your effort is the filter. Those who see the love you put into your outreach will reflect that same seriousness back.
YOU MIGHT NEVER MEET YOUR INVESTORS!
Here are some interesting stats from our SPV:
- Most of our SPV participants came through my INSEAD and VC networks.
- I have never met >80% of them in real life.
- Of the top 10 investors in this SPV, I’ve never met seven of them.
- The person investing the second-highest amount sent an email to me confirming their commitment before we’d even spoken – just off the back of an investment manager at a VC fund we are at the table with (thanks ‘L’), forwarding my message in a closed African investment deal-flow WhatsApp group of HNWIs who like to invest in Africa.
- Another is a fund manager still raising his own institutional round, now backing us as an angel. We’ve built a meaningful relationship over the past year, but we’ve never met in person.
Lessons Learned: You don’t have to know everyone. But someone who knows you has to believe in you enough to share. Also, investing in an INSEAD education is absolutely worth it and yields returns if you leverage the network!
TELL EVERYONE. THEN TELL THEM TO TELL EVERYONE!
One of our SPV investors heard about us from my mom, during a chance conversation, decades after they’d last connected. After a conversation with her, during which they touched on MTS for two minutes, he messaged me out of the blue and asked how to join.
Lessons Learned: This is a moment for radical openness. Tell your friends, your parents, your mentors, your WhatsApp groups, your old classmates. You never know who’s listening, or who they’ll tell.
YOU WIN SOME. YOU LOSE SOME!
A couple of people who had no intention of investing registered their interest for fun! A handful of people registered their interest and then dropped out. Others confirmed their investment in writing, and then life events that demanded their funds happened, forcing them to drop out, too.
Lessons Learned: Intention ≠ follow-through. Not everyone who started on the journey will make it to the end.
LIKES ≠ SUPPORT!
Only one of the many dozens of people in our SPV had ever liked or commented on my LinkedIn posts. But the rest of them? It turns out they’d been watching. And since their commitment, they’ve shown up to stay. They send me encouragement weekly via WhatsApp, DMs, emails, etc.
Meanwhile, some of my loudest supporters on social media passed on the opportunity, despite our minimum of $99.
Lessons Learned: Visibility ≠ conviction. You will lose some. The quiet supporters might just become your most meaningful backers.
KEEP THE RECEIPTS!
Thinking about what Kamal asked me all those months ago made me realise that it is important to offer a seat at the banquet to everyone. So when success comes and people try to pull up a chair (which, let’s face it, happens all too often), you’ll have the receipts that they passed on it.
So I did. We made the minimum investment $99, which most people wouldn’t think twice about spending on a restaurant meal.
Over 99% of people passed on the opportunity. Others gave what little they could just to say, “I was part of this.” This reminded me of the stories in the Bible about the Widow’s offering and the Widow of Zarephath – and the lessons I draw from there about the blessings that accompany sacrificial giving. I think about the people who invested amounts that may not be a life-changing sum, but the returns of which will pay for their child’s tuition, a house extension, a deposit for a new home, or to fund their startup.
Lessons Learned: Democratizing access isn’t just noble, it’s strategic. Success should taste better because you shared the recipe.
CHOOSE THE RIGHT PLATFORM!
I chose Vestd because it allows us to set our own minimums. Other platforms force a $1,000/ £1,000 minimum, which in this economy is unconscionable. I mean, why should a middle-class professional have to cough up £1,000 just to say they invested in the future of African healthcare? And why should start-up investment only belong to those who can afford to let go of that kind of money for years?
Lessons Learned: Choose a platform that aligns with your values, and empowers your community to participate on their terms.
FINAL THOUGHTS…
I didn’t choose an SPV because it was the easiest route – it wasn’t. I chose it because I believe ownership should be shared.
I believe the future of African healthcare should include the people who never imagined they could be part of it.
Some gave sacrificially. Others passed on the opportunity, even with a $99 minimum. And that’s okay. Just remember: They’ll like your posts and pass on your raise. Appreciate them anyway.
But also…
To everyone who passed on our SPV…
Don’t say I didn’t invite you!
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Written by
Founder & CEO MedTech Solutions | Building Health Data Infrastructure for Africa | Powering Global Health Intelligence | Advancing Global Health with Data
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