Confidential – For Limited Partners Only

Table of Contents

1. Letter from the Managing Partner
2. Fund Performance Overview
3. Portfolio Highlights
4. Key Metrics
5. Exits & Follow-On Rounds
6. Invest in Africa’s cybernetic decade
7. Cohort Fund Detailed Breakdown

From Resilience to Rise

Dear DFS Lab Investors,

We are pleased to share our latest update on DFS Lab’s 2024’s performance and the progress of our portfolio across our active funds. Despite a challenging macroeconomic environment across Africa, we are encouraged by the resilience and momentum demonstrated by our founders.

• In 2024, we added five new companies across various sectors and participated in 2 follow-on investments, demonstrating our continuing commitment to back founders solving the biggest challenges on the continent.
• Despite a 25% drop in venture capital raised in Africa in 2024, our portfolio has collectively raised over $50 million this year.
• We realized our first exit in 2024 with a partial exit in NALA**,** successfully returning capital 13x to some of our earliest supporters.

While these past 18-24 months have been marked by a need for founder resilience in light of challenges such as currency instability, lowered consumer spend, and foreign capital flight, the best teams continue to find a way through. In our most recent crypto/stablecoin fund, we’ve seen two-thirds of our companies speed past $250k+in revenues and collectively over $100m in annualized transaction volume in 2024. NALA, one of our earliest investments, secured a fresh $40m in fresh funding making it one of the biggest Series A’s in Africa’s history. This is in addition to 4 other financings in the portfolio in 2024.

• NALA – Series A – $40m, Acrew Capital, Norrsken22
• Orda – Seed Extension – $1.2m, Outside VC, Ingressive