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Closing Africa's missing middle
The gap
Africa's "missing middle" comprises high-potential small and growing businesses (SMEs) that are too large for microfinance but not yet ready for traditional investment from development finance institutions (DFIs). They are solving important problems but often struggle to access the resources they need to grow. In 2018 the International Finance Corporation put the unmet demand for finance among micro, small and medium-sized businesses in Sub-Saharan Africa at US$331 billion.
Our approach
We use a blended-finance approach, deploying catalytic capital (also called catalytic finance), together with concessional and patient capital, to attract private investment through clear pathways for growing trading income. Our particular focus is diaspora investment: capital invested by people of African heritage living abroad, motivated by a connection to Africa and the pursuit of both impact and financial returns.
Our Goal
Our work aims to establish diaspora investment as a scalable asset class that helps close the financing gap and enables Africa's most promising businesses to grow. Through partnerships across the countries we serve, we advocate for an ecosystem approach to closing that gap for Africa's missing middle.
The platform
FundBridge is our main platform for delivering this support. African businesses and those in the diaspora can use it to explore funding opportunities, apply for our flagship Built to Scale programme, and access practical resources for becoming investment-ready and securing catalytic capital and investment. Diaspora investors can use FundBridge to discover promising African ventures and access resources to support their investment journey.
Who we help
How it works
1. Explore
Browse funding opportunities on FundBridge and find the ones that fit your business.
2. Apply
Apply for Built to Scale, our flagship cohort-based sprint for high-potential organisations across Africa.
3. Prepare
Work with ARK to become investment-ready: strengthen your trading income and prepare what funders and investors ask for.
4. Connect
Meet diaspora investors and other funders who are looking for ventures like yours.
When Joevas Asare founded ARK with his co-founder in 2019, he had already spent almost a decade working in development finance. With experience across leading institutions and a degree from Oxford, he assumed that raising finance for a promising venture would be relatively straightforward.
ARK was born from a frustration Joevas had repeatedly encountered in his work with development finance institutions: the claim that Africa lacked bankable local ventures. This did not reflect what he saw firsthand. Across the continent, he encountered ambitious businesses solving real problems, creating jobs and developing innovations with the potential to transform markets. Read our story
Our research and case studies
ARK's research on diaspora investment and business finance in Africa is published by ODI Global and with the International Growth Centre.
Sierra Leone
Freetown Waste Transformers: private-sector innovation in Africa's waste economy
A study of Freetown Waste Transformers' journey from a pioneering waste-to-energy venture to a business leveraging both public and private investment for growth.
By Joevas Asare and Anna Bailey-Morley. Published by ODI Global.
Sierra Leone
Diaspora investment in Sierra Leone: the current landscape and future prospects
Field research across Sierra Leone's public and private sectors, examining how diaspora capital can support the country's move away from aid dependency.
By Joevas Asare. Published with the International Growth Centre.
ARK in numbers
7
African countries where ARK works
£10m+
In funding mobilised for African businesses since 2019
£30m+
In investment mobilised for African businesses since 2019
Ghana, Kenya, Nigeria, Rwanda, Sierra Leone, Tanzania and Uganda
What partners say
Our values
Impact
We prioritise projects that create meaningful economic and social change.
Transparency
We ensure clear, honest, and accountable processes in all funding activities.
Collaboration
We work in an ecosystem of partnerships to drive sustainable change.
Inclusivity
We prioritise serving the underserved and those that face discriminatory barriers to access funding.
Meet the Team
ARK is led by Joevas Asare, Radhika Sanyal and Sidi Saccoh, who bring complementary experience across development finance, business growth and diaspora investment.
Joevas Asare
MANAGING DIRECTOR
Joevas co-founded ARK in 2019 after almost a decade in development finance, and is the author of its research on diaspora investment.
Radhika Sanyal
DEPUTY DIRECTOR
Radhika leads ARK's concessional funding workstreams and product development.
SIDI SACCOH
COMMERCIAL DIRECTOR
Sidi leads commercial growth strategy for ARK's partner companies, giving each a clear plan for growing revenue.
Frequently asked questions
What does ARK Group International do?
ARK Group International helps small and growing African businesses raise catalytic capital and diaspora investment, and provides the strategic guidance to turn that funding into sustainable income. It works across seven African countries.
Who founded ARK, and when?
ARK was co-founded in 2019 by Joevas Asare, who had spent almost a decade working in development finance. Today it is led by Joevas Asare, Radhika Sanyal and Sidi Saccoh.
What is diaspora investment?
Diaspora investment is capital invested in African businesses by people of African heritage living abroad. It is motivated by a connection to Africa and by the pursuit of both impact and financial returns. ARK's aim is to establish diaspora investment as a scalable asset class.
What is the "missing middle"?
The missing middle is the group of high-potential African businesses that are too large for microfinance but not yet ready for investment from development finance institutions. They often struggle to find the funding they need to grow.
What is catalytic capital?
Catalytic capital is finance that accepts more risk, a longer wait or a lower return than commercial investors would, so that a business can grow to the point where private investment follows. It is also called catalytic finance.
How does ARK use blended finance?
ARK uses catalytic, concessional and patient capital to reduce the risk of investing in a business, so that private investors are willing to come in. The approach is built around clear pathways for growing the business's trading income.
What is FundBridge?
FundBridge is ARK's platform, at funding.arkgroupint.com. African businesses use it to explore funding opportunities, apply for the Built to Scale programme and access practical resources. Diaspora investors use it to discover promising African ventures.
Is FundBridge free to use?
FundBridge has a free version with limited access. Paid plans with fuller access are being introduced.
What is the Built to Scale programme?
Built to Scale is ARK's flagship programme: a cohort-based sprint that helps high-potential organisations across Africa position themselves to access funding and investment, with a clear strategy for growing their trading income. Applications are made through FundBridge.
How can an African business get funding through ARK?
Start on FundBridge. Businesses can explore funding opportunities there, apply for the Built to Scale programme, and use practical resources on securing catalytic finance and investment.
Does ARK help with grant applications?
ARK's support with funding applications now runs through its programmes, mainly Built to Scale. Participants get guidance on positioning their applications to succeed, rather than having them written for them.
How can diaspora investors get involved?
Diaspora investors can sign up on FundBridge to discover promising African ventures and follow ARK's work as its diaspora investment products are developed.
Which countries does ARK work in?
ARK works across seven African countries: Ghana, Kenya, Nigeria, Rwanda, Sierra Leone, Tanzania and Uganda. Its published research covers Ghana and Sierra Leone.
What has ARK achieved so far?
Since 2019, ARK has supported ventures to mobilise more than £10 million in funding and more than £30 million in investment, across seven African countries.
What research has ARK published?
ARK's research includes a study of Freetown Waste Transformers in Sierra Leone, published by ODI Global, and two studies on diaspora investment in Ghana and Sierra Leone, published with the International Growth Centre. All three are on the Insights page.
How do I contact ARK?
You can reach ARK at fundbridge@arkgroupint.com. To explore funding or ventures, start on FundBridge.
