I need extra capital to satisfy demand and expand.
Investors will want to know why you are struggling to satisfy demand. What bottlenecks do you have or what unscalable things are you doing? What exactly will the extra capital be used for?
Congrats on your early startup success. The problem you have, as you know, is a good and bad problem to have as a startup.
Based on your response to David, it seems that you have some opportunity to build some efficiencies in the implementation process. I am not sure on the scope of the work you are doing but if your are migrating clients from a large legacy system (ERP) to your new platform it seems that your implementation issue resides with hiring enough staff to help clients with the migration process.
If the migration is from a small to mid-size system, there maybe opportunity to conduct webinars, provide pre-recorded online tutorials, etc to help clients with the implementation of your software; thus, reducing the amount of face-to-face time you will need with them. You still may need to hire additional but the size and hiring cost involve will be much smaller.
If investors are saying that they deem investments in Africa as risky, then that is a missed opportunity on them. Google has just open an AI Lab in Ghana and Nigeria and South Africa (Cape Town and Johannesburg) have huge upside.
There is always the opportunity to raise funds through equity crowdfunding (StartEngine, SeedInvest, and MicroVentures) that can give you more access to international investors that my understand the African market better than the current VCs/investors that your are speaking with.
Good luck and much success to you and your startup.
@David Insiro investors are concerned that a bulk of my clientele are offshore; actually in Africa. To most it is risky to invest. The extra capital is to be used to migrate clients to an online platform and to increase capital.
What part of "migrate customers to online platform" do you need capital for?
Perhaps you mean for "building the online platform"?
@Clay Nichols it was a "build vs lease" debate at the office until we decided to lease. A platform that could process tons of transactions simultaneously while maintaining the security required for a fintech could not be built fast on a low budget. Clients need something tested and secure. So we agreed to lease one and customize it. Oracle and others have options and sent us demos. IBM Canada has provided free cloud space for a year (renewable). Mastercard Foundation agreed (in principle) to partner with us once we hit a given threshold. I need cash to pay for the platform, customize it and facilitate the on-boarding process then also add onto our overstretched capital base. Email me on firstname.lastname@example.org or call me +16476464301