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On the Record · Season 2 · Episode 14
Raising in a forex economy: what investors actually underwrite
A conversation with Nomsa Dube, partner at a Lusaka-based early-stage fund, on pricing risk when the currency won't sit still.
16:08
47:12
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In this episode
00:00
Cold open
Why a 14% monthly slide changes how you price a round.
04:30
What a forex-exposed cap table really looks like
Nomsa walks through a real (anonymised) deal.
16:08
The revenue investors trust
Hard-currency revenue, USD pricing, and the proof points that move a committee.
31:45
Structuring for survival
Milestone tranches, local vs offshore holdco, and the terms founders sign too fast.
42:10
One thing she wishes founders asked
The closing question that tells her a founder has done the work.
Members only
Full transcript & the deal memo template
Read the searchable transcript and download the term-sheet checklist Nomsa references in the episode.
Unlock the transcript →Nomsa Dube — guest
Partner at a Lusaka early-stage fund investing across Southern Africa. Former founder, twice over.
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