First Circle Capital

Co-Founders and Managing Partners Selma Ribica and Agnes Aistleitner Kisuule lead investment decisions, supported by Head of Portfolio Management Ming S. Kwan and Investment Principal Rob Smith. The firm also draws on a network of Venture Partners across multiple African markets for sourcing and due diligence input.

First Circle relies on a Venture Partner network of experienced entrepreneurs and investors embedded in major African tech hubs, including Egypt, Nigeria, Kenya, and South Africa. This structure gives the firm early visibility into pre-seed and seed-stage FinTech founders before formal fundraising processes begin.

The firm invests at pre-seed and seed stages, positioning itself as the first institutional check for founding teams with big visions and unique value propositions. It aims to catalyze additional smart capital from its network after leading or co-leading initial rounds.

First Circle operates as a direct investor, taking equity stakes in individual startups rather than allocating to external venture funds. The team provides active portfolio management and strategic support post-investment.

First Circle is FinTech-focused, with portfolio exposure to insurtech, payments, lending infrastructure, open banking, and fraud orchestration. It does not invest in sectors such as deep tech, heavy industry, or non-financial software — the mandate concentrates entirely on digitizing financial services in Africa.

First Circle often acts as a first institutional investor and actively works to bring additional smart capital into rounds from its African and global networks. Co-investment alongside other early-stage vehicles is a regular part of its syndication strategy.

As a female-founded fund, First Circle aligns with the 2X Challenge, a global initiative to mobilize capital for women's economic empowerment. This orientation is embedded at both the GP level and in portfolio company selection, where the fund looks for inclusive financial products.