Luanda skyline sea

Financing the 'missing middle'

At least half of the world's fastest growing economies are African. We finance SMEs because they drive economic development but lack access to growth capital.


Frontier investor

Angola | DRC | Uganda | Zambia

eXtra, Small, Medium and large - we founded XSML Capital in 2008 to help talented entrepreneurs in frontier markets in Africa grow their businesses into sustainable medium and large companies. 

The giraffe is symbolic of our philosophy. As the tallest animal in the world, the giraffe reaches for the best leaves on the trees, while scanning the horizon to anticipate any risks. Like the giraffe, XSML finds the best opportunities in risky environments.

Since our first fund, we have grown our assets under management to almost US$ 150m. We raised nearly US$ 4m in funding to provide portfolio companies with business support to improve their operations, including ESG standards.

We are fundraising for our fourth fund and reached the first close of African Rivers Fund IV at US$ 98.7m in March 2024. As our clients grow, we also continue to expand, following our investees into new markets like Zambia.  We are keen to double our investments and impact in the coming years.

Map Frontier Investor 03-2024

Over a decade of investing in Africa

Since 2010 we have raised three funds, empowering some 70 businesses, unlocking talent, improving access to goods and creating jobs

Timeline Investing in Arica 03-2024

Strong local teams

Our people are the basis of our success

Over the years we have forged close-knit teams of driven and entrepreneurial investment specialists, who love working together, for XSML and our clients. We have very low staff turnover. Our teams combine rigorous analysis with flexibility and a hands-on approach - in Africa circumstances can change quickly. 

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Raising our fourth fund
Table Funds 03-2024

Our investors

XSML delivers returns and impact in frontier markets in Africa where large investors cannot easily invest directly themselves to support growing SMEs.

"With XSML's financing we accelerated our growth and serve thousands of new customers with quality pharmaceuticals."

Idd Iwumbwe

CEO Ecopharm | Uganda

"XSML's geographical focus is unique as the countries where they operate are hard to reach in direct investments."


"In Africa, you need to be dynamic and able to adapt quickly as circumstances can change daily. This is a quality that I recognize in XSML.”

Radwan Faraj

CEO Advancetire | Angola

Work with us

Are you enthusiastic about our mission and do you enjoy working in fast-changing markets? We currently have no vacancies or internships, but we are always interested in hearing from driven hands-on professionals.