Detailed reports and structured analysis
The full depth behind our blogs: long form publications with explicit methodology, linked sources and findings that hold up over time.
The African Startup Investment Series
Five reports, one dataset lineage: from a 2014 baseline to instrument level return math for the Series A and B gap.
- Baseline Diagnosis
2026. HTML
The Broken Ladder
A global baseline diagnosis of African startup investment. Evidence from 49,436 companies, data to 2014.
- Reality Check
2026. HTML
From Frontier to Market
How African startup funding transformed between 2014 and 2026. A source linked reality check of the 2014 lessons.
- Scenarios
2026. HTML
Where the Continent Is Heading
Validated scenarios for African startup funding, 2026 to 2030. Every variable, every assumption, every check.
- Capital Supply and Portfolio Construction
2026. HTML
Who Is Actually Writing the Cheques
African VC's capital supply layer, mapped and turned into a validated Monte Carlo portfolio model. Report 4 of the African Startup Investment series.
- Instruments and Return Math
2026. HTML
Filling the Missing Middle
Return math for Africa's Series A and B gap. Four financing mechanisms already active on the continent, priced instrument by instrument and sized against the gap. Report 5 of the African Startup Investment series.
Published research by the Herufi team
Peer reviewed papers and policy briefs published through other institutions, curated here with full attribution.
- Global Value Chains
2022. PDF
Firm Level Analysis of Global Value Chain Participation in Kenya
Kevin Wanjala and Mohamed Omar Abdullahi. Kenya Institute for Public Policy Research and Analysis (KIPPRA), Discussion Paper No. 285
A firm level study of 358 Kenyan enterprises finds a global value chain participation index of just 18.65 per cent, driven by firm size, productivity, research and development, and access to finance.
Kevin Wanjala is a co-founder of Herufi.
- Policy Brief
2022/2023. PDF
Integrating Small and Medium Enterprises into Global Value Chain through Financial Interventions
Kevin Wanjala and Mohamed Abdulahi. Kenya Institute for Public Policy Research and Analysis (KIPPRA), Policy Brief No. 19/2022-2023
Only 15 per cent of Kenyan SMEs engage in global value chains, mostly because of financial constraints. This brief sets out six financing interventions that could close the gap.
Kevin Wanjala is a co-founder of Herufi. Printed as "Kevin Wafula" on this brief, corrected here to match his byline on the related discussion papers.
- Trade Policy
2024. PDF
Effect of Export Levies on Hides and Skins on Competitiveness of Kenya's Leather Products
Mohamed Ramadhan, Kenneth Malot, Kevin Wanjala and John Karanja. Kenya Institute for Public Policy Research and Analysis (KIPPRA), Discussion Paper No. 360
Testing four export levy regimes on raw hides and skins against Kenya's leather export competitiveness, this paper finds higher levies broadened market reach but argues value addition needs support across the whole value chain.
Kevin Wanjala is a co-founder of Herufi.