Since the launch of our venture deals marketplace, Grove, in 2022, we have worked tirelessly to solve the crucial challenge of redesigning capital markets starting in Africa by connecting African startups to active investors. We have been thrilled to witness the tremendous impact our venture deals marketplace has had on the African tech ecosystem. It has been an incredible journey supporting founders and investors get connected and facilitate investments. Our progress has been remarkable, most deals progressed to later stages with investors and have successfully raised ~$4M in just a few months.
As you may know, Pariti is built on the power of community enabling startups in Africa raise capital and hire talent more efficiently. Our talent business is currently growing at an exponential rate and demanding more and more of our time and attention. As a result, we have made the strategic decision to pause our activities within Ventures for the time being. In the long run we believe Pariti Ventures will be the epicenter for capital allocation in Africa but right now we do not have the internal capacity to build both solutions to the standard we believe will best serve our community. Therefore, as a company, we will be dedicating our resources to building out our Talent business and scaling its operations in the coming months to its full potential. This means from Wednesday 31st May we will pause access to Grove until further notice.
We understand that this news may come as a surprise, and I want to assure you that this decision was not taken lightly. Please know that we remain committed to your success and we are doing our best to explore alternative avenues to support you.
While we will no longer actively facilitate connections between startups and capital, we are excited to announce the launch of the Founders Hub. This initiative is specifically designed to provide founders with a range of curated resources, perks and services tailored to support the growth and success of their businesses. The Founders Hub will serve as a centralized platform where founders can access a free or paid curated investor database, vendor marketplace with tools and services at a fraction of the cost and other resources to empower their entrepreneurial journey. Our team is working diligently to curate the best-in-class offerings to help founders navigate the challenges and capitalize on the opportunities within the African tech ecosystem.
In the meantime, we encourage founders to explore the Founders Hub here and take advantage of the valuable resources, perks, and services available to you. Our team will be more than happy to answer any questions or provide further assistance as you navigate this transition.
Once again, we deeply appreciate your trust and support as we evolve our focus within Pariti Ventures. We remain committed to serving the African tech ecosystem and are confident that the Founders Hub and our Talent services will play a vital role in your entrepreneurial journey.
If you have any immediate concerns or questions, please feel free to reach out to us at [email protected]. Thank you for your understanding, and we will keep you updated on our future endeavors.