Why we raised a Series B now
We were not out of money. We were out of regions, and that turned out to be the harder constraint.
We closed a Series B last month. The honest reason is unglamorous: data centre capacity has a lead time and customer demand does not.
The constraint we hit
Through 2025 the binding constraint on our customers was not our software. It was whether we had a region in their jurisdiction. A Ghanaian bank cannot use a platform that holds its data in Lagos, however good the platform is — that is a legal fact, not a preference.
Every quarter we turned away business we could serve technically and could not serve lawfully.
Where it goes
Two more regions through 2027, weighted toward markets where residency rules are tightening fastest. General availability for the on-premise Applied AI appliance, for customers whose data cannot leave the building at all. And roughly doubling the graduate programme we run with the Lagos Tech Guild.
What does not change
Pricing. Our commitment to publishing regional benchmark numbers in full, including where we lose. And the rule that anything we run as a managed service, a customer can also run themselves.