Africa Eats was founded in July 2020, but the business plan was written back in late 2018 and the financial model iterated many times in 2019. It is interesting to look back at the early models to see what has changed.
Little has changed in terms of structure, but quite a lot has changed in terms of scale. The 2019 model seemed aggressive at the time, but now it looks tame. In 2019 the estimate was $20 million of aggregate revenues in 2022. Actual revenues were over $24 million. The 2019 estimates for 2023 were $29 million, and in the first three quarters of the year, the bizi already earned over $25 million in revenues.
Looking forward, the 2023 model is likely a bit too high, driven primarily by the tight fundraising market, but when we take a look at this again in a year or two, reality is likely to fall far closer to the 2023 predictions than the 2019 predictions… barring another pandemic or other global-scale challenge.
Or in short, we’re ahead of the original plan and curious to see if in 2025 the 2023 plan looks just as tame.