Africa Healthcare Network CFO Michael Kariuki is a master of turning strategy into a compelling financial narrative. He shares how his clarity and conviction have helped him guide startups through periods of transformation.
When it comes to scaling businesses in high-pressure markets, few finance leaders have a track record as striking as Michael Kariuki’s. His journey, marked by high-stakes fundraising and a relentless drive to build high-performance teams, has tested his resilience and turned him into a leader.
“Fundraising is one of the most important parts of being a CFO, especially in startups and medium to high growth companies. I've been lucky to raise over $60 million over my 12-year stint in different early stage growth companies both in debt and equity,” he reveals.
Michael’s ability to scale businesses quickly is perhaps his defining feature as a CFO. At MyDawa, he oversaw the jump from a starting valuation of $7 million to $20 million over a span of three years. When he joined Africa Healthcare Network (AHN) in 2020, the company had a $20 to $30m million first-round valuation and recently completed a $20m round at a 2-3x valuation.
“When I joined Goodlife, we had four stores. And of course, there was a big gap between where we were and where we needed to be, because when I left, we had 40 centres. You can imagine, in a span of three years, from four to 40, the kind of controls and structure you need to set up within a very short time,” he says.
In large part, this required him to manage both chaos and complexity. This meant building systems from the ground up while maintaining the confidence of investors. Scaling demands a unique blend of financial rigour and agility, a tall order by any measure. But this is where Michael has excelled, finding ways to meet growth targets while building a resilient organisational culture.
Financial storytelling
“I would also say I have been lucky in terms of choosing companies that have very good business models that I believed in and have been at a strategic point of management. When I joined Goodlife, we had a valuation of about $3 million. When I left, the valuation was about $50 million. Can you imagine?” Michael says.
To achieve this, Michael has learnt the art of storytelling. This has meant creating narratives that resonate with both investors and internal stakeholders. In his experience, scaling requires reducing operational friction and optimising cash flow. This mindset has helped him lead companies through hypergrowth phases, often under intense time pressure and with limited resources.
“I realised that at startups and SMEs, you need to raise capital. That process is intense in terms of valuation, understanding the business model, and selling yourself. You actually become a salesman. Because you have to believe and sell the vision,” he explains.
As Michael has discovered, being a CFO at a startup also requires the courage to make tough decisions.
"One of the most difficult times was when we were trying to raise capital when the Silicon Savannah, as they call it, was at its lowest. We had to do some redundancies for some staff, and I was the one to lead the process and advise management and the board on steps we’ve taken to do that. That was a very challenging time for me.” he says.
Building strong teams
But Michael’s early experiences prepared him to take on challenges of that exact nature. As a teenager, he would balance the books for his family’s neighbourhood supermarket, gaining a head start in understanding the basics of accounting. This early exposure made commerce a natural choice in high school, where he excelled without needing to crack open a textbook. By the age of 28, Michael was already a CFO. Although it felt like the path of least resistance for him, he acknowledges that his meteoric climb was no accident.
“I did not struggle, but then also, I did realise school was a small part of what I needed to learn to excel in this field. So it was the practical aspects of actually building businesses. That's what really sets you apart. Understanding how to sell an idea,” he says.
Over time, Michael has come to appreciate the support a strong team provides. To grow his team members, he prioritises training and mentoring them, ensuring they develop the skills needed to thrive in any situation. This has in turn created a culture of resilience.
“There are two things I can’t negotiate – passion and attitude. Once you have those two and the right intellect to approach and solve problems independently, I’ve found training those individuals to be a joy. And I’ve trained a lot. I have two people who worked under me who are currently CFOs,” he says.
Remaining resilient
As data-driven decision making becomes the norm, Michael is looking to leverage artificial intelligence to gain a competitive edge. He is eager to build robust data systems that can form the backbone of future AI models and ensure the organisation stays ahead of the curve.
“I do believe that companies that build these models will have a competitive edge. I think it will take time, but once it’s done, it will be a game changer, especially in our industry,” he says.
As AHN looks to expand in Africa, Michael remains focused on building a business that can thrive in challenging environments. The ultimate reward, for him, is the lasting impact on the people the business serves.
“Currently where we are as a business, we are at scale right now. When you start again, you have to do the basic stuff yourself, and being able to do it successfully three times in a row, I’d say that’s something spectacular,” he says.
