Anfa Research
Investment Thesis
Anfa is a global investment firm making concentrated, long-term investments in exceptional entrepreneurs across geographies and sectors. Founded in 2020 by Idris Sami, Anfa operates with a "fund we wish had backed us" philosophy, bringing founder-friendly terms and operational expertise to its portfolio companies.
The firm's core value proposition is "Extreme Conviction" - they make fewer than 10 partnerships per fund with checks up to $30M per founder, demonstrating deep commitment to their portfolio companies. This concentration model allows them to be highly engaged without spreading resources thin across dozens of companies.
Global Mandate & Geographic Focus
Anfa has a truly global investment mandate, investing across the world from San Francisco to Bangalore. The firm specifically emphasizes bridging developed and emerging markets, with notable investments spanning:
- North America: United States investments
- Europe: UK, Turkey (Sipay)
- India: Multiple portfolio companies (Khatabook, Jupiter, Slice)
- Global: Borderless investment philosophy
The firm maintains offices in New York and London, positioning itself to effectively serve both Western and emerging market founders.
Stage Focus & Check Size
Anfa invests across early and growth stages:
- Early Stage: Pre-seed, Seed, Series A
- Growth Stage: Series B and beyond
- Check Size: Up to $30M per founder
- Ownership: No ownership targets - flexible approach
The firm's $150M fund size allows for meaningful ownership positions while maintaining portfolio concentration. Their willingness to invest up to $30M in a single founder demonstrates their conviction-driven approach.
Lead Tendency
Anfa prefers to lead rounds but maintains flexibility:
- Lead Preference: Prefers to lead investments
- Follow Capability: Happy to follow in compelling opportunities
- Capital Flexibility: Capital available for growth rounds or founder liquidity
Sector Focus
Anfa is sector-agnostic but shows particular strength in:
- Fintech & Payments: Sipay (Turkey), Jupiter, OneCard, Revolut (personal investment by Idris)
- Consumer: Slice, Curology, Guayaki
- Healthcare: Pristyn Care
- Gaming/Metaverse: VRChat, Consensys (Web3)
- EdTech: Khatabook (merchant tech)
The firm's portfolio demonstrates comfort with both B2B and B2C models across technology and traditional sectors.
Recent Activity
Anfa is actively deploying from its $150M fund:
Recent Investments:
- June 2024: Sipay - Led $15M Series A (Turkish fintech, payment services)
- April 2025: Sipay successfully raised $78M Series B at $875M valuation, validating Anfa's early investment thesis
The firm maintains a steady investment pace, focusing on quality over quantity with fewer than 10 core portfolio company partnerships per fund.
Decision Process
Anfa emphasizes "Startup Speed" in its decision-making:
- No Committees: Streamlined decision structure
- Fast Turnaround: Yes/no decisions in as fast as one week
- Founder-Centric: Built by founders, for founders
This rapid decision capability positions Anfa favorably against firms with lengthy investment committee processes.
Team Background
Idris Sami, Partner & Founder:
- Founded Anfa in 2020 at age 27
- Founded first company at age 10 (free text messaging platform, 2M users)
- Second startup acquired at age 14
- Former growth investor at Anthos Capital (Los Angeles)
- Former investor at Hummingbird Ventures (London)
- Personal investments include unicorns: Revolut, Slice, Pristyn Care
- Forbes 30 Under 30 Europe 2021 (Finance)
Investment Team:
- Partners located in New York, London, and San Francisco Bay Area
- Team members with backgrounds at UC Berkeley and other top institutions
- 12+ hours per day in-office culture demonstrating commitment intensity
Portfolio Highlights
Anfa's portfolio (both firm investments and team member personal investments) includes:
Notable Companies:
- Revolut: Global fintech unicorn
- Sipay: Turkish payments platform ($875M valuation post-Series B, 2025)
- Khatabook: Indian merchant tech platform
- Jupiter: Indian fintech
- Slice: Indian BNPL/fintech
- Pristyn Care: Indian healthcare
- VRChat: Metaverse/gaming platform
- Consensys: Web3/blockchain infrastructure
- Curology: Consumer healthcare
- Guayaki: Consumer beverages
- OneCard: Indian fintech
- Discord: Social platform (team investment)
Founder Preferences
Anfa seeks founders who embody:
- Exceptional Track Record: Proven ability to execute
- Global Ambition: Companies that can scale across borders
- Long-Term Thinking: Entrepreneurs building durable businesses
- Founder-Friendly Alignment: Values alignment on flexible capital
Competitive Positioning
Anfa differentiates itself through:
- Founder Understanding: Built by founders who understand the journey
- Speed: Week-long decision processes vs. industry standard months
- Conviction: $30M check capacity to existing portfolio
- Global Perspective: Unique bridge between developed and emerging markets
- Flexibility: No ownership targets, capital for growth or liquidity
Fund Status
- Fund Size: $150M (Anfa I)
- Status: Actively deploying
- Deployment Stage: Early-mid deployment period based on recent 2024 investments
- Investment Pace: Concentrated approach with <10 core companies per fund