From aid to equity: How Invest Salone, Redsalt Angel Investment Network and Freetown Waste Transformers are catalysing early-stage capital in Sierra Leone
During Invest Salone’s high-level showcase event “Building a Coalition for Catalytic Capital in Sierra Leone”, one message was consistently reinforced: unlocking private sector growth in Sierra Leone requires more than capital alone. In addition to patient capital, it requires strategic partnerships.
This is exemplified by the investment journey between Invest Salone – a UK funded private sector development programme – the Redsalt Angel Investment Network (RAIN) and Freetown Waste Transformers (FWT), showing how collaborative approaches can reshape Sierra Leone’s early-stage investment landscape.
Freetown Waste Transformers – tackling a critical urban challenge
FWT is a licensed, technology-enabled waste management company working to improve sanitation and reduce pollution across Freetown. It operates regulated waste collection services supported by digital tools and strong community engagement. In this way, FWT addresses one of Freetown’s most urgent urban challenges while building a scalable commercial model.
Its “DortiBox” mobile app facilitates efficient service delivery for household and commercial customers. Meanwhile partnerships with development partners and Freetown City Council help reduce costs for low-income customers.
In 2024, FWT secured a five-year licence to operate in Block 6 of Freetown’s Green Area, covering approximately 15,000 customers and the city landfill, marking a significant milestone in the startup’s growth.
The startup finance gap– a common barrier to startup growth
Despite this impressive growth trajectory, FWT faced a constraint familiar to many early-stage startups in Sierra Leone – access to capital. The traditional route of taking on high-interest bank loans that it could not service was not a viable option. This perfectly illustrates the financing gap that continues to constrain innovation across frontier markets.
Redsalt Angel Investment Network – bringing patient, risk-tolerant capital to Sierra Leone
RAIN emerged as the missing piece of this puzzle.
RAIN is an angel investment network focused on channelling patient, risk-tolerant capital into high-potential African startups. In 2024, Truestone, an Invest Salone grantee, introduced RAIN to Invest Salone, who subsequently briefed RAIN on Sierra Leone’s startup landscape, connecting them with accelerators, hubs and government actors, and sharing potential pipeline opportunities.
By late 2024, RAIN had developed a strong conviction in Sierra Leone’s early-stage investment potential. In March 2025, RAIN received support through Invest Salone’s PROSPER Salone facility to support pipeline development, due diligence and the setup of its Sierra Leone office and team. This support was designed to reduce any market entry frictions and help build a more viable infrastructure for angel investing.
A milestone deal – €75,000 investment into Freetown Waste Transformers
By mid-2025, this approach delivered tangible results. RAIN closed its first Sierra Leone deal: a €75,000 investment in FWT. This capital is supporting the expansion of FWT’s tech-enabled waste collection model and service coverage.
RAIN has also provided operational mentorship, supported vehicle procurement and guided FWT through a critical high-growth phase.
Facilitator and convener – the role of Invest Salone
This partnership highlights Invest Salone’s role as a facilitator and convenor. By helping build the foundation for angel investing, the programme is accelerating a shift from aid to equity – mobilising local and diaspora capital, strengthening investor confidence and enabling startups like FWT to grow sustainably.
As RAIN plans additional investments in Sierra Leone, this model demonstrates how catalytic capital can generate jobs, boost incomes and drive long-term impact.
Discover more about FWT’s investment journey and the investment impact with these resources:
