Julia Price is advancing revenue-based financing in Africa to give SMEs flexible alternatives to debt and equity.
Access to finance remains one of the most pressing challenges for small and medium-sized enterprises (SMEs) across Africa. Traditional bank loans often require substantial collateral and rigid repayment terms, whereas equity investments can dilute ownership at an early stage. Julia Price, co-founder and CEO of Linea Capital, is working to address this gap through a revenue-based financing model designed to reflect the realities of growing businesses on the continent.
Professional background
Julia Price, a Chartered Accountant (South Africa) and Chartered Financial Analyst (CFA) exam passer, dedicated approximately seven years to FirstRand Bank. Her extensive work at the bank covered principal investments, convertible bonds, and alternative funds, offering her a comprehensive understanding of capital markets.
In 2015, she furthered her studies at Stanford University, focusing on technology entrepreneurship, clean energy, and deal structuring. Exposure to international approaches to innovation and finance helped shape her thinking about the kinds of investment tools that might work better in African markets.
Founding Linea Capital
Before starting Linea Capital, Price worked with Endeavor South Africa, an organisation that supports high-impact entrepreneurs. There, she observed first-hand the funding challenges that many African startup companies faced. The experience prompted her to explore alternatives to conventional debt and equity financing.
This led to the establishment of Linea Capital, a company focused on revenue-based financing. Under this model, businesses repay investors as a percentage of monthly revenue rather than through fixed instalments. The approach is intended to reduce the pressure of set repayments during slower months and to allow founders to retain equity for longer, while still giving investors a return linked to company performance.
Linea Capital has attracted backing from international development finance partners. These include support from USAID and, in 2024, a $1 million investment from the FSDAi Nyala Facility.
The firm has expressed interest in sectors considered to have wider social and economic impact, such as agri-processing and education, and has emphasised a commitment to supporting women entrepreneurs and businesses led by historically underrepresented groups.
Beyond finance
Alongside investment, Linea Capital says it provides portfolio companies with operational support, mentorship, and market connections. This combination of capital and guidance is presented as a way to help businesses navigate the challenges of scaling sustainably.
Revenue-based financing is still relatively new in Southern Africa, and its long-term effectiveness compared to traditional models remains to be seen. Advocates argue that it offers SMEs greater flexibility and helps preserve founder control, while critics caution that repayment tied to revenue can still be demanding for businesses with uneven cash flow.
Price Julia’s ambition for Linea Capital is to broaden financing options for African entrepreneurs and to test approaches that respond more closely to local realities.
