Tag: General Partner

AVCA spotlights the African diaspora, practical pathways to exits and private credit as multipliers shaping African growth

The African Private Capital Association hosted its sixth Venture Capital (VC) Summit on Monday, kicking off the industry association’s 22nd Annual Conference in Nairobi from 27 – 30 April. AVCA’s annual global gathering brings founders, venture capital investors, corporate venture arms, philanthropic foundations and policymakers together to deepen Africa’s entrepreneurial landscape.

Abi Mustapha-Maduakor, Chief Executive Officer, AVCA, opened the summit by commending the VC industry’s fortitude and ability to execute during tough economic cycles. Abi acknowledged that despite a challenging fundraising environment, “venture-backed exits reached a record high in 2025,” highlighting a pivotal shift in the ecosystem: “The centre of gravity is moving toward local capital, local expertise, and local conviction.”

A defining moment of the day was the keynote fireside chat between Boris Kodjoe, Actor, Director, Producer, Investor and Philanthropist, and AVCA CEO Abi Mustapha Maduakor. Boris underscored the role of storytelling in shaping how markets are understood and how capital flows, stating that: “Storytelling is economic architecture – those who control the narrative shape valuation, and perception is what drives investment.”

The summit then turned to the structural questions underpinning venture capital in Africa. During the panel entitled From Hype to Fundamentals: Resetting the African VC Story, panellists, including Tidjane Dème, General Partner, Partech Partners; Sapna Shah, Partner, Novastar Ventures; Fatoumata Bâ, Founder and Executive Chair, Janngo Capital, and Mohamed Eissa, Global Head, Venture Capital and Direct Investments, International Finance Corporation (IFC) exchanged views on whether imported VC models ever fully fit the continent’s realities, reflecting candidly on where expectations diverged from outcomes and assessing what has and has not worked in the market.

Outlining the roadmap for onward growth, veteran VC investor Tidjane Dème, General Partner at Partech Partners, quoted Ido Sum, entrepreneur and Partner at TLcom Capital, saying: “African venture capital isn’t broken – it’s just young.” He added that: “A decade ago, we saw around 30 deals a year; today, that number exceeds 500. We’re still building, and we can’t compare ourselves to a 50-year-old U.S ecosystem just yet. We have time.”

Mohamed Eissa, Global Head, Venture Capital and Direct Investments, International Finance Corporation (IFC), expressed that: “This ecosystem is still very young, but it has grown from about $400 million of annual investment to roughly $4 billion in just over a decade, clear evidence that the capital base is expanding, even if it’s still not enough.”

The summit featured interactive sessions on pathways to exits, with collaboration identified as key to improving liquidity. Industry leaders, including Patricia Rinke, Investment Director, AfricInvest; Ibrahim Sagna, Executive Chairman, Silverbacks Holdings; and Andreata Muforo, Partner, TLcom Capital, outlined the need to look beyond Initial Public Offerings (IPOs) and assessed the role of strategic acquisitions and Mergers and Acquisitions (M&A) as deliberate liquidity strategies.

Building on the sentiments of Boris Kodjoe, who outlined the importance of African diaspora investors participating in the continent’s growth story, Alex Rumanyika, Head, Strategy and Performance, at the National Social Security Fund (NSSF) in Uganda, issued a call to action to African institutional investors to play a more active role in scaling African businesses,

stating: “If we don’t get into this space, it is going to be an existential threat for NSSF and many pension funds. We need to diversify away from overexposure to government assets and into the sectors where jobs are actually being created.”

The VC conference was followed by a dedicated Private Credit Summit introducing leading investors who are expanding the region’s private capital ecosystem with new financing tools, reshaping how the continent competes for global capital. Nathaniel Micklem, Co-Head, Emerging Market Alternative Credit, Ninety One, said, “Private credit is one of the most exciting parts of our asset management platform – but it cannot be built using imported public equity or private-equity instincts. What works in Africa is deploying into stronger, more resilient businesses and sectors, not earlier-stage ventures or smaller SME exposures.”

Walid Cherif, Co-Founder and Managing Partner, BluePeak Private Capital, concluded by saying: “Private credit is especially suited to African markets because companies continue to perform even when exits are hard to achieve. It is an easier conversation today than it was years ago.” He expressed that underwriting must remain thoughtful and selective as managers need to resist pressure to move too fast, because credibility with Limited Partners (LPs) comes from having executed the strategy over time and returned capital, not simply from a compelling market story.

May 4, 2026
Shyllon Museum & Ventures Platform Launch A Landmark Three Year Collaboration Blending Public Art, Innovation, And Entrepreneurial Learning At Pan Atlantic University
…A university-wide entrepreneurship engagement programme and a first-of-its-kind national art commission of ₦10m combine to empower Nigeria’s next generation of innovators.

The Yemisi Shyllon Museum of Art (YSMA) at Pan-Atlantic University and Ventures Platform (VP), one of Africa’s leading early-stage venture capital firms, proudly announce a bold three-year partnership that brings together art, innovation, and entrepreneurship to inspire and shape the next generation of Nigerian thinkers, makers, and builders.

Launched as part of Ventures Platform’s 10th anniversary, the initiative combines two complementary pillars, both unfolding over three years from 2026: a structured student engagement platform designed to deepen entrepreneurial development within the Pan-Atlantic University ecosystem, and a futures-focused public art commissioning programme called the Ventures Platform–YSMA Futures Art Award.

Powering the Next Generation of Entrepreneurs

At the heart of the collaboration is a student engagement component embedded within the University’s educational curriculum. Through a series of guest lectures, masterclasses, and practical sessions, Ventures Platform will provide students with direct access to experienced investors and operators, including members of the Ventures Platform team. These engagements are designed to move beyond theory—offering practical insights into building scalable, high-growth ventures and navigating real-world entrepreneurial challenges.

Facilitated by YSMA as a bridge within the University, this component aligns with Pan-Atlantic University’s commitment to experiential learning, extending the Museum’s track record of supporting academic programmes through Object-Based Learning and interdisciplinary engagement.

The Futures Art Award: Public Art as a Platform for Innovation

Complementing the educational component is the Ventures Platform–YSMA Futures Art Award, a pioneering annual commission supporting the creation of public-facing sculptures. The award invites artists to imagine and explore ideas around innovation, the future, and public engagement through large-scale work.

Each year, an artist will be selected and funded with the sum of ₦10m to develop a permanent outdoor work within the YSMA sculpture garden and campus environment. More than an award, this initiative reinforces the role of creativity and cultural imagination in shaping entrepreneurial ambition — symbolizing curiosity, bold thinking, and the courage to build.

Together, these two components reflect a shared belief that innovation thrives where creativity, enterprise, and culture intersect. For Ventures Platform, this aligns with a long-standing approach to backing not just companies but also the systems, talent, and environments that enable innovation to thrive. Partnering with YSMA, a premier university museum in the country, brings this belief to life by combining artistic experimentation with entrepreneurial exposure in a way that invites artists and students alike to imagine, build, and engage with the future.

Kola Aina, Founder and General Partner, Ventures Platform highlighted the significance of the collaboration saying, “At Ventures Platform, we see every day how innovative thinking can expand access and solve hard problems — but we also recognize that progress is driven as much by imagination as it is by execution. As we mark our 10th anniversary, this initiative reflects our commitment to intentionally designing environments where the next generation of founders can emerge — equipped with clarity, capability, and conviction to build for the future.”

Noting the importance of this collaboration, Jess Castellote, the Museum Director, said, “This collaboration reflects our belief that museums are not just spaces for preserving the past, but platforms for shaping the future through public engagement. The Futures Art Award empowers artists to experiment at a scale that reaches the public, while the educational component strengthens YSMA’s commitment to the experiential learning vision of the university. By bringing together art and entrepreneurship, we are creating new ways for both artists, students and our visitors to engage with the systems and ideas that will define our world.”

Enase Okonedo, the Vice Chancellor of Pan-Atlantic University commended the educational component of the partnership, “This initiative speaks directly to the Pan-Atlantic University’s commitment to experiential learning and interdisciplinary education. It creates a meaningful pathway for our students to engage with industry leaders while also exposing them to the critical and creative thinking that drives innovation. It also enhances our standing as a world-class institution committed to producing well-rounded graduates, equipped with both creative and entrepreneurial capacity.”

Artists and students are invited to engage directly with the initiatives. Details for the Futures Art Award call for entry are as follows:

Call for Entry – Futures Art Award
- Applications Open: April 2, 2026
- Applications Close: May 18, 2026 (6‑week window)
- Who Can Apply: Nigerian & Non-Nigerian artists based in Nigeria, working across sculpture and installation.
- Focus: Experiential, participatory, and technology‑informed public sculptures engineered for long‑term outdoor display with harsh weather‑resistant materials.
- How to Apply: Visit museum.pau.edu.ng/articles/call-for-applications-the-ventures-platform-ysma-futures-art-award for eligibility, guidelines, and submissions.
April 1, 2026
Grey Awards $9500 to Women Entrepreneurs from Brazil and Nigeria through UpGreyed Her 2025
…Second edition of the annual program scales beyond Africa, receives nearly 2,000 applications from women founders across multiple continents

Grey, the global banking platform empowering digital nomads and businesses with borderless financial solutions, today announced the winners of its 2025 UpGreyed Her initiative. The equity-free grant program awarded $9,500 to four women-led businesses, marking the initiative’s successful expansion from its African roots to a global platform for women’s entrepreneurship.

“Financial inclusion isn’t just about access to banking, it’s about providing the resources entrepreneurs need to scale their impact,” said Femi Aghedo, co-founder of Grey. “By taking UpGreyed Her global, we’re reinforcing our commitment to building a financial ecosystem where women founders can thrive across borders, just like our banking solutions.”

Launched on International Women’s Day (March 8), the 2025 edition attracted almost 2,000 applications from women-led businesses across multiple continents, a substantial increase from last year’s Africa-focused program. The initiative specifically targeted growth-stage companies in diverse sectors, including traditionally male-dominated fields and innovation-driven industries such as agritech, climatetech, and femtech.

Following a rigorous selection process, including virtual pitch presentations from finalists, Grey awarded grants to four exceptional women-led businesses:
- Grand Prize ($4,000): Patricia Zanella, EcoCiclo (Brazil)- Creating Brazil’s first 100% biodegradable sanitary pads from locally sourced materials to address menstrual poverty in indigenous and rural communities.
- First Runner-Up ($2,000): Sarah Olagoke, Tersley Foods Ltd (Nigeria)- Empowering women to manage reproductive health challenges like PCOS through functional foods and community support.
- Second Runner-Up ($2,000): Arinola Okeowo, Ultra Farms Ltd (Nigeria)- Improving food access by tackling post-harvest losses and connecting smallholder farmers to better market opportunities.
- Third Runner-Up ($1,500): Elizabeth Oladepo, 07 Foods Ltd (Nigeria) – Driving food security through sustainable processing while equipping women and youth with practical agribusiness skills.
Patricia Zanella, who previously worked in human rights before founding EcoCiclo, expressed her gratitude: “This grant validates our vision for sustainable menstrual products that create both environmental and social impact. With Grey’s support, we’ll scale our production and expand to reach more vulnerable communities across Brazil. I’m proud to be part of this global network of women who are building, scaling, and breaking barriers.”

Applications were evaluated by an accomplished panel of women leaders based on innovation, scalability, social impact, leadership strength, revenue potential, and business viability. This year’s judges were Tinu Phillips Odufuye, Head of Business Development at FCMB Asset Management [Nigeria], Sarah Achebe, Head of Finance at Grey [Nigeria], Natasha Mahtani, Relational Intelligence Coach and Women’s Advancement Advocate [India], Maite Lourenço, General Partner at YA Ventures and Founder of Black Rocks Startups [Brazil] and Anmol Bharti, Senior AML Analyst at Grey [India].

“Funding women isn’t just charity, it’s smart economics,” said Tinu Phillips Odufuye during her keynote address at the awards ceremony. “UpGreyed Her empowers women-led businesses not just to dream, but to scale and shape the world. Because upgrading her is, in fact, upgrading the world.”

UpGreyed Her 2025 was executed in partnership with WIMBIZ, a leading organization committed to elevating women through professional development and entrepreneurship.

Grey will begin accepting applications for the UpGreyed Her 2026 in March next year, with plans to increase both funding amounts and the number of recipients.
May 23, 2025
Billboxx Secures $1.6 Million Pre-seed Funding to Empower African SMEs with Cash Flow Solutions

Billboxx, the integrated billing to payment platform aimed at ensuring timely payments for businesses across Africa, has successfully closed a $1.6 million pre-seed funding round. The investment round saw participation from renowned investors including Norrsken Accelerator, Kaleo Ventures, Founders Factory Africa – FFA (now 54 Collective), P2Vest and Afrinovation Ventures.

This significant financial backing will enable Billboxx to tackle the critical cash flow challenges faced by SMEs across Africa. Manual invoicing and deferred payments often result in delayed payments, stifling many SMEs. Billboxx’s integrated billing-to-payment platform streamlines billing processes, reduces inefficiencies from manual invoicing, and mitigates the impact of deferred payments. By providing automated billing and invoicing, secure payment facilitation, and tailored cash flow financing, Billboxx empowers businesses to achieve consistent cash flow and focus on growth.

Founded in early 2023, Billboxx has facilitated over four million dollars in invoice payments through its MVP launched in May 2023. The platform boasts strategic integrations with a leading commercial bank in Nigeria, a prominent African payment gateway, and multiple lending partners, enabling seamless payment facilitation via bank transfers, cards, and financing options.

Co-founders Justus Obaoye and Abdulazeez Ogunjobi bring extensive entrepreneurial experience to Billboxx. They previously co-founded two startups: Charistouch (Carido), successfully acquired by Cars45, and Fixit45, a spin-off from Cars45. Their leadership experience in large corporations and scaleups such as Schlumberger, Bolt, and OLX add to their strategic insight and entrepreneurial prowess.

“Cash flow difficulties are the leading cause of business failures in Africa, with delayed invoice payments being a major contributor,” says Justus Obaoye, Co-founder & CEO of Billboxx. “Billboxx is dedicated to solving these issues with an integrated platform that ensures consistent cash flow and financial resilience for businesses. This funding round enables us to expand our impact and empower more SMEs to thrive.”

Abdulazeez Ogunjobi, Co-founder & CTO, emphasizes the transformative impact of the Billboxx platform: “Delayed invoice payments pose a significant threat to SME growth and survival. Our platform not only streamlines the billing-to-payments workflows but also offers strategic embeddings to expedite payments. We aim to alleviate payment concerns and allow SMEs to focus on their core business.”

Alex Bakir, General Partner at Norrsken Accelerator, says, “Billboxx is tackling a critical pain point for SME growth in Africa – managing cash flow. The team has experienced first-hand the challenges associated with invoices and payments, and is committed to building solutions that simply work for small businesses across the continent. We’re proud to support Justus, AZ and the team, and see huge potential in financial solutions Billboxx is developing.”

Bongani Sithole, Chief Executive Officer at 54 Collective (formerly Founders Factory Africa), says, “We’re enthusiastic about the innovative work the Billboxx team is building. These 3x founders with successful exits under their belts are leveraging their leadership and business experience to tackle a massive pain point for SMEs across Africa. We invested in the Company due to the large market size of the opportunity, impressive early traction gained from strong early partnerships with notable large corporates and startups, as well as the solid tech product the team has developed. We’re delighted to back Justus and Abdulazeez as they continue to scale Billboxx.“

Billboxx is on a mission to empower SMEs with the cash flow solutions they need to thrive, ensuring they remain in business. This pre-seed funding round which is a mix of debt and equity is a testament to the company’s innovative approach and commitment to building a more financially secure future for SMEs – the backbone of the African economy.

December 12, 2024
AVCA set to host Second Venture Capital Summit & Anounces New Board Members

Following the African Private Equity and Venture Capital Association’s (AVCA) successful 18th Annual Conference, held from Tuesday 26^th – Wednesday 27^th April, the association introduced its second Venture Capital (VC) in Africa summit on Thursday 28th April. The conference convened over 500 leaders in the private equity (PE) and venture capital industry to discuss emerging trends and strategies to maintain sustainable growth of VC investment in Africa.

‘Tokunboh Ishmael, co-Founder and Managing Director, Alitheia Capital, opened the summit with a welcome address where she described the surge of international interest in Africa’s thriving VC sector as a decisive opportunity to learn from Africa’s evolving private equity ecosystem over the years. She said, “There is still much to learn from African PE. We have the investors and skill to solve some of the continent’s most pressing problems.”

Advocating for knowledge exchange and deeper collaboration in a growing industry, she continued by saying: “Let’s use the insight and expertise that has catalysed success across geographies to unlock the scale and growth of more bright ideas and ambitious companies leaping us further into the future. I can’t wait to see the next 20 years of Africa’s PE and VC landscape.”

The summit proceeded with a panel charting the development of Africa’s early-stage investment landscape over the years, unpacking how it has become a recognised and distinguished investment class.

Speakers including Tarek Assaad, Managing Partner, Algebra Ventures; Maurizio Caio, Founder and Managing Partner, TLcom Capital; Michael Oluwagbemi, Co-Fund Manager, LoftyInc Capital Management; and Shruti Chandrasekhar, Regional Head, Africa, International Finance Corporation, exchanged perspectives on the continent’s expanding technology ecosystems; trading views on how to bridge the “valley of death” that ensnares so many high-potential African start-ups and addressed the increasing participation of private equity firms in the venture capital space.

Maurizio Caio, Founder and Managing Partner, TLcom Capital, commented: “It’s important that we focus on how to make sure that the ecosystem’s growth is healthy. Let’s turn the excitement from capital deployment into an impetus that makes sure global capital investors see VC in Africa as the destination to go to. More PE investors should allocate capital to VC.”

A conversation exploring the concept of unicorns harked back to 2021, a year that saw a record four African start-ups reach billion+ dollar valuations. VC champions Tidjane Deme, General Partner, Partech; Hany Al-Sonbaty, Managing Partner, Sawari Ventures; Khaled Ben Jilani, Senior Partner, AfricInvest and Brian Waswani Odhiambo, West Africa Director, Novastar Ventures examined the business models attracting high-level investor interest as well as the prospects for the industry seeing similar stories of success in the future.

The summit continued with a series of plenary sessions centred on how early-stage VC investors are faring in Africa’s growing late-stage market; diversity, equality and inclusion; and workshops focussed on data, governance, and effective solutions to navigate complex country-specific and regional financial, legal, and regulatory frameworks.

The summit progressed with an entrepreneur showcase and sessions addressing the implications for the diversification of capital streams. Thabiso Foto, Chief Financial Officer, Founders Factory Africa; Ory Okolloh, Partner, Verod Kepple Africa Ventures; Nthabiseng Thema, Director, Sango Capital, and Folake Elias-Adebowale, Partner, Udo Udoma & Belo-Osagie discussed strategies to overcome the bottlenecks – posing viable routes for corporate ventures, investment holding companies, fund of funds and private equity firms to crowd into the early-stage investing space.

In a panel bringing together global perspectives speakers addressed the market drivers for Africa’s continued attractiveness to international investors, the rising diversification of actors in Africa’s VC ecosystem, and the spread of corporate venture capital supporting new and dynamic entrepreneurial ventures in Africa.

Highlighting the vast opportunities within a flourishing and nascent VC ecosystem in Africa, Ben Marrel, Managing Partner, Breega, said: “It is undeniable – Africa has strong demographics. Like all markets, they are never perfect – but it’s important to identify how massive problems can be transferred into massive opportunities, and this is how pioneering companies are formed.”

As AVCA marks the onward journey ahead for a private capital industry at an inflexion point, the association announces new Board Chairs and Committee Members. Accordingly, the Board of Directors of the African Private Equity and Venture Capital Association (AVCA) has appointed Paul Botha as Chair; Genevieve Sangudi as Vice-Chair; Mark Kenderdine-Davies and Jennifer Mbaluto as Chair, and Co-Chair of the Legal & Regulatory Committee (LRC), effective immediately.

Abi Mustapha-Maduakor, Chief Executive Officer, AVCA, added: “I am delighted to have Paul and Genevieve as AVCA’s Chair and Vice-Chair. Their support as existing Board members, and their extensive knowledge and experience in the industry, will be invaluable as we lead AVCA towards delivering on our ambitious goals for 2022 and beyond. I would also like to thank the outgoing Chair, ‘Tokunboh Ishmael, and Vice-Chair, Ziad Oueslati, for their unwavering commitment, support and leadership of AVCA over the past four years. AVCA is unquestionably stronger for their contributions.

She added: “Additionally, I am delighted to welcome Mark and Jennifer as AVCA’s LRC Co-Chairs. Their collective experience and deep expertise will be instrumental in defining the committee’s deliverables over the coming months. Our appreciation to the outgoing LRC Committee Chair, Geoffrey Burgess, for his outstanding commitment and valuable guidance over the past five years.”

May 6, 2022