Nigerian venture firms are not completely excluded from the investment scene in the country.
In 2019, funding for Nigerian startups reached an all-time high. But where were these investments coming from?
Last year, 71% of investments into Nigerian startups came from foreign investors. Despite the overwhelming amount of foreign funding, Nigerian investors were responsible for nearly one-third of the investments.
In this article, we highlight 10 of such popular Nigerian Venture Capital (VC) firms. We also go a step further by mentioning the majority of their portfolio companies.
Nigerian venture firms and their portfolio companies
The Nigerian VCs are: Future Africa, Greentree Investment Africa, Ventures Platform, EchoVC Partners, Microtraction, Ingressive Capital, Oui Capital, Spark Capital, Chrysalis Capital and Growth Capital.
1. Future Africa
Founded in 2019 by Iyinoluwa Aboyeji, Olabinjo Adeniran, Adenike Sheriff, and Chuba Ezekwesili, this Nigerian venture firm provides capital, coaching, and community to startups in Africa.
The platform invests in startups through two investment plans—The Future Africa Fund and The Future Africa Collective.
In less than two years, the firm has grown the number of its portfolio companies to 35.
Future Africa's portfolio companies include: Big Cabal Media, LORI Systems, Max.ng, Andela, Kobo360, Flutterwave, 54gene, Buycoins, stitch, Bamboo, Eden Releaf, Tambua Health, Indicina, Evolve Credit, Shara, MyAwayHome, and Stears.
2. Greentree Investment Africa
Founded in 2015, Greentree Investment Africa is a platform that invests in tech-scalable businesses. They provide capital and catalyst funding to startups alongside governance structure, technical support, and legal advice.
The firm is chaired by Olabode Agusto with Abasiama Idaresit and Dr. Ola Brown as directors.
Paystack, Precurio, and Big Cabal Media are some of their portfolio companies.
3. Ventures platform (VP)
VP is an early-stage focused venture firm. The platform provides capital, capacity building, support, and advocacy for under-served entrepreneurs, communities, and institutions in Africa.
The firm started as an accelerator program that offers seed funding, business strategy, and short-term residency to startups for a 10% equity.
Since it was founded in 2016 by Kola Aina, the platform has created over 17,000 jobs and supported over 2,000 entrepreneurs.
Their portfolio companies include; Mono, PiggyVest, Reliance HMO, and Paystack, Printivo, Tizeti, Thrive Agric, crowdForce, Kudi, MDaaS, GeroCare, Wesabi, Thank U Cash, Trove Finance, MIGO, Seamless HR, Gradely, Rise Vest, and Lemonade finance.
4. EchoVC Partners
EchoVC is a seed and early-stage venture that invests in founders from underrepresented backgrounds.
Founded in 2011 by Eghosa Omoigui, the firm keeps an eye out for startups with scalable business models that address problems for enterprises and consumers. EchoVC partners do not fund idea-stage startups but, they invest in startups with a minimum viable product in the market.
Their portfolio companies include: Lori, Migo, Hotels.ng, Cellulant, LifeBank, Payjoy, Quickbox, Printivo, KangarooHealth, Riby, Pngme, and NextCounsel.
Microtraction is a venture firm that provides $25,000 funding to early-stage startups for a 7% equity.
Founded in 2017 by Yele Bademosi, the firm aims for startups with high growth, technology-driven business models. Asides from providing startups with Pre-seed funding, microtation guides its portfolio companies with professional and advisory services till they can raise larger rounds by themselves.
Their portfolio companies include; Wallet.ng, Cowrywise, BuyCoins, accounteer, 54gene, Bitsika, Sendbox, Termii, Thank U Cashand Riby.
6. Ingressive Capital (IC)
IC has been in the venture capital business since 2017. The firm targets their funding of up to $400,000 at pre-seed and seed –stage startups for a 10% equity.
The firm looks out for startups based in Sub-Saharan Africa or Egypt with clear business model and initial traction.
Ingressive Capital was founded by Maya Horgan Famodu.
Companies in their portfolio include; Paystack (exited), Bamboo, ogaVenue, 54gene, Mono, OnePipe, Seamless HR, Tizeti, OZE, Vesicash, and Kwaba.
7. Oui Capital
Oui Capital is an Africa-focused venture firm that invests in early-stage startups. It was founded in 2018 by Olu Oyinsan.
The firm aims to invest between $50,000 and $150,000 in post ideation and pre-series A startups. They also provide mentoring and advisory services to startups through their Mentor’s Fund.
Oui Capital’s portfolio companies includes; Awa Bike, TeamApt, Twende, DR CADX, AMOpportunities. MVXchange, Akiba, OkHi, and Vite.
8. SPARK Capital
SPARK Capital is capital is a firm that defines itself as a company that builds companies. The venture firm provides early-stage funding for startups with scalable revenue models.
It was founded by Jason Njoku in 2013. Their portfolio companies includes; Medsaf, Paystack, ogaVenue, foto, Drinks.ng, PropertyPro Nigeria, and Hotels.ng.
9. Chrysalis Capital
Founded in 2019 by Nichole Yembra, Chrysalis Capital is an early-stage focused investment management firm.
The firm aims to invest in startups aggregating solutions in the agriculture, renewable energy, security, health education, and fintech sectors.
Chrysalis Capital has four startups in their portfolio and they include; Bankly, Heliium Health, Raise, and Bamboo.
10. Growth capital
In 2015, Bosun Tijani launched Growth Capital to invest in early-stage tech-focused startups. The firm aims to invest in startups driving social change in Nigeria.
Since its inception, Growth Capital has raised ₦280 million and invested up to ₦174.6 million
GC has invested in six startups across the healthcare, commerce, and education sectors. Its portfolio companies includes; Taeillo, Edves, Riby, LifeBank, Delivery Science, and DrugStoc.
The table below shows a summary of the 10 Nigerian Venture Firms and their portfolio companies
|Venture Firm||Portfolio Companies|
|Future Africa||Big Cabal Media, LORI Systems, Max.ng, Andela, Kobo360, Flutterwave, 54gene, Buycoins, stitch, Bamboo, Eden Releaf, Tambua Health, Indicina, Evolve Credit, Shara, MyAwayHome, and Stears.|
|Greentree Investment Africa||Paystack, Precurio, and Big Cabal Media|
|Ventures Platform||Mono, PiggyVest, Reliance HMO, and Paystack, Printivo, Tizeti, Thrive Agric, crowdForce, Kudi, MDaaS, GeroCare, Wesabi, Thank U Cash, Trove Finance, MIGO, Seamless HR, Gradely, Rise Vest, and Lemonade finance.|
|EchoVC Partners||Lori, MIGO, Hotels.ng, Cellulant, LifeBank, Payjoy, Quickbox, Printivo, KangarooHealth, Riby, Pngme, and NextCounsel|
|Microtraction||Wallet.ng, Cowrywise, BuyCoins, accounteer, 54gene, Bitsika, Sendbox, Termii, Thank U Cashand Riby|
|Ingressive Capital||Paystack (exited), Bamboo, ogaVenue, 54gene, Mono, OnePipe, Seamless HR, Tizeti, OZE, Vesicash, and Kwaba|
|Oui Capital||Awa Bike, TeamApt, Twende, DR CADX, AMOpportunities. MVXchange, Akiba, OkHi, and Vite|
|SPARK Capital||Medsaf, Paystack, ogaVenue, foto, Drinks.ng, PropertyPro Nigeria, and Hotels.ng|
|Chrysalis Capital||Bankly, Helium Health, Raise, and Bamboo|
|Growth Capital||Taeillo, Edves, Riby, LifeBank, Delivery Science, and DrugStoc|