Venture capital firms all over the world provide deserving startups with capital and other specialized services in exchange for profit, or sometimes an ownership stake. Several venture capital firms in Nigeria have supported startups in the country and other parts of Africa with investments at various stages of their development. In this article, we’d be discussing the top 10 venture capital firms in Nigeria, indicating the types of startups they invest in as well as providing the names of the startups that they have supported.
Read on.
The top 10 venture capital firms in Nigeria would be discussed below:
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Chrysalis Capital
Chrysalis Capital is a leading venture capital firm focused on providing venture capital to early-stage tech companies in emerging markets. The startups that this venture capital has contributed to their growth are those that cater to fundamental human needs. Examples of startups that Chrysalis Capital has invested in include Helium Health, Raise, Bamboo, Bankly, Sabi, Koa, Ladder, Carrot, Arca, and Magic Fund.
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Ingressive Capital
Ingressive Capital is a Victoria Island-based venture capital firm that offers 10% ownership in pre-seed to seed tech-based startups in Sub-Saharan Africa, Egypt, and Morocco. The typical cheque size Ingressive Capital provides to tech-based startups is up to $400k.
The criteria startups must satisfy to qualify for investment from this venture capital firm include being based in Sub-Saharan Africa, Egypt, or Morocco, as well as having a clear business model, and having technical industry talent on their core team. Other requirements include the startup must have already launched and have a high-growth technology business targeting a large market.
Startups included in the portfolio of Ingressive Capital include Bamboo, AWA Bike, Fuelmetrics Limited, SimbaPay, Evolve Credit, Carry 1st, Kwaba, and OnePipe, among several others.
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EchoVC Partners
EchoVC Partners is one of the leading venture capital firms in Nigeria. This venture capital firm is a technology-focused early-stage venture capital firm that focuses on investing resources in underrepresented startups and underserved markets.
At the time of writing this article, EchoVC Partners has invested in 36 companies in Nigeria, Kenya, Uganda, South Africa, Brazil, Chile, Mexico, India, Pakistan, the United States, the United Kingdom, and Germany. The companies in the current portfolio of EchoVC Partners are those delivering value in the following sectors: Smart Planet; Health and Human Services, Emerging Fintech; Media and Entertainment; Mobility and Connectivity, and; Commerce, among others.
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Greentree Investment Company
Greentree Investment Company is a leading venture capital firm in Nigeria whose core services include the provision of an optimal amount of funding required to rapidly scale startups, as well as helping startups to implement a bulletproof corporate governance framework to ensure their businesses are sustainable. Other services this venture capital firm offers to startups include technical support, legal advice, marketing, and simple financial planning. Paystack and Precurio are examples of startups that have received investment from Greentree Investment Company.
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TLcom Capital
Since its inception 24 years ago, TLcom has grown to become one of the top venture capital firms in Nigeria. The innovators, entrepreneurs, and startups under the radar of this venture capital are those who leverage technology to provide market solutions to significant challenges.
The services that TLcom offers include the provision of capital to startups, as well as providing strategic and operational support aimed at designing and executing superior business models in large markets. Some of the businesses that have benefited from this venture capital firm are Kobo, Twiga, Ilara Health, and Andela, to name a few.
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Future Africa
Future Africa, whose founding partner is Iyinoluwa Aboyeji, is one of the top venture firms in Nigeria. This venture capital firm focuses on providing capital to innovators from Nigeria and other parts of the African continent, especially those in the technology, media, and infrastructure spaces.
In eight years of its existence, Future Africa has contributed to the founding, funding, and building of several thriving African startups, such as Flutterwave, Kobo360, Jumia, and Andela, among various others.
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Growth Capital
Growth Capital is a leading venture capital firm that invests in startups building digital infrastructure in healthcare, commerce, education, and other sectors. The participating investors at Growth Capital use their combined experience, resources, and network to catalyze the path of startups to grow. Drugstoc, taeillo, Edves, Riby, LifeBank, and Delivery Science are examples of high-potential, early-stage businesses that have gotten support from Growth Capital.
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Venture Platform
Venture Platform is a Nigerian venture capital firm that invests in startups across several sectors, including edtech and digital talent acceleration, enterprise SaaS, agritech and food security, financial services, and insurance, among others.
To date, Venture Platform has invested over $500M in more than 80 companies. Some of the startups that received venture capital from this company include Paystack, Lemonade Finance, Mono, Fez, Juice, Credable, Piggyvest, TambuHealth, MartketForce, Brass, Sunti, Notto, Thrive Agric, Mono, and Migo, among others.
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Microtraction
Microtraction is a leading venture capital firm in Nigeria that provides pre-seed funding of at least $100k for African technology entrepreneurs. This venture capital firm not only provides seed capital but also provides professional and advisory services to start-ups.
In addition, Microtraction also introduces startups to later-stage investors and helps them navigate the process of raising a larger round of funding. The startups that have benefited from Macrotraction include Wallet.ng, Buycoins, Accounteer, Riby, and 54genes, among others.
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GreenHouse Capital Africa
GreenHouse Capital Africa is a top venture capital firm in Nigeria. This firm focuses on African and Middle Eastern startups building financial services, providing them with an average of $250k cheque and specialized expertise. So far, this venture capital firm has already backed 50+ companies in 15 countries, according to its website.
Some of the startups that have benefited from GreenHouse Capital Africa include but are not limited to WirePay, Zemo, Dapi, Tanda, Rensource, Now Money, Dapi, and Pezesha.