Venturing into the intricate world of African venture capital, Nigeria emerges as a beacon of financial innovation and growth, providing a fascinating backdrop to the unfolding narrative of Q3 2023.
Generally, the continent experienced a remarkable 28% year-on-year increase in capital raised, making Africa the sole region to showcase growth during that quarter.
In comparison, venture capital funding in Africa outpaced Latin America, with a substantial $2.9 billion raised between Q1 and Q3 2023, a stark contrast to Latin America’s $1.6 billion within the same period.
Notably, Nigeria commands 43% of the total capital invested in Fintech startups across Africa, portraying its influence in shaping the sector’s trajectory. However, the quartet of Nigeria, Egypt, Kenya, and South Africa witnessed a noteworthy shift, with Nigeria raising $398.2 million, lagging behind Kenya’s impressive $756.2 million.
Despite facing setbacks in funding, the nation proudly hosts unicorn tech companies like Flutterwave, Opay, Interswitch, and others.
In the global VC and tech community, a ‘unicorn’ is universally acknowledged as a privately held tech startup with a valuation of $1 billion or more on paper.
However, it’s important to note that most of these companies have multiple venture capital investors who, in exchange for equity, have played a pivotal role in their growth.
Traditionally, men have often been recognized as the primary contributors in this venture capital landscape.
Nevertheless, as we continue to celebrate March as women’s month with an emphasis on inspiring inclusion and accelerated growth it becomes imperative to shine a spotlight on the influential women catalyzing change within venture capital firms and for startups in Nigeria, some of which boast valuations as high as $1 billion.
The impact of these women is palpable, extending from investments in some of Nigeria’s highest-valued tech companies to providing invaluable business mentorship and guidance.
Their contributions challenge traditional narratives and show the vital role that women play in shaping the future of the Nigerian tech ecosystem.
Their stories add depth to the narrative, reminding us that Women’s Day is not only about celebrating achievements but also acknowledging the ongoing journey toward equity and inclusivity.
Here are ten female venture capital executives in Nigeria, supporting the country’s unicorns and fostering growth in its tech ecosystem.
Eloho Omame is a prominent figure in Africa-focused technology venture capital, serving as a Partner at TLcom Capital and co-founder at FirstCheck Africa.
With TLcom Capital managing around $250 million, Eloho advocates for diversity, equity, and inclusion in Africa’s technology ecosystem. She represents TLcom Capital on various portfolio company boards and co-founded FirstCheck Africa in 2021, focusing on supporting exceptional female entrepreneurial talent.
Eloho has played a crucial role in shaping Nigeria’s technology ecosystem, serving on advisory groups and steering committees, including Nigeria’s Startup Consultative Forum.
Her extensive experience includes leadership roles, such as Managing Director & CEO of Endeavor in Nigeria and contributions to impactful initiatives like “Lagos Innovates.”
With a background in global growth equity at General Atlantic, Eloho holds an MBA from the London Business School and a BSc. in Economics from the London School of Economics and Political Science.
9 Adenike Sherriff
Adenike Sheriff, Co-founder and Chief of Staff at Future Africa is shaping a future where purpose and prosperity unite in Africa. Studying Law at the University of Lagos, she boasts over five years of experience in Africa’s technology sector.
With a focus on content strategy and storytelling, her work has gained recognition in international publications, including the Huffington Post.
In her pivotal role at Future Africa, Adenike facilitates resources for innovators to scale, providing capital, coaching, and community support.
Her dedication to building a mission-driven African future underscores her commitment to making purposeful progress accessible to all.
Omobola Johnson is a Senior Partner at TLcom Capital LLP in Lagos and holds a prominent position on the boards of Andela, Pula, Okra, and Kobo360.
Her board memberships extend beyond these startups to encompass key roles in leading Nigerian and multinational corporations.
She further contributes her expertise as a board member of the World Wide Web Foundation and serves as the Founding Chairperson and Trustee of Women in Management and Business (WIMBIZ).
Before assuming her role at TLcom Capital, Omobola Johnson served as the Minister of Communication Technology in Nigeria from 2011 to 2015.
During her tenure, she played a pivotal role in launching and executing the National Broadband Plan.
Additionally, she championed support for the Nigerian technology industry, marked by the government’s groundbreaking involvement in a local venture capital fund and a network of startup incubators.
Before her public service, Omobola accrued over 25 years of consulting experience at Accenture, where she spent five years as Country Managing Director. Her tenure at Accenture was characterized by transformative work with companies across various industries, propelling them into more competitive and dynamic realms.
Dr. Omobola Johnson’s academic background is equally impressive, with a Bachelor’s in Electrical and Electronic Engineering from the University of Manchester, a Master’s in Digital Electronics from King’s College, London, and a Doctorate in Business Administration from Cranfield University’s School of Management.
Biola Alabi, General Partner at Acasia Ventures, leads the venture capital fund with a focus on early-stage technology start-ups in Africa.
Renowned as an angel investor, advisor, and founder of ‘Grooming for Greatness,’ a mentorship initiative, Alabi’s influence extends to media as the founder of Biola Alabi Media.
As an award-winning executive producer, she contributed to Netflix-streamed films and notable TV shows like Big Brother Africa.
Her transformative role at M-Net Africa revolutionized the continent’s broadcasting industry. Holding degrees from the University of Cincinnati, Alabi is a Non-Executive Director at Unilever (Nigeria) and chairs Big Cabal Media.
Her investment portfolio showcases a strategic approach, encompassing investments in tech startups like Trove Technologies and Chekkit.
As a trusted advisor and board member, Biola Alabi’s influence continues to shape Africa’s burgeoning technology and media ecosystem.
