Future Africa

Fifteen years ago in 2010 I watched a movie with my friend Pierre that changed the trajectory of my life and got me into building technology companies. That movie was The Social Network by Aaron Sorkin. Even though the movie was intended to mischaracterize Mark Zuckerberg who I consider one of the greatest entrepreneurs as a despicable villain who stole intellectual property from rich people. It had the opposite impact on me. As a 19 year old myself at the time I felt that if a 19 year old could build an important company like Facebook while he was in school, then I could too. After all, as we say in Nigeria, Mark Zuckeberg doesn’t have two heads. Right after that movie, Pierre and I decided to build Bookneto and that’s how my entrepreneurship career started. I definitely wouldn’t be where I am today if I hadn’t watched that movie. So when my big sister Aunty Toyosi Akerele-Ogunsiji invited me to come starr in her incredible movie about a talented Nigerian girl’s struggle to make her way in the world by acquiring skills in STEM and AI, despite a pretty busy and almost no acting talent I did everything I could to make it possible. I am so glad I did it. It certainly helped that I was playing myself in the movie so thankfully my lack of acting talent didn’t get in the way. On the 18th of April this movie which is a pure labor of love by Toyosi Akerele-Ogunsiji and her team hits the theatres. If you want to see my acting debut - definitely take your kids to watch it. However more importantly if you want to inspire your children, nephews, nieces and any brilliant young person around you to build a future that seems unimaginable today just like I started to fifteen years ago, make sure they go to see this movie. Who knows - maybe one of them will build the first AI powered trillion dollar company from Nigeria.

Iyinoluwa Aboyeji! 🚀🔥 From narrowly missing a tragic plane crash to co-founding TWO billion-dollar startups - Flutterwave and Andela, to currently leading Future Africa - a platform that invests in and supports the next generation of African innovators, Iyin’s journey is nothing short of extraordinary. In this episode, he shares how he built Africa’s leading unicorns—without being technical—by mastering the power of sales (or solution selling as he describes it), storytelling, and assembling the right team. We dive into his early entrepreneurial struggles, the life-changing advice that shaped his success, and why faith and service drive everything he does. If you’ve ever wondered whether you need to code or have an MBA to build a game-changing company, this conversation will change your perspective. 🎥 Video is live on YouTube now – https://lnkd.in/ec2bcphb Massive thanks to Iyin for sharing his incredible insights and wisdom with us! PS: Apologies for a few video glitches—this was a virtual conversation, and we had some minor connection issues, but the content is GOLD! Everyone has a story worth sharing and learning from. 🫶🏾

A few months ago, after weeks of trying to align schedules, I had the pleasure of interviewing Iyinoluwa Aboyeji —one of Africa’s foremost tech co-founders (Andela, Flutterwave, and Future Africa). In 2017, I was awarded an Andela/Google scholarship which helped me earn my first Android Development Certification, paving the way for job interviews after Uni and connections with amazing people like Ferdy and Chimdindu. I wouldn't have been able to afford this certification without Andela. Speaking to Iyin for the first time felt like a full-circle moment. I asked him about his entrepreneurial journey, challenges, experience leading in various industries without being a 'techie' or coder, top advice he's received, and how he's managed partnerships across these companies. Not only did he share insightful answers, but he also extended our chat and offered to connect me with future podcast guests. Iyin's journey from narrowly missing a tragic plane crash to co-founding 2 billion-dollar companies is inspiring. This episode is packed with lessons on sales, teamwork, and continuous learning, and I left the episode feeling like I understood Iyin a bit better—his growth, decision-making, and why faith, service, and incredible partnerships have been key to his success. The episode is live on YouTube: https://lnkd.in/eDg8u8P4 Massive thanks to Iyin for his time, wisdom, and generosity 🙌🏾

This is an outsiders perspective but we have to be careful making this the narrative. The reality is that local angels built and funded the African tech ecosystem especially in Nigeria and then global funds amplified already existing success. It wasn't DFIs. They actually came very late to the party and ended up funding their friends and those who are aligned to them not necessarily the best managers. That is why of the top 9 unicorns in Africa today its only really Moniepoint who has raised significant DFI money. Future Africa is one of Africa's top performing funds with 2 unicorns and one soonicorn and we've never touched a dime of DFI money. So if you think about the funder ecosystem as DFIs and the tiny proportion of VCs they back then sure this narrative holds but in reality the true funder market is largely comprised of local and diaspora angels who are the most risk aligned and consistent but are unfortunately typically crowded out by global funds and DFIs who distort the market for extraneous reasons. Global funds first came to town during ZIRP and shifted the dynamics of local funding but post ZIRP they have retreated. Then DFIs came to play during the climate and financial inclusion era which are facing existential threats with Trump. The reality is actually that the VC funding model has done a horrible job of managing risk for angels, corporates and family offices because it has adopted a VC funding model without the context of the portfolio theory behind it. When global funds or DFIs allocate to VC its 2% at most of their assets so returns are no skin off their back. They have inbuilt downside protection so our best "returns" won't move the needle for them anyway. Our focus as an ecosystem should actually be on how do we mobilize local capital by giving angels downside protection. There are many ways to do this but we will need governments to actually do their jobs and put on their thinking caps. Sadly its much easier for ecosystem players who don't want to compete in the market to just guilt governments into giving them money in the name of funding startups rather than to do the hard work to create a proper market for angel investing.

It’s not every day that we get the opportunity to sit with one of the industry’s most visionary entrepreneurs and investors and ask Iyinoluwa Aboyeji anything! So when we did, we made sure to ask him about his perspective on angel investing in Africa, lessons from building billion-dollar companies, and what it really takes to scale successfully on the continent—and this is what he said. Key takeaways for Angel Investors: 🎯 Bet on founders, not just ideas: Markets change, business models evolve, but resilient founders find a way to win. Back people, not just pitches! 💡 Think like a founder, not just an investor: Angel investing isn’t just about writing checks—it’s about support, mentorship, and strategic guidance. The best angels deeply understand the founder’s journey. 🌍 Understand local market dynamics: Africa isn’t one market—it’s 54 countries, each with its own regulations, cultures, and infrastructure challenges. Do your homework! ⏳ Play the long game: Unlike Silicon Valley, exits in Africa take time. This isn't the right game if you’re in for quick returns. Focus on sustainable value creation. The key is long-term thinking—10 years, not 3-5. 🤝 Join an angel network or syndicate: Angel investing isn’t a solo sport—collaborating with other investors gives you better deal flow, shared risk, and stronger portfolio companies. 💰 Provide more than just capital: The best angels open doors, offer mentorship, and help with market access. Your impact goes beyond money! 🚀 The opportunity on the continent is massive, but so is the responsibility. If you’re considering angel investing in Africa, be patient, strategic, and willing to roll up your sleeves to help founders succeed. What’s the one thing you wish you knew (or would like to know) before making your first angel investment? Drop your thoughts in the comments! #angelinvesting #startups #Africa #investing #VC #entrepreneurship #innovation Future Africa Accelerate Africa Iyinoluwa Aboyeji Mia von Koschitzky-Kimani V. Chinyere Inya Nick Vilelle Nikki Germany Jacklyne Iminza-Anyamba Doreen Nabaho, Ph.D Ashish Patel Abigail Komu - Okonji Amit Dodhia Neha Shah Abdirizack Abdirahman Bare Yoann Copreaux Paul Breloff Fiona Ngaruro Gladys Kavuma Moritz Fichtl

We are excited to kick off programs at the Ilorin Innovation Hub, an initiative of the Kwara State Government, built and equipped in partnership with IHS Towers Nigeria. At our well-attended event yesterday, we announced our program managers, Co-Creation Hub Co-creation HUB (CcHUB) and Future Africa who will play a key role in driving innovation and entrepreneurship at the Hub. #IIHProgramKickOff

This week marked a significant milestone as the Ilorin Innovation Hub officially commenced its programs, reinforcing our commitment to driving innovation, entrepreneurship, and digital transformation in Kwara State. The event brought together key stakeholders for insightful discussions, strategic collaborations, and a shared vision for the future of technology in our ecosystem. We extend our gratitude to His Excellency, Governor of Kwara State AbdulRahman AbdulRazaq, for his unwavering support in making this vision a reality. We also appreciate our partners at IHS Towers Nigeria, CEO Mohamad Darwish and his team as well as our program partners, Co-creation HUB (CcHUB) and Future Africa for their dedication to fostering a thriving innovation ecosystem in Kwara. The program kick-off featured engaging panel sessions, fireside chats, and thought-provoking presentations that explored opportunities for growth and the steps needed to position Kwara as a leading hub for technology and entrepreneurship. We also extend our appreciation to the Minister for Communications, Innovation and Digital Economy of the Federal Republic of Nigeria Dr. ‘Bosun Tijani, Kwara State Commissioner for Business Innovation & Technology Damilola Yetunde Yusuf Adelodun, IHS COO Kazeem Oladepo and the Executive Chairman of the Kwara State Internal Revenue Service Shade Omoniyi for the critical roles they played in this journey. All our ecosystem partners, government officials and contractors/vendors also deserve a big thank you from us. As we embark on this journey, we look forward to empowering innovators, founders, and creators, building an ecosystem that drives sustainable development and economic growth. This is just the beginning—together, we are shaping the future of innovation in Kwara State and beyond.

Meet the VC who blends data with determination. In our exclusive feature, Future Africa’s Mia von Koschitzky-Kimani spills how she’s transforming African startup funding—tackling early-stage capital drought, debt surges, and the rise of climate tech—while relying on grit, gut, and a clear vision for scalable impact. https://lnkd.in/gfi3Wikn

📊 The numbers are in! The African Venture Capital Report 2024, powered by Future Africa and WT Media Inc, uncovers critical shifts in Africa’s funding landscape: Despite global shifts, African startups raised USD 2.07 B—a 4.5% increase from 2023. However, early-stage funding dropped from 31% in 2021 to just 9% in 2024, raising concerns about future growth pipelines. 🌍 Fintech remains dominant (51% of funding), while climate-focused investments surged, pushing the energy sector to 27%. 📍 Kenya tops with USD 537 M, driven by climate-focused debt What’s driving these trends? Explore the data-driven insights shaping Africa’s VC landscape. 📥 Get the full report to dive deeper. https://bit.ly/3ExDGuI #VentureCapitalAfrica #FutureAfrica #WTMediaInc

I deeply enjoyed collaborating with WeeTracker this year, digging into the 2024 Venture Investing numbers and connecting them with what we we experience on the ground every day in order to contribute to a fact based and true to life narrative about where our ecosystem stands in 2024. Key insights that stand out for me: 📈 For the first time since 2021, we have seen growth again in Venture Funding, particularly in H2 2024. Fund closes in 2024 have exceeded total Venture Investments in 2024 particularly driven by growth fund closes. 💡 The share of early stage funding (angel, pre-seed, seed) has declined from 31% in 2021 to a mere 9% in 2024 while growth and late stage capital has grown in share. 💰 Fintech remains dominant at half of funding 🌱 DFIs in particular have driven tons of investment $ into climate startups (either direct or through climate funds) with climate now making up 27% of total funding - largely at the expense of other sectors such as education, health and agriculture that were historically in focus of development funding 💳 Debt has increased its share of funding significantly 🇰🇪 Kenya has particularly benefited from debt and climate capturing most of this capital and getting to the top spot in Africa by total funding - to note that most of this funding has gone to non-local founders which remains a contentious issue to tackle 🇪🇬🇿🇦🇳🇬🇰🇪 Top 4 countries remain dominant at 80% of total funding In light of all the above trends, I am proud of the work we are doing at Accelerate Africa and Future Africa in building a sector -diverse pipeline of commercially strong early stage companies that will become an important pillar of pipeline of investable startups at growth stages and beyond. Iyinoluwa Aboyeji V. Chinyere Inya Ifeoluwa (Awodein) Adepoju Jonathan Ruwanika CA(SA) Iwinnosasevhonken Igiehon Nayantara Jha