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Home Business StartUPs

ATE 2024: Tito Cookey & Tosin Faniro Discuss Fundraising, PMF & Revenue Strategies for Startups

by Joan Aimuengheuwa
June 26, 2024
in StartUPs
0
ATE 2024: Tito Cookey & Tosin Faniro Discuss Fundraising, PMF & Revenue Strategies for Startups
Source: X/Africa Technology Expo

Source: X/Africa Technology Expo

UBA
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At the Africa Technology Expo (ATE) 2024, a fireside chat titled “Turning Ideas into Revenue: Strategies for Startups Balancing Fundraising, PMF & Revenue Generation” featured insights from investors Tito Cookey, investment associate at PlacidCode Labs and investor at Breega, as well as Tosin Faniro, also an investor at Breega. 

Moderated by Napa Onwusah, advisory lead at Novastar Ventures and managing partner at PlacidCode Labs, the session delved into essential tips for startups seeking funding from investors.

Understanding the Stages of Fundraising

Tosin Faniro-Dada outlined the various stages of fundraising:

  • Pre-seed Stage: This initial stage often involves having a Minimum Viable Product (MVP) and a few customers for testing. Funding at this stage ranges from $300,000 to $500,000, sometimes reaching up to $3 million.
  • Seed Stage: At this stage, startups are expected to generate some revenue, even if not profitable. Funding can range from $1 million to $5 million, with larger rounds reaching up to $10 million.
  • Growth Stage: This stage focuses on scaling the product, with a proven ability to monetize and a solid customer base.

Tito Cookey emphasized that at the growth stage, the focus shifts to market expansion or consolidation, aiming to become a market leader.

Paris VC Firm Breega Launches $75M Africa Fund to Back Early-Stage Startups

Defining Product-Market Fit and Revenue Strategies

Tito Cookey highlighted the importance of balancing revenue generation with key performance indicators (KPIs) such as customer engagement. Founders must determine when to monetize and explore different revenue streams, tailored to their industry and market.

Tosin Faniro-Dada discussed various monetization models:

  • Freemium Model: Basic features are free, with premium features available for a fee (e.g., LinkedIn).
  • Transaction Fees: Charging a percentage of transactions.
  • Subscription Model: Recurring revenue from subscriptions.
  • Direct Sales: Selling products or services directly to customers.

Key Criteria for Evaluating Startups

Tosin Faniro-Dada outlined the important factors investors consider:

  • Team: Experience and problem-solving skills are essential. The ability to adapt and work with investors is indispensable.
  • Timing: The market readiness and the relevance of the pain point the product addresses.
  • Market Size: The potential for market expansion and scalability.
  • Competition: Understanding the competitive environment and identifying how the product stands out.

Tito Cookey added that governance, delegation, and managing regulatory relationships are essential at the growth stage. He stressed the importance of traction, whether through KPIs or revenue, to demonstrate market leadership potential.

What Investors Look for in Founders

Tito Cookey prefers founders who are driven, operational, and visionary. He noted the importance of having a balanced founding team to ensure both operational efficiency and apt storytelling.

Tosin Faniro-Dada further emphasized transparency, honesty, and self-awareness. Founders should acknowledge their weaknesses and work with investors to address them.

Conclusively, the fireside chat gave startups the very key insights needed to scale through the fundraising sector, achieving product-market fit, and generating revenue. 

ATE 2024 enlightened startups with the required roadmap needed in their journey. This session in particular pointed to the importance of a strong, adaptable team, strategic monetization, and transparency in enabling successful investor-founder relationships.

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Author

  • Joan Aimuengheuwa
    Joan Aimuengheuwa

    Joan thrives at helping individuals and businesses scale via storytelling...

    View all posts
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Tags: Africa Technology Expo 2024ATE 2024ATE 2024 Fireside ChatFundraisingInvestorsProduct-Market FitRevenue StrategiesStartup FundingstartupsTito Cookey - GAMTosin Faniro-Dada
Joan Aimuengheuwa

Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

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