Despite the region’s abundant resources, its entrepreneurial ecosystem still faces the same stubborn problems, which include energy insecurity, fragile food systems, and cities buckling under speedy urbanisation. 

Over 570 million people in sub-Saharan Africa still lack access to reliable electricity, while food insecurity is estimated to affect more than 220 million people. But then, funding for solutions is scarce, scattered, and often too small to move the needle.

For Mythri Sambasivan-George, founding member and chairperson of Angel Network Botswana, the path forward is not to chase every idea that ‘looks’ good, but about pooling funds, minds, and willpower around themes that can change the future. 

“Limited number of investors, with a limit on how much investable funds they have, thus, pooled or targeted thematic investments will help to truly catalyse a particular area,” she said in our conversation ahead of ABAN Congress 2025 in Lagos.

No, this is not an abstract argument, it is a pragmatic one. According to her, sector-driven or thematic investing gives angels the power to align resources with problems that matter most to the region. 

“Each thematic area will have a different horizon for returns, like food security can be super high risk given changing diseases, changing climate, poor cold chain or logistics regionally, an imperfect market system with South Africa ‘controlling’ supply into chain stores. If we are able to pool investments, then the investments can be of a size that can be regionally relevant, and not just for local consumption,” she explained.

Pooling, she argued, is not just about money. “By pooling, you not only pool funds but also expertise, networks, mindset, and willpower. Everyone is pulling in the same direction, and thus can affect real change.”

Case Studies in Sector-Specific Impact

Southern Africa has already seen how thematic bets can work. Sambasivan-George points to Botswana as a test case. The government’s solar incentives, particularly net metering, have brought forth an industry with multiple grid-scale plants. 

“In the coming 12 months, the Botswana power sector will see the impacts of all these plants coming online. Returns and impact are readily available and easy to justify with Solar,” she said.

Education is another. When Botswana liberalised its education sector in 2006 and allowed government-sponsored students into private institutions, it unlocked one of the fastest expansions in higher education enrolment in the region. “It catalysed provision and access, and also enabled some institutions to be regionally relevant,” she noted.

Most recently, Botswana’s SmartBots strategy has become a beacon for digital transformation. From a government-backed coding lab at the Botswana Digital & Innovation Hub (BDIH) to demo farms using drones and green tech for agriculture, the initiative shows how thematic focus can blend impact with commercial viability. 

“They use drones and other highly scalable technologies to de-risk agricultural business, while driving a more sustainable business model through organic and value chain empowerment,” she said.

Similar drives are underway in South Africa, Namibia, and Zambia, showing a region beginning to pivot towards coordinated, theme-led innovation.

Identifying the Right Sectors

Still, thematic investing requires clear signals for where the growth lies. But regional disunity is a challenge. “With many African economies still not working together with their neighbours, everyone is competing with each other, thus wasting resources, and ultimately, no one is growing,” she stated. 

For her, bodies like SADC should play a stronger role in promoting cross-border cooperation so investors can build companies that are regionally and globally competitive.

She believes ABAN’s role in coordinating opportunities across its nine networks in the South African economic block—from Angel Network Botswana and Namibia Business Angels Network to Jozi Angels and SABAN—is essential to this mission.

Partnerships as Catalysts

No single player can carry the weight of Southern Africa’s development. Thematic investments, she argued, need partnerships across three fronts: governments, development agencies, and private capital. “Healthcare, education, energy, and infrastructure. These 4 areas require a partnership approach at a regional level. This will enable the region to be more productive and more cohesive,” she said.

Governments, in her view, should stick to creating enabling environments with clear regulations. Development agencies must outline societal goals. Private investors then bring in the discipline of capital.

Balancing Profit and Development

There are usually worries that thematic investing might sacrifice returns for impact. Sambasivan-George sees this as a false trade-off. Transparency, accountability, and measurable impact can reconcile the two. “Transparency in deal-making—profit margins, quality metrics, production guarantees, wage expectations,” she listed, are non-negotiables.

She advocates for companies to set development milestones within clear frameworks, alongside some income guarantees to lower investment risk. Just as importantly, “SDG benchmark markers to be submitted as a part of companies’ annual reports” could make development gains as trackable as profits.

As Southern Africa prepares for the ABAN Congress 2025, Sambasivan-George’s says scattershot investing will not solve systemic problems, thematic investing will. Sustainability lies in collective, sector-driven bets that can match vision with scale. 

And if investors can align not just their money but also their intentions, Southern Africa might just prove that Africa can, indeed, fund Africa.

While global venture capital can flow from San Francisco to Singapore overnight, a young founder in Yaoundé looking to scale into Cotonou still wrestles paperwork, incompatible banking systems, and regulators who seem allergic to regional collaboration.

But then, Francophone Africa is not folding its hands. Angel networks across the region are stepping in to ensure early-stage investing, even as they contend with structural barriers. 

At the centre of this movement is Joel Nana Kontchou, vice president of the Cameroon Angels Network, who will be speaking at the ABAN Annual Congress 2025 in Lagos under the theme “Accelerating Local Capital Participation.” 

He emphasises that without breaking down barriers to cross-border syndication, African startups risk remaining local champions in a globalised market.

“We need to be aware of how far Francophone Africa has gone, and advocate for the implementation of all or part of what exists there—Startup Act, financial system, investment processes,” Joel told Techeconomy.

The Barriers We Refuse to Ignore

Francophone Africa has deep trade and cultural links that should make cross-border investment seamless. But then, it’s a different case in reality. According to the World Bank, intra-African trade accounts for just 15% of the continent’s total trade, compared to 67% in Europe. 

For startups, the challenge is even worse. Regulations differ from one country to another. Banking systems resist integration. Moving capital across borders usually seems like contraband.

On the biggest barriers preventing cross-border investor collaboration, and how they can be overcome, Joel said, “Financial system and different regulations per country. Moving money across African countries is a big challenge. To overcome this, startups need to have a corporate office in a financial neutral zone (Kigali, Mauritius, the USA, and others). As per regulations, we need to agree on minimum standards that can be used across.”

The solution, he argues, is not to wait for governments but to set up practical frameworks that investors and networks can agree upon.

No Success Stories, Yet

When asked if Francophone Africa could point to a cross-border syndicate that had successfully scaled a startup into a pan-African player, Joel was blunt:

“Unfortunately, we do not have examples.”

It’s an unpleasant eality. But it also explains why conversations like those at ABAN Congress are not just academic, they are strategies to scale up. If networks don’t act, startups will continue to expand one painful country at a time, bleeding resources that could have gone into innovation.

Towards a Minimum Standard

One of the strongest recommendations Joel makes is the need for harmonisation. Different angel groups across the region have varying due diligence, governance, and investment practices. For cross-border syndication to become normal, they need to converge.

“We need to define a minimum standard to use. ABAN could take the lead on this.”

This is where ABAN’s 10-year anniversary is important. The network now spans across the continent with strong representation in Francophone Africa, including 10 active angel groups such as Gabon Angel Investors Network, Business Angel Network of Chad, Congo Business Angels, Casbah Business Angels, and the Women Business Angel Network. Together, they have the numbers and influence to push through reforms.

Beyond the Money

While funding is essential, Joel insists that the role of cross-border investors must extend beyond writing cheques.

“Cross-border investors could bring marketing actions and access to their local network, be it administrative, legal, or commercial.”

For startups, that kind of access is usually more valuable than cash. Market entry support, introductions to regulators, and cultural know-how can make the difference between success and failure.

The ABAN Congress in Lagos is expected to ignite these conversations with renewed urgency. Francophone Africa, with its 300 million people and rising pool of angel investors, cannot afford to remain a fragmented ecosystem. 

The next African unicorn may already exist in Douala, Dakar, or Kinshasa, but without cross-border syndication, it may never grow beyond its home turf.

Joel Nana Kontchou strongly reiterates that integration is the foundation for building Africa-funded African startups. The question is whether angel investors across the continent are ready to match words with action.