The event, now in its second year, was attended by over 300 investors, lenders, mentors and ecosystem stakeholders to engage with founders building and expanding businesses across different sectors.

Pitch Day is the final stage of Cascador’s annual Catalytic Fund programme, through which the organisation provides financing and support to founders who have completed its ScaleUp programme.

Funding is offered through a mix of debt and equity investments, with recipients selected based on business performance, growth potential and expected social impact.

The largest funding allocation went to Agriarche, led by Deina Mayaki, which secured a ₦2.5 billion debt facility. Koolboks, founded by Deborah Gael, received ₦2 billion, while Powerstove, led by Okey Esse, secured ₦1.8 billion.

Other debt recipients included First Electric, which received ₦500 million, and Fortics, which secured ₦200 million. Two companies received equity investments, with Stears obtaining $450,000 and Indigenius AI receiving $250,000.

Speaking after receiving the funding, Mayaki said the support would help boost Agriarche’s expansion plans.

“Cascador’s ScaleUp program built upon my team’s ability to translate learning into action by helping us refine our message and market position, adjust our funding strategy, and adapt without defensiveness. 

“The Catalytic Fund due diligence team assessed Agriarche’s financial strength, resourcefulness, and track record of success, and they rewarded our high-potential for scale and impact today by awarding a new N2.5 billion credit facility to power our growth.”

Cascador founder Dave DeLucia said the programme has now distributed over $9 million to entrepreneurs since Pitch Day was introduced two years ago.

“In just two years, Pitch Day has awarded more than $9 million to growth-stage African founders, helping to build a new generation of entrepreneurs equipped to scale transformative businesses.

“We’re now looking for the next cohort of exceptional founders to join our 2026 ScaleUp program and hope to see them on stage at the next Pitch Day.”

Beyond the investment awards, organisers also recognised outstanding participants. Indigenius AI received the NSIA Prize for Innovation, which came with a $10,000 award, while Koolboks won the judges’ Best Pitch prize and received an additional $10,000.

The event also featured a panel discussion on financing options for growth-stage businesses in Nigeria. Participants included Idris Bello of LoftyInc Capital, Danladi Verheijen of Verod Capital, Darlington Nwankwo of Sterling Bank, Ada Osakwe of Agrolay Ventures and Nuli, and Ijeoma Taylaur of NSIA.

The session examined how businesses can access equity financing, working capital, concessionary debt and other forms of long-term support.

Daniel Ayoade of Verod Capital Management, who served as one of the judges, alongside Iyin Aboyeji of Future Africa and Nneka Eze of Vested World, said his involvement with the programme had shown the importance of preparing founders before funding is provided.

“Two years judging Pitch Day, plus a season as faculty for the Cascador ScaleUp program, taught me something the term sheets never capture: capital readiness, not capital, is what turns funding into scale. 

“The founders on stage today walk away with customer pipelines, team training, mentorship, and bespoke support, the connective tissue that lets them multiply what they raise. This is not an accelerator. It is ecosystem architecture, and these founders are its proof.”

Two previous beneficiaries of the Catalytic Fund also shared updates on their businesses.

Babatunde Akin-Moses, founder of Sycamore, said the support received from Cascador helped strengthen the company ahead of a recent fundraising exercise.

“Truly catalytic capital should create companies that eventually no longer need it: That is what it did for Sycamore. Our recent commercial paper raise was oversubscribed by 230%.”

Drive45 founder Seyi Adefemi said access to both funding and strategic support helped the company move beyond a critical growth stage.

“There are founders across Africa solving real problems and building resilient businesses. What they often lack is the financial and non-financial support to cross the gap between potential and scale. Cascador helped Drive45 cross that gap.”

Since launching in 2019, Cascador says it has supported 70 companies that have collectively raised more than $125 million.

Applications for the next ScaleUp programme are open until June 15 for founders across sub-Saharan Africa seeking funding, mentorship and business support.

But then, some of the world’s biggest technology companies followed the same pattern in their early years. They spent heavily first, built infrastructure, gained users, and then monetised at scale later.

That is why the move by Flutterwave is way more important than we speak about.

After processing over $40 billion in payments over the last decade, the company secured a Nigerian microfinance banking licence last month, following its acquisition of Mono, the open banking startup often described as Africa’s version of Plaid. 

This is bigger than another fintech expansion story. What Flutterwave has done is move from simply moving money to controlling more of the infrastructure behind the movement of money.

For years, Flutterwave operated between businesses and banks. Companies used their rails to collect payments, settle transactions and move funds across borders, but the actual deposits and core banking functions still depended on licensed banks. The company processed huge volumes, but part of the economics were elsewhere.

That structure is common in fintech. A startup may appear large from the outside because transaction volume is high, but volume does not automatically mean strong margins. 

Many financial technology firms spend years paying partners, covering compliance expenses, subsidising growth, expanding into new countries and building trust before the business model fully matures.

In simple terms, some businesses spend their early years building the road before they can charge properly for traffic.

Flutterwave’s banking licence changes that equation. The licence allows the company to hold deposits directly, offer accounts, expand lending and control settlement flows inside its own ecosystem rather than depending entirely on partner institutions. 

That may sound technical, but it changes the economics of the business in a big way.

Margins improve when a company owns more layers of its infrastructure. Costs that once went to third parties begin to stay within the system. Products become easier to bundle, data becomes more useful, lending becomes possible and customer retention becomes stronger.

This is why the Mono acquisition is also very important. Mono’s infrastructure gives Flutterwave stronger access to account connectivity, financial data, identity verification and repayment intelligence. 

That means the company is no longer thinking only about payment processing. Its focus is a future where payments, banking, verification, lending and financial data operate together.

And that transition explains a fact that many people ignore when discussing startups. Not every serious business is designed to become profitable immediately.

Some companies optimise for early profit, while others optimise for scale, distribution and infrastructure first.

If a company focuses too early on squeezing profit from every transaction, growth can slow down. Expansion becomes harder, product depth suffers and competitors with stronger infrastructure eventually overtake them.

This is especially true in Africa, where building financial infrastructure is far more expensive and fragmented than many outsiders realise.

A fintech operating across multiple African countries must navigate different currencies, regulators, banking systems, compliance standards and settlement structures. 

In many cases, the rails barely speak to one another efficiently. Building around those gaps costs money and takes time.

That is why many African startups spend years appearing “busy but unprofitable”. The asset being built is usually invisible at first.

Trust, distribution, licensing, compliance, partnerships, technical infrastructure, and customer behaviour take years to develop properly.

What investors and founders usually hope is that once those layers become strong enough, monetisation becomes easier and more durable.

Flutterwave now appears to be entering that phase, already managing payments for global brands including Uber and Netflix across Africa. But the bigger shift is gradually moving from being a payments processor to becoming a financial infrastructure company.

That changes who its competitors are and also changes how the company earns money.

A processor earns from transaction activity, while a financial ecosystem earns from multiple layers at once, including deposits, cards, settlements, lending, verification, subscriptions and embedded services. That is a very different business.

Of course, delayed profitability is not automatically a good sign. Some companies simply burn cash without building durable value. Scale alone is meaningless if the economics never improve.

But there is usually a visible pattern when infrastructure businesses begin to mature. They stop renting critical systems and start owning them.

That is what we see behind Flutterwave’s banking licence. For nearly ten years, the company helped businesses move money across Africa while relying heavily on external banking infrastructure. Now, it is beginning to own more of that infrastructure itself.

And in business, that is the point where the monetisation begins.

Under the Finance Bill 2026 before parliament, the government wants to introduce a 15% capital gains tax on gains made by non-resident investors selling shares abroad when those shares derive value from Kenyan assets or operations.

If passed, the amendment to Kenya’s Income Tax Act would allow the Kenya Revenue Authority (KRA) to tax transactions completed outside the country, even when the companies involved are registered in foreign jurisdictions such as Mauritius, Delaware, London or the Cayman Islands.

The proposal targets a long-standing structure used by venture capital and private equity firms investing in African startups. Many Kenyan startups operate locally but are incorporated abroad because foreign investors prefer offshore holding companies that simplify fundraising, offer stronger legal protection and make acquisitions easier.

Kenya now wants a share of the profits when those investors exit.

The bill states that gains arising from “the alienation of shares by a non-resident person where the shares derive their value from Kenya” would become taxable locally, regardless of where the transaction happens.

Treasury officials are also seeking powers to tax deals involving “a change of the group membership of a company resident in Kenya” as well as changes in ownership tied to Kenyan property.

The proposed law could impact investor exits in sectors including technology, energy and infrastructure, where offshore ownership structures are common.

For founders and investors in Kenya’s startup ecosystem, the changes may create fresh tax exposure during acquisitions, secondary sales and restructuring exercises carried out at the holding-company level.

The Institute of Certified Public Accountants of Kenya (ICPAK) warned lawmakers that the amendment may go beyond standard asset sales.

“As drafted, the provision may create Kenyan CGT exposure for offshore investor exits, capital raising transactions, group restructurings and internal reorganisations undertaken at holding company level,” the body said.

Kenya’s move follows a string of high-profile disputes over offshore transactions linked to local assets.

Last year, Tullow Oil agreed to sell its Kenyan subsidiary, Tullow Kenya BV, to Gulf Energy in a deal connected to the Lokichar oil project in Turkana. Although the transaction was structured offshore, the KRA issued a KES 21 billion ($161.7 million) tax demand, arguing that the transferred shares drew their value from Kenyan oil resources.

The tax authority took a similar position in the 2017 sale of Java House by Emerging Capital Partners to Dubai-based Abraaj Group. Kenya’s Tax Appeals Tribunal later upheld a KES 773.8 million ($5.9 million) tax assessment after rejecting arguments that the transaction fell outside Kenya’s jurisdiction.

The Finance Bill 2026 also includes other tax measures. Kenya plans to raise rental income tax from 7.5% to 10%, introduce a 20% tax on gambling winnings and impose a 1.5% withholding tax on scrap metal sales.

Most provisions in the bill are expected to take effect from July 1, 2026, if parliament approves them.

Kenya is not alone in strengthening tax rules around offshore deals. Uganda already taxes some offshore transactions linked to local assets, while governments across emerging markets are increasing pressure on multinational investors to pay taxes where economic value is created.

For foreign investors already dealing with a slow funding market across Africa, the proposed tax could complicate and increase the cost of Kenyan startup exits.

The 2025 Angel Investment Survey, released in partnership with United Nations Development Programme and research firm Briter, draws on responses from over 60 active angels and network managers.

It also uses transaction data tracked by Briter Intelligence.

The report shows that 29% of respondents have paused or reduced their investments. Another 41% said they are still investing but with caution, usually focusing on companies already in their portfolios.

Even so, the ecosystem is still expanding. There are now more than 75 active angel networks across the continent and participation is getting wider, with women making up 37% of investors and diaspora investors accounting for 33%.

Most individual angels are writing smaller cheques, with more than 90% investing below $25,000, up from 76% a year earlier. In contrast, angel networks are handling larger deals, with 8% reporting investments above $100,000.

Funding conditions are tight, comprising limited exit opportunities and liquidity which are the biggest concern, as revealed by 21% of respondents. Others pointed to weak deal flow, knowledge gaps, and the high cost of investing.

Despite these challenges, angels are still backing growth sectors. About 32% take a sector-agnostic approach, spreading investments across industries. Among those with preferences, agriculture and agritech rank highest for networks and remain a key area for individual investors.

Investment patterns also show a tilt towards lower risk. Many angels prefer startups that are already generating revenue and showing traction. At the same time, close to one in three invest across all stages of a company’s journey.

Performance data in the report shows strong outcomes for Africa’s startups that secure angel investment backing. It shows that 65% of companies in surveyed portfolios have raised follow-on funding.

Separate data from Briter Intelligence puts the follow-on rate at 40% for angel-backed African startups.

Some companies, the report notes, are growing without raising additional capital.

Hence, the findings reveal that the market is growing in size and diversity but facing high risks. Investors are still active, but they are more careful with capital and selective about where it goes.

The report, titled Zero to Funded: A Founder’s Guide to Pre-Seed Fundraising in Africa, was released by Madica, drawing on insights from investors and ecosystem leaders across the continent.

The report takes a closer look at how fundraising actually works at the pre-seed stage and where many African founders get it wrong.

Venture capital is not free money, the report stressed, noting that founders who take it on are entering a long-term relationship that comes with pressure to grow fast, give up equity and eventually provide returns through an exit.

Despite this, many founders still approach fundraising with the wrong assumptions.

One of the most common mistakes, according to the report, is trying to raise money before proving anything in the market. Investors, it says, are not backing ideas alone, they want to see early signs of execution.

“The reality is that investors back passion plus some kind of momentum. Founders with grit can often build that momentum even before they get their first outside cheques.”

That momentum could come in different forms, a basic product, early users, partnerships or even tested assumptions. Without it, founders risk getting stuck in endless pitch cycles.

The report by Madica also challenges the belief, which most African startups have, that building a strong product is enough to attract funding. It says many founders spend too much time developing technology without confirming whether customers actually need it.

“Most founders are super focused on building really good technology, but often they end up solving a problem the customer doesn’t think is a problem.”

Instead, investors want to see clear evidence that founders understand customer pain points and are building solutions people are willing to use and pay for.

Valuation is another area where founders usually get it wrong. While a high valuation may look impressive, the report warns it can create problems later if the business cannot meet expectations.

Startups that raise at inflated valuations risk being forced into down rounds, which can damage investor confidence and weaken the business.

Beyond these misconceptions, the report outlines what signals readiness at the pre-seed stage. Investors are looking for clarity, credibility and early traction rather than polished financial models.

A working product, even if basic, carries more weight than a well-designed pitch deck.

“At pre-seed, the most important thing you really want to focus on is launching the product, testing your hypothesis and identifying your road map to product market fit.”

Growth, the report adds, does not have to be large at this stage. What counts is consistency and the ability to show a pattern.

“What I want to see is repeatability: $10 this month, $20 the next, $30 after that, growth that shows a pattern I can trust.”

Across Africa, the fundraising sector varies by region, but the expectations are largely the same.

West Africa recorded 475 pre-seed deals worth about $219.43 million between 2019 and 2025, making it the most active region. However, most of that capital is concentrated in Nigeria.

North Africa followed with 307 deals valued at $165.58 million, driven largely by Egypt, while East Africa saw 213 deals worth $84.51 million. Southern Africa recorded the lowest activity, with $45.78 million raised across 118 deals.

Even with these differences, investors apply similar standards across the board.

Madica also makes it clear that venture capital is not suitable for every African startups business. It is designed for companies that can scale quickly and deliver large returns within a set timeframe.

For founders building smaller or more localised businesses, other funding options may be more appropriate.

In the end, the report returns to the point that founders who focus on customers, test their ideas early and show progress are more likely to attract funding.

Those who focus only on raising money risk missing the basics that investors care about most.

Employees joined a video call with senior executives on Wednesday, March 25, where many learned their roles had been terminated. The cuts affected several departments, according to people familiar with the process and internal documents.

In a response sent on Friday, a company spokesperson said: “Kuda is evolving how the organisation is structured to support the next phase of our growth and scale. This is not a decision driven by financial pressure, but part of the natural evolution of a company at our stage, aligning with industry benchmarks.”

Executives told staff the decision was not tied to individual performance. Instead, they said it followed a strategic review that looked at long-term priorities and how the company compares with others in the sector.

“As part of this process, some roles across the business have been impacted. We know this is difficult, and these were not decisions we took lightly,” the spokesperson added.

“We are supporting those affected with enhanced severance packages and practical transition support, while staying focused on serving our customers and continuing our long-term growth.”

Inside the company, the announcement did not land smoothly, as some employees found it difficult to join the initial call after the meeting link failed.

When it finally started, executives confirmed the layoffs without much detail, leaving questions about how decisions were made.

One internal document sent to affected staff read: “Following a strategic review of future operational priorities, industry benchmarking, and long-term direction, the Company has identified the need to restructure and reorganise certain departments.”

The impact affected some teams more. Nineteen out of forty employees in the marketing unit were affected, according to two people who said they were part of the process.

Kuda has offered severance packages that differ by role and length of service. Some employees expect payouts of up to seven months’ salary and the company is also proposing an enhanced exit option tied to a settlement agreement.

Part of the notice states: “The enhanced severance payment would be conditional upon you entering into a legally binding settlement agreement… [and] agree not to bring any claims.”

The layoffs come at a time when the company’s financial position has been improving. Losses dropped from $35.11 million in 2023 to $5.83 million in 2024. Revenue from its Nigerian unit nearly doubled to ₦21.2 billion, while operating costs fell.

At the same time, activity on the platform has grown. Kuda processed transactions worth ₦14.3 trillion in 2025, more than in its first five years combined. It also issued ₦16.4 billion in overdrafts, a 43% increase over the previous quarter.

Even so, the environment for fintech firms has changed. Funding into African fintech dropped by more than half in 2024 compared with the peak years of 2021 and 2022.

Investors now want clear profit, not just rapid customer growth. Kuda’s $20 million raise in 2024, at a $500 million valuation, shows that change in direction.

Across the industry, others are making similar moves. Companies such as OPay and Moniepoint have adjusted their teams in recent months, while Flutterwave has faced regulatory issues in key markets.

At the same time, oversight from the Central Bank of Nigeria and foreign exchange limitations continue to weigh on margins.

Kuda, which has about seven million customers, is also dealing with stronger competition from traditional banks expanding their digital services.

As it stands, Kuda Bank says the restructuring is about positioning for growth. Inside the business, however, the sudden nature of the cuts has left many employees trying to make sense of what comes next.

Even when companies with mixed-gender founding teams are included, startups involving women attracted just over 12% of global venture funding.

These are still among the most striking imbalances in the global startup economy.

But the funding gap doesn’t reveal the lot happening across sectors such as finance, healthcare, artificial intelligence, mobility and digital commerce. Women entrepreneurs are building companies that address everyday problems, including saving money, accessing diagnostics, paying school fees or commuting to work. 

Many of these businesses are growing quietly but steadily, creating new markets and improving access to essential services.

As the world marks International Women’s Day (IWD 2026), the economic focus has gone beyond asking if women are entering business, but where they are touching and bolstering entire sectors.

Fintech: expanding access to money

Financial technology has become one of the most visible areas where women are building scalable companies.

In Nigeria, PiggyVest, co-founded by Odunayo Eweniyi, has grown into one of the country’s most widely used savings and investment platforms. The service allows users to automate savings and invest small amounts through a mobile app. For many youths, it has become a simple entry point into personal finance.

Eweniyi is also a co-founder of FirstCheck Africa, an investment fund created to provide early-stage funding for female-led technology startups across the continent.

Another Nigerian fintech platform attracting attention is Bamboo, where Yanmo Omorogbe serves as co-founder and chief operating officer. Bamboo allows Nigerians to buy and trade U.S. stocks directly from their phones, a service that has received strong demand from young investors seeking exposure to global markets.

Elsewhere on the continent, women are building platforms focused on financial inclusion.

Shecluded, founded by Ifeoma Uddoh, provides loans and financial training to female entrepreneurs. The platform supports women who usually find access to credit from traditional banks difficult.

Another example is Hervest, founded by Solape Akinpelu, which offers savings and investment products designed specifically for African women, including smallholder farmers.

At the grassroots level, social enterprise Mamamoni, created by Nkem Okocha, provides microloans and vocational training for women in low-income communities.

Taken together, these platforms illustrate how fintech innovation in Africa is addressing financial behaviour such as saving, investing and accessing credit, rather than simply digitising traditional banking.

Health technology: solving long-ignored healthcare gaps

Healthcare is another sector where women entrepreneurs are building companies around problems that were usually overlooked by traditional investors.

In Nigeria, Healthtracka, founded by Ifeoluwa Dare‑Johnson, allows users to book laboratory tests online and receive diagnostic results digitally. The company raised $1.5 million in seed funding to expand its services across Africa. 

Simplifying access to diagnostics, Healthtracka is tackling one of the toughest gaps in African healthcare systems.

Another Nigerian startup in the space is Clafiya, founded by Jennie Nwokoye. The platform connects patients with verified healthcare providers, offering digital access to medical consultations and services.

Pharmaceutical access is being addressed by Pharmarun, founded by Teniola Adedeji, which helps people locate and finance prescription medications across African markets.

Meanwhile, One Health, founded by Adeola Alli, is building a mobile-first platform that simplifies pharmacy services and access to primary healthcare.

Globally, women founders are also building large digital health companies.

U.S. platform Maven Clinic, founded by Katherine Ryder, provides virtual care services covering pregnancy, fertility and family health. The company has reached a valuation above $1 billion.

Another fast-growing health company is Kindbody, founded by physician Gina Bartasi, which operates fertility clinics and digital reproductive health platforms.

These businesses show how women founders are turning neglected healthcare challenges into scalable technology markets.

Enterprise software and artificial intelligence

The technology sector is male-dominated, particularly in enterprise software and artificial intelligence. But then several women entrepreneurs have built companies at the centre of the digital economy.

One of the most interesting examples is Canva, co-founded by Melanie Perkins. The platform has grown into one of the world’s most widely used design tools, serving more than 150 million users globally.

Another example from the AI sector is Scale AI, co-founded by Lucy Guo, which provides data infrastructure used to train artificial intelligence systems.

These companies operate deep inside the digital economy, building the tools and infrastructure that other businesses rely on.

Mobility and urban transport

Women founders are also addressing everyday urban problems, particularly transportation in fast-growing cities.

In Nigeria, Shuttlers, founded by Damilola Olokesusi, operates a scheduled bus-sharing platform designed to reduce commuting stress in cities such as Lagos. 

The company allows users to book bus seats through a mobile app and has raised more than $5 million in funding to expand its operations.

Urban mobility is one of the biggest challenges in rapidly expanding African cities. Platforms like Shuttlers provide structured alternatives to chaotic public transport systems.

Logistics and cross-border commerce

eCommerce is expanding across Africa, and logistics startups are becoming more important.

Sendsprint, founded by Damisi Busari, focuses on simplifying cross-border remittances and international payments.

Meanwhile, Fez Delivery, founded by Seun Alley, is building last-mile delivery infrastructure for businesses and consumers across African cities.

Logistics companies like these are the backbone of digital commerce, connecting online marketplaces to physical deliveries.

Education technology and financial literacy

Education financing is another area where women founders are developing new solutions.

Schoolable, co-founded by Angela Essien, provides financing tools that allow families and schools to spread tuition payments over time. The company has also developed digital tools that teach financial literacy to students.

Across many African countries, school fees sometimes limit education. Flexible financing platforms like Schoolable are attempting to solve that problem.

The funding paradox

Looking beyond these good works, women founders still receive a small share of venture capital.

Data from the Global Entrepreneurship Monitor shows that women are launching businesses at rates close to men in many parts of the world.

However, access to capital is uneven. Across Africa, female-founded startups raised about $256 million in venture funding in 2025, representing 10% of the continent’s total equity investment, according to research from Partech Partners.

Part of the explanation is within the investment industry itself. Women still hold fewer than one-fifth of senior roles in venture capital firms globally.

Investment networks usually affect who receives funding, and those networks are dominated by men.

The industries women may transform next

Several emerging sectors could see stronger participation from women entrepreneurs in the coming years.

Artificial intelligence applications in healthcare and education are expanding, and climate technology, covering renewable energy, environmental monitoring and sustainable agriculture, is also attracting attention.

Another fast-growing field is the care economy, which includes childcare services, elder care and home healthcare.

With populations ageing and cities expanding, these sectors are likely to become indispensable to the global economy.

A change already underway

The venture capital gap is real and women founders still receive a small share of global startup investment.

But the companies they are building are doing exploits, solving problems that affect millions of people.

The change may not always be broadcasted, but across multiple industries, it is already enhancing markets.

Women are not simply joining the startup economy, but are helping determine what it becomes.

Disclosed by Africa: The Big Deal, the amount raised was well below the $276 million recorded in January 2025 and also under the average monthly total of $263 million seen over the past 12 months. 

Still, it was higher than January figures from earlier years, including 2023 and 2024, when funding volumes were far lower.

What stood out in January was not just the money, but the number of deals. 

Only 26 startups across the continent announced funding of $100,000 or more. That figure is unusually low and the weakest monthly count since at least 2020. 

A small group of companies accounted for much of the funding announced during the month. In Egypt, fintech firm valU secured $64 million in debt from the National Bank. 

Nigeria-based mobility financing company MAX raised $24 million through a mix of equity and asset-backed debt.

Several other firms closed double-digit rounds. NowPay, another Egyptian fintech, raised $20 million in equity. Moroccan proptech start-up Yakeey announced a $15 million Series A round. 

Terra Industries raised $12 million, while Côte d’Ivoire fintech company Cauridor announced a round of more than $10 million.

There were also transactions that did not count towards the funding total. Flutterwave acquired Nigerian startup Mono in an all-stock deal valued at about $30 million. 

Tech talent company Savannah was acquired by Commit, and Izili Group took over off-grid solar firm Qotto.

January is usually a slow month for startup funding, both African and international, especially after a busy December, and similar dips were recorded at the start of 2023, 2024 and 2025, not just 2026. 

Even so, the thin deal flow this time has shown how tough investors have become.

Fintech continued to attract the largest share of capital, but deals in property technology, mobility and defence showed that interest was spread across sectors. 

Egypt and Nigeria led activity, while Morocco and Côte d’Ivoire featured through fewer but sizeable transactions.

Speaking during an exclusive fireside chat titled ‘Beyond the Hype: What it really takes to build technology that scales in Africa,’ the serial entrepreneur and investor dismantled some of the most popular assumptions in African tech, challenging founders to rethink almost everything they believe about building technology on the continent, including the belief that scale begins with funding.

Aboyeji said that raising money is not the hardest part of building a technology company in Africa, and it may be the most overrated.

“When you want to build beyond the hype in the world that we live in today, you also have to build beyond Africa. So when you say what it takes to build technology companies that scale in Africa, that’s a very limiting title, because you should be thinking beyond Africa.”

For Iyinoluwa Aboyeji, who has co-founded Andela, Flutterwave, Moove and investment firm Future Africa, scale does not start with geography, pitch decks or capital. It starts with the biggest perspective most founders avoid. Companies that last are not built for locations. They are built for people.

“The most important thing any business needs is a unique understanding of its customers. Technology transcends more than geography, and it’s more adaptive to psychographics than it is to geography.”

This misunderstanding, he said, is why many founders begin by copying Silicon Valley playbooks rather than defining what technology can truly do for their customers.

“A lot of people start off trying to figure out what Silicon Valley is doing, and I’m going to just build the Nigerian version.”

That approach, he said, usually leads to companies that look successful on the surface and raise money, but it rarely builds companies that reach scale and serve millions.

“You can have a successful company, depending on how you measure success, by copying Silicon Valley, but in terms of scale, in terms of a product that goes deep into serving billions of customers, I’ve just never seen it work.”

The myth in African tech

Iyinoluwa Aboyeji repeatedly returned to what he described as the most damaging belief in the ecosystem. “The big myth that a lot of people have is that the most important thing you need for a startup is investment.”

Capital, he said, is not the foundation of scale. Customers are. “The most important thing any business needs is a unique understanding of their customer that is sufficiently differentiated from others, but comes from a place of real depth.”

He illustrated this with the origin of Moove, the mobility fintech he co-founded. The company started by addressing what seemed to be a Lagos problem, where drivers needed cars but could not afford to buy them.

“What we didn’t realise was psychographic about that was that the problem of drivers without cars is a global problem.”

The insight became clear once the team stopped viewing the issue as local. “You go to London, all those drivers don’t own the cars they’re driving. You go to Dubai, Germany. When you break out of your geographic and demographic barrier, and you start going into the psychographic world, you’re going to unlock products that are global by nature.”

Why product–market fit is rare

Asked how founders should think about product–market fit, Aboyeji dismissed the way the term is usually used. “You have to have an obsession with your customers. When I say obsession, I don’t mean it lightly.”

As an investor, he said his firm reviews thousands of pitch decks but stops only when something genuinely unfamiliar appears. “We only stop to look when we see something that we’ve not seen before.”

He used a portfolio company, Filmmaker Smart, as an example, whose founding idea went against the dominant thinking in Africa’s creative economy.

“Their core thesis was that nobody needs a movie studio. It’s too expensive and it doesn’t fit the way film is made in Africa.”

At the time, the idea sounded unreasonable. Today, the company is backed by IFC and Sony, generates six- and seven-figure revenues annually, and is used by major studios.

“Somebody who understands a customer understands how to reimagine a world that they need to live in.”

Teams fail before products do

On building teams, Aboyeji spoke about where many founders go wrong. “I see a lot of people spend a lot of equity and money hiring engineers that don’t actually know anything about their markets.”

Skill alone, he said, is not enough.

“If the person who’s actually going to be touching the product and building the product doesn’t have insight, you’re actually better off just using a contracting agency.”

What matters most, especially for co-founders, is commitment. “Passion is actually a Greek word that means something you’re willing to suffer for.”

He warned founders against carrying unwilling partners or begging co-founders to work. “If the moment you’re working with somebody who doesn’t feel a need to sacrifice, just know you’re alone.”

The cost of taking bold steps

Reflecting on his own “big bold step,” Iyinoluwa Aboyeji pointed to his decision to leave Andela at a time when the startup had Mark Zuckerberg as an investor and was already a large, successful business.

“I could have just stayed there, but I wouldn’t be a three-time founder if I didn’t make that move.”

The move to Flutterwave came with no safety net. “That entire first year there was no salary. I was borrowing money from my wife. That was my girlfriend.”

He described weekly flights between Lagos and San Francisco, sleeping on planes, and working across continents simply to keep the company alive.

Starting again, he said, has since become second nature.

On failure

Iyinoluwa Aboyeji addressed failure without trying to soften it. “The definite outcome of every startup is death.” What separates founders, he argued, is how they treat that reality. “There was a business that failed. It wasn’t you.”

He shared stories of early ventures that collapsed, near expulsion from university, and pivots that only worked after initial ideas failed. “Every company you see failed its way to becoming successful.”

The one thing founders must stop doing

During the rapid-fire round at the Conference, Aboyeji was asked what founders must stop doing if they want to succeed.

“Raising money.”

He explained why. “Because customers are how you get money. Capital is customers.” 

Partaining the future, his outlook was: “African talent will dominate artificial intelligence.”

“Stop copying, stop chasing investors, understand customers deeply, and accept failure as part of the work.”

The two-day conference, themed “The Big Bold Step,” brought together telecoms operators, global technology firms, startups, investors, students and public-sector leaders at Landmark Event Centre to discuss what it will take for Africa to stop lagging and start building platforms of its own.

From keynote sessions to fireside chats and product showcases, the conference stressed that the limitations initially preventing African companies from competing at scale are fading away, but hesitation remains highly expensive.

Glory Olamigoke, co-founder and co-convener of Tech Revolution Africa, said the conference was designed to close a persistent gap in the ecosystem.

“We are trying to solve a number of problems and close a number of gaps, but perhaps the most critical one is bridging the gap between the early stage innovators, builders, founders in the ecosystem and the leaders in the space,” he said.

Unlike typical industry gatherings, Olamigoke said the event was intentionally structured to bring founders and decision-makers into the same room, while also extending its reach beyond established stakeholders.

“We are going all the way down to the secondary schools, the primary schools, because we believe that if we can start to culture these young ones, then we will be able to influence the next generation,” he said, pointing to the student tech debates introduced at this year’s edition.

That emphasis on long-term capacity building was reiterated through the day’s conversations, including a fireside chat with the Federal Government, represented by Lagos State Commissioner for Innovation, Science and Technology, Olatunbosun Alake.

Drawing from Nigeria’s reputation challenges abroad, Alake said that while technology is important, Africa’s potential cannot be realised without addressing surrounding challenges, including Nigeria’s image abroad.

“It’s not a technology conversation,” he said. “It’s a conversation that is at the very bottom of the motivation behind everything.”

He urged young professionals to engage the public sector rather than avoid it, describing the work as difficult but impactful. “By all means, do that, because you will have an impact, but make sure that your principles and your values remain strong,” he said.

MTN Nigeria’s keynote on the digital economy forecast for 2026, delivered by its Chief Information Officer, Shoyinka Shodunke, went beyond a focus on growth projections. 

Shodunke traced Africa’s marginal role across previous industrial revolutions and warned that the fourth leaves little room for delay.

“The inputs today are data, and where’s the factory? The factory sits in the cloud,” he said, adding that talent is no longer bound by geography and computing power no longer requires heavy capital outlay.

He pointed to cloud subscriptions available “at $50” compared to six-figure infrastructure costs in the past, arguing that scale is now accessible to startups and enterprises alike. But he warned that comfort with legacy revenue streams could still hold organisations back.

“You cannot live with a legacy mindset, a fear of disruption, or the comfort of mediocrity,” Shodunke said.

Using MTN as a case study, he explained how the telecoms giant has had to intentionally disrupt itself, moving beyond voice and data into cloud services, fintech and intelligent platforms layered on top of its network infrastructure.

The focus on infrastructure continued during MTN’s product showcase, where Onome Ologe and Tobechukwu Ajoku outlined the company’s local cloud services, emphasising data residency, naira-based pricing and predictable operating costs for Nigerian businesses.

“If you’re a CFO or a founder and you need to know cost accountability, you can go to sleep,” Ajoku said, noting that pricing remains stable regardless of foreign exchange volatility.

From infrastructure, the conversation at Tech Revolution Africa 2.0 moved into data and artificial intelligence during a presentation by Ligadata’s Mike Penner, who revealed the scale of its partnership with MTN Nigeria’s data operations.

“We now are running at 1.2 trillion pet records, 1.4 million records per second,” Penner said, describing a system designed to turn fragmented enterprise data into real-time, actionable intelligence.

“What we’ve done over the past few years at MTN together is something extraordinary,” he said, adding that the goal was not experimentation but measurable value creation.

Penner noted that African enterprises must treat data and knowledge as sovereign assets, warning against outsourcing intelligence without understanding what drives it.

That theme of sovereignty and control resurfaced during a panel on open innovation and hybrid platforms featuring executives from Red Hat and Redington. 

Speakers explained that open-source software and hybrid cloud models offer African companies flexibility without locking them into single platforms or geographies.

“Open source is driving innovation.” It is a condition of innovation, particularly for startups seeking speed without prohibitive expenses.

During a fireside chat on Global Tech & the African Market, Soji Maurice-Diya, CEO of ntel (NatCom), emphasized the need for Africa to focus on solving its own problems rather than simply chasing global trends.

He said, “Nobody’s going to solve our problems for us. Yes, we need global access, we need all the technology that’s available, taper all of the solutions and build our own solutions.”

Maurice-Diya added that African companies should prioritise innovation that addresses local challenges, ensuring technology creates measurable impact rather than just replicating global models.

Equinix’s Ayomide Jones, EMEA Business Development, West Africa, also spoke on the role of interconnection in Africa’s digital growth. She highlighted how networks, content and cloud providers work together to enhance modern businesses. 

“Everything we use nowadays to solve our problems is content. This is only possible because of interconnection,” Jones said. 

She explained that Equinix’s data centres in Lagos and across Africa enable startups and enterprises to connect to cloud services, financial systems, and global platforms without heavy upfront investment, creating the infrastructure that allows African businesses to scale quickly.

For all the talk of opportunity, speakers repeatedly returned to execution as the differentiator. “We always talk, so now, let’s go back and execute,” Olamigoke said.

Day Two of Tech Revolution Africa Conference 2.0 continues on Saturday, with further sessions on policy, investment, emerging technologies and the role of African enterprises in strengthening the continent’s digital economy.