The summit forms part of the industry association’s 21st Annual AVCA Conference week, held in Lagos until 2 May.

The global gathering brings early-stage and venture capital investors, corporate venture arms, founders, entrepreneurs, and accelerators together to discuss new trends and plot the rise of Africa’s venture capital landscape.

Abi Mustapha-Maduakor, CEO of AVCA, opened the Summit by acknowledging the strategic importance of Nigeria’s entrepreneurial landscape:

“Hosting the Summit in Nigeria is significant because this country has long been at the heart of Africa’s entrepreneurial evolution. Despite economic headwinds, we’ve witnessed innovation and resilience in the early-stage ecosystem. It is no coincidence that in 2024, Nigeria produced one of the continent’s newest unicorns.”

Tope Awotona, founder and CEO of Calendly, the US$3bn tech unicorn, and Abi Mustapha-Maduakor, CEO of AVCA, kicked off the summit with a keynote fireside chat. Describing his remarkable entrepreneurial journey, Awotona said:

“I knew scheduling wasn’t just a productivity tax—it was a tax on important business outcomes like revenue. We didn’t invent online scheduling but made it accessible to more people through three key innovations: our freemium pricing model, our viral distribution method, and our data-driven product improvements.”

The conversation affirmed the power of innovation, enabling expansion to international markets and the benefits of experimentation with price, distribution, and product. Awotona said:

“When scheduling went virtual, more users meant more data could help to improve the product and help to become the best on the market.” 

Following the sentiments of Calendly’s Founder and CEO, a panel titled Unlocking Scale: The Growth-Stage Challenge with Leo Batalov, Partner, Global Co-Head of Emerging Growth Companies and Venture Capital, DLA Piper, and Brian Waswani Odhiambo, Partner, Novastar Ventures, examined how to bridge the gap for businesses moving from early stage development to accessing capital in their growth stage, and highlighted the urgency of building strong local investor ecosystems.

Outlining the roles of founders and venture capital investors in supporting the long-term sustainability of Africa’s burgeoning tech ecosystem, Dr Omobola Johnson, senior partner, TLcom Capital, said:

“We need to help founders understand that at the growth stage, they’re competing for global capital, not just local. Founders must recognise the competition and make their businesses appealing to international investors…This makes the African market more scalable, bankable, and investable.”

The summit proceeded with a headline session, entitled Titans of Industry: Bold Moves, featuring Tosin Eniolorunda, group CEO of Moniepoint, who underscored the merits of building a valuable company and building a robust team.

He said, “If you have an organisation that is growing, investors will be interested; so we focused early on establishing good fundamentals—topline growth, profitability, EBITDA margins, return on equity. The more important goal is building a valuable company with healthy bottom lines. This opens up multiple opportunities, whether through Nigeria’s evolving stock exchange or large buyouts from sovereign wealth funds.”

Other panels convened capital allocators – representing corporate, commercial, and development-focused interests – to share their perspectives on a maturing venture capital ecosystem in Africa.

The competitive fundraising environment provided a backdrop to outline how Limited Partners (LPs) select where to invest, assess risk, evaluate opportunity, and determine priorities.

In a panel entitled Venture Debt – Africa’s Missing Piece? speakers including Rosanne Whalley, Chief Executive Officer, AHL Ventures Partners, Roeland Donckers, Managing Partner, iungo capital, and moderator Tage Kene-Okafor, Africa reporter at TechCrunch, discussed the role of venture debt products as a complement to equity funding, providing bridge capital to accelerate company growth.

According to AVCA’s latest report, venture debt showed impressive resilience in 2024, with 60 deals totalling US$1.0bn—a 3% increase year-on-year.

While representing just 12% of total deal volume, venture debt accounted for 37% of total capital deployed, with median deal sizes reaching US$7.5mn, nearly three times larger than equity-based transactions.

The session underscored the need for African investors to know when to deploy these tools and the importance of raising awareness amongst founders of these financing alternatives.

Biola Alabi Venture Partner, Delta40, noted that “there is a critical gap in financial literacy around debt financing in our ecosystem. Many founders and even some GPs don’t fully understand what debt investors require in terms of traction and stability. We need to help restructure existing debt and educate founders on how venture debt can complement equity to extend runway and avoid dilution, particularly for businesses with predictable revenue streams.”

• Strategic merger combines AVCA’s research and convening power with PEVCA’s deep local networks to support fund managers and investors.
• The merger connects international finance and domestic finance – deepening the financial sector in Nigeria and West African markets.
• Anna Evi-Parker, Executive Secretary of PEVCA, to join AVCA’s senior leadership team as Regional Head, West Africa

AVCA – the African Private Capital Association – and the Private Equity and Venture Capital Association, Nigeria (PEVCA), have announced a strategic merger to strengthen Nigeria’s private capital ecosystem.

The merger reflects a joint ambition to catalyse new investment opportunities and boost sub-regional and continent-wide growth.

The merger combines AVCA’s 20-year track record of industry advocacy, market intelligence, research, and convening power with PEVCA’s extensive networks and local expertise. The partnership demonstrates a shared commitment to promote private sector growth, the position of Nigeria’s venture capital (VC) ecosystem, and the potential for domestic capital to crowd in strategic areas such as technology, infrastructure, agriculture, and more.

The announcement comes ahead of the 21st Annual AVCA Conference in Lagos (28 April – 2 May), themed Bold Moves: Powering 10x in Africa.

The conference returns to Nigeria for the first time in 11 years, accompanied by AVCA’s newly released Nigeria Factsheet which reveals the country’s leading position in West Africa––securing 66% of regional deal volume and 52% of deal value between 2020 and 2024.

As Africa’s most active venture capital market – accounting for 19% of the continent’s VC deals and home to five unicorns – Nigeria presents a dynamic backdrop for conversations and collaboration to drive innovation and investment in Africa.

This partnership will provide more tailored support for fund managers, increase engagement with policymakers and institutional investors, and enhance cooperation between local and international finance in Africa.

In Nigeria alone, the country’s pension fund assets have surpassed ₦18 trillion ($20bn), highlighting the untapped potential of domestic capital.

By combining AVCA’s robust data, research, and investor engagement with PEVCA’s strong network and proximity to government, the merger strengthens efforts to prepare the ground to advance Nigeria and the broader sub-regions private capital ecosystem.

As part of the merger, Anna Evi-Parker will assume a combined role, maintaining her position as Executive Secretary of PEVCA while also serving as regional head of West Africa within AVCA’s senior leadership team.

Paul Botha (Metier), Chair of the AVCA Board, said:

“This strategic merger signifies an important leap forward as we combine AVCA’s established industry position with PEVCA’s invaluable local insights to promote the interests of private capital stakeholders in Nigeria and beyond. We look forward to working with the PEVCA leadership to support Nigeria’s growth as a leading investment destination on the continent.”

Dr Yemi Osindero, managing partner, Uhuru Investment Partners, said:

“We are optimistic about the opportunities presented by this strategic partnership, and I am delighted to witness this pivotal moment for Nigeria’s private capital ecosystem. This merger allows us to build on the unique strengths of AVCA and PEVCA to deliver better value for investors, fund managers and the wider industry.”

Abi Mustapha-Maduakor, CEO of AVCA, added:

“Nigeria plays a central role in Africa’s investment story, and this merger allows us to work more systematically with local actors to deepen engagement and deliver targeted support. By combining AVCA’s insights, research and convening power with PEVCA’s on-the-ground presence and network, we are better positioned to catalyse private capital that meets the region’s needs—from infrastructure to industrial development and innovation. It’s a decisive step towards aligning local and continental efforts to deliver sustainable, long-term growth.”