That is not an exaggeration, because when you look around, you see this driving every financial decision in the country today. 

People are earning, but many are not feeling it. When salaries come, they dissolve almost immediately into transport, food, rent, and a long list of unavoidable expenses. 

In this situation, investing is no longer a light conversation, you need it to survive, it is a strategy dressed as financial planning.

So we are past the point of asking whether to invest. The focus now is on where capital still works in an economy like this, and why.

The Investment Climate: Why Everything Seems Different Now

I think it is important to start with the environment before talking about opportunities. Nigeria is not operating in a “normal” market cycle but adjusting to a high-cost economy where money behaves differently.

Interest rates are elevated compared to recent years, and that alone has changed investor behaviour. Fixed-income instruments have become attractive again, not because they are exciting, but because they finally pay something meaningful.

At the same time, inflation is affecting daily lives more than any headline indicator. Food prices, transport fares, and basic goods are still absorbing a large share of income. 

Even when prices stabilise for a short period, people don’t feel relief immediately. Purchasing power does not recover quickly, it erodes slowly and then suddenly seems to be gone.

Then there is the currency. The naira has gone through repeated adjustments and market pressures that have made planning difficult for households and businesses alike. 

This has created a split reality for investors, naira-based returns versus dollar-linked thinking. And yes, both are important.

Put simply, we are in an economy where preservation of value is just as important as growth.

The Investment Opportunities in 2026

Tier 1: Capital Preservation in a High-Rate Economy

There is a shift happening among informed investors, with many no longer placing high returns first, instead, they are trying to stop losses before anything else.

1. Government securities and fixed income

Treasury bills and federal government bonds have become core again. They offer predictable returns in a period where unpredictability is everywhere else.

For conservative investors, this is not about profit maximisation, the focus is stability. It is a place to park funds while still earning something that competes with inflation pressure.

2. Money market funds

Money market funds have also gotten attention, especially among salaried workers and small businesses. They provide liquidity with relatively stable yields and this is important in a volatile environment.

What is interesting here is not just the returns, but the behaviour change. People who once ignored these instruments are now actively using them as a default holding position for cash.

3. Fixed deposits

Fixed deposits still exist in the conversation, but their role has changed, and in many cases, they are now about discipline, not just return. The comparison is not against traditional savings accounts, but against inflation itself.

If your money is not growing faster than prices, it is effectively shrinking.

Tier 2: Income-Generating Assets That Still Work

This is where things become more dynamic. Income generation is now the focus for a large segment of investors.

4. Dividend-paying equities

The Nigerian stock market rewards select sectors, particularly banking and telecommunications. These are not speculative plays in this context, they are cash-flow businesses operating in a high-interest environment.

Banks, for example, usually benefit from elevated interest rates, which can boost earnings in certain conditions. Telecoms are relatively defensive because demand for data and connectivity does not disappear during economic stress.

However, this is not a uniform situation, because stock selection is more important than ever and the gap between strong performers and weak ones is wide.

5. Real estate: income versus expectation

Real estate in Nigeria has always carried emotional weight. People trust it but the reality today is more complex.

Rental income has become the more reliable angle compared to pure capital appreciation. In urban centres, demand for housing is still strong, but affordability is where the headache comes in. That stress drives both opportunity and frustration.

There is also a transition towards peri-urban development, areas slightly outside major city centres where land is still accessible and demand is gradually increasing.

Real estate has gone beyond owning property to understanding location timing.

6. Agriculture and food systems

Agriculture is one of the most structurally important investment areas in Nigeria. But it has gone beyond farming. The value is now in the entire chain, from processing, storage, logistics, to distribution.

Now, when it comes to food inflation, it is not just a consumer issue but also a signal of demand imbalance. Where inefficiency exists, opportunity usually follows.

Tier 3: High-Growth, High-Risk Opportunities

In the year 2026, the investment opportunities in this section attract attention, but also require cautiousness.

7. Fintech and digital finance

Financial technology expands continuously because it is directly on top of real problems, such as payments, access, and informal financial systems. Even with increased regulation and competition, innovation is far from saturated.

The opportunity here is in infrastructure that supports financial access, not just in new platforms.

8. Tech-enabled services and remote work

One of the silent shifts in Nigeria’s economy is the growing reliance on global income streams. Remote work, freelance services, and digital exports are now part of household income strategies.

Earning in foreign currency is attractive, yes, but it is becoming a hedge.

9. Import substitution businesses

There is also an opportunity in replacing imports. With costs increasing and currency pressures persisting, locally produced alternatives become more competitive.

This is happening in packaging, consumer goods, and basic manufacturing inputs. Where imports become expensive, local production becomes relevant.

10. Dollar-Linked Opportunities: The Noiseless Priority

This is perhaps the most important section for understanding modern Nigerian investment behaviour.

More investors are thinking in dual currency terms not because they want to abandon the naira, but because they want protection.

Export-oriented businesses are growing, and so are services that generate foreign income. Even diaspora-linked financial flows influence fintech growth.

There is a simple logic here, which is that if your income is entirely tied to one currency, your risk is also tied to it.

Where Smart Money Is Moving

Rather than just listing industries, it is more useful to observe direction.

Banking is essential, largely due to the interest rate environment, energy-related sectors evolve alongside global oil and transition discussions, while telecommunications are structurally strong because consumption patterns are stable even under pressure.

Logistics and distribution are expanding as supply chain expenses change how goods move across the country.

These are responses to how the economy is actually functioning.

Risks That Cannot Be Ignored

Any serious investment discussion in Nigeria must include risk, but it should not just be as a warning at the end, it should be part of the decision process.

Currency volatility is a structural factor as we see inflation still affecting returns. Liquidity challenges can appear unexpectedly, especially in property and private markets.

There is also the issue of unregulated investment schemes targeting retail investors during periods of economic stress. This is where caution becomes more important than ambition.

Returns mean very little if capital is lost.

How Investors Are Thinking Now

One of the most obvious changes I have observed is not in what people invest in, but how they allocate.

A more balanced approach is here:

• Conservative investors lean heavily on fixed income and money market instruments.
• Balanced investors mix equities, real estate, and cash-like instruments.
• Aggressive investors include foreign currency exposure, tech, and alternative assets.

There is no perfect formula but there is a common theme, which is diversification now a necessity.

Nigeria today is not a market where one decision guarantees stability. It is a market where structure is more essential than prediction.

The most important focus is protecting purchasing power while still participating in growth.

In simple terms, the goal has gone beyond just growing money. It is to make sure money does not silently lose meaning while sitting still.

That is the actual investment opportunities this year, 2026.

This shows inflation cooling but still above the policy target that monetary authorities consider fully stable. 

At the same time, Nigeria’s benchmark interest rate stands at 26.5% after the central bank trimmed it by 50 basis points in February, aiming to support growth while inflation begins to ease. 

Looking from the perspective of a global macro moment, inflation is no longer running out of control, but it has not disappeared either. Central banks are now in a narrow corridor between being alert and being relieved.

So the important point for markets to consider this week is whether central banks are preparing to pivot, only pausing, or settling into a prolonged period of restrictive policy.

The Global Monetary Policy Sector

Across developed economies, monetary policy has entered a more complicated phase, with a tough cycle that began after the inflation shock of the early 2020s has largely stopped. But the expected rapid shift towards rate cuts has not arrived.

The discussion is now centred on timing.

In the United States, regulators are still balancing two conflicting issues. Inflation has cooled significantly from its earlier peaks, but several price categories are still stubborn. Housing expenses, medical services and utilities push core inflation higher even as energy prices fluctuate. 

Markets have also become more cautious about expecting aggressive rate cuts. Investors now believe there may be only one or two small reductions this year, far fewer than earlier forecasts. 

This is globally important, as monetary policy in the United States affects capital flows, borrowing costs and currency stability across much of the world.

Meanwhile, the global inflation environment is uneven. Across developed economies, headline inflation within the OECD slowed to about 3.3% at the start of 2026, a decline from the previous month but still above the levels central banks consider comfortable. 

In short, inflation is falling, but not quickly enough to allow policymakers to relax fully.

Nigeria’s Policy Balancing Act

The challenge is even more in frontier and emerging markets.

The Central Bank of Nigeria recently lowered its benchmark interest rate to 26.5%, showing assurance that inflation pressures may gradually ease. 

Even so, the cost of borrowing is still extremely high and the reason? Policymakers are trying to achieve three objectives at once:

• stabilise inflation
• support economic activity
• maintain currency stability

Achieving all three simultaneously is rarely possible.

Nigeria’s inflation rate is still above 15%, and the exchange rate influences domestic prices through imported goods and costs of energy. 

This is the central dilemma facing many emerging economies. They cannot ease policy too quickly because capital flows are sensitive to interest-rate differences between countries. If global rates stay high, funds tend to move towards advanced markets where returns are perceived to be safer.

The Inflation Problem That Has Not Fully Disappeared

Although headline inflation has fallen across many economies, several forces keep prices elevated.

The first is energy.

Oil markets are sensitive to geopolitical tensions and supply decisions. When crude prices jump, costs of transport and manufacturing quickly increase. That effect spreads through the economy.

Second, services inflation are sticky, wages have increased in many sectors since the pandemic years, and labour markets have not fully loosened.

Third, parts of the global economy are experiencing structural inflation. Supply chains are changing, countries are investing in domestic manufacturing capacity and trade policies are becoming more protectionist.

These forces make inflation slower to decline than many economists expected two years ago.

The Growth Question

While inflation is easing slowly, economic growth is also showing signs of fatigue.

Higher costs of borrowing have begun to influence business investment decisions. Companies are delaying expansion plans or financing them more carefully. Households are also adjusting their spending behaviour.

Unemployment in the United States has edged up to around 4.4%, showing a gradual cooling in the labour market. 

Central banks, therefore, face a classic policy trap, and if they keep rates too high for too long, economic growth could slow even more. If they cut rates too soon, inflation may return.

That trade-off explains the cautious tone in monetary policy discussions worldwide.

What Financial Markets Are Showing

Financial markets usually anticipate policy changes before central banks act.

Bond markets have already adjusted expectations. Long-term yields have been relatively elevated because investors believe interest rates may stay higher for longer than previously assumed.

Again, interest-rate differences between countries are affecting capital flows and exchange-rate movements.

For emerging markets, this is especially important because when developed economies maintain high interest rates, global investors move funds away from riskier assets towards safer government bonds.

The result can be currency pressure and tough financial situations in developing economies.

Why it is important for Emerging and Frontier Economies

For countries like Nigeria, global interest-rate cycles carry significant consequences and higher global rates tend to produce three effects.

First, capital flows shift towards developed markets. That reduces foreign investment in emerging economies.

Second, currencies may weaken as investors search for higher returns elsewhere.

Third, debt servicing costs increase, particularly for countries that borrow in foreign currencies.

This is why monetary policy decisions in economies ripple far beyond their borders.

Three Possible Paths for 2026

The global monetary policy cycle could evolve in several ways.

Scenario one: the pivot.
If inflation falls more quickly than expected and economic growth weakens, central banks may begin a gradual rate-cutting cycle.

Scenario two: the pause.
Inflation declines slowly but stays above target. Regulators hold rates steady for longer than markets expected.

Scenario three: higher for longer.
Energy shocks, wage pressures or geopolitical disruptions push inflation back up, forcing central banks to maintain restrictive policy for several more years.

At the moment, the second scenario appears most consistent with current data.

The Macro Question

From my perspective, the central issue isn’t about inflation l falling or not.

It probably will.

The issue is whether the world has entered a period where interest rates settle at structurally higher levels than the ultra-low era that followed the global financial crisis.

If that happens, the implications are wide-ranging. Asset prices, government borrowing, corporate investment and currency markets would all need to adjust to a new financial environment.

Global liquidity still runs through the dollar, and Nigeria cannot ignore this. Higher U.S. yields make it difficult for emerging markets to attract short-term capital. They also strengthen the dollar, which feeds directly into imported inflation and complicates exchange rate management.

For an economy that depends heavily on oil exports priced in dollars, the relationship is more complex. Stronger oil prices help Nigeria’s external reserves, however, if global dollar liquidity gets tougher at the same time, those improvements can be offset by capital outflows or currency instability.

At the same time, global oil markets are pricing in supply risk. Brent crude has climbed to around $72–$73 per barrel, its highest in about seven months, as geopolitical stresses escalate in the Middle East. 

Meanwhile, equity indices have shown intermittent volatility but are still resilient. The S&P 500 hovered close to the 6,900 area in late February. 

Taken together, these developments show how markets are balancing monetary conditions, spending patterns, and energy risk in early 2026.

Liquidity: Tougher Than in the Past, But Not Restrictive

A balance sheet of roughly $6.61 trillion confirms that policy is no longer in emergency mode, but still large by longer‑term historical standards. 

Interest rates are higher than a few years ago, and the Federal Reserve has been gradually reducing the amount of securities it holds. But that reduction has slowed, and the level of reserves in the system has not fallen far enough to scrape out market liquidity entirely.

Investors are still willing to take risks. Credit spreads have not blown out, and volatility measures like VIX have stayed below crisis levels. Even assets that trade with higher risk premia, such as cryptocurrencies, have seen renewed institutional interest recently.

This dynamic points to a market that seems comfortable with current monetary conditions, even if official policy rates are still restrictive. Expectations of future rate cuts are part of the reason, with markets usually pricing in expected easing well before central banks act.

A huge risk is if inflation proves stickier than expected, the monetary easing investors currently price in may be delayed or even reversed. That would raise yields further and tighten financial conditions more than most anticipate.

Technology Investment: Strong Now, But Not Broad‑Based

Corporate investment in technology infrastructure, especially for advanced computing and data processing, is still a major driver of market and sector performance.

A small group of large technology companies are at the centre of this trend. Their capital expenditure plans, particularly in areas tied to machine learning and cloud infrastructure, have supported earnings growth and aggregate market valuation.

The concentration of earnings in a handful of large firms has lifted headline equity indices. This creates a situation where market performance depends heavily on a narrow segment of the economy.

Outside those core technology firms, earnings growth has been more muted. That is of concern because when valuations are concentrated at the top, any disappointment from those leading firms can ripple quickly across markets.

There is also a link between technology investments and energy consumption. Large data centres require significant power. With tech capex increasing, so is demand for reliable energy supply, connecting the narrative directly to trends in energy markets.

Oil Prices: The Risk That Could Shift the Macro Balance

Globally, prices of oil have increased to levels not seen for months. Brent crude climbing into the low $70s per barrel shows supply risk priced into markets due to geopolitical tensions in the Gulf region. 

Recent military action involving the United States and Israel has boosted concerns about supply disruption through the Strait of Hormuz, a critical artery for global oil flows. Markets responded, pushing prices higher on the expectation of risk rather than actual physical cuts to supply. 

Reports have even suggested that if firm disruptions occur, Brent could rise towards $80 per barrel, although this is far from certain. 

Higher oil prices feed into consumer and producer cost structures. Transport is expensive, fertiliser and agricultural input prices are high and that can keep inflation elevated even when core goods are subdued. Central banks, monitoring inflation closely, will respond to these challenges.

For oil‑exporting nations, stronger prices support foreign exchange revenues and fiscal positions. For oil importers, the opposite is true, energy costs can squeeze budgets and slow growth.

How These Forces Interact

These three forces, liquidity situations, concentrated technology investment, and expensive energy prices, are not independent.

• If prices of oil continue to increase and push inflation expectations higher, bond yields could increase too. Higher yields tighten monetary requirements even without changes in central bank policy.
• If tech investment slows or earnings disappoint, markets that rely on a narrow base of corporate profits could see more weakness.
• If financial situations get tougher unexpectedly, credit spreads could widen, reducing risk appetite.

Market stability today depends on these forces staying in relative balance. A shift in one can ensure movements in the others.

What to Watch This Week

As we begin March, these indicators are essential:

• Official inflation data from major economies
• Treasury auction results and changes in bond yields
• Weekly oil inventory reports and OPEC+ announcements
• Corporate earnings guidance on capex spending
• Credit market stress indicators such as high‑yield spreads

Small changes in these indicators can influence market expectations.

Liquidity is tougher than in the years following the pandemic, but it has not withdrawn. Technology investment is supporting markets, albeit in a concentrated manner. Oil prices are growing as geopolitical risk premiums increase.

None of these forces alone ends a bull market or derails growth projections. But together, they influence the conditions that markets are currently pricing.

The important focus this Monday is not whether markets will rise or fall, but how these three forces, liquidity, AI and Oil, interact going forward.

From the Spring 2026 batch, startups accepted into YC can choose to take the standard $500,000 seed investment in USDC instead of traditional bank transfers. 

The funds can be sent over Ethereum, Solana or Base, according to Nemil Dalal, a visiting partner at Y Combinator who focuses on crypto.

YC’s core deal remains $500,000 for 7% equity, but what changes is the rail the money travels on.

For founders operating outside the United States, especially in markets where they face banking delays and foreign exchange friction, the option is a big win. 

Stablecoin transfers settle almost instantly and cost a fraction of traditional wires. In some cases, the difference between waiting days and receiving funds in seconds can affect how quickly a young company gets off the ground.

Dalal said the appeal is strongest in emerging markets, where founders find cross-border payments stressful. Stablecoins remove many of those limitations without changing the economics of the deal.

Inside YC circles, the decision has also led to talks about risk. Founders are usually advised to keep operations predictable wherever possible. 

Build boldly, yes, but do not gamble with payroll, compliance or treasury management. Your startup is already risky enough.

That is still part of YC’s thinking. The accelerator is not asking founders to speculate or hold volatile assets. USDC is designed to track the US dollar, and YC is not encouraging startups to manage crypto portfolios. The option is about transfer speed and access, not financial experimentation.

“Stablecoins are one of the key pillars for us,” Dalal said. “So we just want to live and breathe that as well.”

This is the first time a top-tier accelerator has formally offered stablecoins as a default funding option. While crypto-focused venture firms have used similar methods for years, most established investors have stayed with bank wires. 

Dalal said he was not aware of any legacy venture capital firms that provide founders with this choice.

“We’re excited for a world where, in the future, we think a lot of startups will eventually start raising capital on-chain,” he said.

In July 2025, President Donald Trump signed a bill that set out regulations for crypto assets in the United States, giving stablecoins a defined legal footing. 

That clarity has changed how large institutions view digital dollars, moving them from the edges of finance into day-to-day infrastructure.

Responding to this, technology firms like Stripe completed a $1.1 billion acquisition of stablecoin startup Bridge in February 2025 and later backed its own blockchain built for stablecoin payments. 

Cloudflare announced plans to launch a stablecoin in September, while Klarna introduced a payments token in November.

These came during a period when crypto prices were increasing. Since then, the market has cooled. Bitcoin and other major tokens have slid towards multi-month lows, dampening enthusiasm in some corners of the industry.

Dalal argues that the slowdown has not affected interest in stablecoins.

“The excitement on stablecoins is just growing,” he said. “It’s actually agnostic of prices.”

Unlike speculative tokens, stablecoins are now used as plumbing, a way to move money quickly, cheaply and across borders without relying on correspondent banks. 

For startups, especially those hiring internationally or paying suppliers in different currencies, the utility is immediate.

YC’s move also aligns with its recent drive to attract more blockchain-focused founders. Last year, the accelerator partnered with Base and Coinbase Ventures to encourage startups building crypto-related products. 

Offering funding through the same rails those companies work on brings practice closer to principle.

For now, Y Combinator says the stablecoins funding option is voluntary. Founders who prefer traditional banking can stick with it. 

The company is making advanced AI tools more accessible in markets where high subscription costs have limited adoption.

The Plus plan, priced at roughly $5 per month in most regions, offers a six-month, 50% discount in selected countries like Nepal and Mexico. It grants users access to Gemini 2.5 Pro, a multimodal AI capable of generating images and videos, alongside integrated productivity features in Gmail, Docs, and Sheets. 

Subscribers also get 200GB of cloud storage and enhanced capabilities within Google’s AI research assistant, NotebookLM, which now supports long-context document analysis, a feature particularly useful for students, researchers, and journalists.

Tools like Flow, Whisk, and Veo 3 Fast are also included. They allow fast creation of animations, visual content, and video assets, directly appealing to the creator economy in regions where mobile-first usage dominates.

The launch comes a day after OpenAI expanded its ChatGPT Go plan to Indonesia, a sub-$5 subscription tier that grants access to GPT-4-turbo but lacks the integrated productivity tools and cloud storage of Google’s Plus tier. 

Analysts see these pricing strategies as a transition from competing on raw AI model power to offering complete ecosystems that integrate seamlessly into daily workflows.

Usage of AI tools in Africa has surged by 240% since 2023, with Nigeria, Kenya, and Egypt leading growth, according to Statista and GSMA. Southeast Asia is witnessing similar trends, particularly in Indonesia and Vietnam, where freelancers and small businesses increasingly adopt AI-powered productivity tools.

India, despite being a top AI market where OpenAI debuted ChatGPT Go, is missing from Google’s rollout. Experts say this may relate to ongoing adjustments in pricing and compliance strategies to address data localisation and regulatory challenges.

Google is making AI affordable without sacrificing utility, especially in emerging markets where a $20 subscription is usually prohibitive. For users in Nigeria and similar economies, the new Google AI Plus plan could be a game-changer.

This projection comes from PwC’s newly released Global Entertainment & Media Outlook 2025–2029, which shows a seismic transition in how the industry earns and evolves, powered heavily by artificial intelligence and changing consumer habits.

At the core of this growth is a gap between consumer spending and advertising revenue. While consumer expenditure across E&M is projected to grow at a modest compound annual growth rate (CAGR) of 2%, advertising is surging at 6.1% CAGR, three times faster. 

This shows that the commercial logic of the industry is changing, people may be spending less, but advertisers are spending more to reach them.

AI is driving this growth from several angles. From hyper-personalised targeting across platforms to real-time analytics and automated video editing, artificial intelligence is trimming production costs and enabling producers to deliver content tailored to specific markets in ways that weren’t possible five years ago.

Digital advertising, which made up 72% of the total ad revenue in 2024, is expected to reach 80% by 2029. That growth is being driven by retail media, mobile and social video, and notably, connected TV (CTV) advertising, which is changing traditional broadcast models. 

PwC forecasts that CTV ad revenue will climb to $51 billion by 2029, up from a minor share in 2020, thanks largely to AI-powered personalisation that enables precision targeting across streaming services.

Meanwhile, the video gaming sector is proving to be a revenue juggernaut of its own. By 2029, it is projected to pull in nearly $300 billion, surpassing the combined earnings of the global film and music industries. Much of that growth will be fuelled by in-game advertising, branded content, and the meteoric rise of mobile and e-sports markets.

Some of the most explosive growth is happening outside traditional Western strongholds. Emerging markets like India, Indonesia, and Nigeria are overtaking global averages with CAGRs above 7.5%. In India, internet advertising alone is growing at nearly 16% per year, driven by increasing access to 5G and surging demand for short-form video.

Beyond revenue numbers, AI is becoming integral to the creative process. Scriptwriting, localisation, audience analytics, and video editing are all being automated and optimised, reducing turnaround time and enabling production teams to serve highly segmented audiences without ballooning costs.

Bart Spiegel, Global Entertainment and Media Leader at PwC U.S., said: “There’s certain general macroeconomic pressures on individuals, families and advertising starts to subsidize a lot of that.” 

He added, “[The industry] has always been at the forefront of technological innovation, but companies will need to remain nimble and proactive to embrace the future and satisfy consumers in an ecosystem that rewards creativity and tailored content.”

The fundraising is still in its early stages, with conversations ongoing with a mix of family offices, development finance institutions, and successful tech founders. 

If the round closes as planned, it would push the firm’s total assets under management beyond $800 million.

Endeavor Catalyst operates on a distinct model; it invests only in founders who have already been vetted and selected by Endeavor Global’s network. 

These are scale-stage companies already gaining traction in regions typically overlooked by mainstream capital, including Africa, Latin America, Southeast Asia, and the Middle East.

In an environment where many venture firms are pulling back, thanks to weak exit markets, fewer follow-on rounds, and a sluggish global capital flow, Endeavor Catalyst is not giving up. It believes its model, anchored in founder quality and local market insight, gives it a long-term edge.

Since launching in 2012, the firm has made more than 360 investments across 34 countries. Its portfolio includes 63 companies that have crossed the $1 billion valuation mark. Flutterwave in Nigeria, Rappi in Colombia, Tabby in the UAE, Insider in Turkey, and Carro in Indonesia are among them. 

Over 30 of its portfolio companies have exited, either through IPOs or acquisitions, Argentina’s Globant, Chile’s Cornershop, and Tunisia’s InstaDeep among the more recognisable names.

What makes the firm different is how it approaches investing. It doesn’t lead rounds, just simply co-invests in equity rounds, typically Series A to C, of $5 million or more, alongside other institutional VCs. This lean model allows it to scale with minimal overhead while gaining access to high-potential deals.

“Endeavor Catalyst is not here to compete with traditional VCs,” a source familiar with the fund’s strategy told TechCrunch. “It exists to back founders already proven within the Endeavor network who are ready to raise serious capital.”

The Endeavor model starts with identifying promising entrepreneurs early. It surrounds them with mentorship, opens global networks, and supports them with local expertise. 

Once they hit their growth stride, Endeavor Catalyst steps in with funding, not to dictate terms, but to back them alongside top-tier investors like QED Investors, Tiger Global, Kaszek Ventures, and Prosus Ventures.

The fund is also backed by some of the world’s most influential investors and founders. Bill Ackman, Pierre Omidyar, Michael Dell, Bill Ford, and Reid Hoffman are among its backers. Notably, 30% of its LPs are founders themselves, so-called “Endeavor Entrepreneurs” including Marcos Galperin (MercadoLibre), David Vélez (Nubank), and Marcin Żukowski (Snowflake).

Even in colder market conditions, Endeavor Catalyst has been active. In Q4 2024 alone, it closed 13 new deals across seven different countries, making it one of the most active funds globally in that quarter.

What Endeavor Catalyst is doing matters beyond just returns. It’s helping to prove that some of the world’s most investable companies are not in Silicon Valley, but in Lagos, Jakarta, São Paulo, and Dubai. Its performance is changing perceptions around venture potential in emerging markets.

While it declined to comment on the ongoing fundraising, the firm’s track record reveals that the $300 million goal is realistic, and that it’s well-positioned to reach it.

CFI’s report provides the clearest picture yet of the challenges and opportunities that determine the business trajectory of micro and small enterprises (MSEs) in five rapidly changing emerging markets.

The survey of MSEs across Addis Ababa, Delhi, Jakarta, Lagos, and Sāo Paulo revealed digital products and services offered opportunities for growth and greater efficiencies, while highlighting resource constraints, consumer protection risks, and heightened vulnerability to economic and climate shocks, as challenges faced by the businesses.

Key findings from the study include:

• MSEs adopting digital tools were up to 10% more likely to report revenue growth, but usage of these tools remained low. In Addis Ababa, more than half of MSEs reported using no digital technology applications. MSEs in Delhi, Jakarta, and Lagos were using at least one digital tool.
• Entrepreneurs across the 5 cities reported using an average of 1.8 to 5 formal financial services, reflecting diverse levels of adoption and engagement with financial tools. Businesses that integrated digital payments reported significantly higher revenue per employee.
• Women entrepreneurs represented 70% of MSE owners in Jakarta, but just 11% in Delhi, with figures of 35% in São Paulo, 43% in Addis Ababa, and 53% in Lagos. In many markets, MSEs are not started by choice but as a response to unemployment, making the businesses more vulnerable and reducing long-term resilience, which has implications for financial service design.
• 1 in 3 micro and small businesses reported being impacted by drought, floods, or other environmental shocks, and less than 20% reported being able to come up with emergency funds within one week. Of those entrepreneurs impacted by an environmental shock, up to 29% said they were more likely to invest in adapting their business to the changing climate.

The study, supported by the Mastercard Center for Inclusive Growth, used Adaptive Cluster Sampling – a research technique that enabled a strong focus on urban areas with high numbers of MSEs. CFI focused on understanding the drivers of financial health for MSEs that represent the largest source of income generation in emerging markets.

A total of 20,000 MSEs were surveyed, with 4,000 interviews conducted to build a sample that represents 1.7 million MSEs across the 5 cities.

“Nowadays, small businesses are facing unprecedented threats, from cyberattacks to the economic impact of extreme weather events,” said Payal Dalal, executive vice president of global programs at the Mastercard Center for Inclusive Growth.

“The research released by Accion highlights the opportunity to work alongside small businesses to provide solutions that secure them against these challenges; it’s not only about mitigating risks in the digital economy but making sure small businesses have the opportunity to thrive during this increasingly volatile time.”

The research highlighted the importance of access to digital technology and formal financing, but noted resilience was determined by a wider range of factors including personal safety nets, such as savings and informal support systems.

Businesses that combined access to credit, savings, and insurance with strong financial literacy were better positioned to manage shocks, and entrepreneurs with higher education levels were more likely to use a mix of different formal financial services, contributing to stronger resilience and improved financial health.

Researchers tracked the use of 10 distinct non-financial and financial digital technologies among MSEs, showing stark differences in adoption. In Addis Ababa, MSEs used an average of only 1.6 digital technologies, largely due to poor internet connectivity.

In contrast, Delhi, Jakarta, and Lagos showed wider adoption of digital tools, with messaging apps and social media used widely to engage customers.

E-commerce platforms remained under-utilized by MSEs across all cities, emphasizing potential for significant growth when barriers such as digital literacy and access are addressed.

The study also revealed many MSEs are already making small investments to prepare for shocks, such as stocking up on supplies before expected disruptions, investing in backup power sources, or reinforcing physical infrastructure.

Yet the same businesses reported low levels of borrowing in response to emergencies, demonstrating that financial services are not structured to support these types of preemptive or recovery-oriented investments.

During emergencies, traditional application and approval processes can be disrupted, leaving businesses without timely support, and underscoring the need for disaster-resilient financial services, such as pre-approved credit lines or insurance products that can provide immediate assistance to businesses when they need it most.

Edoardo Totolo, vice president of Research and Programs at the Center for Financial Inclusion at Accion and lead author of the report, said: “Our research shows when micro and small businesses are connected to the digital economy and a range of financial solutions, they are better equipped to withstand real-world emergencies. Unfortunately, insurance, savings, and responsible credit remain out of reach for many of these businesses that are the engines of their national economies.

“While the advantages of going digital are clear, policymakers and financial providers must design products tailored to the needs of these vulnerable businesses that they can easily use and trust to ensure advances in technology improve their financial health.”

Despite rapid growth in these markets, which are projected to expand at 8-10% annually, compared to 3-5% in developed markets, the lack of real-world healthcare data hinders decision-making in product development, treatment interventions, and healthcare financing. 

These regions also have the least amount of big data to support effective commercial planning and clinical research.

Founded by Ayodeji Alaran, a pharmacist trained at the University of Lagos with experience at GSK, Pfizer, and AstraZeneca, PBR Life Sciences pivoted to big data and analytics in 2021 to bridge these critical gaps. 

The company now provides fast, reliable access to real-world healthcare data and insights for pharmaceutical firms, health tech startups, consulting firms, multilateral agencies, and research institutions across Africa, Europe, America, and Asia.

PBR Sciences was one of the twelve (12) startups that participated in the second cohort of the ARM Labs Lagos Techstars Accelerator programme. 

Its real-world data-as-a-service platforms help its users and clients make data-backed decisions on product pricing, forecasting, new product development, disease and treatment interventions, healthcare financing and company strategy. 

Before now, PBR Life Sciences only offered data and insights about the Nigerian healthcare market. It has spent the past two years laying the foundation for its pioneering AI infrastructure powered by its proprietary real-world, anonymized, healthcare data in Africa, whilst consolidating its business model. 

The investment, which included investors such as Launch Africa, Microtraction, Kaleo Ventures, Octerra Capital, Marula Square, XA Africa, ARM Labs, and Techstars, will help the company scale its data-as-a-service platforms in Nigeria. It will also aid its expansion into Ghana and Kenya to replicate its already proven business model. 

PBR Life Sciences is looking to deepen its offering as a multivariate, multichannel healthcare real-world big data analytics, technology, and consulting provider in Africa and other emerging markets, supporting the life sciences industry.

The company is working to close this gap by being a leading provider of real-world, healthcare big data and analytics in emerging markets by the year 2030.

Speaking of the funding, Ayodeji Alaran, CEO and founder said, “Being backed by some of the most reputable  venture capital investors and angels in Africa not only inspires us as a team to do more but further validates the vital need to close the gap of inadequate real-world, healthcare big data that will power AI and innovation for the sector whilst unlocking global life sciences growth that will be powered by the region.” 

“This will unlock value for the least understood healthcare and unmet needs in Africa and the rest of emerging markets,” he added. “With this fresh capital, we are now well positioned to achieve our ambitious growth plan, with a laser focus on profitability,” he concluded.

According to Uwem Uwemakpan, head of Investments, at Launch Africa, “PBR’s innovative approach to addressing a critical healthcare challenge in Africa, combined with its strong founding team and substantial market opportunity, establishes it as a key player in enhancing healthcare delivery on the continent. We are excited to be part of this journey.”

Ashim Egunjobi, managing partner at Octerra Capital said: “Since our first interaction with Ayodeji, we have been convinced that PBR Sciences has a tremendous potential to unlock access to health data across Africa. PBR Sciences has developed an impressive proprietary technology and leveraged big data while providing significant insights and value to a large set of corporate clients. We are excited to be part of this investment round and to support Ayodeji and his team on this promising journey.”

Damilare Mesimo at ARM Labs commented: “PBR Life Sciences’ achievement is a testament to the power of innovation and resilience in addressing critical gaps in healthcare data within emerging markets. We are proud to have supported PBR Life Sciences through the ARM Labs Lagos TechStars Accelerator Program, where they demonstrated exceptional vision and execution.

“This milestone reflects their ability to leverage real-world data and AI to transform decision-making in the life sciences sector. At ARM Labs, we remain committed to nurturing startups like PBR that drive impactful solutions, and we are excited to see their continued growth and expansion across Africa and beyond.”

Ato Bentsi-Enchill, investment principal and SPV lead at Microtraction added, “As early-stage investors, our goal is to identify and assess standout founders who we believe have the ability to build category-defining businesses. Ayo fits this bill and has shown remarkable clarity in his vision for the future of PBR in putting together a very capable team to execute on this vision. We’re excited to back PBR on their mission to organize Africa’s healthcare data.”

Reshma will report directly to Paulo Pereira, VP, Systems Engineering, EMEA and will oversee the expanding team of systems engineers in emerging markets.

The Systems Engineering team is dedicated to delivering pre-sales consulting, offering technical guidance, and providing support to customers and channel partners.

Collaborating closely with the sales teams, these systems engineers offer recommendations and design optimal solutions for customers, leveraging Nutanix’s extensive portfolio.

Speaking about her appointment, Paulo Pereira, VP Systems Engineering for EMEA at Nutanix, comments:

“Reshma’s dedication to technology, customer advocacy, and the creation of effective, empowered teams that find joy in their hard work and bring value is truly commendable. As Nutanix looks to make further strides in Emerging Markets, Reshma’s extensive experience in technical management positions, coupled with her keen business acumen will prove highly advantageous to the company in capitalizing on various market opportunities, introducing innovation and enhancing customer satisfaction.”

With an extensive IT career spanning over 20 years, Reshma has held various positions in engineering, solution selling, and management at NetScaler, Citrix Systems, and her last role at VMware as Director, Solution Engineering.

“What impresses me most about Nutanix is the company’s leadership in the cloud computing domain through its continuous commitment to innovation – transforming complexity into simplicity. The rapid growth of Nutanix in recent years is remarkable, and I am fully prepared to embrace the challenges that come with my new role. Surrounded by a highly skilled team and an unparalleled technology portfolio, I eagerly anticipate contributing to the advancement of Nutanix’s leadership in hybrid multi-cloud infrastructure,” says Reshma.