This visit celebrated the country’s vibrant tech industry and entrepreneurial vigor.

Organised by Endeavor Nigeria’s Managing Director and CEO, Ireayomide Oladunjoye, the series of events sought to cultivate partnerships, enhance digital innovation, and support emerging tech leaders.

Joy Mabia, Marketing and Communications Manager at Endeavor Nigeria, highlighted that the visit began with a meeting between Linda Rottenberg and Olugbenga ‘GB’ Agboola, CEO of Flutterwave and Endeavor Nigeria board member. 

Their discussion centered around the fintech sector’s growth and its indispensable role in the entrepreneurial ecosystem.

Linda Rottenberg also engaged with the media, participating in press interviews with tech journalists from Nigeria, including Tage Kene-Okafor (TechCrunch), Dámiláre Dòsùnmú (Rest of World), Ganiu Oloruntade (TechCabal), Emeka Ajene (AfriDigest), David Afolarin (TechNext), and Dennis Da-ala Mirilla (Pulse).

During these interviews, she shared her insights on Endeavor’s mission, achievements, and future plans in the region, emphasising the importance of grooming local talent and enabling a solid entrepreneurial environment.

A dynamic networking event was held afterwards, where Linda engaged with founders and pipeline entrepreneurs from Endeavor Nigeria’s portfolio companies, providing valuable insights and engagement. 

Attendees included Josh Chibueze of PiggyVest, Ngozi and Chijioke Dozie from Carbon, Obi Emetarom of Zone, Olugbenga ‘GB’ Agboola of Flutterwave, Mudiaga Mowoe of Matta, Emeka Emetarom of Qore, Tayo Oviosu from Paga, Etop Ikpe of Autocheck, Chinedu Azodoh of MAX, Peter Bunor of Field, Olumide Fayankin from Vendease, Anu Adedoyin Adasolum of Sabi, Benjamen Oladokun of Shekel Mobility, Tomilola Majekodunmi from Bankly, and Daumantas Dvilinskas of TransferGo.

On the second day, Bolaji Balogun, chairman of the Endeavor Nigeria Board and CEO of Chapel Hill Denham, gave an in-depth presentation on the Nigerian digital industry. This presentation shed light on the unique opportunities and challenges within the country’s digital sector.

The presentation was attended by notable individuals such as Phil Southwell, Partner at Chapel Hill Denham; Akeem Shadare, Managing Director at Chapel Hill Denham Securities; Mojisola Adeniyi from Chapel Hill Denham’s Investment Bank; Tosin Dabiri, Acting Managing Director at SME.NG; Frances Ajumobi, Retail Strategy at Chapel Hill Denham; Viva Obioha, Chief People Officer at Chapel Hill Denham; and Ori Rewane, Director of Corporate Development at Chapel Hill Denham.

Several Endeavor Nigeria Board Members including Christian Wessels, CEO of Daystar Power; Sari El-Khalil, Chief Transformation Officer at Seven-Up Bottling Company; Derin Adebayo, Manager of Entrepreneur Selection at Endeavor Global; and Ayobami Olajide, Senior Associate of Entrepreneur Selection and Growth at Endeavor Nigeria, also attended.

Later, Linda Rottenberg and Bolaji Balogun virtually met with the Honorable Minister for Communications, Innovation, and Digital Economy. Dr. Bosun Tijani. 

Their discussions focused on the government’s role in supporting the tech ecosystem, creating jobs, and fostering an environment that enables businesses to thrive. 

The conversation also covered the proposed collaboration with Endeavor Nigeria on the 3MTT program, which aims to train three million people in tech talents, highlighting the commitment to nurturing local talent and driving digital skills development. 

Attendees included Francis Sani, technical adviser, Innovation, Entrepreneurship & Capital to the Honourable Minister for Communications, Innovation & Digital Economy and Chisom Amadi Lead, 3MTT Partnerships and Placements.

The day concluded with an event dedicated to female founders and executives in Nigeria, underscoring the importance of diversity and inclusion in the tech industry. 

The event featured a fireside chat between Linda Rottenberg and Rolake Akinkugbe-Filani, Host of Business Week, Arise TV. 

This event was an opportunity to engage directly with one of the world’s foremost leaders in entrepreneurship to foster a supportive and inclusive environment for female entrepreneurs. 

It emphasized the need to amplify women at every stage of their journey to ensure a vibrant and inclusive ecosystem. Despite female-led companies in Africa attracting less than 5% of venture capital, the future should include female entrepreneurs getting equal access to capital, resources, and leadership opportunities. This event was sponsored by SME.NG and Alitheia Capital.

The final day featured a series of strategic meetings with Endeavor Entrepreneurs such as Tayo Oviosu and Jay Alabraba of Paga, Board Members such as Christian Wessels of Daystar Power, investors such as Tosin Faniro-Dada of Breega, and journalists such as Anthony Osae Brown of Bloomberg and Tage Kene-Okafor of TechCrunch. 

These discussions were pivotal in strengthening relationships, exploring investment opportunities, and furthering Endeavor’s mission of supporting high-impact entrepreneurs who drive economic growth and job creation.

Linda Rottenberg’s visit to Nigeria reaffirmed Endeavor’s dedication to nurturing entrepreneurship and fostering a collaborative ecosystem. 

The series of events highlighted Endeavor’s role in driving innovation, supporting entrepreneurs, and contributing to Nigeria’s socio-economic development.

The report, titled “The Inflection Point: Africa’s Digital Economy Is Poised To Take Off”, reviewed key events in Africa’s technology ecosystem from the last few years, identified patterns (especially in the context of other technology ecosystems across the world), and offers a roadmap to successfully navigate the opportunities that are emerging.

According to the report, which drew on multiple sources, including analysis from McKinsey & Company, Africa’s digital economy is approaching its S-curve, a period of rapid, significant growth that will positively impact the continent’s GDP, and job creation, and overall economic outlook.

Africa’s digital economy is large and growing, with estimated market size of $115 billion – expected to reach $712 billion by 2050. By 2050, Africa will be home to a third of the world’s young people, and the continent is urbanizing faster than other regions. Additionally, 1 in 6 of the world’s internet users will be in Africa in 2025.

The COVID-19 pandemic is also driving digitisation on the continent, encouraging more Africans to engage in digital activity. As a result of these dynamics, more investors are paying attention to the potential of African technology.

Between January 2020 and December 2021, funding for African digital startups grew 2x faster than global rates. Proven exit paths are also emerging for early investors with the increase in mega-rounds, liquidity events, and unicorns.

The combination of these events has primed Africa’s technology landscape for success. However, there remains a ‘white space’ for investors to consider.

Due to the quantum of deals in the 1-5mn USD range in the last year (600), relative to the 5-50mn USD range (~150), it is unlikely there will be sufficient supply in the market as companies from the 1-5mn USD range graduate to larger ticket sizes. 

With the right financial support, the current excess of innovation can be more effectively leveraged to drive even more development and prosperity on the continent.

Commenting on the report, Tosin Faniro-Dada, CEO and Managing Director of Endeavor Nigeria, said, “The data gathered in this report is clear – Africa is the next digital growth frontier.

The combination of our young and digitally savvy population, an emerging technology ecosystem, and the impact of the COVID-19 pandemic on behaviors is set to trigger an inflection point in our digitization journey. 

We have been excited by the increased levels of funding that our entrepreneurs are attracting but we want to make it even easier for more investors to bring out their checkbooks to catalyze the growth that we believe is pending”.

Topsy Kola-Oyeneyin, Partner at McKinsey and Company, said, “We’ve seen a few eye-catching funding rounds and acquisitions in Africa’s technology ecosystem in recent years but the findings of this report suggest that we barely scratched the surface.

A number of sectors across the continent are still underpinned by informality and fragmentation, limiting the availability and affordability of products and services.

These opportunities for disruption abound across the continent and this report will make it easier for interested investors to adjust their business models effectively to capitalize on these opportunities”.

They were selected at the 26th Virtual International Selection Panel (vISP) held April 25-28, 2022, Endeavor announced on Tuesday.

The ISP is the culmination of a rigorous multi-step selection process to identify high-impact entrepreneurs who demonstrate the potential to leverage Endeavor’s resources and mentorship to create large-scale wealth and jobs and are committed to reinvesting their time and resources in their local entrepreneurship ecosystems to help others take off.

Field is a technology-enabled pharmaceutical distributor that provides retail pharmacies with access to data-driven planning, fulfillment, quality medication, and inventory financing. Pharmacies are the first port of call for millions of Nigerians to access any form of healthcare service.

There are ~5K registered pharmacies in the country (1 for every 42K people), situated in 190 of 774 Local Government Areas.

Today, Field Intelligence serves over 1,630 retail pharmacies across Nigeria and Kenya. Field is on a mission to transform Africa’s fragmented pharmaceutical landscape that is estimated to be worth $65B+ and growing at a CAGR of 9.8%.

Tosin Faniro-Dada, the Managing Director and CEO of Endeavor in Nigeria, said she was excited to welcome Michael, Justin, and Peter into Endeavor’s network, which includes some of the world’s most exciting scale-up entrepreneurs and most experienced mentors and investors. 

“The majority of Nigeria’s 200M population does not have reliable access to high-quality medicines or care. Fixing Africa’s pharmaceutical distribution is clearly important for quality healthcare on the continent, and Field Intelligence’s growth over the past seven years is evidence that the company’s valuable services are in critical demand. Michael, Justin, and Peter are inspiring founders and their relentless focus on scaling Field serves as an inspiration to high-impact entrepreneurs everywhere,” she said.

Speaking on their selection experience and joining the Endeavor network, Michael Moreland, CEO and co-founder of Field said, “We are delighted to have been selected to join Endeavors Global Network, a prestigious community of some of the most exciting innovators and venture builders around the world. For us, Endeavor is a platform to accelerate our growth and contribute meaningfully to the broader entrepreneur ecosystem in Nigeria and beyond.”

Michael Moreland, Justin Lorenzon, & Peter Bunor were selected into the Endeavor network by a panel of global business leaders including Bruno Wauters, Houbii (Endeavor Mentor), Chris Misner, fmr. Roblox (Endeavor Global Ambassador), Chris Zook, fmr. Bain & Company, Inc. (Endeavor Mentor), Edgar Bronfman Jr., Accretive LLC (Endeavor Global Board Chair), Francisco Alvarez-Demalde, Riverwood Capital (Endeavor Global Ambassador); João Del Valle, EBANX (Endeavor Entrepreneur); Ken Njoroge, Cellulant (Endeavor Entrepreneur); Mac Schuessler, Evertec, (Endeavor Puerto Rico Board Member); Melissa Guzy, Arbor Ventures (Endeavor Mentor); Noah Breslow, Bain Capital Partners (Endeavor Mentor); Paulo Veras, fmr. 99 (Former Endeavor Brazil Managing Director & Board Member); Qais Sabri, Eon Dental (Endeavor Entrepreneur); Roberto Dagnoni, Mercado Bitcoin (Endeavor Entrepreneur); Sandi Mays, ColdQuanta (Endeavor Board Member); Santiago Suarez, ADDI (Endeavor Entrepreneur); Selina Tobaccowala, Openfit (Endeavor Mentor); Steve Ciesinski, SRI International (Endeavor Mentor); Vassil Terziev, Eleven Ventures (Endeavor Bulgaria Board Co-Chair).

As part of Endeavor’s network, the newly selected entrepreneurs will gain access to comprehensive, strategic, global support services, including introductions to local and international business mentors, investors, and volunteers from Fortune 500 consulting firms who will help them address key needs.

Endeavor Entrepreneurs have had a significant track record of impact. Endeavor Entrepreneurs have created more than 3.9 million jobs, generate combined revenues of over $28B, and help build sustainable growth models in their home countries.

Field is the 15th company selected into the global Endeavor network through the regional affiliated office in Nigeria.

All three entrepreneurs represent the growing expectation for exceptional entrepreneurs with big ambitions and the ability to execute at scale.

They join Gbenga Agboola & Ife Orioke (Flutterwave), Ngozi Dozie & Chijioke Dozie (Carbon), Etop Ikpe (Autochek), Abasi Ene-Obong (54gene), Tayo Oviosu & Jay Alabraba (Paga), Ekechi Nwokah (Migo), Jasper Graf von Hardenberg & Christian Wessels (Daystar Power), Bukky George (HealthPlus), Obi Ozor & Ife Oyedele (Kobo360), Kene Okwuosa & Moses Babatope (FilmHouse Group), Onyekachi Izukanne, Michael Ukpong & Ruke Awaritefe (TradeDepot), Tosin Eniolorunda & Felix Ike (TeamApt), Adegoke Olubusi, Tito Ovia, and Dimeji Sofowora (Helium Health), and Adetayo Bamiduro, Chinedu Azodoh, and Guy-Bertrand Njoya co-founders of Metro Africa Xpress (MAX).