The invitation-only Summit brought together over 150 Pan-African and global investors, venture fund managers, family offices, development finance institutions (DFIs), fund of funds, Limited Partners and key ecosystem players actively investing in Africa.

This year’s theme “Funding the Next Billion: Africa’s VC Investment Landscape in a Post-ZIRP Era”, served as a call to action for global and local investors, entrepreneurs, policymakers, and thought leaders to reassess opportunities in emerging markets amidst rising global interest rates and economic shifts. Africa, with its dynamic entrepreneurial spirit and growing youth demographic, presents significant investment potential.

However, realising this potential requires a deep understanding of local contexts and a commitment to fund innovations, which the 2024 Africa Prosperity Summit sought to address.

Kicking off the Summit with a presentation on funding the next billion and targeting non-consumption, Kola Aina, founding Partner, Ventures Platform, stated,

“Africa’s massive population boom is happening at the same time global venture capital is on a decline.

Since the post-COVID peak of venture capital investments in 2021 -influenced by the ZIRP era – global venture capital flows have declined by 70%.

The situation in Africa is no better – Africa has experienced a 67% decline in venture capital funding, despite its requirement of 10x more capital to address infrastructure gaps and non-consumption and be at par with Asia in terms of VC investments. As a result, Africans are simply unable to consume the goods and services that they need, talk less of want. If we do nothing about this today, by 2050, the 1 billion Africans that will be born – will end up being chronic non-consumers.

He continued,

“At Ventures Platform, we believe that by investing in the right kinds of entrepreneurship and innovation, we can produce two powerful outcomes – high quality jobs that will drive up incomes across Africa, and scaling up affordability and accessibility to products/services for millions of people across Africa. The combination of these two powerful forces is an effective way of driving up consumption across Africa.”

Aina went on to admonish guests to “leave Africa Prosperity Summit inspired and committed to the work that will shape Africa’s future.”

This year’s edition brought together an outstanding lineup of speakers including Efosa Ojomo, Director of Global Prosperity at the Clayton Christensen Institute; Charlie Robertson, Head of Macro-strategy at FIM Partners; Chirantan Patnaik, Director of Venture Capital at British International Investment; Marieme Diop, VC Regional Head (Africa) at the International Finance Corporation (IFC); Eric Sippel, Founder, Sippel Farb Family Office; Anwar Harris, Executive Head, Investments, Standard Bank Group; Haresh Aswani, Managing Director at Tolaram Group; and Khaled Ben Jilani, Senior Partner at AfricInvest.

Delivering the keynote address, Efosa Ojomo highlighted Africa’s potential as the modern investment frontier, drawing parallels to historical transformations in global economies.

He emphasised how venture capital can accelerate market creation on the continent, stating, “Venture capital is designed to de-risk an economy – or at least, a sector. Unlike other financial vehicles like private equity or bonds, VC takes on the highest risk. In Africa, where raising funds for critical infrastructure is particularly challenging, venture capital must go beyond funding to actively building entrepreneurial ecosystems in the early stages.”

Ojomo concluded by urging attendees to reflect on their commitment to accelerating Africa’s prosperity beyond the summit.

In the second keynote by Charlie Robertson, the Macro-strategy expert provided a comprehensive analysis of global macroeconomics and its impact on investment and industrialization. Engaging investors, fund of funds, startup founders, and policymakers, he explored the risks, challenges, and opportunities Africa faces in comparison to other regions.

He said,

“As Africa charts its path to prosperity, the critical levers of education, electricity, and fertility rates will define its economic trajectory. Countries like Egypt, Ethiopia, and Nigeria are already making strides with central bank policies that have corrected currency misalignments, paving the way for current account improvements and reduced investment costs. With fertility rates beginning to decline and the potential for service-led growth through affordable solar power and advanced connectivity, Africa is poised to leapfrog traditional industrialization barriers. This is a pivotal moment for investors to recognize the continent’s unique opportunities and actively shape its future prosperity.”

Robertson concluded his presentation by advocating for continued investment in Africa.

During the Summit, Ventures Platform also launched its inaugural ClimateTech White Paper titled “Innovating for a Sustainable Future: Harnessing Venture Capital and Startup Entrepreneurship to Combat Climate Change in Africa”. The landmark paper which was launched by three key drivers – Urgency, Climate disparity, and Opportunities for VCs and Startups, examines the roles of venture capitalists and startups in climate change mitigation and adaptation. It also provides a comprehensive guide for non-climate VCs and entrepreneurs, including the development of a proprietary framework for a coordinated climate response in the African tech sector.

In an engaging Q&A session, Kola Aina, Convener of the Africa Prosperity Summit, hosted Haresh Aswani, Managing Director – Africa of Tolaram Group.

Aswani shared insights into how Tolaram has successfully transformed Africa’s non-consuming population into active consumers, detailing the group’s strategic approach to market dominance. He also discussed Tolaram’s optimistic vision for Africa’s future and the opportunities it holds.

The summit featured other impressive sessions and showcased a line-up of venture experts across panel topics that were much aligned with their leanings.

Some of these sessions delved into balancing the high-risk, high-reward nature of startup investments on the continent, analysed Africa’s economic evolution, frontier markets – with a focus on Africa’s underinvested markets poised for rapid growth, gender-lens investing, navigating partnerships between Japan and African markets, and unique investment opportunities outside Africa’s big four markets with a specific focus on Francophone Africa.

Bringing the summit to a successful close, Dotun Olowoporoku, Managing Partner, Ventures Platform and Co-Convener of Africa Prosperity, remarked,

“The conversations at this year’s summit have ignited a movement dedicated to long-term strategic support and accelerated growth across the continent. By bringing together some of Africa’s visionaries and change-makers, we are boldly reshaping the future of our economies and driving innovation that will unlock unprecedented opportunities for Africa. The Africa Prosperity Summit embodies our vision at Ventures Platform to position Africa’s start-up and Venture Capital industry at the forefront of global economic discussions. I am confident that key stakeholders are now empowered not only to adapt to the changing economic landscape but to unlock new markets and unprecedented opportunities for growth.”

Since launching in 2016, Ventures Platform has funded over 90 startups, with at least one in every region of the continent and across various sectors. Many of its startups are category leaders in fintech, healthtech, and insurtech.

Over the past two decades, Nigeria’s tech ecosystem has undergone a transformative journey, evolving from a non-visible state to a bustling hub of innovation, drawing global attention and investments. 

This growth has been driven by pioneering leaders, innovative startups, and a supportive infrastructure that has collectively impacted the continent and beyond. 

Visionaries like MainOne’s founder/CEO Funke Opeke, who transformed West Africa’s telecom industry; CcHUB’s Bosun Tijani, now Nigeria’s minister of Communications, Innovation and Digital Economy, Flutterwave’s founder/CEO Gbenga Agboola; and others have committed to growing Nigeria’s tech sector. Along with successful companies like Interswitch, Flutterwave, Andela, and Paystack, these entrepreneurs have leveraged technology to solve local problems with global impact, leaving an enduring legacy.

However, as the ecosystem rapidly evolves, new entrants have a limited understanding of key historical events and contributors that have contributed to its development over time. This knowledge gap stems from inadequate documentation of earlier events and their impact on the ecosystem. It is on this basis that Peace Itimi, the host of Founders Connect, attempts to bridge this gap through the Innovating Africa documentary. According to her, the film conveys the ecosystem’s cumulative growth holistically, offering timely insight.

“After interviewing a couple of founders on Founders Connect, I just started seeing patterns and feeling like there was a bigger story.” – Peace Itimi

For Peace, the documentary resulted from the realisation that there was no single, coherent story about the Nigerian tech ecosystem and the need to investigate the journey of transformation that had fascinated her since her initial foray into the industry. To achieve this, she interviewed over 20 pioneers, like Jason Njoku, Tomi Davies, Olumide Soyombo, Odun Eweniyi, Iyinoluwa Aboyeji, and Kola Aina among others, who shared experiences on the ecosystem’s early days and evolution.

Putting the team together

Although Peace and her Founders Connect team had familiarised themselves with shooting YouTube videos, making a documentary was a different ball game entirely. Telling a story of this magnitude needed a comprehensive team of skilled personnel. According to her, she needed to bring the best hands on the board, and people she trusted could understand the vision and have the expertise to execute it. 

In assembling the team, she says, “After I told Joyce, who was probably the first person I told about the idea, I started thinking about people who could help me bring it to life outside of Joyce. For filming, Nora Awolowo came to mind first. She was the first person I reached out to, mostly because, at the time, she had just put out her Baby Blues documentary trailer.” – Peace Itimi

Joyce recalls being awed by Peace’s bold idea amid their ongoing Founders Connect journey. Her desire for a more cohesive story about the ecosystem was the motivation she needed to join the team. When Nora was approached with the idea, she was receptive to it, having been a keen admirer of Peace’s work. “I was very happy to come on the board,” she says.

However, what began as a brilliant idea was just the beginning of a rollercoaster of unplanned events, resources, and timelines they never imagined would span over two years. Peace details this period as witnessing time gaps due to not finding rhythm and enthusiasm at some points, reconciling disjointed stories, low responses to requests for support, and many more.

“There were many times I felt mentally blocked, unsure how to progress,” she says. “We reached a point where it became clear that our current approach wasn’t yielding results, and it took a while to regroup and regain our momentum.” – Peace Itimi

Dealing with the challenges of producing the documentary

And then came finance, which, of course, was the major resource needed to execute the project. Having not properly understood the financial implications of producing a documentary of this sort, Peace banked on a grant from an anonymous benefactor for a separate endeavour. 

She explains this succinctly: “If I knew how much time, stress, and money the documentary would cost me, I most likely would not have done it,” she says. “I severely underestimated the effort required. The seed funds were quickly exhausted, forcing me to self-finance three times that initial amount just to see it through to completion. It became a significant financial drain, but I was determined to finish what I started.” – Peace Itimi

Just like taking your first driving lessons, many firsts come with their disappointments and struggles; this was the same for Peace and her team. She even recalls that there were times she felt like shelving the idea and giving up.

“Every time that I stalled from story to research to production, it was just me doubting that maybe this was not going to be quite good.” – Peace Itimi

Joyce recounts that there were moments when they second-guessed the process, considering different strategies. This introspection, which led to self-criticism, was prompted by multiple rejections, too. She reflected on their initial disappointment, recalling several attempts made to secure grants for the project and the subsequent absence of feedback, which proved to be disheartening. Additionally, there were days during the production when the team became overwhelmed, adding to the challenges faced.

However, Peace claims she later found solace in the positive responses she and her team received during the first private screening of the documentary in Lagos, from people who were invited to watch it.

“I remember during the screening in Lagos, I didn’t watch the documentary. I was anxious and waited outside the entire time. That’s probably the most anxious I’ve been in a long time. Because again, I just didn’t know if people would like it. So when we did the screening in Lagos, everybody was like, this is amazing. It felt reassuring, and we thought it was okay to put it out there for more people to see it.” – Peace Itimi

Reflecting on the journey: No regrets

Despite the rollercoaster of emotions and financial constraints, the team remained relentless. The drive to unveil this untold narrative of Nigeria’s tech ecosystem superseded monetary considerations. This unwavering commitment shone through moments of distress, bringing them to a realization—an acceptance of the project’s status as an MVP, a pioneering attempt at something previously unexplored. 

“This is the first time something like this has been done in Nigeria around this kind of story, the ecosystem, and the individuals, with many of the people featured being able to show their impact. This is an MVP.” – Peace Itimi

Following the conclusion of the documentary’s production phase, Peace Itimi reflects on several lessons she learned and basks in the unquestionable joy the finished product has brought her and her team. Additionally, she emphasised that carrying stakeholders along from the project’s inception turned out to be significant for the outcome of the film.

The success of the documentary stands as evidence of the collective perseverance, dedication, and commitment to documenting the stories behind Africa’s tech evolution. According to Peace, the documentary stands tall, not just as a piece of work but as a stepping stone to more comprehensive narratives and future projects.

“Genuinely, I have no regrets. Others might feel differently, but I would do it again, maybe differently, but I would still do it. It’s a story that needs to be told, a proof of work that needs to be out there.” – Peace Itimi

For Joyce and Nora, the pride in the work supersedes the challenges experienced while making the film.

“No regrets on my end. I think we did a brilliant job with this, even though, between ourselves, we feel like we could have done it better. This MVP is a very solid one, especially because nobody has done this before and it can only get better.” Joyce Imiegha

“No regrets,” Nora says. “This will spur people to tell their own stories properly. The story had to be told and needed to be told by us,” she adds.

The documentary, Innovating Africa: The Rise of Tech in Nigeria was officially premiered on YouTube on December 20, 2023. As Peace and her team bask in the euphoria over the body of work that has been made, they acknowledge that it requires bravery to pull off a project of this magnitude, recognising it as the start of more things to come.

Comprising $3.2 million in equity and an additional $4 million in debt, the funding round, gives Shekel Mobility a clear path to accelerate its growth trajectory as it gears up to introduce innovative solutions in the coming months.

The funds are set to catapult Shekel Mobility’s current Annual Recurring Revenue (ARR) of slightly over $2 million to four times its size. While leveraging this financial injection, Shekel Mobility prepares for its upcoming priced round, building on the momentum gained from this significant funding round.

Founded by Benjamen Oladokun and Sanmi Olukanmi, Shekel Mobility’s success builds upon its earlier achievements, including a $1.95 million pre-seed investment in January led by Ventures Platform, with participation from Y Combinator, Voltron Capital, and Zedcrest.

In the latest seed round, Ventures Platform and MaC Venture Capital co-led the investment with participation from Y Combinator, Rebel Fund, Unpopular Ventures, Maiora Capital, PageOne Lab Inc., Phoenix Investment Club, Heirloom VC, Pioneer Ventures, and various angel investors. The debt fund was facilitated by entities such as Zedvance, VFD Microfinance Bank, Zenith Bank, and Fluna, with some leveraging Shekel Mobility’s platform to finance auto dealerships.

Positioning itself as a mobility fintech, Shekel Mobility’s mission is to empower car dealers in navigating the $30 billion African used car market. The startup aims to be the go-to platform for launching and expanding car dealerships, aspiring to build the largest auto dealership ecosystem with transactions reaching $10 billion annually by 2025.

At the core of Shekel Mobility’s journey is its flagship product, Shekel Credit, offering immediate financing access to auto dealers. With credit limits extending up to $200,000 for vehicle purchases, Shekel Mobility has facilitated transactions exceeding $56 million. The unique financing model ensures a 0% default rate by overseeing the end-to-end process of buying and selling cars through dealerships.

Looking ahead, Shekel Mobility plans to introduce new offerings, including Shekel Business, designed to digitise informal trading processes within the auto dealership vertical. These tools aim to streamline sales processes, structure operations, and contribute to reducing the overall cost of owning car dealerships.

Investors recognise the potential of Shekel Mobility. Kola Aina, the founding partner at Ventures Platform, applauds the startup for creating a market-shaping innovation essential to the growth of Nigeria and Africa’s automotive industry. Marlon Nichols, Founder and Managing Partner at MaC Venture Capital, highlights Shekel Mobility’s potential to boost the African automotive sector by empowering small businesses with financing and providing affordable automobiles to local communities.

Dotun will be supporting Ventures Platform portfolio founders with investor relations, corporate governance, fundraising, international expansion, M&A, and growth marketing.

Founded in 2016 by one of Nigeria’s most active early-stage investors, Kola Aina, Ventures Platform focuses on funding market-creating innovations that optimize for non-consumption.

The firm has built one of the largest technology start-up portfolios on the continent, having invested in 74 companies spanning 6 countries, including Paystack (acquired by Stripe), Nomba (formerly Kudi), Reliance HMO, Brass, MarketForce, Mono and Piggyvest. To-date, Ventures Platform portfolio companies have gone on to raise more than $600m in follow-on funding. 

Dotun will join the existing Venture Partner – Seni Sulyman and the broader Ventures Platform team as they continue to scale their investments and impact in Africa. The appointment is aimed at strengthening the VCs position as a solid funding partner for Africa’s startups.

Dotun Olowoporoku, who has worked alongside the Ventures Platform team for a number of years, says, “I believe innovative entrepreneurs will significantly shape the future of the continent for the better, and Ventures Platform has demonstrated a good track record of finding and funding them. I’m excited and privileged to also contribute to the fund’s growth and expansion”

Founding Partner, Kola Aina adds, “As we deepen our expertise and invest in the growth of startups across Africa, it is important for us to partner with investors and experienced operators who have deep market experience and whose personal beliefs align with our thesis. Dotun is a fantastic complement to our growing team and we are honored to have him on board.” 

Dotun Olowoporoku is an accomplished entrepreneur, investor, and former Principal at Pan African VC firm, Novastar Ventures. He is currently the Chief Commercial Officer at TeamApt, with oversight on fundraising, investor relations, strategic investment, and acquisition.