The event brought together founders, venture capital investors, corporate venture arms, philanthropic organisations and policymakers to examine the state of Africa’s private capital ecosystem.

AVCA Chief Executive Officer Abi Mustapha-Maduakor opened the summit and commended the resilience of the venture capital sector through difficult funding cycles.

She said that despite tougher fundraising conditions, “venture-backed exits reached a record high in 2025,” pointing to what she described as a shift in the market. She added, “The centre of gravity is moving toward local capital, local expertise, and local conviction.”

A keynote fireside conversation followed between actor and investor Boris Kodjoe and AVCA’s CEO. Kodjoe focused on how perception influences investment decisions and market behaviour. He said, “Storytelling is economic architecture, those who control the narrative shape valuation, and perception is what drives investment.”

The AVCA VC summit then moved into deeper industry discussions on the structure of venture capital in Africa.

A panel titled From Hype to Fundamentals: Resetting the African VC Story brought together Tidjane Dème of Partech Partners, Sapna Shah of Novastar Ventures, Fatoumata Bâ of Janngo Capital, and Mohamed Eissa of the International Finance Corporation (IFC).

The session focused on whether global venture capital models align with African market realities and where expectations have not matched outcomes.

Tidjane Dème pushed back against the idea that the ecosystem is underperforming. He quoted Ido Sum, saying, “African venture capital isn’t broken, it’s just young.” 

He added, “A decade ago, we saw around 30 deals a year; today, that number exceeds 500. We’re still building, and we can’t compare ourselves to a 50-year-old U.S ecosystem just yet. We have time.”

Mohamed Eissa also highlighted the scale of growth in funding. “This ecosystem is still very young, but it has grown from about $400 million of annual investment to roughly $4 billion in just over a decade, clear evidence that the capital base is expanding, even if it’s still not enough.”

Attention later shifted to exit routes and liquidity challenges in the market. Industry participants including Patricia Rinke of AfricInvest, Ibrahim Sagna of Silverbacks Holdings, and Andreata Muforo of TLcom Capital discussed the importance of collaboration in improving exits.

They also pointed to mergers, acquisitions and strategic sales as more practical liquidity options than public listings in many cases.

Speaking on the role of domestic capital, Alex Rumanyika of Uganda’s National Social Security Fund (NSSF) called for stronger participation from African institutional investors.

He said, “If we don’t get into this space, it is going to be an existential threat for NSSF and many pension funds. We need to diversify away from overexposure to government assets and into the sectors where jobs are actually being created.”

The conference was followed by a Private Credit Summit, where investors discussed new financing approaches shaping Africa’s private capital market. The focus shifted to credit strategies and how they are expanding funding options for businesses across the region.

Nathaniel Micklem of Ninety One said, “Private credit is one of the most exciting parts of our asset management platform, but it cannot be built using imported public equity or private-equity instincts. What works in Africa is deploying into stronger, more resilient businesses and sectors, not earlier-stage ventures or smaller SME exposures.”

Walid Cherif of BluePeak Private Capital said private credit continues to gain relevance in Africa due to its flexibility in markets where exits remain limited.

He said, “Private credit is especially suited to African markets because companies continue to perform even when exits are hard to achieve. It is an easier conversation today than it was years ago.”

He added that discipline is essential in the sector, noting that credibility with investors depends on long-term execution and returns, not just strong market narratives.

In a post on X, Chief Executive Officer Femi Aluko announced, “I am super pumped to share that last month, @chowdeck hit over 1 million orders in Nigeria in a single month! ” He added that while recent weeks had not been perfect, the company was “listening, learning, and fixing things quickly.”

According to Aluko, Chowdeck’s daily orders have climbed from an average of around 30,000 to more than 40,000 and continue to rise. The pace of this growth shows the company’s widening reach across Nigerian cities and its recent expansion into Ghana.

Founded in 2021, Chowdeck has built a strong foothold through speed, consistent delivery, and customer-focused incentives. Its “Rider Games” programme, ChowScore loyalty system, and referral discounts have helped it attract and retain a fast-growing base of users. 

What began with just a few hundred customers now serves over a million monthly across Lagos, Abuja, Ibadan, Port Harcourt, and other cities.

The company’s expansion strategy has been deliberate. In June 2025, Chowdeck acquired Mira, a point-of-sale startup created by former Flutterwave and Paystack employees, to strengthen its merchant ecosystem. This move added payment processing, inventory management, and financing tools to the platform, aligning with Chowdeck’s quick commerce vision. 

Two months later, it secured $9 million in Series A funding led by Novastar Ventures, joined by Y Combinator, Founders Factory Africa, and Voltron Capital.

Chowdeck’s rapid growth comes amid the exit of competitors such as Jumia Food and Bolt Food, both of which withdrew from Nigeria after struggling with thin margins and high costs of operation. Their departure left a gap in several markets, one that Chowdeck has been quick to fill.

In Ghana, where the company launched earlier this year, it reached 1,000 daily orders within three months, three times faster than it managed during its initial rollout in Nigeria. This achievement shows strong demand and also operational efficiency refined over time.

Despite facing challenges with support and logistics, Aluko credits customer trust and patience as central to the company’s progress. “This milestone reminds us of what is possible when people believe in what we’re building,” he said. “Cheers to 1M orders! It’s still Day 1, and there are many more wins to come.”

The investment round was led by Novastar Ventures, with participation from Y Combinator, AAIC Investment, Rebel Fund, GFR Fund, Kaleo, and HoaQ.

Co-founder and CEO Babafemi Aluko says the company will use the funds to extend its reach, shorten delivery times, and open new fulfilment hubs. “We’re thrilled about this round as it brings us closer to our vision of becoming Africa’s number one super app,” he said.

Founded in October 2021 by Aluko, Olumide Ojo, and Lanre Yusuf, Chowdeck has grown from 300 users to 1.5 million customers in under four years. It now operates in 11 cities, relying on a network of more than 20,000 riders. Over half of its deliveries in dense urban areas are made by bicycle, keeping costs low and operations sustainable.

The company’s entry into Ghana in May 2025 illustrates its measured approach. Within three months, it was processing 1,000 daily orders without paid advertising, targeting 5,000 by September 2025. Aluko insists the company doesn’t expand into any city without a plan to break even in weeks.

A major part of the new strategy is quick commerce, ultra-fast delivery using “dark stores” and hyperlocal logistics hubs. Chowdeck aims to open 40 such stores by the end of this year and 500 by 2026, adding two to three each week.

The company has also moved into software. In June 2025, it acquired Mira, a point-of-sale provider for restaurants and hospitality businesses. Mira’s inventory tracking and order management tools will be integrated into Chowdeck’s platform, turning it into a combined logistics and operational support service for vendors.

The funding and expansion come at a time when several foreign competitors have scaled back operations in West Africa, including Bolt Food and Jumia Food. 

For lead investor Novastar Ventures, Chowdeck’s success lies in execution and local market knowledge. “Chowdeck is building the future of logistics for African cities,” said partner Brian Waswani Odhiambo. “With deep local insight, a sustainability-first approach, and impressive execution, it is redefining last-mile delivery on the continent.”

In 2024, the total value of meals delivered through Chowdeck was six times higher than the previous year, and by mid-2025, it had already surpassed that total. The company’s disciplined, profit-focused approach contrasts with global quick commerce players like Gorillas and Getir, which have burned through vast sums before retreating from markets.

With this latest round Chowdeck is strengthening its locally tailored model to capture market share and avoid the costly pitfalls that have tripped up others.

BasiGo will leverage the capital to set up an assembly plant in Nairobi and launch the sales and delivery of its electric buses. The company has already set up a charging and servicing depot adjacent to Kenya’s main airport, the Jomo Kenyatta International Airport, in the capital, Nairobi and has imported two electric buses for the pilot programme.

The round, which included participation from a number of existing and new Silicon Valley investors, such as Moxxie Ventures, Nimble Partners, Spring Ventures, Climate Capital and Third Derivative, was led by Novastar Ventures. 

Months after setting up operations in East Africa’s biggest economy, to provide clean-energy mass transit vehicles in a country that is heavily-reliant on fossil-fuel buses, BasiGo’s round comes as a green light to facilitating the achievement of sustainability across the country.

Founded by the company’s CEO, Jit Bhattacharya and Jonathan Green, the CFO, BasiGo is operated by individuals with experience in the sector.

Bhattacharya was initially a technology leader in rechargeable (lithium-ion) batteries for over 12 years. He has held executive positions in various companies, including at Mission Motors in Silicon Valley, Project Titan — the secret electric car project by Apple Inc. and at Fenix International, an off-grid home solar system company. Green has also spent the last 15 years working with different companies to deliver renewable energy technologies to users across Africa.

BasiGo plans to supply over 1,000 mass transit electric buses to transport operators in Nairobi over the next five years. To encourage the uptake of these vehicles, the startup will extend pay-as-you-drive credit options to drivers, and provide maintenance and charging services.

The pilot programme is scheduled to begin next month and the startup will join Swedish-Kenyan EV startup Opibus, whose inaugural locally manufactured electric bus hit Kenya’s roads three weeks ago. Both companies have set their eyes on the mass transit sector, which is slowly shifting to clean-energy options.

BasiGo will locally assemble its EV buses — which will come in 25- and 36-seater capacities, with a range of about 250 kilometers — using parts sourced from China’s EV maker BYD Automotive.