LoftyInc Capital Management hosts StartUp Investment Summit in Lagos.
Kicks off $25million Afropreneur Fund
LoftyInc Capital Management, operators of the LoftyInc Afropreneurs Fund, played host to a group of investors generally private equity-focused, seeking new investment frontiers in Africa. The primary goal of the LoftyInc Afropreneur Fund is to capitalise on the strengths of its ground game in Sub-Sahara Africa to identify, support and drive the growth of next generation of ‘frontier market unicorns’ while leveraging these investments for social impact and contributing as much to social change. The Afropreneur Fund will focus on early stage Africa-facing enterprises that leverage technology to create social impact and tackle big socio-economic problems.
The event with the theme “Investing in Africa: Opportunities in Nigeria’s Business Environment” was aimed at articulating the need for investors to see Africa, most especially Nigeria, as a favorable top-of-the-list destination for venture and private equity deal flow and to also buttress LoftyInc’s commitment to building an innovation ecosystem in Nigeria. This audience for this event comprised of registered bankers, capital investment advisers and general-interest investors both in Nigeria and internationally.
The Investors’ event which attracted bigwigs in the business and startup ecosystem in Nigeria was also targeted at creatively leading the drive for local and foreign investment support for African business solutions whilst showcasing a wide array of viable technology solutions developed by Africans and can solve key socio-economic problems across different sectors. Ranging from Education, FinTech, Health Technology, Clean Energy, Agriculture, Shelter and even Food Tech, different startup solutions from across Nigeria pitched their solutions to an audience full of investors, professionals and enthusiasts from across the Investment Ecosystem.
The event was anchored by Afropreneur Idris Ayodeji Bello who alongside Michael Oluwagbemi and Marsha Wulff are Partners at the LoftyInc Capital Management, which has now supported a number of startups at seed funding stage and is currently poised to lead investment rounds in local scalable solutions across Africa. Idris led the proceedings of the day centered on Innovation and Investment in Technology solutions in African Markets.
The Managing Partner and Director, LoftyInc Capital Management, Afropreneur Fund and Silicon Valley Serial Investor, Marsha Wulff who visited Nigeria on a working visit presented the first talk titled: “Why Invest in Africa; For Impact and For Profit”. During her presentation, she explained that Nigeria and the rest of Africa is ripe for high-impact investments. She shared the potentials of the LoftyInc Afropreneurs Fund and the plans to aggregate funds for social impact investments across different sectors in the African economy.
The second speaker at the event — Yvonne Johnson, Head; Corporate Strategy and Investment for First Bank Nigeria Plc spoke titled her presentation “Learnings from investing/working with Startups in Nigeria”. Yvonne who is also an early stage investor in Andela and other social impact businesses touched on key areas to look out for when venturing into Investments in Nigerian startups. She also shared her experience with working for funders and making startups investment ready. For her, the key missing resource in our ecosystem is not only funding. Mentorship, growth opportunities, partnerships are important to further the entrepreneurial ecosystem in Nigeria. She explained that due to the nature of Africa’s problems, there’s a lot of viable solutions that if invested in, will be a goldmine for International Investors.
Principal Partner, Balogun Harold Law Firm, Olubunmi Abayomi-Olukunle shared an Investment lawyer’s view on the perks of Investing in Africa. He spoke on the topic: “Pitfalls to avoid when investing in Africa” where he shared key insights into government policies, market data, finance institutional issues, exit strategy, taxation and other areas where the law interplays with startups in Nigeria.
He asserted that with the ease of doing business getting better in Nigeria and the capital sector making room for venture capital investors, the future of foreign direct investment in the Nigerian Technology Ecosystem is bright and he called on the Investors to make smart decisions by carrying out due diligence on whatever sector they might want to invest in before venturing. “Africa, he finalized, has come of age and there is no better time to invest here than now”.
The summit also featured LoftyInc Fund investees and other startups within our network Flutterwave, Printivo, Kangpe, FuelMetrics, Hutbay, Asusu, Afrimash, ProNov, Quaint, ThriveAgric and Vertmance Resources all took turns to showcase their solutions and expressed openness to partner with international investors to further develop their solutions in Africa.