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By Alexander Chiejina
 
 
The tech ecosystem in Nigeria has continued to witness tremendous growth over the last five to ten years, a development that can be traced to increased local and international capital inflow in the form of venture capital into the tech subsector.
 
While Nigeria has remained a dominant force in the tech space and has consistently accounted for a majority of funding that comes to the African continent, factors such as huge market opportunity for tech; Attractive startup cities; High investment inflow; Innovation within the sub-sectors; Observed expansion trends and Unicorns produced in the space, are major drivers catalysing this growth, according to JICA 2021 report.
 
Given the huge traction which Nigeria tech ecosystem holds for the African continent, below are the active investors that play key roles in driving in-country tech investments:
 
No
Investor
Location
Summary of institution
1
Acumen Fund Nigeria
Lagos
Invests in companies that are changing the way the world tackles poverty. The fund has invested in Nigerian mobile money transfer Paga.
2
Adlevo Capital
Lagos
A private equity fund manager. Prominent investments made in Nigeria include Paga and Interswitch.
3
Alitheia Capital
Lagos
A Nigerian firm that offers financing and entrepreneurial support to businesses that are working to meet a real business, social, or environmental need
4
Bamboo Capital Partners
Nairobi
Launched in 2017, the firm has about US$290 million under management with a portfolio of 33 companies in over 20 countries. The firm makes investments in energy, healthcare and financial services globally.
5
EchoVC Partners
Lagos
A seed and early stage venture capital firm focused on financing and cross-pollinating leading technologies, teams, business models and knowledge across North America, Africa and Southeast Asia.
6
Growth Capital Fund
Lagos
Nigeria’s first social innovation fund aimed at creating an unprecedented path to scale for outliers driving social change in Nigeria
7
Helios Investment Partners
Lagos
An Africa-focused private investment established in 2004 and led by co-founding partners Tope Lawani and Babatunde Soyoye
8
Jacana Partners
Nairobi, and Accra
A pan-African private equity company that invests in entrepreneurs, builds successful small companies and delivers sustainable financial and social returns.
9
Lagos Angel Network
Lagos
Organizes seed funders to invest in startups through pitch events in which pre-screened business ideas are presented to the network by entrepreneurs.
10
MicroTraction
Lagos
The fund invests  in Africa’s most remarkable teams with technical founders at the earliest stage of their venture. It invest US$15,000 for 7.5% equity stake, followed by an additional $50,000 convertible note at a $1 million valuation cap in companies that show significant progress after the initial investment
11
Newid Capital
US
Invests internationally in growth-oriented financial services companies serving the under-banked.
12
Sanaga Ventures
Amsterdam
A fund founded in 2010 that actively invests in and supports new and emerging ventures across the African continent
13
Savannah Fund Nigeria
Nairobi
A seed capital fund, specialising in US$25,000 to US$500,000 investments in early-stage, high-growth tech startups in sub-Saharan Africa. The fund has invested in Nigerian startups Supermart.ng, and Lidya.
14
Spark
Lagos
A company builder and investment group whose portfolio includes Drinks.ng, Hotels.ng, Paystack and Ogavenue.
15
SSE Angel Network
Port Harcourt
SSE Angel Network Members mentor, support and invest in founders (especially those in the South-South/South-East, Nigeria) building innovative businesses that provide jobs, opportunities and contribute to the prosperity and development of Nigeria.
16
Synergy Capital
Lagos
A Lagos-based private equity firm that invests in technology startups as well as traditional businesses
17
Tekton Ventures
US
A Silicon Valley based investment firm which makes early stage investments in category defining startups around the world. The firm has invested in Nigerian startup Flutterwave.
18
The Omidyar Network
Nairobi
An impact investment firm established in 2004 by eBay founder Pierre Omidyar and his wife Pam, the institution reports it has committed more than US$992 million to nonprofit organizations and for-profit companies across multiple investment areas
19
Tiger Global
US
: A global firm that has been investing heavily in Africa in recent years. The firm deploys capital in both private equity partnerships and public equity funds. The company favours technology or internet related business. It is one of the largest investors in Nigeria’s iROKO Partners.
20
TLcom Capital Lagos
Lagos, Nairobi, and London.
Since 1999, the VC firm has invested in telecoms, media and tech companies in Europe, Israel and Sub-Saharan Africa. TLcom manages total commitments in excess of €200-million.
21
Ventures Platform
Lagos
An early-stage growth focused fund which supports post MVP teams in growing their startups.
22
VestedWorld
US
Invests in early stage companies demonstrating potential for long-term success and measurable impact. The firm’s Nigeria portfolio includes Tomato Jos, and Beacon Power Services
33
Village Capital
US
A VC that finds, trains, and funds entrepreneurs developing solutions in agriculture, education, energy, financial inclusion, and health. The firm’s portfolio includes Nigerian company Lekki Peninsula Affordable Schools.
Source: Ventureburn
 

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