5 most influential investors in Nigeria’s startup tech space

The giant of Africa has become a highly sought-after destination for tech startup investments, which has resulted in an uptick in funding for Nigerian startups. This trend is unsurprising given that Nigeria is widely considered to be the most attractive African country for such investments.

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The Nigerian Startup Ecosystem Report 2022, published by Disrupt Africa, a research company that specializes in startups, revealed that from 2015 to 2022, more than 383 tech startups secured over $2 billion in funding.

In this article, we will look at the five most influential investors in the tech sector in Nigeria.

1. Kola Aina

Kola Aina is a prominent Nigerian entrepreneur, investor, and business leader, recognized for his contributions to the growth and development of the African tech ecosystem. He is the founder of Ventures Platform, a leading early-stage venture capital firm in Africa, that provides between $50,000 and $500,000 to mission-driven startups that democratize prosperity, plug infrastructural gaps, connect underrepresented communities, and improve livelihoods in Africa.

In 2021, Kola’s Ventures Platform announced the first close of its $40M Pan-African fund, with participation from local and global investors such as Nigeria Sovereign Investment Authority (NSIA), United Africa Company of Nigeria (UAC), VFD Group, Michael Siebel (CEO Ycombinator), Adam Draper, Shola Akinlade (Co-founder Paystack, early portfolio company), and other high-profile institutions and individuals.

In addition to his investment and entrepreneurial activities, Aina is also committed to social impact. In 2016, he founded Ventures Park, a co-working space and community for entrepreneurs.

2. Bosun Tijani

Bosun Tijani is a Nigerian entrepreneur and investor. He is the co-founder of Co-Creation Hub (CcHUB), which is a social innovation center that supports technology startups in Nigeria.

Bosun has invested in several tech startups in Nigeria and was named one of the 100 Most Influential People on the continent by New Africa Magazine. The serial entrepreneur received and initiated the visit of Mark Zuckerberg for the first time in Nigeria in August 2016.

In 2019, Co-creation Hub acquired Kenya's iHub under Bosun's leadership.

3. Iyinoluwa Aboyeji

Iyinoluwa Aboyeji is a Nigerian entrepreneur and investor. He is the co-founder of Andela, a startup that trains and connects African software developers with global companies.

Iyinoluwa also co-founded Flutterwave, a payments infrastructure company that enables global merchants to process payments across Africa.

He is the general partner and co-founder of Future Africa, an early-stage VC firm that provides capital, coaching, and community for mission-driven innovators.

Apart from helping in building Andela and Flutterwave, two African technology companies, he is also a key investor in several Nigerian startups.

Aboyeji is the Co-founder and Chairman of Talent City Inc, a construction company.

4. Manasseh Egedegbe

Manasseh Egedegbe is a seasoned African tech investor who has made significant contributions to the development of the tech ecosystem on the continent. With over ten early-stage startup investments across various tech industries.

Two of the startups he invested in have achieved significant exits, generating an average return of 2,500%. Manasseh co-founded and served as Managing Partner of Venture Kinetics, a venture capital fund that specializes in the African tech startup space and provides up to $100,000. Under his leadership, the company built a diversified investment portfolio of 13 companies across various tech sub-sectors.

His investment strategy focuses on identifying high-potential opportunities in emerging trends and technologies. Manasseh also serves on the board of directors of the $40m-backed Reliance HMO, a leading Nigerian health tech company that uses software, data science, and telemedicine to make health insurance affordable and accessible.

5. Tayo Oviosu

Tayo Oviosu is the Founder and Group CEO of Paga, a mobile payments company that is focused on digitizing cash in emerging economies.

Before Paga, Tayo was Vice-President at Travant Capital Partners, a private equity fund in West Africa. Before joining Travant, Tayo was a Manager, Corporate Development, at Cisco Systems in San Jose California.

Tayo’s work at Paga has been recognized globally - in 2014 CNBC selected Tayo as the Entrepreneur of the Year West Africa, and in 2015 the African Leadership Network selected Paga as the outstanding growing company of the year in Africa.

Tayo has a passion for helping entrepreneurs bring ideas to life and build scalable businesses. This passion is what led to co-founding Kairos Angels, an angel investment club.

Tayo, through Paga, has made several investments. Their latest investment was Pre Seed Round - Venco Platforms on Dec 5, 2022, when Venco Platforms raised $670K.

The startup ecosystem in Nigeria has grown phenomenally in recent years driven by stories of successful exits (like Paystack’s reported $200m acquisition by Stripe) and a deluge of early-stage investments from local investors. The five investors featured in this article have played a significant role in driving the growth of the industry and supporting the development of the tech ecosystem. Their investments have helped to create jobs, drive innovation, and position Nigeria as a hub for technology in Africa.

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