Players and powerhouses shaping Africa’s VC landscape

Despite 2023 marking the first decline in the volume and value of venture capital investment in Africa after a decade of growth, a report from AfricArena projects that VC investment will rebound sharply, surpassing $10 billion by 2025. This optimistic forecast will be driven by the strategic expertise of experienced industry leaders committed to transforming Africa’s venture ecosystem. While 781 investors were active in 2023, a notable decrease of nearly 400 investors compared to 2022, the continent’s investment ecosystem remains a powerhouse led by key players, whose sustained involvement and innovation are essential for Africa’s investment revival. Here are some of the top firms and figures investing in Africa:

LoftyInc Capital

LoftyInc Capital Management is a venture capital firm focused on funding early-stage, tech-enabled companies across Africa. The firm operates from hubs in Nigeria, Egypt, and Kenya, and emphasises investments in startups that address challenges in the “everyday economy,” including sectors such as fintech, healthcare, education, and energy. Their portfolio includes notable African startups like Flutterwave, Andela, and Healthtracka.

Lydia Idem, COO of LoftyInc Capital, brings over 25 years of experience as an investor and trader across private and public markets, focusing on startups in Africa and Latin America. She oversees fund administration, investor relations, portfolio management, finance, compliance, communications, and human resources. Lydia sits on multiple boards, leveraging her financial expertise to optimise investments and capital allocation. Recognised as a financial leader, she has been featured in FORBES, CNNMoney, and Yahoo! Finance. In 2014, she founded a registered investment advisory firm to empower impactful investors. Lydia holds an M.Sc. in Management from Georgia Tech and a B.Sc. in Computer Science from Vanderbilt University.

TLcom Capital LLP

TLcom Capital is actively driving innovation in Africa by focusing on early-stage technology investments that address some of the continent’s most pressing challenges. Through its TIDE Africa Fund II, which recently closed at $154 million, the firm has become the largest early-stage venture capital fund in Africa. This enables TLcom to support exceptional founders building scalable solutions in sectors like fintech, healthtech, and edtech. Their investments aim to foster economic growth and provide technology-driven solutions to everyday problems, aligning with the growing demand for digital transformation across Africa.

Eloho Omame is a Partner at TLcom Capital LLP in Lagos and co-founder of FirstCheck Africa, a venture fund supporting female-led start-ups. She serves on the boards of Illa, Talstack, and Hub2, and mentors startups through Endeavor Nigeria. As Endeavor Nigeria’s launch CEO, she built West Africa’s largest scale-up support network. Previously, she was VP at General Atlantic, sourcing growth equity deals in Sub-Saharan Africa, and Head of Corporate Development at FirstBank, driving its pan-African M&A strategy. She also created Lagos Innovates for the Lagos State Employment Trust Fund. Eloho holds an MBA from London Business School and a BSc in Economics from LSE.

Quona capital

Quona Capital drives financial inclusion in Africa by investing in fintech start-ups that expand access to affordable financial services for underserved populations. Since 2015, Quona has supported over 72 startups globally, including key African ventures like Verto FX. By focusing on digital payments, lending, and embedded finance solutions, Quona’s investments have impacted more than 160.9 million lives, with 70%+ previously excluded from formal financial systems.

Kofoworola Agbaje (“Kofo”), Vice President at Quona Capital, is a key figure driving venture capital investments across Africa and the MENA region. Born in Lagos, her early exposure to the importance of education shaped her path, which led her to engineering and later, a career in tech. After years as a full-stack engineer at RBS, Kofo transitioned to venture capital by earning an MBA from Wharton, where she discovered her passion for supporting African entrepreneurs. Her internship at Quona deepened this commitment, and in 2019, she joined the firm full-time. Now based in Lagos, Kofo combines her technical skills and strategic expertise to mentor and guide startups in emerging markets, focusing on fostering growth in Africa’s dynamic ecosystem.

The Future of Funding is Bright

These industry powerhouses are at the forefront of reshaping Africa’s venture capital landscape. Their wealth of experience, deep expertise, and unwavering commitment to transformation set a powerful example of how to navigate and overcome the recent decline in investments. They provide the leadership necessary to propel Africa’s VC ecosystem forward. Their efforts are a testament to the potential for recovery and growth, highlighting the crucial role that skilled and visionary leaders will play in the future of Africa’s investment climate.