Target Global, a Berlin-based international venture capital firm with over 1.5 billion euros in assets under management, recently brought together founders of several Nigerian startups and local tech investors at an exclusive interactive session in Lagos.
Co-hosted by Kuda Technologies, a digital-led bank for Africans and Target Global’s first investment in Africa, the event highlighted the growing stream of foreign direct investment into Nigeria’s startup scene and opened up new avenues for fundraising to local founders.
Speaking at the event, Ricardo Schaefer, a partner at Target Global, reiterated the firm’s commitment to funding Nigerian startups, saying, “I’m grateful to Kuda for letting us invest and I’m very excited, not just because of Kuda, but also because of all the companies and founders I’ve met in Nigeria. It’s historic what is happening in tech here and we (Target Global) want to invest more in Nigeria, we want to spend more time here.
“We’re excited about any founder with big ambitions and we’re looking for startups with big outcomes.”
Target Global led Kuda’s record-setting $10 million seed round in November 2020, helping put the digital-led bank on the world map as a serious challenger to traditional banks in emerging markets and reinforcing the fact that early-stage Nigerian startups are attracting significant global attention and contributing to the local economy.
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Kuda has since raised an additional $25 million in a Series A round to drive its ambitious expansion plans.
The CEO of Kuda Technologies, Babs Ogundeyi, noted at the event that Target Global had been a valuable partner in Kuda’s rise to relevance, even beyond making sizable investments in both its seed and Series A fundraising rounds.
“Target joining us corroborated all the things my team and I believed. Our journey has been fueled by a really good investor that believes in us, and I’m even more confident that we’re going to build the biggest bank for every African on the planet,” Ogundeyi said.
Target Global is an international investment firm headquartered in Berlin, with over 1.5 billion euros in capital commitments and co-investments. Building on our experienced team with substantial operational and investment experience, we help exceptional entrepreneurs to build market leaders.
The Target Global portfolio includes companies such as Auto1, Cazoo, Delivery Hero, Kuda, Rapyd, TravelPerk, WeFox, and Zego.
Kuda is a digital-led bank making banking accessible, affordable, and rewarding for all Africans on the planet. It has more than 1 million customers in its launch country, Nigeria, where it provides free banking services through its apps for smartphones and the web.
