Meet 10 Female VC Execs backing Nigeria’s billion-dollar startup ecosystem.

Exploring the dynamic realm of African venture Capital, Nigeria stands out as a hub of financial innovation and progress, setting the stage for an intriguing narrative in Q3 2023.

Across the continent, there was a remarkable 28% year-on-year surge in capital raised, positioning Africa as the only region to exhibit growth during that quarter.

Venture capital funding in Africa surpassed that of Latin America, with a significant $2.9 billion raised between Q1 and Q3 2023, in stark contrast to Latin America’s $1.6 billion during the same period.

Nigeria particularly commands attention, securing 43% of the total capital invested in Fintech startups across Africa, underscoring its pivotal role in shaping the sector’s trajectory. However, Nigeria, alongside Egypt, Kenya, and South Africa, witnessed a notable shift, with Nigeria raising $398.2 million, trailing behind Kenya’s impressive $756.2 million.

Despite encountering funding challenges, Nigeria proudly boasts unicorn tech companies like Flutterwave, Opay, and Interswitch.

In the global VC and tech landscape, a ‘unicorn’ signifies a privately held tech startup with a valuation exceeding $1 billion on paper. Most of these companies count multiple venture capital investors who, in exchange for equity, have been instrumental in their growth.

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Traditionally, men have dominated the venture capital landscape. However, as we commemorate March as Women’s Month, emphasizing inclusivity and accelerated growth, it’s crucial to spotlight the influential women driving change within venture capital firms and startups in Nigeria, some of which boast valuations as high as $1 billion.

These women’s impact is tangible, spanning investments in Nigeria’s highest-valued tech companies and offering invaluable business mentorship and guidance. Their contributions challenge traditional narratives, highlighting the indispensable role women play in shaping the future of Nigeria’s tech ecosystem.

Their stories enrich the narrative, reminding us that Women’s Day is not only about celebrating achievements but also acknowledging the ongoing journey towards equity and inclusivity.

Here are ten female venture capital executives in Nigeria, supporting the country’s unicorns and fostering growth in its tech ecosystem.

10. Eloho Omame – TLcom Capital & FirstCheck Africa Partner

Eloho Omame is a notable figure in Africa-focused technology venture capital, serving as a Partner at TLcom Capital and co-founder at FirstCheck Africa. Advocating for diversity and inclusion in Africa’s tech ecosystem, she represents TLcom Capital on various portfolio company boards and focuses on supporting exceptional female entrepreneurial talent through FirstCheck Africa.

9. Adenike Sherriff – Future Africa Co-founder and Chief of Staff

Adenike Sherriff, Co-founder and Chief of Staff at Future Africa, spearheads initiatives to scale innovators by providing capital, coaching, and community support. With a background in law and extensive experience in Africa’s tech sector, Adenike’s dedication to building a mission-driven African future underscores her commitment to making purposeful progress accessible to all.

8. Omobola Johnson – Senior Partner at TLcom Capital LLP

Omobola Johnson, a Senior Partner at TLcom Capital LLP, holds prominent positions on the boards of various startups and multinational corporations. With a rich background in technology and strategic consulting, including a tenure as Nigeria’s Minister of Communication Technology, Omobola contributes her expertise to shaping Nigeria’s technology ecosystem.

7. Biola Alabi – Acasia Ventures General Partner

Biola Alabi, General Partner at Acasia Ventures, leads the venture capital fund’s focus on early-stage technology startups in Africa. Renowned as an angel investor and media executive, Biola’s transformative role in Africa’s broadcasting industry and strategic investments in tech startups showcase her impactful contributions to Africa’s tech and media ecosystem.

6. Ijeoma Agboti – FBNQuest Funds Managing Director/CEO

Ijeoma Agboti, the Managing Director/CEO of FBNQuest Funds, directs institutional investments towards businesses poised for growth. With over 20 years of experience in private equity and investment banking, Ijeoma’s expertise in fostering business growth and innovative models in emerging markets contributes significantly to Nigeria’s entrepreneurial landscape.

5. Kofoworola Agbaje – Quona Capital Vice President

Kofoworola Agbaje, Vice President at Quona Capital, focuses on investments in Sub-Saharan Africa, MENA, and Cross-Border markets. With extensive experience in financial services and investments, Kofoworola’s strategic investments contribute to driving financial inclusion and innovation in Africa’s tech ecosystem.

4. Nneka Eze – VestedWorld Managing Director

Nneka Eze, Managing Director at VestedWorld, specializes in impactful investments in agriculture, consumer goods, and enabling technology across Ghana, Nigeria, and Kenya. With over a decade of experience in deepening investments in African businesses, Nneka’s diverse background and commitment to impact investing drive positive change in Africa’s entrepreneurial landscape.

3. Adesuwa Okunbo Rhodes – Aruwa Capital Management Founder and Managing Partner

Adesuwa Okunbo Rhodes, Founder and Managing Partner of Aruwa Capital Management, pioneers a women-owned and led private equity fund focusing on untapped investment opportunities in West Africa’s small to lower mid-market. Her mission to unlock the power of private capital for positive change underscores her commitment to driving inclusive growth in Africa.

2. Tokunboh Ishmael – Alitheia Capital Co-founder and Managing Director

Tokunboh Ishmael, Co-founder and Managing Director of Alitheia Capital, spearheads impactful private equity investment in Africa, emphasizing profit with purpose. A pioneer in promoting gender inclusion and responsible investing, Tokunboh’s investments catalyze transformative change across various sectors in Africa.

1. Maya Horgan Famodu – Ingressive Capital Founder & MD

Maya Horgan Famodu, Founder & MD at Ingressive Capital, oversees VC funds focused on early-stage African tech ventures. With a track record of nurturing high-growth businesses and fostering diversity in Africa’s tech landscape, Maya’s impactful contributions drive innovation and growth across the continent.

Please note: The individuals featured in this compilation have been carefully selected based on their significant contributions to the venture capital sector in Nigeria. This list aims to be comprehensive but may not encompass all contributors to Nigeria’s venture capital landscape. Feedback is appreciated.

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