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  Aduna Capital, a Nigerian venture capital firm, says it has launched a $20 million fund for tech startups from across Africa. According to the firm, more than half of the fund will be devoted to supporting startups from Northern Nigeria, with the rest split equally between ventures in the rest of Nigeria and from elsewhere on the continent.
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According to Surrayah Ahmad, General Partner at Aduna Capital, they will also be prioritizing female-led startups, with at least 50% of the fund going to them. The venture capital firm cited research that suggested businesses led by women generating twice the value invested, as well as the low level of financial backing that such enterprises receive despite the evidence, as reasons for Aduna Capital’s decision to be of aid to female founders.

Details of the Fund

Ahmad has explained that Aduna Capital will be investing between $50,000 and $200,000 in the startups that it identifies and deems eligible for funding. The firm plans for early exits in a majority of its investments, but will stay the course in about 20% of startups in its portfolio. There will be follow-up funding for these.
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Investment Target

Aduna Capital notes that investor exits from startups in these parts are relatively few, compared to elsewhere in the world. As such, it plans to achieve exits for its investors at the Series A stage. It is aiming for a 5-10 times return on investments while trying to ensure that its interventions prove impactful for all parties involved.

The Focus on Northern Nigeria

According to Surrayah Ahmad and Sanusi Ismaila, cofounders of Aduna Capital, Northern Nigeria holds great promise for investors seeking barely tapped potential for significant returns. With more than 100 million people and several industries ripe for innovative disruption, this region is likely to be the next frontier for tech-driven growth. Sustained funding could help existing startups in the area make great strides, scale across the country, and establish a dominant presence in all of Africa.
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The Prior Experience of Aduna Capital’s Partners

Surrayah Ahmad has some experience in the tech space; she founded the e-commerce startup YDS Online in 2017 (it was acquired in 2022). She’s also founded Ethco, which is helping ethnic stores establish an online presence and is currently the chairman of the Northern Founders Community. Sanusi Ismail is the founder of the Colab hub in Kaduna State, which is one of Northern Nigeria’s largest innovation hubs.
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This article was first published on 22nd November 2023


Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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