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“We invest in companies that are changing Africa for the better. More than just capital; we bring experience to our partnerships with entrepreneurs,” states the fund on X platform. Shagaya, renowned for pioneering Nigeria’s e-commerce sector with Konga, founded in July 2012, emphasizes the importance of discerning the quality of investment, noting, “…with the benefit of experience, I now realise that not all money is good money for your business,” as observed during uLesson’s $7.5 million Series A round in January 2021.
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At 48, Shagaya joins a rare group of Nigerian founders with multiple venture-backed companies, expressing his eagerness to leverage his knowledge to assist “extraordinary Africans” in building successful businesses.
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Other African entrepreneurs, such as Iyinoluwa “E” Aboyeji (Andela, Flutterwave) and Opeyemi Awoyemi (Jobberman, WhoGoHost), have established funds or venture studios to nurture startup growth, while various founders have made private investments individually or through private funds. Yele Bademosi, Founding Partner of Microtraction, transitioned to the operational side with Nestcoin.
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