Africa has come a long way in startup financing. Since 2015 at least, thousands of investors — angels, venture capital and private equity firms, credit institutions, high net worth individuals, family offices, accelerators, incubators, development finance institutions, non-profit entities, etc. — have passed through the continent’s startup ecosystem, dropping some funds. However, while different classes of investors have populated this ecosystem, venture capital firms (aka VCs) have shown persistence as well as resourcefulness with funding. 

In the course of plotting this investment landscape, what was most striking was the intensity of the rise of new funds meant for the ecosystem in the past three years alone; that is, between 2017 and 2020. It is expected that many more funds of this nature will crop up even, especially as more parts of Africa continue to migrate to the internet, partly forced by the coronavirus pandemic. 

That said, it must be pointed out that the long list below is not exhaustive of all the investors that have ever invested in the ecosystem. In deciding who made the list, all the investors that invested between 2019 and January 31, 2021 were, substantially, listed. For 2018 and backwards, a majority of one-time investors were excluded. They are called one-time because there was no evidence to support any subsequent investments by them. It became necessary to do so so as to assist founders in knowing who is probably still in business, and who to immediately reach out for investments. The door is still very much open, however, for any investor who was not captured in the list but who wishes to be added onto it.

It must also be pointed out that venture capital firms have mostly been preferred over other types of investors because of the very nature of startups themselves. 

Finally, if the list becomes so cumbersome, tiring to use, or simply boring and you would wish to have a hold of the first-hand document pasted here, kindly feel free and reach across to the writer through any medium, to have the document or more sent to you, although it must be noted here, also, that the document is not free.

Afrikan Heroes continues to wish you the best in your fundraising journey this year and beyond. 

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According to African Private Equity and Venture Capital Association 2019 VC report, North American investors represented 42% of the total number of investors that participated in VC investments in Africa between 2014 and 2019, followed by European based investors at 23%. African based investors accounted for only 20%, followed by Asia-Pacific (8%) and investors based in the Middle East (6%). 

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer