Africa\u2019s tech ecosystem is booming, thanks to angel investors who provide early-stage funding, mentorship, and market insights. These investors are focusing on sectors like fintech, healthtech, edtech, and agritech, driving growth and innovation across the continent. However, challenges such as high startup failure rates, gender disparities, and reliance on foreign funding persist.<\/p>\n
Key highlights:<\/p>\n
Fintech leads the way, with 8 out of 9 African unicorns in this sector.
\nLocal investors are gaining ground, surpassing foreign investors in early-stage deals for the first time.
\nGender gap remains a concern, with only 6.8% of investments over $100,000 going to women-led startups.
\nPromising sectors include fintech, healthtech, edtech, and agritech, offering scalable solutions to pressing challenges.<\/p>\n
Notable investors like Tomi Davies, Rebecca Enonchong, and Idris Bello are shaping Africa\u2019s tech future by combining funding with mentorship and strategic guidance. Their efforts are critical for building a sustainable ecosystem that supports local innovation and addresses key market needs.<\/p>\n
Yemi Keri Breaks Down Angel Investing in Africa<\/p>\n
1. Tomi Davies (Nigeria)<\/p>\n
Tomi Davies, a prominent angel investor from Nigeria, is dedicated to advancing African tech startups. His investments primarily target industries like fintech, edtech, and healthtech, championing entrepreneurs who bring forward scalable and impactful solutions.<\/p>\n
But Davies doesn\u2019t just write checks. He offers more than financial backing, providing early-stage funding, mentoring emerging talent, and steering startups through the hurdles of their formative years. As an entrepreneur himself, he deeply understands the challenges new businesses encounter and actively contributes to strengthening Africa\u2019s startup ecosystem.<\/p>\n
2. Rebecca Enonchong (Cameroon)<\/p>\n
Rebecca Enonchong has made her mark as a prominent angel investor, bringing her expertise and vision from Cameroon to the broader African tech landscape. Her primary focus lies in healthtech and fintech \u2013 two sectors with transformative potential for economies across the continent. Her influence and reputation have earned her key roles in high-profile organizations.<\/p>\n
In May 2023, she was appointed as an external member of the investment committee at HealthCap Africa<\/a>. This role leverages her deep knowledge of healthtech and fintech, granting her oversight of a portfolio encompassing around 20 companies valued at approximately $700 million.<\/p>\n As the CEO of AppsTech<\/a> and Chair of ActivSpaces, Enonchong is a driving force behind digital innovation aimed at boosting Africa\u2019s economic development.<\/p>\n “It\u2019s one of the easiest and simplest ways to build our economy \u2013 through digital innovation. I really believe that it\u2019s one of the areas that can have the most impact that requires the least investment.”<\/p>\n Her leadership extends to the African Business Angel Network<\/a> (ABAN), where she serves as Vice President. In this role, she not only identifies upcoming trends but actively influences them. Under her guidance, ABAN has branched into various sectors, including smart cities, digital trade, clean technology, and climate-smart agriculture. In 2025, the organization launched its fifth thematic network, focusing on Africa\u2019s sports and creative industries, during the Inclusive Fintech Forum held in Kigali.<\/p>\n What sets Enonchong apart is her commitment to underserved markets. Through ActivSpaces, she works to extend tech support to rural and francophone regions in Africa \u2013 areas often overlooked by dominant hubs like Lagos and Nairobi. Her efforts align with her belief that digital solutions can revolutionize traditional sectors such as agriculture, which remains the backbone of many rural communities.<\/p>\n Her investment strategy aligns with the continent\u2019s evolving needs, as healthtech and fintech innovations not only enhance the lives of over 1.4 billion Africans but also promise strong financial returns.<\/p>\n 3. Eleni Gabre-Madhin (Ethiopia)<\/p>\n Eleni Gabre-Madhin stands out as a trailblazing investor from Ethiopia, with a strong focus on agritech, fintech, and market infrastructure. As the founder and CEO of blueMoon<\/a>, an integrated agri-fintech platform, she combines her investment acumen with practical experience to develop scalable solutions tailored to Africa\u2019s agricultural challenges.<\/p>\n Her investment strategy zeroes in on startups that merge technology with traditional industries, particularly those tackling food security and expanding financial services in rural markets. Gabre-Madhin\u2019s tenure as Chief Economist at the International Food Policy Research Institute<\/a> equips her with a unique perspective on how policy, technology, and economic growth intersect.<\/p>\n Through blueMoon and her various angel investments, she has backed startups creating digital marketplaces, improving supply chains, and offering financial tools for smallholder farmers. Beyond funding, she provides entrepreneurs with access to policy networks and market insights \u2013 critical resources for navigating Ethiopia\u2019s diverse regions. Her efforts highlight the growing role of experienced investors in shaping Africa\u2019s tech landscape by blending deep industry knowledge with a commitment to meaningful progress.<\/p>\n 4. Keet van Zyl (South Africa)<\/p>\n Keet van Zyl, a prominent angel investor from South Africa, is deeply involved in supporting early-stage tech startups. His work focuses on industries like fintech, edtech, and healthtech, backing companies that harness technology to address some of the continent\u2019s most pressing challenges. Beyond just funding, Van Zyl plays a pivotal role in strengthening local investor networks, creating opportunities for innovation and entrepreneurship throughout Africa.<\/p>\n What sets Van Zyl apart is his hands-on approach. He doesn\u2019t just write checks \u2013 he rolls up his sleeves to mentor startups, guiding them through the complexities of scaling in competitive tech markets. His strategic advice often proves critical during the early phases of a company\u2019s growth, helping founders make informed decisions and avoid common pitfalls.<\/p>\n 5. Idris Bello (Nigeria)<\/p>\n Idris Bello, a prominent Nigerian angel investor and self-proclaimed “Afropreneur”, has played a pivotal role in shaping Nigeria\u2019s startup ecosystem. His influence goes far beyond financial backing, as he is deeply involved in fostering innovation and supporting entrepreneurs across Africa.<\/p>\n Bello\u2019s accolades highlight his impact: he has been named one of CNN\u2019s Top Ten African Technology Voices, featured in the Huffington Post, and recognized as a 2012 Dell Global Innovation Ambassador and MIT Global Start-up Fellow. In 2015, he also received the prestigious Bill and Melinda Gates Grand Challenge Exploration Award, showcasing his knack for promoting tech-driven solutions to global issues.<\/p>\n In 2010, Bello co-founded Wennovation Hub<\/a>, one of Nigeria\u2019s earliest tech incubators, which has since become a blueprint for cultivating local talent and innovation. His approach to investment focuses on more than just funding \u2013 he prioritizes mentorship, corporate governance, and leveraging his extensive network to guide startups toward success. This hands-on strategy reflects the vital role Nigerian investors like Bello play in driving Africa\u2019s tech transformation.<\/p>\n 6. Eric Osiakwan (Ghana)<\/p>\n Eric Osiakwan is a prominent angel investor from Ghana, with a sharp focus on high-growth tech ventures across Africa. His investments are concentrated in the “KINGS” countries \u2013 Kenya, Ivory Coast, Nigeria, Ghana, and South Africa \u2013 where he seeks out companies leveraging digital tools to improve critical sectors. By adopting a cross-border and multi-sector investment strategy, Osiakwan plays a pivotal role in shaping Africa\u2019s tech landscape.<\/p>\n His portfolio spans a variety of impactful sectors. In fintech, he has supported companies like Finaccess (Kenya) and OZE (Ghana). He has also invested in Farmerline, a leading agritech company in Ghana, as well as eCampus, an edtech platform, and Hubtel, which has evolved from SMS services to providing comprehensive payment solutions across multiple countries.<\/p>\n Osiakwan\u2019s reach goes beyond West Africa. He has backed HotelOnline, a hospitality tech firm operating in both Europe and Africa, and Zulzi, an e-commerce platform in South Africa. In Nigeria, he has invested in NestSquare, a real estate tech company. His commitment to francophone Africa is evident through his investment in Digitech, a digital solutions firm based in Ivory Coast.<\/p>\n 7. Chris Kwekowe (Nigeria)<\/p>\n Chris Kwekowe is an angel investor with a clear mission: improving education technology (EdTech) and workforce development in Africa. These two areas are essential for tackling youth unemployment and bridging the continent\u2019s skill gaps.<\/p>\n In 2014, Kwekowe co-founded Slatecube<\/a>, an EdTech platform focused on nurturing young African talent and connecting them with global opportunities. Slatecube provides training, virtual internships, and job placements, offering a practical solution to unemployment challenges. The platform\u2019s efforts have produced tangible results.<\/p>\n With an 80% employment rate for its users and over $100,000 in cost savings for companies, Slatecube is making a meaningful impact. In a region where youth unemployment is a pressing issue, the platform plays a crucial role in equipping young Africans with the skills and opportunities they need.<\/p>\n But Kwekowe\u2019s vision doesn\u2019t stop at individual success stories. Slatecube has partnered with governments across Africa to expand its reach and scale its programs. This collaborative effort reflects a broader trend in African tech investment. In fact, EdTech accounted for 6% of all funding raised in Africa in 2021, highlighting its growing importance.<\/p>\n “It will revolve around the key milestone we\u2019ve achieved in the EdTech and unemployment space. I\u2019d love for it to have a number stating how many people we\u2019ve helped get into gainful employment, or companies we\u2019ve scaled because we helped them with the right talents. Big Goal: We want to be that place where graduates go to get the best possible jobs and where companies go to recruit the right talents.” <\/p>\n Kwekowe\u2019s approach aligns with a shift in African tech investment, where the focus is increasingly on solving practical challenges with scalable solutions rather than pursuing unicorn status. His strategy also taps into Africa\u2019s mobile-first market, with 400 million current users and projections of 690 million smartphones by 2025. Through his investments, Kwekowe is paving the way for Africa\u2019s next generation of skilled professionals.<\/p>\n 8. Ademola Adesina (Nigeria)<\/p>\n Ademola Adesina is a prominent angel investor in Nigeria, combining strategic insight with real-world entrepreneurial experience. His main focus lies in Enterprise Applications and Food and Agriculture Tech \u2013 industries he views as essential for Africa\u2019s progress and growth.<\/p>\n Adesina\u2019s entrepreneurial journey heavily shapes his investment strategy. In 2015, he co-founded Rensource Energy<\/a>, a company tackling West Africa\u2019s energy issues through membership-based solar projects. Under his leadership, Rensource Energy successfully secured $23.5 million in funding, reaching Series A. This achievement highlights his ability to identify and execute effective market solutions.<\/p>\n In January 2022, Adesina made his first angel investment, participating in ORDA\u2019s Seed\/Pre-Seed funding round, which raised $1.1 million. ORDA, a company aligned with his core sectors of interest, reflects his commitment to impactful ventures. The funding round also attracted notable co-investors, including LoftyInc Capital Management, Techstars, DFS Lab, Microtraction<\/a>, and Norrsken Foundation, further validating the potential of both the startup and Adesina\u2019s investment philosophy.<\/p>\n Beyond his investments, Adesina is a co-founder and leads corporate development at Sabi Am<\/a>, a top provider of digital commerce infrastructure in Africa. His approach centers on building strong foundations in energy, digital commerce, and agricultural technology \u2013 laying the groundwork for other businesses to flourish in these critical sectors.<\/p>\n 9. Mbwana Alliy (Tanzania)<\/p>\n After significant contributions from investors in Nigeria, Cameroon, and Ethiopia, Tanzania\u2019s Mbwana Alliy stands out as another key player in Africa\u2019s growing innovation landscape.<\/p>\n Mbwana Alliy is the founder and Managing Partner of Savannah Fund<\/a>, a venture capital firm focused on early-stage investments in sub-Saharan Africa. Since its inception in 2012, Savannah Fund has been instrumental in supporting mobile and internet startups, offering seed capital investments ranging from $25,000 to $500,000.<\/p>\n The fund targets a range of sectors, including fintech, edtech, logistics, e-commerce, SaaS, health tech, and agritech. It bridges the gap between early-stage angel funding and traditional venture capital by combining financial backing with mentorship and localized technical support.<\/p>\n Initially launched as an accelerator, Savannah Fund shifted its focus in 2016 to seed and Series A investments. By March 2021, the fund had backed over 30 startups, including notable names like Twiga Foods, MPost, and Flutterwave<\/a>.<\/p>\n In March 2021, Savannah Fund announced a $25 million fund, with investments in seven startups during its first close. These included South African agritech company Aerobotics, car subscription platform FlexClub, Ethiopian health tech firm Orbit Health, and Kenyan startups Safigen, Moringa School, and Ando Foods. Aerobotics has since expanded into the U.S., while FlexClub now operates in Mexico.<\/p>\n “We are looking for entrepreneurs in Africa who are shut off from access to risk capital”, Alliy explains.<\/p>\n By 2020, Savannah Fund\u2019s portfolio companies had collectively raised $118 million across Series A, B, and C funding rounds, showcasing the impressive growth of its investments.<\/p>\n Alliy seeks founders with bold visions capable of scaling their ventures across Africa \u2013 into regions like Rwanda, Ethiopia, Uganda, Ivory Coast, and Ghana \u2013 and eventually reaching global markets. His firm also actively supports female entrepreneurs through dedicated programs.<\/p>\n “The Alibaba of Africa will be founded by an African”, Alliy asserts.<\/p>\n He emphasizes the importance of risk capital over donor funding for high-growth ventures, stating, “We want to be the leading venture capital firm in Africa.” His approach aligns with the broader push to foster scalable, cross-regional growth in Africa\u2019s startup ecosystem.<\/p>\n 10. Iyinoluwa Aboyeji (Nigeria)<\/p>\n Iyinoluwa Aboyeji is a shining example of how entrepreneurial success can lead to impactful local investment. His story highlights the growing trend in Africa\u2019s tech scene, where entrepreneurs are stepping up as hands-on investors to drive change.<\/p>\n Aboyeji first gained recognition as a co-founder of Andela<\/a>, a company that trains software developers and connects them with global opportunities. After achieving significant success, he shifted his focus to supporting other innovators by becoming an angel investor.<\/p>\n In 2020, he launched Future Africa<\/a>, a platform designed to bring together emerging and seasoned investors. The goal? To fund groundbreaking startups in sectors like fintech, education, and healthcare.<\/p>\n 11. Sam Gichuru (Kenya)<\/p>\n Sam Gichuru stands out as a prominent figure in Kenya\u2019s startup scene. As the CEO of Nailab<\/a> Accelerator, he blends practical leadership with strategic angel investments, focusing on technology-driven solutions for early-stage businesses addressing pressing issues in East Africa. Under his leadership, Nailab<\/a> has supported startups like Hisa Play and Keja Hunt, which have collectively created more than 200 jobs. Impressively, one of Nailab\u2019s early startups was acquired for over $1.5 million within three years, while another joined 100startups in Silicon Valley, achieving a valuation exceeding $100,000.<\/p>\n Gichuru operates within Kenya\u2019s vibrant and evolving startup ecosystem. While education technology attracts significant investment, he sees untapped potential in other critical sectors. He explains:<\/p>\n “At the moment, there is an influx of investment in education. However, there is a great opportunity to grow solutions around security, agriculture and health.” He also highlights the challenges Kenya faces:<\/p>\n “As a country we have a high rate of unemployment among the youth, and we are also surrounded by daily existence problems. From health to food security and education. Nailab helps create job creators solve social and economic problems using technology.” These observations reflect the broader opportunities across Africa\u2019s diverse sectors, showcasing the continent\u2019s potential for growth and innovation.<\/p>\n Looking ahead, Gichuru is extending his impact by launching Nailab\u2019s seed fund, which will offer investments of up to $50,000 to early-stage businesses across East Africa. With Kenya\u2019s growing reputation as a hub for innovation and its expanding middle class, Gichuru envisions the country as a prime environment for transformative tech ventures. His work aligns with Africa\u2019s broader movement toward innovation and resilience in entrepreneurship.<\/p>\n sbb-itb-dd089af Stephen Gugu is a prominent angel investor in Kenya, playing key roles at ViKtoria Ventures<\/a>, VBAN, and as the co-founder of the African Angel Academy.<\/p>\n ViKtoria Ventures, which initially focused solely on tech startups, has broadened its scope to include a variety of sectors. However, it continues to prioritize tech-enabled companies due to their efficiency, innovative edge, and potential for growth. The firm targets early-stage businesses in East Africa that have already demonstrated market traction . This approach not only reduces investment risks but also creates opportunities for meaningful returns.<\/p>\n “We are currently focusing on tech-enabled businesses because they easily fit the characteristics mentioned [capital efficient, innovative and scaleable businesses].” <\/p>\n Gugu\u2019s enthusiasm for Africa\u2019s potential is clear in his outlook:<\/p>\n “Africa has many challenges which can be translated to opportunities. If you believe that every day we are marching towards a more developed economy, then the opportunities are massive \u2013 all the way from agri-tech to connect farmers with markets, to fintech to move banking services to the last mile, to energy to ensure everyone gets power.” <\/p>\n In addition to investing, Gugu actively contributes to the growth of Africa\u2019s startup ecosystem through education and mentorship. By mentoring new angel investors via the African Angel Academy, he helps build a stronger network of investors, ensuring sustained support for the continent\u2019s entrepreneurial community.<\/p>\n 13. Tayo Oviosu (Nigeria)<\/p>\n Tayo Oviosu, a well-known Nigerian angel investor, is the founder of Paga<\/a>, a mobile payment platform that has transformed how millions of unbanked Nigerians access financial services. By introducing innovative mobile payment solutions, Paga has played a crucial role in expanding financial inclusion across Nigeria.<\/p>\n Building on his fintech achievements, Oviosu co-founded Kairos Angels<\/a>, an investment club dedicated to supporting emerging tech entrepreneurs. Kairos Angels works closely with founders who are focused on creating meaningful change, helping to identify and nurture the next wave of transformative talent across Africa.<\/p>\n Oviosu is also recognized as an Unreasonable Fellow and an Endeavor Outlier Entrepreneur, affiliations that connect him to a global network of high-impact founders and valuable mentorship opportunities.<\/p>\n He is a vocal advocate for increasing local investment in African startups. Oviosu encourages high-net-worth individuals across the continent to actively invest in local ventures and share their success stories, helping to foster confidence in the market.<\/p>\n “They\u2019re just not used to the asset class. Those who have had an opportunity to invest in startups should be talking about it. People need to see the opportunity.”<\/p>\n Tayo Oviosu, Founder of Paga <\/p>\n Through Kairos Angels, Oviosu supports early-stage companies with strong leadership and clear market strategies, aiming to create solutions that are both scalable and sustainable for addressing Africa\u2019s pressing challenges.<\/p>\n 14. Olugbenga Agboola (Nigeria)<\/p>\n Olugbenga Agboola has carved a prominent place in Nigeria\u2019s fintech scene with his forward-thinking leadership and practical expertise. As the CEO and Co-founder of Flutterwave, a major African payment infrastructure company, Agboola has become a key figure in the industry. His contributions have not gone unnoticed \u2013 he was awarded Nigeria\u2019s National Honor of Officer of the Order of the Niger (OON) by President Buhari, a testament to his impact in shaping financial systems that support businesses like Uber across Africa.<\/p>\n Agboola has played a pivotal role in bringing together Africa\u2019s fragmented payment systems, making cross-border transactions easier and more efficient. This endeavor has helped position him as a crucial link between Africa and the global economy.<\/p>\n In addition to his role at Flutterwave, Agboola serves as a Senior Entrepreneur in Residence, where he mentors budding fintech entrepreneurs and shares his deep knowledge of payment infrastructure. He is also a strong advocate for better corporate governance, compliance, and risk management in Africa\u2019s tech space, setting a high standard for others to follow. Through strategic partnerships and advisory roles, Agboola continues to promote African business interests on the global stage. His work not only supports companies in expanding their payment systems but also highlights how local innovation is driving Africa\u2019s financial integration into the global market.<\/p>\n 15. Fatoumata Ba (Senegal)<\/p>\n Fatoumata Ba is at the helm of Janngo Capital, a firm dedicated to investing in “tech for good” companies across Africa. In 2024, she achieved a major milestone by raising $78 million for Janngo Capital\u2019s second fund \u2013 one of the largest funds led by an Africa-born leader. Her leadership symbolizes a shift toward more inclusive and impactful investments within Africa\u2019s tech ecosystem.<\/p>\n Janngo Capital stands out with its commitment to social impact, dedicating 50% of its funds to businesses founded, co-founded, or led by women. Impressively, 56% of its portfolio of 21 companies are female-founded and led. This focus sharply contrasts global venture capital trends, where female founders secure less than 2% of funding.<\/p>\n The firm primarily invests in seed and Series A startups in sectors like healthcare, logistics, and financial services across West Africa, with investments of up to $5 million per company, distributed in multiple installments.<\/p>\n “With its second fund, the company plans to invest up to $5 million per startup in multiple installments, focusing on West Africa and key sectors such as healthcare, logistics, and financial services.” <\/p>\n Ba\u2019s success is further underscored by notable exits, such as the profitable sale of the Tunisian startup Expensya in 2023. Her work addresses critical challenges in African entrepreneurship. For example, the African Development Bank estimates that closing the gender gap could unlock up to $42 billion in GDP, while McKinsey research suggests that investing in women could increase Africa\u2019s GDP by over 10% by 2025.<\/p>\n Through Janngo Capital, Ba proves that generating social impact and achieving strong financial returns can go hand in hand. She is paving the way for a new generation of African investors and entrepreneurs to follow in her footsteps.<\/p>\n 16. Eghosa Omoigui (Nigeria)<\/p>\n
\u2013 Sam Gichuru, CEO of Nailab<\/p>\n
\u2013 Sam Gichuru, CEO of Nailab<\/p>\n
\n12. Stephen Gugu (Kenya)<\/p>\n