2024 in Review: Championing Resilience and Redefining Africa's Prosperity in Venture Capital

2024 was a year marked by resilience, reinvention, and renewed optimism for Ventures Platform and Africa’s venture capital ecosystem. Despite the persistent funding winter, which tested the resolve of founders and investors alike, moments of triumph emerged, reigniting confidence in African innovation.

Among these milestones were the achievement of unicorn status by a standout portfolio company and the landmark acquisition of an African startup by a global leader, underlining the growing relevance of African innovations. 

For Ventures Platform, these successes reaffirmed the importance of staying the course - catalyzing market-creating innovations and fostering prosperity. We expanded our reach, deepened global partnerships, and convened leading voices at the Africa Prosperity Summit, shaping the dialogue around de-risking investments and unlocking Africa’s potential.

So what did the year look like for us? Let’s take you on the journey.

By the  Numbers

• Engaged 1000+ companies
• Made 7 investments (including follow-on investments)
• Launched 4 platform (portfolio success) initiatives
• Released 2 stand out reports 
• Hosted 4 ecosystem events/workshops - one dedicated to female founders and another spotlighting our commitment to increasing women’s participation in leadership and improving their access to funding.
• We authored/co-authored 15 articles 

New Portfolio Additions 

• Tanel Health - digital health insurance company for African companies. It provides comprehensive group health insurance coverage for companies of any size. Led by Mouhamed Ndoye, Makhtar Diop.

• Copper Brass - fintech company building top-end financial tools to help businesses with financial operations and cash flow. Brass helps companies of all types work better, save time and money with a simply better banking service that works. It is led by Phillip Obosi.

Portfolio success - Catalyzing Portfolio Success through the Platforms & Network Practice

Over the last eight years, Ventures Platform has backed 71 active companies and over 140 founders. Recognizing the complexities of the entrepreneurial journey, we intensified efforts to provide value beyond capital. Through our platform and networks’  initiatives, we were able to achieve the following: 

• A Net Promoter Score averaging 80%.
• 80% of respondents praised the quality of our support, and 87% rated our response times as excellent.

We launched the following initiatives, amongst others,  to strengthen our support to founders

• Path to Series A: A unique initiative designed to equip African founders with the insights and skills essential for securing Series A funding. From readiness assessments to providing tools and resources, the Path to Series A program empowers our portfolio founders to achieve greatness.
• Sales Support Service: Supporting our companies accelerate growth and strengthen sales capabilities, through a partnership with Revwit.
• VP Expert Network: An exclusive network that allows our founders access to top executives, subject matter  and industry experts that are able to support them through specific challenges , leveraging their insights and expertise. 
• Talent Network & Job Board: We launched our job board & talent network to help our founders find and recruit top talent for their teams, including c-level executives.

#BackedbyVP in the News 

Our portfolio companies not only weathered the challenges but also emerged as trailblazers. From securing substantial funding to garnering global recognition and growing revenues despite the macroeconomics headwinds, here are some of the major highlights from a few portfolio companies of ours:

• Termii surpassed 1 billion customer transactions (SMS, Voice, and WhatsApp), and also unveiled the Sotel eSIM API services to empower businesses in key sectors including banking, fintech, travel, tourism, and aviation - to support their customers with seamless connectivity, reaching over 180 countries. 
• PressOne Africa unveiled its groundbreaking Developer Program to empower developers to seamlessly integrate advanced voice communication features into their apps and business solutions.
• Omniretail was named Africa’s fastest growing company in Financial Times’ Africa’s Fastest Growing Companies 2024 list. Moniepoint (Syndicate Fund Investment) and Thrive Agric (Fund IV investment), were also named among the top 20  companies in Africa, in the fourth and eighteenth positions respectively.
• Piggyvest earned a prestigious spot on CNBC’s list of the top 250 fintech companies worldwide. This recognition was based on a CNBC-Statista KPI-based analysis, showcasing Piggyvest as a standout company in financial planning.
• Thrive Agric’s Co-founder & CEO, Uka Eje was recognised in the Times 100 Climate 2024 list. The agritech entrepreneur was recognised for his efforts in bringing revenue to the agricultural sector and reducing Africa’s role in climate change.
• Tanél Health was accepted into the prestigious BimaLab Africa Accelerator for promising Insurtech startups across the continent.
• Lengo.ai was featured by Jeune Afrique on its 2024 list of the 20 most promising “early stage” start-ups on the continent.
• Raenest and Bridgecard were selected to be a part of the 2024 Visa Africa Fintech Accelerator program.
• Fez Delivery launched its China to Nigeria route. With this launch , the delivery company increased capacity, helping individuals/businesses ship seamlessly from China to their doorstep in Nigeria. 
• Mono formed a strategic partnership with Mastercard, to introduce Mono's DirectPay on the Mastercard Payment Gateway System (MPGS). The partnership enables businesses delivering services to consumers in Nigeria to leverage the MPGS solution to get access to Mono DirectPay to collect payments seamlessly.
• Three of our portfolio companies — SunFi, Shekel and LemFi — participated in the Showcase Africa conference in Japan. It was a great opportunity for them to explore potential commercial partnerships with Japanese corporations.
• Gradely expanded to the UK market, in alignment with its mission to make education engaging, culturally relevant, and accessible to all students. The portfolio company made its successful entrance into the London market by leveraging the Kunda Kids Summer Festival in September 2024.
• Itana announced a partnership with Africa Finance Corporation at the Global Africa Business Initiative (GABI) to create Africa's first digital economic zone. This agreement marks a major step toward realising the company’s transformative project aimed at unlocking the continent’s digital economy. 
• Catlog joined the Techstars NYC JPM 24’ fall cohort. With this additional backing from the accelerator, Catlog solidified its efforts to accelerate its mission of facilitating social commerce transactions for SMEs, doubling down on its products, growth and scaling across Africa and  Latin America.
• MDaas opened its first clinic in Cameroon, marking its entry into Francophone Africa. The move was initiated as part of the company’s strategy to mitigate exposure to Naira volatility and boost revenue

Several other companies also secured strategic partnerships, expanded internationally, and garnered global recognition.

Community, Ecosystem, Thought Leadership Adventures

In 2024, we strengthened our founder network through meaningful engagements, including community building events and team-bonding activities. Take a look at the unforgettable moments that defined our 2024 journey:

Fostering Stronger Connections: Building a Community Among Our Founders

• We kicked off the year with our 2nd annual In-Person Founders Retreat, bringing together 49 visionary founders from 4 African countries, representing 34 of our portfolio companies. This enriching 2.5-day event centered around the theme "To the Moon 🚀: Visionary Leadership," where we empowered our founders to articulate their future visions and provided them with the tools to turn those visions into reality. The retreat also served as an invaluable opportunity for reflection, learning, and meaningful connections.

• Our commitment to founder camaraderie continued in July with our mid-year portfolio mixer, themed ‘Future Frontiers.’ We discussed goals, exchanged ideas, and shared a fun evening of food, drinks, and games. A standout moment was the "Goal Card" reveal, where founders highlighted their ambitious targets, whether it was achieving a financial milestone or aiming for ‘Dangote status.’

One of our founders had an interesting review about this moment in a LinkedIn post he shared, said:

“Last week, I joined the visionary founders at Ventures Platform Fund's Mid-Year Portfolio Mixer. It was an inspiring day filled with energy, ambition, and a shared vision for the future. A key stakeholder in the startup ecosystem in Africa, the theme was: "Future Frontiers." One standout moment was the "Goal Card" reveal. It highlighted the clarity and ambition of entrepreneurs who are not just setting goals but constantly recalibrating them. Whether it’s hitting the next financial milestone of $1 million, $10 million, or aiming for the ultimate destination, ‘Dangote status.’ These are moving targets, where reaching one goal only makes way for the way for the next, bigger challenge.”

The event also featured a candid conversation between our Managing Partner, Dr. Dotun Olowoporoku, and Deepankar Rustagi of OmniRetail, discussing key topics like timing, infrastructure, and expansion strategies.

• In September, we hosted a special gathering in London to celebrate the year’s wins and gear up for a strong finish to 2024.

Facilitating Ecosystem Growth and Collaboration

• In July, we actively participated in key panel discussions at the 2024 Lagos Startup Week. Our team hosted a panel titled "Attracting & Retaining Quality Talent", where our Associate, Collins Gilbert, moderated an insightful conversation featuring top leaders from our portfolio companies and a talent expert from our network. Additionally, Damilola Teidi, our Head of Platform & Networks, and Dolapo Morgan, Senior Investment Associate, joined other panels to share expert insights on Africa’s tech landscape and strategies for catalyzing women’s success in the tech ecosystem.

• Reaffirming our commitment to diversity, Ventures Platform participated in three significant partnerships to advance gender-lens investing through our upcoming "Leveling-VC Initiative":

• At the WIMBIZ 23rd Annual Conference in October, we sponsored monetary awards for female entrepreneurs who pitched innovative business ideas.

• In the same month, we partnered with Tech Cabal to host an office hours session during the 2024 Moonshot by TC. As part of this initiative, we welcomed a few exceptional female founders to our office, where they engaged with our team and received complimentary advisory services. These sessions provided valuable insights on fundraising strategies, investor relations, pitching techniques, and more, empowering the founders to advance their entrepreneurial journeys.

• In collaboration with inDrive for the Aurora Tech Awards 2025, we supported an application awareness campaign, promoting an $85,000 funding opportunity for female founders.

These activities underscored the immense potential of women actively contributing to Africa's tech industry and entrepreneurial ecosystem.

• We also partnered with Wimbart, a leading tech PR agency, on the second edition of their Investor Relations Communications Report: "Startup Performance Reporting in Africa: Aligning Startup and Investor Expectations". Launched in October, the report aims to enhance communication between startups and investors across Africa. It was well-received by key ecosystem stakeholders. Download the report here.
• In partnership with Amazon Web Services (AWS), we co-hosted our inaugural "Path to Series A Bootcamp". This one-day program brought together founders and representatives of 36 high-growth companies preparing to raise Series A capital within 12–15 months. The event included workshops on fundraising strategies, insights from top venture capitalists, and contributions from ecosystem partners.

• In November, we hosted the second edition of our flagship event, the Africa Prosperity Summit, which welcomed over 160 ecosystem players, including Fund of Funds, DFIs, family offices, fund managers, corporates, and startups across Africa. This year’s theme, "Funding the Next Billion: Africa’s VC Investment Landscape in a Post-ZIRP Era", addressed challenges and opportunities in investing on the continent. The summit highlighted Africa’s potential as a prime investment destination, given its rapidly growing population and entrepreneurial energy. You can read more about the summit here.

• Within the summit, we also hosted a panel discussion on Japan-Africa Market Navigation, exploring the growing interest from Japanese investors in Africa. The panel featured representatives from Uncovered Fund, SG Grow PTE Ltd, Verod-Kepple Africa Ventures, Novastar, and Japanese portfolio beneficiary MechoAutotech, who shared insights on successful Japan-Africa partnerships and investments. Watch this session in this video.

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Breaking New Ground in Thought Leadership and Engagement

This year, our team seized opportunities to share knowledge, advocate for meaningful causes, and shape conversations around innovation, investment, and prosperity in Africa. Through impactful articles and appearances on over 20 platforms, we contributed to the continent's evolving narrative.

Some of the platforms we led experts thought on included; 

• The IFC Roundtable Discourse: Earlier in the year, our Founding Partner, Kola Aina, had the distinct honor of moderating an important roundtable discussions hosted by the IFC to discuss critical developments within Nigeria's disruptive technology landscape and the VC ecosystem, and potential avenues for further collaboration and partnership with the IFC, during the Managing Director of the IFC - International Finance Corporation, Mr. Makhtar Diop's recent visit to Nigeria.

• Women Tech Entrepreneurs Research Initiative: Our Head of Platform & Networks, Damilola Teidi, joined the Advisory Group for the 'Unlocking Africa’s Potential: Investing in Women Tech Entrepreneurs' research initiative, contributing to a report that provides fresh insights and actionable recommendations to close the gender funding gap and create equitable opportunities for women founders. Read the report here.

• Africa Innovation Week Roadshow: In February, our General Partners, Dotun Olowoporoku and Kola Aina, joined the 2nd Africa Innovation Week Roadshow by JETRO to foster Africa-Japan collaborations. They also met with Global Brain in Japan for in-depth discussions on connecting African markets with Japanese companies, highlighted by Hiroto Sorita, Investment Group Director at Global Brain. 

• VC Platform Global Community Happy Hour Event: In March, our Head of Platform & Networks, Damilola Teidi co-hosted the VC Platform Global Community happy hour event in Lagos. This was the first-ever VC Platform event on the continent, and was tailored for professionals within the platform function at VC firms or accelerators, covering areas like ESG, Talent, Communications, Community, Operations, Partnerships, and Portfolio support.

• Fintech Berlin 2024: In April, our Senior Associate, Dolapo Morgan, was in Berlin, Germany as one of the panellists on the “Emerging Fintech Markets: Spot on Africa” panel at Fintech Berlin (FIBE). Watch a recording of the panel session here.

• #IVS2024 Conference: In July, our Founding Partner, Kola Aina, took another trip to Japan where he joined over 15,000+ delegates at the #IVS2024 Conference in Kyoto, as well as the Gate to India and Africa event, where he participated in stimulating panel discussions with other industry experts delving into the untapped potential of emerging markets.

• African Caucus Meeting: In August, Kola also joined an expert panel at the African Caucus Meeting in Abuja, to discuss the theme, “Unlocking Access to Private Sector Financing for Startups and Digital Technology,” and highlight the vital role of private financiers in funding innovation. The panel, moderated by Ayanda Dlodo from the World Bank Group, included notable leaders like Hon. (Dr.) Bosun Tijani, Minister of Communications, Innovation and Digital Economy of Nigeria, and CEOs from Waspito, Chara, Seamless HR, Vendease, and TradeDepot.

• African Venture Finance Program: In September, our Managing Partner, Dr. Dotun Olowoporoku and Head, Platform & Networks, Damilola Teidi, attended the African Venture Finance Program -  a specialised short course for African venture capital fund managers, held at the Saïd Business School, University of Oxford.

• Moonshot by Tech Cabal: In October, Kola joined fellow VC Founder, Olumide Soyombo on the Moonshot 2024 startup stage for a no-nonsense masterclass where they shared the hard truths that every founder needed to hear.  The highly-engaging masterclass, its unique topic - Don’t be a f*@!head, and other exciting session details were captured perfectly by Wee Tracker editor, Henry Nzekwe in his article here. 

• AFSIC - Investing in Africa 2024: In the same month, doubling down on impactful engagements in the year, our Managing Partner, Dr. Dotun Olowoporoku, joined a panel session at the AFSIC - Investing in Africa event in London, where he engaged top VC fund managers in a fintech innovation discussion titled Beyond Borders: Venture Capital’s Impact on Fintech Evolution in Africa. 

• CNBC Africa: In November, Kola Aina appeared on CNBC Africa’s Power Lunch with Esther Awoniyi to discuss “Local Contexts Key to Realising Africa’s Investment Potential.” He highlighted how investing in the right entrepreneurship and innovation can create high-quality jobs, raise incomes, and improve access to affordable products and services for millions across Africa. Watch the full interview here. 

• Plug and Play Morocco Accelerator Program: Other members of the team weren’t left out as Senior Associate and Associate, Dolapo Morgan and Collins Gilbert, also travelled to Morocco at different times of the year, to mentor startups in the 7th cohort of the Plug and Play Morocco Accelerator Program. They learned about the innovations the founders are building, provided actionable insights to help them create products their customers will love, and supported them with pitch preparation and feedback on their business models & pitch decks.

Making Bold Moves Towards Expert Knowledge Showcase

2024 was a transformative year for Ventures Platform, as we expanded our thought leadership and deepened our impact. 

• We released our very first Ventures Platform Impact Report, which offered a deep dive into how our portfolio companies are shaping the future of Africa through innovation, sustainability, and inclusive growth. From creating thousands of jobs to advancing clean energy transition, we captured the remarkable strides we've made across Africa.  This report is a testament to the power of strategic investments in Africa’s most innovative startups and the tangible impact these investments have, beyond economic returns, in our communities. Read the full report here.

• We also launched our very first White Paper, titled, “Innovating for a Sustainable Future: Leveraging Venture Capital and Startup Innovation to Combat Climate Change in Africa.” This white paper emphasizes a vital truth: climate action is everyone’s responsibility. It explores how the agility and innovation of startups, combined with the strategic deployment of venture capital, can catalyze the development and scaling of climate-smart solutions tailored to Africa's unique challenges and opportunities. Download here.

We also enriched our Series V newsletter with fresh, value-driven segments tailored to engage our readers:

• V Perspective: A section where we share our own opinion on industry trends, ecosystem events, and developments shaping the tech and venture capital landscape.
• Expert Guest on V: Featuring members of our expert network who provide thought-provoking insights through Q&As, articles, and exclusive features.
• The VP Founders’ Spotlight: Celebrating the achievements of our portfolio companies and their visionary founders.

Authoring narrative-changing op-eds

2024 also saw Ventures Platform's thought leaders challenge conventional wisdom and reshape narratives around African investments. Three standout articles captured the essence of this bold rethinking:

• The Big Four Fallacy: Rethinking African Markets - In this thought-provoking article, Dotun Olowoporoku, our Managing Partner, encouraged a re-evaluation of how we approach investing in African markets. He questioned the prevalent focus on Africa's "Big Four" markets—Nigeria, Egypt, Kenya, and South Africa—arguing that this narrow perspective might be blinding investors to untapped opportunities in lesser-known regions. Dotun also introduced the Ventures Platform investment framework which is called "Lakes and Oceans," urging investors to look beyond the crowded, competitive "Ocean" markets and explore the interconnected "Lake" markets where hidden gems may reside and where they may discover the next wave of tech success stories across the continents. 

• Africa, a Viable Investment Case with Promising Returns - This insightful article by Kola Aina, Founding Partner of Ventures Platform, which has gained much visibility and reference by thought leaders within the VC space, and has also been featured in top Pan-African publications like African Business, as well as in CIO Magazine’s October 2024 Edition, reframes Africa as a compelling investment destination with promising returns. Kola invites investors to engage deeply with Africa’s unique context and seize the opportunity to foster prosperity and economic transformation. 

• Is a SAFE Instrument Truly Safe? The Case for Priced Seed Rounds over SAFE Notes - In this strategy-focused article, Dolapo Morgan, Senior Associate at Ventures Platform, explores various funding instruments and their impact on share ownership after capital raises. Using examples like SAFEs and priced rounds, Dolapo provides founders with fresh perspectives on navigating the capital-raising journey. 

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As we close out 2024, Ventures Platform remains steadfast in its mission to catalyze innovation, drive inclusive entrepreneurship, and champion sustainability. We will continue to build on the momentum of this year’s successes by supporting startups that create new markets, foster long-term prosperity, and redefine Africa’s global narrative.

2024 has shown us that resilience and reinvention are not merely responses to challenges but are the bedrock of transformative growth. We look forward to continuing this journey with our founders, partners, and the broader ecosystem as we strive to unlock Africa’s boundless potential. 

Here’s to the year 2025, may it bring new opportunities, growth, and success for all!

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