Africa’s 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.
Key highlights:
- Fintech leads the way, with 8 out of 9 African unicorns in this sector.
- Local investors are gaining ground, surpassing foreign investors in early-stage deals for the first time.
- Gender gap remains a concern, with only 6.8% of investments over $100,000 going to women-led startups.
- Promising sectors include fintech, healthtech, edtech, and agritech, offering scalable solutions to pressing challenges.
Notable investors like Tomi Davies, Rebecca Enonchong, and Idris Bello are shaping Africa’s 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.
Yemi Keri Breaks Down Angel Investing in Africa
1. Tomi Davies (Nigeria)
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.
But Davies doesn’t 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’s startup ecosystem.
2. Rebecca Enonchong (Cameroon)
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 – two sectors with transformative potential for economies across the continent. Her influence and reputation have earned her key roles in high-profile organizations.
In May 2023, she was appointed as an external member of the investment committee at HealthCap Africa. 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.
As the CEO of AppsTech and Chair of ActivSpaces, Enonchong is a driving force behind digital innovation aimed at boosting Africa’s economic development.
“It’s one of the easiest and simplest ways to build our economy – through digital innovation. I really believe that it’s one of the areas that can have the most impact that requires the least investment.”
Her leadership extends to the African Business Angel Network (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’s sports and creative industries, during the Inclusive Fintech Forum held in Kigali.
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 – 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.
Her investment strategy aligns with the continent’s evolving needs, as healthtech and fintech innovations not only enhance the lives of over 1.4 billion Africans but also promise strong financial returns.
3. Eleni Gabre-Madhin (Ethiopia)
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, an integrated agri-fintech platform, she combines her investment acumen with practical experience to develop scalable solutions tailored to Africa’s agricultural challenges.
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’s tenure as Chief Economist at the International Food Policy Research Institute equips her with a unique perspective on how policy, technology, and economic growth intersect.
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 – critical resources for navigating Ethiopia’s diverse regions. Her efforts highlight the growing role of experienced investors in shaping Africa’s tech landscape by blending deep industry knowledge with a commitment to meaningful progress.
4. Keet van Zyl (South Africa)
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’s 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.
What sets Van Zyl apart is his hands-on approach. He doesn’t just write checks – 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’s growth, helping founders make informed decisions and avoid common pitfalls.
5. Idris Bello (Nigeria)
Idris Bello, a prominent Nigerian angel investor and self-proclaimed “Afropreneur”, has played a pivotal role in shaping Nigeria’s startup ecosystem. His influence goes far beyond financial backing, as he is deeply involved in fostering innovation and supporting entrepreneurs across Africa.
Bello’s accolades highlight his impact: he has been named one of CNN’s 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.
In 2010, Bello co-founded Wennovation Hub, one of Nigeria’s 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 – 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’s tech transformation.
6. Eric Osiakwan (Ghana)
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 – Kenya, Ivory Coast, Nigeria, Ghana, and South Africa – 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’s tech landscape.
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.
Osiakwan’s 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.
7. Chris Kwekowe (Nigeria)
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’s skill gaps.
In 2014, Kwekowe co-founded Slatecube, 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’s efforts have produced tangible results.
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.
But Kwekowe’s vision doesn’t 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.
“It will revolve around the key milestone we’ve achieved in the EdTech and unemployment space. I’d love for it to have a number stating how many people we’ve helped get into gainful employment, or companies we’ve 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.”
Kwekowe’s 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’s 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’s next generation of skilled professionals.
8. Ademola Adesina (Nigeria)
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 – industries he views as essential for Africa’s progress and growth.
Adesina’s entrepreneurial journey heavily shapes his investment strategy. In 2015, he co-founded Rensource Energy, a company tackling West Africa’s 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.
In January 2022, Adesina made his first angel investment, participating in ORDA’s 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, and Norrsken Foundation, further validating the potential of both the startup and Adesina’s investment philosophy.
Beyond his investments, Adesina is a co-founder and leads corporate development at Sabi Am, a top provider of digital commerce infrastructure in Africa. His approach centers on building strong foundations in energy, digital commerce, and agricultural technology – laying the groundwork for other businesses to flourish in these critical sectors.
9. Mbwana Alliy (Tanzania)
After significant contributions from investors in Nigeria, Cameroon, and Ethiopia, Tanzania’s Mbwana Alliy stands out as another key player in Africa’s growing innovation landscape.
Mbwana Alliy is the founder and Managing Partner of Savannah Fund, 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.
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.
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.
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.
“We are looking for entrepreneurs in Africa who are shut off from access to risk capital”, Alliy explains.
By 2020, Savannah Fund’s portfolio companies had collectively raised $118 million across Series A, B, and C funding rounds, showcasing the impressive growth of its investments.
Alliy seeks founders with bold visions capable of scaling their ventures across Africa – into regions like Rwanda, Ethiopia, Uganda, Ivory Coast, and Ghana – and eventually reaching global markets. His firm also actively supports female entrepreneurs through dedicated programs.
“The Alibaba of Africa will be founded by an African”, Alliy asserts.
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’s startup ecosystem.
10. Iyinoluwa Aboyeji (Nigeria)
Iyinoluwa Aboyeji is a shining example of how entrepreneurial success can lead to impactful local investment. His story highlights the growing trend in Africa’s tech scene, where entrepreneurs are stepping up as hands-on investors to drive change.
Aboyeji first gained recognition as a co-founder of Andela, 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.
In 2020, he launched Future Africa, a platform designed to bring together emerging and seasoned investors. The goal? To fund groundbreaking startups in sectors like fintech, education, and healthcare.
11. Sam Gichuru (Kenya)
Sam Gichuru stands out as a prominent figure in Kenya’s startup scene. As the CEO of Nailab 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 has supported startups like Hisa Play and Keja Hunt, which have collectively created more than 200 jobs. Impressively, one of Nailab’s 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.
Gichuru operates within Kenya’s vibrant and evolving startup ecosystem. While education technology attracts significant investment, he sees untapped potential in other critical sectors. He explains:
“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.”
– Sam Gichuru, CEO of Nailab
He also highlights the challenges Kenya faces:
“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.”
– Sam Gichuru, CEO of Nailab
These observations reflect the broader opportunities across Africa’s diverse sectors, showcasing the continent’s potential for growth and innovation.
Looking ahead, Gichuru is extending his impact by launching Nailab’s seed fund, which will offer investments of up to $50,000 to early-stage businesses across East Africa. With Kenya’s 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’s broader movement toward innovation and resilience in entrepreneurship.
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12. Stephen Gugu (Kenya)
Stephen Gugu is a prominent angel investor in Kenya, playing key roles at ViKtoria Ventures, VBAN, and as the co-founder of the African Angel Academy.
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.
“We are currently focusing on tech-enabled businesses because they easily fit the characteristics mentioned [capital efficient, innovative and scaleable businesses].”
Gugu’s enthusiasm for Africa’s potential is clear in his outlook:
“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 – 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.”
In addition to investing, Gugu actively contributes to the growth of Africa’s 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’s entrepreneurial community.
13. Tayo Oviosu (Nigeria)
Tayo Oviosu, a well-known Nigerian angel investor, is the founder of Paga, 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.
Building on his fintech achievements, Oviosu co-founded Kairos Angels, 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.
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.
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.
“They’re 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.”
- Tayo Oviosu, Founder of Paga
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’s pressing challenges.
14. Olugbenga Agboola (Nigeria)
Olugbenga Agboola has carved a prominent place in Nigeria’s 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 – he was awarded Nigeria’s 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.
Agboola has played a pivotal role in bringing together Africa’s 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.
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’s 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’s financial integration into the global market.
15. Fatoumata Ba (Senegal)
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’s second fund – one of the largest funds led by an Africa-born leader. Her leadership symbolizes a shift toward more inclusive and impactful investments within Africa’s tech ecosystem.
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.
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.
“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.”
Ba’s 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’s GDP by over 10% by 2025.
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.
16. Eghosa Omoigui (Nigeria)
Eghosa Omoigui stands out among Africa’s leading angel investors with his hands-on, inclusive approach to funding startups. As the driving force behind EchoVC Partners, he focuses on seed and early-stage technology companies in underserved and emerging markets. His areas of interest include platform-agnostic consumer services, web technologies, and digital media.
Omoigui’s investment strategy goes beyond the usual sectors, diving into advanced fields like AI, machine learning, and augmented reality. His portfolio is a testament to this vision, encompassing mobile and consumer internet companies such as community platforms, e-commerce, collaboration tools, content creation, and media distribution. He also selectively invests in enterprise and cloud infrastructure projects that cater to African markets, reinforcing his commitment to expanding opportunities in the region.
The statistics on venture capital funding highlight why Omoigui’s focus on diversity is both timely and necessary. In 2023, women-led startups received less than 2% of VC funding, while Black founders secured a mere 0.48%. For Omoigui, this isn’t just an ethical issue – it’s a strategic one.
“Look, if every investor simply committed to funding at least one woman-led business every year, our discussions would be very different.”
His investments reflect his broad impact on Africa’s tech ecosystem. Take Hotels.ng, for instance – Nigeria’s top hotel booking platform, which meets the growing demand for online travel services. Then there’s Printivo.com, Africa’s largest online print community and marketplace, which has modernized printing services for small businesses. In Kenya, Ma3route has become the go-to platform for social traffic information, improving urban mobility through data-driven insights.
Omoigui’s influence extends into healthcare, where his investments are reshaping access and logistics. Lifebank, often compared to “Uber for blood”, is revolutionizing the delivery of medical supplies across Nigeria. Similarly, SystemOne strengthens public health systems by providing digital infrastructure for infectious disease diagnostics across the continent.
In fintech, Omoigui backs firms like Migo, which delivers credit and financial services to underserved populations, helping bridge the gap for Nigeria’s unbanked communities. In the automotive sector, he invested in Cars45, part of Frontier Car Group, which is streamlining Africa’s used car market.
Education is another priority. His investment in Kukua, known as “Sesame Street for Africa”, supports STEM learning for African children. Meanwhile, Traders of Africa, often described as “the Alibaba for Africa-made goods”, promotes intra-African trade and empowers local producers.
Omoigui strongly believes that investing in women entrepreneurs has a ripple effect on communities. Women-led enterprises not only hire more women but also reinvest up to 90% of their income back into their families and communities, compared to just 35% by men. This approach helps address employment gender gaps and drives local economic growth.
“The lack of diversity seriously hampers economic growth and innovation. For example, increasing women’s participation in the digital economy would significantly boost African nations’ GDP.”
Through initiatives like EchoVC Partners, EchoVC Pan-Africa Fund, and EchoVC+, Omoigui proves that it’s possible to achieve strong financial returns while driving meaningful social and economic change. His work underscores the value of investing in underserved markets and underrepresented founders, creating a lasting impact across Africa’s technology landscape.
17. Aaron Fu (Mauritius)
Aaron Fu is a prominent angel investor from Mauritius, recognized for his work in creating opportunities across borders. As a seasoned entrepreneur, he dedicates his time to mentoring early-stage startups and helping them tackle the challenges of entering new markets. His deep understanding of regulatory complexities has been instrumental in shaping Africa’s cross-border startup landscape.
Fu focuses his investments on technology-driven companies in industries like fintech, e-commerce, and logistics. He supports businesses that address local problems while having the potential to expand into multiple markets. His hands-on involvement in Mauritius’s growing startup ecosystem is helping to position the island as a rising tech hub in Africa.
18. Elizabeth Rossiello (Kenya)
Elizabeth Rossiello, the founder and CEO of AZA Finance (formerly BitPesa), has played a pivotal role in reshaping Africa’s fintech sector. Her work focuses on tackling the challenges of cross-border payments and foreign exchange across the continent.
Before launching AZA Finance, Rossiello worked as an Africa Investment Associate at the Grameen Foundation. There, she invested in microfinance institutions and social enterprises across sub-Saharan Africa, gaining firsthand experience with the hurdles of early-stage financial inclusion.
Under her leadership, AZA Finance has expanded its reach across several African markets, connecting businesses to global networks with simplified payment and foreign exchange solutions. Beyond her company’s operational achievements, Rossiello actively contributes to policy development, collaborating with industry leaders and policymakers to create regulatory frameworks that encourage innovation while safeguarding consumer interests.
19. Paul Kukubo (Kenya)
Paul Kukubo is one of Kenya’s key figures in technology, blending his deep understanding of policy with strategic angel investments in Africa’s most promising industries. Named among the Top 100 Most Influential Kenyans, Kukubo focuses on supporting startups that use technology to tackle widespread challenges. His investments span sectors like healthcare, agri-tech, and digital payments, driving innovation across the continent.
As the first CEO of the Kenya ICT Board (now the ICT Authority), Kukubo played a pivotal role in putting Kenya on the global map as a leading destination for ICT investment. His efforts in building vital partnerships, both locally and internationally, laid the groundwork for Kenya’s emergence as a tech innovation hub. Many of today’s successful startups owe their foundations to the initiatives he helped establish.
Beyond healthcare, Kukubo is deeply involved in driving digital transformation in agriculture and fintech. In healthcare, he co-founded and invested in Collabmed Kenya, which provides tailored healthcare management systems for smaller institutions. His work in agriculture and agri-tech includes investments through Ishirika Inqube Ltd, in collaboration with UK-based Inqube Innoventures. This initiative develops digital tools for automation, traceability, and farm management, benefiting farming communities in Kenya, India, and Peru. Additionally, his involvement with Tawi.ai highlights his commitment to strengthening agricultural infrastructure, food safety, agronomy, and livestock production. In the fintech and digital payments space, Kukubo serves as Strategy and Technology Advisor at Tsogatec, a Pretoria-based company creating digital and mobile payment solutions for informal and township markets.
Kukubo’s contributions extend beyond individual sectors to large-scale infrastructure projects that benefit the broader ecosystem. He was a driving force behind Konza Techno City, Kenya’s ambitious Silicon Savannah project aimed at becoming East Africa’s leading technology hub. He also played a key role in the Kenya Transparency Communication Infrastructure Project, which laid the groundwork for the country’s digital transformation.
His investment philosophy centers on mass market solutions and practical technologies that can scale across Africa. With his extensive experience navigating technical and regulatory landscapes, Kukubo remains a trusted advisor for startups looking to expand across the continent.
20. Zachariah George (South Africa)
Zachariah George is a seasoned professional with over two decades of experience in telecommunications and tech. His expertise lies in identifying and supporting scalable startups across Africa’s varied markets, with a focus on industries like fintech and healthtech.
George’s approach centers on creating solutions for the mass market. His investment portfolio includes startups in fintech, healthtech, and digital infrastructure, particularly those capable of navigating the regulatory challenges unique to Africa’s diverse markets. This perspective is shaped by his extensive background in telecommunications, where he gained firsthand experience with the complexities of building scalable tech solutions across the continent.
In fintech, George supports startups that develop efficient payment systems and digital banking solutions tailored for unbanked populations. His corporate experience provides him with a deep understanding of how to deliver financial services effectively at scale.
In the healthtech space, he backs companies offering services like telemedicine, management systems, and diagnostic tools designed for areas with limited resources. He prioritizes technologies that can operate reliably even with minimal connectivity, ensuring they meet the needs of underserved communities.
Beyond funding, George mentors founders on key aspects like market entry, regulatory compliance, and forming strategic partnerships. His deep knowledge of African markets allows him to guide startups through localization strategies and the regulatory intricacies of cross-border expansion.
He focuses on post-revenue startups with a proven product-market fit and solid unit economics, ensuring they have a clear path to profitability. This emphasis on strong fundamentals has helped his portfolio companies remain resilient, even during tough funding periods.
Thanks to his extensive network spanning telecom, banking, and government sectors, George facilitates strategic partnerships that accelerate market access and growth for his portfolio companies.
21. Yele Bademosi (Nigeria)
Yele Bademosi stands out as one of Nigeria’s most prominent angel investors, blending financial support with initiatives that have significantly influenced Africa’s tech ecosystem. As the co-founder of Microtraction, he has established one of the continent’s most active early-stage investment platforms, positioning himself as a key player in Africa’s digital evolution. His dual focus on funding and ecosystem development reflects the broader move towards creating sustainable local financing opportunities across the region.
Through Microtraction, Bademosi has backed 68 companies, with 58 of them centered on technology. The firm targets high-growth, tech-driven ventures in billion-dollar markets, spanning industries like fintech, healthtech, SaaS, edtech, crypto, gaming, mobility, enterprise applications, and consumer technologies.
Microtraction’s first fund invested in 19 companies across Nigeria, Ghana, Kenya, and Rwanda. These startups have collectively secured over $100 million in follow-on funding and are now valued at more than $750 million. Among these investments is Cowrywise, a leading online savings platform in Nigeria. Building on this success, Bademosi’s second fund aims to invest in 60 additional startups, while also providing follow-on funding to 20% of them, ensuring continued growth and support.
Bademosi’s influence extends beyond Microtraction. As a former Director at Binance Labs, he led the Africa chapter of the Binance Labs Incubation Program, where he nurtured and supported crypto startups like Xend, Yellowcard, Bitsika, and Raise. His work went beyond financial investment, offering these startups the resources they needed to thrive.
Currently, Bademosi serves as the CEO and Co-Founder of Nestcoin, where he continues his mission of enhancing financial access across Africa. Nestcoin focuses on creating trusted digital finance solutions to tackle the challenges of financial inclusion on the continent.
Bademosi is also a strong advocate for blockchain technology, which he believes is a critical tool for expanding financial services and unlocking new opportunities in Africa. At Technext Coinference 2023, he highlighted the role of blockchain in driving innovation, a sentiment echoed by Dennis Da-ala Mirilla, who remarked:
“More open regulatory fairpoint that African businesses will use to produce innovative solutions”
His investment portfolio spans countries like Nigeria, the United Kingdom, the United States, Canada, and Belgium, underscoring his belief that African startups must adopt a global perspective to tap into larger markets.
Investor Comparison Table
Below is a detailed comparison of prominent investors, showcasing their strategies and areas of focus:
Country
Investment Focus
Notable Contributions
This table provides a snapshot of their contributions, but their broader investment strategies reveal even more about Africa’s growing tech ecosystem.
Investment Trends and Insights
The approaches these investors take vary significantly, reflecting their unique priorities and market conditions. Some prefer to back numerous early-stage startups through syndicates, while others focus on fewer, more selective deals, often with a long-term vision.
Fintech dominates as a key area of interest, but there’s also strong attention to enterprise solutions, healthtech, agtech, and other niche markets shaped by specific regional needs. For instance, Nigerian investors often exhibit diverse portfolios, mirroring the country’s vibrant startup environment. Meanwhile, investors in South and East Africa frequently align their strategies with local market dynamics, tailoring their focus to address specific regional challenges and opportunities.
These differences highlight the dynamic and evolving nature of Africa’s angel investment landscape. Local investors play a crucial role in driving forward innovation and shaping the future of technology across the continent. Their efforts not only support startups but also contribute to the broader growth of Africa’s tech ecosystem.
Conclusion
By 2025, Africa’s angel investment scene is being shaped by local expertise leading the charge. For the first time, local investors, with their “capital-with-context” approach, surpassed foreign investors in early-stage deals, highlighting a shift in confidence toward homegrown talent and the advantages of understanding local markets, informal systems, and shared experiences.
These investors bring more than just funding – they offer mentorship, strategic guidance, and valuable industry connections, particularly during the critical pre-seed and seed stages. This holistic support is helping to build ecosystems that go beyond financial backing. While fintech continues to be a dominant force, investments in healthtech, edtech, and agritech are creating scalable solutions to address some of the continent’s most pressing challenges.
Challenges remain, though. Uncertainty still limits 77% of investors from making more deals, and a $42 billion gender funding gap persists . However, targeted mentorship and structured networks are driving progress. Leaders like Rebecca Enonchong and Fatoumata Ba are actively working to close gender disparities through focused investments and mentorship programs.
Looking ahead, the ecosystem is set to evolve further. Structured angel networks like the African Business Angel Network (ABAN) and Lagos Angel Network (LAN), combined with improving regulatory frameworks, are expected to simplify connections between founders and investors while providing stability for sustained growth. These developments are laying the groundwork for a robust digital future in Africa.
For entrepreneurs aiming to secure funding from these influential investors, the key lies in demonstrating real traction and addressing genuine market needs. Startups that stand out typically feature strong founding teams, a clear problem-solution fit, and early market validation.
The 21 investors highlighted in this discussion represent Africa’s growing confidence and capability in driving tech innovation. Their efforts are set to transform startups and accelerate Africa’s digital evolution in the years to come.
FAQs
How do local angel investors contribute to the growth of Africa’s tech startups compared to international investors?
Local angel investors play a key role in shaping Africa’s tech startup landscape. They bring early-stage funding, much-needed mentorship, and connections to local networks – crucial for startups tackling the specific challenges of African markets. While international investors often concentrate on bigger, later-stage funding rounds, local investors are more inclined to back fresh ideas and first-time founders.
By investing in early-stage ventures, these local supporters lay the groundwork for long-term progress. Their in-depth knowledge of regional markets and cultural dynamics enables them to provide tailored advice, helping startups grow sustainably and position themselves for success in Africa’s ever-evolving business scene.
What steps are being taken to address gender disparities in African angel investing, and what progress has been made?
Efforts to tackle gender disparities in African angel investing are gaining traction, thanks to initiatives like Rising Tide Africa, FirstCheck Africa, and ShEquity. These groups are dedicated to funding and supporting women-led startups, aiming to bridge the gender funding gap and uplift female entrepreneurs.
The African Business Angel Network (ABAN) is also playing a key role by advocating for gender-inclusive investment practices and encouraging more women to take on leadership roles in the sector. As of 2025, women account for about 19% of angel investors in Africa. While this marks progress, there’s still a long way to go.
Although awareness has grown and targeted programs have made strides, achieving full gender equity in the investment space remains a work in progress. These ongoing efforts, however, represent a meaningful push toward a more inclusive startup ecosystem across Africa.
What are the main sectors driving tech innovation and investment in Africa, and why do they matter?
In 2025, Africa’s tech scene is buzzing with activity, with fintech, agritech, healthtech, and artificial intelligence (AI) leading the charge. These industries are thriving, thanks to rapid technological progress and a growing population of young, tech-savvy individuals eager to embrace innovation.
What makes these sectors stand out is their ability to tackle pressing issues while fueling economic growth. Take fintech, for instance – it’s transforming access to financial services, making banking more inclusive. Agritech is playing a key role in boosting food security, while healthtech is reshaping how healthcare is delivered across the continent. Together, these industries are driving productivity, creating new job opportunities, and attracting investments from both local and global players. They’re shaping the future of Africa’s economy and technology landscape.
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