Andrew Garza

At African Renaissance Ventures (ARV), we are committed to exploring transformative opportunities across the continent, and healthcare is one of the most pressing and promising areas for innovation. In this insightful piece, my colleague and ARV Venture Partner, Maya Zein, lays out the case for healthtech in #Africa. She explores how innovative solutions like mobile health platforms, AI-driven diagnostics, and accessible telemedicine can address critical gaps in healthcare access while creating immense opportunities for growth and impact. Maya’s argument is clear: healthtech is not just a frontier; it’s a necessity. Dive into her article here: https://lnkd.in/ecMBm3-X

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During eHealth Africa s breakout session at #GDHF2024, I was pleased to share insights on partnerships and investments in healthcare in Africa. I shared my thoughts on the energy, skills, and knowledge that Nigerian youth, an untapped force of over 150 million, can bring to the table as we transform healthcare in Nigeria and beyond. I also challenged our assumptions about technology and innovation to ensure our solutions address real needs, not imagined ones. In addition I asked investors to consider the macroeconomic  environment and devalued Naira currently (in Nigeria) and come up with innovative funding solutions that do not strain startups. I am looking forward to driving more impactful investments in healthcare in Africa with eha Impact Ventures. Already excited about a few of our investments eg Blueroomcare Business and EHA Clinics in #mentalhealth and #primaryhealthcare respectively. #eHealthAfrica #HealthForAll #investinnigeria #impactinvestment #youth #innovativefinance #globalhealth #healthtech #maternalhealth #adolescenthealth #primaryhealthcare #publichealth #digitalhealth

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Insights from Iyinoluwa Aboyeji highlight critical points about the startup ecosystem in Africa: *Pre-seed and seed investors such as Future Africa are uniquely positioned to capitalize on the funding boom at later stages (Series A-D). *The need for a world-class accelerator program in Africa, such as Accelerate Africa. *The importance of investors/founders who understand context, especially in times of crises, such as the recent funding contraction #FutureAfrica #AccelarateAfrica #VentureCapital

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🌍 Unlocking Africa's Tech Potential: An Unprecedented Opportunity for Venture Capital 🚀   Africa’s tech ecosystem shows encouraging resilience, with startups raising over $600 million in Q3 2024, making it the strongest quarter this year. This growth highlights the sector's gradual recovery and ongoing investor confidence. From Fintech and HealthTech to AgriTech and Edtech, innovative solutions are emerging, driven by the unique challenges and vast opportunities across Africa.   In many ways, investing in African tech isn’t only about financial returns—it’s about enabling impact at scale. Each dollar fuels solutions in financial inclusion, healthcare access, and sustainable agriculture, among others. It’s exciting to see this momentum and to play a part in this transformative journey through Jambaar Capital.   The venture capital winter may have cooled things down globally, but Africa’s tech landscape continues to demonstrate resilience and growth. For those passionate about tech innovation and social impact, Africa offers both—and the journey is just beginning. 🌱   #VentureCapital #AfricaTech #Innovation #ImpactInvesting #JambaarCapital #FutureOfAfrica

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After I wrote about the TechCrunch article regarding exits in Africa, a few people reached out to me for further clarity about exits. In this post, I am going to break down what an exit means in venture capital and the pathways to achieving it. In simple terms, an exit is the process that allows you to "cash out" on your investment to generate returns. There are three main paths to exit for VCs: acquisitions, initial public offerings (IPOs), and secondary exits. However, IPOs appear to struggle in Africa. Acquisitions involve a startup being acquired by a larger company, like WorldRemit acquiring Sendwave for $500 million. Then there are IPOs, where a company lists on a stock exchange. This is often followed by an increase in the share price at the time of listing, and after a period, investors can sell all or part of their shares. Secondary exits occur when investors sell their shares to another investor, possibly during subsequent funding rounds. One reason exits are fewer in Africa is that IPOs as an exit path are almost non-existent. In markets like the U.S., IPOs make up a significant portion of exits, although they still trail behind acquisitions. IPOs are rare in Africa due to underperforming capital markets. The few startups that have attempted an IPO often look to developed markets like the NYSE, as Jumia did in 2019. Interestingly, Fawry, an Egyptian startup, listed on the Egyptian Stock Exchange. In August 2019, Fawry offered 36% of its shares, which were oversubscribed by 30.3 times, making it the first Egyptian startup to reach unicorn status. I think the story of Fawry provides some indication that it is possible. The question then becomes: What were the conditions that made Fawry’s listing possible, what key lessons can be learned, and how can this success be scaled?

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Summary: TLcom Capital, an African VC firm, has closed its second fund at $154 million, making it the largest investor in early-stage African startups. Key takeaways: TLcom has closed their second fund at $154 million, attracting over 20 limited partners, including the European Investment Bank and Visa Foundation. The firm maintains a consistent strategy of investing in early-stage opportunities, but also considers opportunities at growth and later stages. TLcom has expanded its portfolio to include companies in Egypt and South Africa and has a focus on traditional sectors such as fintech, mobility, and healthcare. Counter arguments: The firm's emphasis on early-stage opportunities may result in lower returns as these companies carry more risk. As more VC firms focus on the African market, the competition for high-quality startups may increase, making it difficult for funds to generate significant returns. #venturecapital #vc #startups

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"The future of global health lies in the hands of those who dare to dream and build for those who need it most." A few years ago, a small startup in Kenya launched with a simple but powerful idea: mobile health services for rural communities. They didn't have much—just $5 in SMS credits, a basic platform, and a burning desire to solve a massive problem: access to healthcare. Fast forward to today, they're saving lives across the continent. 🌱💡 This is the future of SDG3—"Ensuring healthy lives and promoting well-being for all at all ages." But let's be real for a second. Despite breakthroughs like this, global health is in trouble. The COVID-19 pandemic reversed decades of progress in maternal and child health, left millions without essential vaccines, and showed us just how fragile our systems are. 😔 What if I told you the solution lies in the hands of startups, founders, and venture builders? 🤔 The United Nations' SDG3 isn't just a lofty goal—it's a playground for healthcare innovation. And if you're a startup founder or investor, this is your moment. 🚀 Let me paint the picture: Maternal and Child Health: Imagine a wearable that detects early complications in pregnancy and automatically connects mothers to nearby clinics. A solution like this can reduce maternal deaths by 70% globally. And the market? Billions of lives changed. Digital Health for Communicable Diseases: AI-powered diagnostics are already being deployed to detect tuberculosis and malaria in remote areas, bringing care to places that once seemed unreachable. Mental Health in Your Pocket: As mental health challenges skyrocket, apps that integrate AI therapy and remote counseling are a goldmine. 🧠💬 Universal Health Coverage (UHC): What if affordable healthcare didn't mean cutting corners? Startups using blockchain, microinsurance, and direct-to-consumer health platforms are flipping the script on what's possible. The next unicorn might be the one that makes UHC a reality for millions. The future of healthcare isn't in big hospitals or top-down policies—it's in the bold, the risk-takers, and the visionaries willing to experiment, fail fast, and build solutions that will impact billions. So, here's my challenge: Are you ready to be part of the SDG3 story? The next excellent health innovation could be sitting in your head right now, waiting to be launched. Please don't wait for someone else to solve it. Start building. Start investing. Start changing the world. 🌍💡 Together, we can shape a world where health and well-being aren't just goals but realities. 🌟 #SDG3 #HealthcareInnovation #VentureBuilding #ImpactInvesting #HealthTech #GlobalHealth #Wellbeing #StartupLife #Entrepreneurship

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I'm thrilled to highlight the incredible contributions of my good friend,Kola A. to the entrepreneurial ecosystem. Kola, through his fund Ventures Platform Fund has been a pivotal figure in the evolution of the VC landscape in Nigeria, being at the forefront since the early days. Like me, Kola relocated from America to Africa around 14 years ago. Witnessing his journey and the impact he's made since then has been nothing short of inspiring. In 2010, (which was the same year that I founded Venture Garden Group) both of us took a leap of faith into what was then a nascent ecosystem, and the strides we've made since are a testament to what's possible with dedication and resilience. He started first by building companies from scratch, with his Emerging Platform company, like we did. I still believe that Africa entreprneurs need VCs with that type of experience. Before he moved on to setup the fund, Ventures Platform Fund . The way, we also moved on to setup Greenhouse Capital following the brutal journey of building Venture Garden Group - our Venture Studio/ Venture Holding company. From building companies from scratch and scaling operations in some of the world’s most challenging markets, to raising capital in fluctuating economic climates and supporting other founders…and then on to creating an institutional Fund, Kola’s journey deserves to be shared. This story must be told. So that other entrepreneurs, investors, corporates from all over the world, that want to do business in Africa- can learn from our successes, failures, and everything in between. Maybe it even evolves into various forms of documenting this experience: like a podcast, a book, or even a movie. Who knows? Congratulations, Kola! I’m so proud to see all that you have achieved and the paths you are paving for future entrepreneurs, emerging venture capitalists, and business leaders!

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Great to speak on the UKTN podcast speaking on our work at Openseed VC backing experienced operators, and talking about the incredible potential of European and African ecosystem. There is a growing pipeline of experienced operators starting their technology companies across both regions -- this is the focus for Openseed VC On the podcast, we talk about AI, emerging technology trends, the importance of talent, liquidity, impact of policy on the entrepreneurship ecosystem and many more! I also speak about the incredible growth opportunity that is the #African continent - tough macro climate yes -- but we believe difficulty is the flip side of opportunity to create value. There will be an incredible crop of experienced operators who choose to solve difficult, impactful and commercially viable problems. At Openseed VC we want to be your launch partner if this sounds like you! Got questions, we've got answers on www.openseed.vc/faq A huge thanks to the UKTN team for having me! #OpenseedVC #UKTN #Europe #Africa https://lnkd.in/eAH9ZbNM

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Great write-up by Kola A. from Ventures Platform Fund I couldn't agree more with Kola's points. My top 3 takeaways are: - Africa demands a patient investment approach, distinct from other continents, due to its underdeveloped infrastructure and opaque markets. - We must move away from a story of charity as the future of African venture capital hinges on demonstrating that it can generate substantial returns. -The journey requires patience and a long-term perspective, but the rewards are substantial for those who dare to invest in Africa’s future. Check out the full article here: https://lnkd.in/dn9wQFqj What's your biggest takeaway from the article? Let's discuss it! #Africa #Tech #Startup #Investment #Innovation #EmergingMarkets 

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Celebrating Anil A.'s birthday by resharing a conversation we had on my podcast. Anil is a seasoned consultant in the African tech space who bridges the gap between business and technology. Our conversation was packed with wisdom gleaned from his diverse experiences building businesses across the globe. Here are three key takeaways: 1. Prioritize cash flow over profits.  Anil advised founders to focus on cash flow, likening it to a heart attack that can kill a business instantly if mismanaged. Profits, on the other hand, are more like cancer - damaging but survivable in the short term. His advice? Make sure you can clearly explain to a five-year-old how your business makes money. 2. Constantly educate yourself.  In a world where game-changers like AI can emerge practically overnight, Anil stresses the importance of lifelong learning. With abundant free resources available online, he believes everyone has a responsibility to continually better themselves. 3. Live life with a regret minimisation framework. When faced with a major decision, Anil recommends projecting yourself decades into the future and considering how you would feel about your choice. If you anticipate overwhelming regret, take action now to minimize that regret. Don't end up in a position where you're looking back wistfully thinking "I wish I had..." Anil shared so many gems in this episode, from his business war stories in Nigeria to his thoughts on raising capital as a startup. Check out the full episode here - https://lnkd.in/etQFyYRk

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I remember Oyin Solebo introducing us to Ayodeji Alaran and PBR Life Sciences (Techstars '23) over a year ago. I immediately was impressed because of not only Deji's passion and knowledge but also how fast PBR had grown even with the little resources they had. I'm glad that we at Launch Africa Ventures are part of his journey. Here's why I'm excited we invested: - Data is the new oil - especially for AI: PBR's comprehensive healthcare data infrastructure across Africa positions them perfectly for the AI revolution in healthcare. Their real-world, multi-channel health data is invaluable for training AI models and improving healthcare outcomes. - Exceptional founding team: Ayodeji brings 17+ years of pharmaceutical industry experience across various key markets. The team combines deep domain expertise in pharmaceuticals, data analytics, and African healthcare systems. - Impressive traction: Over 300% revenue growth from 2022 to 2023. They've gathered data from 513 pharmacies and signed partnerships with major industry players. - Massive market opportunity: They're tackling a $2.92B addressable market in Africa, with the potential to unlock an additional $19.5B in value for the life sciences industry. The African pharmaceutical market is projected to reach $56-70B by 2030. PBR is building the critical data infrastructure needed to make this growth efficient and data-driven. Excited to support their mission to transform healthcare decision-making in Africa!

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I recently read an article published by TechCrunch on the 1st of September that touched on a significant issue on the minds of many tech investors interested in Africa: why are exits so few on the continent? I found a few points quite thought-provoking. While the space has recorded some big wins, such as BioNTech's $680 million acquisition, SendWave's $500 million acquisition by WorldRemit (now Zepz Group), DPO's acquisition by Network International for $291 million, and Paystack's acquisition by Stripe for $200 million, these numbers, though impressive, raise the question of whether they are good enough. This is especially true considering that about $20 billion has been attracted into the space. Comparing the exit values to the total funding raised, there seems to be a significant gap. For a moment, I pondered this, and I believe that breaking down the data might provide context that could enrich our understanding and pave the way for deeper conversations. The truth is that looking at the data this way might not be an apples-to-apples comparison for some reasons. Firstly, while 2014 may be considered the golden age of venture capital in Africa, more than half of the $20 billion was raised in just two years—2021 ($6 billion) and 2022 ($6.5 billion)—due to the abundance of capital during that period, driven by favorable macroeconomic circumstances beyond anyone's control. If we also look at exits, we see that the majority of large exits were influenced by these same macroeconomic factors, which made exits easier than they would be in tougher economic situations. Great companies were able to leverage these opportunities. Out of the eight exits mentioned, three occurred between 2020 and 2021, a period when exits performed exceptionally well globally. Extending the timeline further, seven out of the eight exits happened between 2020 and 2024. None of these companies were formed in 2021 or 2022, which led to the funding boom; the average age from founding to exit is approximately 10 years, with Paystack being the youngest, founded in 2015. Following this trend, we see that investments made in 2020–2022, during the period of the most significant funding growth, will still take time to materialize. These investments will benefit if global macroeconomic conditions become favorable, making exits easier. We may need to shift from a short-term, year-on-year perspective to a longer-term horizon to appreciate the future potential if we focus on building great companies now. The jury is still out on African tech exits, but I think there is hope. https://lnkd.in/dwPCCeXq

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Check out the topics we've lined up for the rest of the year and join us as we support African entrepreneurs. #Shujaacapital #PaschalOffordum #Africanstartups

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In a recent conversation with Business Insider, I discussed the vibrant tech landscape in Africa and the unique challenges and opportunities we face. From limited funding to infrastructural gaps, and regulatory challenges. It's essential to acknowledge these realities while focusing on the incredible potential that exists. Read the full article here- https://lnkd.in/dsFeWgbv

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🇳🇬 𝗡𝗶𝗴𝗲𝗿𝗶𝗮 𝘀𝘁𝗮𝗿𝘁𝘂𝗽 𝗠𝗼𝗼𝘃𝗲 𝗲𝘅𝗽𝗮𝗻𝗱𝘀 𝘁𝗼 𝗠𝗲𝘅𝗶𝗰𝗼, 𝗲𝘅𝘁𝗲𝗻𝗱𝗶𝗻𝗴 𝗴𝗹𝗼𝗯𝗮𝗹 𝗳𝗼𝗼𝘁𝗽𝗿𝗶𝗻𝘁 One month after Uber-backed Moove launched in the US, the Nigerian startup that finances #vehicles for #ride-hailing has expanded to #Mexico. The company projects it will become profitable in 2025. The expansion to Mexico marks an important milestone for an #African #startup ecosystem that has, in recent years, faced a tough macroeconomic environment and fundraising challenges that have slowed growth. As focus moves to building for a global audience, Moove’s focus on high-growth markets, its replicable model and partnerships with major ride-hailing platforms like #Uber has positioned it for growth and made it attractive to investors. Its drive towards #sustainability with #EVs also aligns with investors’ continued interest in socially responsible startups. Read more on TechCabal: https://lnkd.in/gq749fGV

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