Mayowa Kuyoro

The success of any start-up depends on; The Market, The Business Model & The Team. These 3 ingredients ignite the bonfire. At Broad Capital Advisory, we strongly believe in passionate founders...folks doing impactful things across several sectors. We remain bullish on Africa. If you seek Alpha then Africa is the place to be. Congrats to Futa, Grace Jerolgan Nganakala, Daniel Dang, and the team for staying the course. #Girlpower #Womenintech Yemi Keri

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So we started Cohort 3 of the Immerse Africa VC Fellowship by Immerse Africa VC Academy last weekend. It was a diverse class with people from different backgrounds. This cohort has a fine blend of startup CFOs who want to know how to navigate the VC landscape for the benefit of their company and VC Professionals who just want to get better at their job. As always, we started this cohort with the VC Business Model. Understanding how VCs think about deals and then we built our VC Fund Return Model and the Management Company Model. As always, we saw that VCs are looking for outsized returns. 3x returns are good, but what you're looking for is 30x or 50x. So the challenge for our VC professionals is that how do they identify the 30x return startups and more importantly founders or founding teams? The question for our startup CFOs - Is your startup the 30x return startup? On Sunday, we went in full time on the the language of finance - Accounting. This is as we prepare to start building our startup financial models from next weekend. Excited about this cohort... already. If you still want to join this cohort, this might be your time before the next class.

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My recent post has sparked a wave of resonance across so many circles, revealing just how deeply invested we all are in Africa’s economic future. The feedback I received can be grouped into three categories, and I want to address each of them. 1. To the President, 2 former Presidents, government advisors, and ministers who reached out to express your shared frustration—thank you. Your willingness to engage with me, your humility in admitting the flawed FDI approach Africa continues to make without attempting to justify them, and your encouragement for me to continue being a voice of disruption has given me immense hope. I hold deep respect for your openness, and I firmly believe that together, we can reshape the way we attract investment to our continent. Thank you for giving me the strength to keep pushing forward. 2. To the business leaders—CEOs, board chairmen, founders, and entrepreneurs—your responses were an eye-opener. It’s startling how many of you have felt silenced by the fear of repercussions from speaking out. I understand your caution; a single instructive call to a regulatory agency can wreak havoc on everything you’ve built. But to those of you who have now found your voice and an ally in me—thank you for your trust. We can no longer afford to sit quietly on the sidelines. Let’s not just speak up; let’s engage with those in power, present our ideas, and leverage our networks to bring about the changes Africa desperately needs. 3. And then, to the youth—my favorite group—you, the disruptors, the unyielding force, I feel your frustration. To those of you who want to leave the continent, I won’t discourage you. Go. Learn. Equip yourselves with knowledge and resources. But come back. Africa needs you. For those who are determined to stay—your resilience is awe-inspiring. You are the heartbeat of this movement, and your belief in the potential of our continent is everything. Know this: there are many of us in positions of influence who are ready and willing to walk this journey with you. Africa’s economic potential is unparalleled, and I urge you—don’t let anyone convince you otherwise. You see the mistakes of our leaders clearly. Be the generation that corrects them. Interrogate policies. Be bold. Get involved. Speak up. Your collective voice will shake the foundations of this continent and inspire the change we all crave. Africa will rise when we, as a people, are humble enough to admit our faults and bold enough to correct them—without delay. #thenewAfrica #newthinking #hope

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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 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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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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🚀Africa should be taking more of the centre stage globally, but why isn’t it? We all know the stats. 📍By 2050, 1 in 4 people globally will be African. 📍Until 2029, 6 of the 10 fastest growing economies in the world are in Africa. 📍Tech adoption across the continent is accelerating the digital infrastructure required to provide access to financial services, improve healthcare, optimise food systems, adapt to climate-smart systems and more generally solve deep, interesting problems that have a commercial and impact upside. And the entrepreneurs are of a different rigour. Whether home-grown or internationally trained, they’re innovating against multiple constraints such as macro headwinds, currency devaluations, changing regulations, lower-than-average consumer purchasing power and yet are finding unique business models and distribution channels to scale. So much magic is happening and we need to keep sharing these stories in the global stage so everyone wakes up to the outsized opportunities that surpass market challenges. Thanks to Forbes for spotlighting the African entrepreneurship landscape, and for hosting Summit that provided space for 1000+ attendees to deepen their connections and understanding of this incredible continent.

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Twiva, Kenyan Growth Stage Startup - among the Top 20 chosen to pitch to a sea of Venture Capitalists, at Africa's coveted Angel Fair Africa 2024. This year's participants scale from the South to East and West of Africa. Twiva is Kenya's leading AI-driven #socialcommerce platform, powered by #influencers and #resellers to bring brands closer to consumers across the continent. Established to revolutionize retail, Twiva connects businesses to a vast network of over 13,500 influencers and 2,500 merchants, generating genuine engagement and driving sales through trusted recommendations. In just five years, Twiva has gained the trust of hundreds of thousands of unique monthly visitors, positioning itself as a fast-growing solution that enhances #marketaccess, #jobcreation, and #salesconversion for businesses in industries ranging from fashion and electronics to home and beauty. With a proven record of #awardwinningpartnerships and an expanding presence in the region, Twiva is not just driving #commercialgrowth but is building a more #inclusive, #digitalretailecosystem for Africa's future To greater scale, and indelible reach. #BuildingTheAfricaWeWant

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 🦄 𝗔 𝘀𝗼𝗼𝗻𝗶𝗰𝗼𝗿𝗻? (𝗦𝗼𝗼𝗻-𝘁𝗼-𝗕𝗲 𝗨𝗻𝗶𝗰𝗼𝗿𝗻)? 🦄 M-KOPA, a pay-as-you-go asset financing platform serving 5 million underbanked Africans, is on the verge of reaching a major milestone: surpassing an annual revenue rate of $400 million by the end of the year. Headquartered in London, the fintech concluded last year with 4 million customers and $248 million in ARR. The 13-year-old company offers smartphones and other “productive assets” through flexible digital micropayments, where users pay daily based on the whole cost of the item divided by 365 days. Read more here, article by Tage Kene-Okafor: https://lnkd.in/gMd-hnCZ #Africa #Unicorn #Soonicorn #Fintech #AssetFinance

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This African investor pioneered the mobile tower leasing business in Africa. Built the largest Africa-focused private investment firm. And manages $4+ billion in assets. Meet, Helios Investment Partners. The Prototype Helios is the investor behind some of Africa’s biggest deals. Connecting capital to African talent and businesses. Started in 2004.  When Tope Lawani and Babatunde Soyoye left TPG.  To venture out on their own. Helios had a mountain to climb🏔️ To prove they could invest in Africa successfully. Before raising a fund. They had to show they could make waves in Africa.   Sure, they’d nailed investing in America, Europe, and Asia.  But Africa? Nothing but crickets 🦗 Their 1st challenge?  Fixing up the Modern Africa Fund.  A $110 million fund in trouble, started in 1997.  Funded by the U.S. International Development Finance Corporation This fund had fingers in 8 companies. Some deep in hot water. Helios swooped in like Superman 🦸‍♂️.  Rescued the fund and cashed out big time. Afsat Communications, a satellite company, scored a sweet 115% return.  While Flamingo Holdings, a flower exporter, brought home a 40% gain. Come 2005.  Helios was hunting for game-changers in Africa 🔍. They stumbled onto the mobile telephony scene.  And thought, “Hey, let’s grab a mobile license in Nigeria!”.  Spoiler: They lost out to MTN Nigeria and Econet Group.  But hey, they spotted a juicy opportunity🍑 . Building mobile towers and renting them out to telecom(telcos) bigwigs 📡. Why? Back then, telcos spent 50% of their cash building mobile towers. Landline penetration in Nigeria was at 1% 📞.  Someone had to build a whole new telephony system from scratch! They tried buying towers from MTN. But MTN said “No way José” 🚫.  So, they rolled up their sleeves and built their own towers💪.  And bam, HTN Towers Nigeria was born. Simple model:  Buy land, throw up a tower, plug it into the ⚡ grid, get a generator, and slap on some security.  Kinda like real estate 🏢. They took notes from big shots in the U.S. like Crown Castle & American Tower. Dropping $12 million to dot Nigeria with mobile infrastructure 📶. HTN Towers pioneered the model in Africa. Allowing telcos to focus on their core business.  Freeing up cash for investments in network growth and customer service improvement. Helios cashed out big-time in 2016. Selling HTN Towers to IHS Towers —Africa, Middle East, and Latin America’s mobile tower big boss. And today, Helios is the biggest African investor. With  💰Investments of $3.8+ billion in African businesses.  💼Exits of $4+ billion to investors in their firm. 💵 Revenues of $9+ billion through its portfolio companies. What are your thoughts on Helios’ story? Let me know in the comments. 👇 Today in my newsletter, I’ll dive deep into Helios' meteoric rise. Grab it in your inbox here 💌  https://lnkd.in/d-mDKYRT PS- Helios' investing playbook on Africa is the best I've ever seen.

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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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This Copia team has done more underground work than some government-money-funded parastatals there are. Give that VC money to most of these government-funded parastatals with the same KPIs, OKRs, and conditions that those funding rounds came with, and see how many of them will put the lights off in less than 5 years. And here we are with a company that has done deep-ground works that the Government could have done so that building on those layers would ensure a good success rate for anyone coming with value-add. With all this news of the shutdown, the company is still operational and this year makes it 13 years in the business. The amount of work Copia has done is powering impacts across Kenya and I solemnly advise that the Kenyan Government must see to it, that they don’t shut down. If Copia goes down, the friction that existed before they were founded would mean a further decline except if there is a competition with strong business case and impact drive with that much amount of IP and infrastructural mileage. Why Copia? https://lnkd.in/eMnpk-3f.

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Summary: Janngo Capital, an African venture capital firm, has closed its second fund at €73 million, 20% more than its initial target. The firm focuses on investing in diverse and female-led startups in sectors beyond fintech. Key takeaways: Janngo Capital's second fund exceeded its initial target, demonstrating confidence from investors in the potential of African startups. The firm has a strong focus on gender equality, with over half of its portfolio made up of startups founded or led by women. Janngo Capital has had success with exits and investments in diverse sectors, showing that a high-impact thesis can deliver in the African startup ecosystem. Counter arguments: Some may argue that the percentage of investments in female-led startups may be seen as tokenism rather than genuine support for diversity. Janngo Capital's focus on sectors beyond fintech may be seen as a riskier investment strategy, which could lead to lower returns. #venturecapital #vc #venture https://lnkd.in/gvxaR6Pc

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What do founders need to know when preparing for funding? Over the years, I’ve had the privilege of consulting for companies across Africa and the UK, helping founders navigate the complexities of fundraising. From crafting compelling pitch decks to refining financial models, I’ve seen firsthand what separates those who secure funding from those who don’t. Investor readiness isn’t just about having a great idea – it’s about knowing how to present that idea in a way that makes investors stop and listen. A few key questions to ask yourself before seeking investment: 1. Are you able to articulate your growth potential clearly? 2. Can you demonstrate product-market fit? 3. Is your business model scalable and sustainable? If you're building an innovative earlystage pre-seed or seed startup, I’m here to help guide you through the investor readiness process. My goal is to ensure you're fully prepared before pitching that investor. Let’s make sure you're set up for success. Feel free to reach out if you’d like to chat about how we can prepare your business for its next funding round! #InvestorReadiness #Fundraising #BusinessGrowth #Startups #VentureCapital

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Investments calling at Afribridge Capital! 🌍 📍 10 Countries Across Sub-Saharan Africa 📈 6 High-Growth Sectors 💼 100%  Scalable Businesses Who should we invest in next? Tag your favourite scalable early-stage and growth-stage businesses offering solutions within Sub-Saharan Africa’s biggest challenges.

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Alitheia Capital has been shortlisted for two awards at the 2024 Krutham Africa Impact Investment Awards: the Impact Funder of the Year award (Alitheia Capital) and the Impact Fund of the Year award (Alitheia IDF, our gender lens fund). A snapshot of our impact so far: - Over $57 million invested in African women through Alitheia IDF. - 9.5 million jobs created, with 66% (6.27 million) of these jobs directed at women. - Through GWAMDC and uMunthu I & II funds, we have invested over $50 million in SMEs like Paga Group Ltd, Tomato Jos, OmniBiz Africa, Lidya, Haul247 (Google BFF’AFRICA 22), SparkMeter, amongst others. - uMunthu I & II funds have invested in 16+ African cities, impacting over 23 million users, over 120,000 retailers, and 230,000 farmers - Improved access to essential services for over 51 million women and girls in 20 countries. - The Alitheia Clean Energy Fund impacted 5 million households and empowered over 30,000 community entrepreneurs by financing low-cost cooking gas alternatives. This recognition underscores our unwavering commitment to driving positive change and sustainable development across Africa. Our investments, deployed through funds with a 10-year lifespan, demonstrate our long-term commitment to growth. Congratulations to the Alitheia Capital team and our stakeholders for their unwavering dedication to building a better future for Africa. Read more here from our gender lens fund: https://lnkd.in/eBtHraAD)   And from Alitheia Capital: https://lnkd.in/e2m4cnrp #ImpactInvestment #WomenEmpowerment #SustainableGrowth #AlitheiaCapital #GenderEquality #SocialImpact #InclusiveGrowth

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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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