Top 20 Angel Investors in Nigeria and How to get Funding from them

Have you ever wondered who angel investors in Nigeria are and how you can get funding from them? Now, read this story.

Ugo had always been a tech enthusiast, but he never imagined he would become an angel investor. His journey began when he stumbled upon a young startup called “FarmFresh,” which was developing a mobile app to connect farmers directly to consumers. Ugo was immediately intrigued by the idea and the passion of the founders.

With a little extra cash from a recent business that pulled through, Ugo decided to invest in FarmFresh. He wasn’t just interested in making a profit, he wanted to contribute to the growth of the Nigerian tech ecosystem. To his surprise, the founders were thrilled to have him on board. Ugo became more than just an investor; he became a mentor and advisor. He used his experience in marketing and business development to help FarmFresh refine its strategy and expand its reach. With Ugo’s support, FarmFresh quickly gained traction and became a leading player in the agri-tech industry.

Ugo’s experience with FarmFresh inspired him to become a more active angel investor. He joined a local angel investment network and started investing in other promising startups. He found great satisfaction in helping young entrepreneurs realize their dreams and contributing to the innovation and growth of the Nigerian economy.

A beautiful story right? Now let’s delve into this article where we would talk about angel investors in Nigeria who can invest in your startup and give your business a similar result.

Key Takeaways

• Angel investors are often high-net-worth individuals who have a strong interest in supporting entrepreneurs and fostering innovation.
• Angel investors often invest in earlier-stage startups and provide more hands-on support.
• The choice between a venture capital fund and an angel investor depends on the specific needs and stage of development of the startup.

Who is an Angel Investor?

An angel investor is an individual who provides financial capital to startup companies, typically in exchange for equity. Most times, they invest their funds, rather than representing a venture capital firm or other institutional investor.

Angel investors typically invest in early-stage companies, often before the company has generated significant revenue or profits.

They are often high-net-worth individuals with a strong interest in supporting entrepreneurs and fostering innovation. In addition to providing capital, angel investors offer expertise, advice, and connections to help startups succeed. They may also serve on the company’s board of directors or mentor the founding team.

20 Angel Investors in Nigeria and how to find them

There are many angel investors in Nigeria funding different sectors such as technology, consumer internet, agriculture, and many others.

Here are angel investors in Nigeria and industries:

1. Adentuji Eleso
2. Adewale Adisa
3. Femi Kuti
4. Chukwuka Nwagbara
5. Lamide Adeosun
6. Adegoke Olubusi
7. Michael Okaredje
8. Idris Ayodeji Bello
9. Adedayo Amzat
10. Ombola Johnson
11. Kola Aina
12. Kunmi Demuren
13. Jason Njoku
14. Olumide Soyombo
15. Suru Avoseh
16. Ike Eze
17. Kayode Oyewole
18. Busola Eniola-giwa
19. Tomi Otudeko
20. Iyinoluwa Aboyeji

1. Adentuji Eleso

Adentuji Eleso is a financial expert with over 18 years of experience helping businesses improve their profits. He currently works as a non-executive director at CcHUB Investment Company Limited. He has a lot of experience helping new businesses in Africa grow and succeed in various industries like technology, finance, and retail.

He has worked with companies like Truppr, Delivery Science, Edves Suite, and LifeBank. You can connect with him on LinkedIn.

2. Adewale Adisa

Adewale Adisa is the head of The Strategos Company NG, a company that helps businesses with planning and financial management. Before that, he was the CEO of CourierPlus Services Nigeria. Adewale has a Master’s degree in business from Cranfield University.

He invests in the areas of clean technology, internet, business software, and healthcare. He has worked with companies like Ogaranya, Quickship Delivery, and Proqure Retail Network. Connect with him on LinkedIn here.

3. Femi Kuti

Femi Kuti is a healthcare and technology entrepreneur passionate about making healthcare accessible in developing countries. He co-founded and leads Reliance Health Inc., a company leveraging data and technology to achieve this goal. Femi also has experience as CEO of Kangpe Inc., demonstrating his extensive leadership in the healthcare and tech sectors.

His expertise extends beyond healthcare: Femi’s portfolio includes ventures in Fin-tech (Solugen, Kudi), Bio-technology (Collectly), and Consumer Internet (Wifi.com.ng), showcasing his diverse interests within the tech landscape.

Connect with him on LinkedIn to learn more about his work.

4. Chukwuka Nwagbara

Chukwuka Nwagbara wears two hats. He co-founded Capsa, a fintech company helping small and medium businesses (SMEs) in Africa thrive financially. He also works as a senior commercial manager at GE Power. Chukwuka holds an MBA from Lagos Business School. Beyond Capsa, his investment involvement includes Future Africa, Getcapsa.com, and Investbamboo.com.

Find him on LinkedIn here.

5. Lamide Adeosun

Lamide Adeosun is an investor who helps businesses grow. He works at a company called Consonance Investments which invests in new and developing companies. Lamide focuses on businesses in Asia and Africa. Before joining Consonance, he worked at another investment company called Kuramo Capital Management. Lamide studied business at MIT. His investment portfolio includes these companies companies: Track Your Build and Hyphen AI. Connect with him on LinkedIn here.

6. Adegoke Olubusi

Adegoke Olubusi is a co-founder and leader of a company called Helium Health which helps people get healthcare in Africa. He wants to use technology to improve healthcare in Africa. Adegoke is also a partner at a company called Magic Fund that invests in other businesses. He has helped start many companies.

In 2019, he was recognized as one of the top 30 people under the age of 30 by Forbes magazine. Adegoke is involved in companies like Akido Labs, Draftbit, Frubana, and Retool. You can find him on LinkedIn.

7. Michael Okaredje

Michael Okaredje started a company called Pickmeup Technologies that helps people get around cities in a new way. He has a lot of experience working with computers and energy. Michael is very excited about using technology to solve problems in countries that are developing. Pickmeup is one of the companies he has started.

He has also started other companies like Hequip Resources and Onos. You can find him on LinkedIn here.

8. Idris Ayodeji Bello

Idris Ayodeji Bello is a Nigerian entrepreneur who focuses on helping African technology startups grow. He runs a company called LoftyInc Capital Management, which supports these startups. Idris has invested in and advised several successful African tech companies, including Andela, Tora, Mono, and Flutterwave. He is often referred to as an “Afropreneur” due to his focus on African entrepreneurship. Here is the link to his LinkedIn profile.

9. Adedayo Amzat

Adedayo Amzat is a prominent figure in Nigeria’s financial sector. He leads Zedcrest Capital Group and founded Zedvance Finance, a major consumer loan company. With an MBA from Obafemi Awolowo University, Amzat is a respected expert in finance and a key contributor to Nigeria’s securities market. The sectors that he finances are Fin-tech, Education, Healthcare, Enterprise Software, and SaaS. Some companies in his portfolio are TalentQL, Tanda, Kaoshi, and Lora DiCarlo.

To connect with him, visit his LinkedIn profile.

10. Ombola Johnson

Ombola Johnson is a top executive at TLcom Capital, a venture capital firm investing in African technology companies. She previously held a government position as Minister of Communication Technology in Nigeria. Johnson is a board member of several prominent Nigerian and international corporations.

Fin-tech, Mobile, Consumer Internet, and Ed-tech are the sectors she invests in and companies in her portfolio include Okra, ULesson, Andela, and Pula Advisors. Check out her LinkedIn profile for more information on her work.

11. Kola Aina

Kola Aina is a leading venture capitalist focused on supporting early-stage African startups. He founded Ventures Platform, a venture capital fund that invests in promising tech companies. A passionate advocate for entrepreneurs, Kola also created Ventures Park, a coworking space for startups. His investment portfolio includes successful companies like Mono, Piggyvest, Reliance HMO, and Paystack.

The sectors he invests in are Fin-tech, Education, Healthcare, and Enterprise Software. To connect with him, visit his LinkedIn profile.

12. Kunmi Demuren

Kunmi Demuren is a tech industry veteran with over 15 years of experience in growing businesses and bringing new ideas to life in Africa. He has experience in various sectors including e-commerce, finance, and healthcare. He has helped several companies enter the African market. You can find him on LinkedIn.

Industries he funds are e-commerce, Fin-tech, Consumer Internet, Healthcare, and SaaS. Companies in his portfolio include Max.ng, Migo, PrepClass, and Riby.

13. Jason Njoku

Jason Njoku is a successful entrepreneur who has founded several companies, including IROKO Partners and SPARK Capital. He has been recognized for his leadership and has received awards for his work in business.

Jason is actively involved in investing in and advising startups in sectors like Healthcare, Ed-tech, Fin-tech, Real Estate, and SaaS. Some companies in his portfolio include Foto, MedSaf, Paystack, and Ogavenue.

14. Olumide Soyombo

Olumide Soyombo is a seasoned entrepreneur and investor who has been involved in the tech industry for over two decades. As a co-founder of Bluechip Technologies Ltd., he has a deep understanding of the challenges and opportunities facing African startups. He is passionate about supporting local tech innovation and has founded LeadPath, a seed capital investment fund dedicated to nurturing early-stage startups.

Olumide has a diverse investment portfolio, focusing on sectors such as fintech, e-commerce, consumer internet, and ed-tech. He has invested in several successful startups, including Paystack, PushCV, Mono, and Gloopro. If you’re interested in connecting with Olumide Soyombo, you can find him on LinkedIn.

15. Suru Avoseh

Suru Avoseh is a serial entrepreneur and investor who wears multiple hats in the African tech ecosystem. As the Co-Founder and Partner at Chinook Capital Limited, a Nigerian venture capital firm, he plays a key role in supporting early-stage to growth-stage tech companies across Africa. Chinook Capital focuses on investing in, accelerating, and fostering the growth of innovative technology solutions. Suru’s entrepreneurial spirit extends beyond Chinook Capital, as he also co-founded Blusalt Financial Services Ltd.

Suru Avoseh actively seeks opportunities to invest in promising companies across various sectors like healthcare, education, consumer internet, and enterprise software. His investment portfolio includes Edves, YouVerify, Safi.ng, and LifeStores Pharmacy, showcasing his diverse interests within the tech landscape. If you’d like to connect with Suru Avoseh, you can find him on LinkedIn.

16. Ike Eze

Ike Eze is a seasoned entrepreneur with a strong background in financial technology, consulting, and engineering. He currently serves as an Advisory Board Member at Investment One Financial Services Limited. In addition to his current role, Eze has a history of founding and leading technology startups in Silicon Valley. He has played a pivotal role in conceptualizing and developing products for all three of these companies.

Eze’s academic credentials include an MBA from the University of Pennsylvania’s Wharton School. His investment interests primarily focus on the sectors of Financial Services, Entertainment, Digital Media, and Consumer Internet. His investment portfolio includes notable companies such as TaxiTV, BFree, and Smile Identity.

17. Kayode Oyewole

Kayode Oyewole is a dedicated entrepreneur passionate about developing technology companies and addressing complex challenges through a first-principles approach. He is currently a Venture Partner at Ventures Platform, where he actively invests in numerous startups throughout the African region.

Oyewole’s investment interests span various sectors, including Fin-tech, Consumer Internet, SaaS, Healthcare, and Ed-tech. His portfolio includes notable companies such as Kudi, Proteach, Wesabi, and Migo. To connect with Oyewole, you can find him on LinkedIn.

18. Busola Eniola-Giwa

Busayo Eniola-Giwa is a Senior Investment Analyst at GreenHouse Capital, a company focused on investments in Africa. Previously, he worked as an Investment Banking Analyst at Ecobank Capital. Busayo has a strong interest in investments and has experience in the investment management industry.

He is particularly interested in sectors such as E-Commerce, Fin-tech, Consumer Internet, SaaS, and Healthcare. He has contributed to the success of companies like CredPal, BoxCommerce, Helium Health, and Migo.

19. Tomi Otudeko

Tomi Otudeko is a Director at Itanna, a company that invests in early-stage technology and technology-enabled businesses. She is also the Head of Innovation and Sustainability at Honeywell Group. In addition to her corporate roles, Tomi is an active angel investor, mentor, and consultant for small businesses.

Tomi is particularly interested in investing in companies in the sectors of Cloud Computing, Healthcare, Education, and Consumer Internet. Her investment portfolio includes Gero Care, Indicina, PowerCube, and Trade Buza. You can connect with Tomi on LinkedIn via this link.

20. Iyinoluwa Aboyeji

Iyinoluwa Aboyeji is the Founder and General Partner at Future Africa, a company that invests in and supports innovative African businesses. He previously served as the CEO of Flutterwave. Iyinoluwa is recognized as a World Economic Forum Young Global Leader, a Forbes 30 under 30 honoree, and a member of Nigeria’s Policy and Competitiveness Advisory Council.

He is particularly interested in investing in companies in the sectors of Consumer Internet, Enterprise Software, Logistics, and Financial Services. His investment portfolio includes Stitch, Chaka Technologies, and Lori Systems.

To read more, check out these Grants for Female Entrepreneurs in Nigeria 2024

Tips for Securing Funding from Angel Investors

Angel investors provide capital to early-stage startups and they often play a crucial role in helping businesses get off the ground. Here’s a guide on how to secure funding from angel investors:

1. Develop a Strong Pitch Deck

Your pitch deck is your first impression on potential investors. It should be concise, visually appealing, and clearly articulate your business idea, market opportunity, team, financial projections, and funding needs.

2. Build a Solid Network

Networking is essential in the startup world. Attend industry events, join online communities, and connect with other entrepreneurs. Building relationships with people who can introduce you to potential investors can significantly increase your chances of securing funding.

3. Leverage Your Network

Don’t be afraid to ask for introductions. Reach out to friends, family, and colleagues who might have connections to angel investors. A warm introduction can go a long way in getting your foot in the door.

4. Showcase Your Team

Investors are often more interested in the team behind a startup than the idea itself. Highlight the skills, experience, and passion of your team members. A strong team can inspire confidence in investors.

5. Demonstrate Market Potential

Investors want to see a clear path to profitability. Research your market, identify your target audience, and explain how your product or service will meet their needs. Provide data and market analysis to support your claims.

6. Prepare for Questions

Be prepared to answer tough questions about your business. Investors will likely ask about your competition, risks, and exit strategy. Practice your answers beforehand to ensure you can respond confidently.

7. Negotiate Wisely

When negotiating terms with an angel investor, be mindful of your company’s valuation and the amount of equity you’re willing to give up. It’s important to find a balance that benefits both parties.

8. Follow Up

After your initial meeting with an investor, follow up with a thank-you note or email. Express your appreciation for their time and reiterate your interest in securing funding.

Remember, securing funding from angel investors can be a competitive process. By following these steps and presenting a compelling case, you can increase your chances of attracting the investment your business needs.

See also: 10 Organizations that give Business Grants in Nigeria 2024

7 Ways to Find Angel Investors for Your Startup

Here are some strategies to help you locate potential angel investors:

1. Leverage Your Network. Start by telling friends, family, and acquaintances with connections to angel investors. Attend industry events, conferences, and meetups to connect with people in your field. Also, join online forums and groups dedicated to startups and entrepreneurship.
2. Utilize Angel Investor databases. Websites like AngelList, Crunchbase, and Gust provide databases of angel investors. You can search for investors based on location, industry, and investment preferences.
3. Work with Incubators and Accelerators. Many incubators and accelerators with connections to angel investors who can provide mentorship and funding. Some incubators and accelerators may have direct investment programs or partnerships with angel investor networks.
4. Attend Investor conferences and events. These events offer opportunities to meet with angel investors and learn about their investment criteria.
5. Contact Venture capital firms. Venture capital firms often have relationships with angel investors and may be able to provide introductions.
6. Use online crowdfunding platforms. Platforms like Kickstarter and Indiegogo can help you gain visibility and attract potential investors.
7. Consider Angel Investor groups. Joining an angel investor group can provide access to a network of potential investors.

Remember, finding angel investors takes time and effort. Be persistent, build relationships, and present a compelling investment opportunity to increase your chances of success.

Venture Capital Funds vs Angel Investors; Which is Better?

The choice between a venture capital fund and an angel investor depends on the specific needs and stage of development of the startup. Venture capital funds and angel investors are both sources of funding for startups but they differ in several key ways. We would be looking at their peculiarities using different factors.

Venture Capital Funds

• Organization: Venture capital funds are typically professionally managed investment firms with a pool of capital from investors.
• Investment size: They invest larger amounts of money compared to angel investors, often in the millions of dollars.
• Investment stage: Venture capital funds often invest in later-stage startups that have already achieved some traction and demonstrated growth potential.
• Due diligence: They conduct extensive due diligence before investing, including evaluating the team, market opportunity, and financial projections.
• Exit strategy: Venture capital funds typically have a specific exit strategy, such as an initial public offering (IPO) or acquisition, to realize a return on their investment.

Angel Investors

• Individual investors: Angel investors are typically high-net-worth individuals who invest their own personal funds.
• Investment size: They invest smaller amounts of money compared to venture capital funds, often in the tens of thousands or hundreds of thousands of dollars.
• Investment stage: Angel investors often invest in early-stage startups, sometimes even before the company has a product or market.
• Due diligence: While they may conduct due diligence, it is often less formal than that of venture capital funds.
• Exit strategy: Angel investors may have a longer-term perspective and may be more willing to hold their investments for a longer period.

Conclusion

In summary, venture capital funds are larger, more institutionalized investors that typically invest in later-stage startups with significant growth potential. Angel investors are individual investors who often invest in earlier-stage startups and provide more hands-on support.

The choice between a venture capital fund and an angel investor depends on the specific needs and stage of development of the startup. Position yourself and your startup well to receive funding from an angel investor.

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FAQs

References

• Thriving Nigerian Angel investors
• Angel Investor Companies in Nigeria
• Angel investors and their locations