African startups also in the sights of Voltrol Capital
By Jeph Ajobaju, Chief Copy Editor
Ajim Capital has ring-fenced $10 million to invest in African tech startups, providing between $25,000 and $150,000 to each outfit to enable them double down on business growth.
Ajim Capital, a venture capitalist firm, is based in the United States.
Its outlay comes six months after Olumide Soyombo, a prolific angel investor, announced the launch of Voltron Capital, a Pan-African venture capital firm he co-founded with Abe Choi, an entrepreneur and investor also based in the US.
Voltron Capital plans to invest between $20,000 and $100,000 in each selected startup in Nigeria and other countries in Africa.
As a result of technological advancement and increase in tech startups on the continent, the need for funding has arisen and Ajim Capital wants to be their push button to become successful world-acclaimed companies.
About $5 billion was invested in African tech firms in 2021.
Ajim Capital says it will consider startups whose founders have entrepreneurial experience in the industry relevant to the firm, and whose own technology has a direct market fit, highly scalable software solution, and potential of 10 times returns for investors.
The firm is also looking to fund tech startups with potential for rapid growth and fast adoption to fill economic and infrastructural gaps for consumers and enterprises across Africa.
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About Ajim Capital
Ajim Capital was founded by Eunice Ajima who was born in Cameroon and moved to the US in 2011, Nairametrics reports.
She is a 2x tech founder and an executive with experience ranging from startup funding and management to leading a $10 million tech startup.
Ajim Capital has invested in several companies including Mono, Pay Hippo, Talent QL, Lemonade Finance.
Voltrol Capital
Voltron Capital was launched in July 2021 as a Pan-African pre-seed and seed firm for elite tech founders tackling critical problems in the largest markets on the continent.
It says it will deploy capital in up to 30 startups across a range of sectors to “address the severe lack of access to early-stage funding for African tech companies.”
The ticket sizes will range from $20,000 to $100,000 focusing on startups in Nigeria, Kenya, South Africa, and North Africa.
Voltron Capital is headed by a founding team with a robust investment track record of over 10 years of experience of early stage investing.
It has a portfolio of 33 African tech startups including Mono, PiggyVest, Spleet, Migo, TeamApt, and Paystack.
