German-based VC GreenTec Capital Partners to open office in Lagos

Frankfurt-based venture capital (VC) firm GreenTec Capital Partners has announced that it will expand its footprint in West Africa by opening an office in Lagos, Nigeria.

In a post on its website last Wednesday (17 October), Greentec Capital Partners said the opening of the Lagos office — which the firm said represents its second step in the VC’s African expansion strategy — will give it better access to West Africa, and particularly Nigeria.

The firm stated that the Lagos office will be run by newly appointed members David Ogundeko and Eniola Lawal.

The VC firm already has two offices in Africa — in Addis Ababa in Ethiopia and Sandton in South Africa.

Greentec Capital Partners has stated that it plans to support 50 African investments annually by 2023

GreenTec Capital Partners announced in a post on Twitter on the same day (17 October) that it plans to support 50 African investments annually by 2023.

@GreenTecCapital is further expanding its presence in Africa with the opening of a GreenTec Office in Nigeria as a part of our plan to support 50 African investments annually by 2023. Read more: https://t.co/37mULmIicY

— GreenTec Capital (@GreenTecCapital) October 17, 2018

The firm’s most recent deals include undisclosed investments in Lagos-based logistics company Parcel-It and Kenyan insurance aggregator Bismart Insurance. Crunchbase states that last year, GreenTec Capital Partners invested an $800 000 seed round in Ugandan eye care startup Wazi Vision.

GreenTec Capital Partners portfolio also includes agritech startups Farmcrowdy, and AgroCenta.

Featured image: the Lekki-Ikoyi Link Bridge in Lagos (GreenTec Capital Partners via Facebook)