New African VC aims to aid SMMEs with early-stage funding

Nigeria-based pre-seed and seed firm Voltron Capital announced its official launch in a statement last week.

Close to two-thirds of startups want to raise between R100 000 to R3-million

The firm aims to focus on startups emerging from Nigeria, Kenya, SA and Northern Africa.

Innovative, seasoned angel investor Olumide Soyombo and partner Abe Choi, CEO of Simple Dealer are at the helm, aiming to invest in 30 African startups at $20 000 to $100 000 per individual investment. 

African startups need early-stage investment

“Voltron Capital is the beginning of another incredibly exciting journey for Abe and me, but it is also a celebration of the road Africa’s entire tech space has travelled to date,” commented Soyombo in a statement.

In a recent report created by the SAB Foundation and the Bertha Centre for Social Innovation at UCT GSB, studies reflected that close to two-thirds of startups want to raise between R100 000 to R3-million, showing the high demand for small ticket sizes and cementing the necessity for early-stage funding. 

“We hold a track record of identifying and supporting some of Africa’s most high-growth startups to date with capital at the pre-seed stage and also hold long-established relationships with corporates and regulators, which can make what can often be a difficult path for African startups much smoother,” he said.

The founders both boast impressive investment credentials, with Soyombo’s portfolio at $70-million to date and Choi’s backing of 15 startups lending the new firm serious credibility.

“We want the next wave of African tech success stories to not only make an impact on the continent but to be truly global. Through Abe’s strategic connections to the USA, we’re confident we can provide our portfolio with the best possible opportunities to achieve this through our US and global network,” commented Soyombo in closing.

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Featured image: Olumide Soyombo, Co-founder, Voltron Capital (Supplied)