Aduna Capital's $20M Fund Launch
In a significant move to revolutionize the African tech startup ecosystem, Aduna Capital proudly introduces its inaugural $20 million fund. More than just an investment firm, Aduna Capital represents an ecosystem fostering innovation and entrepreneurship. Founded by Surayyah Ahmad Sani and Sanusi Ismaila, the firm leverages their expertise and commitment to drive growth in the tech startup landscape.
Surayyah Ahmad Sani, a seasoned entrepreneur with two successful ventures, including an exit, stands as a founding partner of the accelerator TTLabs. Drawing from her rich experience, she has angel invested in three startups, including the recent success story, Swiftride, a ride-hailing company. Sanusi Ismaila, the founder of Colab, the first innovation hub in Kaduna state, and a prominent technology campus in Nigeria, brings his entrepreneurial prowess to Aduna Capital. Colab has produced tech talents employed by global giants like Microsoft, Goldman Sachs, Paxful, Andela, and others.
Nurturing Tech Start-ups Across Africa
Aduna Capital is committed to discovering and nurturing early-stage, tech-enabled startups across Africa, with a special emphasis on empowering female founders and startups in underserved regions, notably Northern Nigeria. The firm envisions unlocking the vast potential of these entrepreneurs, driving innovation and sustainable growth across the continent.
The Significance of Northern Nigeria
Northern Nigeria, with a population exceeding 128 million, presents an untapped market four times the size of Ghana and 2.5 times that of Kenya. By 2050, Nigeria is projected to become the fourth-largest country globally, with significant growth in the North. Sectors like edtech and agritech in Northern Nigeria are already generating over $1.2 million in bootstrapped revenue. Aduna Capital sees the immense potential for these startups to scale significantly with proper funding and support.
Recognizing the exceptional potential of female founders, Aduna Capital commits to allocating 50% of its investments to female-led startups. Research indicates that female founders yield $2 for every $1 invested in them, making it a strategic move to focus on this demographic (EIB, 2021).
Diversifying Across the Continent
Aduna Capital's investment focus extends beyond Northern Nigeria. The fund will allocate 25% of its investments to startups in the rest of Nigeria and another 25% across the African continent. This pan-African approach ensures a diverse and robust portfolio, tapping into a wide range of innovative ideas and businesses.
Primarily targeting super early and pre-seed stage investments, Aduna Capital aims for a 5-10x investor return, striking a balance between impactful investments and lucrative returns for its investors. The fund's strategy reflects a commitment to fostering innovation and driving meaningful change in the African tech startup landscape.