GreenHouse Capital launches $10m investment fund for Nigerian tech startups

GreenHouse Capital launches $10m investment fund for Nigerian tech startups

GreenHouse Capital, a Nigerian venture capital firm is set to invest $10m into the country’s booming technology startup community. GreenHouse Capital which prides itself as the largest fintech investment fund in Sub-Saharan Africa, is concerned with providing seed and growth equity to companies engaged in healthy consumer products and technologies for sustainable living. It currently

GreenHouse Capital, a Nigerian venture capital firm is set to invest $10m into the country’s booming technology startup community.

GreenHouse Capital which prides itself as the largest fintech investment fund in Sub-Saharan Africa, is concerned with providing seed and growth equity to companies engaged in healthy consumer products and technologies for sustainable living. It currently has 13 portfolio companies including prominent ones like Max.ng, Talentbase, Tutor.ng, Prepclass and Flutterwave.

The aim of the fund according to the founding partner, Bunmi Akinyemiju is all about scaling globally. He also mentioned while showcasing the 13 lucky startup companies at a technology event in Lagos that “the future is about virtual technology and no longer oil and gas, and that is the reason we are investing in tech startups. We have invested over $3 million out of the $5 million that we planned to invest in the first tranche. In all, we plan to invest a total of $10 million in the next two years.”

Among the 13 startups that were showcased at the Lagos technology event, some are into solar energy solution, financial solutions for banks, micro finance solutions, logistics solutions, and gifting solutions. The solutions were developed locally in Nigeria, but designed to scale globally.

It was however revealed that 3 out of the 13 tech companies that are being sponsored by GreenHouse Capital, have attracted international investors who are now investing in their solutions.

GreenHouse Capital managing partner, Nichole Yembra while speaking, said it was important to have an Africa-based fund support the dreams of brilliant Nigerians.

Dr Yemi Dipeolu, special adviser to Nigerian president Muhammadu Buhari, also spoke at the launch event, saying GreenHouse Capital’s stated goal of filling the funding and advisory gap for young entrepreneurs was very much in line with the government’s agenda for small and medium scale enterprises (SMEs).

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