One of Nigeria’s leading angel investors, Olumide Soyombo, has launched a new investment firm, Voltron Capital. According to TechCrunch, he co-founded the company alongside U.S.-based entrepreneur and investor Abe Choi.
Voltron is a pan-African venture capital firm on a mission to address the severe lack of access to early-stage funding for African tech startups. It is similar to a typical seven-figure fund targeting pre-seed and seed-stage startups in Africa.
The investment company will fund about 30 startups, mainly in the pre-seed and seed stages across the continent. Its focus will be on startups in Nigeria, Kenya, South Africa and North Africa. The ticket size of its investments will range from $20,000 to $100,000.
The firm’s investors cut across high net-worth individuals and executives from a range of sectors, including banking and telecom. Each investor will invest a minimum of $10,000.
Voltron Capital will be managed on AngelList. AngelList is a U.S. website for startups, angel investors, and job-seekers looking to work at startups.
Since Soyombo began angel investing in 2014, he has financed 33 startups, including Paystack, PiggyVest and TeamApt.
In a statement to TechCrunch, Soyombo said: “As our startups mature, we’ll see people leaving to set up theirs.”
In October 2020, Stripe acquired Nigeria’s Paystack for more than $200 million to expand into the African continent. The acquisition made many local and international investors pay attention to the Nigerian and African tech space. Soyombo’s Voltron will help African tech startups more easily access investments.
“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 United States, we’re confident we can provide our portfolio with the best possible opportunities to achieve this through our U.S. and global network,” Soyombo said.