Home » Led by Nigerian investor Iyinoluwa Aboyeji, Future Africa’s assets reach $30 million

Led by Nigerian investor Iyinoluwa Aboyeji, Future Africa’s assets reach $30 million

by Omokolade Ajayi

Future Africa, an early stage venture fund and Africa-focused leading investment group led by Nigerian investor Iyinoluwa Aboyeji, has increased its assets under management to $30 million, up from $600,000 in 2017.

The achievement was made possible by the $4.3 million that it invested in 43 companies across a wide range of industries, including education, healthcare and media, to create value by shaping Africa’s future.

According to Aboyeji, financial services remained Future Africa’s top sector, accounting for 55.7 percent of the fund’s investment value and dominating the investments made.

With the addition of the investments realized in 2021, its portfolio now includes 75 companies employing more than 2,400 people as of the end of 2021.

Overall, the venture fund’s portfolio companies raised over $290 million in follow-on funding in 2021, have raised over $630 million in lifetime aggregate funding and are valued at slightly more than $3.5 billion, including Andela, a U.S. company valued at $1.5 billion.

Meanwhile, its community of angel investors – Future Africa Collective – grew from 160 to 257 members as of the end of 2021, investing more than $2 million compared to $780,000 in 2020, Future Africa is now one of the continent’s largest organized networks of active investors.

In furtherance of its pan-African drive, the fund expanded its geographical reach and made its investment debuts in Ghana, South Africa, Tanzania and Zambia in 2021, raising its investment presence to six African countries, including Nigeria and Kenya.

Through the vast experience of Aboyeji, a co-founder of Andela and Flutterwave, Future Africa has helped found, fund and build many of Africa’s fastest-growing startups from Andela and Flutterwave to Jumia, Kobo360 and 54gene, among several others.

The Nigerian entrepreneur was cited as one of the top 100 most influential Africans by New African magazine in 2019.

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