Home » Nigerian billionaire Olugbenga Agboola backs $205-million African tech fund

Nigerian billionaire Olugbenga Agboola backs $205-million African tech fund

Agboola's backing highlights his influence in the African tech ecosystem

by Omokolade Ajayi
Olugbenga Agboola

Nigerian tech billionaire Olugbenga Agboola, the founder of the fintech giant Flutterwave, has aligned himself with a consortium of over 30 unicorn founders and institutions to support Norrsken22, an Africa-focused venture capital firm, in raising $205 million for new technology investments across the continent.

This impressive investment, backed by Agboola, Skype’s Niklas Zennström, Delivery Hero’s Niklas Östberg, is poised to empower Norrsken22 to seek out the next generation of African “tech giants.” Their investments will primarily target sectors like fintech, edtech, and Meditech.

The list of institutional investors backing this fund includes heavyweight names such as the Standard Bank Group, Norfund, British International Investment, the International Finance Corporation, and the U.S. International Development Finance Corporation.

Natalie Kolbe, managing partner of Norrsken22, emphasized that these new investments would be directed towards emerging startups in countries including South Africa, Nigeria, Ghana, Kenya, and Egypt.

Norrsken22’s strategic investments to catalyze Africa’s tech revolution

This announcement is occurring at a time of significant evolution in the venture capital landscape, with a resolute focus on Africa, which now hosts the fastest-growing and youngest population globally. African youth, increasingly tech-savvy and connected via smartphones, are accessing various services, from entertainment to banking, creating a fertile ground for tech innovation.

Norrsken22’s strategy is to harness this burgeoning tech revolution, driven by investments in digital infrastructure and skyrocketing smartphone adoption across the continent. The trends of urbanization and the growing demand for financial and health services have given rise to opportunities for tech startups to scale, presenting a promising prospect for prospective investors.

Olugbenga Agboola’s backing highlights his influence in the African tech ecosystem

Agboola’s involvement in this new fund further underscores his burgeoning influence in the African tech ecosystem. He has been a key figure in the acquisition of several startups across the continent, a move aimed at strengthening the operations of Flutterwave, Africa’s largest tech startup.

Agboola’s journey began in 2016 when he established Flutterwave, a company that has achieved remarkable success by enabling seamless integration to unlock opportunities for African businesses and customers. With headquarters in both San Francisco and Lagos, Flutterwave, under Agboola’s guidance, has become a global success story in the African fintech sector.

This year, Flutterwave, under Agboola’s leadership, expanded its presence into Rwanda and Egypt, marking a significant stride towards realizing its mission of revolutionizing Africa’s payments landscape. The company recently forged a partnership with IndusInd Bank Ltd., a leading Indian financial services provider.

In a display of confidence in Africa’s potential, Flutterwave unveiled plans to invest $50 million in the Kenyan market, signaling its commitment to securing an operating license in the country. These developments align seamlessly with Flutterwave’s vision to redefine Africa’s payment landscape and extend its reach into international markets.

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