- Olumide Soyombo, a Nigerian tech investors, establishes Voltron Capital, alongside United State-based entrepreneur, Abe Choi
- About 30 pre-seed and seed stage startups will get capital investment to support their business growth across their chosen market
- Over $20,000 will be invested in the startups, and most of the participating investors will be head of banks, telecommunications and other sectors
Nigerian serial tech investor, Olumide Soyombo, has established a venture backer, Voltron Capital, to increase access to funds for Nigerian entrepreneurs.
Voltron Capital consist of high networth individuals, banks and telco executives, including other corporate heads across various sectors willing to invest.
Each of these business leaders will be investing a minimum of $10,000 through Voltron Capital, which will be participating in about 30 pre-seed and seed stage startups.
Aside from Nigerian entrepreneurs, the company will also focus on Kenya, South Africa, and North African tech startups – selected entrepreneurs will receive investment worth N8 million to over N40 million.
What you need to know
Soyombo is famous among Nigerian tech space, having invested in some big financial technology companies in the country, such as Paystack, PiggyVest and TeamApt.
The Systems Engineering graduate has invested in about 26 startups, and he is known as the go-to-person for many tech enthusiasts looking for funds to back their innovations.
While Voltron is a new company entering the tech space in Nigeria and Africa, Soyombo has built a respectable portfolio through Bluechip Technologies since 2008.
The venture capital was co-founded alongside Abe Choi, a United State-based entrepreneur and investor.
Why Soyombo decided to start Voltron Capital
The angel investor said he was motivated to establish Voltron Capital due to his high networth friends asking him to carry them along when investing in a tech firm.
“People, including high net worth individuals, tell me to carry them along anytime I’m investing, and then I have startups looking for capital as well.”
He added that:
“All of a sudden, everyone is interested in what’s happening in the space. The HNIs that would’ve thrown money into real estate are looking for startups.
The Bluechip boss further:
“We even see older HNIs telling their children to invest on their behalf, so it’s an easier conversation to have. Most of them want to diversify their portfolio by having a piece of that pie.”
Ifeanyi Ossai, a Nigerian founder, acquires firm from Canadian investors
Nigerian entrepreneur, Ifeanyi Ossai, acquires Charisland Pharmaceuticals, owned by Canadian investors, to improve his pharma business.
The foreign investors sold their company following a decision to exit the Nigerian market. The acquisition will increase the services CribMD, owned by Ossai.
He acquired Charisland Pharmaceuticals after raising $2.6 million. Ossai said acquiring the company will further solidify its online pharmacy offering.