Voltron Africa invested in 53 startups in 2022, find out

Might Olumide Soyombo’s Voltron Africa be the most efficient homegrown firm on the continent for 2022? Under is a listing and evaluation of all 53 startups that Voltron has invested in.

Voltron Africa has invested in Soyombo in one startup each week of 2022. This is our analysis
Olumide Soyombo, Co-Founder, Voltron Africa

Voltron Capital is a enterprise capital agency co-founded by entrepreneurs and angel buyers, Olumide Soyombo and Abe Choi.

Earlier than they got here collectively to discovered Voltron, Soyombo and Choi had collectively invested in over 41 startups as angel buyers. Soyombo has invested in 26 startups Whereas Choi invested in 15.

Launched within the third quarter of 2021Voltron is on a mission to “assist extraordinary entrepreneurs from Africa to resolve important issues in massive markets.” Their funding thesis is to assist fascinating founders in massive markets, the place massive markets imply massive exits, and investing early means massive multiples.

With the Voltron 1 Fund, they meant to take a position $20,000 – $100,000 in 30 startups primarily based in Nigeria, Kenya, South Africa and North Africa. However she is past that.

You probably have a superb repute in angel investing, you’ll get some huge cash coming in and your preliminary outlook will stretch.

Of the tons of incoming merchandise Voltron acquired they have been capable of Meet with 500 corporationswhich signifies that they met two startups each working day.

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Together with public holidays, there have been 260 working days in 2022, and that is after eradicating 53 Saturdays and 52 Sundays.

I requested Olumide how his staff managed to attain this and he defined that that they had a very good sign. “Most of our deal circulation comes from the founders we have supported and different co-investors,” says Olumide Soyombo.

By September 2022, Voltron has closed Fund 1 having invested in 53 startups, a ten% acceptance charge harking back to what we see from main enterprise colleges. In 2016, the acceptance charge for Harvard Enterprise College was 12%, Wharton 9%, and Columbia 18.2%.

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By investing in 53 startups, Voltron Africa is on par and maybe forward of essentially the most lively buyers of 2021 – Launch Africa and Kepple Africa. On this manner ReportLaunch Africa and Kepple Africa have invested in over 44 and 31 offers respectively.

True to vogue 53 startups run by non-individual founders, with a complete of 113. Thus, each startup Voltron invested in had no less than two co-founders, one in all whom was probably a technical co-founder. in February 2021, Olomide instructed Benjamindada.com He want to spend money on a gaggle of founders that features a technical co-founder. Right here is an excerpt from this text:

What particular traits are you searching for within the founders you spend money on? Are you searching for technical founders?

I normally like groups greater than particular person founders. And I feel the technical founders are the important thing. I choose tech co-founders/co-founders as a result of it reduces the quantity of elevate. Think about should you needed to elevate to your improvement and also you outsourced it to a improvement store or to India. This will increase the quantity to be raised for proof of viability. So yeah, we love the tech founders as a part of the staff.

Additionally, they backed all of those startups, however one, within the pre-seed stage.

It’s the headquarters for all startups that Voltron has invested in Seven African international locations– Nigeria, Kenya, South Africa, Morocco, Senegal, Rwanda, and Uganda.

The primary three are members of the “Large 4,” which is to be anticipated. However it’s fascinating to seek out Rwanda and Uganda on the record, as that they had very low startup funding exercise in 2022. Based on Africa Startup Funding Tracker, there was just one disclosed funding exercise for startups headquartered in Rwanda and three in Uganda.

Voltron’s Fund 1 startups function in 14 main industries Which incorporates monetary providers (43.4%), crypto (11%), training and healthcare (7.5%).

Evaluating the proportion of investments in Voltron’s portfolio to the continent common, it was properly in step with the remainder of the trade when it got here to investing in HealthTechs (7.5%). It aligns intently with EdTechs (5%) whereas it is extremely bullish on Crypto (3.9%) and fintechs (30%).

Greater than 30% of Voltron’s portfolio corporations (portcos) have been accepted into main international accelerators similar to YC and Techstars. Thus, attracting the eye of Tier 1 capitalists.

Study concerning the 53 startups in Voltron’s first fund

The 53 startups are:

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