Many African angel investors choose to focus their money and resources on the tech sector in Africa, with one investor network in South Africa combining the resources of over 29,000 investors.
As high net-worth individuals or groups that have chosen to use their money to back businesses, these tech investors have the power to make or break an idea.
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From individuals who have been tech entrepreneurs themselves, to local and regional angel investor groups that aim to offer funding to high-risk startups, the angel investor community in Africa is alive and well.
Here are 10 African angel investors who are focused on tech.
Johannesburg-based angel investor group Jozi Angels was launched in 2015, and its 18 angel investors focus their investments in tech. The network has invested in tourism platform Tour 2.0, media and advertising company Geist, aerial data solutions company Omnipresent, and social marketplace Momslist, according to Techfinancials.
Fanisi Capital is a $50 million angel investor with interests in the East African market, specifically Kenya, Tanzania, Rwanda and Uganda. Fanisi has investments in the food, pharmaceutical and education sectors, but also in tech, with a recent an undisclosed amount invested for a significant minority stake in Live Ad Limited, an outdoor advertising firm, according to the firm.
South African angel investor and former First National Bank chief executive Michael Jordaan is another of angel investors who have been very active within African tech. Through his venture capital firm, Montegray Capital, Jordaan has invested in Rain, South Africa’s first data-focused cellphone network, Snapplify an online textbook startup, and South African mobility startup GoMetro, according to Ventureburn.
The Angel Investment Network is a South African investment club with over 29,000 investors who are interested in backing African businesses. The platform gives entrepreneurs access to African and international angel investors for their businesses, with access to over $555 billion in investment capital and a dedicated section on the platform for tech investments, according to AnswersAfrica.
The African Business Angel Network (ABAN) is a pan-African non-profit association founded to support the development of early-stage investor networks across Africa. The organisation recently completed a successful tour through Nigeria, Kenya and South Africa in an effort to excite and mobilize angel investors across the continent, according to Ventureburn.
Tayo Oviosu is one of the individual angel investors on this list. Photo: Anita Sanikop / Moguldom
Tayo Oviosu is the founder and CEO of Paga, the leading mobile payments company in Nigeria, Africa’s largest economy. He recently spoke to Jamarlin Martin in one of the GHOGH podcast episodes. The tech entrepreneur is also an angel investor, with investments in gaming company ChopUp as well as luxury teas firm YsWara and fruit value chain company Reelfruit, according to Crunchbase.
Team Africa Ventures is an angel investor run by the former joint chief executives of Groupon South Africa Wayne Gosling and Daniel Guasco. Its portfolio currently includes investments in Wumdrop, Click2Sure, Hyperli, Lulalend and LifeQ. One of their success stories was South African digital package delivery startup WumDrop, which was officially acquired by Makro, a popular wholesaler operating physical warehouse type stores in 2017. Makro is part of major wholesale and retail group Massmart’s stable of companies, which merged with U.S.-based retailer Walmart in 2011, according to Bizcommunity.
The Lagos Angel Network, which was founded by Nigerian investor Tomi Davies, organizes seed funders that are willing to invest in startups. The organization puts together pitch events where pre-screened business ideas are presented to the network by entrepreneurs, and the angel investor group then considers the ideas for investment.
The Ghana Angel Investor Network (GAIN) is as a collection of angel investors that are passionate about investing in early-stage businesses with good growth prospects and the potential to generate great returns. Some of their tech investments are focused on media and entertainment, education and financial services. The organization is not motivated by profit, but rather the opportunity to support startups in Ghana, though the investors do expect significant returns on their investments that can then be reinvested in other startups, according to LinkedIn.
Africa Media Ventures Fund is an angel investor with strong connections to the Netherlands that invests in entrepreneurs in the media sector and small and medium sized African media companies. Typical investments range from $20,000 to $200,000, with a particular focus on Kenya and Ghana, but investments across sub-Saharan Africa, except for South Africa. Some of their tech interests are focused on e-commerce, media and entertainment, according to VC4A.
