Startup experts highlight investment chances as GFA, Ripples Nigeria host tech stakeholders
Investors globally have been urged to consider Africa as an investment destination, especially as the world picks up from the impact of the COVID-19 pandemic that left it devastated.
Steven Freidmutter, CEO of SF VENTURES, made the call during a virtual session hosted by Get Funded Africa (GFA) on Friday, March 31, 2023. Ripples Nigeria was the media partner for the event.
GFA, a software development company, specializes in providing access to funding, data, business know-how, mentorship, talent, and storytelling to African startups.
The event, which focused on discussions around the theme, “Wealth, Poverty, Politics and the impact on Africa’s Tech Ecosystem”, saw the participation of delegates from across Africa and the US.
Speaking during the fireside chat, Freidmutter advised African founders to learn how to tell compelling stories, as this could help them secure funding from potential investors.
Regarding opportunities for investors, Freidmutter stated that Africa was a promising region, with many untapped areas such as health, transportation, fintech, and edtech.
He highlighted his experience investing in Africa, stating that six years ago, he made his first investment in Africa, a time his colleagues and partners in the US were skeptical.
When asked how to invest in Africa, Freidmutter advised investors to spread their investments across multiple companies and countries.
READ ALSO: Osinbajo launches $600m tech initiative for young Nigerians
He acknowledged that Africa was a risky investment environment, but argued that there were many innovative ideas in Africa.
“It is complicated to predict the future. It is wise to invest in multiple companies and countries. I currently have my investments spread-out across over 20 countries.
“Although, Africa is risky but there are so many good ideas in Africa. As an investor, you can do a lot with less.”
During the event, Debo Omololu, co-founder of GFA, introduced the organization to participants and highlighted the challenges faced by African startups.
According to Debo, GFA was created to solve these problems by leveraging artificial intelligence (AI) and providing assistance with storytelling.
The GFA team also introduced participants to the organization’s investor dashboard which allows investors to access investment opportunities across Africa.
Ripples Nigeria can confirm that GFA has helped over 100 African startups raise capital, with a network of about 250 venture capital partners, including the African Development Bank and YCombinator.
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