Aduna Capital, a leading investment firm co-founded by Surayyah Ahmad Sani and Sanusi Ismaila, has recently unveiled a $20 million fund. This fund is set to bring about a sea change in the African tech start-up landscape. More than just an investment, it’s a springboard for innovation and entrepreneurship across the continent.
The launch of this fund by Aduna Capital is a testament to the growing recognition of Africa’s potential as a hub for technological innovation. The continent is home to a burgeoning tech scene, with start-ups in sectors such as fintech, cleantech, supply chain, agritech, and edtech showing promising growth.
Aduna Capital is committed to identifying and nurturing early-stage, tech-enabled start-ups across Africa, with a special focus on empowering female founders and start-ups in underserved regions like Northern Nigeria. The firm aims to unlock the vast potential of these entrepreneurs, driving innovation and sustainable growth across the continent.
Boasting a population exceeding 128 million, Northern Nigeria represents an enormous untapped market, dwarfing Ghana’s population by four times and Kenya’s by 2.5 times. This vast demographic offers a wealth of potential customers and talent. In 2023, NFC reported that start-ups in sectors such as edtech and agritech are already generating over $1.2 million in bootstrapped revenue in this region. Given the right funding and support, these start-ups hold significant potential for scaling up, both within Africa and on the global stage.
Aduna Capital is steadfast in its commitment to support trailblazing female entrepreneurs, acknowledging their extraordinary potential for lucrative returns. Studies indicate that female entrepreneurs typically yield a return of $2 for every $1 invested, a fact that Aduna Capital seeks to leverage by dedicating 50% of its investment portfolio to startups led by women (EIB, 2021).
The Architects of Aduna Capital
Surayyah Ahmad Sani, a successful entrepreneur with a history of founding and exiting start-ups, and a founding partner of the accelerator TTLabs, brings a wealth of experience in cultivating start-ups and promoting growth. She has made angel investments in 3 start-ups, including the recent ride-hailing company, Swiftride, and has facilitated investments of up to $2 million at angel and pre-seed stages into African start-ups.
Sanusi Ismaila, a seasoned entrepreneur and operator, is the founder of Colab, the first innovation hub in Kaduna state, and one of the largest technology campuses in Nigeria. Colab has produced technology talent distributed across the world, with notable alumni in international companies such as Microsoft, Goldman Sachs, Paxful, and more. Colab’s start-up alumni include successful ventures like Payant, Sudo, and SchoolMO.
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