Angel investor and founder, Olumide Soyombo, has announced the launch of his Venture Capital (VC) firm – Voltron Capital.
The Pan-African VC firm, which was co-founded with US-based entrepreneur, Abe Choi, was founded as a pre-seed & seed investment firm for tech startups working to solve problems on the African continent.
Voltron Capital revealed that it will be investing between US$20k and US$100k per company, and the investment would reach up to 30 startups across different sectors.
The VC firm added that its investment is in a bid to “address the severe lack of access to early-stage funding for African tech companies,” and would focus on startups in Nigeria, Kenya, South Africa, and North African countries.
Speaking on the launch of the VC firm, Soyombo says:
“Voltron Capital is the beginning of another incredibly exciting journey for Abe and I, but it is also a celebration of the road Africa’s entire tech space has travelled to date.”
“We want the next wave of African tech success stories to not only make an impact on the continent but to be truly global; through Abe’s strategic connections to the USA, we’re confident we can provide our portfolio with the best possible opportunities to achieve this through our US and global network,” Soyombo added.
Olumide Soyombo, who is an experienced angel investor and founder, co-founded Bluechip Technologies in 2008.
Bluechip technologies was founded alongside Kazeem Ewogbade, and it provides data warehousing solutions and enterprise applications to banks, insurance companies, and telecommunication companies.
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Soyombo, once again, partnered with Kazeem Ewogbade in 2014 to found LeadPath Nigeria, an early-stage firm-cum-accelerator.
After realizing that getting investors to pitch to was a problem, both co-founders ended up financing the startups themselves, before they began investing individually.
According to TechCrunch, Soyombo’s portfolio of 33 African tech startups, include Mono, PiggyVest, Spleet, Migo, TeamApt and Paystack, raising over $70m in pre-seed to Series A investments.
Abe Choi, CEO and founder of Simple Dealer, has also invested in 15 tech startups. He has portfolio spread across finance, energy, logistics, retail, and education sector.