Aduna Capital, a trailblazing investment firm, proudly announces the launch of its inaugural $20 million fund dedicated to transforming the African tech start-up ecosystem. Founded by Surayyah Ahmad Sani and Sanusi Ismaila, Aduna Capital is not just an investment firm; it’s an ecosystem of innovation and entrepreneurship.
Visionaries Behind Aduna Capital
Surayyah Ahmad Sani
With a proven track record as a 2x founder with 1 exit and a founding partner of the accelerator TTLabs, Surayyah Ahmad Sani brings a wealth of experience in nurturing start-ups and fostering growth. Surayyah has angel invested in 3 start-ups, including the recent ride-hailing company, Swiftride, and facilitated investments of up to $2 million at angel and pre-seed stages into African start-ups.
Sanusi Ismaila
A seasoned entrepreneur and operator, Sanusi Ismaila 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.
Aduna Capital’s Mission
Aduna Capital is dedicated to discovering 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.
Why Northern Nigeria?
Northern Nigeria, with a population of over 128 million people, presents a massive untapped market. This population is four times that of Ghana and 2.5 times that of Kenya, offering a vast pool of potential customers and talent. Start-ups in sectors like edtech and agritech in this region are already making over $1.2 million in bootstrapped revenue, according to a report by NFC in 2023. With proper funding and support, these start-ups have the potential to scale significantly, both within the continent and globally.
Empowering Female Founders
Aduna Capital is committed to backing trailblazing female founders, recognizing their exceptional potential for high returns. Research shows that female founders are known to return $2 for every $1 invested in them, a statistic that Aduna Capital aims to capitalize on by allocating 50% of its investments to female-led startups (EIB, 2021).
A Pan-African Investment Focus
Aduna Capital’s investment focus extends beyond Northern Nigeria. The fund will allocate 25% of its investments to start-ups in the rest of Nigeria and another 25% across the African continent. This pan-African approach ensures a diverse and robust portfolio, tapping into a wide range of innovative ideas and businesses.
Investment Strategy and Returns
The fund primarily targets super early and pre-seed stage investments, with a few seed-stage deals for diversification. Aduna Capital is targeting a 5-10x investor return, striking a balance between impactful investments and lucrative returns for its investors.
Aduna Capital’s launch marks a significant step towards fostering innovation, supporting entrepreneurship, and driving sustainable development in the African tech ecosystem. The $20 million fund represents a catalyst for transformative change, empowering start-ups to reach new heights and contribute to the continent’s flourishing technological landscape.
