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Aduna Capital Unveils $20M Fund For Startups In Northern Nigeria And Beyond

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Nigerian venture capital firm Aduna Capital has announced the launch of a $20 million fund to invest in Northern Nigeria startups and Africa.

Aduna Capital

Aduna Capital is a registered investment advisor startup with a new wealth management advisor experience.

The firm provides investment management services where clients can utilize discretion in managing their accounts.

This includes advice with various asset classes, including equity, mutual funds, exchange-traded funds, fixed-income instruments, and options.

Specifically, the client grants the firm full power to direct, manage, and change the investment and reinvestment of the assets in the account, the proceeds, and any additions.

Aduna Capital’s vision is to transform the Northern Nigeria region, home to over 100 million Nigerians.

It also hopes to shift the focus from Lagos, home to more than 80% of startups in Nigeria, meaning Nigeria’s secondary cities often do not receive the capital and support they need.

Aduna Capital is hoping to be the bridge between investors and founders in the region.

The $20 Million Fund

The fund will invest 55.5% of its capital in startups in Northern Nigeria, with the rest split between other regions and Africa.

The fund also aims to get 50% female representation in the startups it backs, General Partner Surayyah Ahmad told Techpoint Africa.

It will focus on pre-seed and seed-stage startups, investing in over 50 startups at these stages.

As a new entrant to the country’s venture capital scene, the firm will work with larger funds to increase the pool of resources available to its portfolio companies.

According to Ahmad, the fund will invest between $50,000 and $200,000 in startups but occasionally write angel checks to bridge the region’s angel investing gap.

Although she declined to disclose the percentage of the Fund that has been secured, she stated that the fund had secured a significant portion and was ready to start making investments.


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