Tomi Davies, a Nigerian angel investor(provides funding for startups) who also supported his first company in 2001 by investing in it. The name of the company was Strika Entertainment and he also stated that he was unaware of his future role. In Fact, when he started in 2001 there was limited data in venture or digital entrepreneurial activity until around 5 years ago. He said he was just supporting his friends, unaware of the fact that it means something and didn’t know it was seed capital.
Davies received a major profit, he got 20X return on his first exit and after a decade, he is a well-known angel investor throughout the whole Africa continent. Tomi Davies is the President of The African Business Angel Network who supports the youth entrepreneurs in different countries. Tomi Davies expresses his ability to draw into early-stage investments in Africa new investors from technology centres like Silicon Valley. The framework for assessing companies and sharing it with TechCrunch has been developed by him.
His advice for a startup: The product service offering that you have, the consumers who see value in this service, and the essence of the connection in terms of the channels and the price offering.
Photo source: TechTrunch
An early Crunchbase report predicts that VCs have been increased to $500 million for African startups annually by 2012 from $40 million. In 2019, Partech recently surveyed the digital entrepreneurs in all top markets of Nigeria, South Africa and Kenya for a total of 2 billion dollars.
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On a whoop with Techtrunch (American Online Publisher) he shared some of his thoughts about fundraising for startups, fighting against Covid-19 and entry of worldwide investors in Africa.
Data source: TechTrunch Report