The Ajim Show is a podcast about building and investing in African tech, hosted by Eunice Ajim, Founding Partner of Ajim Capital. Eunice brings the perspective of both a former founder and an active Africa-focused venture capitalist. Each episode breaks down what it really takes to build, fund, and scale startups across African and emerging markets: fundraising, customer acquisition, investor psychology, market risk, sectors to watch, founder mistakes, and the realities of deploying capital on the continent. This show is for African founders, operators, investors, LPs, and anyone serious about understanding the future of African startups beyond the hype. Expect candid, practical conversations, sharp solo episodes, founder and investor playbooks, and behind-the-scenes thinking from inside venture capital. If you are building or investing in Africa, this is for you.
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June 15, 202613 min
The 5 Sectors I Am Betting On for the Next Decade of African Tech (Fintech Is Not One of Them)
Eunice Ajim discusses the rise of African tech beyond fintech, highlighting the sectors with untapped potential and infrastructure challenges. She explores logistics, B2B commerce, vertical SAS, AI automation, and developer tools as key areas for growth and investment in the African tech ecosystem.TakeawaysAfrican tech extends beyond fintechUntapped potential in logistics, B2B commerce, vertical SAS, AI automation, and developer toolsLearn more about Ajim Capital: https://ajimcapital.com/Chapters00:00 The Rise of African Tech06:26 Commerce and B2B Credit: The Silent Opportunity
June 8, 202612 min
An Investor Told Me Africa Was "Too Risky." I Had 5 Minutes to Respond
The conversation addresses the misconception that Africa is too risky for investment, highlighting the overlooked potential and the misrepresentation of risk. It delves into the origins of the risk narrative, the actual risk landscape, the data on African startup funding, and the correct diagnosis of the situation. The discussion emphasizes the need to reevaluate the risk-return profile and the importance of recognizing the opportunities in the African market.TakeawaysAfrica is too overlookedThe risk has been dramatically overestimated relative to the return potentialChapters00:00 Addressing the Risk Narrative10:44 Why Overlooked is the Correct Diagnosis
June 1, 202612 min
I Read 5000+ African Startup Pitches. Here Is the Mistake That Killed Most of Them
The conversation delves into the common mistakes made by startup founders when pitching to investors. It highlights the gap between founder expectations and investor evaluations, emphasizing the specific elements required for a successful pitch. The discussion also covers the fundability conversation, success stories, and the importance of co-founder structure and clarity.TakeawaysPitching to investors requires specific elementsUnderstanding the venture capital perspective is crucial for foundersChapters00:00 The Mistake in Startup Pitches05:58 Elements of a Good Pitch11:01 Success Story: Raenest
July 26, 2023Episode 35 min
3: 10 Myths on Investing in Africa
10 myths about investing in Africa.
Let’s clear the air on what is or isn’t true:
Myth 1: Africa is underdeveloped.
→ Africa is home to some of the fastest-growing economies in the world.
→ Urbanization rates are increasing.
→ Technology is transforming the continent with leading startups.
→ Intra-African trade is projected to grow.
Myth 2: Political instability is rampant in Africa.
While there are pockets of instability, many countries are stable.
→ Two-thirds of African countries are democratic.
→ Many countries have had peaceful transfers of power over the last decade.
Myth 3: Africa is a country.
Africa is a continent comprising 54 unique, independent countries with different economies, cultures, and languages.
It’s important to understand each country’s unique opportunities and challenges.
Myth 4: Africa is only suitable for natural resources.
While Africa is endowed with vast natural resources, it also has a growing middle class with rising consumption.
The services, manufacturing, and technology sectors are also growing.
Myth 5: Africa is too risky to invest in.
Risk is present in every market globally.
→ African economies are more open than ever before.
→ Risk mitigation practices have improved.
→ The African Union has enacted policies to foster regional integration and growth.
Myth 6: Corruption is rampant in Africa.
While corruption does exist, it's not unique to Africa.
In many African countries, there are robust legal frameworks and anti-corruption agencies.
Protect yourself by implementing strong corporate governance and compliance policies.
Myth 7: Africa lacks skilled labor.
Africa is home to a young, growing workforce.
→ Many African countries rank highly on the World Economic Forum's Human Capital Index.
→ Africa is inching towards having the largest working-age population in the world.
Myth 8: Infrastructure in Africa is inadequate.
Infrastructure development is necessary, but it's not a deal-breaker.
→ Significant improvements have been made in roads and airports.
→ Innovative solutions are employed, e.g. mobile money, mini-grids, and ride-sharing.
Myth 9: Africa only receives aid.
While aid still plays a role in Africa's development, it is no longer the sole funding source.
Private investment and trade are increasing, and aid is replaced with sustainable business models.
Myth 10: Africa is not for everyone.
Investing in Africa is not a one-size-fits-all approach.
Understanding your investment objectives and risk tolerance is essential.
While it may not be for everyone, it may be worth considering as part of a diversified portfolio.
I hope you found this content useful.
If you’re looking to invest in world-class African tech startups, you can learn more about investing with us at AjimCapital.com
October 16, 2023Episode 1821 min
18: How To Pitch, Industries Focus, What is The Biggest Advantage To Invest in Africa vs the US & More
In today's episode, I answer this questions: How To Pitch, Industries Focus, What is The Biggest Advantage To Invest in Africa vs the US & More
Comment with any idea content you'd want me to answer and I'll add it to my content list!
October 24, 2023Episode 2022 min
20: The Rise and Future of Exits, M&As, and IPOs in Africa
I get this question a lot “Are there even exits in Africa?”
How do investors generate returns for their investment in African startups since they are not publicly traded entities?
Africa has a record number of exists.
Just like every other startup ecosystem, African founders understand how important it is to generate returns on investment for their investors
In Africa, we see a lot of these exits happening as acquisitions, while IPOs occur less frequently.
Another reason driving the many acquisitions in Africa is that global companies who have an interest in Africa see acquisition as a way to enter these new markets, or gain access to new talents.
To demonstrate the magnitude of mergers and acquisitions taking place in Africa, the value of disclosed mergers and acquisitions in Africa grew from over $500 million in 2018 to around $57 billion in 2021. And by 2022, the value of M&A in the African market had surpassed 97.8 billion dollars.
Let’s take a look at some of these amazing M&A deals in Africa.
Paystack was acquired for nearly 20x of the total funding it had raised.
Founded in 2016, paystack raised a little over $10M before they were acquired by Stripe for over $200 million in 2020.
A 20 to 100x return from a startup sale or Initial Public Offering (IPO) is generally considered a good deal.
Interestingly, Paystack is not the only African startup to have done an exit of this magnitude
Jumia IPOed and raised $196 million
Visa purchased a minority stake in Interswitch for $200 million,
Ethomed was acquired by Excellence Health Inc. for $175 million,
Experian acquired Compuscan and Scoresharp for $263 million,
Fawry was acquired for $100 million (Fawry later IPOed and raised $22.3 million)
2U acquired GetSmarter for $103 million
Worldremit acquired Sendwave for $500 million
BioNtech acquired InstaDeep for $600 million
The list goes on and on …
These acquisitions and exits should serve as a wake up call for more investors to consider startup equity as an asset class.
You too can be a part of the next success story in Africa so you do not look back five years from today and say “Oops... I should have invested in these African startups in 2023."
Let me blow your mind even further
A decade ago, no African startup had attained unicorn status, making Africa's emergence on the spotlight even more intriguing.
And what do these startups have in common with those we have seen in other emerging markets - India, China, LatAm?
They are products of proven business models that have worked in developed markets.
Flutterwave is the Stripe of Africa
Interswitch is the Square of Africa
Jumia is Africa’s Amazon
Opay is Africa’s Revolut
Again, this shows that looking at what has worked before can be a powerful strategy for success.
Investors who are looking for the next big thing after China, India or want to diversify away from the highly competitive and already saturated Silicon Valley, can begin to turn their attention to Africa.
December 13, 2023Episode 2716 min
27: What To Look For When Investing in Tech Startups in Africa
In this episode, the host discusses what to look for when making an investment decision in tech startups. The key factors to consider include the founders and team, their prior experience, traction, product evaluation, market readiness, target customer definition, and revenue and growth expectations.
Takeaways
- The team and founders are crucial to the success of a startup. Look for founders with prior experience and learn from their failures.
- Traction is an important factor to consider before investing. Look for evidence of customer acquisition and revenue generation.
- Evaluate the product and its ability to solve a problem. Focus on the minimum viable product and customer feedback.
- Assess the market and determine if it is ready for the product. Define the target customer and understand their needs and preferences.
- Consider revenue and growth expectations. Aim for significant annual revenue and demonstrate a clear path to scalability.
Chapters
00:00 Importance of Founders and Team
03:12 Prioritizing Founder Experience
06:37 Importance of Traction
08:05 Evaluation of Product
10:59 Assessing the Market
14:16 Defining the Target Customer
15:41 Revenue and Growth Expectations
Make sure to connect with Eunice Ajim on various platforms:
Ajim Capital Website: https://www.ajimcapital.com/
Eunice Ajim Website: https://euniceajim.com/
LinkedIn: https://www.linkedin.com/in/euniceajim/
Twitter: https://twitter.com/euniceajim/
Instagram: https://www.instagram.com/euniceajim/
TikTok: https://www.tiktok.com/@euniceajim
May 1, 2024Episode 4410 min
44: How To Stay Motivated As A Founder
The episode discusses the economic challenges faced by founders in 2023 and 2024, including the VC downturn and inflation. The host explores how to motivate founders who have struggled to secure funding and are considering giving up.
The importance of presenting confidence as a founder is emphasized, highlighting the need to dress and act professionally to attract investors and customers. The host shares personal experiences of overcoming challenges and trusting in God's guidance.
The episode concludes with a reminder to persevere and not show struggles, as success can be achieved through determination and resilience.
Chapters
00:00 Introduction and Economic Challenges
01:20 Motivating Founders in Difficult Times
04:35 Overcoming Challenges and Trusting in God
09:53 Hiding Struggles and Persevering
10:23 Conclusion and Encouragement
Make sure to connect with Eunice Ajim on various platforms:
Ajim Capital Website: https://www.ajimcapital.com/
Eunice Ajim Website: https://euniceajim.com/
LinkedIn: https://www.linkedin.com/in/euniceajim/
Twitter: https://twitter.com/euniceajim/
Instagram: https://www.instagram.com/euniceajim/
TikTok: https://www.tiktok.com/@euniceajim
October 6, 2023Episode 1121 min
11: 7 Easy-To-Follow Guide For Beginners On How To Invest In African Startups
Investing in African startups is a high-risk, high-reward game. By following these steps, you will be able to identify and evaluate investment opportunities, reduce risk, and increase your chances of success.
1) Understand The African Startup Ecosystem
2) Determine the startup’s industry.
3) Determine your investment style.
4) Choose Your Investment Vehicle
5) Conduct Thorough Research
6) Diversify Your Portfolio
7) Invest In What You Know
October 31, 2023Episode 2224 min
22: How To Get Started Investing In African Tech Startups & Is This The Right Opportunity For You
In this podcast episode, I go through a very detailed step by step guide on how to analyze you finances to determine if investing in the private market and specifucally in tech startups or venture capital the right opportunity for you as an investor or African in the Diaspora.
If you'll like to discuss on a one on one basis, here's how you can reach me:
Whenever you're ready, there are 3 ways I can help you:
Join the Fund: Ajim Capital is a $10M pre-seed/seed fund investing into high-growth tech companies in Africa.
Book a Call: I offer 1-on-1 consulting for entrepreneurs and investors seeking business advice. Book me on Intro.
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