Group 94 (1)

$100 million fund to invest in tech startups innovating to meet the needs of millions of Africans 


$100 million venture capital fund for investment into technology start-ups
across West Africa

Focus on marketplace platforms, as well as finance, healthcare and education initiatives

Target ROI of 5-10x invested capital

Constant Ventures, a part of the Constant Group ( is raising a $100 million venture capital fund to invest across a range of technology start-ups with a focus on financial inclusion, education and healthcare. Investee companies will initially be located across Nigeria and Ghana, with the fund set to target the wider West Africa region.

Recent advances in digital information technology provide an opportunity to both build and scale solutions to everyday challenges faced by millions of Africans – in particular, the aggregation of fragmented value chains, the formalisation of large sectors of the continent’s economy and the provision of much-needed access to financial services for both consumers and businesses.

The Constant Ventures fund has a unique structure that enables investment either directly in talented entrepreneurs and compelling start-ups across West Africa or through its proprietary venture studio, which serves as a catalyst to combine best-in-class entrepreneurs, ideas and capital to quickly build winning start-ups.

Constant Ventures created the fund on the back of its successful track record as an angel investor, as well as a respected developer of technology businesses. To-date, it has invested US$3.2 million in nine Nigerian start-ups*, with a return of 5.6x, which is projected to return 15x after the next funding round.

Ike Echeruo, Chairman of the Constant Group and co-founder and Managing Partner of Constant Ventures, says:

“We are very excited to be announcing this fund today. It has been a decade in the making, the result of deep-dive research and due diligence in anticipation of this moment when we knew that advances in information technology would enable start-ups across West Africa to commercially address real societal needs.

“Technology was always going to provide the answer to so many of the critical issues faced by millions of people across Africa today. We are now on the cusp of a paradigm shift with recent advances across information technology presenting a unique investment window. We have looked at what has worked in other geographies. Now, refined and optimised for Africa, we have modelled a fund to invest in businesses that will both improve the lives of millions of people and deliver outstanding returns for investors.”

*Gokada, Halo, Appzone, Heala, Tingtel, CreditClan, Omnibiz, Sabiroad and FIG


Constant Ventures
Ike Echeruo Tel: +44 7498 521909
Meredith Ogilvie-Thompson Tel: +1 347 268 8899

Hudson Sandler
Mark Garraway Tel: +44 7771 860938
Maria Shiryaevskaya Tel: +44 7939 200110

Notes to editors:
The Constant Group was founded in 2006 and today comprises two divisions Constant Capital and Constant Ventures with a combined total of 40 professionals.

Constant Capital, a West African merchant bank has – to-date – arranged more than US$3 billion for various Nigerian institutions, including international money earmarked for local banks that was raised from both international banks and global hedge funds.

Constant Ventures was established to provide capital to a portfolio of tech-enabled companies across the fintech, healthcare and logistics sectors. It has to date invested approximately $3.2 million in nine companies and is projecting a 15x return after the next funding round.

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