Are you planning to start a business in the technology sector? Or, you need working capital to scale your business?
Here are two venture capitalists who are active in the Nigerian technology startup scene. What do they look for in a startup? What are their investment philosophies? What would they want you to know about them? Read on:
Dotun Olowoporoku, Novastar Ventures
Dotun Olowoporoku, is an associate director at Novastar Ventures, which manages two funds that invest in early and growth-stage businesses.
Before joining Novastar, Olowoporoku was owner-manager of Starta, a startup advisory firm for high-growth businesses. Starta recently re-branded as GrowthLab, and now runs an online membership programme and a co-working space in Lagos.
Olowoporoku’s career started as a research fellow on air quality and climate change in Bristol, England.
He later founded an on-demand food delivery business in 2012, where he raised $1-million in seed capital to scale across three cities in the UK. Olowoporoku exited the company in 2015 after facilitating a strategic partnership with Just-Eat UK.
Olowoporoku hosts Building The Future Podcast where he features in one-one-one conversations with entrepreneurs, innovators and thought leaders in business.
Novastar Ventures envisions an African continent with a growing number of entrepreneurs starting and scaling businesses which provide goods and services for the populace.
In evaluating funding proposals, Novastar considers the character, capacity and ambition of the founding team. Novastar invests in the people behind the plan, not in the plan which could be wrong. Novastar believes the team must have what it takes to know when to persevere and when to pivot.
Oluwaseun Oyinsan, Oui Capital
Oluwaseun Oyinsan, who holds a first degree in business and an MBA specialisation in finance and strategy, is a partner at Oui Capital.
Oyinsan career began with a Nigerian commercial bank, followed with stints as a technology consultant in venture banking with Forrester and Silicon Valley Bank in the United States.
From being an entrepreneur in his university, where he was president of a campus-based investment club that pooled money for investment in publicly traded companies, Oyinsan also founded two companies in the United States.
One of them, an e-commerce fashion business, is still running.
Oui Capital funds pre-seed and seed-stage businesses, which it expects to fail or do exceptionally well.
Oui Capital thinks that early failures save time and follow-on resources for portfolio managers, believing that the aim of venture capital is to back companies willing to do audacious things that improve the way the world lives.
Oui Capital likes to fund brilliant entrepreneurs and wants them to be creative in presenting and executing their business ideas.