Since launching his investment journey in 2014, Soyombo has been a driving force behind some of Nigeria’s most successful startups, including the Stripe-owned Paystack, PiggyVest, and TeamApt.
His commitment to supporting innovation led to the founding of Voltron, a fund dedicated to addressing the critical gap in early-stage funding for African tech companies.
Voltron focuses on investing in startups across key African markets, including Nigeria, Kenya, South Africa, and North Africa, with investments ranging from $20,000 to $100,000.
In this exclusive interview with Business Insider Africa, Soyombo shares his unique perspective on what makes a tech startup successful, the importance of founder-market fit, and the evolving opportunities in Africa’s tech landscape.
BI: What are the key factors you consider when deciding to invest in a tech startup in Africa?
It’s always about the founder and their team. They are the ones who build the product, take it to market, and make it work. At the heart of it all is the founder. That’s where it starts for me, founder first. What do they know about their domain? What unique perspective do they bring to the table? What insight do they have that no one else does? These things make all the difference.
Of course, the market is crucial too. How big is it? Is this a business that can scale and attract venture-level interest? And if it succeeds, what does the exit look like? These are the tough but necessary questions every investor has to ask.
BI: As an investor, how do you approach mentorship?
When it comes to mentoring startups, it’s not just about giving advice, it’s about being deeply involved, especially at the early stage. As an early-stage investor, you’re more than just a backer, you’re almost a co-founder. Sometimes, you even play the role of a therapist.
You have to work alongside the founder, help them navigate challenges, and figure out product-market fit. It’s a partnership, and the learning goes both ways. You’re not just guiding them, you’re learning about their markets, their challenges, and their expertise. It’s always a two-way exchange.
BI: How do you manage risk in your investments, especially in a volatile market like Africa’s?
Now, about managing risk in Africa, there’s no perfect formula. Risk is part of the game, and honestly, if we could model everything perfectly, we’d all be geniuses. What we do instead is learn from experience. We look at what’s worked in similar markets, adapt to local nuances, and take the plunge. It’s all about trying, testing, and iterating until you find something that sticks. That’s how you manage risk, you stay flexible and open to change.
BI: What predictions do you have for the future of the tech industry in Africa over the next decade?
Looking at the future of tech in Africa, I’m incredibly hopeful. We’re seeing a huge population boom, a young, digital-first generation that’s ready to embrace technology. This is a massive opportunity to improve lives and boost business efficiency. With a median age under 20, Africa is poised to drive the next wave of innovation. The next decade is going to be exciting, no doubt about it.
BI: What advice would you give to aspiring tech entrepreneurs in Africa today?
If I were to advise aspiring tech entrepreneurs in Africa, it would be this, invest in yourself. Build your skills. Africa has the potential to become the global hub for knowledge workers, especially as other parts of the world age. So, skill up, dream big, and create solutions that serve the world while staying true to Africa.
