Egypt’s Acasia Ventures, the venture capital investment arm of Acasia Group, has expanded Lagos, Nigeria, in a bid to extend its reach across the African continent and connect with founders and stakeholders on the ground.
The announcement comes a few months after Acasia Group opened an office at the Dubai International Financial Centre Innovation Hub in the United Arab Emirates
“We have our heritage in Egypt, but we really believe in the future of the whole continent,” Acasia Ventures General Partner Biola Alabi said. “That is why our new office in Lagos should provide a platform to deepen our relationships with the market, by having an in-person presence in Nigeria.”
To bolster its commitment to the continent and West Africa ,the firm has opened a new office which doubles down on its presence in the region.
The office is situated at the city’s Impact Hub building, which is affiliated with a global network of locally-founded and -operated impact innovation incubators, accelerators, coworking spaces, and nonprofit organizations.
Acasia Ventures has so far invested in 13 startups, of which 12 are located in Africa and two are based in Nigeria specifically, namely Credable and Fez Logistics.
As the Nigerian, and global, economic situation is going through a realignment period, with interest rates rising, the planet recovering from COVID-19, high inflation and fears of a global recession, the opportunity is massive. “As we’ve seen in previous economic crises, these are the times when companies that will shape the future for the better are built, and investing in those companies today is how we plan to contribute to Africa’s economic and social development,” Alabi said.
Nigeria continues to be one of the youngest populations on the continent, while new leadership in the country has committed itself to the growth of business, innovation, and technology as a cornerstone of economic policy. Acasia Ventures is planning to capitalize on that appetite and also pave the way for its sister company Acasia Impact to work with corporations in Nigeria to build custom, sector-specific programs around entrepreneurship and innovation.
“Our new office will be a destination that founders and stakeholders can come to and engage with us, and being at the heart of Impact Hub allows us to be at the center of the entrepreneurship ecosystem in the country,” Alabi added