Ajim Capital is raising a $20 million second fund to invest in early-stage startups across Africa, as venture firms look to fill a persistent funding gap at the pre-seed and seed stages.
The fund, which will target about 40 to 50 companies, is expected to write initial cheques ranging between $250,000 and $500,000, focusing on founders building scalable businesses tailored to African markets.
Ajim Capital plans to prioritise startups that have demonstrated early traction, including paying customers, as investors shift away from growth-at-all-costs strategies toward more sustainable, revenue-driven models.
Africa has 17% of the world’s population but attracts <1% of global venture capital.
Global capital keeps misjudging Africa.
Which is precisely why Ajim Capital is raising a $20M fund to invest in African startups.
— Eunice Ajim (@euniceajim) March 23, 2026
The fundraise comes at a time when Africa’s startup ecosystem is showing signs of recovery following a slowdown in global venture capital flows, with investors increasingly favouring disciplined capital deployment and clearer paths to profitability.
Founded by Eunice Ajim, the firm has positioned itself as an early backer of African startups, aiming to bridge what industry players describe as a “first-cheque gap” that continues to limit the pipeline of fundable companies on the continent.
Early-stage funding remains one of the most underserved segments in Africa’s venture landscape, despite growing interest from global investors in later-stage deals. Smaller, specialised funds have emerged to address this imbalance, betting on local insight and proximity to founders.
Ajim Capital’s new fund underscores a broader trend of Africa-focused venture firms raising modest-sized vehicles to capture opportunities in sectors tied to essential services, including financial technology, logistics, and digital infrastructure.
The firm did not disclose the timeline for the fund’s close or its limited partners.
Portfolio Highlights
Ajim Capital’s growing portfolio reflects a strong bias toward fintech, SaaS, and infrastructure startups across key African markets:
- Eazipay — payroll and HR infrastructure platform based in Nigeria
- Tappi — SMB growth and digital storefront platform operating across Pan-African markets
- Revwit — AI-powered B2B sales assistant based in Nigeria
- Tyms — AI-native accounting software company in Nigeria
- Moneco — cross-border finance app for Africans globally (Pan-Africa)
- Mira — modern POS and payments platform (Pan-Africa)
- Chpter — WhatsApp-based commerce platform in Kenya
- TemboPlus — embedded finance infrastructure in Kenya
- Dojah — identity verification and fraud prevention platform in Nigeria
- PipeOps — no-code DevOps infrastructure platform in Nigeria
- eBanqo — AI-driven customer experience tools in Nigeria
- AutoSpend — business spend automation platform (Pan-Africa)
- Daba Finance — investment operating system (Pan-Africa)
- BuuPass — transport booking platform in Kenya
- Clafiya — digital healthcare access platform in Nigeria
- Flex Finance — corporate spend management solution in Nigeria
- EdenLife — tech-enabled home services platform in Nigeria
- truQ — intracity logistics marketplace in Nigeria
- Raenest — payroll and cross-border payments platform in Nigeria
- Spleet — rental and housing finance platform in Nigeria
Early Angel Investments
Before launching its institutional funds, Ajim Capital also backed several startups at the angel stage:
- DuniaPay — digital wallet platform (Pan-Africa)
- Waya Money — cross-border payments solution (Pan-Africa)
- Mecho — on-demand vehicle services platform in Nigeria
- Payday — global accounts platform for Africans (Pan-Africa)
- Orda Africa — cloud-based restaurant OS (Pan-Africa)
- Bamboo — access to U.S. stock markets from Nigeria
- LemFi — remittance platform (Pan-Africa)
- TalentQL — tech talent marketplace in Nigeria
- PayHippo — AI-driven SME credit platform in Nigeria