Key Takeaways
- • Ajim Capital, the venture firm founded by Eunice Ajim in 2022, backed 20 companies from its first $10 million fund, well below the roughly 80 investments she originally expected to make.
- • Ajim is now raising a second fund and plans a portfolio of around 30 companies, signaling a more concentrated approach than her first vehicle.
- • Ajim told Condia that she was "very naive" when she started as a VC, according to the publication, reflecting a shift in her investment expectations.
- • The story frames African venture capital as becoming more selective, with the Ajim example illustrating what founders must demonstrate to win investor attention.
Summary
African venture capital is becoming more selective, according to Condia, which profiled Eunice Ajim, founder of the eponymous venture capital firm Ajim Capital. Ajim launched the firm in 2022 with the expectation of making as many as 80 investments.
The firm's first fund, sized at $10 million, ultimately backed 20 companies. Ajim is now raising a second fund and says she is unlikely to repeat that level of deal activity, instead planning for a portfolio of around 30 companies. The shift reflects a more disciplined approach to deployment at the early stage, where smaller check sizes and fewer positions allow for deeper support of each portfolio company.
Ajim acknowledged her early approach, telling Condia, "When I was getting started as a VC, I was very naive." Her comments provide a practitioner's perspective on how African VC managers are refining their strategies as the market matures.
The full Condia article, which is available to Insiders only, reportedly details what founders need to do to capture the attention of investors. The publicly available excerpt does not include the full set of criteria Ajim describes.
The firm's first fund, sized at $10 million, ultimately backed 20 companies. Ajim is now raising a second fund and says she is unlikely to repeat that level of deal activity, instead planning for a portfolio of around 30 companies. The shift reflects a more disciplined approach to deployment at the early stage, where smaller check sizes and fewer positions allow for deeper support of each portfolio company.
Ajim acknowledged her early approach, telling Condia, "When I was getting started as a VC, I was very naive." Her comments provide a practitioner's perspective on how African VC managers are refining their strategies as the market matures.
The full Condia article, which is available to Insiders only, reportedly details what founders need to do to capture the attention of investors. The publicly available excerpt does not include the full set of criteria Ajim describes.
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