As Africa’s startup ecosystem matures, a quiet transformation is underway. A growing cohort of successful founders is deploying capital back into the continent’s early-stage ventures — not as venture capitalists, but as angel investors armed with empathy, operational know-how, and local context.
From Lagos to Tunis, Dakar to Cairo, these founder-angels are catalysing a virtuous cycle of reinvestment, often writing first cheques to ideas too risky or early for institutional capital. Their motivations vary — some seek returns, others mentorship, and many simply want to pay it forward.
Olugbenga “GB” Agboola: Scaling Flutterwave and Seeding the Ecosystem
As CEO of Flutterwave, Olugbenga Agboola is leading one of Africa’s most valuable startups. But behind the scenes, he’s also investing in startups through personal capital and through Resilience17 (formerly Berrywood), a venture studio he founded. His portfolio includes:
- Curacel — Seed, $3M (health and insurance claims automation)
- Duplo — Pre-seed, $1.3M (B2B payments)
- Casava — Pre-seed, $4M (insurtech)
- Remedial Health — Pre-seed, $1M; later $12M Series A
- CinetPay — Seed, $2.4M
He also led Flutterwave’s acquisition of Disha, a creator economy platform, and has supported companies like Brass (SME banking) and Big Cabal Media (digital publishing).
Through Resilience17 and its AI-focused accelerator Go Time AI, Agboola is expanding his scope, offering $200K investments for 8% equity to African AI startups. Portfolio companies include AltSchool, Bamboo, Klasha, and Pivo.
Axel Peyriere: Operator-Investor Across Francophone Africa and Beyond
French entrepreneur Axel Peyriere, CEO of used car marketplace Auto24, began investing in African startups in 2011 after years of operating businesses across developing markets. His recent social media post of an all-white group photo at the African CEO Forum in Abidjan sparked debate within the African tech ecosystem.
Over the past 14 years, he’s backed more than 30 startups, including:
- Julaya
- Bumpa
- Monaco
- Curacel
- Termii
- Grey
- Remedial Health
Peyriere focuses on mobility, e-commerce, and marketplaces — sectors where he has direct operational experience. He sees angel investing as both a way to give back and a practical channel to stay immersed in the realities of early-stage innovation.
Peyriere has further deepened his involvement in the African startup ecosystem by joining France-based Super Capital Afrique, a new initiative supporting more than 10 promising startups annually across Africa and the Middle East.
Karim Jouini: From Exit to Ecosystem Architect
After selling Tunisian expense management platform Expensya to Swedish fintech Medius for over $100 million in 2023, Karim Jouini became one of the most prolific founder-angels on the continent.
Jouini has since invested €2.5 million in 26 startups, including:
- KlaraHR (HR tech)
- Lumiwave (clean energy)
- LAfricaMobile (Senegalese fintech)
- Cynioa, Flouci, Dabchy (Tunisian SaaS and e-commerce)
- Xgol, Uptale (edtech and coaching)
Now ranked among France’s top business angels, Jouini applies tight criteria: strong teams, large markets, and products where he can add operational value. He recently launched Thunder Code, an AI-powered software testing startup aiming to reduce QA time by 90%.
Babs Ogundeyi: From Kuda to the Cap Table
Kuda Bank founder Babs Ogundeyi is another fintech founder entering angel territory. With 10 portfolio companies, Ogundeyi has invested in:
- Union54 (African virtual cards)
- Kippa (small business finance)
- Curacel — Seed, $3M
- Maplerad — Seed, $6M
- Zazuu — Seed, $2M
- 24Seven — Seed, $6M
His interests span fintech, enterprise, and data infrastructure. Based in the UK, Ogundeyi often co-invests with international funds like Valar Ventures and Tencent.
Omar Cissé: Architect of Senegal’s Startup Infrastructure
Senegalese entrepreneur Omar Cissé, founder of InTouch and co-founder of Teranga Capital, is an ecosystem builder as much as an investor.
His investments through Teranga and CTIC Dakar have included:
- LAfricaMobile
- SetTIC (e-waste)
- SENAR (agriculture)
- The Lion Club (baby food)
- XOOM Wireless (ISP)
Cissé’s focus remains on SMEs and startups in Francophone West Africa, with particular emphasis on sustainable infrastructure and financial inclusion.
Mohamed “Nagaty” Aboulnaga: Backing Egypt’s Next Wave
As founder of Exits MENA, Mohamed Aboulnaga is a well-known angel in Egypt’s startup scene. His portfolio includes:
- Breadfast (grocery delivery)
- Gameball (customer engagement SaaS)
- Swypex (corporate cards)
- Sokna (end-of-life services)
- ElGameya (group savings)
Nagaty’s approach reflects the growing maturity of the Egyptian market, with a blend of consumer-facing and B2B investments.
Iyinoluwa Aboyeji: Founder of Founders
Iyin Aboyeji is known for co-founding two unicorns: Flutterwave and Andela. As founder of Future Africa, he now leads a fund that has invested $10M+ across 106 startups.
Personal and fund investments include:
- Moove (vehicle financing)
- Stitch — Seed, $4M (API infrastructure)
- Afropolitan — Seed, $2.1M
- FoondaMate — Seed, $2M
- GitStart — Seed, $5M
Future Africa also provides a structured path for African founders to become LPs and co-investors, reinforcing ecosystem recycling.
Shola Akinlade: Building the Infrastructure, Then Funding It
Shola Akinlade, co-founder and CEO of Paystack, which was acquired by Stripe in 2020, has emerged as one of Nigeria’s most active angel investors. Known for his deliberate support of early-stage ventures, Akinlade has invested in several notable African startups including:
- Afropolitan — Seed, $2.1M
- Norebase — Seed, $1M
- Earnipay — Seed, $4M
- AltSchool Africa — Seed, $1M
His investments often focus on fintech and education, areas that align with his background in payments and ecosystem development. Akinlade’s approach mirrors Stripe’s: build infrastructure, then back others using it.
Why Founder-Investors Matter
Across startup ecosystems, Africa’s founder-investors bring more than capital. Their hands-on experience means they often empathize with the chaos of startup life. They’re typically more generous with terms and active in offering operational guidance.
As Africa’s tech scene matures, the reinvestment of founder wealth could be pivotal. In places where institutional capital remains scarce, these investors provide not just seed money but social proof, mentorship, and momentum. Their presence signifies the most promising sign of ecosystem health: founders helping other founders.
The next African unicorn may already be in their inboxes.
Discover over 400 other angel investors targeting African startups HERE