Global venture capital firm Antler is turning its attention to East Africa following the launch of its first cohort in Nigeria, signaling growing confidence in the region’s startup potential. The move comes as Nigeria’s tech ecosystem grapples with a wave of accelerator shutdowns, leaving early-stage founders in need of alternative support.

Antler’s Nairobi operations, which launched in 2019, have already made significant strides in the region. Last year, the firm announced plans to invest $2 million across 10 East African startups, offering up to $200,000 each. The focus spans tech and tech-enabled solutions tackling key regional challenges, from fintech and logistics to agriculture and healthcare.

In 2022, Antler closed its East Africa fund at $13.5 million — exceeding its initial target — demonstrating strong investor confidence. Since its first Nairobi cohort in 2019, the firm has backed 153 founders and made over 10 investments. Now, it is shifting to a rolling admissions model, aiming to fund 35 more startups over the next three years.

Antler’s expansion contrasts with Nigeria’s struggling accelerator scene, where high-profile programs like ARM Labs Lagos Techstars Accelerator and 54 Collective have scaled back due to funding challenges. Economic instability, inflation, and currency volatility have made it harder for early-stage startups to secure backing, creating an opening for Antler’s entry.

The firm’s Lagos cohort, launched last week, received over 1,000 applications within a week — highlighting strong founder demand. Antler’s model targets “day zero” founders, offering pre-seed funding and follow-on investments of up to $10 million for scaling ventures.

Magnus Grimeland, Antler’s founder and CEO, cited East Africa’s fast-growing economies and maturing startup ecosystem as key reasons for deepening its presence. Countries like Kenya, Rwanda, and Uganda have seen increased venture capital activity, with startups such as Wasoko (formerly Sokowatch) and Turaco attracting global attention.

Antler’s Nairobi team is now accepting applications for its September cohort, seeking founders with scalable solutions — whether in deep tech or asset-light models. The firm’s flexible approach, which also considers startups with existing products, could appeal to East Africa’s diverse entrepreneurial landscape.

While Antler’s expansion is a vote of confidence, broader economic hurdles remain. Like Nigeria, East Africa faces currency fluctuations and funding constraints, particularly for early-stage ventures. The firm’s ability to sustain investments amid these challenges will be critical.

For now, Antler’s dual focus on Nigeria and East Africa suggests a long-term bet on African innovation. As its Lagos cohort kicks off and Nairobi gears up for new applications, the VC’s next moves will be closely watched by founders and investors alike.

Applications for Antler Nairobi’s September cohort are open now here.