Kola Aina on AI, Local Capital, and Startup Exits: Africa’s Tech Investment Landscape in 2025
Kola Aina, founding partner of Ventures Platform, has been a pivotal figure in African venture capital for over a decade. Leading a $46 million early-stage fund, Aina has backed more than 90 startups across the continent, including Paystack, PiggyVest, Omniretail, Lemfi, and Thrive Agric. His firm has successfully returned four of its six investment cohorts, demonstrating a track record of strategic exits and high-value portfolio management. Beyond investing, Aina has championed the Nigeria Startup Act and serves as the pioneer advisory board chair of the Yemisi Shyllon Museum of Art.
Over the past year, Aina notes a maturing African tech ecosystem marked by capital efficiency and fewer speculative investments. “The cream is rising to the top,” he says, highlighting how investors and founders are now focusing on sustainable growth and solid unit economics rather than hype-driven deals. Ventures Platform remains sector-agnostic but continues to prioritize market-creating innovations that expand prosperity and reduce access barriers across Africa.
Expanding beyond Nigeria, Ventures Platform has recently intensified its presence in Francophone Africa, particularly in Senegal and Côte d’Ivoire. Aina explains that these markets offer relative currency stability, growth potential in underserved sectors, and regional scalability. The firm has hired ex-operators as investors, reflecting a strategy that prioritizes hands-on expertise to guide early-stage founders through challenges like market entry, strategy, and operational scaling.
Local capital is also on the rise in Africa. According to Aina, the increase in locally funded startups and the maturation of African fund managers is transforming the venture landscape. He emphasizes the need for implementing policies like the Nigerian Startup Act to unlock further local investment, stimulate angel networks, and encourage pension funds to participate in venture capital. “Africa represents one of the best opportunities for non-consensus alpha in global portfolio diversification,” Aina says.
When discussing exits, Aina underscores that “companies are bought, not sold.” Ventures Platform’s successful exits, including Paystack and CrowdForce, stem from backing exceptional founders and fostering highly desirable, capital-efficient companies. He also sees tremendous potential in AI applications tailored to African contexts, particularly voice AI for under-connected communities. For early-stage founders, Aina stresses building strong company culture from the start, drawing parallels between the art world and tech: meaningful storytelling, community engagement, and nurturing relationships are key to long-term success.
Source: techcabal