African Voyage: Insights from My Angel Fair Trip

In the heart of Nairobi, Kenya, the 11th edition of Angel Fair Africa (AFA@11) took place, bringing together startups, investors, and industry leaders to discuss the future of investing and building in Africa.

Organised by Angel Fair Africa, the event was the brainchild of Eric Osiakwan, a renowned figure in the African tech industry. The theme of the event, "Investing and Building in Africa", echoed the organisation's mission to facilitate investment into African startups.

The mastermind behind Angel Fair Africa, Eric Osiakwan, is also the Managing Director of Chanzo Capital, a venture capital firm that has played a significant role in the speaker's investments in African startups. The speaker, who was invited to talk at AFA@11, has invested in about eight African startups over the last three years, with a goal of reaching 1000.

AFA is unique in that it brings together not only startups and investors but also founders who have exited their businesses. This mix of experience and fresh ideas creates a vibrant and dynamic environment, as seen by the speaker, who found the operations of startups on the ground to exceed expectations.

Limited access to funding is a significant issue for startups and businesses in Africa. Interest rates for loans average 25% across 19 African countries, compared to 9% in Vietnam and India. However, AFA has successfully facilitated approximately $10 million USD of investment in startups and indirectly close to $100 million.

One such startup visited post-AFA was the Ahadi Corporation, which provides internet access to people at or below the poverty line. Located in the slums of Kibera, a place most Kenyans are reluctant to visit, the Ahadi Corporation hires people from the community, creating high-profile jobs. The corporation has become profitable, ensuring sustainable services and jobs for the community.

Looking ahead, AFA is planning to bring the event to NYC on September 19, 2025, to connect with Africans in the diaspora. The organisation organising the event in 2025 in New York City is the African Development Bank (AfDB). Participation in the event is already closed due to high interest from VCs and angels.

As Eric Osiakwan rightly stated, "God has blessed Africa with resources, people, and potential." The success of events like AFA and the strides made by innovative startups like the Ahadi Corporation are testament to this. Africa, with the right investment and support, has the potential to achieve the economic booms of East Asian countries, as suggested by The Economist, which states that Africa would need to double its investment as a share of GDP to achieve this.

African Voyage: Insights from My Angel Fair Trip