Delta40, a venture capital fund investing in energy & mobility, agriculture & food systems, has partnered with Nithio – an AI-driven investment platform to launch a venture studio in Nigeria to support entrepreneurs and early-stage businesses.
“Our ministry is enabling technology-driven businesses and accelerating diversification by working with many ecosystems and supporting other ministries and agencies,” Jumoke Oduwole, Minister of Trade, Industry and Investment of Nigeria, said in a statement.
“There’s so much opportunity in Nigeria, and we’re keen to see the small businesses become African Giants and have representation across the world. Delta40 is doing really important work across the continent.”
Launched in 2023, Delta40 has supported more than 50 founders through its innovation programmes and has invested in a diverse portfolio of these ventures across the continent, with an early focus on solutions that transform lives, create jobs, and drive economic growth.
“We’re incredibly excited to open our doors in Lagos,” said Ada Osakwe, Delta40 board chair. “As a team and board of experienced entrepreneurs, corporate leaders, and investors, we go so much deeper than the average fund or accelerator.”
According to the statement, Delta40 is committed to investing in African and female founders on the frontlines of key industries like energy and agriculture and we are not afraid to invest in capital-intensive ventures if they drive economic growth and create jobs.
Read also: Meet Emmanuel Owolabi, entrepreneur producing quality footwears
“We are honoured to be here and we look forward to collaborating with ecosystem stakeholders over the next few years.” Jay Ireland, Delta40 board director, said.
Ireland, who is also a board director of the Mastercard Foundation, said he’s been privileged to engage with Nigeria’s corporate and investor ecosystem for over 15 years.
“This past week, I attended AVCA and spent time with the minister of finance and the minister of trade, and one thing is clear: the future is incredibly bright for entrepreneurs in Nigeria,” he noted.
“Not only are founders building products for a fast-growing market on track to become the 3rd most populous country in the world by 2050, they have support from many leaders in the public and private sector.”
Ireland added that Delta40 is pioneering a new model of investment and venture studio support in Africa. “I joined the Board to help build strong, strategic corporate partnerships that unlock growth and scale.”
Built by entrepreneurs for entrepreneurs, the Delta40 Venture Studio model has four key pillars: experienced operators providing embedded venture studio support from idea to scale; early-stage lead investments taking the first risk to unlock follow-on capital; ecosystems that catalyze partnerships, networks, and collaborative action; and exits that create returns and enable founders to continue innovating.
Lyndsay Holley Handler, Delta40 managing partner and co-founder, showed enthusiasm about the launch.
“We are honoured to officially launch Delta40 in Nigeria. After 22 years of building, investing in, and exiting ventures across 15 African countries, we see an opportunity today to double down on new models for investment and innovation.”
“Globally, Venture Studios helps founders build, grow, and exit multiple ventures over time with increasing speed, efficiency, and IRRs—creating a flywheel effect. Delta40 is bringing this model to West Africa with a dynamic coalition of technology, co-investors, corporate, and policy partners,” she added.
Read also: Meet Vincent Didanda, entrepreneur bridging Africa’s digital divide
In her goodwill remarks, Folashade Ambrose-Medebem, Lagos commissioner for Commerce, Cooperatives, Trade & Investments, revealed that the state understands that innovations do not grow in isolation, “but thrives in environments that are stable, inclusive and forward thinking.”
“That is why Lagos state continues to champion initiatives and policies that make doing business easier, lower barriers to entry, and unlock capital. Delta40’s approach to combining venture funding with studio expertise and ecosystem building speaks to a forward-looking, innovative model,” she noted.
The statement revealed that Delta40’s leadership in Nigeria is driven by Bankole Cardoso as the managing director, with support from Biola Alabi, venture partner and head of investments.
With its expansion into Nigeria, the organisation announced investments in three high-impact Nigerian ventures, including Ecowaka, led by Prince Ojeabulu and Diekola Alabi; SunFi, founded by Rotimi Thomas and Tomiwa Igun; and Lori Systems, led by Jean-Claude Hemawoo.
Delta40 is a venture studio and venture capital fund investing in and supporting founders building energy & mobility, agriculture & food systems, and fintech and Artificial Intelligence ventures across Africa.
It is driven by a team of experienced entrepreneurs, operators, and investors who have led multiple companies to successful exits.
