Close Menu
    What's Hot

    Apply Now: Cartier Women’s Initiative 2025 Offers Up to $100K for Women Impact Entrepreneurs

    May 7, 2025

    Google for Startups Accelerator Africa 2025 Now Open

    April 15, 2025

    Trademarking Your Startup Name in Africa: What Founders Can Learn from the Paystack-Zap Dispute

    April 11, 2025
    Facebook X (Twitter) Instagram
    Where Founders are StarsWhere Founders are Stars
    • Founder
      • Founder Journeys
      • Industry Leaders
    • Startups
      • News
      • Funding
      • Growth Stories
      • Startup School of Hard Knocks
    • Inside Startups
      • Culture Series
      • Hot Takes
    • Resources
      • Events
      • Funding Opportunities
      • Toolkits
      • Expert Insights
    • Get In Touch
    Where Founders are StarsWhere Founders are Stars
    • Founder, Founder Journeys, Industry Leaders

    Exclusive Interview: Iyinoluwa Aboyeji on Building Unicorns, Angel Investing & The Future of African Startups

    • September 15, 2022
    Exclusive Interview With Iyin Aboyeji

    Iyinoluwa Aboyeji, co-founder of Flutterwave and Andela, and General Partner at The Fund for Africa’s Future, speaks with Founder Africa about his entrepreneurial journey, angel investing, and his vision for Africa’s startup ecosystem.

    With a track record of building successful startups and investing in Africa’s brightest founders, Aboyeji provides deep insights into fundraising, talent acquisition, valuations, and the evolving role of angel investors.


    From Founder to Investor: The Journey So Far


    Q: How did your entrepreneurial journey begin?


    Iyin:
     My entrepreneurial journey started in 2010 when I co-founded Bookneto.com while studying at the University of Waterloo. That experience led me to build First Fora in 2012/2013 and later Andela in 2014. After that, in 2016, I co-founded Flutterwave, which I left in 2018.

    After taking some time off, I returned to the market in 2020 to establish The Fund for Africa’s Future (Future Africa)—a platform that provides capital, coaching, and community for mission-driven founders. That’s been my journey so far.

    Early Failures and Lessons Learned


    Q: Two of your startups, Flutterwave and Andela, became unicorns. Can you share one of your early failures?

    Iyin: Absolutely. My first failure was Bookneto.com. We were a team of eight founders, and our goal was to disrupt Blackboard, the learning management system used in schools. However, we didn’t consider that universities wouldn’t trust a platform built by their own students due to conflict-of-interest concerns.

    We pivoted and created a sleek reader platform that allowed students to access past questions, comment, and solve problems together. It gained traction, but then professors sued us for using their intellectual property. That forced us to shut down or pivot again. Ultimately, one of the professors offered us a chance to build a platform for teaching outside the university system.

    That was one of my earliest lessons in entrepreneurship: sometimes, the real opportunity isn’t what you originally envisioned.


    The Role of Angel Investors in Africa’s Startup Ecosystem


    Q: With new fundraising models available, do angel investors still play a significant role in Africa?

    Iyin: Absolutely. Angel investors do much more than provide funding—they mentor, connect, and guide early-stage startups through their critical first phase.

    Even though there are many venture funds now, startups still need experienced individuals who can help them refine their unit economics, find product-market fit, and prepare for scale. Founders need access to investors with real operational experience—not just capital.


    Q: Should angel investors take a more active role in supporting startups?

    Iyin: Yes! If angel investors actively add value, they’ll be indispensable to the ecosystem. But if they behave like traditional VCs—investing without engagement—it makes the process more complex than necessary.


    Related Read:
    Want to win investors and secure funding? Read our Startup Pitch Guide for expert insights.


    Startup Valuations


    Q: Valuations in Africa’s startup ecosystem have risen significantly. Do you think there’s a bubble?

    Iyin: It’s a mixed scenario. Some valuations are inflated unnecessarily, but others are justified because of the massive problems these companies are solving.

    A part of the valuation surge is driven by rising startup costs, especially talent acquisition. Hiring top developers and operational teams in Africa is expensive, and that reflects in funding rounds.

    However, there’s also some bubbly behavior, where companies raise large amounts without clear business fundamentals. The real test will be whether these startups can sustain growth and justify their valuations over time.


    Challenges Facing Founders and Investors in Africa

     

    Q: What do you think is the biggest challenge for founders in Africa today?

    Iyin: Talent. Finding competent and passionate people is extremely difficult.

    Our education system is broken, and there’s no structured corporate ladder for young professionals to gain experience. This makes it hard for startups to find the right people to build with.


    Q: And for investors?

    Iyin: The biggest challenge is aligning investor expectations with the reality of the African market. Many investors come in expecting Silicon Valley-style returns, but Africa’s ecosystem is different. Understanding local dynamics, consumer behavior, and market cycles is crucial for success.


    Future Africa: Investing in Africa’s Hardest Problems


    Q: What is Future Africa about, and what is its primary objective?

    Iyin: Future Africa is about supporting founders who are solving hard problems in large markets. We do this in three ways:

    1. Investment: We provide early-stage funding.
    2. The Future Africa Collective: A community of angel investors who invest alongside us.
    3. Venture Building: We help startups scale through strategic support.


    Q: Are there specific sectors Future Africa prioritizes?

    Iyin: We are sector-agnostic, but we pay special attention to:

    • Learning & Talent Development
    • Digital & Physical Infrastructure
    • Mass Media & Consumer Behavior
    • Environmental Sustainability

    These areas have the potential for high impact and strong economic returns.


    Q: Is Future Africa investing across all African countries?

    Iyin: Yes, but we prioritize markets with strong economic activity and future potential. We remain flexible and adjust our strategy based on emerging opportunities.


    Startup Exits & The Future of Liquidity in Africa


    Q: Will Future Africa pursue startup exits?

    Iyin: We’ve already had several exits in the past three years. We focus on providing liquidity for investors while maintaining long-term commitment to startups.


    Q: Can Africa develop a secondary market for startup shares like in the U.S.?

    Iyin: It’s a possibility. Platforms that allow early investors to trade startup shares could unlock liquidity for angel investors. However, Africa’s ecosystem needs more regulatory and financial infrastructure before this becomes widespread.


    Related Read:
    Looking to scale your startup? Explore our 7 Key Steps for Startup Growth to maximize success.


    Q: How can the African diaspora contribute to startup success?

    Iyin: The diaspora brings talent, networks, and strategic market access. Their industry experience and global networks help African startups penetrate new markets and scale faster.


     Rapid-Fire Questions with Iyinoluwa Aboyeji


    Q: Favorite podcast recommended for founders?

    A: Invest Like the Best and Invest in the Future.


    Q: Three key traits you look for in a founder?

    A: Mission-driven mindset, leadership, and strong financial acumen.


    Q: Book recommendation for founders?

    A: Zero to One by Peter Thiel.


    Q: Fun fact about you?

    A: I once worked as a bouncer in a club!

    Are you an early-stage founder? Learn how to craft the perfect pitch and secure funding in our Startup Pitch Guide.

    Trademarking Your Startup Name in Africa: What Founders Can Learn from the Paystack-Zap Dispute

    In Africa’s growing tech and startup space, your brand name is more than just a label, it’s…

    Read More

    Funding Opportunities

    SIA Startup Foundry 2025: Get $10,000 in Funding & Mentorship for Your Business

    Founder

    Boye Oshinaga: How Gradely Is Using AI to Close Students’ Learning Gaps in Realtime

    Founder

    Tackling Financial Inclusion Using Technology – The Journey Of Jumo Africa

    Founder

    From E-Commerce To Fintech – The Journey Of Wasoko

    Founder

    Exclusive Interview: Iyinoluwa Aboyeji on Building Unicorns, Angel Investing & The Future of African Startups

    Founder

    The Journey of Yoco: Revolutionizing South Africa’s Payment Landscape

    Demo
    FA Logo
    Twitter Facebook Instagram Linkedin
    Twitter Facebook Instagram Linkedin

    Links

    • Founder Spotlight
    • Culture Series
    • Expert Insights
    • Startup School of Hard Knocks
    • Events

    Company

    • About
    • Sponsored News
    • Work with Us

    Legal

    • Editorial Policy
    • Terms

    Subscribe to Updates

    Get the latest news from Founder Africa: Where Founders are Stars.

    © 2025 Founder Africa

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
    Cookie SettingsAccept All
    Manage consent

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
    CookieDurationDescription
    cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
    cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
    cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
    cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
    cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
    viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
    Functional
    Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
    Performance
    Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
    Analytics
    Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
    Advertisement
    Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
    Others
    Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
    SAVE & ACCEPT

    Subscribe to Updates

    Get the latest news from Founder Africa

    FA logoblk_1