Acasia Ventures, the venture capital investment arm of Acasia Group, has expanded its reach across the African continent by opening a new office in Lagos, Nigeria. This move aims to establish stronger connections with local founders and stakeholders on the ground. The decision to expand into Lagos comes shortly after Acasia Group's office inauguration at the Dubai International Financial Centre Innovation Hub in the United Arab Emirates.
"Our roots may be in Egypt, but we firmly believe in the future of the entire continent," stated Biola Alabi, General Partner of Acasia Ventures. "By having a physical presence in Nigeria through our new Lagos office, we aim to deepen our relationships and engage more closely with the local market."
To solidify its commitment to Africa, particularly West Africa, the firm has strategically chosen to set up its new office in the Impact Hub building in Lagos. The Impact Hub is affiliated with a global network of locally-founded and operated impact innovation incubators, accelerators, coworking spaces, and nonprofit organizations.
Acasia Ventures has already invested in 13 startups, with 12 of them located in Africa and two specifically based in Nigeria, namely Credable and Fez Logistics. As Nigeria and the global economy undergo a period of realignment, characterized by rising interest rates, post-COVID-19 recovery, high inflation, and concerns about a global recession, the investment prospects are immense.
Alabi highlighted the significance of investing in companies during economic crises, as they often play a pivotal role in shaping the future and contributing to Africa's economic and social development. With Nigeria boasting one of the youngest populations on the continent and a new leadership committed to fostering business growth, innovation, and technology, Acasia Ventures aims to capitalize on this favorable environment.
In addition to its investment activities, Acasia Ventures intends to pave the way for its sister company, Acasia Impact, to collaborate with Nigerian corporations in developing custom, sector-specific programs centered around entrepreneurship and innovation. The newly established Lagos office will serve as a destination where founders and stakeholders can interact with Acasia Ventures, positioning the company at the heart of the local entrepreneurship ecosystem.
Acasia Ventures' expansion into Lagos demonstrates its dedication to expanding its African footprint and leveraging the vast potential offered by the region's dynamic market. By establishing a physical presence in Nigeria, the firm aims to forge stronger connections, drive economic growth, and contribute to the development of the African continent.
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