African Roots, Global Routes: The VC Helping Startups Crack The New Code

Originally slated to unfold at Moonshot 2024, where “Building for the World” headlined discussions, my conversation with Maya Horgan-Famodu, Founder and Managing Director of Ingressive Capital which has seeded some of Africa’s most successful startups, continued despite a clash of schedules. As it turned out, the timing couldn’t have been more relevant: African founders are increasingly looking beyond their home continent, eyeing global markets for growth, sustainability, and competitive edge.

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For African tech founders, breaking out of local markets and going global has gone from aspirational to essential. While expanding internationally is not without challenges, the benefits of tapping into a broader market can be transformative.

“The data is clear,” Maya tells WT. “Our portfolio companies that expanded globally are raising significantly more capital and growing nearly twice as fast as those focused solely on local markets.”

Maya’s Ingressive Capital, through its USD 10 M Fund I and USD 50 M Fund II, has backed leading startups such as Paystack, which was acquired by fintech heavyweight Stripe for over USD 200 M, as well as fast-growing businesses like Mono (Series A led by Tiger Global and Y Combinator alum), Carry1st (Series A led by Andreessen Horowitz, Google, Riot Games & AET), among others.

The allure of global reach: Why founders are looking abroad

From Moove and Flutterwave to Kuda, Asaak, and Bamboo, which today announced expansion to Canada, Africa's most ambitious tech companies are increasingly eyeing international markets. Their leaders have recognised that global demand offers greater potential than remaining within local boundaries.

Maya points to companies like Paystack, whose early strategic focus on infrastructure laid the groundwork for international success and made them attractive for international acquisition. “Their initial 18 months were dedicated to building a strong local foundation, achieving a 95% success rate in local payment processing before expanding abroad.”

“Paystack’s global ambitions and execution made them attractive for international acquisition while maintaining strong local market leadership,” she adds.

Several African founders have followed a similar blueprint, including Andela’s co-founder Iyin Aboyeji, whose developer training platform began in Nigeria before becoming a talent hub for global companies like Microsoft and Google.