Delta40, an investment in energy & mobility, food systems, fintech and AI ventures in Africa has launched its Nigeria Venture Studio. The event in Lagos was held in partnership with Nithio, an AI-driven clean energy investment platform. Key stakeholders present included Minister of Trade, Industry and Investment, Dr. Jumoke Oduwole, and Mrs. Folashade Ambrose-Medebem, commissioner for Commerce, Cooperatives, Trade & Investments.
In a conversation with Delta40 Head of Investments, Biola Alabi, the minister noted: “Our ministry is enabling technology-driven businesses and accelerating diversification by working with ecosystems and supporting other ministries and agencies. 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 important work across the continent.”
Launched in 2023, Delta40 has supported 50 founders and invested in a diverse portfolio on the continent, with an early focus on solutions that transform lives, create jobs, and drive economic growth. With its expansion into Nigeria, Delta40 announced investments in three high impact 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.
“We’re excited to open our doors in Lagos,” said Ada Osakwe, board chair. “As a team of experienced entrepreneurs, corporate leaders, and investors, we go deeper than the average fund or accelerator. Delta40 is committed to investing in African and female founders in energy and agriculture and we are not afraid to invest in capital intensive ventures if they drive economic growth and create jobs. We look forward to collaborating with ecosystem stakeholders in the next few years.”
Jay Ireland, director, said: “I’ve had the privilege of engaging with Nigeria’s corporate and investor ecosystem for 15 years. This past week, I attended AVCA and met the Finance and Trade minsters, and one thing is clear: the future is bright for entrepreneurs in Nigeria…’’
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. Delta40 is pioneering a new model of investment and venture studio support in Africa, and 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.
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Lyndsay Holley Handler, Delta40 Managing Partner and Co-Founder, shared; “We are honored 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 help 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-investor, corporate, and policy partners. Together, we are here to propel the next generation of entrepreneurs and create an innovation flywheel in this important market.”
In her Goodwill Remarks, the Hon. Commissioner for Commerce, Cooperatives, Trade & Investments, Mrs. Folashade Ambrose-Medebem shared: “As a government we understand that innovation does 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. Although new in Africa, the Venture Studio model represents an exciting shift in how we incubate and accelerate ventures. This is the beginning of a powerful partnership between Lagos State and Delta40.”
Delta40’s leadership in Nigeria is driven by Managing Director Bankole Cardoso, with support from Venture Partner and Head of Investments Biola Alabi, and a world-class Board of Directors: Ada Osakwe (Board Chair), Laurie Spengler, Jay Ireland, and Lyndsay Holley Handler (Managing Partner & Co-Founder).
The Venture Studio’s expansion into Nigeria represents a broader commitment to scaling ventures that solve hard problems—by entrepreneurs, for entrepreneurs, on the continent.