Our mission is to connect African startups to global capital – Femi Moito

Femi Moito is the founder and chief executive officer of Innovest Afrika, a venture platform focused on accelerating African innovation by connecting founders of African descent with capital, mentorship, and global markets. Through its flagship initiatives the Innovest Ignite Accelerator and Innovest Catalyst Fund the platform equips high-potential startups with the tools required to achieve investment readiness and access international funding. With over two decades of experience spanning fintech, venture capital, and consulting, Moito was part of the founding team at Paga Nigeria and later served as Head of Africa Markets at MAJORITY, a Houston-based fintech where he led cross-continental expansion. He holds an MBA from Babson College’s F.W. Olin Graduate School of Business. 

In this interview with KENNETH ATHEKAME, he spoke on Innovest Afrika’s mission, its role in supporting startups, and the future of Africa’s innovation ecosystem. Excerpts:

Can you briefly introduce yourself and your role at Innovest Afrika?

I am Femi Moito, founder and CEO of Innovest Afrika. We are a Houston-based nonprofit venture platform supporting founders of African descent to build and scale high-growth startups. Through our flagship Innovest Ignite Accelerator, we help early-stage founders strengthen their business models, improve execution, and position themselves for long-term growth and investment.

What is the core mission of Innovest Afrika?

Our mission is straightforward: to help African founders access the resources, networks, and capital required to transition from early-stage ventures to sustainable, investable businesses. We aim to bridge capital, capacity, and community on a global scale.

How do you operationalise this mission?

In 2024, we launched the Innovest Ignite Accelerator, an eight-week virtual programme focused on investment readiness. It combines structured learning with mentorship from a global network of industry experts and investors across Africa, Europe, and the United States.

The programme culminates in a physical demo day, where startups pitch to investors and ecosystem partners. To date, the accelerator has run in Nigeria, Ghana, South Africa, and Boston, and will expand this year to Kenya, Rwanda, and Egypt.

How do you support startups in securing investment after the accelerator?

We address funding through two key approaches. First, we serve as a pipeline for global venture capital firms seeking opportunities in Africa, connecting them with our alumni network.

Second, through the Innovest Catalyst Fund, we directly invest in outstanding startups graduating from our programme. This ensures we are not only facilitators but also active investors.

Can you share some impact metrics?

Since 2024, we have supported over 70 startups and engaged more than 1,000 entrepreneurs. Our alumni have collectively raised over $5 million in follow-on funding, with more than 30 percent securing investment within six months of completing the programme.

How does your partnership with the African Business Roundtable align with your mission?

The partnership is focused on driving innovation, investment, and enterprise development across Africa. With support from the Pan-African Private Sector Trade and Investment Committee (PAFTRAC), it expands access to capital, mentorship, and strategic networks for startups.

What value does your collaboration with Babson College bring?

Babson College has consistently ranked as a global leader in entrepreneurship education. Through this collaboration, founders in our accelerator gain access to executive education content delivered by Babson faculty, enhancing their capacity to build scalable ventures.

How would you describe Africa’s startup ecosystem today?

The ecosystem is maturing rapidly. There is stronger talent, more structured support systems, and increasing investor interest. However, reliance on foreign capital remains high, and expanding local investment participation is critical.

What is your outlook over the next 5–10 years?

We expect continued growth, with countries like Nigeria, Kenya, Egypt, and South Africa emerging as innovation hubs. Increased domestic capital and improved policy environments will play a key role in reducing reliance on foreign funding.

Which sectors are leading innovation?

Fintech remains dominant, having driven Africa’s transition toward digital payments. There is also significant momentum in renewable energy, climate tech, and healthtech.

What are the biggest barriers for African entrepreneurs?

Access to funding remains the primary challenge. Limited availability of patient capital continues to constrain the growth of many promising startups.

What do investors look for in African startups?

Investors focus on fundamentals: a strong team, a compelling solution, a large and growing market, clear product-market fit, and scalable business models with sound unit economics.

How can Africa attract more long-term capital?

This will require macroeconomic stability, policy consistency, and reduced investment risk. As more success stories emerge, investor confidence in long-term opportunities will increase.

How can policy and private sector collaboration drive innovation?

Government policies create enabling environments, while the private sector executes. When aligned with incentives and market demand, this collaboration accelerates innovation.

What advice do you have for African entrepreneurs?

Focus on solving real local problems and build scalable solutions with strong unit economics. Success in Africa requires resilience, adaptability, and a long-term mindset.