Egypt's Acasia Ventures Launches Office in Nigeria's Lagos
Strategically located in Lagos' Impact Hub building, the new office further solidifies Acasia Ventures' commitment to Africa.
Acasia Ventures, the venture capital investment arm of Acasia Group, has announced the opening of its latest office in Lagos, Nigeria. This move aims to expand the company's reach across the African continent and foster closer relationships with local founders and stakeholders.
With its roots in Egypt, Acasia Ventures recognises the tremendous potential of the entire African continent. "We truly believe in the future of the whole continent," Biola Alabi, General Partner of Acasia Ventures, tells StartupScene. "Establishing our new office in Lagos will provide us with a platform to deepen our market relationships through direct presence in Nigeria."
The new office further solidifies Acasia Ventures' commitment to Africa, specifically West Africa. It is strategically located in Lagos' Impact Hub building, which is part of a global network of locally-founded and operated innovation incubators, accelerators, coworking spaces, and nonprofit organisations.
Acasia Ventures has already invested in 13 startups, with 12 of them based in Africa, including two in Nigeria—Credable and Fez Logistics. This move comes at a critical time as Nigeria and the global economy face challenges such as rising interest rates, post-COVID-19 recovery, high inflation, and fears of a global recession. However, amidst these challenges lies immense opportunity. "During economic crises, companies that shape the future for the better are often born,” Alibi says. “Investing in these companies today is how we plan to contribute to Africa's economic and social development."
Nigeria boasts one of the youngest populations in Africa, and the country's new leadership is dedicated to fostering business growth, innovation, and technology as key components of its economic policy. Acasia Ventures aims to capitalise on this momentum and enable its sister company, Acasia Impact, to collaborate with Nigerian corporations in developing customised, sector-specific entrepreneurship and innovation programs.
"Our new office will serve as a hub for founders and stakeholders to engage with us. Being at the heart of Impact Hub will position us at the centre of Nigeria's entrepreneurship ecosystem," Alabi adds.
The inauguration of the Lagos office follows Acasia Group's recent regional expansion milestone—an office setup at the Dubai International Financial Centre Innovation Hub in the United Arab Emirates. These strategic moves signify Acasia Ventures' firm commitment to driving economic growth and fostering innovation throughout the MENA region and beyond.
