The Loop: 2024 in Retrospect—Beyond the Numbers

Our dearest Loopers!

It's that time of year when we pause to reflect on how far we've come. As we look back, we are reminded of the passion, dedication, and resilience that have fueled every milestone we've achieved together. We couldn't have done it without you, cheering us on every step of the way! This year has been nothing short of transformative. We've pushed the boundaries of what's possible, created lasting change across industries, and championed groundbreaking collaborations and partnerships. But beyond the numbers, it's the impact of innovation, growth, and community that truly defined our year. So, we’re taking this moment to celebrate not just what we've accomplished, but the incredible future we are shaping together.

Looking Back on the Journey

Fifteen years ago, we embarked on a mission to build businesses from scratch in Africa. It was long before venture capital became a buzzword, before fintech dominated the tech narrative, and before venture studios gained mainstream traction.

At the time, we admired pioneers like Rocket Internet, launched by the Samwer Brothers, who introduced the “scale-fast-or-go-home” model to Africa, cloning successful U.S. B2C companies. By 2016, Rocket Internet had raised $326 million in a funding round with backers like MTN, Goldman Sachs, and AXA. Among their ventures was Jumia, now a household name in Africa.

In contrast, we pursued a different path—a B2B/B2G venture studio model—raising modest capital compared to our peers. We raised $500k in seed funding in 2011, enabling us to build our first three businesses by 2014. Among them, a standout was our PowerTech platform: a B2B data-to-cash system providing IoT metering, payment settlement, and processing for Nigeria’s power distribution and generation companies. On this foundation of multi-subsidiary group with profitability, we secured a $20 million private equity round.

Trials and Pivots

Then came the storms:

• The 2015 Naira devaluation forced us to renegotiate term sheets mid-round, bringing us to the brink of collapse, we almost didn’t make it.
• In 2018, political shifts and regulatory disruptions in one of our key verticals, tested our resilience. Once again, we barely made it through.
• The 2020 devaluation saw the Naira lose significant value in just two weeks. Realizing we could no longer outperform macroeconomic headwinds, we made the hard decision to pivot and structure an exit for our PE investor.

That same year, our Power subsidiary saw its revenue plummet to nearly zero, while our remittance company began to soar!!! It was a roller coaster of challenges and breakthroughs.

With nearly 8 subsidiaries in Venture Garden’s portfolio, five approaching product-market fit, but a revenue split heavenly skewed towards Naira (90%) versus dollars (10%)— we asked ourselves: “What if we launched a VC fund to diversify into new markets and build additional vertical expertise?”

Thus Greenhouse Capital was born in stealth in 2016 but went mainstream in 2020. Fund I focused on West Africa. and later, Fund II expanded to East Africa and Dubai.

The “Tech Party” and Its Hangover

The 2020 pandemic ushered in the golden era of zero interest rates (ZIRP), skyrocketing tech valuations, and unicorn ambitions. Hiring sprees and inflated spending became the norm—until the music stopped.

The aftermath brought a global “VC Winter”, hitting Africa particularly hard. With limited domestic capital and heavy reliance on foreign investors, 2022 and 2023 saw many startups struggling to survive. Yet, adversity has always been our catalyst for reinvention. By 2023, it felt as though startups were failing like aircraft dropping from the sky.

The Pivot of 2024

Entering 2024, we reflected on the lessons of the past. A mantra that had always kept us going rang true: “Don’t die. Stay alive.” Africa’s structural challenges—external debt, trade deficits, and currency instability—make the tech ecosystem inherently volatile. To thrive, adaptation is key.

Our 2024 pivot focused on three core strategies:

1. Collaborating with corporates: Anchoring our efforts on Corporate Venture Capital (CVC) partnerships to inject stability into the ecosystem.
2. Building startup resilience: Helping startups diversify across African markets and beyond, to reduce reliance on single-currency economies.
3. Ecosystem advocacy: Supporting African countries in building intentional tech ecosystems —through universities, governments, corporates, and a few visionary leaders.

Progress in Numbers

• 6 Corporate partnerships signed
• 4 Countries engaged
• 7 Investments made by our engagement with corporates (direct and managed funds)
• 6 Ecosystem-stimulating events hosted

Looking Ahead to 2025

As we review our first year of this pivotal strategy, the numbers affirm our direction. In 2025, we aim to:

1. Double down on our strategy with sharper focus and execution.
2. Help startups expand into the U.S., particularly Texas—the 8th largest global economy if it were a country, bigger than Canada.
3. Enable governments to stimulate tech ecosystems, recognizing that thriving ecosystems don’t emerge organically; they are built through intentional collaboration.
4. Open new markets for startups through corporate partnerships to acquire new customers and distribute products.
5. Facilitate corporate-led acquisitions of promising startups to accelerate growth.

As we gear up for the challenges and opportunities ahead, one thing remains constant: our commitment to building a sustainable tech ecosystem for Africa, by Africa.

Wish?us?luck.

BoxCommerce: Merchant solutions for the future of e-commerce.

Pezesha: Empowering Africa’s SMEs through Financial Innovation

Busha becomes the First SEC-Licensed Virtual Asset Provider!

MAX: A Collaborative Force for Good

Sabi's Digital Evolution

Zone: A Strategic Pivot Recognized by the Market

Spotlight on BFREE as They Raise $3M in Funding

As we reflect on these incredible milestones, we are reminded that growth is not just measured in numbers but in the impact our portfolio companies create in their markets and communities. We are extremely proud of these companies forging ahead, breaking barriers, and setting new standards in their respective industries. Together, we look ahead to an even brighter 2025, fueled by innovation, collaboration, and resilience, as we continue to drive meaningful impact on the continent.

Please note that the ESG Metrics displayed above are derived from data collected from 67% of Fund I and 32% of Fund II portfolio companies.

ICYMI: Click Here

Oh, what an incredible year it’s been! Here’s a look back at our highlights from 2024.

In January, we attended the US-Nigeria Business Council held in Washington - Get the loop here

In February, we had a memorable day connecting with several of our portfolios - Get the loop here

In April, we attended the US-Nigeria Business Council held in Washington to share a few remarks. - Get the loop here

In June, we addressed the transformative power of talent, capital, and technology in Africa at the Science of Trade conference in Lagos - Get the loop here

In July, we had the privilege to welcome the U.S. President’s Advisory Council on African Diaspora Engagement (PAC-ADE) during their visit to Vibranium Valley - Get the loop here.

We hosted a masterclass on Investor Readiness at the 2024 Global Tech Africa - Get the loop here

In August, We hosted the Investor Summit at the 2024 Uganda E-mobility Expo - Get the loop here.

To get updates on all the investor feedback and experiences at the 2024 Uganda E-mobility Expo. Click Here

In September, We shared our thoughts at the 2024 RUFORUM Triennial Conference speaking on our commitment to scaling impactful solutions through private sector involvement; bridging the gap between academia, industry, and government to address Africa’s challenges with sustainable, scalable solutions. Get the loop here.

We had the privilege of participating in the Global Inclusivity and AI Africa Conference - Get the loop here

In October, we visited the Innovation and Entrepreneurship Lab at UM6P in Morocco as part of our ongoing innovation in education work with RUFRUM. - Get the loop here.

We also joined other ecosystem players at the Fintech Networking Reception during the Nigerian Fintech Week 2024. Get the loop here.

And we were invited to MIT to speak on how cutting-edge technologies are driving change and creating new opportunities in growth markets! - Get the loop here

In November, Our Managing Partner shared his thoughts on Building Tech for Real Impact - Africa Needs Solutions, Not Hype ? Get the loop here.

We were honored by the ELOY Awards and Conference to speak on Scaling startups in emerging markets and promoting cross-border trade - Catalyst of Change - Get the loop here

In December, we had an amazing time hosting the Innovation & e-Mobility Tour in Abuja, Nigeria that had the Minister of Science, Technology and Innovation, Uganda and several other honorable guests in attendance - Get the loop here

We ended the year with an intimate founders' Dinner in Kampala Uganda - Get the loop here

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Our Year in Frames - Click here to watch!

It's been an absolute pleasure bringing you The Loop! As we wrap up 2024’s journey, we want to take a moment to thank you for being part of our incredible community. Your continued support, engagement, and partnership have been at the heart of our success. For our last loop for the year, we wish you a fantastic holiday season and 2025 filled with amazing achievements, new opportunities, and continued growth. We can’t wait to loop you in again next year!