Global venture capital firm Antler has expressed confidence in Nigeria’s long-term investment prospects, saying economic uncertainty, currency volatility and election cycles will not stop it from backing promising entrepreneurs in Africa’s largest economy.
Magnus Grimeland, founder and chief executive officer of Antler, said the firm’s investment decisions were based on the potential of businesses to grow over the next decade rather than short-term political or economic developments.
Speaking to journalists in Lagos on October 29, 2026, during activities surrounding the Building and Funding Africa’s AI summit, Grimeland said Nigeria’s entrepreneurial talent and expanding technology ecosystem continued to offer opportunities for long-term investors.
“In venture, we are making like 10-year bets,” he said, responding to concerns about the effect of elections and economic instability on investment decisions. “We just need to think that 10 years from now things are better. And I’m 100 percent convinced that 10 years from now things will be better.”
He explained that venture capital firms must continue investing through difficult economic periods because successful companies often emerge when market conditions are uncertain.
According to him, entrepreneurs have built businesses through inflation, the COVID-19 pandemic and other disruptions, demonstrating the importance of looking beyond immediate challenges.
“We just need to find exceptional founders, back them with capital,” Grimeland said.
His remarks come as Africa’s startup funding market shows signs of recovery, although investment remains concentrated among a relatively small number of companies.
According to Africa: The Big Deal, African startups raised $3.2 billion in 2025, representing a 40 percent increase from the previous year. The number of companies raising more than $10 million increased to 69 from 40 in 2024, while eight startups secured funding rounds exceeding $100 million.
However, the number of ventures raising at least $100,000 remained close to 500, showing that the recovery in total funding did not translate into a similar increase in the number of startups attracting capital.
The figures highlight the financing challenge facing early-stage businesses, particularly those without established revenue or a record of raising investment.
Grimeland said Antler was seeking to address this gap by identifying founders at the earliest stages of business development and supporting them as their companies expand.
The firm has assessed approximately 600,000 founders globally and backed about 2,000 companies, according to figures disclosed by its chief executive. He said Antler expected to invest in at least 100 new African businesses over the next five years, with the possibility of exceeding that target.
The investment ambition reflects the firm’s strategy of supporting entrepreneurs before their businesses become established, rather than focusing exclusively on companies that have already demonstrated significant commercial success.
Industry knowledge key to attracting investment
Anil Atmaramani, partner at Antler Africa, said the firm prioritised entrepreneurs who understood the industries in which they wanted to build businesses. He explained that Nigeria had a large pool of talented people, but technical ability and business ideas alone were insufficient to attract investment.
“We’re looking for people with domain expertise,” Atmaramani said.
He noted that founders without practical industry experience risked repeating mistakes made by existing businesses because they did not fully understand the problems they intended to solve.
Atmaramani said Antler also assessed how quickly entrepreneurs could turn their ideas into viable products and businesses. “Today, two people can have the same idea at the same time,” he said, stressing the importance of execution.
According to him, the firm’s founder selection process attracts more than 7,000 applications per cohort, from which approximately 25 to 30 candidates are selected for further assessment.
The selected founders enter a structured programme where they receive access to professional advisers, business networks and resources to help develop their ideas.
Atmaramani explained that entrepreneurs were expected to demonstrate that their businesses could attract investment within the programme period. Those who met the requirements could receive an initial investment of $100,000 at a $1 million valuation.
Antler’s published Nigeria investment terms also provide for an additional $150,000 in pre-committed matching capital at a subsequent qualifying venture capital-led funding round, bringing its potential early investment in a startup to $250,000.
The arrangement is designed to help promising founders secure their first institutional funding while creating opportunities for further investment as their businesses grow.
Local leadership driving Antler’s expansion
Also at the event, Lola Masha, partner at Antler Africa, said the firm’s activities in Nigeria were focused on identifying exceptional entrepreneurs capable of building businesses that could address major challenges across different sectors.
She explained that Antler was not limited to technology startups but also considered founders developing solutions in healthcare, education, agriculture, food, climate and energy. “We back founders across all sectors,” Masha said.
She added that the firm’s investment philosophy was based on the belief that meaningful economic transformation depended on supporting individuals willing to take risks and develop new businesses.
“We believe that for our country to change, for our continent to change, it starts with people,” she said.
Masha disclosed that the Nigerian operation was in its second year and running its fourth founder cohort, with two cohorts organised annually.
Antler’s Nigerian programme runs for eight weeks, during which selected entrepreneurs work on developing products, testing business models and demonstrating commercial potential.
According to information published on Antler’s website, its African portfolio includes more than 35 companies, while over 500 founders have received support through its programmes. The firm also reports that its African portfolio companies have attracted more than $35 million in follow-on equity funding and over $20 million in follow-on debt financing.
These figures suggest that early-stage investment programmes can help companies attract additional financing beyond their first funding rounds.
Grimeland said Antler’s decision to expand into Nigeria was influenced by the country’s entrepreneurial culture and the availability of experienced local leadership. He explained that the firm had wanted to establish operations in Nigeria for some time but considered it important to find people capable of building and managing the business locally.
“We now found the right people,” he said, adding that Antler’s operations in the country were still at an early stage of growth.
Investors seek ambitious but practical founders
Beyond industry experience, Grimeland identified strong founding teams, ambitious business goals and clear execution plans as essential qualities for entrepreneurs seeking investment.
He added that founders needed to demonstrate how their businesses could become significant players in their industries while showing practical steps towards generating revenue.
Using healthcare as an example, he explained that a founder might aim to expand access to quality medical services across Africa but would still need to demonstrate how the business could attract its first paying customers. “What is the first step? How do I get my first 100 paying customers?” he asked.
He said entrepreneurs who combined a strong team with ambitious goals and a clear route to execution were better positioned to attract capital.
Grimeland also acknowledged the risks associated with investing in young businesses, noting that funding did not guarantee commercial success. He said Antler sought to reduce those risks through careful founder selection, continued financial support and access to experienced investors and advisers.
The firm also remained open to backing entrepreneurs whose previous businesses had failed, provided they demonstrated the ability to build promising new ventures.
For Grimeland, the long-term opportunity in Nigeria rests on the possibility that companies established today could become major businesses over the next decade. “Antler would continue seeking exceptional founders regardless of short-term economic conditions,” he said. “Investors who withdrew during difficult periods risked missing businesses capable of delivering significant returns.”
The approach places Nigeria within Antler’s broader African investment strategy, with the firm seeking to develop a pipeline of entrepreneurs who can build commercially viable businesses and attract additional capital.
As competition for startup funding increases, the firm’s message to Nigerian entrepreneurs is that industry knowledge, strong teams and the ability to execute business ideas will remain central to attracting investment.
Read also: Antler, OpenAI see opportunities in Nigeria’s EV, energy and AI infrastructure sectors
