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Tofinos investments in Africa include Seamless HR, a human resources and payroll solution Sabi, a digital commerce infrastructure provider Eksab, a fantasy football service Lucky, a cashback rewards app Caafisom, a medtech company in Somaliland Adbot, an automated advertising solution in South Africa and NiceDeer, an Egyptian health insurtech firm.
In this interview with Betsy Henderson, Pence shares his insights on investing in African startups, highlighting the distinct approach required compared to investing in USbased ventures.
Eliot Pence, cofounder of Tofino Capital
Eliot Pence is the cofounder of Tofino Capital, a 10 million venture capital fund that invests in earlystage businesses in frontier markets.
He also discusses his bullish outlook on the continents construction industry and reveals why he considers Egypt a particularly interesting market.
KeypointsRelated articlesTell us about Tofino Capitals investment strategy. How do you differentiate yourself from other VCsTofino Capital invests in viral business models in underinvested markets around the world. How do you identify these businesses, and what do they look like in AfricaWhat are some characteristics of these successful frontier market entrepreneursSince launching Tofino Capital last year, how much of the 10 million fund has been deployedTofino Capital has an investment in a Nigerian digital construction marketplace startup. What trends or opportunities do you see in this industryOne third of Tofino Capitals investments are in Egyptian startups. What are your thoughts on this marketWhat insights would you share from your experience investing in African startupsIs there a story behind the name of Tofino CapitalWhat comes next after this initial fund
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