Sim Shagaya, a seasoned entrepreneur known for his ventures such as Konga and uLesson, has added to the growing list of African entrepreneurs with venture firms or studios by launching The Honey Badger Fund (HBF).
The Honey Badger Fund (HBF), spearheaded by Sim Shagaya, aims to support “extraordinary Africans” by investing in companies that are making positive changes across the continent. Beyond providing capital, the fund emphasizes bringing valuable experience to its partnerships with entrepreneurs.
Shagaya gained prominence for his pioneering role in Nigeria’s e-commerce landscape through Konga, which he founded in July 2012. Prior to 2020, a period marked by limited capital availability in the African tech ecosystem, Konga raised approximately $80 million.
Following his tenure at Konga, Shagaya shifted his focus to his edtech startup, uLesson, which has evolved from catering to primary and secondary education to expanding into tertiary education with Miva University. uLesson has also garnered significant backing, reaching the Series B stage with nearly $30 million raised.
Reflecting on his journey, Shagaya highlighted the importance of discerning the right kind of investment for business growth, emphasizing that not all funding is beneficial.
At 48 years old, Shagaya joins a select group of Nigerian founders with multiple venture-backed companies. Expressing his eagerness to leverage his expertise to support exceptional African entrepreneurs, Shagaya announced his latest venture via social media.
Other notable African entrepreneurs with funds or venture studios include Iyinoluwa “E” Aboyeji (Andela, Flutterwave) with Future Africa and Accelerate Africa, and Opeyemi Awoyemi (Jobberman, WhoGoHost) with Fast Forward Ventures. Additionally, several African founders have made private investments in startups either individually or through their private funds. On the other hand, Yele Bademosi, Founding Partner of Microtraction, transitioned to the operator side with Nestcoin.
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