Target Global, a Berlin-based international venture capital firm with over 1.5 billion euros in assets under management, recently brought together founders of several Nigerian startups and local tech investors at an exclusive interactive session which was held in Lagos, Nigeria.
Co-hosted by Kuda Technologies, a digital-led bank for Africans and Target Global’s first investment in Africa, the event highlighted the growing stream of foreign direct investment into Nigeria’s startup scene and opened up new avenues for fundraising to local founders.
Speaking at the June 8th event, Ricardo Schaefer, a partner at Target Global, reiterated the firm’s commitment to funding Nigerian startups.
“I’m grateful to Kuda for letting us invest and I’m very excited, not just because of Kuda, but also because of all the companies and founders I’ve met in Nigeria. It’s historic what is happening in tech here and we [Target Global] want to invest more in Nigeria, we want to spend more time here,” he said.
“We’re excited about any founder with big ambitions and we’re looking for startups with big outcomes,” he added.
Target Global led Kuda’s record-setting $10 million seed round in November 2020, helping put the digital-led bank on the world map as a serious challenger to traditional banks in emerging markets and reinforcing the fact that early-stage Nigerian startups are attracting significant global attention and contributing to the local economy.
Kuda has since raised an additional $25 million in a Series A round to drive its ambitious expansion plans.
The CEO of Kuda Technologies, Babs Ogundeyi, noted at the event that Target Global has been a valuable partner in Kuda’s rise to relevance, even beyond making sizable investments in both its seed and Series A fundraising rounds.
“Target joining us corroborated all the things my team and I believed. Our journey has been fueled by a really good investor that believes in us, and I’m even more confident that we’re going to build the biggest bank for every African on the planet,” Ogundeyi said.