Acasia Ventures, the venture capital investment arm of Acasia Group headquartered in Egypt, has recently established a new office in Lagos, Nigeria. This strategic move aims to expand the company’s presence across the African continent and foster connections with local founders and stakeholders.
Formerly known as Cairo Angels until its rebranding last year, Acacia Group has been broadening its scope to encompass the entire continent. It has made notable investments in Nigerian logistics startup Fez Delivery and Egyptian fintech company Balad.
The inauguration of the Lagos office by Acasia Ventures signifies its strong commitment to the continent, with a specific focus on West Africa. The office is conveniently situated within the Impact Hub building in the city, affiliated with a global network of locally-founded and operated impact innovation incubators, accelerators, co-working spaces, and non-profit organizations.
Biola Alabi, the general partner of Acasia Ventures, emphasized the company’s belief in the future of Africa as a whole, stating, “We have our heritage in Egypt, but we really believe in the future of the whole continent. That is why our new office in Lagos should provide a platform to deepen our relationships with the market, by having an in-person presence in Nigeria.” Alabi further highlighted the importance of investing in companies that will shape a better future for Africa’s economic and social development, particularly during challenging times like economic crises.
Additionally, Acasia Ventures is actively collaborating with its sister company, Acasia Impact, to establish tailored, sector-specific programs around entrepreneurship and innovation in partnership with corporations in Nigeria.
Alabi further expressed the significance of the new office, stating, “Our new office will be a destination that founders and stakeholders can come to and engage with us, and being at the heart of Impact Hub allows us to be at the center of the entrepreneurship ecosystem in the country.”