Frankfurt-based venture capital (VC) firm GreenTec Capital Partners has announced that it will expand its footprint in West Africa by opening an office in Lagos, Nigeria.
In a post on its website, Greentec Capital Partners said the opening of the Lagos office — which the firm said represents its second step in the VC’s African expansion strategy — will give it better access to West Africa, and particularly Nigeria.
The firm stated that the Lagos office will be run by newly appointed members David Ogundeko and Eniola Lawal.
The VC firm already has two offices in Africa — in Addis Ababa in Ethiopia and Sandton in South Africa.
GreenTec Capital Partners announced in a post on Twitter that it plans to support 50 African investments annually by 2023.
The firm’s most recent deals include undisclosed investments in Lagos-based logistics company Parcel-It and Kenyan insurance aggregator Bismart Insurance. GreenTec Capital Partners portfolio also includes agritech startups Farmcrowdy, and AgroCenta.
