The vibrant city of Lagos on Wednesday played host to the AfricArena Lagos Summit, a dynamic gathering that brought together some of Africa’s brightest innovators, investors, and ecosystem builders.
Held in Victoria Island, Lagos, the summit marked a significant milestone in the AfricArena tour leading up to the Grand Summit in Cape Town later this year.
Spotlight on African startups and investment
The summit showcased the ingenuity of 20 startups drawn from across Africa, with pitch competitions structured across four key tracks: Seed, Series A, Gender Lens, and Climate Tech.
These startups were selected through AfricArena’s intensive scouting campaigns and were participants in the Africa RISE program, a broader initiative funded by the European Union to support early-stage startups across the continent.
Winners from each track are now guaranteed a place at the AfricArena Grand Summit in Cape Town this December, offering them further visibility and access to international investors and accelerators.
Startups were rewarded not only with opportunities but with tangible resources as well. Nafisah Abrahams, AfricArena’s Chief of Staff, shared that each startup in the RISE program receives $25,000 in AWS credits, which can be used for a range of cloud-based solutions.
“They could use it to enhance their programs or projects,” she told Techpression, emphasising the importance of partnerships, especially with Silicon Overdrive, in providing scalable infrastructure to these ventures. Nafisah Abrahams also added that if financial sponsors are involved, startups may receive additional cash funding alongside credit and access support.
Investment realities in the African ecosystem
In one of the event’s more candid moments, Iyinoluwa Aboyeji, Founding Partner at the Fund for Africa’s Future and co-founder of Flutterwave and Andela, emphasised the dangers of premature VC funding.
Speaking both on stage and during our one-on-one discussion, Iyinoluwa Aboyeji warned that many African founders rush toward venture capital without a sustainable growth path. “VC is incredibly expensive capital,” he told Techpression.
“If you don’t have a clear path to a hundred million dollars, don’t take the money.” He advised founders to focus first on achieving early success—like reaching $1 million in revenue—through smaller angel investments before seeking larger funding rounds.
His insights resonated strongly with many attendees, especially emerging founders navigating early-stage growth challenges.
Aboyeji also praised AfricArena as “fantastic ecosystem players and builders,” applauding their efforts to unite key stakeholders in Africa’s tech space to address shared challenges.
Their presence in Lagos, he said, strengthens collaborative momentum in West Africa’s rapidly evolving tech landscape.
Meet the winners
The Best Fintech Startup Award was awarded to PaySika, a pioneering financial technology company based in Cameroon. The award was received by Roger Nengwe Ntafam, the Founder and CEO of PaySika, in recognition of the startup’s innovative approach to delivering inclusive digital banking services in Francophone Africa.
Retail Loop, led by Emeka Ehinze, the Founder and CEO from Nigeria, won the Best Logistics Startup Award. The company stood out for its data-driven solutions aimed at transforming last-mile delivery and retail logistics across urban centres in Africa.
In the e-commerce space, Kamel, co-founded by Aminu Ibrahim Hashim, took home the Best E-Commerce Startup Award. Based in Nigeria, Kamel is making waves by optimising product access and streamlining digital retail experiences for small and medium-sized businesses.
The Best Energy Startup Award went to Koolboks, with Lolade Alonge, the Business Communications Project Manager from Nigeria, accepting the recognition. Koolboks is known for its innovative solar-powered refrigeration solutions, which provide sustainable and affordable cooling in underserved communities.
Nigeria’s Vetsark, headed by CEO Blessing Mene, clinched the Best Seed Startup Award. The startup is transforming agricultural data and disease tracking systems, empowering farmers with real-time solutions to improve productivity and food security.
The Most Promising Entrepreneur Award was given to Ahmed Idris, Founder of Adashi, a Nigerian startup focused on digitizing traditional thrift and savings systems, enabling financial inclusion for underserved communities.
Lastly, the Most Attractive Investor Award was presented to Al Mada Ventures from Morocco. The venture capital firm was celebrated for its consistent commitment to nurturing African innovation through strategic investment and ecosystem engagement.
These startups will now continue their journey to the AfricArena Grand Summit, where they will engage with global VCs, corporates, and partners for further scaling opportunities.
A continental movement continues
The AfricArena Lagos Summit 2025 wasn’t just another tech event—it was a pivotal point in a continental movement aimed at turning African challenges into globally scalable solutions.
With partnerships from the EU-funded Africa RISE initiative, AWS, and key players in the local ecosystem, the summit reinforced the continent’s growing influence in global innovation discourse.
As the tour continues toward the Grand Summit in Cape Town, all eyes are on the startups and the investors reshaping Africa’s digital future, one pitch at a time.
