Venture Garden Group Nigeria


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Presentation from the Homestrings Investing in Nigeria symposium. For more details on this project go to

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Venture Garden Group Nigeria

  1. 1. “Invest in Nigeria” London, March 2014 PROTEA INVESTMENT PARTNERS
  3. 3. Our Key Team Members Chief Executive Officer An execution focused executive with over 16 years entrepreneurial experience in high-tech sales, solutions development and management; including starting over 5 companies in Nigeria and in the US. Bunmi Akinyemiju Executive Director Over ten years’ experience driving innovation in large-scale complex projects including global strategy and business development in emerging market. Kunmi broke the deal for three global US and Asian airlines to enter the Nigeria market. Kunmi Dumuren CEO FE3DS, LLC; Founder FEEEDS Advocacy Initiative; U.S. AMBASSADOR TO NIGERIA & ECOWAS, 2007-2010 & REPUBLIC OF CONGO 2002-2005 Ambassador Robin Sanders Chairman Advisory Board Chairman Governing Board Former Vice-Chairman of the Board of Mobil Producing Nigeria and Chief Financial Officer of the ExxonMobil Upstream Companies in Nigeria. He has served as Project Finance Director (Europe, Middle East and Africa), Country HR Manager and General Manager, Planning and New Business Development. Mr. Cyril odu 3
  4. 4. Our Key Team Members Cont’d ►Chief Operating Officer With over 16 years multifunctional, multisectoral, multinational work experience, he brings a rich and exciting combination of leadership, passion and high execution capacity to the team Babatope Makun ►Head, Business Development and Strategy A Business Development Expert with a keen interest in developing effective Business systems in Africa, Sheila’s experience spans across testing the suitability /viability of products & services in target locations (esp. Africa), Coordinating Company’s Sales activities, Prospecting (from Major corporations to HNWI), Development of Sales processes & tools in target location and Sales Process Management Sheila Ash Nelson ► Chief Technology Officer Over 15 Years’ experience leading technology teams; over ten years of extensive experience in software development both in the public and private sectors in Nigeria, and the United States of America. Demola has built over 45 technology solutions for 2 US Fortune 500 companies. Demola IDowu ►Investment Advisor Over 13 years’ experience financing, investing, and building businesses. Founder and Managing Director, Huron River Ventures, an $11m early stage venture capital firm. Previously founded US corporate venture group for HSBC. . Tim Streit 4
  5. 5. Developed Economies seem to be light years away… 5 Aviati on Educatio n Transpor t Healthca re Finance ..With fully Automated Data management and Electronic payments systems
  6. 6. Technology has been identified as the major driver… 6 ...One of the most significant findings in the last 50 years is that a large share of economic growth of any developed country is driven by Technology & Innovation
  7. 7. But Emerging and Frontier Countries especially in Africa are significantly behind due to low adoption of technology " 5 Especially in • Automation of Data collection processes • Conversion to Electronic payments platforms • Mobile phone penetration • Internet penetration • Centralized Identity system/Credit system Aviation Finance Education Power
  8. 8. Though many still have peculiar challenges especially in the areas of… 8 Cash economies Manual processes Lack of data and Effective data management processes  Cash ‘Leakages’  Graft  Robbery  No cash registers  Ledger based inventory control systems  Paper accounting  Inability to plan, seek Foreign Direct Investment (FDI) etc  World bank, International Finance Corporation (IFC) and other institutions are frustrated  Population dynamics, consumption, etc – data quality is poor
  9. 9. Emerging Markets Billing & Payments Automation Data Venture Garden (VGG) is a collection of companies that develop automated data collection, data management, and payment processing solutions for emerging markets, particularly Africa - in several sectors ranging from financial services, education, aviation, and for the petroleum sector. 9 What is BIG DATA = Data warehouse, analytics, decision making data systems
  10. 10. VGG has launched more than 12 companies that are generating income with major customers and are ready for growth capital and national roll-out…Sectors include; 10 [Big DATA] [Automation] [Payment/Billing Technologies] Education Aviation Oil and Gas Finance Power Other Tech-start ups ™
  12. 12. Transformative e-Learning, Built for Africa! - A uniquely customized online/offline content delivery platform on a tablet device with no internet required to operate. - Rapid video capture technology with automatic slicing and syncing - Connected to ubiquitous payment channels for automated revenue collection What is ™ 12 ™
  13. 13. Education in Africa – The Nigerian Case Study - There are 1.5 million college applicants annually in Nigeria alone - 127 Universities across Nigeria - Together they have a capacity to admit only about 250,000 annually Why? - Lack of capacity -Limited Access Country Population Universities Students:Uni USA 290million 2,618 100,000:1 Japan 127million 1,223 100,000:1 Nigeria 140million 127 1,050,000:1 13 ™
  14. 14. Track Record  Bursary/Treasury Automation ONLY: for 13 Universities, processing payments, online registration and results processing for over 200,000 students across Nigeria to-date via Eduportal Traction  10 year Exclusive Contract signed with top 2 national Universities in the Northern and Southern parts of Nigeria – OAU & ABU  Three additional top Universities in negotiations stage Revenue/EBIDTA Opportunity  Revenue Opportunity on OAU and ABU is $111.5m  Projected EBIDTA - $83.9m  Total Addressable Market: 10 of the top Universities in Nigeria Building on its early success, Edutech is going to redefine Education in Nigeria Barriers to Entry  Rigorous regulatory approval process (EduTech is approved with OAU),  Over 1,500 hours of content recorded, across over 400 lecturers  Unique United States hardware technology used, with West Africa rights locked down ™
  17. 17. PROTEA INVESTMENT PARTNERS Key Differentiators •Protea Investment Partner is the funding arm of Venture Garden Nigeria. Officially launched in 2013, Protea is headquartered in Jersey and drives Venture Garden Nigeria investments activities especially in Europe. •Protea is driven by the belief that we are able to deliver proven technologies into targeted sectors in Africa which are key to economic development and sustainable growth. • Local advisory team with strong track record to monitor Technology Companies. • Specialist intelligence led risk containment capabilities. • Partnership with VGG to generate pipeline + Existing pipeline that demonstrates double bottom line (high growth + impact investment opportunities). • Our business model is designed to limit Exit risks. 17
  18. 18. PROTEA INVESTMENTS PARTNERS PEOPLE 18 Nicholas Connell – Risk Advisor Founding partner of Rubus Group, a qualified lawyer with practice experience in South Africa and the UK. Nic worked as an in-house lawyer with Rand Merchant Bank (UK) before joining the intelligence industry. Nic holds an LLB from the University of Witwatersrand and an MBA From Imperial College London. He is a member of the Law Societies of England & Wales and South Africa. Nicholas is also a member of the Chartered Insurance institute and Chartered Institute for Securities & Investment. Nicholas is a South African citizen.. Team - best of both worlds •The Nigerian Portfolio Management team have worked together for many years building technology companies in Nigeria and USA. •Fund Management team based in Jersey, having worked together for many years in fund services and risk management •Strong historic links between the two halves.
  19. 19. PROTEA INVESTMENTS PARTNERS PEOPLE Anthony Dunmade – CFO Over 11 years' experience as a UK qualified accountant in the finance industry. Anthony previously worked as a manager for a European private equity fund Service company and was responsible for the financial & management reporting for a large European based fund manager. He has also worked as a Manager of Accounting Services at State Street Global Services in Jersey where he was responsible for the production of management accounts, statutory reporting and audit for a portfolio of complex SPV structures. Anthony is a fellow member (FCCA) of the UK Chartered Association of Certified Accountants and holds a BA (Hons) Business Accounting from the University of Lincoln in the UK. Anthony holds British and Nigerian citizenship. Joel Haskins – Fund Manager Over 16 years as a Canadian Chartered Accountant with 9 years in private equity. Joel has held senior director level positions with two multinational private equity fund service companies . He also has CFO experience working for a large Swiss based private equity management company. Joel moved to Jersey in 2008 in order to lead the startup of Northern Trust’s private equity fund administration business in Jersey and has worked extensively with a large American hedge fund manager, assisting them in their first two African focused private equity funds. Joel received a Bachelor of Business Administration (B.B.A) from Simon Fraser University in Canada and qualified as a Chartered Accountant with PwC. Joel is a Canadian citizen and also holds permanent residency status in the United Kingdom. 19
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