Many buyers say they again pre-seed startups, however few not often do. Antler, a VC agency with investments throughout the U.S., Europe, Africa, and Asia, is likely one of the exceptions. The agency invests on the concept stage earlier than startups are based. In 2024, PitchBook ranked Antler the fifth most lively VC investor globally since 2018.
Based in 2017 by Marcus Grimeland, a former managing director at Rocket Web, Antler expanded to Africa in 2019, opening its first workplace in Nairobi. The agency’s funding thesis is centred on fast-growing ecosystems like Southeast Asia and Africa, the place it believes it will possibly make a significant influence and assist founders from ideation to scale.
With 26 East African startups like Uncover and Sukhiba in its sector-agnostic portfolio, Antler has invested $14 million and helped founders validate concepts, discover co-founders, and lift further capital. It’s now coming into Nigeria, its second African market, and has appointed Anil Atmaramani as its West African associate.
“We make investments on the inception stage—earlier than traction, earlier than confirmed metrics—when all we’ve is a founder, a imaginative and prescient, and conviction of their potential to execute. Our focus is on scalable, high-impact companies fixing actual issues, whether or not tech-first or tech-enabled,” Atmaramani mentioned.
Antler will make investments $100,000 for a ten% stake in any Nigerian portfolio firm and double down on a number of startups, in keeping with its method in Kenya. The agency usually writes the primary cheque for startups and may again them till Collection C. Antler founders can even increase follow-on rounds at market-driven valuations.
The VC agency can be growing a debt plan for portfolio startups to entry working capital. “This ensures nice companies can scale with out pointless dilution, giving founders the liquidity they want for development,” Atmaramani mentioned.
Antler additionally helps founders broaden throughout many markets by offering “smooth landings” in nations the place it operates. The agency facilitates partnerships and provides regulatory assist to assist startups navigate the complexities of coming into new markets.
TechCabal spoke to Anil Atmaramani, Antler’s West Africa associate, to know the agency’s plan for its West African arm and the way it plans to construct startups with first-time founders.
This interview has been edited for size and readability.
What satisfied Antler that this was the proper second to enter the Nigerian market?
Nigeria has at all times been on Antler’s roadmap, following its launch in Nairobi in 2019. As Africa’s largest financial system and hub of innovation, it has produced international success tales like Paystack, Moniepoint, and Moove. However past these headline names lies a deep, untapped pool of expertise with the imaginative and prescient to construct transformative options. That’s the place Antler thrives—figuring out and backing high-potential founders on the earliest levels. Nigeria’s density of entrepreneurial expertise makes it a pure match for Antler’s funding mannequin, and we’re able to work with West African founders trying to flip daring concepts into scalable companies.
Strategically, Lagos and Nairobi complement one another. We’re not working remoted operations; we’re constructing an built-in, pan-African platform that connects founders, buyers, and alternatives throughout the continent and the world.
We additionally carry insights from different rising markets. With a presence in Southeast Asia and Latin America, we’ve seen what works: robust networks and a founder-first method can yield distinctive innovation and market breakthroughs.
That’s why our method in Nigeria goes past simply funding. We’re making a group area for entrepreneurs to come back and construct, meet different founders, entry international networks of specialists and buyers, and construct transformative companies from the bottom up.
On a private stage, I carry each investor and operator expertise. I’ve spent over twenty years constructing companies in Nigeria, so I perceive the realities of working right here. That perspective has additionally formed what alternatives we’re able to again, together with each tech-first and tech-enabled enterprise fashions that may scale and rework the realities we reside in.
Will Antler Nigeria give attention to any particular verticals or stay sector-agnostic?
Antler is sector-agnostic however extremely intentional. Nigeria is a greenfield alternative. Fintech has led the best way, however the subsequent wave of innovation will transcend funds. Edtech, agritech, healthtech, and even non-traditional tech options all have large potential. The time to construct in Africa is now, and we’re backing founders tackling Africa’s largest challenges with daring, scalable concepts.
Antler usually brings collectively people who could not have met earlier than. How do you intend on discovering and vetting these potential entrepreneurs in Nigeria?
We determine founders earlier than they actually have a firm. In Nigeria, we’re taking a multi-channel method—whether or not they’re seasoned operators, area specialists, or formidable problem-solvers able to construct.
We’re on the lookout for deep area information, important considering, management, and resilience—non-negotiable traits for thriving in Nigeria’s dynamic market. Whereas we’re open to all backgrounds, founders who thrive usually have at the least seven years of expertise within the sector they’re tackling, offering an “unfair” benefit relative to others.
We actively interact with prime tech communities and business networks. Founders ought to count on extra than simply purposes—we’ll run occasions, fireplace chats, and workshops to identify and again one of the best entrepreneurial minds earlier than they even realise they’re prepared to begin.
Will founders obtain stipends to cowl residing bills, as is completed in different Antler packages?
Chosen founders obtain stipends to allow them to focus 100% on constructing with out monetary strain. Our purpose is to take away obstacles and provides distinctive entrepreneurs the absolute best runway to create an impactful and scalable enterprise.
How a lot weight do you place on prior entrepreneurial expertise versus uncooked potential?
We again distinctive people first and companies second. Prior entrepreneurial expertise helps, nevertheless it’s not a dealbreaker. What actually issues is the power to execute, adapt, and construct one thing transformative.
We’re on the lookout for deep drawback possession—distinctive insights and an obsession with fixing an actual drawback. The founders ought to be resilient and adaptable as a result of Nigeria’s market is hard and solely nice founders push by means of.
We even have an execution bias as concepts are low-cost; we again those that take motion. We additionally prioritise management and team-building—the proper co-founder could make or break a startup.
Whereas we’ve seen robust success correlations with founders who’ve 7+ years of prior expertise of their sector or area, uncooked potential mixed with the proper mindset might be simply as highly effective.
How does Antler plan to employees native mentors, and how much on-the-ground operational assist can founders count on?
We’re constructing a powerful native mentor community, tapping into seasoned operators, exited founders, and business leaders who perceive the realities of constructing in Nigeria. Past native experience, Antler’s international community is a key benefit. Nigerian founders could have entry to top-tier advisors, buyers, and subject-matter specialists from throughout Antler’s international group. Our platform makes it simpler for native founders to entry and entice international capital.
Other than the preliminary funding, what differentiating assist do you supply?
Our largest differentiator past the preliminary funding is the structured, hands-on method we carry to assist founders in constructing investable companies from day zero.
Antler is extra than simply an investor. We’re a group for founders to construct from day zero. Our residency gives a structured area the place entrepreneurs join with co-founders, advisors, and a worldwide community of operators. It’s designed to speed up the journey from concept to firm formation, making it simpler and quicker to get off the bottom.
We’re providing founders a devoted founder hub; entry to skilled operators and main business experience; and common classes with specialists, buyers, and profitable founders.
Nigeria’s VC area has been heating up, with native and worldwide funds coming into not too long ago. How does Antler plan to face out?
Whereas many funds await startups to realize traction, we put money into founders on the very begin of their journey, usually earlier than they’ve a product or perhaps a workforce. Via our founder group, workspace, credit, knowledgeable community, and structured assist, we cut back the friction of beginning up. This implies founders can give attention to execution, validate concepts faster, and entice follow-on capital sooner. Antler creates the quickest path from idea to firm, making it simpler for one of the best founders to take the leap and scale globally.
How a lot capital is earmarked particularly for Nigeria within the close to time period?
We don’t put aside capital for particular geographies; we fund one of the best founders constructing in Africa. The perfect concepts can come from wherever, and we go the place they’re. If Nigeria retains producing nice startups, we’ll make investments extra.
How is Antler committing to supporting founders by means of market ups and downs?
Antler is dedicated to being a long-term associate for our founders, supporting them by means of each the highs and lows. By investing early, we all know that constructing a profitable enterprise takes time and resilience. We’re right here to assist founders pivot, scale, or climate market challenges, making certain they’ve the assist wanted to reach the long term.
What are your objectives for the agency’s influence and presence in Nigeria 5 years from now?
Success for Antler in Nigeria is measured by the variety of high-quality startups we allow to launch, scale, and entice international funding. Over the subsequent 5 years, we intention to assist founders in constructing firms that broaden past Nigeria into key African and worldwide markets whereas offering the construction, sources, and capital to de-risk the earliest levels of firm constructing, permitting extra founders to leap.
We additionally need to place our African portfolio as a compelling funding alternative for strategic buyers globally. With time, we need to set up Antler because the go-to platform in Nigeria for formidable entrepreneurs to attach, validate concepts, and construct enduring companies
Our success is outlined by the tangible influence of the startups we again—measured by income development, job creation, and follow-on capital raised. The purpose isn’t just to take a position however to form the ecosystem and show that world-class firms might be constructed from day zero in Nigeria.
How does Antler deal with ventures that fail? Are there processes to assist founders pivot, or do you encourage them to maneuver on shortly?
Failure is a pure a part of enterprise constructing and shouldn’t be the top of the highway for excellent founders. We give attention to structured pivots, working with founders to fail quick, be taught, and rebuild.
What does Antler count on of potential founders earlier than they be a part of the cohort—enterprise plans, prototypes, or simply uncooked ambition?
Antler doesn’t have a one-size-fits-all method. We’ve seen founders are available in with tough concepts, in addition to these with well-structured groups, enterprise plans, and a transparent speculation. What issues most to us is figure ethic, important considering, dedication to succeed in the purpose, and deep area information that helps clearly outline the issue you’re fixing.
My recommendation to first-time founders is to be genuine in your utility and ensure it’s full. Your LinkedIn profile must also be updated, as that’s usually our first level of contact.
What are the highest pitfalls you see Nigerian startups falling into, and the way can they keep away from them?
Many startups fall into the lure of getting too caught up within the hype of the issue they suppose they’re fixing. Whereas the issue could also be actual, it doesn’t at all times translate into an investable enterprise. Founders should be important and validate their concepts earlier than scaling.
A key pitfall is the dearth of fiscal self-discipline. Early-stage founders usually overspend, particularly after receiving preliminary funding. It’s essential to keep up frugality and thoroughly handle sources within the early levels.
One other widespread mistake is scaling too early. It’s tempting to chase development, however founders should guarantee they’ve nailed product-market match earlier than investing closely in enlargement. Untimely scaling can result in wasted capital and operational challenges.
What function does Antler play in mitigating a few of these hurdles—whether or not operational, monetary, or regulatory?
At Antler, we play an lively function in serving to founders mitigate key hurdles by providing steerage at each stage. We assist founders from concept validation to execution, lowering early-stage dangers and growing probabilities of success.
We help in structuring income fashions, managing capital allocation, and making ready for follow-on fundraising to make sure that founders are heading in the right direction financially.
In terms of regulatory and compliance challenges, we join startups with native authorized specialists and regulatory advisors who may also help navigate the complexities early on.
Moreover, we emphasise founder alignment and actively assist matching co-founders with complementary abilities. We additionally assist arrange robust governance constructions to make sure groups are constructed to scale successfully.
What’s the largest false impression about enterprise capital in Africa that you simply suppose must be corrected?
The most important false impression about enterprise capital in Africa is that it’s just for tech or deep tech ventures. At Antler Africa, we’ve confirmed that innovation can take many kinds. For instance, we’ve backed firms that wouldn’t historically qualify for enterprise capital however are doing remarkably properly, reminiscent of Uncover—a skincare model tailor-made to African prosperous shoppers.
It’s time to rethink the mould and adapt our funding methods to the realities of our continent—whether or not that’s supporting extra tech-enabled improvements, providing working capital loans, or backing founders from day zero. Antler Africa is main the best way in reimagining how we clear up outdated issues with new approaches. We should lead by instance, exhibiting our founders that there aren’t any one-size-fits-all options within the pursuit of innovation and development.