A Deeper Look at VOA Venture Partners’ Investment Strategy

Victoria Olayide Adesanya, founder of Africa-focused venture capital firm VOA Venture Partners, takes a decidedly unconventional approach to evaluating potential investments. Rather than relying solely on pitch decks and standard due diligence processes, she requires her team to spend six months embedded within the businesses they’re considering backing.

This hands-on methodology allows VOA to gain an intimate understanding of a startup’s operations, market dynamics, and team culture—dimensions that often remain hidden during traditional evaluation periods. The firm focuses on financial infrastructure companies that facilitate capital flows into and out of Africa, with a particular interest in founders from the African diaspora.

How VOA Build Works

The “VOA Build” program forms the core of this approach. When a startup joins VOA Build, they gain access to an experienced team working alongside them as go-to-market strategists—without any initial investment required. The only goal during this period is revenue growth.

In return for their expertise, VOA earns a share of the incremental revenue generated and a small equity stake that vests over time. Importantly, this engagement occurs independently of any potential funding decision—allowing VOA to evaluate the business without the constraints of an investment thesis.

Why This Approach Matters

Adesanya created VOA Build in response to challenges facing early-stage African startups, particularly their difficulty accessing seed and Series A funding. According to recent data, the number of African startups raising between $100,000 and $1 million fell by 44% in the first half of 2023.

This immersive approach allows VOA to identify hidden strengths, address operational bottlenecks, and validate market assumptions that might be missed through conventional due diligence. It also provides founders with valuable mentorship and support during a critical growth phase—creating mutual benefit beyond just financial investment.

Two examples from VOA’s portfolio illustrate this impact: Blockradar enables fintechs to offer stablecoin wallets via API without complex blockchain engineering, while REasy facilitates cross-border payments for small businesses in Francophone Africa.

With its unique model and focus on foundational financial infrastructure, VOA Venture Partners is challenging conventional wisdom about how venture capital can drive sustainable growth across African markets.