African VC is getting more selective. This investor shares what it takes to get an investor’s attention

When Eunice Ajim launched her eponymous venture capital firm, Ajim Capital, in 2022, she expected to make as many as 80 investments.

The firm’s first $10 million fund ultimately backed 20 companies. Now raising a second fund, she says she is unlikely to invest in that many startups again, planning instead for a portfolio of around 30 companies.

“When I was getting started as a VC, I was very naive,” she told Condia.

Last updated: October 21, 2026