Hux Ventures is shutting down its venture capital fund after six years in Nigeria’s startup scene. The Lagos-based firm, founded in 2019 and led by Sam Ojei, will now run as a venture studio. The switch means fewer external bets and more direct involvement in building companies from within.
The fund once invested across technology, healthcare, and renewable energy. Now the model changes completely. Instead of spreading capital across many bets, the team will build fewer companies and stay deeply involved in their growth.
That’s a sharp turn for a firm that only last year launched Hux Fast, a program designed to plug funding and mentorship gaps for African startups. It was pitched as a lifeline for founders locked out of capital markets. By ending the fund, Hux signals it believes deeper in-house building has more impact than light-touch support.
The timing speaks to wider pressures in early-stage VC across Africa. Deals have slowed, follow-on funding is harder to secure, and many accelerators often lack the capacity for sustained backing. For firms like Hux, the studio model offers more control—allowing the team to concentrate resources on fewer ideas with stronger operational support.
“Closing Hux Ventures is not the end. It is the beginning of something new,” the team said in its public statement. “Our true passion is building.”
Click to signupGlobally, venture studios are emerging as an alternative to classic VC. They combine company creation, funding, and shared resources under one roof. In Africa’s fragmented capital markets, the approach could help produce ventures with sturdier foundations.
For Ojei, who was named Nigeria’s Entrepreneurial Supporter of the Year in 2022, the change keeps him closer to founders. Alongside Hux, he also runs Foundersmax and Startup Cohort, but the mission remains the same: shaping startups with hands-on involvement.
By ending the fund, Hux steps back from the traditional VC pool but positions itself to build startups that may survive funding droughts. For Ojei, the bet is clear: more building in the trenches, less investing from the sidelines. The best, they insist, is still ahead.
