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Many investors say they back pre-seed startups, but few rarely do. Antler, a VC firm with investments across the U.S., Europe, Africa, and Asia, is one of the exceptions. The firm invests at the idea stage before startups are founded. In 2024, PitchBook ranked Antler the fifth most active VC investor globally since 2018.
Founded in 2017 by Marcus Grimeland, a former managing director at Rocket Internet, Antler expanded to Africa in 2019, opening its first office in Nairobi. The firm’s investment thesis is centred on fast-growing ecosystems like Southeast Asia and Africa, where it believes it can make a meaningful impact and support founders from ideation to scale.
With 20 East African startups like Uncover and Sukhiba in its sector-agnostic portfolio, Antler has invested at least $2 million and helped founders validate ideas, find co-founders, and raise additional capital. It is now entering Nigeria, its second African market, and has appointed Anil Atmaramani as its West African partner.
“We invest at the inception stage—before traction, before proven metrics—when all we have is a founder, a vision, and conviction in their ability to execute. Our focus is on scalable, high-impact businesses solving real problems, whether tech-first or tech-enabled,” Atmaramani said.
Antler will invest $100,000 for a 10% stake in any Nigerian portfolio company and double down on a few startups, consistent with its approach in Kenya. The firm typically writes the first cheque for startups and can back them until Series C. Antler founders can also raise follow-on rounds at market-driven valuations.
The VC firm is also developing a debt plan for portfolio startups to access working capital. “This ensures great businesses can scale without unnecessary dilution, giving founders the liquidity they need for growth,” Atmaramani said.
Antler also helps founders expand across many markets by providing “soft landings” in countries where it operates. The firm facilitates partnerships and offers regulatory support to help startups navigate the complexities of entering new markets.
TechCabal spoke to Anil Atmaramani, Antler’s West Africa partner, to understand the firm’s plan for its West African arm and how it plans to build startups with first-time founders.
This interview has been edited for length and clarity.
What convinced Antler that this was the right moment to enter the Nigerian market?
Nigeria has always been on Antler’s roadmap, following its launch in Nairobi in 2019. As Africa’s largest economy and hub of innovation, it has produced global success stories like Paystack, Moniepoint, and Moove. But beyond these headline names lies a deep, untapped pool of talent with the vision to build transformative solutions. That’s where Antler thrives—identifying and backing high-potential founders at the earliest stages. Nigeria’s density of entrepreneurial talent makes it a natural fit for Antler’s investment model, and we are ready to work with West African founders looking to turn bold ideas into scalable businesses.
Strategically, Lagos and Nairobi complement each other. We’re not running isolated operations; we’re building an integrated, pan-African platform that connects founders, investors, and opportunities across the continent and the world.
We also bring insights from other emerging markets. With a presence in Southeast Asia and Latin America, we’ve seen what works: strong networks and a founder-first approach can yield unique innovation and market breakthroughs.
That’s why our approach in Nigeria goes beyond just funding. We’re creating a community space for entrepreneurs to come and build, meet other founders, access global networks of experts and investors, and build transformative businesses from the ground up.
On a personal level, I bring both investor and operator experience. I’ve spent over two decades building businesses in Nigeria, so I understand the realities of operating here. That perspective has also shaped what opportunities we are ready to back, including both tech-first and tech-enabled business models that can scale and transform the realities we live in.
Will Antler Nigeria focus on any specific verticals or remain sector-agnostic?
Antler is sector-agnostic but highly intentional. Nigeria is a greenfield opportunity. Fintech has led the way, but the next wave of innovation will go beyond payments. Edtech, agritech, healthtech, and even non-traditional tech solutions all have massive potential. The time to build in Africa is now, and we’re backing founders tackling Africa’s biggest challenges with bold, scalable ideas.
Antler often brings together individuals who may not have met before. How do you plan on finding and vetting these prospective entrepreneurs in Nigeria?
We identify founders before they even have a company. In Nigeria, we’re taking a multi-channel approach—whether they’re seasoned operators, domain experts, or ambitious problem-solvers ready to build.
We are looking for deep domain knowledge, critical thinking, leadership, and resilience—non-negotiable traits for thriving in Nigeria’s dynamic market. While we’re open to all backgrounds, founders who thrive often have at least seven years of experience in the sector they’re tackling, providing an “unfair” advantage relative to others.
We actively engage with top tech communities and industry networks. Founders should expect more than just applications—we’ll run events, fireside chats, and workshops to spot and back the best entrepreneurial minds before they even realise they’re ready to start.
Will founders receive stipends to cover living expenses, as is done in other Antler programs?
Selected founders receive stipends so they can focus 100% on building without financial pressure. Our goal is to remove barriers and give exceptional entrepreneurs the best possible runway to create an impactful and scalable business.
How much weight do you place on prior entrepreneurial experience versus raw potential?
We back exceptional individuals first and businesses second. Prior entrepreneurial experience helps, but it’s not a dealbreaker. What truly matters is the ability to execute, adapt, and build something transformative.
We’re looking for deep problem ownership—unique insights and an obsession with solving a real problem. The founders should be resilient and adaptable because Nigeria’s market is tough and only great founders push through.
We also have an execution bias as ideas are cheap; we back those who take action. We also prioritise leadership and team-building—the right co-founder can make or break a startup.
While we’ve seen strong success correlations with founders who have 7+ years of prior experience in their sector or domain, raw potential combined with the right mindset can be just as powerful.
How does Antler plan to staff local mentors, and what kind of on-the-ground operational support can founders expect?
We are building a strong local mentor network, tapping into seasoned operators, exited founders, and industry leaders who understand the realities of building in Nigeria. Beyond local expertise, Antler’s global network is a key advantage. Nigerian founders will have access to top-tier advisors, investors, and subject-matter experts from across Antler’s global community. Our platform makes it easier for local founders to access and attract global capital.
Aside from the initial investment, what differentiating support do you offer?
Our biggest differentiator beyond the initial investment is the structured, hands-on approach we bring to support founders in building investable businesses from day zero.
Antler is more than just an investor. We are a community for founders to build from day zero. Our residency provides a structured space where entrepreneurs connect with co-founders, advisors, and a global network of operators. It’s designed to accelerate the journey from idea to company formation, making it easier and faster to get off the ground.
We are offering founders a dedicated founder hub; access to experienced operators and leading industry expertise; and regular sessions with experts, investors, and successful founders.
Nigeria’s VC space has been heating up, with local and international funds entering recently. How does Antler plan to stand out?
While many funds wait for startups to gain traction, we invest in founders at the very start of their journey, often before they have a product or even a team. Through our founder community, workspace, credits, expert network, and structured support, we reduce the friction of starting up. This means founders can focus on execution, validate ideas quicker, and attract follow-on capital sooner. Antler creates the fastest path from concept to company, making it easier for the best founders to take the leap and scale globally.
How much capital is earmarked specifically for Nigeria in the near term?
We don’t set aside capital for specific geographies; we fund the best founders building in Africa. The best ideas can come from anywhere, and we go where they are. If Nigeria keeps producing great startups, we’ll invest more.
How is Antler committing to supporting founders through market ups and downs?
Antler is committed to being a long-term partner for our founders, supporting them through both the highs and lows. By investing early, we know that building a successful business takes time and resilience. We’re here to help founders pivot, scale, or weather market challenges, ensuring they have the support needed to succeed in the long run.
What are your goals for the firm’s impact and presence in Nigeria five years from now?
Success for Antler in Nigeria is measured by the number of high-quality startups we enable to launch, scale, and attract global investment. Over the next five years, we aim to support founders in building companies that expand beyond Nigeria into key African and international markets while providing the structure, resources, and capital to de-risk the earliest stages of company building, allowing more founders to leap.
We also want to position our African portfolio as a compelling investment opportunity for strategic investors globally. With time, we want to establish Antler as the go-to platform in Nigeria for ambitious entrepreneurs to connect, validate ideas, and build enduring businesses
Our success is defined by the tangible impact of the startups we back—measured by revenue growth, job creation, and follow-on capital raised. The goal is not just to invest but to shape the ecosystem and prove that world-class companies can be built from day zero in Nigeria.
How does Antler handle ventures that fail? Are there processes to help founders pivot, or do you encourage them to move on quickly?
Failure is a natural part of venture building and should not be the end of the road for great founders. We focus on structured pivots, working with founders to fail fast, learn, and rebuild.
What does Antler expect of prospective founders before they join the cohort—business plans, prototypes, or just raw ambition?
Antler doesn’t have a one-size-fits-all approach. We’ve seen founders come in with rough ideas, as well as those with well-structured teams, business plans, and a clear hypothesis. What matters most to us is work ethic, critical thinking, determination to reach the goal, and deep domain knowledge that helps clearly define the problem you’re solving.
My advice to first-time founders is to be authentic in your application and make sure it’s complete. Your LinkedIn profile should also be up to date, as that’s often our first point of contact.
What are the top pitfalls you see Nigerian startups falling into, and how can they avoid them?
Many startups fall into the trap of getting too caught up in the hype of the problem they think they’re solving. While the problem may be real, it doesn’t always translate into an investable business. Founders need to be critical and validate their ideas before scaling.
A key pitfall is the lack of fiscal discipline. Early-stage founders often overspend, especially after receiving initial investment. It’s crucial to maintain frugality and carefully manage resources in the early stages.
Another common mistake is scaling too early. It’s tempting to chase growth, but founders must ensure they’ve nailed product-market fit before investing heavily in expansion. Premature scaling can lead to wasted capital and operational challenges.
What role does Antler play in mitigating some of these hurdles—whether operational, financial, or regulatory?
At Antler, we play an active role in helping founders mitigate key hurdles by offering guidance at every stage. We support founders from idea validation to execution, reducing early-stage risks and increasing chances of success.
We assist in structuring revenue models, managing capital allocation, and preparing for follow-on fundraising to ensure that founders are on the right track financially.
When it comes to regulatory and compliance challenges, we connect startups with local legal experts and regulatory advisors who can help navigate the complexities early on.
Additionally, we emphasise founder alignment and actively support matching co-founders with complementary skills. We also help set up strong governance structures to ensure teams are built to scale effectively.
What’s the biggest misconception about venture capital in Africa that you think needs to be corrected?
The biggest misconception about venture capital in Africa is that it’s only for tech or deep tech ventures. At Antler Africa, we’ve proven that innovation can take many forms. For example, we’ve backed companies that wouldn’t traditionally qualify for venture capital but are doing remarkably well, such as Uncover—a skincare brand tailored to African affluent consumers.
It’s time to rethink the mould and adapt our investment strategies to the realities of our continent—whether that’s supporting more tech-enabled innovations, offering working capital loans, or backing founders from day zero. Antler Africa is leading the way in reimagining how we solve old problems with new approaches. We must lead by example, showing our founders that there are no one-size-fits-all solutions in the pursuit of innovation and growth.
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