EchoVC: How Do You Do VC in Africa?

In 2024, EchoVC, a pioneering Africa-focused venture capital firm, faced a defining moment. Founder Eghosa Omoigui and his team had built a diverse portfolio across emerging markets, yet fundraising, investor confidence, and the viability of the traditional VC model in Africa posed pressing challenges. As EchoVC prepared to launch Fund II, its upcoming generalist fund, key questions loomed: What fund size could balance risk and return? Which investors-DFIs, family offices, or local LPs-should they target? And should they continue with standard VC equity models or adopt hybrid financing to reflect Africa's unique market dynamics? This case explores how EchoVC navigated the complexities of early-stage investing in underdeveloped ecosystems and examined how venture capital must adapt to succeed in Africa's rapidly evolving landscape.