Sabou Capital Launches Fund to Back Underserved SMEs in West Africa

STARTUP VENTURE CAPITALApril 10, 2025 at 7:01 PM UTC

TLDR

Sabou Capital is a new SME-focused fund targeting underserved small and medium enterprises across Anglophone and Francophone Africa
Sabou Capital, which calls itself a “micro-private equity” fund, will focus on sectors such as agriculture, renewable energy, logistics, and mobility
With operations in Nigeria, Senegal, and Côte d’Ivoire, the fund is targeting SMEs in secondary cities and applying a gender-lens investment strategy

Surayyah Ahmad, a two-time founder and former co-founder of Aduna Capital, has launched Sabou Capital, a new SME-focused fund targeting underserved small and medium enterprises across Anglophone and Francophone Africa. The fund will invest between $350,000 and $1.5 million in 25 companies at late pre-seed to Series A stage.

Sabou Capital, which calls itself a “micro-private equity” fund, will focus on sectors such as agriculture, renewable energy, logistics, and mobility. Unlike venture capital firms chasing high-growth tech startups, the fund will back companies using technology to optimize operations, not define them.

With operations in Nigeria, Senegal, and Côte d’Ivoire, the fund is targeting SMEs in secondary cities and applying a gender-lens investment strategy to prioritize funding for women-led businesses. Christian Amouo, with experience in Francophone PE markets, joins as general partner. Sabou Capital is preparing to launch its fundraising roadshow in July and has already identified 20 startups in its pipeline. The fund expects a 2–3x return profile, focusing on steady growth rather than rapid exits.

Daba is Africa's leading investment platform for private and public markets. Download here

Key Takeaways

Sabou Capital’s launch reflects a growing awareness that most African businesses fall outside traditional venture capital models. With an investment thesis rooted in operational scalability rather than exponential tech growth, the fund addresses a critical financing gap—particularly for SMEs in underserved regions and sectors. Its focus on gender-lens investing also acknowledges the persistent funding disparities faced by women entrepreneurs. By operating as a micro-private equity vehicle, Sabou Capital offers an alternative to high-risk, high-return expectations that dominate VC. Its structure supports modest, sustainable growth with technical assistance and governance support. The fund’s regional diversification—targeting Senegal and Côte d’Ivoire in addition to Nigeria—also reflects an increasingly cautious approach to macroeconomic volatility. As more funds seek differentiated exposure across Africa’s fragmented markets, Sabou’s model may prove attractive to LPs looking for impact, risk-adjusted returns, and long-term enterprise building. Its July roadshow will test investor appetite for this hybrid approach to SME investing in West and Central Africa.

Finance

SMEs

Sabou Capital

Nigeria

West Africa

Senegal

Ivory Coast