When you look at the African startup ecosystem today, there are names that immediately stand out - Flutterwave, Moove, Lemfi, Omniretail. Behind some of these category-defining companies sits Silverbacks Holdings, a private investment firm with the agility of a venture capital fund but the patience and conviction of permanent capital.
At the heart of this strategy is Nima Yussuf, Chief Operations Officer at Silverbacks Holdings, who believes that the future of Africa’s entrepreneurship story will be written by bold founders building globally competitive businesses rooted in local insight.
“At Silverbacks, we invest in entrepreneurs who marry deep local understanding with the ambition and operational discipline to expand beyond their initial markets,” Yussuf says. “We’re particularly focused on export-oriented companies earning USD revenues with scalable models and strong unit economics. Governance and transparency are non-negotiable for us.”
A hybrid model: Venture discipline meets private capital flexibility
Silverbacks operates differently from traditional VC firms. Rather than being tied to a fixed 10-year fund cycle, the firm runs on a permanent capital model. This means that Silverbacks can both provide liquidity for existing limited partners (LPs) and welcome new investors, while maintaining a long-term stake in portfolio companies.
“Our structure is more like a continuation vehicle than a traditional fund cycle,” Yussuf explains. “It gives us the flexibility to provide liquidity for existing limited partners while welcoming new investors at the same time. Our approach to partial exits is equally distinctive. They are not simple divestitures but strategic opportunities where, if conviction remains, we often increase our exposure. This allows us to recycle capital efficiently while reinforcing our long-term commitment to portfolio companies such as Moove, Flutterwave, Lemfi, and Omniretail.”
This hybrid approach has proven powerful. It allows Silverbacks to combine the discipline and risk appetite of venture capital with the patience and recycling ability of private investment. The result: stronger alignment with founders and sustained conviction in companies that are reshaping markets across Africa and beyond.
Disciplined bets, global returns
So far, the results speak for themselves. Silverbacks has built a portfolio of more than 240 companies, largely African-founded, valued collectively at over $10 billion. Within that pool, multiple firms have crossed the $10 million mark, ten exceed $100 million, and three are current unicorns & one former unicorn.
Its track record of exits is equally impressive. Partial exits in Nigeria delivered a 10.7x MOIC and 81.5% IRR, while in Egypt the firm achieved a 9.7x MOIC and 339% IRR.
But Silverbacks’ success isn’t just financial. The firm deliberately targets export-oriented, tech-enabled businesses less exposed to local macroeconomic shocks. From fintech platforms like Flutterwave and Lemfi, to sports franchises like the Cape Town Tigers, to creative economy ventures like The Rad Black Kids, its portfolio reflects a blend of technology and cultural relevance.
“We go beyond providing capital,” Yussuf says. “We engage deeply with founders, offering strategic support across technology, fintech, sports, entertainment, and fashion. Recent investments with ImpactHER in Zimbabwean fashion brands Vanhu Vamwe and The Rad Black Kids highlight our commitment to culturally relevant companies that scale globally by leveraging technology and world-class distribution networks such as Saks Fifth Avenue and Nordstrom.”
Shaping Africa’s startup ecosystem
Silverbacks’ vision extends beyond portfolio returns. Yussuf sees the firm as playing a catalytic role in positioning African startups as world-class enterprises.
“Our role is to champion African entrepreneurs who can compete across continents,” she explains. “By reinforcing export-oriented services, operational rigor, strategic growth, and governance, we help create scalable revenue models that position Africa as both a tech and cultural powerhouse.”
Their investments in media and entertainment are a case in point. From podcasts to fighting championships, Silverbacks backs ventures that tell African stories, showcase talent, and create jobs, especially for youth and women.
Impact is measured not only in financial multiples but also in employment creation, digital inclusion, and sustainable practices. This dual lens is what makes Silverbacks an increasingly attractive partner for both local and international LPs.
Tackling misconceptions about investment in Africa
One of the barriers venture capital firms face is the misconception that foreign LPs have about Africa. By positioning African ventures as globally competitive, revenue-generating enterprises, Silverbacks is playing active role in shifting the perception from risk-heavy to opportunity-rich.
“Too often, African startups are seen as either overly risky or just developmental projects,” Yussuf says. “We address this by presenting hard data showing disciplined capital deployment and superior returns. We also emphasize transparency, strong risk management, and continuous education about the continent’s diversity and sophistication to our investors.”
Looking ahead: The next five years
Where is Silverbacks placing its bets for the future? Yussuf is clear about the sectors she believes will define the next decade of African entrepreneurship.
“We’re focused on fintech, sports, the creative economy, and digital media platforms,” she says. “These are companies that combine cultural relevance with tech-enabled scale.”
The firm’s vision is to channel more capital into dominant platform builders: businesses that structurally transform industries to generate lasting value, earn foreign exchange, and expand across regions. Alongside this, Silverbacks remains committed to job creation, productivity gains, and advancing gender equality.
Over the next three to five years, the ambition is not just to scale portfolio companies, but to reshape perceptions of African startups globally - proving that Africa is both a tech powerhouse and a cultural engine for the world.