Cameroonian tech investor Eunice Ajim seeks $20 million to back Africa’s next fintech winners

When Eunice Ajim began writing her earliest checks into African startups, she was doing so without the safety net most institutional investors rely on. There was no fund, no formal thesis, and no track record—just conviction shaped by her own experience as a founder and a clear reading of where the market was heading.

Today, that early belief is being tested at a larger scale, as the Cameroonian tech entrepreneur and investor moves to raise $20 million through Ajim Capital to back a new wave of companies she expects will define Africa’s fintech exits by 2028 and 2030.

The raise follows a string of outcomes that have helped sharpen her case to investors. Through a mix of angel bets and Ajim Capital’s Fund I, Ajim has been involved in companies that later became acquisition targets for some of the continent’s most active fintech players. She invested early in Mono, which was later acquired by Flutterwave.

Through Ajim Capital, she led an investment in Mira, which was acquired by Chowdeck. She also backed Orda, a restaurant management platform acquired by Moniepoint. Each deal, taken individually, reflects a well-timed entry. Taken together, they form part of a broader argument Ajim has been making to limited partners: exits in African tech are no longer theoretical.

Founder experience drives Africa startup bets

Named to the Forbes 30 Under 30 Venture Capital list in 2026, Ajim brings a founder’s perspective to her investment decisions. Born and raised in Cameroon, she moved to the United States in 2011 and went on to build two technology companies.

One of those ventures raised $3.7 million and grew to $10 million before she exited, giving her experience of the pressures founders face—from raising capital to navigating uncertainty and ultimately securing an exit. That experience now shapes how she evaluates risk and opportunity at the earliest stages.

Ajim Capital focuses on pre-seed and seed investments in companies building what she sees as Africa’s core infrastructure. Its portfolio spans fintech, logistics, vertical SaaS and artificial intelligence, with early backing for companies such as DuniaPay, Waya Money, Mecho, Orda Africa, Bamboo, LemFi, TalentQL and PayHippo.

Across Fund I and her angel investments, Ajim has backed more than 30 companies, including Raenest, which has raised a total of $14.3 million led by QED Investors, as well as BuuPass, Dojah, Flex Finance and Spleet.

Ajim maps 300 models to African markets

Eunice Ajim’s approach is grounded in a framework she has spent years developing—one that catalogs more than 300 proven business models from markets such as India, China and Latin America, and adapts them to African conditions.

The idea is straightforward: the models already exist, but execution must reflect local realities, from mobile-first consumer behavior to regulatory constraints and infrastructure gaps. For Ajim, this reduces uncertainty and replaces it with pattern recognition drawn from markets that have gone through similar phases of growth.

“I have been investing in African tech since 2021,” Ajim said. “I launched Ajim Capital at a time when most institutional capital was still debating whether the continent was ‘ready.’ The question I kept getting from LPs was not about the founders or the companies. It was about exits. Where is the liquidity? How do you get out?”

Her answer points to a shift she believes is already underway. “The exit infrastructure was being built in real time, by the very companies growing inside the ecosystem,” she said, citing companies such as Moniepoint, Flutterwave and Chowdeck. “These are not just acquirers. They are African companies, built on African soil, acquiring African companies because the strategic logic demands it.”

Africa startups show clearer exit paths

At the center of Ajim Capital’s strategy is a focus on revenue-backed businesses at an early stage. “Our thesis has always been that the most durable technology companies in Africa will be built on revenue, not on promises,” she said. “We invest post-revenue at the pre-seed and seed stages in founders who are already solving real problems for real customers.”

That discipline has guided investments in companies like Orda, Mono and Mira—businesses she describes as focused products addressing large, underserved markets. What has changed, in her view, is not the quality of founders but the maturity of the ecosystem around them. Larger technology companies are now in a position to acquire, creating a clearer path to liquidity for early investors.

“This is no longer a frontier-market story,” Ajim said. “This is a compounding returns story. This is a thesis-validated story.” With Fund II now open and targeting $20 million, she is making a direct appeal to investors who have remained cautious. “The proof is here. The exits are real. The founders are exceptional.”

Ajim bets on fintech acquisitions

Before launching Ajim Capital, Ajim co-founded OpenTeams, an online marketplace connecting users of open-source software with service providers. Earlier, she founded DataGig, a platform that matched enterprises with vetted data experts for analytics projects.

She also worked as a product consultant and analyst at Apple, experience that added to her understanding of product development and scale. She is an alumna of Founder Institute and SputnikATX, programs focused on startup development from concept through to exit.

For Ajim, the current fundraise is less about proving a point than about building on what she sees as clear evidence. She is targeting companies that could become acquisition targets for the next generation of African fintech leaders—firms that, like Moniepoint and Flutterwave today, will have both the scale and the incentive to consolidate their markets.

“We are raising $20 million, and we will invest in the next generation of companies that will be acquired by the Moniepoints and Flutterwaves of 2028 and 2030,” she said. “If you are a limited partner looking for exposure to the most underpriced, under-allocated, and now clearly de-risked technology market in the world, I want to talk to you.”