Firm Seeks More Capital for Women-led Businesses

Alitheia Capital has called for increased capital, market access and technology for women led businesses, saying unlocking their growth potential could boost job creation and economic development.

The call was made at the third edition of the W.O.M.A.N. conference, an initiative focused on women in manufacturing, agribusiness and nutrition, which brought together more than 300 women entrepreneurs in Lagos.

Speaking at the event, Lagos State Governor Babajide Sanwo Olu, represented by the Commissioner for Agriculture and Food Systems, Abisola Olusanya, urged participants to convert opportunities into investments and partnerships.

“Let the conversations lead to investments. Let the connections lead to partnerships. Let the training lead to stronger businesses. And let the ideas generated here lead to enterprises that create jobs and transform communities,” he said.

The Co Founder of WIMBIZ and Founder and Chief Executive Officer of DO.II Designs Limited, Ifeyinwa Ighodalo, said financial discipline remained critical to attracting investment. Speaking on the theme, ‘From Survival to Scale: Building Investment Ready Women Led Enterprises in Nigeria’s Real Economy’, she said, “Financial discipline creates business legibility, business legibility creates credibility, and credibility creates access to capital and opportunities for growth.”

Also, Co Founder of Alitheia Capital, Jumoke Akinwunmi, noted that many women led businesses were ready for investment, but required a responsive ecosystem. “The businesses are ready. The question is whether the ecosystem around them is ready to respond,” she said.

The Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose Medebem, while speaking at the event said women entrepreneurs needed access to opportunities rather than charity.

“Women do not need to be rescued. Women need access. Access to capital. Access to markets. Access to networks. Access to technology. Access to opportunity,” she said.

Meanwhile, Managing Partner and Co Founder of Alitheia Capital, Tokunboh Ishmael, said the investment case for women led businesses had become increasingly evident.

Ishmael said the firm now had $250 million in assets under management, adding that the W.O.M.A.N. conference provided access to a pool of screened and growth ready businesses. “The question is no longer whether this market exists. The question is how quickly capital catches up with it,” she said.