Moove, Flutterwave and LemFi: Inside Silverbacks Holdings Investment Strategy with Nana Appiah Korang
Unlocking AfricaPlay episode
Show notes
Episode 242 with Nana Afoah Appiah Korang, Chief Investment Officer and Executive Board Director at Silverbacks Holdings, an alternative investment firm backing high growth companies across technology, sport, entertainment, fashion and the wider creative economy in Africa.
Nana is an experienced private equity investor, entrepreneur and board director with expertise spanning deal origination, investment execution, portfolio management, fundraising and exits. She began her investment career at Goldman Sachs before joining Emerging Capital Partners, one of Africa’s largest private equity firms, where she served as a Director and senior investment professional. She is also the Founder and Executive Director of Amayi Foods Limited, a women led food systems company focused on advancing food sovereignty in Africa.
Silverbacks Holdings has built exposure to more than 240 companies with a combined valuation exceeding 10 billion dollars. More than 75% of its exposure is concentrated within fewer than two dozen core investments, including Moove, Flutterwave, Wave, LemFi, OmniRetail and Sabi, alongside businesses across African sport, film, media and fashion. Since its establishment in 2019, Silverbacks has completed ten profitable exits, including returns of nearly 30 times from LemFi, more than 24 times from Flutterwave and five times from OmniRetail.
In this episode, Nana draws on her experience as both an investor and entrepreneur to explain how investment decisions are made in complex and rapidly evolving African markets. She explores the realities of building a concentrated portfolio, supporting companies through different stages of growth and creating opportunities for investors to realise returns.
The conversation also examines Silverbacks’ approach to sectors that have traditionally struggled to attract institutional capital and its continued backing of Moove, including participation in the company’s recent 250 million dollar Series C round. Nana reflects on the lessons Silverbacks has drawn from its portfolio and what they reveal about the next generation of African businesses.
What We Discuss With Nana
Is Africa genuinely facing an exit problem, or are investors applying the wrong expectations and time horizons?At what point does strong investment conviction become dangerous overexposure?Why is earning hard currency becoming increasingly important for African companies seeking to survive currency volatility and expand internationally?What did Silverbacks recognise in companies such as LemFi, Flutterwave, OmniRetail and Moove before their value became widely recognised?Can Africa’s sport, entertainment, fashion and creative industries generate the scale and investment returns traditionally associated with technology companies?Did you miss my previous episode where I discuss What Does It Take to Turn Africa’s Perishable Harvests Into Global Products? Make sure to check it out!
Many of the businesses unlocking opportunities in Africa don’t do it alone. If you’d like strategic support on entering or expanding across African markets, reach out to our partners ETK Group:
www.etkgroup.co.uk
info@etkgroup.co.uk
