VOA Tests Six-Month Revenue Partnership Before Making Startup Investments

VOA Venture Partners is testing a six-month operating partnership with selected African startups, working alongside companies on revenue growth before making any separate decision about investment.

Victoria Olayide Adesanya, a partner at the firm, said the programme, called VOA Build, acts as an additional go-to-market resource for post-revenue companies. Participants must have paying customers and a clear opportunity for VOA to contribute commercially.

Revenue before investment

“There is no investment during those six months, and the only focus is building sustainable revenue,” Adesanya said.

The programme’s economics include revenue participation tied to commercial opportunities that VOA helps create or advance, alongside a small equity stake that vests during the engagement. The terms vary according to the scope of the work, she said.

Participation in VOA Build does not guarantee a later investment from VOA’s fund. Adesanya said that any fund investment is considered separately. Companies can also raise money from other investors while taking part in the programme.

Adesanya said the arrangement gives VOA a closer view of how a company operates than conventional due diligence may provide. “We get to see how the startup really operates, and we help it scale,” she said.

She identified execution, founder behaviour, responsiveness, follow-through and decision-making as areas that become clearer through direct collaboration. Commercial results, including revenue, usage and other milestones, can also be observed during the engagement.

Focus on financial infrastructure

VOA Venture Partners focuses on financial infrastructure and other solutions designed to help capital move into and out of Africa. Adesanya said the firm developed its investment approach after researching those barriers for one to two years.

The firm’s framework has five areas: market fragmentation; regulatory and compliance challenges; technology and infrastructure gaps; financial inclusion and the informal economy; and cybersecurity and fraud risk.

Among the companies discussed by Adesanya was Blockradar, which provides APIs that allow fintechs and financial institutions to offer stablecoin wallets and related services without employing blockchain engineers.

She also cited REasy, a company initially focused on Francophone Africa that helps small businesses manage payments and logistics when trading with markets including China and Dubai.

A tighter funding environment

Adesanya said African and African diaspora founders receive less than 2% of global venture funding. Africa: The Big Deal, as cited in the interview, reported that the number of African startups raising between $100,000 and $1 million declined by 44% in the first half of 2026.

Against that backdrop, Adesanya advised pre-seed fintech founders to prioritise customers and product value rather than treating fundraising as their main objective.

“The name of the game is staying in the game. Do not make raising money your north star,” she said, while also urging founders to understand regulation, manage risk and pay attention to customer economics.

VOA is still seeking a large, successful company focused on cybersecurity and fraud risk across several African markets. Adesanya said the firm is looking for deep domain expertise, a strong understanding of fraud and cybersecurity, and local knowledge and networks.