Reacting to the closure of fintech company, OKRA, Segun Cole (prominent Nigerian entrepreneur, investor, and ecosystem builder), best known as the co‑founder & CEO of Maasai Technologies, an M&A marketplace helping African tech startups prepare for and execute exits – shares his thoughts:
“When a portfolio company signals it’s time to fold, the immediate reflex is often to scramble for follow-on investors or, unfortunately, to prepare for a write-off.
But what if there’s a more strategic, less painful alternative that could still deliver value? I’m talking about asset acquisition.
Instead of solely focusing on a full company rescue or a complete write-down, why aren’t we, as VCs, proactively exploring avenues for our struggling portfolio companies to be acquired for their valuable technology, intellectual property, or even talent pools?
This is why we built Maasai, and why our focus on strategic acquisitions of distressed or underperforming tech assets become invaluable.
An asset acquisition isn’t just “better than underperformance or write-offs”—it’s a crucial mechanism for:
• Recouping some capital: Minimizing losses for both the founders and the fund.
• Preserving innovation: Ensuring valuable tech doesn’t simply disappear.
• Protecting founders’ reputations: Offering a more graceful exit than a complete collapse.
• Re-deploying talent: Keeping skilled individuals within the ecosystem.
The Okra story is a classic use case. Imagine the potential for their robust infrastructure, their deep understanding of the market, or even their Full engineering team to be integrated into another thriving entity, rather than being completely dissolved.
My challenge to fellow Africa-focused VCs is this: When a portfolio company informs you they’re shutting down, by all means, introduce them to potential follow-on investors. But also, make it a standard practice to introduce them to strategic acquirers on Maasai.
Yes, the Power Law is real! Let’s shift our mindset from pure salvage to strategic value extraction, even in challenging times.“
© Segun Cole
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