Iyinoluwa Aboyeji is CEO & General Partner at Future Africa – the fund for Africa’s future, providing capital, coaching, and community to bold and visionary leaders turning Africa’s biggest challenges into business opportunities. This innovation fund has invested in over 100 companies across the continent, collectively worth over $6 billion, in sectors such as fintech, edtech, healthtech, and agritech. Some of Aboyeji’s notable investments include Moove, a flexible car ownership platform that empowers Uber drivers in Nigeria, and Itana, a network of charter cities for African technology talent.
In this LinkedIn post, Aboyeji advises Founders to start right by choosing Angel Investors wisely before approaching Venture Capitalists (VCs):
I usually advice founders to first engage angel investors before going to the big boy VCs especially when you aren’t very well on your way to $1m in revenue. However the challenge with angels is there are very few good ones and a check from the wrong early angel can torpedo your entire company. The wrong angel investor can add pressure, misaligned incentives, and distractions that make your journey as a founder w10x harder.
So before taking that angel check, ask these five questions:
1️⃣ Do you understand what it takes to build something from nothing?
Have they built or just managed? Many investors come from corporate backgrounds where they optimize existing systems rather than create from scratch. If they don’t get the chaos, uncertainty, and long nights of zero-to-one, they might not be the right partner.
2️⃣ What does success look like to you?
If their only goal is a quick monetary return, they’re better off in real estate or the stock market. The best angels invest because they’re curious, want to support founders, or are building a long-term presence in VC. Alignment here matters.
3️⃣ What’s your time horizon?
A great angel knows this is a long game. If they expect liquidity in less than five years, that’s a red flag. Founders don’t need investors calling every six months asking, “So when do I get my money back?”
4️⃣ What value can you add beyond money?
Capital is a commodity. The best angels bring strategic value—introductions, expertise, credibility, or insights. If they can’t add anything beyond cash, they might be dead weight on your cap table.
5️⃣ How do you handle failure?
The brutal truth: Most startups fail. When that happens, will they accuse you of mismanagement, or will they take it as a learning experience? A great angel understands the risks and supports the founder even when things don’t go as planned.
Good luck and choose your angels wisely. May they never turn to demons in Jesus name.
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