Co Founder of Alitheia Capital

Reflections on 2024 and a Vision for Transformation in 2025

by ‘Tokunboh Ishmael

With 2024 now firmly in the rearview mirror, we enter 2025 with a renewed sense of purpose and possibility. Over the past year, Alitheia Capital stood at the crossroads of achievement and ambition, reaffirming a singular vision: aligning capital with purpose to transform lives, industries, and ecosystems across Africa.

The milestones of 2024 remind us that purpose-driven investments are transformative and indispensable to economic development. As we embark on this new chapter, we carry forward the lessons and momentum of the past year to shape a sustainable and inclusive future.

2024: A Year of Purpose-Driven Impact

At the core of our work lies a commitment to inclusion, sustainability, and innovation. Guided by impact and ESG principles, we delivered measurable impact across industries and communities. Highlights from 2024 include:

  • Scaling Clean Energy Solutions: Companies like Psaltry and ReelFruit epitomised African ingenuity in sustainability. Psaltry harnessed cassava as a renewable energy source, reducing dependency on fossil fuels, while ReelFruit’s use of solar energy boosted efficiency and environmental impact.
  • Expanding Capital Deployment: A new Social Performance Report (SPR2024) showed that since 2020, Alitheia IDF (AIF), Africa’s largest gender-lens fund, has deployed over $45.4 million across 11 companies – a 1,582% increase from our initial $2.7 million investment.
  • Driving Inclusion: AIF’s investments have generated nearly 2,000 jobs, 55% of which are held by women since 2020. Today, 73% of our portfolio companies are women-owned, with female board representation rising to 54%.
  • Awards and Recognition: Alitheia received several awards and nominations in 2024, including winning the Impact Investor of the Year 2024 by the Impact Investors Foundation. This recognition is testament to our dedication to empowering transformative businesses that deliver measurable impact alongside financial returns.
  • WOMAN: In 2024, we championed Women in Manufacturing, Agribusiness, and Nutrition (WOMAN) across Africa. As private capital investors, we recognise the immense economic power of women and are unlocking it by investing across the entire manufacturing pipeline from payment technologies to farming, factories, e-commerce, and logistics, we are driving transformative growth by empowering women at every stage.

Meanwhile, we grew our portfolio with new investments in South Africa’s Alma Clinic (a health tech startup) and Nigeria’s Seamfix (a digital identity company). Our portfolio companies were at the forefront of innovation, with Paga and OmniRetail named on the Financial Times (FT) ranking of Africa’s Fastest Growing Companies for 2024. SparkMeter signed new contracts in Somalia to modernise African utilities, and ReelFruit launched its new 800 metric tons dried fruit processing factory in Abeokuta, Ogun State.

These results exemplify the power of aligning financial success with social and environmental outcomes. Similarly, throughout 2024, Alitheia Capital took bold steps to elevate Africa’s leadership in climate innovation, gender equity, and inclusive growth:

  • The Earthshot Prize: At Earthshot events alongside Prince William, I spotlighted Africa’s critical role in delivering sustainable solutions to global challenges.
  • Ecosystem Summits: At private equity and venture capital summits, including AVCA and AFSIC, I explored how private capital can fuel economic transformation across the continent.
  • Global Forums: From London Climate Action Week to the Africa in the World Festival, we shared insights on leveraging diversity to drive innovation and economic resilience.

Beyond advocacy, we proudly sponsored the Global Black Women Nonfiction Prize, amplifying voices that challenge conventions and inspire transformation.

2025: Charting a Course for the Future

As we step into 2025, our focus sharpens on supporting ecosystems and businesses that are sustainable, inclusive, and resilient. This year, we are driving impact through three key priority areas:

  • Gender equity
  • Climate resilience
  • Digital transformation.

Together, these priorities lay the foundation for a future that is resilient and thriving for all.

Our decades-long experience investing in Africa shows that the incorporation of gender considerations and digital transformation in climate investments enhances resilience, bolsters corporate performance, and advances gender equity. This integrated approach presents an opportunity to innovate, leapfrog, and address Africa’s intractable problems – including environmental and energy challenges while unlocking sustainable growth opportunities.

At the heart of this mission is the Alitheia Amplify Fund, a $200 million initiative dedicated to addressing Africa’s energy and environmental challenges at the intersection of climate, digital transformation, and gender inclusion. In 2025, we aim to accelerate fundraising for this transformative fund to scale innovative solutions that deliver meaningful impact across the continent.

As we continue fundraising for Amplify, our commitment remains steadfast: to invest in a future where Africa’s potential is fully realised through sustainable and inclusive growth.

A Vision for Transformation

The lessons of 2024 resonate strongly: purposeful investments are not just about solving today’s problems – they lay the groundwork for tomorrow’s prosperity. Alitheia Capital remains committed to addressing Africa’s energy and climate challenges through investments that lower costs and expand access for millions of Africans.

As we move through 2025, we do so with determination and hope. We are building a legacy of innovation, equity, and resilience that will endure for generations, proving that Africa’s potential is not just vast – it is unstoppable.

About ‘Tokunboh Ishmael.

Tokunboh Ishmael is a global voice for creating wealth and impact by unlocking the potential of businesses that provide essential goods and services that address the accessibility, affordability, and inclusion needs of underserved markets to drive superior performance and shared prosperity.

She is co-founder and Managing Director of Alitheia Capital, a female-led impact investing private equity firm, a Yale World Fellow, and a member of the inaugural cohort of the Aspen Institute’s Finance Leaders Fellowship. ‘Tokunboh was a Dragon Panelist on the popular Dragons Den Nigeria TV show and currently sits on several corporate boards.

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