Bowale Adeoye, an African Angel Academy alumni, recently invested in GetEquity. After nominating the startup for AAA’s January Startup Showcase, she went on to lead the deal to a swift close involving several AAA alumni and angels from across the ecosystem.
We caught up with Bowale to ask about how the deal came about, how it’s structured, as well as what advice she has for angel investors looking to invest in promising startups through syndications:
How did you meet the founder of GetEquity? (And what hooked you/ what did you find most interesting when you first met with the team?)
I was introduced to GetEquity by a fellow angel investor and an active user of the platform. After downloading the GetEquity app, I invested in an education technology startup through the platform and instantly realised its potential in terms of democratising access to venture capital investment and access to capital for early stage companies. While interacting with GetEquity and its founders, I was impressed by not only the current product features, but also the robustness of their roadmap, hence my nomination of GetEquity for the African Angel Academy Startup Showcase.
Who is involved in the syndicate? (How did everyone get involved, and why are you excited about this particular syndicate?)
The members of the syndicate comprise African Angel Academy alumni, select co-investors from previous transactions, and other angel investors who are based in Africa, the USA, and the UK. I am particularly excited about this syndicate for two main reasons; the first is because of the value add of each investor to the transaction, and the second is because of the gender diverse composition which is 50% women.
How did you organise discussions and negotiations with interested investors?
I ensured that investors were well informed on the product, historical performance, and company strategy; and that they had the appropriate platform to communicate with the company, as well as with syndicate members. A few of the risks identified by the syndicate led to the addition of key provisions to the documentation that are ultimately expected to enhance the transaction for all parties.
How has the deal been structured?
The deal was structured as a Simple Agreement for Future Equity (SAFE) at a post-money valuation cap.
How did you manage due diligence and syndication agreement?
For due diligence and documentation, we primarily leveraged a startup-focused global law firm based on their prior excellent work with other syndicates as well as their partnership with the African Angel Academy.
Do you have any advice for new angels looking to start investing?
- Understand your goals and investment strategy
- Develop your capacity to invest through training and development
- Have a team (co-investors or an angel syndicate) with whom you can jointly assess transactions, or identify a Venture Capital fund to invest in.
- Remember that angel investing is risky, with the possibility of complete loss
- Download the GetEquity app.
GetEquity is a platform that allows retail and institutional investors to invest in private companies. We also provide infrastructure for institutions (funds, syndicates and companies) to manage their equity portfolio structure.
About Bowale Odumade Adeoye:
Bowale is a seasoned development finance professional based in Nigeria. In May 2020, she became one of the first African women to receive a certificate in company direction from the Institute of Directors, based in London, after participating in TheBoardroom Africa’s accredited Open Doors board training. She is passionate about developing solutions that have a lasting positive impact and has 15+ years of professional experience spanning 3 continents (North America, Africa, and South America) working with Multinationals, Conglomerates, and Development Finance Institutions.