2023: I grew up

The year 2022 ended on an interesting note, we had witnessed the start of the Economic downturn, our first negative press review, investors reneging on signed commitments, our successful startup festival etc.

One thing we had achieved at the end of 2022 at GetEquity was break even, The focus of 2023 was then profitability.

Our Tribulation

2023 had gotten to a rocky start, due to FX volatility. We would end up seeing this get much worse as the year progressed, doing much worse than pessimistic analysts had predicted

Unfortunately, as a business which is highly dependent on FX stability, we were deeply affected. This led to quite a lot of travails we were able to finally overcome in Q4

The Outcome

For quite a few months, we were quite comatose. While we worked on structuring out debt, and also paying with revenue generated.

I have to hand it to the GetEquity team, who were quite resilient, sometimes going a month without pay or the possibility of pay. I finally made the hard but necessary decision to downsize, to majorly focus on the vital organs of the business.

We let go of a few people, some we converted to consultants, on a pay as you work system, instead of a monthly salary. This helped a lot to get us to where we were able to have a bit of injection back into the company

Fundraising

Fundraising and deal structuring In the local venture capital space can be quite different from private capital. I caught myself one morning while feeling down and anxious about the weight of all this

I was on my way to a bank’s HQ to finalise an inflow of 100m naira into the business on a structured pipeline and it hit me. How many people did I personally know could do something like this? or even get into certain rooms to be taken seriously.

This helped regain a certain composure, and propel us into the evolution that is GetEquity 2.0. We are uniquely poised to provide access to global investment deals from different corners of the world, at different threshold, not in VC, but private capital in general.

Techstars

Techstars was the crowning glory of our strive this year, The moment we clocked what our evolution was to be, we set about making this a reality.

By the start of Q4 we had structured partnerships in Nigeria, Zambia, Kenya, Singapore with tentative partnerships in UAE and India. I would love to thank Techstars lagos MD, Oyin Solebo.

She has been an amazing guide, and also that “sponsor” in rooms where we are being mentioned, both negatively and positively. I’m highly anticipating the Techstars demo day in February, to show what we have achieved with the help and guidance of the program

Personal

I realise a lot of my reviews is about GetEquity, For the most part this year, I blurred through, not knowing which day of which month it was. But within all that fog/cloud, there were a couple of silver linings

• Got into an official relationship this year; I call her my goddess, she’s the most beautiful creature I have ever encountered.
  And her food, My God!! Even my mother was trying to toast her for me when she tasted her soup (she didn’t know we were already dating, lol)
• Made my biggest investment ever: sponsoring my baby sister’s MSc in UX. UK fees and rent can be draining, but I know it’s definitely worth it
• I travelled to about 4 countries this year, albeit for work. Should have been more, but things happen.
• My four closest friends relocated this year, I hate that we all wouldnt be few minutes from each other, and having random brunches.
  But I am also relieved they are leaving the stress that is Nigeria. (Remaining you, Raymond!)

Special S/o to the people who helped me get back to a place of sanity. Steffie, OJ, Raymond, Richard, Odun, Ify, Jay, Steph, Adora, Ugo, Oyin, Chichi, Adewunmi

Also to my mother’s prayers mehn, I’m not sure I would be celebrating 2024 without you all

2024, Looking in

In the middle of December, I had computed our numbers. And although we had made more in USD in 2022 than 2023. but over 15% growth in Naira values

The Year 2024 will be doubling down on what we have been able to achieve. We finally have some good news from the Kenyan CMA, while we work on getting similar with the Nigerian SEC

GetEquity started in 2021 with a hypothesis on bringing liquidity to venture capital, we struggled through “Knowledgeable” people and insiders disuading and telling us why this wouldnt work. Fastforward 2023, we are basically the business building the roadmap a couple similar spun up businesses are now doing

We proved that hypothesis, and are expanding it to the fact that local private capital needs recycled liquidity, and we will be the ones to do this.

Watch out!!!