ADAVEL Fund is an independent private capital platform that sources, validates, and invests in Nigeria's most promising grassroot entrepreneurs. We combine equity investment with Revenue-Based Financing (RBF) to create a structure that protects the fund while staying fully aligned with founder success.
We are not a bank, an accelerator, or a traditional VC (Venture Capital) firm. We are a disciplined fellowship-to-fund platform — operating where capital and talent can be formally connected, nurtured, and scaled from the grassroots across Nigeria.
Nigeria has over 220 million people, the largest economy in Africa, and 170+ universities producing tens of thousands of entrepreneurially-minded graduates annually. Yet the infrastructure to convert that talent into investable, fundable businesses is almost entirely absent outside the Lagos tech corridor.
ADAVEL Fund builds the structured layer that identifies, validates, and continuously surfaces high-potential founders from the grassroots — turning hidden talent into trusted, investable opportunities.
ADAVEL manages the full investment lifecycle across four integrated functions:
We run open application cycles, marketing to entrepreneurial communities across Nigeria. Every applicant is reviewed against a five-dimension weighted scoring rubric.
Selected founders receive investment structured as equity plus Revenue-Based Financing (RBF). Equity of up to 25% is allocated as security for the RBF obligation. Once repayment of 2× of the invested amount is complete, the equity is signed off and returned to the founders at no additional cost.
Every investment is overseen through structured governance and reporting, giving ADAVEL clear visibility into portfolio performance and enabling proactive support where a company needs it.
Post-investment, every portfolio company enters a 50-month structured support programme: monthly KPI reporting, mentorship, legal guidance, and access to the ADAVEL network.
Every investment combines equity for long-term upside and Revenue-Based Financing (RBF) for disciplined capital recovery.
Repayments flex with monthly revenue — lower in slow months, higher in strong months. Total repayment is always exactly 2× the invested amount. No interest. No compounding. No penalty for early repayment. In an instance where the Founder is unable to complete the 2x RBF payments within the window provided, necessary arrangements may be made between the Fund and the Founder to allow for assets to be liquidated to cover outstanding payments.
One-on-one sessions with experienced operators and business leaders.
Warm introductions across ADAVEL's extended network for your next round.
Live KPI tracking, repayment dashboard, and a full data room.
Legal and formal assistance, templates, and guidance on structuring deals and opportunities from day one.
Operational, financial, and strategic support throughout the 50-month partnership.
The following terms and abbreviations are used throughout ADAVEL Fund's documents and platform.
| Abbreviation | Full Term & Meaning |
|---|---|
| RBF | Revenue-Based Financing — a repayment structure where a business repays an investor from a fixed percentage of its monthly revenue, rather than through fixed instalments. ADAVEL uses a 2× RBF multiple over a maximum of 50 months. |
| VC | Venture Capital — early-stage equity investment in high-growth startups. ADAVEL's Series A track follows a VC-style model. |
| PE | Private Equity — structured investment in established, cash-flow-positive businesses. ADAVEL's Series B track follows a PE-style model. |
| LP | Limited Partner — an investor who commits capital to a fund but is not involved in day-to-day management. LPs receive returns from the fund's portfolio performance. |
| GP | General Partner — the fund manager who makes investment decisions and manages the fund on behalf of LPs. ADAVEL's Fund Manager is the GP. |
| CAC | Corporate Affairs Commission — Nigeria's business registration authority. A CAC certificate confirms a business is legally registered in Nigeria. |
| KPI | Key Performance Indicator — a measurable value that tracks how effectively a business is achieving its objectives. ADAVEL portfolio companies submit KPIs monthly. |
| MoM | Month-over-Month — a comparison of a metric (e.g. revenue) in one month versus the previous month, expressed as a percentage change. |
| ESG | Environmental, Social, and Governance — a framework for assessing a business's impact beyond financial performance. Relevant to ADAVEL's Series B track. |
| NDA | Non-Disclosure Agreement — a legal contract that prevents a party from sharing confidential information with third parties. Investors must sign an NDA before accessing founder pitch materials. |
| NGN / ₦ | Nigerian Naira — the official currency of Nigeria. All ADAVEL investment figures are denominated in NGN. |
| MVP | Minimum Viable Product — the simplest version of a product that can be released to test a hypothesis with early customers. |
| SME | Small and Medium-sized Enterprise — businesses that fall below certain thresholds for revenue, assets, or number of employees. The primary target of ADAVEL Fund. |