"Greenhouse Capital Alters Its Strategy in Africa: No Longer Viewing Uganda as a Secondary Investment"
In a bold move, Greenhouse Capital, a leading venture capital firm, is redefining its approach to African markets by deeply committing to Uganda as a primary and strategic market. Under the leadership of managing partner Bunmi Akinyemiju, the firm is positioning Uganda as a serious hub for technology and economic growth.
Greenhouse Capital's strategy in Uganda is marked by alignment with the country's pragmatic innovation focus. The firm collaborates closely with local initiatives such as the Uganda Investor Summit (UIS) 2025, which emphasises "Made in Uganda: Innovation to Market." This approach prioritises technologies with immediate economic impact, such as mobility solutions, digital biotech, aerospace, and import substitution, rather than general tech enthusiasm or Silicon Valley mimicry.
The strategy also capitalises on Uganda’s supportive policy environment. The Ugandan government offers a 10-year tax exemption for innovative companies, alongside infrastructure and regulatory reforms aimed at enabling tech companies to scale sustainably. Greenhouse Capital leverages this coordinated ecosystem support to nurture scalable startups.
Unlike other African venture capital firms that often concentrate on larger markets or apply a Silicon Valley-style investment mentality, Greenhouse Capital’s Uganda strategy is distinguished by its focus on depth over breadth. While many firms may spread investments broadly across multiple markets or favour more established hubs, Greenhouse Capital deeply embeds and invests in Uganda’s market specifically, seeing it as a critical growth frontier in East Africa.
Akinyemiju believes Uganda is one of the most underrated markets in Africa due to its political stability, central location, and groundwork for science, technology, and innovation. Greenhouse is working closely with government actors like the Science, Technology and Innovation Secretariat (STI-OP) to co-create the infrastructure that startups will need to thrive.
Greenhouse's shift from fintech to deep tech implies longer timelines, higher technical risk, and untested revenue models, but Akinyemiju argues that this permanence is worth it. The firm has secured formal cooperation with government-backed agencies to co-host pitch days, co-fund technical feasibility studies, and even co-create startup governance frameworks to reduce regulatory friction.
Greenhouse's bet on Uganda began with a policy redirection, specifically the Ugandan government's ban on the export of raw minerals and mandate for local processing. The firm writes early-stage cheques of $250,000 to $500,000 into Ugandan startups, with a focus on AI in mining, IoT in clean energy, and other deep tech projects.
Greenhouse Capital's approach to exits involves manufacturing exit pathways such as state-backed procurement, regional rollups, dividend-paying ventures, and local acquirers. In Uganda, the firm is funding startups that are testing digital payment solutions, given the country's strong base of more than 26 million mobile money users.
Greenhouse Capital is betting on Uganda's ambition to become the continent's proving ground for deep tech, industrial infrastructure, and science-led innovation. The firm is testing catalytic capital, sovereign-backed venture studios, and joint ventures in Uganda, none of which are designed for fast flips. Akinyemiju argues that the 3-5-year exit cycle, borrowed from Silicon Valley, is ill-fitting for markets like Uganda. Instead, the firm's thesis is that in Africa, the dividend is the new exit.
In conclusion, Greenhouse Capital's strategic positioning allows it to capitalise on Uganda’s emerging status as a regional innovation hub with strong governmental backing and targeted sectors that promise sustainable growth and impact. The firm is avoiding chasing unicorns, importing playbooks, and ignoring the real economy in Uganda, setting a new standard for venture capital in Africa.
- Greenhouse Capital's strategy in Uganda prioritizes technologies with immediate economic impact, such as mobility solutions, digital biotech, aerospace, and import substitution, marking a departure from general tech enthusiasm or Silicon Valley mimicry.
- The firm collaborates closely with local initiatives like the Uganda Investor Summit (UIS) 2025, which emphasizes "Made in Uganda: Innovation to Market," aligning with the country's focus on pragmatic innovation.
- Greenhouse Capital is working with government actors like the Science, Technology and Innovation Secretariat (STI-OP) to co-create the infrastructure that startups will need to thrive, demonstrating a commitment to deeply embedding and investing in Uganda's market specifically.
- Unlike other African venture capital firms, Greenhouse Capital's Uganda strategy is distinguished by its focus on depth over breadth, as the firm sees Uganda as a critical growth frontier in East Africa.
- Greenhouse Capital's approach to exits in Uganda involves manufacturing exit pathways such as state-backed procurement, regional rollups, dividend-paying ventures, and local acquirers, setting a new standard for venture capital in Africa that prioritizes sustainable growth and impact over fast flips.
