“What I find off-putting is when someone pitches an idea without having taken any steps to bring it to life, yet expects me to invest. I always say, you need to believe in and invest in yourself before expecting anyone else to do so.”
Until October 2020, when Nigerian fintech giant Paystack was acquired by Stripe for $200 million, Olumide Soyombo was relatively unknown beyond tech insiders. Most people knew him as the co-founder of Bluechip Technologies, a company specializing in data solutions for businesses.
However, everything changed when it came to light that Soyombo was one of Paystack’s earliest backers. Not only that, but his investment portfolio also revealed stakes in over 20 other notable startups. This newfound recognition sparked a surge in co-investment requests, prompting Soyombo to establish a more formal structure for collaboration. This culminated in the recent launch of Voltron Capital, a venture capital fund with a pan-African focus.
“FOMO is real. Everyone wants tech in their portfolio. The idea behind Voltron was to unite people under one umbrella, like the ‘Defender of the Universe,’” he explained.
Early Influences
As a young boy, Soyombo initially dreamed of becoming a doctor, but this changed when he got his first personal computer. Growing up in the ’90s, he had early access to both a computer and the internet—privileges rare at the time.
“Initially, I wanted to pursue medicine, but exposure to computers during my secondary school years shifted my path toward technology.”
Soyombo went on to study Systems Engineering at the University of Lagos (UNILAG), as part of the inaugural class for the program. The degree, with its focus on understanding and managing systems, laid a solid foundation for his future endeavors.
To bolster his tech credentials, he also pursued professional certifications like MCSE, MCP, CCNA, and CCNP, passing many of them before the age of 19. Remarkably, he passed his CCNA (a networking exam) before ever seeing an actual router.
Building Bluechip Technologies
After completing his master’s degree in Business and IT at Aston Business School, Soyombo returned to Nigeria to work as a consultant. It was during a project for a bank that he met Kazeem Tewogbade, his future business partner.
Together, they co-founded Bluechip Technologies in 2008, focusing on building data warehouses and business intelligence solutions for banks and telecom companies. Over the years, the company expanded beyond Nigeria into Kenya, Ghana, Zambia, and the DRC.
Bluechip’s success has been largely driven by referrals. “In the enterprise space, referrals are everything. Delivering a successful project often leads to more opportunities,” Soyombo shared.
Venture into Startup Investments
In 2014, Soyombo and Tewogbade noticed the rising tech scene in Lagos, fueled by increasing internet penetration and talent clusters. To capitalize on this, they created Leadpath, an investment platform. While initial attempts at an accelerator model didn’t pan out, Soyombo shifted to angel investing.
In 2021, Voltron Capital was launched to bridge the gap between startups and professionals seeking to invest in tech. Voltron allows corporate professionals, who traditionally didn’t back startups, to contribute funds while startups gain access to much-needed resources.
Despite having access to virtually every significant deal in Nigeria’s tech space, Soyombo exercises caution, sometimes passing up opportunities due to personal values or prior experiences with founders.
Looking Ahead
Soyombo is optimistic about Africa’s tech ecosystem, particularly as employees and leaders from established startups branch out to create their own ventures.
“It’s exciting to see former product managers and engineers launching their own companies. For example, the founders of Mono and Brass hail from Paystack, and Kudi. The ecosystem is evolving, and the next few years will bring even more innovative startups.”
