Africa Doesn’t Just Need Capital, It Needs Committed Builders”: A Conversation with Velocity Africa Cofounder Toritse David

Over the past five years, Africa’s startup ecosystem has emerged as one of the world’s most dynamic and promising innovation hubs. In 2021 alone, African startups raised over $4.3 billion in venture capital, nearly double the amount raised in the previous year. However, in the wake of global economic slowdowns, rising interest rates, and tightened investor sentiment, startup funding across the continent dropped by over 40 percent in 2023, according to data from Partech and Briter Bridges.

While the funding dip has posed challenges for many founders, it has revealed a more profound truth: capital alone is insufficient to drive success. As venture dollars retreat, what becomes increasingly clear is the need for localized, hands-on support partners who not only provide money but also guide execution, strategy, and growth in tough markets.

Amid this shift, new players are emerging with innovative models and founder-first philosophies. One such player is Velocity Africa, a venture platform that supports African startups with early capital, operational guidance, and access to diaspora networks. Founded by MIT MBA candidate Toritse David, Velocity Africa focuses on digital infrastructure and everyday innovation—sectors that directly impact how Africans work, transact, and thrive.

This week, we caught up with cofounder Toritse David, the MIT-trained entrepreneur behind the platform. From backing high-growth startups like Chowdeck to building bridges between African founders and the global diaspora, Toritse shares how Velocity Africa is betting on bold founders to shape the continent’s digital future. We spoke with Toritse about what makes Velocity different, why founder support matters just as much as funding, and her bold vision for Africa’s next generation of startup leaders.

What inspired the creation of Velocity Africa?

Toritse: I was inspired to join the founding team of Velocity Africa because I was already deeply invested in supporting small businesses across the continent. I saw entrepreneurship as a means to creating national value and advancing good. The motivation stemmed from a shared frustration: many brilliant African founders are building real solutions but lack comprehensive support. Yes, capital is important—but time and time again, we saw talented entrepreneurs struggle because they didn’t have guidance on business models, go-to-market strategies, or investor positioning. My cofounder and I came together to change that. Velocity Africa was born to bridge this gap. We’re not just investors—we’re ecosystem builders. We come in early, at the messy stages, and help startups find clarity, build credibility, and scale intentionally.

How does Velocity Africa differ from a traditional venture fund?

Toritse: Traditional VCs often optimize for returns. We optimize for resilience. Our model is founder-first and hands-on. We invest capital, but we also provide capability, whether that’s product design input, market strategy, storytelling, or hiring. We are deeply contextual. We understand the challenges of building in Africa and bring a global perspective that helps local ventures win.

One of your standout investments is Chowdeck. Tell us more about that.

Toritse: Chowdeck is a rocketship. It is redefining food delivery logistics in Nigeria, one of the toughest environments in which to operate. When we partnered with them, we didn’t just support financially. We worked with them on customer retention, brand identity, and strategies for sustainable scaling. That’s the kind of relationship we want with every founder in our portfolio. We roll up our sleeves.

What sectors are you most excited about?

Toritse: We are excited about digital infrastructure, tools that power how Africans live, work, move, and transact. Think logistics, fintech, creative commerce, embedded finance, and vertical SaaS. We’re also exploring climate-tech and women-led innovation. If it solves a real problem with scalable tech, we’re listening.

You’ve mentioned Velocity as a platform for diaspora engagement. How does that work?

Toritse: There is untapped power in the African diaspora, people with networks, knowledge, and capital who want to give back but don’t know how. We are building that bridge. We match diaspora mentors with founders, host ecosystem dinners, and provide advice to diaspora-led ventures entering African markets. It is about activating a global village for African innovation.

What’s the long-term vision for Velocity Africa?

Toritse: I want us to be the go-to platform for the boldest African founders, especially those overlooked by traditional capital. In five years, I envision us supporting 100 ventures, unlocking over $ 50 million in follow-on capital, and helping create thousands of jobs across the continent.

But more than numbers, I want our founders to feel deeply supported, to know someone believed in them when it mattered most.

Final thoughts for young founders across the continent?

Toritse: Don’t wait for validation from abroad. Build for your community, iterate fast, and stay curious. Africa doesn’t just need capital. It needs committed builders. If you are one of them, we see you. We are here to back you.