Nigeria has appointed Kuramo Capital Management as the fund manager for the USD 170 million DICE Fund of Funds; a flagship investment vehicle aimed at expanding financing for technology and creative startups
The initiative is designed to mobilize private capital and strengthen Nigeria’s entrepreneurial ecosystem. Rather than investing directly in startups, the DICE Fund of Funds—established under the Investment in Digital and Creative Enterprises (iDICE) programme—will allocate capital to private equity and venture capital funds, which will in turn invest in high-growth startups. This fund-of-funds model is intended to attract institutional investors while distributing investment risk across the private sector.
The fund will launch with USD 85 million in public financing through the iDICE programme, while Kuramo Capital Management has been tasked with raising a matching USD 85 million from private investors. Founded in 2010, Kuramo Capital focuses on high-growth businesses across Africa and other emerging markets, operating from offices in New York, Lagos, and Nairobi. The firm says it has mobilized more than USD 3.5 billion for African businesses and fund managers, supporting the creation of over 350,000 jobs.
“By investing in Ventures Platform’s Fund II and now establishing the DICE Fund of Funds with Kuramo Capital, we are deepening the Federal Government’s objective of upscaling Nigeria’s technology and creative sectors by catalysing strategic investments in high-growth, technology-enabled enterprises,” said Olasupo Olusi, Managing Director of the Bank of Industry
The iDICE programme targets Nigerians aged 15 to 35, with a focus on building digital skills, improving access to finance, and creating a more enabling business environment across the country’s 36 states and the Federal Capital Territory. The initiative is co-financed by the African Development Bank (AfDB), the French Development Agency (AFD), and the Islamic Development Bank (IsDB), which aim to help innovative businesses scale, generate employment, and support Nigeria’s economic diversification.
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The appointment of Kuramo Capital builds on the government’s broader strategy to strengthen Nigeria’s venture capital ecosystem. In November 2025, the iDICE programme made its first direct investment in Ventures Platform’s VP Pan-African Fund II, which reached a $64 million first close toward its USD 75 million fundraising target. The fund backs African Series A startups across sectors including fintech, healthtech, agritech, edtech, and artificial intelligence, with support from institutional investors such as the International Finance Corporation (IFC), British International Investment (BII), Standard Bank, and Proparco.
With the launch of the DICE Fund of Funds, Nigerian authorities are seeking to accelerate investment into high-growth enterprises, deepen the country’s venture capital market, and reinforce innovation as a key driver of long-term economic transformation in one of Africa’s most vibrant startup ecosystems
