African startup founders share their local investor #heartbreak stories

On Wednesday afternoon, Nigerians took to Twitter to share their relationship heartbreak stories.

While #heartbreak is trending, Where do you stand? pic.twitter.com/p0W6wRGnsC

— Victor Babatunde (@vhic_tore) November 11, 2020

That got us wondering…

Startup founders must have a lot of investor heartbreak stories too.

Startup founders trying to raise capital from local investors, what’s your #heartbreak story? pic.twitter.com/7miJGge4ZQ

— Techpoint Africa (@Techpointdotng) November 11, 2020

Startup founders from across Africa had a lot to share

Your idea is good but…

Your idea is good but I don’t think it’s the right time. Before long you hear that they have assembled a team and bringing you in as a consultant for the very idea you presented to them. 😭😭😭 https://t.co/zX2Py4dFiW

— Ronald R. Ochoo (@IamROchoo) November 12, 2020

One of them said my idea was terrible, he launched the same idea in few months later with our pitch deck. #heartbreak #Somalia #entrepreneurs https://t.co/yupvQDcmX0

— Abdimalik Othman (@AbdimalikOthman) November 11, 2020

FarmCrowdy founder and CEO, Onyeka Akumah, had a similar experience 

One of them said our idea was terrible, assembled his younger brothers and launched the same idea 6 months later with our pitch deck and IM in hand. #heartbreak https://t.co/br79PKaOwl

— Onyeka Akumah (@onyekaakumah) November 11, 2020

Valuation mismatch?

“We will put in $ X00,000 if you reduce the valuation to 1/3”

Me: “we will be in touch.” https://t.co/aakE2GEuVe

— Angel from Africa (@StoneAtwine) November 11, 2020

Someone offered $30k into ma start-up for 40% and they’d have to dictate how to run the start-up.. They expected 50% ROI in 6 months … Got me crazy with up to the roof demands… https://t.co/Ly398zAnKK

— Nana Kwame🇬🇭🇬🇧 (@dev_nanakay) November 12, 2020

1/2. Am from Kenya and the story is still the same. We approached some investors and we asked only $8000 for 25% Equity. They said the idea isn’t ready. Anyway, we got the idea running. Today we have several users around the world with the same Idea that isn’t working@StockApp pic.twitter.com/ycOlAeK9o9

— Ken Gitonga (@KenGitongah) November 12, 2020

Even Paystack co-founder, Ezra Olubi, had a similar story from the earliest days of the 200-million-dollar company

while raising seed round: “at best, you’re worth 1/10th your asking valuation. we’re ready to write a $50k cheque if you concede.”

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narrator: they didn’t concede. https://t.co/z2eVe7Oxua

— Ezra ‘God’ Olubi (@0x) November 11, 2020

Just manage this money… for your cab

I told him about my Leathercrafts and General Fashion Design business, Man told me to make a proposal. I updated the one I had earlier with my team, running to about N800,000-N1,000,000. After so much merry-go-rounding, man gave me N5,000. https://t.co/BU5MuNpKMa

One said he will give me 2million to get 24% equity. This was a business we had invested over 7m

I wan cry

This was after so many meetings for 2months and so many doc exchange.
Baba said i should not look at the money but i should focus on the network he is bringing on board https://t.co/7VrLzsp5vv

— Tunde Kelani (@iamtundekelani) November 11, 2020

Proposed Investor 1, 2015: Daniel, I will go straight to the point give me 50% of this company.

Daniel : Sir????

Proposed Investor 2, 2019: Take $400k, but not in cash, in services

— DANIEL E. AUDU (@EshekofLagos) November 12, 2020

Hmmm…

Him: Oh yea… See that $18k? I need $15k out of it for something. Don’t worry I’ll bring it back, we’re all partners.

Me: how about I go one better and just let you have the $18k till you’re ready?

Him: awesome…
Me: slams door shut on his raggedy ass. https://t.co/8z0wDxp0zq

— Dorian Gray (@HayesLikeIssac) November 12, 2020

Internally-inflicted heartbreak?

I was COO at an online radio station in Lagos and we were offered a $5 million dollar investment to grow our company. Right before the deal, the CEO stole our working capital from our account and ran away to build a bungalow in Nnewi. Everything died after that. #heartbreak https://t.co/hb0Ycl3C6m

— K.obi (@LadyKrysMD) November 11, 2020

Wait.. what?

1. You are too ambitious
2. You lack ambition https://t.co/l3OuTuCLS8

— Saudat Salami (@SaudatSalami) November 11, 2020

By the way, that was Easyshop Easycook founder/CEO, Saudat Salami

Investors ghost too?

Please I’m still healing from the one that ghosted me after it was time to present share holder’s purchase and SHA😭😭😭 https://t.co/sA0Rdywt6h

— Nail Tech & MUA in Abuja (@biodunkayodee) November 11, 2020

Traveled to Abuja from Lagos for a pitch competition. Won 10m. Asked me to submit every document under earth then ghosted. https://t.co/lVorGYPaSU

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— Nwa Tech 🎨🚀 (@oke_alusi) November 11, 2020

Et tu, Odun (Piggyvest co-founder/COO)?

lmao one of them gave us LOI and ghosted till date 💀 https://t.co/sIlGiKvcRu

— Tech Bro (@OdunEweniyi) November 11, 2020

The gods are not to blame 🤷🏽‍♀️

Was offered 2m for 50% stake in the business. I’ll step down from my role as CEO for his son. One hot Sunday Afternoon. The craziest thing was I’ll have to swear to Ogun that I won’t betray him.

— Lawal Keny (@kenyhuyter) November 12, 2020

Startup founder?

Read more heartbreak stories, and share yours, here. Don’t forget to share with your startup founder friends and numerous WhatsApp groups.

Oh, and you should totally read this too.

Yeah, we know; investors’ lives matter too…

We heard you, we listened, #InvestorsLivesMatter too. Okay, local investors, what’s your #heartbreak story? https://t.co/MynoxCYUhm

— Techpoint Africa (@Techpointdotng) November 12, 2020

Local investor? Please share your heartbreak story here.

Report: Millionaire West African startups” raised over $1.806 billion between 2010 and 2019, 97.9% of which went to Nigerian startups. Get a free overview and 50% purchase discount here.

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