Nigeria’s Bank of Industry has signed a $170.06M iDICE Fund of Funds management contract with Kuramo Capital to back tech and creative startups.
BOI has signed a $170.06 million Fund of Funds management contract with Kuramo Capital Management under the iDICE programme. A “Fund of Funds” is a pool of money that invests in other funds, instead of investing directly in startups.
In this case, the money is expected to flow into venture capital funds. Those VC funds then invest in startups and high-growth companies working in Nigeria’s digital economy and creative industries.
BOI managing director Olasupo Olusi said the goal is to unlock more financing for innovation-led businesses. He also warned that slow deployment could hurt founders waiting for capital to hire, build products, and scale.
BOI positioned the appointment of Kuramo Capital as part of a wider push to deepen public investment in Nigeria’s startup ecosystem. Olusi referenced an earlier iDICE-backed commitment, a $64 million investment into Ventures Platform Fund II in 2025, alongside co-investors like IFC, Standard Bank, Proparco, and British International Investment.
Nigeria’s tech and creative sectors are growing, but many founders still struggle to raise venture capital at pre-seed and seed stages. Those rounds are usually the first external cheques, used for product development, early hires, and go-to-market.
A Fund of Funds structure can help by backing multiple VC managers, which spreads risk and can increase the number of startups reached. It can also attract additional private capital if fund managers use the public anchor commitment to raise larger funds.
The next signal to watch is execution. How quickly Kuramo Capital deploys, which VC funds are selected, and whether early-stage startups actually see more accessible funding will determine whether iDICE delivers on jobs and growth targets.
Primary Source: Nairametrics
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