Angola is rarely mentioned in Africa’s venture capital conversations, but BFA Asset Management is working to change that narrative. The Luanda based firm, linked to Banco de Fomento Angola, manages about $600 million and is pushing into startup and mid market investments through its Kimbo Fund. Backed in part by the country’s sovereign wealth fund, the firm is positioning itself as a key player in building Angola’s young and largely overlooked startup ecosystem.
Through the Kimbo Fund, the firm is focusing on companies with real demand and growth potential, rather than early stage ideas. Its recent investments include FoodCare, an agri processing company, and Anda, which is working to formalise the country’s motorcycle taxi sector. According to CEO Rui Oliveira, the approach is not just about funding, but about actively supporting businesses with networks, strategy, and operational guidance to help them grow.
Unlike traditional venture capital firms, BFA Asset Management takes a patient and detailed approach. The firm can spend years studying a company before investing, reviewing financial records, speaking with suppliers and staff, and tracking performance over time. This deep local understanding, Oliveira says, gives them an edge, especially in a market where reliable data is limited and many opportunities are hidden beneath the surface.
For the firm, Angola’s biggest challenge is also its biggest opportunity. Limited data and low visibility make it difficult for foreign investors to enter the market, but they also create room for high returns for those who understand the system. BFA believes that strong partnerships with local institutions are key, as investors cannot succeed in Angola without local knowledge. With this strategy, the firm hopes to unlock the country’s untapped potential and position it as a serious destination for investment in Africa.