Why we backed Terminal – and how it become one of our defining investments
In July 2021, an application landed on our desk from a company called Terminal Africa Inc.
At the time, the investment memo read something like this: “Two Leeds University graduates are pivoting their design studio into a Shopify-for-Africa model. They’ve generated about $800 in revenue over the past two months.”
It was early. The business model wasn’t fully formed. Our investment committee wasn’t completely sold. But what stood out was the team: two brothers – Nnamdi and Udi Okoh – who showed grit, creativity, and an unmistakable entrepreneurial spirit.
We decided to back them.
That decision has become one of the most important ones we’ve made at Baobab.
Today, Terminal Africa is the fastest-growing cross-border parcel shipping company on the continent. From $800 in early revenue to millions annually, their growth has been nothing short of extraordinary. They’ve built partnerships with some of the biggest players in logistics and attracted investment from global VCs including Hustle Fund, First Circle Capital, and UNCOVERED Fund.
Terminal’s journey hasn’t been without challenges. Since 2021, they’ve faced a global pandemic, inflation, currency devaluation, and a tough venture capital environment. But through it all, they’ve kept building.
At Baobab, we talk a lot about resilience. It’s one of the core traits we look for in founders. And few embody that better than the Okoh brothers.
We’re proud to have been part of their journey from the beginning – and even prouder to see where they’re headed next.
