Tekkorp Capital reveals Africa-focused venture
Management point to “profitable opportunity” on the continent as Conor O’Donovan drafted in to head up local team
Tekkorp Capital has unveiled a new Africa-focused venture to be led by Conor O’Donovan, as the advisory firm ramps up its global footprint.
O’Donovan, who has served as CEO and MD of multiple Africa-facing operators including Betyetu Group, PMI and NewPlay Group, will now spearhead Tekkorp Capital’s plans on the continent.
O’Donovan is also the founding partner of Tribe54, a boutique advisory company focused on payments, fintech and gambling in Africa.
Back in 2008, he also founded industry jobs portal MyGaming Career.
The exec’s responsibilities will include identifying investment opportunities while also building out an advisory and management team of local experts.
O’Donovan and his team will then “steer investment and operational oversight” in Africa, with Tekkorp Capital on hand to provide support, funding and partnerships.
Tekkorp Capital said O’Donovan’s past experience in both in B2C and equity investment would be “crucial” for the business in achieving its aims.
Tekkorp Capital’s portfolio in recent years has included Angstrom Sports, which was sold to Entain in a deal worth up to £203m, as well as Playmaker Capital, which was snapped up by Better Collective.
On joining the Tekkorp Capital team, O’Donovan said the African continent holds some of the “most exciting growth opportunities” in the world.
He added: “The landscape is fragmented and has its unique set of nuances and challenges. Tekkorp, alongside our strategic partners, is well-equipped to navigate these complexities and bring out the potential in strong, locally led businesses.
“Our goal is to turn these promising companies into regional leaders, building a diversified portfolio of high-performing, compliant brands with strong governance, unblocking the barriers to major operators investing with confidence.”
Matt Davey, Tekkorp Capital chair, said: “It’s well known that Africa is a high-growth market, and over the next decade we expect to see strong growth at a significant pace.
“This will encourage more operators to enter the space, and that’s why we believe the time is right to get ahead of the coalescing trends and create a balanced portfolio of premium African assets, underpinned by our local expertise, to best capitalise on this profitable opportunity.”
Robin Chhabra, Tekkorp Capital CEO, concluded: “We’ve long been active investors in the sports betting and gaming industry, always looking for great businesses with strong opportunities in market segments or territories we like.
“So, this focus on Africa is a logical extension of that philosophy. We’ve assembled a crack team, with Conor’s nous and know-how at the helm, as we explore another fragmented market rich with possibilities.”