In a world increasingly shaped by innovation and technology, few narratives are as compelling as that of the vibrant startup scene unfolding across Nigeria. At the heart of this emerging ecosystem is Hiro Mashita, a soft-spoken but strategic Japanese investor who has become one of the most consistent international supporters of Nigerian tech talent.
Founder and Director, S.G. Grow, is currently in Lagos for the latest edition of Pitch2Win, a high-stakes startup competition offering thousands of U.S. dollars in funding to some of the most promising early-stage companies in the country. But his story with Nigeria didn’t start here.
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His journey began in 2016, when he encountered a then little-known fintech startup called Paystack. “I met Shola Akinlade, the CEO, and his CTO, Ezra Olubi. They were very talented, and I was so impressed I immediately decided to invest,” Mashita said during an exclusive interview. “I sent the first check even before we met physically. When we finally did, Shola was shocked. He didn’t expect a Japanese investor to act so fast.”
That decisive act of belief would blossom into something bigger: a lasting connection with Nigeria’s innovation ecosystem. Today, Paystack is one of Nigeria’s most celebrated startup success stories, following its acquisition by Stripe in 2020. For Mashita, it was more than just a win, it was a revelation.
“Nigeria is a big country with a massive youth population and the seventh-largest internet user base globally,” he noted. “It reminded me of the early days of mobile internet in China and India. I believed leapfrogging was not only possible here, but likely.”
Encouraged by Paystack’s founders, he was introduced to TechCircle, a prominent Nigerian startup support network led by Oo Nwoye. That partnership sparked the creation of the Pitch2Win competition in 2017, which attracted about 200 applicants in its debut year. By 2023, applications had surged past 1,200. This year, 1,339 startups applied, with just 12 making it to the final round.
“We carefully reviewed every single application,” Mashita said. “And before the pitch event, we run boot camps and advisory sessions to better prepare the founders.”
But this year’s edition of Pitch2Win includes a twist: an international delegation. Mashita brought 30 Japanese corporate delegates and investors to Lagos as part of the IVS Extreme Trip Africa, a cultural and business immersion initiative.
“Seeing is believing,” Mashita said. “You can’t understand the power of the Nigerian ecosystem until you meet the people and feel the energy on the ground.”
Helping coordinate the visit were local partners like KLP Advisors, who provided legal and compliance support and hosted the visitors to a welcome dinner.
Mashita’s model of investment goes beyond writing a single check. Through S.G. Grow, he typically offers $100,000 to $200,000 in early-stage investment. But that’s just the beginning.
“If a founder proves consistent, trustworthy, and driven, we reinvest,” he said. “We also introduce them to other investors. We want to grow with them—from seed to exit.”
His investment style is patient but principled. “Sometimes people offer to buy our shares early,” he recounted. “With Paystack, I said no so many times. I loved the company. But when Stripe acquired them completely, we had no choice but to exit. That’s business.”
Looking forward, Mashita believes that more Nigerian startups could list on exchanges like NASDAQ if they achieve the speed, scale, and structure required. But he’s also realistic. “Some founders prefer acquisition routes. I respect that,” he said. “What matters is that we support them in making the best decision for their journey.”
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Mashita’s resume reflects his global reach. Based in Singapore, he is also the Founder/Director of M&S Partners Pte. Ltd., Sin Growth Partners, SGverse, and SGgrow. Since 2015, he has invested in more than 185 startups in India and 25 in Nigeria as of May 2025, supporting unicorns and decacorns like Razorpay and Ninjacart in India, and Paystack in Nigeria.
A Duke MBA and Keio University alumnus, he previously worked in structured finance at Nomura Securities in New York and held several leadership roles at Hikari Tsushin, including CFO and Head of CVC.
“Young Nigerians have the talent,” Mashita said. “We want to be the bridge that connects that talent to the global market.”
For Mashita, Nigeria is not just a place to invest, it’s a place to learn, grow, and build a shared future between Africa and Asia. With visionaries like him fueling the ecosystem, the future of African tech looks brighter than ever.
