During its $53 million Series B funding round in January 2025 Silverbacks Holdings pulled out of its investment in LemFi, the Nigerian startup specializing in remittances.

The exit yielded a 29x return on capital, marking Silverbacks' eighth profitable exit and its fourth exit from a Nigerian fintech firm. The Africa-focused private equity firm, which supported Flutterwave and Moove early on, followed its partial exit strategy to return capital to investors. Six of its eight outings were made to Nigerian technology companies. Ibrahim Sagna, executive chairman of Silverbacks Holdings said that “this eighth profitable exit, which brought in 29 times the cash invested, once again testifies to the quality of the founders of our portfolio

According to the AVCA, releases fell to 43 in 2023, a decrease of 48% compared to the previous year. In the third quarter of 2024, only 31 exits had been recorded. Silverbacks' portfolio spans sports, media, and technology