Funding tech startups in Nigeria can be quite challenging at the beginning as the ideas most times are novel and innovative. Lack of funding or access to credit has led to winding up of some innovative tech businesses. Silicon Valley say 50 percent of startups don’t survive first 5 year, and lack of funds is said to be the prime cause.
As a tech startup, your ability to raise money will determine how far your business will go.
Tech startups need funding at different stages. Understanding the different needs at each stage of funding will also equip you with the confidence to pitch to investors and come up with a final agreement.
Like every other business, tech companies can sources their capital from different sources.
There are organizations that can fund your startup once you can clearly articulate your financial needs, niche market, business goals, long-term objectives, and other elements of your business. These organizations are alternatives to banks because banks have a stricter process which normally requires collateral and significant sales volume.
Therefore you may want to know the other ways or organizations that can offer funds for startups. Here are some of them
List of Sources of Venture Capital for Tech Startups in Nigeria
- Lagos Angel Network
- Ventures Platform
- Greenhouse Capital
- AgFunder
- Spark Capital
- Growth Capital Fund
- Africa’s Young Entrepreneurs Empowerment Nigeria
- VC Partners Echo
- The Next Titan
- Tony Elumelu Foundation
- The Anzisha Prize
- Microtraction
- LeadPath Nigeria
- SLA Accelerator
- GreenTree Investment Company
Lagos Angel Network
Founded in 2014, Lagos Angel Network (LAN) is a member-only network of Angel investors that supports early-stage ventures in Lagos, Nigeria, through funding and mentoring. Over year, startups in Lagos have obtained funding from LAN members.
Growth Capital Fund
Growth Capital Fund was funded by CCHub as Nigeria’s first social innovation fund, to provide funds and capacity building for innovative social change in Nigeria. GC-Fund assists high-potential, early-stage businesses in developing our next-generation infrastructure through the use of technology. Investors in the GC-Fund include Omidyar Network, Bank Of Industry, and Venture Garden Group
AgFunder
AgFunder is a new kind of venture capital firm. Its mission is to invest in bold and impactful technologies rapidly transforming our food and agriculture system. Their invest mostly on Agritech innovative ideas.
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