Firms in Africa’s most populated metropolis that use technology to solve problems will be allowed to apply for and raise up to $500,000 in financing.
According to its organizers, Ekovention, a venture capital fundraising event backed by Silicon Valley investors, will launch in Lagos to collect funds for potential start-ups focused on agriculture, education, finance, healthcare, and smart city technologies.
Firms in Africa’s most populated metropolis that use technology to solve problems will be allowed to apply for and raise up to $500,000 in financing. The businesses could be in the pre-seed seeding stage.
The private equity event, dubbed “Lagos: Funding the Future,” will take place in June and will target start-ups with a presence in Lagos and teams of three or more people.
Tuyo Ventures, a San Francisco-based firm, and Eko Innovation Centre are co-organizing the event. PREMIUM TIMES is a partner as well.
Start-up applications will be accepted from April 4 to 18, and an investor hub tour will be held on June 22. A day later, private sessions with chosen start-ups will take place, followed by public sessions on June 24.
“There will be a three-stage evaluation, with the final and selection round being the third round. Before arriving in Lagos, selected pitch decks will be presented to investors in Silicon Valley and San Francisco, according to the organizers.
Because of its potential and scalable firms with unique services, Nigeria is quickly becoming Africa’s leading destination for venture investors from outside the continent.
Nigerian start-ups raised 35% of the continent’s $4 billion in 2021, with Flutterwave, Interswitch, and OPay already receiving unicorn status, a designation given to firms valued at $1 billion or more. There are seven on the continent.
The Nigerian stock exchange announced in February that it would build a technology board similar to the NASDAQ in the United States. The bourse is trying to improve the terms of entry for enterprises who are searching for capital outside of their native country in order to gain a foothold in the market.
“If you look about you, every other week or so, a technology capital development occurs… “One question we must inevitably address is how we can have a significant portion of that capital formation happen on the market,” CEO Temi Popoola told CNBC Africa.
