Top 15 Companies That Fund Tech Startups In Nigeria
As an Entrepreneur, to fund your tech startup can be quite challenging at the initial as the ideal most time are novel and innovative. However, no matter the challenges and struggles, and regardless of what stage your tech startup is, you need money to keep running it and ability to raise funds will determine how far your business can go.
Inability to raise funds or lack of access to credit/loan has led to closure of many innovative tech businesses. According to Silicon Valleys, they say 50% of startups don’t last first five (5) year because they lack funding. Hence, as a business owner, your ability to raise funds will determine how far your tech startup will go.
Every businesses needs funding at different stages. Knowing what your startup needs at each stages of Funding will helps you to know the right investors that's best for your business. It'll also let you understand the confidence to pitch to investors and come up with final agreement. Like every other business that requires fundraising, tech startup and companies can raise funds from different sources.
There are many fundraising companies and organizations out there, that can fundraise your tech startup once you can clearly articulate your business plan which includes; financial needs, business goals, long-term objectives, niche market, and other elements of your business.
Moreso, these Fundraisers are best alternative to bank for businesses. Banks have a stricter process which normally requires collateral and significant sales volume. But for fundraisers, they only come up with final agreement. And as a business owner, if you can abide and agree to the agreement, you're good to go.
LSS, I know you want the list of companies that offers fundraising for startup, companies and already running businesses in Nigeria. Here, you have them.
List of 15 organizations that fund tech startups in Nigeria
- Spark Capital
- The Next Titan
- The Anzisha Prize
- VC Partners Echo
- Lagos Angel Network
- Venture Platforms
- Green House Capital
- Microtraction
- The Tony Elumelu Foundation (TEF)
- Growth Capital Fund
- LeadPath Nigeria
- Green Tree Investment Company
- Africa’s Young Entrepreneurs Empowerment Nigeria
- SLA Accelerator
- AgFunder
Fundraising Companies in Nigeria
Here are the list of venture capitals, angel investors, accelerators and incubators, boostcamping, e.t.c., companies that fundraise businesses in Nigeria.
Spark Capital
Spark Capital is one of the popular fundraising company in Nigeria. The organization offers seed funding and support to startups with well-defined and scalable revenue models. Spark Capital was established by the owner of IrokoTV - Jason Njoku. Spark Capital, currently has over nine (9) startups in its portfolio, including Paystack, OgaVenue, Hotels NG, Drinks NG, and others.
The Next Titan
The Next Titan is a business reality TV show that helps small business owners to get funds for their Startups or expertise. Here is how it work; The Next Titan show consists of a group of aspiring business people lodged at a location and required to complete various business-related activities.
These housemates are then eliminated from the competition weekly until a winner is declared. Just like Big brother reality TV show right? But this one only focus on business owners and apprentice to showcase their expertise. Winner goes home with the prize. The Next Titan is the Nigerian version of The Apprentice and is currently sponsored by Heritage bank and Tingo mobile.
Furthermore, to participate in the business reality TV show involves three stages. The first is the general audition, where all registrants are brought together for a pitch event. Each housemate will have to introduce their business plan and why their ideas or startups deserves funding from The Next Titan.
The amount of days that'll spend on the pitch event will depend on the number of people that need to be auditioned. These pitches are made to a panel of judges and winners will be sent to a boot camp where a final round of selection will be made.
The Anzisha Prize
Anzisha Prize is another fundraising company that supports small businesses and young entrepreneurs in Nigeria and Africa at large. The company support startup with significant startup funding in Africa. It usually award $200,000 for business support and prize money annually to young entrepreneurs and business owners as part of The Anzisha Prize.
The Anzisha Prize only support entrepreneurs and business owners between the age of 15 to 22 years. It's also recognized as the largest award giver in Africa. Over the past decade, the company has offered much-needed resources and advocacy for aspiring young business leaders.
The Anzisha Prize programme include monitoring the businesses, startups and entrepreneurs they supports for three years. Once the supported businesses demonstrates exceptional development and initiative, they're rewarded with a variety of resources, including free online courses, discounted cloud services, and cash grants.
At the end of the second year, startup founders or business owners will present their business progress and achievements in the hope of winning a funding portion of about $50,000 in total rewards from The Anzisha Prize.
