Thursday, 3 March 2016

Applications Open for Lagos StartUp DealDay

The Lagos Angel Network (LAN) has announced plan to raise NGN100 million for startups in Lagos; the network has also announced plans to hold its first investment event for 2016 tagged the Lagos StartUp DealDay.

According to the Network, Lagos StartUp DealDays will run quarterly, and the first event will take place on the evening of Thursday, March 31st. It will bring together LAN members, other angel investors and Lagos startup ecosystem players together at a pitch event where the very best ventures and startups (across sectors) will receive funding.

Using Lagos StartUp DealDays as a focal point, LAN aims to energise investments in Lagos startups by raising N100 million from its members and the investment community at large. Partners include VC4Africa, the Africa Business Angel Network (ABAN), hubs, incubators and accelerators.

In preparation for March 31st, LAN has invited the formation of syndicate groups that will lead investments in the shortlisted startups. Confirmed syndicates include TechnoVision (led by Tomi Davies) and Sasware (led by Collins Onuegbu), with more expected to join.

Each syndicate will commit to investing a minimum of N5 million on the day. Syndicate membership is not limited to members of LAN, but open to self-accredited investors with an interest in early stage investing.

VC4Africa’s platform will curate startups and ventures for Lagos StartUp DealDay and pitch materials will be available on the platform for investors and syndicates to review and shortlist in the run up to the event.

The Lagos Angel Network is the premier angel network in Nigeria and one of the most active in Africa. Founded in 2014, LAN with foremost Nigerian investor, Dotun Sulaiman as Chairman and Tomi Davies, Collins Onuegbu, Tokunboh Ishmael, Dipo Adebo, Segun Olukoya and David Richards as board members, is helping to create a network of business angels that put startup funding and mentoring into early-stage ventures in Lagos, Nigeria. Since its creation, LAN members have invested in over a dozen Lagos startups.

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