The Next Silicon Valley

US-Nigeria Council backs fund to grow Nigeria tech ecosystem

A Nigeria based early stage VC-firm has launched a new fund in partnership with the US-Nigeria Council to invest in promising entrepreneurs from the country and support them with smart capital to power growth.

Launched at an event in Silicon Valley, Ventures Platform of Lagos said the Corporate Leaders Fund will target post MVP (minimum viable product) stage companies, investing up to $250,000 initially, with the potential to follow on in later rounds. It will give Nigeria’s established organizations the opportunity to participate in the next wave of companies that will define the country’s future. Beyond capital, the fund will provide investee companies with access to market and distribution, growth support and partnerships, talent development, technology, and expertise from the fund backers and partners.

The announcement was made while a delegation was visiting Silicon Valley recently to promote Nigeria’s growing tech ecosystem and finding stronger ways to synergise with the Valley’s tech ecosystem players around capital, mentorship and capacity development. The Nigerian delegation of senior policy-makers and young tech ecosystem actors was led by the Nigerian vice president, Prof. Yemi Osinbajo.

Speaking about the partnership, Kola Aina, founding partner of Ventures Platform said, “We are really excited about the opportunity to get Nigerian corporations and corporate leaders involved in supporting the inevitable future, and we’re pleased to have such an important organization as the US-Nigeria Council join us to make this journey possible.”

With the participation of select corporate partners, leaders and executives of major Nigerian organizations and members of the US-Nigeria Council, the fund is aimed at backing proven entrepreneurs with domain expertise building innovative startups to solve enterprise challenges. Investee companies will be strategically aligned with the objectives of the fund’s corporate backers.

The US-Nigeria Council executive director, Eliot Pence, said “We see the partnership with Ventures Platform as an important step towards USNC’s mission of advancing US-Nigerian commercial relations. The fund will further align the interests of corporations with entrepreneurs and investors. Ultimately, our goal with this partnership is to deepen, diversify and develop the commercial activity in the tech ecosystem and accelerate investor outcomes.”

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