Lagos Angel Network launches quarterly event, to invest N100 million in 2016

folarin okunola

March 2, 2016 11:02 AM

The first event will take place on March 31st and will continue to hold quarterly. This means that early stage startups have a chance to engage pre-committed Nigerian angel investors at least four times every year.

Lagos Angel Network

Media reports reaching us at Pulse Tech reveal that the Lagos Angel Network, a group of investors generally focused in the tech space, is planning to kick-off an event, called the Lagos Startup Deal Day, on March 31st.

The event is aimed at securing guaranteed investment commitment from investors (via syndicates) for a group of super-vetted startups.

The way the Nigerian tech space is set up, there seems to be a lot of backroom investment and stuff, which does very little to inspire confidence, especially since the larger ecosystem is completely unaware of these deals.

This is what the Lagos Angels Network is hoping to change with the Lagos Startup Deal Day. Here's how it will work:

Members of the Lagos Angel Network will come and listen to startups that have already been vetted.
Investors who want access to the startup pool on any given deal day (its going to hold quarterly), will be required to form or join syndicates.
Each syndicate will be required to invest a minimum of N5 million on the day (startup will have the opportunity to request between N5 and N25 million).

This is a very interesting approach to investing. Investing as a group makes an investment easier, and much less riskier considering that if it were to be just one investor, they'd have to take on all of the cost and risk exposure from a single deal.

As at press time, TechCabal confirms that there are already two syndicates - TechnoVison, led by ABAN president Tomi Davies, and Sasware, led by Collins Onuegbu.

To participate, startups will have to register and pitch through VC4Africa for an opportunity to make the final shortlist which will be announced on March 21st.

Interested investors, angels, and syndicates will have to get in touch with Segun Odukoya at the LAN secretariat for more information on how to participate.

If you have a startup, this platform promises real guaranteed funding so you may want to look into it.

folarin okunola