The first Lagos StartUp DealDay, organized in March by the Lagos Angel Network (LAN), resulted in three syndicates investing a total of N50 million (USD $251,156) in two startup ventures: Café Neo and Big Cabal Media. This week applications have opened for the second quarterly pitch event for 2016, which will take place on June 30th.
At the beginning of the year LAN announced a N100 million target for Lagos-based startups in 2016 and for the first DealDay they received nearly 250 applications. These were whittled down to an initial shortlist of ten, and then to a final shortlist of five ventures that were invited to the final pitch round.
The two ventures that received an investment are active in the hospitality and media sectors. Café Neo is a coffee chain that sources their coffee beans from the shores of Lake Kivu in Rwanda. They currently have 11 outlets in Lagos and are looking to expand to other parts of Africa. Big Cabal Media is an online media venture that publishes Zikoko, TechCabal and EbolaFacts. The owners describe themselves as ‘dreamers and architects of a new future in African media’.
Lagos StartUp DealDay 2
This quarter’s Lagos StartUp DealDay 2 will bring together LAN members, other angel investors and Lagos startup ecosystem players at a pitch event where the very best ventures and startups across sectors will receive funding. The DealDay is supported by partners VC4Africa, TechCabal, and the Africa Business Angel Network (ABAN). As per the previous edition, VC4Africa’s platform will curate applications, and the pitch materials will be available on the platform to the investors from the different syndicates. Using VC4Africa’s tools the investors will again review and shortlist the companies in the run up to the second event.
Interested startups are invited to visit the Lagos StartUp DealDay page on the VC4Africa platform for additional information. Interested investors and syndicates should contact the LAN Secretariat by email at secretariat [at] lagosangelnetwork.net for information on how to register. All participating investors are required to be Accredited by LAN and complete its Anti-Money Laundering (AML) process. Only LAN members in good standing are eligible to lead syndicates.
Early customer/revenue stage
Shortlisted startups will be announced on June 20th, and those entrepreneurs will be invited to make formal pitches on June 30th to a closed group of angels. Eligible ventures must have a N5-25 million capital requirement and be in the early customer/revenue stage. Prototype or concept stage ventures will not be considered.
In preparation for June 30th, as before, LAN invites the formation of syndicate groups that will lead investments at the 2nd Lagos StartUp DealDay. Already confirmed syndicates include TechnoVision (led by Tomi Davies) and Sasware (led by Collins Onuegbu) and Links (led by Prithvi Chulani). Syndicate membership is not limited to members of LAN, but open to self-accredited investors with an interest in early stage investing.
About LAN
The Lagos Angel Network (LAN) 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.