The second Lagos Startup DealDay, a quarterly pitch event where the very best startup ventures (across sectors) are guaranteed funding, took place on June 30 and three startups have been selected to receive funds from the participating investors.
Lagos Angel Network (LAN) syndicates have picked 3 ventures that pitched at its second DealDay held on the 30th of June in Lagos for investment. The ventures will receive funding from four syndicates that participated in the DealDay subject to successful financial and legal due diligence. The ventures are active in a diverse range of industries: fintech, transport-tech and manufacturing.
Growing level of participation
LAN received 177 applications for its Second DealDay. These were whittled down to an initial shortlist of 10 and after a pre-pitch session, a shortlist of five ventures were invited to the final pitch round. Pitches were made in front of a closed panel of LAN members, DealDay judges and syndicate members.
This is the second in a series of DealDays that the network is making a feature in its calendar, planned to run quarterly. In the first Dealday in March, LAN raised N50m and eventually invested in two ventures;
BigCabal Media and Café Neo.
Collins Onuegbu, a member of the VC4A investor network and LAN investor, explains: “We are happy about the growing level of participation at our DealDay. We have seen this in the quality of startups that came through the system. And diversity both in ownership and the sectors of the economy the ventures are into. We are also impressed with the growth of investors through the syndicates.” He added, “Not only are we having more syndicates coming into the program, we are also seeing more investors piling into existing syndicates. LAN is institutionalizing the DealDay to provide Business Angel investors a vehicle to participate in the growing startup ecosystem”.
Early in the year, LAN announced its intention to raise N100 million from its syndicates for Lagos-based
ventures during 2016. It is being supported by partners VC4Africa, the Africa Business Angel
Network (ABAN) and TechCabal. The next Startup DealDay will be on September 29th, 2016. Keep an eye on the VC4A platform because applications will open soon!
At the same time, investors keen to get in on the action, are encouraged to join one of the syndicates. In this case, please contact the LAN Secretariat by email at [email protected] for information on how to register.
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.